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 do not cover current liabilities (norm ≥1.25).
- No own working capital: the working-capital ratio is sharply negative (−1.08) — long-term assets are entirely financed by borrowed funds.
- Positive capital is an illusion of revaluation: equity 19,090k holds only thanks to additional paid-in capital from fixed-asset revaluation (23,641k); beneath it sits an accumulated uncovered loss of 11,178k, real capital is negative.
- Net loss deepened threefold (−552 → −1,991k), and that already includes significant state support.
- Operating economics are deeply loss-making: cost of sales (13,122k) exceeds revenue (7,470k) by 76%, loss on sales −6,299k, sales profitability −75.9%.
- Critical dependence on subsidies: without state support the loss would be 5,777k — three times the actual and 77% of revenue.
- Net profitability fell 18.9 pp (−7.8% → −26.7%).
- Cost inflation outpaces prices: cost of sales +15.1% versus revenue growth +5.5% — margin compression.
- Operating cash margin declined (8.7% → 5.8%).
- Operating cash flow is positive (+432k) — current activity does not consume cash.
- Revenue grew 5.5% on real activity (milk, grain, cattle).
- Credit load is declining (−6.0%), long-term debt is shrinking.
- A real production base is retained: 13,132 ha, cattle herd, milk yield 4,108 t, 155 employees.
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. 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 (K1 = 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 business model is recoverable provided the cost structure is corrected, so restructuring rather than liquidation is recommended: cost remediation, review of the feed and production economics, gradual reduction of dependence on subsidies. 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.