BelTAPAZ (Grodno)
OJSC Grodno Lathe Chuck Plant "BelTAPAZ"
UNP: 500047867 · 29 Gaspadarchaya St., Grodno 230005
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 20 861 | 15 157 |
| Intangible assets | 32 | 4 |
| Income-bearing investments in tangible assets | 56 | 51 |
| Investments in long-term assets | 42 | 153 |
| Long-term financial investments | — | — |
| Total Section I (long-term assets) | 20 995 | 15 367 |
| Inventories | 9 186 | 7 279 |
| — materials | 2 177 | 2 960 |
| — work in progress | 794 | 1 062 |
| — finished goods and merchandise | 6 215 | 3 257 |
| Deferred expenses | 26 | 42 |
| VAT on acquired goods, works, services | 3 | 5 |
| Short-term receivables | 3 335 | 3 019 |
| Cash and cash equivalents | 1 808 | 108 |
| Total Section II (short-term assets) | 14 358 | 10 453 |
| BALANCE (assets) | 35 353 | 25 820 |
| Charter capital | 4 262 | 4 262 |
| Reserve capital | 74 | 66 |
| Additional capital | 12 919 | 11 896 |
| Retained earnings (uncovered loss) | 845 | 1 404 |
| Total Section III (equity) | 18 100 | 17 628 |
| Long-term loans and borrowings | 875 | 2 027 |
| Long-term lease liabilities | 11 | 18 |
| Deferred income | 7 296 | 974 |
| Total Section IV (long-term liabilities) | 8 182 | 3 019 |
| Short-term loans and borrowings | 3 240 | 1 735 |
| Current portion of long-term liabilities | 1 155 | 1 440 |
| Short-term payables | 3 646 | 1 526 |
| — to suppliers, contractors, providers | 2 534 | 479 |
| — on payroll | 366 | 453 |
| — on lease payments | 10 | 13 |
| Total Section V (short-term liabilities) | 9 071 | 5 173 |
| BALANCE (equity and liabilities) | 35 353 | 25 820 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Sharp revenue decline: sales fell 41% (F2.010 20,300 → 12,004k BYN); profit on sales almost wiped out (F2.060 2,884 → 285), current activity went into loss (F2.090 −352).F2.010 · F2.060 · F2.090
- The net result changed sign from profit to loss: F2.210 1,821 → −109k BYN; sales profitability fell from 14.2% to 2.4%, net profitability from +9.0% to −0.9%.F2.210 · F2.010
- No own working capital: the ratio is −0.20 (was +0.22); long-term assets F1.190 20,995 exceed equity F1.490 BYN 18,100k, the gap closed by liabilities, including deferred income F1.540 974 → 7,296.F1.190 · F1.490 · F1.290 · F1.540
- Declining liquidity: the current liquidity ratio fell from 2.02 to 1.58 — still above the norm, but the trend is negative; current liabilities F1.690 grew from 5,173 to 9,071.F1.290 · F1.690
- Finished-goods build-up: finished-goods inventories F1.214 grew from 3,257 to 6,215k BYN amid falling revenue — a sign of overstocking and sales problems.F1.214 · F2.010
- Deteriorating debt structure: long-term loans F1.510 were cut from 2,027 to 875k BYN, but short-term ones F1.610 grew from 1,735 to 3,240 — total debt rose from 3,762 to 4,115 (+9.4%): long funding is being replaced by short.F1.510 · F1.610
- Positive cash flow from current activity: F4.040 2,613k BYN (up from 227); operating cash-flow margin 21.8% — operations generate cash despite the accrual loss.F4.040 · F2.010
- Equity is positive: total of Section III F1.490 18,100k BYN against 17,628 a year earlier; the increase came from additional capital F1.450 11,896 → 12,919 (revaluation), while retained earnings F1.460 fell 1,404 → 845 — real accumulated capital went 5,666 → 5,107, still positive but shrinking.F1.490 · F1.450 · F1.460
- Cash balance growth: cash F4.130 grew from 108 to 1,808k BYN; the period result F4.110 was +1,700 against −242 a year earlier.F4.130 · F4.110
Recommendation
OJSC BelTAPAZ is a Grodno plant of lathe chucks and tooling (a resident of a free economic zone), under republican subordination (Ministry of Industry), in full state ownership. The 2025 statements show an enterprise that is financially sound on the balance sheet but operationally sagging.
Recommendation: Restructuring — with an emphasis on restoring sales. The enterprise is subject neither to liquidation (capital is positive, cash flow is strong, the profile is export-oriented and technologically valuable) nor to immediate privatization without remediation (the sharp revenue decline and slide into operating loss reduce attractiveness and first require a sales turnaround). The key task is restoration of sales volumes and profitability; once sales stabilize, the enterprise becomes a privatization candidate, with protection of its profile (tooling for machine building).
Why restructuring. The balance-sheet side is healthy: equity is positive and growing (18,100k BYN), real accumulated capital is positive, liquidity is above the norm (1.58), long-term debt is shrinking, the cash balance grew, and the audit was issued without qualification. Cash flow from current activity is positive and strong (2,613k BYN, margin 21.8%). However, the operating trend is negative and pronounced: revenue collapsed 41% (20,300 → 12,004k BYN), profit on sales almost disappeared (2,884 → 285), current activity went into loss (−352), and the net result changed sign (from +1,821 to −109). Sales profitability fell from 14.2% to 2.4%. Finished goods are accumulating (3,257 → 6,215) — a sign of sales problems. The working-capital ratio became negative (−0.20).
Confidence: HIGH. All 6 cross-form consistency checks pass.