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 of +1,329 → loss of −426k BYN (net margin 1.87% → −0.55%). The loss from core (transport) operations is −2,743k BYN versus a profit of +326 a year earlier.F2.210 · F2.060 · F2.010
- The credit load is growing fast: loans and borrowings grew 9.9-fold (141 → 1,398k BYN) — from a low base; at the same time long-term lease liabilities +72% (16,498 → 28,381) and lease payments nearly doubled (5,903 → 10,409) — fleet renewal weighs on the current result.F1.510 · F1.610 · F1.520 · F4.094
- No own working capital: provision ratio −0.679 — long-term assets of 80,949k BYN considerably exceed equity of 61,748; the gap is financed by leasing and accounts payable.F1.490 · F1.190 · F1.290
- Margin compression: cost of sales is growing faster than revenue (revenue +8.2%, cost of sales +11.5%); administrative expenses +23% (6,499 → 7,983k BYN). Gross profit declined 6,826 → 5,240.F2.010 · F2.020 · F2.040 · F2.030
- Positive cash flow from operating activities: +5,766k BYN (a 7.5% margin) — despite the accounting loss, operations generate cash.F4.040 · F2.010
- Real equity is firmly positive: authorized capital of 40,030k BYN with an accumulated loss of only −2,643; the revaluation (additional) capital of 24,361 is not the sole support of equity.F1.410 · F1.460 · F1.450 · F1.490
- The cash balance grew (8,526 → 9,246k BYN); the total cash flow for the period is positive (+720).F1.270 · F4.110
- Revenue is growing (+8.2%, 70,944 → 76,762k BYN) — the loss stems from the cost structure (cost of sales +11.5%), not from falling sales.F2.010 · F2.020
Recommendation
A consolidated transport association of the Brest region (passenger and freight road haulage, oblast communal ownership).
Recommendation: Restructuring. 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).
Why restructuring. 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.
Confidence: MEDIUM. 5 of 6 cross-form consistency checks pass.