Grodnorayagroservice
OJSC Grodnorayagroservice
UNP: 500030462 · Auls station, Grodno District, Grodno Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 5 668 | 5 233 |
| Intangible assets | 9 | 9 |
| Income-bearing investments in tangible assets | 1 209 | 1 054 |
| Investments in long-term assets | 224 | 95 |
| Long-term financial investments | 4 | 4 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 7 114 | 6 395 |
| Inventories | 5 944 | 5 527 |
| — materials | 1 959 | 2 237 |
| — work in progress | — | — |
| — finished goods and merchandise | 3 985 | 3 290 |
| — goods shipped | — | — |
| Deferred expenses | 1 598 | 1 194 |
| VAT on acquired goods, works, services | 4 | 10 |
| Short-term receivables | 11 326 | 9 647 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 334 | 51 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 19 206 | 16 429 |
| BALANCE (assets) | 26 320 | 22 824 |
| Charter capital | 33 | 33 |
| Reserve capital | 219 | 171 |
| Additional capital | 6 500 | 6 437 |
| Retained earnings (uncovered loss) | 2 122 | 116 |
| Total Section III (equity) | 8 874 | 6 757 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | 11 | 34 |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | 29 | 52 |
| Short-term loans and borrowings | 2 432 | 2 432 |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 14 982 | 13 565 |
| — to suppliers, contractors, providers | 11 611 | 10 977 |
| — on payroll | 184 | 136 |
| — on lease payments | 23 | 25 |
| Total Section V (short-term liabilities) | 17 417 | 16 015 |
| BALANCE (equity and liabilities) | 26 320 | 22 824 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow is negative in both years of the snapshot: F4.040 −104 → −BYN 222k. The gap was closed by an investment inflow F4.070 +791 (including receipts F4.050 1,054) and by growth in payables F1.630 13,565 → 14,982.F4.040 · F4.070 · F4.050 · F1.630
- The operating core barely earns: profit on sales F2.060 is only BYN 119k against revenue F2.010 22,937. Net profit F2.210 1,598 was formed mainly from other current-activity income F2.070 2,840, investment income F2.100 863 and financial income F2.120 1,196.F2.060 · F2.010 · F2.210 · F2.070 · F2.100 · F2.120
- Working capital is tied up in non-cash assets: receivables F1.250 11,326 and inventories F1.210 5,944 make up 90% of short-term assets F1.290 19,206, while cash F1.270 is only BYN 334k. The main funding source for turnover is payables F1.630 14,982, including F1.631 11,611 owed to suppliers; the current-ratio margin F1.290/F1.690 = 1.103 is thin.F1.250 · F1.210 · F1.290 · F1.270 · F1.630 · F1.631 · F1.690
- Equity is largely revaluation-based: additional capital F1.450 6,500 out of the total F1.490 8,874 — 73%; the earned base F1.410 33 + F1.460 2,122 = BYN 2,155k against long-term assets F1.190 7,114.F1.450 · F1.490 · F1.410 · F1.460 · F1.190
- Exit from loss: the net result F2.210 swung −1,653 → +BYN 1,598k, profit on sales F2.060 −626 → +119.F2.210 · F2.060
- Credit debt is stable and entirely short-term: F1.610 2,432 → 2,432 unchanged, and the enterprise has no long-term loans. F4.081 2,912 was raised and F4.091 2,912 repaid — a net rollover, interest paid F4.093 304 → 272. Liabilities overall grew not through credit but through payables F1.630 13,565 → 14,982.F1.610 · F4.081 · F4.091 · F4.093 · F1.630
- Capital growth was earned rather than revalued: retained earnings F1.460 116 → 2,122 provide most of the increase in the total F1.490 6,757 → 8,874. The current ratio F1.290/F1.690 improved 1.026 → 1.103, but the improvement came chiefly from receivables F1.250 9,647 → 11,326.F1.460 · F1.490 · F1.290 · F1.690 · F1.250
Recommendation
In 2024 the enterprise exited loss: the net result swung from −1,653 to +1,598k BYN, and profit on sales became positive for the first time in two years (+119).
Recommendation: Restructuring — the business is viable and has begun a turnaround, but the operating model is not yet self-funding on a cash-flow basis and requires management intervention to cement the recovery.
Why restructuring. This is a positive recovery signal. However, the quality of the result is weak: the operating core barely earns (sales profitability 0.4%), and net profit was formed mainly from other, investment and financial income rather than core activity. The main problem is negative operating cash flow (−222k BYN): operating activity does not generate cash, and the gap is closed by an investment inflow and trade payables. Liquidity holds on a thin margin (current 1.10), cash is minimal, and the cover is provided mainly by receivables and inventories. At the same time the credit load is small and stable, and equity is growing.
Confidence: MEDIUM. The source is annual reporting for 2024, a complete F1–F4 set; all 6 cross-form consistency checks pass.