Bobruiskagromash Holding MC
OJSC Management Company of the Bobruiskagromash Holding (with branches)
UNP: 700067572 · 5 Shinnaya St., Bobruisk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 157 270 | 137 444 |
| Intangible assets | 2 531 | 2 086 |
| Investments in long-term assets | 2 549 | 2 465 |
| Long-term financial investments | 18 006 | 18 007 |
| Other long-term assets | 554 | 453 |
| Total Section I (long-term assets) | 180 356 | 160 002 |
| Inventories | 62 277 | 50 792 |
| — materials | 36 022 | 26 645 |
| — animals being raised and fattened | 5 292 | 6 066 |
| — work in progress | 12 889 | 11 542 |
| — finished goods and merchandise | 8 074 | 6 539 |
| Deferred expenses | 288 | 284 |
| VAT on acquired goods, works, services | 932 | 647 |
| Short-term receivables | 34 351 | 31 336 |
| Short-term financial investments | 1 | 5 |
| Cash and cash equivalents | 1 686 | 10 339 |
| Total Section II (short-term assets) | 99 535 | 93 403 |
| BALANCE (assets) | 279 891 | 253 405 |
| Charter capital | 36 996 | 36 996 |
| Reserve capital | 843 | 843 |
| Additional capital | 108 944 | 100 501 |
| Retained earnings (uncovered loss) | -83 954 | -86 884 |
| Total Section III (equity) | 62 829 | 51 456 |
| Long-term loans and borrowings | 51 048 | 43 938 |
| Long-term lease liabilities | 1 101 | 1 185 |
| Deferred income | 4 969 | 40 |
| Provisions for future payments | 137 | 123 |
| Total Section IV (long-term liabilities) | 57 255 | 45 286 |
| Short-term loans and borrowings | 104 786 | 75 095 |
| Current portion of long-term liabilities | 1 452 | 14 325 |
| Short-term payables | 53 569 | 67 243 |
| — to suppliers, contractors, providers | 38 506 | 19 714 |
| — on advances received | 8 498 | 41 980 |
| — on taxes and duties | 426 | 550 |
| — on social insurance and security | 820 | 643 |
| — on payroll | 2 706 | 2 155 |
| — on lease payments | 432 | 384 |
| — to other creditors | 2 181 | 1 395 |
| Total Section V (short-term liabilities) | 159 807 | 156 663 |
| BALANCE (equity and liabilities) | 279 891 | 253 405 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Real equity is deeply negative: charter + accumulated loss = 36,996 − 83,954 = −46,958k BYN. The positive total of Section III (62,829) holds solely on additional paid-in capital from revaluation (108,944) — structural decaying capital masked by revaluation.F1.410 · F1.460 · F1.490 · F1.450
- Operating cash flow is negative: −17,660k BYN (a year earlier +6,683). With growing accounting profit, the enterprise burns cash in its core activity.F4.040
- Current ratio 0.62 — below the declared threshold of 1.0; own-working-capital provision −1.18. Current assets cover only 62% of short-term liabilities.F1.290 · F1.690 · F1.190 · F1.490
- Short-term loans and borrowings grew 40% (75,095 → 104,786k BYN); total loan-and-borrowing load +31%. Growing dependence on short debt.F1.610 · F1.510
- Accumulated uncovered loss −83,954k BYN — large-scale, though it shrank slightly over the year (−86,884).F1.460
- Interest payable of 7,879k BYN absorbs a significant part of operating profit; debt service is a serious item.F2.131
- Cash fell from 10,339 to 1,686k BYN — the liquidity buffer is nearly exhausted.F1.270
- Abnormally large other income/expenses from current activity (165,580 / 169,910k BYN) — probably intra-holding turnover (an MC with branches); they distort the comparability of operating indicators and require cautious interpretation.F2.070 · F2.080
- Short-term payables on advances fell sharply (41,980 → 8,498): a possible reduction in the portfolio of customer prepayments.F1.632
- Inventories grew 22.6% (F1.210: 50,792 → 62,277k BYN), mainly materials (F1.211: 26,645 → 36,022).F1.210 · F1.211
- Revenue grew 36% (151,110 → 205,295k BYN) — strong positive sales momentum.F2.010
- Profit on sales almost doubled (10,951 → 18,188k BYN), sales profitability rose from 7.3% to 8.9%.F2.060 · F2.010
- Net profit grew 3.7× (1,033 → 3,785k BYN); profit from current activity +13,858k BYN.F2.210 · F2.090
- Fixed assets grew 137,444 → 157,270 (investment in the production base continues).F1.110
Recommendation
The Management Company of the Bobruiskagromash Holding is a large machine-building holding (manufacture of agricultural machinery) under republican subordination, town-forming for Bobruisk. As of 2025 the enterprise shows a sharply dual profile: operating growth against deep structural financial weakness.
Recommendation: Restructuring — with an emphasis on remediation of the debt structure: restructuring the short loan portfolio into long, restoring own working capital, normalizing the cash cycle. With operating growth preserved, a combination with targeted state investment in working capital is possible. The key risk is not the operating model (it works) but the financing structure.
Why restructuring. The operating side is strong: revenue grew 36% (to 205,295k BYN), profit on sales almost doubled (18,188k BYN), net profit grew 3.7× (3,785k BYN). The enterprise is building up fixed assets and expanding sales. But the financial structure is decaying. Real equity — charter plus accumulated loss — is −46,958k BYN; the positive total of Section III (62,829) exists only thanks to additional paid-in capital from asset revaluation (108,944). This is structural distress masked by revaluation. Operating cash flow is negative (−17,660k BYN): despite accounting profit, the core activity burns cash — growth tied up working capital, and the gap is financed by short loans. Current liquidity is 0.62 (half the norm), the cash buffer is nearly exhausted (1,686k BYN), and short-term loans grew 40%. The picture is complicated by abnormally large other turnover from current activity (income 165,580 / expenses 169,910k BYN) — almost certainly intra-holding flows of a management company with branches, distorting comparability. Total comprehensive income (13,542k BYN) is largely formed by revaluation (9,757) rather than the operating result. This is the profile of an over-indebted growing machine-building holding: the market and revenue are rising, but capital is negative on a real measure, liquidity is critical, and debt is growing avalanche-like. Strategic significance (large machine building, export potential, town-forming status) rules out liquidation.
Confidence: HIGH. The source is the 2025 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass. The score is capped: with negative real equity and a current ratio below 1 the model assigns no value above 0.85 regardless of other indicators.