Gronyteks
Open Joint-Stock Company Gronyteks
UNP: 500046539 · 91 Gorkogo St., Grodno 230005
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 115 854 | 106 438 |
| Intangible assets | 152 | 21 |
| Income-bearing investments in tangible assets | 972 | 874 |
| Investments in long-term assets | 2 540 | 234 |
| Long-term financial investments | 7 | 8 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 119 526 | 107 576 |
| Inventories | 25 708 | 21 494 |
| — materials | 13 852 | 12 097 |
| — work in progress | 4 050 | 4 294 |
| — finished goods and merchandise | 7 806 | 5 103 |
| — goods shipped | — | — |
| Deferred expenses | 53 | 64 |
| VAT on acquired goods, works, services | — | — |
| Short-term receivables | 6 952 | 8 721 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 5 976 | 15 181 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 38 689 | 45 460 |
| BALANCE (assets) | 158 215 | 153 036 |
| Charter capital | 12 206 | 12 206 |
| Reserve capital | 1 074 | 818 |
| Additional capital | 97 386 | 86 494 |
| Retained earnings (uncovered loss) | 7 353 | 13 105 |
| Total Section III (equity) | 118 019 | 112 623 |
| Long-term loans and borrowings | 1 246 | 920 |
| Long-term lease liabilities | — | — |
| Deferred income | 4 744 | 3 906 |
| Total Section IV (long-term liabilities) | 5 990 | 4 826 |
| Short-term loans and borrowings | 23 425 | 22 178 |
| Current portion of long-term liabilities | 3 286 | 3 411 |
| Short-term payables | 6 946 | 7 677 |
| — to suppliers, contractors, providers | 4 423 | 5 177 |
| — on payroll | 476 | 1 046 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 34 206 | 35 587 |
| BALANCE (equity and liabilities) | 158 215 | 153 036 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Revenue fell 19.6% year on year (63,129 versus 78,553) — a substantial contraction of sales volumes.
- Collapse in profitability: sales profitability fell from 21.2% to 7.1%, and on the bottom line from 16.6% to 3.8% (minus ~13 percentage points).
- Net profit fell 82% (2,366 versus 13,018) — profit retained, but sharply thinner.
- Current liquidity fell to 1.13 (below the norm of 1.25), and the working-capital ratio became near-zero and slightly negative (−0.04 versus +0.11).
- Cash shrank from 15,181 to 5,976k BYN over the year; operating cash flow contracted almost fivefold (1,172 versus 7,382).
- Inventories grew 20% (25,708 versus 21,494), including finished goods +53% — possible overstocking amid falling revenue.
- Profitability retained at all levels: net profit +2,366, profit from current activity +3,272, operating cash flow positive (+1,172).
- Strong capital base: equity 118,019k BYN on a balance sheet of 158,215; real capital (excluding revaluation) is positive (+19,559).
- Moderate and controlled debt load: long-term debt minimal (1,246), overall loan growth +6.8%; the enterprise actively repays and draws loans within turnover.
- Capital investment continues: investment in long-term assets grew from 234 to 2,540, the investment cash outflow directed at acquiring fixed assets (2,940).
Recommendation
The enterprise retains a strong balance-sheet base amid a sharp deterioration in operating dynamics in 2025. Equity is significant (118,019k BYN), real capital excluding revaluation is positive, the debt load is moderate, and profitability is held at all levels (net profit +2,366, operating cash flow +1,172). At the same time revenue fell almost 20%, sales profitability collapsed from 21% to 7%, the net margin from 16.6% to 3.8%, current liquidity dropped just below the norm, and cash balances shrank more than twofold amid a rise in finished-goods inventories. This is the profile of a textile manufacturer with export orientation that is sound in capital structure but losing market positions: the problem is not solvency but competitiveness and margin. Such an asset is rationally transferred to an effective owner able to reverse the operating dynamics and load the capacity — the recommendation is privatization despite the currently problematic financial condition. The alternative (restructuring) is not indicated: there is no debt crisis and no loss.