Brestoblavtotrans (consolidated)
OJSC Brestoblavtotrans (consolidated)
UNP: 200665688 · Brest
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 80 018 | 63 402 |
| Intangible assets | 27 | 31 |
| Income-bearing investments in tangible assets | 710 | 610 |
| Investments in long-term assets | 177 | 756 |
| Long-term financial investments | 17 | 20 |
| Total Section I (long-term assets) | 80 949 | 64 823 |
| Inventories | 3 604 | 3 181 |
| — materials | 3 602 | 3 177 |
| Deferred expenses | 536 | 568 |
| VAT on acquired goods, works, services | 5 930 | 3 451 |
| Short-term receivables | 8 975 | 9 153 |
| Cash and cash equivalents | 9 246 | 8 526 |
| Other short-term assets | 2 | 3 |
| Total Section II (short-term assets) | 28 293 | 24 882 |
| BALANCE (assets) | 109 242 | 89 705 |
| Charter capital | 40 030 | 40 030 |
| Additional capital | 24 361 | 20 547 |
| Retained earnings (uncovered loss) | -2 643 | -2 329 |
| Total Section III (equity) | 61 748 | 58 248 |
| Long-term loans and borrowings | 1 398 | 141 |
| Long-term lease liabilities | 28 381 | 16 498 |
| Отложенные налоговые обязательства | 1 | 1 |
| Deferred income | 3 072 | 3 029 |
| Total Section IV (long-term liabilities) | 32 852 | 19 669 |
| Short-term loans and borrowings | 0 | 0 |
| Current portion of long-term liabilities | 396 | 247 |
| Short-term payables | 11 398 | 9 408 |
| — to suppliers, contractors, providers | 874 | 654 |
| — on advances received | 848 | 966 |
| — on taxes and duties | 514 | 638 |
| — on social insurance and security | 595 | 584 |
| — on payroll | 1 825 | 1 694 |
| — on lease payments | 6 355 | 4 072 |
| Deferred income | 2 848 | 2 133 |
| Total Section V (short-term liabilities) | 14 642 | 11 788 |
| BALANCE (equity and liabilities) | 109 242 | 89 705 |
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
- Net loss with a sign reversal: profit +1,329 → loss −426k BYN. The loss on the core (transport) activity was −2,743k BYN against a profit of +326 a year earlier — the core business turned loss-making.
- Sharply rising lease burden: long-term lease liabilities 16,498 → 28,381k BYN (+72%); lease payments for the year 5,903 → 10,409k BYN. Large-scale fleet renewal through leasing pressures the current result.
- No own working capital: own-working-capital provision −0.68 — long-term assets (80,949) substantially exceed equity (61,748), the gap financed by leasing and payables.
- Margin compression: cost of sales grows faster than revenue (revenue +8.2%, cost of sales +11.5%); administrative expenses +23%. Gross profit fell 6,826 → 5,240.
- Positive operating cash flow: +5,766k BYN (OCF margin 7.5%) — despite the accounting loss, operations generate cash (the loss is largely depreciation-driven).
- Real equity is firmly positive: charter capital 40,030 against an accumulated loss of only −2,643; revaluation additional capital (24,361) is not the sole support of equity.
- Cash balance grew (8,526 → 9,246); the period's overall cash flow is positive (+720).
- Revenue is growing (+8.2%) — demand for transport services is not falling; the loss stems from the cost structure, not a market contraction.
Recommendation
A consolidated transport association of the Brest region (passenger and freight road haulage, oblast communal ownership). 2025 was a loss-making year: the net result reversed from a profit of +1,329 to a loss of −426k BYN, and the core transport activity produced a loss on sales of −2,743k BYN against a profit of +326 a year earlier. This is a critical signal requiring intervention.
At the same time the loss is predominantly structural rather than cash. Operating cash flow is positive and substantial (+5,766k BYN, a 7.5% margin): operationally the association generates cash, and the paper loss is largely formed by depreciation and lease costs of a fleet under large-scale renewal. Long-term lease liabilities grew from 16,498 to 28,381k BYN (+72%) over the year, and fixed assets from 63,402 to 80,018k BYN: the enterprise is passing through a phase of heavy capital modernization that pressures current profit. Real equity is firmly positive (an accumulated loss of only −2,643 against charter capital of 40,030), liquidity is above norm (current ratio 1.93), and revenue is growing (+8.2%) — the services market is not contracting.
Restructuring is recommended. Liquidation is not warranted — this is a regionally significant infrastructure carrier with positive operating cash flow, growing revenue and strong real capital. Privatization is premature given the current loss and rising lease burden. The cost structure needs recovery (cost of sales and administrative expenses outpace revenue) and a calibrated schedule of lease obligations; the decision should account for the association's social-infrastructure role and its consolidated nature (the group's health is assessed separately from individual branches).