Gomel Foundry "Centrolit"
OJSC Gomel Foundry "Centrolit"
UNP: 400069522 · 240 Barykina St., Gomel 246020
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 25 371 | 23 547 |
| Intangible assets | 421 | 47 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 765 | 307 |
| Long-term financial investments | — | — |
| Long-term receivables | 61 | 60 |
| Total Section I (long-term assets) | 26 619 | 23 961 |
| Inventories | 13 205 | 13 198 |
| — materials | 4 895 | 5 927 |
| — work in progress | 1 023 | 2 255 |
| — finished goods and merchandise | 7 287 | 5 016 |
| — goods shipped | — | — |
| Deferred expenses | 90 | 93 |
| VAT on acquired goods, works, services | 1 | 3 |
| Short-term receivables | 3 152 | 3 408 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 290 | 530 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 16 738 | 17 232 |
| BALANCE (assets) | 43 357 | 41 193 |
| Charter capital | 6 710 | 6 710 |
| Reserve capital | 2 853 | 2 853 |
| Additional capital | 17 775 | 15 609 |
| Retained earnings (uncovered loss) | 8 155 | 7 678 |
| Total Section III (equity) | 35 493 | 32 850 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | — | — |
| Deferred income | 256 | 301 |
| Total Section IV (long-term liabilities) | 256 | 301 |
| Short-term loans and borrowings | 3 331 | 503 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 4 224 | 7 489 |
| — to suppliers, contractors, providers | 1 434 | 1 694 |
| — on payroll | 1 059 | 1 062 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 7 608 | 8 042 |
| BALANCE (equity and liabilities) | 43 357 | 41 193 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow turned negative: F4.040 +1,628 → −BYN 1,822k against revenue F2.010 53,015 — current operations stopped generating cash even though accounting profit remains.F4.040 · F2.010
- Short-term loans grew 6.6-fold: F1.610 503 → BYN 3,331k. Borrowing turnover is large — F4.081 17,773 drawn against F4.091 14,973 repaid; interest paid F4.093 85 → 196.F1.610 · F4.081 · F4.091 · F4.093
- The margin is compressing: profit on sales F2.060 3,293 → BYN 2,346k (−28.8%) while revenue F2.010 grew 50,311 → 53,015 (+5.4%); sales profitability F2.060/F2.010 6.55% → 4.43%. Cost of sales F2.020 −42,005 → −44,942 (+7.0%) and administrative expenses F2.040 −4,295 → −4,829 grow faster than revenue.F2.060 · F2.010 · F2.020 · F2.040
- Net profitability is thin: F2.210 1,026 → BYN 827k, F2.210/F2.010 2.04% → 1.56%. Profit on sales of 2,346 is nearly halved by other operations — other current-activity income F2.070 23,061 against other expenses F2.080 −24,127 leaves profit from current activity F2.090 of only 1,280.F2.210 · F2.010 · F2.070 · F2.080 · F2.090
- Long-term assets are only partly covered by earned capital: F1.410 6,710 + F1.460 8,155 = BYN 14,865k against F1.190 26,619. The gap is closed by revaluation — additional capital F1.450 15,609 → 17,775 exceeds the entire earned base.F1.410 · F1.460 · F1.190 · F1.450
- Payroll costs grow faster than revenue: F4.032 12,249 → BYN 14,562k (+18.9%) against revenue +5.4%.F4.032 · F2.010
- Liquidity is high: F1.290 17,232 → 16,738 against F1.690 8,042 → 7,608, a ratio of 2.14 → 2.20. The cover rests on inventories F1.210 13,205 — about four fifths of current assets — while cash F1.270 fell 530 → 290.F1.290 · F1.690 · F1.210 · F1.270
- The enterprise remains profitable: net profit F2.210 BYN 827k, retained earnings F1.460 7,678 → 8,155. The comprehensive result F2.240 2,993 is however mostly revaluation — the revaluation result F2.220 is 2,166.F2.210 · F1.460 · F2.240 · F2.220
- Supplier settlements were cleared: payables F1.630 7,489 → BYN 4,224k (−43.6%), including suppliers F1.631 1,694 → 1,434; long-term liabilities are minimal — F1.590 301 → 256. This was paid for with bank credit, however: F1.610 503 → 3,331.F1.630 · F1.631 · F1.590 · F1.610
- Earned capital is positive and growing: F1.410 6,710 + F1.460 8,155 = BYN 14,865k against a total F1.490 32,850 → 35,493.F1.410 · F1.460 · F1.490
Recommendation
Gomel Foundry "Centrolit" is a foundry operation (cast-iron blanks) within a machine-building group headed by the Minsk Tractor Works.
Recommendation: Restructuring — (putting cost of sales and working capital in order, controlling short-term debt), rather than immediate privatization or liquidation.
Why restructuring. As of 2024 the enterprise is profitable (net profit 827k BYN), maintains high current liquidity (2.20) and carries no long-term credit load. At the same time, the key warning signal is the swing of operating cash flow into the negative (−1,822k BYN, −3.4% of revenue versus +3.2% a year earlier): current activity has stopped generating cash, and the resulting cash gap was closed by a sixfold rise in short-term loans (503 → 3,331k BYN). Operating margin is simultaneously contracting — sales profitability fell from 6.55% to 4.43%, profit on sales shrank by almost a third while revenue grew 5.4% and labour costs grew faster (+18.9%). The nominal strength of the balance sheet is partly deceptive: long-term assets are covered only about 57% by real (contributed and accumulated) capital, and formal stability is supported by a significant revaluation of fixed assets. At the same time real equity is positive, the enterprise is operationally viable and embedded in the group's production chain.
Confidence: MEDIUM. The assessment rests on 2024 reporting and is subject to reconciliation against annual 2025 data as it is published. The F1–F4 set is complete and all 6 cross-form consistency checks pass.