Vitebsk Carpets
OJSC "Vitebsk Carpets"
UNP: 300082076 · 75 Maksim Gorky St., Vitebsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 71 334 | 65 849 |
| Intangible assets | 20 | 21 |
| Investments in long-term assets | 3 385 | 2 124 |
| Long-term financial investments | 1 | 1 |
| Total Section I (long-term assets) | 74 740 | 67 995 |
| Inventories | 58 354 | 52 579 |
| — materials | 13 070 | 13 067 |
| — work in progress | 10 153 | 9 584 |
| — finished goods and merchandise | 35 131 | 29 928 |
| Deferred expenses | 29 | 25 |
| VAT on acquired goods, works, services | 911 | 862 |
| Short-term receivables | 35 298 | 38 397 |
| Cash and cash equivalents | 3 183 | 7 878 |
| Other short-term assets | 5 462 | 6 831 |
| Total Section II (short-term assets) | 103 237 | 106 572 |
| BALANCE (assets) | 177 977 | 174 567 |
| Charter capital | 1 502 | 1 502 |
| Reserve capital | 2 073 | 2 073 |
| Additional capital | 84 664 | 80 072 |
| Retained earnings (uncovered loss) | -8 816 | -3 160 |
| Total Section III (equity) | 79 423 | 80 487 |
| Long-term loans and borrowings | 15 973 | 6 750 |
| Deferred income | 8 226 | 7 786 |
| Total Section IV (long-term liabilities) | 24 199 | 14 536 |
| Short-term loans and borrowings | 43 752 | 42 656 |
| Short-term payables | 30 603 | 36 888 |
| — to suppliers, contractors, providers | 25 857 | 28 455 |
| — on payroll | 1 651 | 1 717 |
| Total Section V (short-term liabilities) | 74 355 | 79 544 |
| BALANCE (equity and liabilities) | 177 977 | 174 567 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- First-ever net loss in 2025 (-5,132k BYN) against a profit in 2024 (+987k BYN)
- Accumulated loss grew ×2.8 (from -3,160 to -8,816)
- Revenue fell 15.7% — loss of market share
- Long-term loans ×2.4 — debt build-up
- Dividends discontinued (2024: 652k BYN → 2025: 0)
- Own-working-capital provision 0.045 — below the 0.15 norm (production)
- Capital supported only by long-term-asset revaluation +4,603 (paper growth, not operational)
- Wages fell -17.4% — possibly layoffs / rate cuts (social risk)
- Finished-goods stocks up +17% (from 29,928 to 35,131) — a mild rise in unsold product
- Debt-service cost rising (interest payable +31%)
- Financial activity persistently negative — refinancing without net new funding
- Operations generate cash +34.7m BYN — the model works
- Current ratio 1.39 — at norm for production (≥1.25)
- BALANCE stable (177.9 ≈ 174.5m BYN)
- Cash-flow margin 27.6% — a high operating-efficiency indicator
Recommendation
Vitebskie Kovry is a regional textile-industry enterprise (carpet and carpet-goods manufacturing, OKED 13930) that in 2025 fell into a net loss for the first time, against a 16% decline in revenue. Operating cash flow remains positive (+BYN 34.7m), indicating that the core model still works — the enterprise produces and sells, generating cash from operations.
The problem is not operations but the build-up of debt load: long-term loans grew 2.4× (from BYN 6.7m to 16.0m), while financing activity is consistently negative — refinancing without net new borrowing. The balance-sheet structure is not critical (current ratio 1.39 — normal for manufacturing, balance sheet stable at BYN 178m), but a three-year trend (2023→2024→2025) is needed for a confident classification. Proposed outcome — Restructuring (3): the operating model is viable, but the loan portfolio must be restructured and sales efficiency improved.