Grodnooblavtotrans
Open Joint-Stock Company Grodnooblavtotrans
UNP: 590002840 · 25 Ozheshko St., Grodno 230023
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 90 148 | 81 649 |
| Intangible assets | 104 | 67 |
| Income-bearing investments in tangible assets | 1 161 | 959 |
| Investments in long-term assets | 6 823 | 252 |
| Long-term financial investments | 13 | 3 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 99 429 | 82 939 |
| Inventories | 4 034 | 3 638 |
| — materials | 4 032 | 3 636 |
| — work in progress | — | — |
| — finished goods and merchandise | 2 | 2 |
| — goods shipped | — | — |
| Deferred expenses | 170 | 221 |
| VAT on acquired goods, works, services | 6 617 | 5 439 |
| Short-term receivables | 8 994 | 8 906 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 5 717 | 10 471 |
| Other short-term assets | 7 | 7 |
| Total Section II (short-term assets) | 25 539 | 28 682 |
| BALANCE (assets) | 124 968 | 111 621 |
| Charter capital | 23 498 | 23 498 |
| Reserve capital | 13 | 13 |
| Additional capital | 36 046 | 33 413 |
| Retained earnings (uncovered loss) | -1 526 | -2 178 |
| Total Section III (equity) | 58 031 | 54 746 |
| Long-term loans and borrowings | 4 615 | 2 188 |
| Long-term lease liabilities | 28 411 | 27 748 |
| Deferred income | 12 800 | 12 682 |
| Total Section IV (long-term liabilities) | 47 036 | 42 657 |
| Short-term loans and borrowings | 2 180 | 2 654 |
| Current portion of long-term liabilities | 891 | 377 |
| Short-term payables | 16 617 | 10 573 |
| — to suppliers, contractors, providers | 818 | 1 010 |
| — on payroll | 2 525 | 2 252 |
| — on lease payments | 10 324 | 4 863 |
| Total Section V (short-term liabilities) | 19 901 | 14 218 |
| BALANCE (equity and liabilities) | 124 968 | 111 621 |
Computed metrics
Integrity checks
Checks passed: 5 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Loss from core activity: profit on sales swung from +398 to −3,293k BYN, with a loss from current activity of −5,270 — the core carriage business is operationally unprofitable.
- Net profit fell to nil (+9k BYN versus +2,020) and was held positive only by investment income from asset disposals, not by operating activity.
- A sharp rise in debt load: loans and borrowings +40% year on year; lease obligations are significant (long-term 28,411 + short-term 10,324k BYN).
- Current liquidity fell almost by half (1.28 versus 2.02), though it stayed above the norm of 1.25.
- Cash shrank from 10,471 to 5,717k BYN; investment outflow doubled (12,456 versus 5,004) on fleet renewal.
- A 57% rise in short-term payables (16,617 versus 10,573), including more than a doubling of lease payments.
- Revenue grew 9.1% year on year (92,697 versus 84,979) — carriage volumes are increasing.
- Positive operating cash flow: +5,435k BYN (margin 5.9%) — despite the accounting loss of core activity, operations generate a cash inflow.
- Strong capital base: equity 58,031k BYN, real capital excluding revaluation is positive (+21,972); fixed-asset renewal continues (investment in long-term assets grew from 252 to 6,823).
- Current liquidity stays above the norm (1.28 against the norm of 1.25).
Recommendation
The oblast road-transport enterprise retains solvency and is growing revenue (+9%), but its core carriage activity is loss-making: profit on sales went negative (−3,293), loss from current activity −5,270, and the bottom-line net profit fell to nil (+9k BYN), held positive solely by investment income from asset disposals. The capital base is strong (equity 58,031, real capital positive), liquidity is above the norm, and operating cash flow is positive (+5,435). At the same time the debt and lease load is rising rapidly: loans +40%, lease obligations exceed 38m BYN in total, reflecting active bus-fleet renewal. This is the profile of a socially significant regulated carrier, where operating unprofitability stems from the tariff and cost structure rather than a loss of solvency. The rational direction is restructuring of the operating-and-tariff model and management of the lease load while retaining state participation; outright privatization is not indicated given the operating loss and the social function of scheduled transport.