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 net loss: −5,132k BYN in 2025 versus a profit of +987 a year earlier; net margin fell from 0.66% to −4.09%.F2.210 · F2.010
- Accumulated loss grew 2.8-fold: from −3,160 to −8,816k BYN.F1.460
- Revenue fell 15.7% (148,887 → 125,484k BYN).F2.010
- Debt is growing: loans and borrowings +20.9% over the year (49,406 → 59,725k BYN), with long-term loans up ×2.4 (6,750 → 15,973).F1.510 · F1.610
- Equity is propped up by revaluation: the revaluation result of +4,603k BYN against a net loss of −5,132; equity still declined (80,487 → 79,423).F2.220 · F2.210 · F1.490
- Payroll payments fell 17.4% (22,236 → 18,371k BYN) — tracking the decline in revenue.F4.032
- Finished-goods inventories grew 17.4% (29,928 → 35,131k BYN) on falling revenue — a build-up of unsold goods.F1.214
- The cost of servicing debt is rising: interest paid +30.6% (3,704 → 4,837k BYN).F4.093
- The financing-activity result is negative for a second year (−37,409 and −43,233k BYN): loan repayments of 96,092 exceed new borrowings of 64,549 — debt is serviced out of operating cash flow.F4.100 · F4.091 · F4.081
- Own working capital provision declined from 0.117 to 0.045 — the working-capital safety margin is eroding.F1.490 · F1.190 · F1.290
- Operating activities generate cash: +34,701k BYN, a margin of 27.6% of revenue — high operating efficiency.F4.040 · F2.010
- Current ratio of 1.39 — short-term assets cover liabilities with a margin.F1.290 · F1.690
- The balance-sheet total is stable: 177,977 versus 174,567k BYN (+2%).F1.300
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.
Recommendation: Restructuring — the operating model is viable, but the loan portfolio must be restructured and sales efficiency improved.
Why restructuring. 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 credit 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.
Confidence: MEDIUM. 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. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass. The score is capped: with negative real equity the model assigns no value above 0.85 regardless of other indicators.