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.
- 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.
- Current liquidity ratio 0.62 — half the norm of 1.25; working-capital ratio −1.18. Current assets cover only 62% of current liabilities.
- Short-term loans and borrowings grew 40% (75,095 → 104,786k BYN); total loan-and-borrowing load +31%. Growing dependence on short debt.
- Accumulated uncovered loss −83,954k BYN — large-scale, though it shrank slightly over the year (−86,884).
- Interest payable of 7,879k BYN absorbs a significant part of operating profit; debt service is a serious item.
- Cash fell from 10,339 to 1,686k BYN — the liquidity buffer is nearly exhausted.
- 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.
- Short-term payables on advances fell sharply (41,980 → 8,498): a possible reduction in the portfolio of customer prepayments.
- Revenue grew 36% (151,110 → 205,295k BYN) — strong positive sales momentum.
- Profit on sales almost doubled (10,951 → 18,188k BYN), sales profitability rose from 7.3% to 8.9%.
- Net profit grew 3.7× (1,033 → 3,785k BYN); profit from current activity +13,858k BYN.
- Fixed assets grew 137,444 → 157,270 (investment in the production base continues).
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.
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. Restructuring is recommended 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.