Shklov Butter Plant
OJSC Shklov Butter Plant
UNP: 700026660 · 64 Internatsionalnaya St., Shklov, Mogilev Oblast 213004
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 10 497 | 6 271 |
| Intangible assets | 12 | 9 |
| Income-bearing investments in tangible assets | 47 | 43 |
| Investments in long-term assets | 2 323 | 538 |
| Long-term financial investments | 329 | 394 |
| Long-term receivables | 73 179 | 1 373 |
| Total Section I (long-term assets) | 86 387 | 8 628 |
| Inventories | 3 603 | 1 933 |
| — materials | 1 422 | 1 273 |
| — work in progress | — | — |
| — finished goods and merchandise | 2 181 | 660 |
| — goods shipped | — | — |
| Deferred expenses | 37 | 22 |
| VAT on acquired goods, works, services | 69 | 60 |
| Short-term receivables | 3 276 | 2 768 |
| Short-term financial investments | 1 353 | 405 |
| Cash and cash equivalents | 738 | 1 130 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 9 076 | 6 318 |
| BALANCE (assets) | 95 463 | 14 946 |
| Charter capital | 273 | 273 |
| Reserve capital | 978 | 701 |
| Additional capital | 1 673 | 1 541 |
| Retained earnings (uncovered loss) | 9 922 | 9 240 |
| Total Section III (equity) | 12 846 | 11 755 |
| Long-term loans and borrowings | 71 041 | 15 |
| Long-term lease liabilities | — | 80 |
| Deferred income | 5 452 | 244 |
| Total Section IV (long-term liabilities) | 76 493 | 352 |
| Short-term loans and borrowings | 2 708 | 372 |
| Current portion of long-term liabilities | 524 | 87 |
| Short-term payables | 2 427 | 2 375 |
| — to suppliers, contractors, providers | 748 | 1 317 |
| — on payroll | 287 | 208 |
| — on lease payments | 80 | 163 |
| Total Section V (short-term liabilities) | 6 124 | 2 839 |
| BALANCE (equity and liabilities) | 95 463 | 14 946 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow is negative (−860k, versus +13,640 in 2024) — in an investment year current activity consumed cash.
- Profit contracted: net profit 931k (−66% from 2,761), net profitability fell from 4.8% to 1.5%, profit on sales −33%.
- Sharp expansion of the balance sheet and debt load: long-term loans grew from 15 to 71,041k, total assets 6.4×, with large long-term receivables of 73,179k. The purpose and recoverability of these funds require separate clarification — the key uncertainty.
- Short-term loans grew (372 → 2,708k); selling expenses +26%.
- Profitability is retained: net profit +931k; accumulated retained earnings 9,922k — real, not revaluation-based equity.
- Revenue growth +10.2% (63,188k); pronounced export orientation — about 58% of revenue in foreign currency.
- Liquidity above the norm (K1 = 1.48); revaluation in capital is insignificant (additional paid-in 1,673 of 12,846).
- Audit opinion — unmodified.
Recommendation
OJSC Shklov Butter Plant (manufacture of dairy products, Shklov, export-oriented — about 58% of revenue in foreign currency) is a fundamentally profitable enterprise that went through a major investment-and-financial year in 2025. Revenue grew 10.2% (63,188k), net profit was retained (931k), real retained earnings accumulated (9,922k), and liquidity is above the norm (K1 = 1.48). At the same time, profitability declined markedly (net profit −66%, net profitability from 4.8% to 1.5%), and operating cash flow turned negative (−860k). The dominant feature of the year is a sharp expansion of the balance sheet (6.4×): the enterprise drew a long-term loan of about 71m and simultaneously formed long-term receivables of 73,179k. The nature and purpose of these funds (an investment project, targeted or intra-group financing) require separate clarification and constitute the key uncertainty of the card. The core dairy business — profitable, export-oriented, with real equity — fits a privatization profile; however, the recommendation should be confirmed once the structure of the drawn financing is clarified and operating cash flow is restored.