Mogilevvodstroy Holding MC
OJSC Management Company of the Mogilevvodstroy Holding
UNP: 700189880 · 5/29 Pionerskaya St., Mogilev 212030
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 5 992 | 4 030 |
| Intangible assets | 4 | 6 |
| Investments in long-term assets | 3 415 | 2 091 |
| Long-term financial investments | 227 | 227 |
| Long-term receivables | — | — |
| Other long-term assets | 554 | 453 |
| Total Section I (long-term assets) | 10 192 | 6 807 |
| Inventories | 202 | 179 |
| — materials | 202 | 171 |
| Long-term assets held for sale | 6 570 | 7 118 |
| Deferred expenses | 2 254 | 2 122 |
| VAT on acquired goods, works, services | 333 | 270 |
| Short-term receivables | 5 274 | 2 651 |
| Short-term financial investments | 2 | 62 |
| Cash and cash equivalents | 6 | 21 |
| Total Section II (short-term assets) | 14 641 | 12 423 |
| BALANCE (assets) | 24 833 | 19 230 |
| Charter capital | 411 | 411 |
| Additional capital | 864 | 801 |
| Retained earnings (uncovered loss) | 1 600 | 41 |
| Total Section III (equity) | 2 875 | 1 253 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | 1 771 | — |
| Deferred income | 2 783 | 1 362 |
| Total Section IV (long-term liabilities) | 4 554 | 1 362 |
| Short-term loans and borrowings | 19 | 409 |
| Short-term payables | 3 788 | 5 096 |
| — to suppliers, contractors, providers | 2 873 | 2 622 |
| — on payroll | 213 | 154 |
| — on lease payments | 294 | 1 868 |
| Обязательства, предназначенные для реализации | 13 489 | 11 090 |
| Deferred income | 101 | 16 |
| Total Section V (short-term liabilities) | 17 404 | 16 615 |
| BALANCE (equity and liabilities) | 24 833 | 19 230 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- The current ratio is below one: F1.290 14,641 / F1.690 17,404 = 0.84 against 0.75 a year earlier — short-term liabilities are not covered by current assets.F1.290 · F1.690
- There is no own working capital: (F1.490 2,875 − F1.190 10,192) / F1.290 14,641 = −0.50 against −0.45 a year earlier — long-term assets are funded from short-term sources.F1.490 · F1.190 · F1.290
- The cash position is all but absent: F1.270 21 → BYN 6k, the closing balance F4.130 the same 6 — against payables F1.630 3,788 and short-term liabilities F1.690 17,404.F1.270 · F4.130 · F1.630 · F1.690
- Receivables F1.250 doubled, 2,651 → BYN 5,274k, alongside revenue growth F2.010 4,151 → 8,807.F1.250 · F2.010
- The level of the solvency ratios is set by a single line: liabilities held for sale F1.640 11,090 → BYN 13,489k make up the bulk of short-term liabilities F1.690 17,404. The paired asset line is long-term assets held for sale F1.220 7,118 → 6,570.F1.640 · F1.690 · F1.220
- The operating result grew several-fold: revenue F2.010 4,151 → BYN 8,807k, profit on sales F2.060 451 → 1,671, net profit F2.210 88 → 1,563. The growth is not confirmed in cash: receipts from customers F4.021 fell 13,073 → 9,029.F2.010 · F2.060 · F2.210 · F4.021
- The credit burden is almost gone: short-term loans F1.610 409 → BYN 19k. Obligations shifted into leasing instead: long-term lease liabilities F1.520 0 → 1,771 while short-term lease liabilities F1.636 fell 1,868 → 294; interest paid F4.093 41 → 44.F1.610 · F1.520 · F1.636 · F4.093
- Operating cash flow is positive in both years: F4.040 481 → BYN 771k. Sales profitability F2.060/F2.010 rose 10.86% → 18.97%, but the flow-to-revenue ratio fell 11.59% → 8.75%.F4.040 · F2.060 · F2.010
Recommendation
OJSC Management Company of the Mogilevvodstroy Holding is the head organization of a land-reclamation holding uniting 13 district enterprises of Mogilev Oblast (state share 99.52%), implementing the state land-reclamation development program.
Recommendation: Restructuring — it relates primarily to the balance-sheet structure and the order of recording client costs, rather than to financial remediation of a loss-making asset: operationally the enterprise is stable and profitable.
Why restructuring. By formal criteria the enterprise was deemed insolvent in 2025: current liquidity ratio 0.84 against the norm of 1.0, the working-capital ratio negative, the insolvency characterized as sustained. However, the operating results are the opposite: revenue more than doubled (to 8.8m BYN), net profit increased almost eighteenfold (to 1.6m BYN), sales profitability reached 19%, operating cash flow is steadily positive, and the credit load is minimal (loans and borrowings shrank to 19k BYN, no overdue debt). The discrepancy is explained by accounting specifics: as a land-reclamation construction client, the enterprise accumulates actual construction-in-progress costs in the liabilities side of the balance sheet (over 13m BYN). It is precisely this item that forms the bulk of short-term liabilities and collapses the solvency ratios, without reflecting real financial strain. Excluding it, current liquidity exceeds the norm more than threefold.
Confidence: MEDIUM. All 6 cross-form consistency checks pass. The assessment is given at the level of the head organization; indicators for the holding as a whole may differ. The score is capped: with a current ratio below 1 the model assigns no value above 0.85 regardless of other indicators.