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.F1.410 · F1.460 · F1.490 · F1.450
- Net loss for the second consecutive year: F2.210 −134,489 (2024) → −138,319k BYN (2025); net profitability −28.4%.F2.210 · F2.010
- No own working capital: the ratio is −5.13 (−1.84 a year earlier) — long-term assets F1.190 2,581,206 far exceed equity F1.490 1,383,486, the gap is closed by liabilities.F1.190 · F1.490 · F1.290
- The loss originates outside operations: financial-activity expenses F2.130 242,691 → 426,198 against income F2.120 101,719 → 275,754; the investment-and-financial result F2.140 −146,465 → −142,347 outweighs the current-activity profit F2.090 4,378.F2.130 · F2.120 · F2.140 · F2.090
- Sharp fall in current liquidity: from 3.91 to 1.56; current assets F1.290 shrank from 579,594 to 233,680 while current liabilities F1.690 stayed almost flat at 148,399 → 149,726.F1.290 · F1.690
- Decline in operating cash flow: the margin fell from 39.6% to 8.4% — current-activity result F4.040 171,929 → 41,168.F4.040 · F2.010
- Selling and administrative expenses outgrow revenue: F2.050 +30.6% (33,017 → 43,117) and F2.040 +19.0% (25,607 → 30,476) against revenue F2.010 +12.3%; cost of sales F2.020 +11.3% lags revenue, yet profit on sales F2.060 still fell 18,964 → 17,038.F2.050 · F2.040 · F2.010 · F2.020 · F2.060
- The contraction of current assets came from a single line: deferred expenses F1.230 363,017 → 4,990; inventories F1.210 stayed flat (116,909 → 120,344) and finished goods F1.214 fell 25,208 → 21,641.F1.230 · F1.210 · F1.214
- Operating activity is profitable: profit on sales F2.060 17,038, profit from current activity F2.090 4,378k BYN.F2.060 · F2.090
- Positive operating cash flow: result of current activity F4.040 +41,168k BYN.F4.040
- Credit load is shrinking: loans and borrowings F1.510+F1.610 −45.8% year on year (231,592 → 125,584).F1.510 · F1.610
Recommendation
Krichevtsementnoshifer is a town-forming cement enterprise of the Krichev District with a stable operating base but a deep structural capital imbalance.
Recommendation: Restructuring — the enterprise is operationally viable and retains its town-forming role, but requires restructuring of the foreign-currency credit load and restoration of the capital base; outright privatization is complicated by negative real capital, and liquidation is unwarranted with a working core production.
Why restructuring. 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.
Confidence: HIGH. 5 of the 6 cross-form consistency checks pass; one was not computed.