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 F2.030 −251 → −1,408k BYN, loss on sales F2.060 −3,521, loss from current activity F2.090 −4,202 — cost of sales F2.020 57,565 exceeds revenue F2.010 56,157.F2.030 · F2.060 · F2.090 · F2.020 · F2.010
- Net profit is provided not by operations: F2.210 +1,479k BYN arises because the current-activity loss F2.090 −4,202 is offset by investment income F2.100 5,769 (investment-and-financial result F2.140 +5,684); without these the annual result is negative.F2.210 · F2.090 · F2.100 · F2.140
- No own working capital: −1.34 = (F1.490 19,667 − F1.190 44,410) / F1.290 18,414; long-term assets are financed by lease obligations F1.520 17,862 and deferred income F1.540 10,894, not by equity.F1.490 · F1.190 · F1.290 · F1.520 · F1.540
- Lease load is rising sharply: long-term lease obligations F1.520 12,428 → 17,862k BYN (+43.7%), short-term lease payables F1.636 3,557 → 6,600 (+85.5%) — fleet renewal is financed by leasing.F1.520 · F1.636
- Cost of sales grows faster than revenue: F2.020 50,022 → 57,565 (+15.1%) against F2.010 49,771 → 56,157 (+12.8%) — the gross result F2.030 sank deeper, −251 → −1,408.F2.020 · F2.010 · F2.030
- Current liquidity fell: F1.290 / F1.690 1.46 → 1.28 — current liabilities F1.690 grew 9,209 → 14,401 faster than current assets F1.290 13,415 → 18,414.F1.290 · F1.690
- Inventory growth: F1.210 1,996 → 2,536k BYN (+27.1%), mainly materials F1.211 1,956 → 2,505; growth outpaces revenue +12.8%.F1.210 · F1.211 · F2.010
- Revenue grew: F2.010 49,771 → 56,157k BYN (+12.8%).F2.010
- The cash position strengthened: F1.270 5,006 → 7,624k BYN; cash flow from current activity remains positive F4.040 3,899 → 1,589, though it more than halved.F1.270 · F4.040
- There are no bank loans in either period; real capital F1.410 11,216 + F1.460 −348 = +10,868 is positive with net assets F1.490 19,667 — the company's interest-bearing obligations are leases, not loans.F1.410 · F1.460 · F1.490
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%.
Recommendation: Special state review — retention of state ownership with investment support (fleet renewal, a sustainable tariff-and-subsidy framework), while working on operating efficiency and the cost structure. As a socially significant subsidized urban-transport service, the enterprise by profile is subject to neither privatization nor liquidation.
Why special state review. 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.
Confidence: MEDIUM. All 6 cross-form consistency checks pass. The assessment rests on the 2024 statements and is to be reconciled against the 2025 annual data as they are published.