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 is negative: −1,822k BYN for 2024 (−3.4% of revenue) versus +1,628k BYN (+3.2%) a year earlier — current activity has stopped generating cash.
- Short-term loans and borrowings grew 6.6×: from 503 to 3,331k BYN — borrowed funds are closing the cash gap from negative operating flow.
- Sales profitability fell from 6.55% to 4.43% (−2.1 pp); profit on sales dropped 28.8% (3,293 → 2,346k BYN) while revenue grew 5.4% — costs and expenses outpace selling prices.
- Net margin is thin — 1.56% (−0.48 pp over the year); net profit 827k BYN versus 1,026.
- Long-term assets are covered only about 57% by real (contributed and accumulated) capital; the balance sheet's nominal stability rests substantially on revaluation of fixed assets (additional paid-in capital 17,775k BYN).
- Labour costs rose 18.9% (12,249 → 14,562k BYN) — margin pressure from the payroll.
- High current liquidity: K1 = 2.20 (norm ≥1.25), stable year on year.
- The enterprise is profitable: net profit 827k BYN, total profit including revaluation 2,993k BYN.
- No long-term debt load (long-term loans and borrowings are zero in both years); overall leverage is moderate.
- Real equity is positive (contributed + accumulated profit ≈ 14,865k BYN) — stability does not rest on revaluation alone.
Recommendation
Gomel Foundry "Centrolit" is a foundry operation (cast-iron blanks) within a machine-building group headed by the Minsk Tractor Works. As of 2024 the enterprise is profitable (net profit 827k BYN), maintains high current liquidity (K1 = 2.20) and carries no long-term debt 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. The combination of factors — a working but cash-flow- and margin-deteriorating business model with solid liquidity — points to restructuring (putting internal costs and cash flow in order).