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
- Credit load grew 191-fold: loans and borrowings 387 → 73,749k (long-term 15 → 71,041, short-term 372 → 2,708).F1.510 · F1.610
- No own working capital: provision −8.103 — long-term assets of 86,387k exceed equity of 12,846 many times over, and current assets of 9,076 are funded by liabilities. The bulk of long-term assets is long-term receivables of 73,179k.F1.490 · F1.190 · F1.290 · F1.170
- Operating cash flow is negative: −860k versus +13,640 a year earlier — current activity consumed cash in a year of large outlays on long-term assets (73,782k directed).F4.040 · F4.061
- Profit contracted: net profit 931k (−66% from 2,761), net profitability fell from 4.8% to 1.5%, profit on sales −33% (4,584 → 3,058).F2.210 · F2.010 · F2.060
- Sharp expansion of the balance sheet: total assets grew 6.4× (14,946 → 95,463k); on the asset side long-term receivables 1,373 → 73,179, on the liability side long-term loans 15 → 71,041. The purpose and recoverability of these funds require separate clarification — the key uncertainty of the card.F1.300 · F1.170 · F1.510
- Inventories grew 86.4% (1,933 → 3,603k), including finished goods 660 → 2,181, against revenue growth of 10.2%.F1.210 · F1.214 · F2.010
- Selling expenses grew 26% (3,468 → 4,383k) against revenue growth of 10.2% — margin compressed.F2.050 · F2.010
- Profitability is retained: net profit +931k; accumulated retained earnings 9,922k — real equity of +10,195k (charter capital 273 plus retained earnings 9,922), not revaluation-based: additional paid-in capital is 1,673 of 12,846.F2.210 · F1.460 · F1.410 · F1.450 · F1.490
- Revenue grew 10.2% (57,356 → 63,188k).F2.010
- Current liquidity 1.48 — above the declared criterion of 1.0: current assets of 9,076k cover current liabilities of 6,124.F1.290 · F1.690
Recommendation
OJSC Shklov Butter Plant (manufacture of dairy products, Shklov, export-oriented) is a fundamentally profitable enterprise that went through a major investment-and-financial year in 2025.
Recommendation: Restructuring — followed by privatization: the core dairy business — profitable, export-oriented, with real equity — fits a privatization profile, but the structure of the drawn financing must first be clarified and operating cash flow restored. 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.
Why restructuring. Revenue grew 10.2% (63,188k), net profit was retained (931k), real retained earnings accumulated (9,922k), and liquidity is above the norm (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.
Confidence: MEDIUM. All 6 cross-form consistency checks pass.