Belarusian Railway
State Association «Belarusian Railway»
UNP: 100088574 · 17 Lenin St., 220030 Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 1 200 225 | 968 939 |
| Intangible assets | 13 701 | 7 994 |
| Investments in long-term assets | 33 535 | 82 441 |
| Long-term financial investments | 13 849 | 13 856 |
| Deferred tax assets | 38 321 | 37 145 |
| Long-term receivables | 822 | 1 020 |
| Other long-term assets | 30 201 | 222 391 |
| Total Section I (long-term assets) | 1 330 654 | 1 333 786 |
| Inventories | 4 766 | 5 208 |
| Deferred expenses | 161 007 | 102 529 |
| VAT on acquired goods, works, services | 85 888 | 71 183 |
| Short-term receivables | 1 793 008 | 1 708 917 |
| Short-term financial investments | 32 091 | 41 780 |
| Cash and cash equivalents | 72 884 | 81 063 |
| Total Section II (short-term assets) | 2 149 644 | 2 010 680 |
| BALANCE (assets) | 3 480 298 | 3 344 466 |
| Charter capital | 0 | 0 |
| Additional capital | 319 286 | 227 634 |
| Retained earnings (uncovered loss) | -328 623 | -233 922 |
| Total Section III (equity) | -9 337 | -6 288 |
| Long-term loans and borrowings | 1 842 256 | 1 567 518 |
| Long-term lease liabilities | 392 014 | 369 214 |
| Отложенные налоговые обязательства | 0 | 11 814 |
| Deferred income | 17 722 | 172 235 |
| Total Section IV (long-term liabilities) | 2 252 086 | 2 120 899 |
| Short-term loans and borrowings | 249 873 | 62 085 |
| Current portion of long-term liabilities | 324 020 | 569 141 |
| Short-term payables | 663 147 | 515 220 |
| — on lease payments | 225 678 | 123 805 |
| Deferred income | 509 | 83 409 |
| Total Section V (short-term liabilities) | 1 237 549 | 1 229 855 |
| BALANCE (equity and liabilities) | 3 480 298 | 3 344 466 |
Computed metrics
Integrity checks
Checks passed: 1 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
- Equity negative for the second year: −9.3m rubles against −6.3m a year earlierF1.490
- Own working capital ratio −0.623 against the 0.15 norm — no own working capital; long-term assets are debt-financedF1.490 · F1.190
- Net loss for the second year on record: −127.7m rubles (2022) → −94.9m (2023)F2.210
- Accumulated uncovered loss grew from −233.9m to −328.6m rubles (+40.5%) — accumulation continuesF1.460
- Financing-activity expenses of 669.0m rubles (+23.8%): exchange differences 487.0m + interest payable 115.9m (+78.6%)F2.130 · F2.132 · F2.131
- Credit load +28.4% over the year: loans and borrowings 1,630 → 2,092m rubles; long-term +17.5%, short-term ×4.0 (62 → 250m)F1.510 · F1.610
- Current liquidity formally within the norm (1.737), but 83% of current assets is receivables of 1,793m rublesF1.290 · F1.690 · F1.250
- Short-term lease payments within payables at 225.7m rubles — up 1.8× from 123.8mF1.636
- Revenue +44.5% year on year (244.3 → 352.9m rubles)F2.010
- Sales profitability 27.9% — profit from sales of 98.6m rubles against revenue of 352.9mF2.060 · F2.010
- Profit from sales grew 8.8× (11.2 → 98.6m rubles) while revenue grew 1.4×F2.060 · F2.010
Recommendation
BZD (Belarusian Railway) is a natural monopoly over the railway infrastructure of the Republic of Belarus, a state association subordinate to the Ministry of Transport and Communications. Balance-sheet value BYN 3.48bn, 2023 revenue BYN 353m (+44.5% over 2022), a net loss for the second year on record (−BYN 94.9m in 2023). The picture diverges along two planes: operationally the business is healthy and improving (sales margin 27.9%, profit from sales grew 8.8×); financially it is critically weak (negative equity −BYN 9.3m, accumulated uncovered loss −BYN 328.6m, credit load (loans and borrowings, F1.510+610) +28.4% over the year, financing-activity expenses of BYN 669m of which exchange differences BYN 487m and interest BYN 116m).
Recommendation: Restructuring — financial, not operational. Restructuring of the debt portfolio and reduction of currency exposure, while preserving state ownership and operational continuity. Privatization of the infrastructure core is not applicable (a national-level natural monopoly); liquidation is not applicable (critical infrastructure).
Restructuring in the BNR 2.0 concept for BZD means:
- Debt-portfolio restructuring — refinancing the BYN 1.84bn of long-term loans with the goal of lowering the interest rate (current interest of BYN 115.9m ≈ 6.3% of year-end long-term loans). Possible instruments: state guarantees, issuance of infrastructure bonds upon political stabilization, restructuring through state-participated banks on concessional terms.
- Reduction of currency exposure — the bulk of the debt, on indirect signs, is FX-denominated (exchange differences produce a −53M effect on the net result). Restructuring toward local currency or hedging.
- Preservation of operational continuity — no cuts to the network, services, or jobs. BNR 2.0 social protection (15% of shares / 80% of jobs) for BZD should be interpreted as a commitment to preserve all jobs in depots, hubs, and repair plants. Given the city-forming character for several cities — this is especially important.
- State ownership is preserved — BZD is not in the privatization scope. This is consistent with international practice (DB, SNCF, ÖBB, JR — all mixed or fully state-owned).
Why restructuring. By the typological rule: monopolies primary → privatization and liquidation are struck out structurally. Restructuring + state investment remain. State investment is considered as a supplement but not the main recommendation, because operationally the business is healthy and growing without additional investment: revenue +44.5%, profit from sales ×8.8 over the year. The problem is not a shortage of capital for operations — the problem is in the structure of existing obligations (long-term loans of BYN 1.84bn + currency exposure lead to BYN 669m of financing-activity expenses against revenue of 353m). Injecting more capital without restructuring the old debt = aggravating the problem.
Confidence: LOW. The source is the 2023 annual report (FY-2, as of the 2026 pilot); the 2024 annual report is not yet publicly disclosed. Semi-annual 1H 2024 data (available in a separate file, P&L) is used as a directional indicator; the half-year figures are not stored in the card snapshot and do not enter the signals (the F1–F4 rule). Additionally: for state associations, F3 (changes in equity) and F4 (cash flow) are structurally absent from the public reporting — this is a feature of state-association reporting, not a data defect. Of the 6 cross-form sanity checks, 1 is possible (the balance equation — passed).