Mogilevtekhmontazh
Open Joint-Stock Company Mogilevtekhmontazh
UNP: 700015210 · 51 Kosmonavtov St., Mogilev 212003
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 11 455 | 10 626 |
| Intangible assets | — | — |
| Investments in long-term assets | 255 | 19 |
| Long-term financial investments | 1 | 1 |
| Deferred tax assets | 767 | 838 |
| Long-term receivables | 1 195 | 1 195 |
| Total Section I (long-term assets) | 13 673 | 12 679 |
| Inventories | 8 159 | 8 400 |
| — materials | 6 963 | 7 624 |
| — work in progress | 295 | 104 |
| — finished goods and merchandise | 901 | 672 |
| Deferred expenses | 82 | 57 |
| VAT on acquired goods, works, services | 253 | 40 |
| Short-term receivables | 24 032 | 24 901 |
| Short-term financial investments | 376 | 376 |
| Cash and cash equivalents | 4 715 | 7 362 |
| Other short-term assets | 25 | 25 |
| Total Section II (short-term assets) | 37 642 | 41 161 |
| BALANCE (assets) | 51 315 | 53 840 |
| Charter capital | 5 082 | 5 082 |
| Reserve capital | 356 | 356 |
| Additional capital | 11 271 | 11 007 |
| Retained earnings (uncovered loss) | -5 911 | -8 077 |
| Total Section III (equity) | 10 798 | 8 368 |
| Long-term loans and borrowings | 2 460 | — |
| Long-term lease liabilities | 1 064 | — |
| Deferred income | 44 | — |
| Total Section IV (long-term liabilities) | 3 568 | 0 |
| Short-term loans and borrowings | 2 587 | 4 114 |
| Current portion of long-term liabilities | 991 | 2 499 |
| Short-term payables | 33 348 | 38 859 |
| — to suppliers, contractors, providers | 16 405 | 14 339 |
| — on advances received | 9 864 | 18 053 |
| — on taxes and duties | 3 041 | 3 050 |
| — on social insurance and security | 517 | 690 |
| — on payroll | 1 755 | 1 636 |
| — to other creditors | 1 552 | 1 089 |
| Deferred income | 23 | — |
| Total Section V (short-term liabilities) | 36 949 | 45 472 |
| BALANCE (equity and liabilities) | 51 315 | 53 840 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Real equity is negative: F1.410 5,082 + F1.460 −5,911 = −BYN 829k. The positive total of Section III F1.490 10,798 is provided by additional capital F1.450 11,271, that is, by revaluation.F1.410 · F1.460 · F1.490 · F1.450
- There is no own working capital: (F1.490 10,798 − F1.190 13,673) / F1.290 37,642 = −0.08 against −0.11 a year earlier — long-term assets are not covered by equity.F1.490 · F1.190 · F1.290
- Operating cash flow turned negative: F4.040 +3,906 → −BYN 894k against net profit F2.210 1,587 — accrued profit is not converting into cash. The cash balance F4.130 fell 7,362 → 4,715.F4.040 · F2.210 · F4.130
- The current ratio rests on a thin margin: F1.290 37,642 / F1.690 36,949 = 1.02 against 0.91 a year earlier. The improvement came from a contraction of liabilities rather than stronger assets — advances received F1.632 fell 18,053 → 9,864 (−45.4%), and cash F1.270 fell 7,362 → 4,715 (−36.0%).F1.290 · F1.690 · F1.632 · F1.270
- Margin squeeze: profit on sales F2.060 7,951 → 6,043 while revenue F2.010 grew 9.6% — sales profitability 7.77% → 5.39%, bottom line 2.39% → 1.42%. Cost of sales F2.020 88,584 → 99,522 (+12.3%) and payroll F4.032 16,026 → 19,783 (+23.4%) grew faster than revenue.F2.060 · F2.010 · F2.020 · F4.032 · F2.210
- Interest-bearing debt grew: F1.510+F1.610 4,114 → 5,047 (+22.7%) — a long-term loan F1.510 2,460 was drawn while short-term debt F1.610 fell 4,114 → 2,587. Interest paid F4.093 357 → 471, lease payments F4.094 1 → 396.F1.510 · F1.610 · F4.093 · F4.094
- Settlements are large relative to the balance sheet: receivables F1.250 24,032 and payables F1.630 33,348 against total assets F1.300 51,315. Debt to suppliers F1.631 grew 14,339 → 16,405 while advances received shrank.F1.250 · F1.630 · F1.300 · F1.631
- The enterprise remains profitable: net profit F2.210 BYN 1,587k, profit on sales F2.060 6,043, pre-tax profit F2.150 3,172. All three are below last year's figures (2,444, 7,951 and 4,580).F2.210 · F2.060 · F2.150
- Revenue is growing: F2.010 102,309 → BYN 112,154k (+9.6%). The growth is not confirmed in cash — receipts from customers for products F4.021 fell 79,556 → 77,637.F2.010 · F4.021
- Earnings stay within the enterprise: equity F1.490 grew 8,368 → BYN 10,798k, and the accumulated uncovered loss F1.460 narrowed −8,077 → −5,911. The loss narrowed by more than was earned: net profit F2.210 was 1,587, while additional capital F1.450 rose only 11,007 → 11,271 against a revaluation result F2.220 of 843 — part of the revaluation was transferred within capital rather than earned.F1.490 · F1.460 · F2.210 · F1.450 · F2.220
Recommendation
OJSC Mogilevtekhmontazh is a construction-and-installation enterprise (specialized construction work) in republican ownership (state share 58.8%); the state stake is held in economic management by RUE BELSTROYTSENTR within the holding structure of the Ministry of Construction and Architecture. In 2025 revenue grew 9.6% (102,309 → 112,154k BYN), the enterprise remained profitable (net profit 1,587k BYN), but profit and profitability declined (sales profitability 7.8% → 5.4%, net 2.4% → 1.4%).
Recommendation: Restructuring. The enterprise is operationally viable — it is profitable and growing revenue, and the accumulated loss is slowly shrinking (−8,077 → −5,911) — but its capital structure is broken: negative real capital, negative operating flow, rising debt and compressing margin. It is not a candidate for privatization in its current form (a buyer would inherit the accumulated loss and debt with negative real capital) nor for liquidation (the business is alive and profitable). The priority is balance-sheet remediation: clearing the accumulated loss, restoring margin, managing the credit load. No dividends are paid, i.e. the state is not withdrawing funds from a weak enterprise — which is correct for a restructuring scenario.
Why restructuring. The main problem is structural, not operational. Accumulated uncovered loss (−5,911k BYN) exceeds charter capital (5,082): real equity is negative (−829k BYN), and the formally positive total of Section III (10,798) holds only thanks to asset revaluation (additional paid-in capital 11,271). The working-capital ratio is negative (−0.08), liquidity rests on a thin margin (current liquidity ratio 1.02), operating cash flow turned negative (−894 versus +3,906 a year earlier), and interest-bearing debt grew 23% (a new long-term loan was drawn).
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass. The score is capped: with negative real equity the model assigns no value above 0.85 regardless of other indicators.