Planar
OJSC Planar — precision-engineering research and production holding
UNP: 100104937 · 2 Partizansky Ave., Bldg 2-31, Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 137 131 | 91 098 |
| Intangible assets | 13 470 | 8 019 |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 50 682 | 45 582 |
| Long-term financial investments | 9 425 | 9 169 |
| Deferred tax assets | 14 | 15 |
| Long-term receivables | 13 905 | 6 950 |
| Total Section I (long-term assets) | 224 627 | 160 833 |
| Inventories | 78 789 | 47 317 |
| — materials | 42 651 | 14 503 |
| — work in progress | 16 942 | 13 494 |
| — finished goods and merchandise | 19 196 | 19 320 |
| — goods shipped | — | — |
| Long-term assets held for sale | 2 | — |
| Deferred expenses | 150 | 171 |
| VAT on acquired goods, works, services | 2 562 | 575 |
| Short-term receivables | 71 048 | 71 868 |
| Short-term financial investments | 523 | 195 |
| Cash and cash equivalents | 34 049 | 58 234 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 187 123 | 178 360 |
| BALANCE (assets) | 411 750 | 339 193 |
| Charter capital | 24 682 | 24 682 |
| Reserve capital | 4 130 | 2 983 |
| Additional capital | 29 497 | 23 284 |
| Retained earnings (uncovered loss) | 109 576 | 95 041 |
| Total Section III (equity) | 167 885 | 145 990 |
| Long-term loans and borrowings | 37 997 | 15 155 |
| Long-term lease liabilities | — | — |
| Deferred income | 99 272 | 86 247 |
| Other long-term liabilities | 45 979 | — |
| Total Section IV (long-term liabilities) | 183 248 | 101 402 |
| Short-term loans and borrowings | — | — |
| Current portion of long-term liabilities | 185 | 83 |
| Short-term payables | 46 543 | 80 351 |
| — to suppliers, contractors, providers | 4 277 | 2 104 |
| — on advances received | 37 209 | 74 178 |
| — on taxes and duties | 2 055 | 1 769 |
| — on social insurance and security | 727 | 580 |
| — on payroll | 2 188 | 1 674 |
| — on lease payments | — | — |
| — to other creditors | 87 | 46 |
| Deferred income | 13 889 | 11 367 |
| Total Section V (short-term liabilities) | 60 617 | 91 801 |
| BALANCE (equity and liabilities) | 411 750 | 339 193 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Operating cash flow turned negative: the operating-activity result was −18,600k BYN against +39,223 a year earlier, despite profitable reporting — cash is tied up in higher inventories (+66%) and receivables
- Long-term loans and borrowings grew 2.5× (15,155 → 37,997k BYN), with another 45,979 in other long-term liabilities added — a rising debt load during a capital-investment phase
- Own-working-capital provision is negative (−0.30): long-term assets exceed equity, and part of working capital is financed by short-term liabilities
- Cash balance fell from 58,234 to 34,049k BYN over the year amid capital spending of 39,178
- Current ratio 3.09 — more than double the norm (1.25) and markedly up over the year (from 1.94)
- Revenue rose 25.2% (81,908 → 102,556k BYN) — growth ahead of inflation, on real operating activity
- Net profit up 24.2% (22,905 → 28,444), with net profitability held at 27.7%
- Profit on sales rose 51.8%, with sales profitability improving from 13.8% to 16.8%
- Equity is deeply positive on its real component (excluding revaluation): +134,258k BYN; permanent capital covers long-term assets at a ratio of 1.41
- Dividends are paid consistently and growing (2,695.69k BYN declared against 1,357.93 a year earlier)
Recommendation
The enterprise is financially sound. Revenue grew 25.2% over the year and net profit 24.2%, with high net profitability maintained (27.7%) and sales profitability improving from 13.8% to 16.8%. The current ratio (3.09) is more than double the norm, real equity is deeply positive, and the balance sheet reconciles on all six control checks. This is the profile of a viable research-and-production asset in an active capital-investment phase: investment in fixed assets (39,178k BYN) and inventory growth (+66%) temporarily pushed operating cash flow negative (−18,600 against +39,223 a year earlier) and required long-term debt (up 2.5×). These factors are a consequence of growth, not operating weakness: profit, total comprehensive income and dividends are all rising. The combination of stable finances and the fact that state ownership is not critical for precision research-and-production engineering of this profile makes privatization (full or partial, with the line of business preserved) a well-founded base case. Negative operating cash flow and the rising debt load should be monitored as features of the investment phase rather than as signs of distress.