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
- Negative real equity: accumulated uncovered loss (−5,911k BYN) exceeds charter capital (5,082). The positive total of Section III (10,798) is provided only by revaluation (additional paid-in capital 11,271) — real capital is negative (−829). Structural distress.
- Negative working-capital ratio (−0.08 against the norm of ≥0.15): long-term assets are not covered by equity.
- Operating cash flow is negative (−894k BYN), having swung from +3,906 a year earlier: accrued profit is not converted into cash.
- Liquidity on the edge: current liquidity ratio 1.02 — above 1.0 but substantially below the norm of 1.25.
- Margin compression: sales profitability 7.8% → 5.4%, net 2.4% → 1.4% amid rising labour costs (+23% in cash flow) — consistent with the 2025 inflationary cost pressure.
- Interest-bearing debt grew 23%: a new long-term loan was drawn (2,460k BYN), total loans and borrowings 4,114 → 5,047.
- Large receivables (24,032) and payables (33,348); advances received fell sharply (18,053 → 9,864), tightening working capital.
- The enterprise is profitable despite the pressure: net profit 1,587k BYN; accumulated loss is shrinking (−8,077 → −5,911).
- Revenue grows +9.6% (102,309 → 112,154k BYN) — real operating activity.
- No dividends are paid — the state is not withdrawing funds from a financially weak enterprise, consistent with a remediation logic.
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%).
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 is on the edge (current liquidity ratio 1.02 against the norm of 1.25), 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).
Restructuring is recommended. 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 debt load. No dividends are paid, i.e. the state is not withdrawing funds from a weak enterprise — which is correct for a restructuring scenario.