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 (незавершёнка заказчика) | 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
- Current liquidity ratio 0.84 against the norm of ≥1.0 — current liabilities are formally not covered by current assets (the enterprise is deemed insolvent).
- Negative working-capital ratio — long-term assets are financed by short-term sources.
- Cash balance is minimal (6k BYN) against significant short-term payables.
- Receivables almost doubled (from 2.7m to 5.3m BYN).
- Revenue more than doubled (from 4.2m to 8.8m BYN), net profit from 0.1m to 1.6m BYN; the business plan was over-fulfilled.
- Credit load is minimal: loans and borrowings shrank from 409 to 19k BYN, no overdue debt.
- Operating cash flow is steadily positive (+0.8m BYN); sales profitability rose to 19%.
- Formal insolvency stems from the accounting specifics of a land-reclamation construction client rather than the real financial condition: excluding the construction-in-progress costs accumulated in liabilities, current liquidity exceeds the norm more than threefold.
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. 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. Thus the restructuring recommendation 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. The assessment is given at the level of the head organization; indicators for the holding as a whole may differ.