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.F2.060 · F2.090
- Net profit fell to nil (+9k BYN versus +2,020), net profitability down from 2.38% to 0.01% — the positive result was held only by investment income from asset disposals, not by operations.F2.210 · F2.010 · F2.100
- Negative own-working-capital provision (−1.62 versus −0.98 a year earlier): long-term assets exceed equity, working capital is financed by liabilities.F1.490 · F1.190 · F1.290
- A sharp rise in credit load: loans and borrowings +40% year on year; lease obligations are significant (long-term 28,411 + short-term 10,324k BYN).F1.510 · F1.610 · F1.520 · F1.636
- Current ratio fell almost by half — 1.28 versus 2.02 a year earlier.F1.290 · F1.690
- Cash shrank from 10,471 to 5,717k BYN; investment outflow doubled (12,456 versus 5,004) on fleet renewal.F1.270 · F4.060
- A 57% rise in short-term payables (16,617 versus 10,573), including more than a doubling of lease payments.F1.630 · F1.636
- Revenue grew 9.1% year on year (92,697 versus 84,979) — carriage volumes are increasing.F2.010
- Positive operating cash flow: +5,435k BYN (margin 5.9%) — despite the accounting loss of core activity, operations generate a cash inflow.F4.040 · F2.010
- 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).F1.490 · F1.410 · F1.460 · F1.140
- Current ratio remains above the declared threshold of 1.0 (1.28).F1.290 · F1.690
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.
Recommendation: Restructuring — 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.
Why restructuring. 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.
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; of the 6 cross-form consistency checks 5 pass — the net-profit reconciliation (F2.210 against F3.151) is unresolved.