Construction Trust No. 17
Open Joint-Stock Company Construction Trust No. 17 of the Order of the Red Banner of Labour
UNP: 700010300 · 28 Nepokorennykh Blvd., Mogilev, Mogilev Oblast 212002
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 11 688 | 9 847 |
| Intangible assets | 19 | 20 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 76 | 76 |
| Long-term financial investments | — | — |
| Deferred tax assets | 4 | 1 117 |
| Long-term receivables | — | — |
| Other long-term assets | — | — |
| Total Section I (long-term assets) | 11 787 | 11 060 |
| Inventories | 7 502 | 4 058 |
| — materials | 4 976 | 3 188 |
| — work in progress | 1 197 | 182 |
| — finished goods and merchandise | 1 329 | 688 |
| — goods shipped | — | — |
| Deferred expenses | 119 | 27 |
| VAT on acquired goods, works, services | 127 | 29 |
| Short-term receivables | 5 668 | 4 094 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 3 356 | 1 238 |
| Other short-term assets | 5 | 38 |
| Total Section II (short-term assets) | 16 777 | 9 484 |
| BALANCE (assets) | 28 564 | 20 544 |
| Charter capital | 5 862 | 5 862 |
| Reserve capital | 1 | 1 |
| Additional capital | 12 376 | 11 660 |
| Retained earnings (uncovered loss) | -5 569 | -12 491 |
| Total Section III (equity) | 12 670 | 5 032 |
| Long-term loans and borrowings | 548 | 293 |
| Long-term lease liabilities | 788 | — |
| Deferred income | 833 | 660 |
| Total Section IV (long-term liabilities) | 2 169 | 953 |
| Short-term loans and borrowings | 795 | 810 |
| Current portion of long-term liabilities | 59 | 127 |
| Short-term payables | 12 871 | 13 622 |
| — to suppliers, contractors, providers | 9 687 | 11 185 |
| — on payroll | 1 328 | 874 |
| — on lease payments | — | — |
| Deferred income | — | — |
| Total Section V (short-term liabilities) | 13 725 | 14 559 |
| BALANCE (equity and liabilities) | 28 564 | 20 544 |
Computed metrics
Integrity checks
Checks passed: 5 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Thin real equity: charter capital F1.410 5,862 only marginally exceeds the accumulated uncovered loss F1.460 −5,569 (real capital ≈ +293). The positive total equity F1.490 12,670 is largely provided by additional paid-in capital F1.450 12,376.F1.410 · F1.460 · F1.490 · F1.450
- Current liquidity is only just above the norm: 0.65 → 1.22 — a sharp improvement over the year, but the cushion is thin: current assets F1.290 16,777 against current liabilities F1.690 13,725.F1.290 · F1.690
- Own working capital is barely positive: (F1.490 12,670 − F1.190 11,787) / F1.290 16,777 = +0.05 (−0.64 a year earlier) — working capital is almost entirely financed by liabilities.F1.490 · F1.190 · F1.290
- Concentration of payables: short-term payables F1.630 12,871 (mainly to suppliers F1.631 9,687) — 94% of all current liabilities F1.690 13,725.F1.630 · F1.631 · F1.690
- Sharp inventory growth: F1.210 4,058 → 7,502 (+84.9%) — materials F1.211 3,188 → 4,976, work in progress F1.213 182 → 1,197, finished goods F1.214 688 → 1,329; growth outpaces revenue +74.7%.F1.210 · F1.211 · F1.213 · F1.214 · F2.010
- Confident revenue growth: F2.010 33,001 → 57,646 (+74.7%), gross profit F2.030 grew from 5,427 to 14,407.F2.010 · F2.030
- Net profit grew 3.8×: F2.210 1,802 → 6,779, net profitability 11.8%; the accumulated loss is being repaid F1.460 −12,491 → −5,569.F2.210 · F1.460
- Positive operating cash flow: result of current activity F4.040 1,449 → 3,148k BYN.F4.040
- Low credit load: loans and borrowings F1.510+F1.610 1,343k BYN on a balance sheet F1.300 of 28,564; over the year F4.081 7,082 was raised and F4.091 6,895 repaid — the portfolio is rolled over, not increased.F1.510 · F1.610 · F1.300 · F4.081 · F4.091
Recommendation
Construction Trust No. 17 is an oblast-level construction enterprise of Mogilev in a phase of confident financial recovery.
Recommendation: Privatization — the enterprise has financially recovered, operates in the competitive general-construction sector, is not a strategic asset and does not require retention of state control; a private owner can cement the recovery and strengthen the capital base.
Why privatization. In 2025 revenue grew 74.7% (to 57,646k BYN), net profit increased almost fourfold (to 6,779k BYN), net profitability reached 11.8%, and the accumulated uncovered loss shrank more than twofold (from −12,491 to −5,569k BYN). Operating activity is steadily profitable, cash flow is positive, and the credit load is low (total loans and borrowings 1,343k BYN) and serviced from own funds. Moderate structural weaknesses persist: real equity is thin (about +293k BYN, the total capital value largely holding on revaluation), current liquidity is still at the lower bound of the norm (1.22), and the working-capital ratio is low.
Confidence: HIGH. 5 of the 6 cross-form consistency checks pass; one was not computed.