Khotimsk Technocomplex
OJSC Khotimsk Technocomplex
UNP: 700024045 · 40 Gagarina St., Khotimsk, Mogilev Oblast 213660
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 33 439 | 32 684 |
| Intangible assets | — | 1 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | — | — |
| Long-term financial investments | 1 | 1 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 33 440 | 32 704 |
| Inventories | 12 441 | 12 101 |
| — materials | 3 794 | 2 325 |
| — work in progress | 1 305 | 1 409 |
| — finished goods and merchandise | 5 | 3 |
| — goods shipped | — | — |
| Deferred expenses | — | 100 |
| VAT on acquired goods, works, services | 325 | 357 |
| Short-term receivables | 219 | 214 |
| Short-term financial investments | 222 | 29 |
| Cash and cash equivalents | 4 | 39 |
| Other short-term assets | 68 | 61 |
| Total Section II (short-term assets) | 13 279 | 12 901 |
| BALANCE (assets) | 46 719 | 45 605 |
| Charter capital | 6 627 | 6 627 |
| Reserve capital | — | — |
| Additional capital | 23 641 | 20 963 |
| Retained earnings (uncovered loss) | -11 178 | -9 187 |
| Total Section III (equity) | 19 090 | 18 403 |
| Long-term loans and borrowings | 1 682 | 2 099 |
| Long-term lease liabilities | 87 | 167 |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | 10 246 | 10 743 |
| Short-term loans and borrowings | 509 | 231 |
| Current portion of long-term liabilities | 1 445 | 1 219 |
| Short-term payables | 12 334 | 11 569 |
| — to suppliers, contractors, providers | 9 080 | 8 454 |
| — on payroll | 200 | 194 |
| — on lease payments | 147 | 753 |
| Total Section V (short-term liabilities) | 17 383 | 16 459 |
| BALANCE (equity and liabilities) | 46 719 | 45 605 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Liquidity below one: current liquidity ratio 0.76 — current assets F1.290 13,279 do not cover current liabilities F1.690 17,383.F1.290 · F1.690
- No own working capital: the ratio is −1.08 = (F1.490 19,090 − F1.190 33,440) / F1.290 13,279 — long-term assets are entirely financed by liabilities.F1.490 · F1.190 · F1.290
- Positive capital is a result of revaluation: equity F1.490 19,090k BYN rests on additional paid-in capital F1.450 23,641; beneath it is the accumulated uncovered loss F1.460 −11,178, real capital (F1.410 6,627 + F1.460) = −4,551.F1.490 · F1.450 · F1.460 · F1.410
- Net loss deepened 3.6×: F2.210 −552 → −1,991k BYN — and that is after other current-activity income F2.070 3,821 partly offset the loss on sales.F2.210 · F2.070
- Operating economics are deeply loss-making: cost of sales F2.020 13,122 exceeds revenue F2.010 7,470 by 76%, loss on sales F2.060 −6,299, sales profitability F2.411 −75.9%.F2.020 · F2.010 · F2.060 · F2.411
- The loss-making core is covered by non-core income: loss on sales F2.060 −6,299 on revenue F2.010 7,470; other current-activity income F2.070 3,821 (51% of revenue) and investment income F2.100 1,284 reduce the bottom line to F2.210 −1,991.F2.060 · F2.010 · F2.070 · F2.100 · F2.210
- Net profitability fell 18.9 pp: F2.210/F2.010 −7.8% → −26.7%.F2.210 · F2.010
- Cost of sales grows faster than revenue: F2.020 11,401 → 13,122 (+15.1%) against F2.010 7,080 → 7,470 (+5.5%) — the gross loss F2.030 deepened −4,321 → −5,652.F2.020 · F2.010 · F2.030
- Operating cash margin declined: F4.040 618 → 432k BYN, 8.7% → 5.8% of revenue.F4.040 · F2.010
- Operating cash flow is positive: F4.040 +432k BYN — current activity does not consume cash.F4.040
- Revenue grew: F2.010 7,080 → 7,470k BYN (+5.5%).F2.010
- Credit load is declining: F1.510+F1.610 2,330 → 2,191 (−6.0%) — long-term loans F1.510 2,099 → 1,682, while short-term F1.610 grew 231 → 509.F1.510 · F1.610
Recommendation
OJSC Khotimsk Technocomplex is a large agricultural enterprise (dairy-and-meat livestock and crop production, 13,132 ha, 155 employees) in a state of deep operating unprofitability.
Recommendation: Restructuring — cost remediation, review of the feed and production economics, gradual reduction of dependence on subsidies, rather than liquidation. The business model is recoverable provided the cost structure is corrected.
Why restructuring. In 2025 the cost of sales (13,122k) exceeded revenue (7,470k) by 76%, the loss on sales was −6,299k, and sales profitability −75.9%. Net loss deepened threefold (−552 → −1,991k), and this result is already formed with significant state support — without it the loss would have reached 5,777k. Liquidity is below one (0.76), own working capital is sharply negative (−1.08); positive equity (19,090k) holds solely thanks to fixed-asset revaluation, while beneath it sits an accumulated uncovered loss of 11,178k. At the same time the enterprise retains a real production base and does not consume cash operationally: operating cash flow is positive (+432k), revenue grows on real activity (+5.5%), and the credit load is declining (−6.0%). The key risks requiring monitoring are the sustainability of operating cash flow (in 2025 supported by a rise in customer advances) and the negative real capital.
Confidence: MEDIUM. All 6 cross-form consistency checks pass.