Krichevtsementnoshifer
Open Joint-Stock Company Krichevtsementnoshifer
UNP: 700179598 · Krasnobudsky village council 2, Krichev District, Mogilev Oblast 213493
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 2 522 528 | 2 310 524 |
| Intangible assets | 273 | 165 |
| Income-bearing investments in tangible assets | 1 225 | 875 |
| Investments in long-term assets | 41 196 | 20 165 |
| Long-term financial investments | 7 218 | 180 |
| Deferred tax assets | 8 436 | 8 223 |
| Long-term receivables | 285 | 326 |
| Other long-term assets | 45 | 84 |
| Total Section I (long-term assets) | 2 581 206 | 2 340 542 |
| Inventories | 120 344 | 116 909 |
| — materials | 93 418 | 90 437 |
| — work in progress | 5 284 | 1 263 |
| — finished goods and merchandise | 21 641 | 25 208 |
| — goods shipped | 1 | 1 |
| Deferred expenses | 4 990 | 363 017 |
| VAT on acquired goods, works, services | 526 | 197 |
| Short-term receivables | 105 896 | 97 815 |
| Short-term financial investments | 986 | 1 060 |
| Cash and cash equivalents | 255 | 130 |
| Other short-term assets | 683 | 466 |
| Total Section II (short-term assets) | 233 680 | 579 594 |
| BALANCE (assets) | 2 814 886 | 2 920 136 |
| Charter capital | 229 120 | 213 136 |
| Reserve capital | 799 | 799 |
| Additional capital | 1 659 861 | 1 426 407 |
| Retained earnings (uncovered loss) | -506 294 | -366 617 |
| Total Section III (equity) | 1 383 486 | 1 273 725 |
| Long-term loans and borrowings | 123 374 | 231 443 |
| Long-term lease liabilities | 24 772 | — |
| Deferred income | 23 826 | 17 750 |
| Other long-term liabilities | 1 109 702 | 1 248 819 |
| Total Section IV (long-term liabilities) | 1 281 674 | 1 498 012 |
| Short-term loans and borrowings | 2 210 | 149 |
| Current portion of long-term liabilities | 95 876 | 106 589 |
| Short-term payables | 51 450 | 41 440 |
| — to suppliers, contractors, providers | 26 680 | 15 790 |
| — on payroll | 4 263 | 3 360 |
| — on lease payments | 3 636 | — |
| Deferred income | 190 | 221 |
| Total Section V (short-term liabilities) | 149 726 | 148 399 |
| BALANCE (equity and liabilities) | 2 814 886 | 2 920 136 |
Computed metrics
Integrity checks
Checks passed: 5 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Negative real equity: charter capital 229,120 does not cover the accumulated uncovered loss −506,294 (real capital ≈ −277,174). The positive value of total equity (1,383,486) is provided solely by additional paid-in capital from revaluation (1,659,861), not by real results.
- Net loss for the third year: −138,319k BYN for 2025 (deepening from −134,489 for 2024), net profitability −28.4%.
- No own working capital: working-capital ratio −5.13 against the norm of ≥0.15 — long-term assets are financed by liabilities.
- High currency vulnerability of debt: exchange-rate differences on financial activity 401,748k BYN — the main cause of the loss; the result depends on exchange-rate dynamics rather than operating efficiency.
- Sharp fall in current liquidity: K1 from 3.91 to 1.56 (though above the norm of 1.25). Current assets shrank from 579,594 to 233,680.
- Decline in operating cash flow: OCF margin from 39.6% to 8.4%.
- Revenue growth 12.3% lags the inflationary cost dynamics — margin pressure (cost of sales +11.3%, administrative +19.0%, selling expenses +30.6%).
- Finished goods in the warehouse amid decline: finished-goods and overall inventory levels stable against a contraction of current assets.
- Operating activity is profitable: profit on sales 17,038, profit from current activity 4,378k BYN.
- Positive operating cash flow: result of current activity +41,168k BYN.
- Debt load is shrinking: long- and short-term loans and borrowings −45.8% year on year (from 231,592 to 125,584).
- A core product with steady demand: cement production — a basic domestic-market building material.
Recommendation
Krichevtsementnoshifer is a town-forming cement enterprise of the Krichev District with a stable operating base but a deep structural capital imbalance. Operating activity is profitable (profit on sales 17,038k BYN, positive cash flow from current activity 41,168k BYN), but for the third year running the enterprise posts a net loss (−138,319k BYN for 2025), which is formed almost entirely on financial activity — by exchange-rate differences from revaluation of foreign-currency obligations (401,748k BYN). The accumulated uncovered loss (−506,294) exceeds charter capital more than twofold: real equity is negative (≈ −277,174), and the positive total equity value holds solely on additional paid-in capital from asset revaluation. Current liquidity is still above the norm (1.56) but fell sharply over the year, and there is no own working capital. Restructuring is recommended: the enterprise is operationally viable and retains its town-forming role, but requires restructuring of the foreign-currency debt load and restoration of the capital base; outright privatization is complicated by negative real capital, and liquidation is unwarranted with a working core production.