Grodno City Bus Depot
OJSC Grodno City Bus Depot
UNP: 590002932 · 16 Pobedy St., Grodno 230026
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 42 545 | 34 264 |
| Intangible assets | 13 | 7 |
| Income-bearing investments in tangible assets | 404 | 358 |
| Investments in long-term assets | 1 441 | 1 360 |
| Long-term financial investments | — | — |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 44 410 | 36 045 |
| Inventories | 2 536 | 1 996 |
| — materials | 2 505 | 1 956 |
| — work in progress | — | — |
| — finished goods and merchandise | 31 | 40 |
| — goods shipped | — | — |
| Deferred expenses | 252 | 286 |
| VAT on acquired goods, works, services | 3 384 | 1 361 |
| Short-term receivables | 4 618 | 4 763 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 7 624 | 5 006 |
| Other short-term assets | — | 3 |
| Total Section II (short-term assets) | 18 414 | 13 415 |
| BALANCE (assets) | 62 824 | 49 460 |
| Charter capital | 11 216 | 11 216 |
| Reserve capital | — | — |
| Additional capital | 8 799 | 7 821 |
| Retained earnings (uncovered loss) | -348 | -1 911 |
| Total Section III (equity) | 19 667 | 17 126 |
| Long-term loans and borrowings | — | — |
| Long-term lease liabilities | 17 862 | 12 428 |
| Deferred income | 10 894 | 10 697 |
| Total Section IV (long-term liabilities) | 28 756 | 23 125 |
| Short-term loans and borrowings | — | — |
| Current portion of long-term liabilities | — | — |
| Short-term payables | 9 456 | 6 425 |
| — to suppliers, contractors, providers | 221 | 276 |
| — on payroll | 1 338 | 1 222 |
| — on lease payments | 6 600 | 3 557 |
| Total Section V (short-term liabilities) | 14 401 | 9 209 |
| BALANCE (equity and liabilities) | 62 824 | 49 460 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Core (transport) activity is loss-making: gross loss −1,408k BYN, loss on sales −3,521, loss from current activity −4,202 — regulated tariffs do not cover the cost of carriage.
- Net profit (+1,479k BYN) is provided not by operations but by other income from investing activity (5,347k BYN, likely state reimbursement/targeted financing); without this support the annual result is negative.
- No own working capital: K1_OWC = −1.34; long-term assets (the bus fleet) are financed by lease obligations and deferred income, not equity.
- Lease load is rising sharply: long-term lease obligations 12,428 → 17,862k BYN, short-term lease 3,557 → 6,600 — fleet renewal is financed by leasing.
- Cost of sales grows faster than revenue: with revenue up 12.8% the gross result worsened (cost of sales 50,022 → 57,565k BYN).
- Current liquidity fell to 1.28 (from 1.46), remaining just above the norm (≥1.25).
- Revenue grew 12.8% (49,771 → 56,157k BYN).
- Cash flow from current activity is positive (+1,589k BYN); the cash position grew (5,006 → 7,624k BYN).
- No bank loans; real equity is positive (+10,868k BYN), net assets 19,667k BYN.
Recommendation
A socially significant subsidized service of urban passenger transport. By its profile the enterprise is subject to neither privatization (operationally loss-making + social function) nor liquidation (a service the city needs). Pure restructuring does not close the tariff-subsidy gap — that is a matter of tariff policy, not internal dysfunction. Recommended path — retention in state ownership, fleet renewal, and a sustainable subsidy framework.
Grodno City Bus Depot is an operator of urban and suburban scheduled bus transport, with a state share of about 100%. As of 2024 the transport (core) activity is structurally loss-making: gross loss −1,408k BYN, loss on sales −3,521, loss from current activity −4,202 — regulated tariffs do not cover the cost. The positive net profit (+1,479k BYN) is formed not by operations but by other income from investing activity (5,347k BYN, of a state-support/targeted-reimbursement nature). There is no own working capital, and the fleet is financed by leasing and deferred income.
At the same time, revenue grew 12.8%, cash flow from current activity is positive, there are no bank loans, and real equity is positive. As a socially significant subsidized urban-transport service, the enterprise by profile is subject to neither privatization nor liquidation: the recommended path is retention of state ownership with investment support (fleet renewal, a sustainable tariff-and-subsidy framework), i.e. state investment, while working on operating efficiency and the cost structure. The assessment rests on the 2024 statements and is to be reconciled against the 2025 annual data as they are published.