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 is negative: −18,600k BYN against +39,223 a year earlier (−18.1% of revenue), with net profit of 28,444 — profit is not converting into cash. Cash fell from 58,234 to 34,049.F4.040 · F2.010 · F2.210 · F1.270
- Debt grew 2.5-fold: long-term loans and borrowings 15,155 → 37,997k BYN (+150.7%); other long-term liabilities of 45,979 appeared where there were none a year earlier, and the Section IV total rose from 101,402 to 183,248.F1.510 · F1.560 · F1.590
- There is no own working capital: the provision ratio is −0.303 against −0.083 a year earlier — long-term assets of 224,627k BYN exceed equity of 167,885, and the gap is closed with liabilities.F1.490 · F1.190 · F1.290
- More than half of pre-tax profit comes from outside core operations: profit from current activities is 13,750k BYN against an investing-and-financing result of 18,175 — 31,925 in total.F2.090 · F2.140 · F2.150
- Inventories grew by 66% (47,317 → 78,789k BYN), with materials up 2.9-fold (14,503 → 42,651), against revenue growth of 25%.F1.210 · F1.211 · F2.010
- Capital expenditure tripled: 12,841 → 39,178k BYN against negative operating cash flow — investment is financed by debt and by the cash balance.F4.061 · F4.040 · F1.270
- Other current-activity flows are comparable to revenue: other income of 89,795 and other expenses of 93,248k BYN against revenue of 102,556.F2.070 · F2.080 · F2.010
- Advances received halved (74,178 → 37,209k BYN); short-term payables fell from 80,351 to 46,543 largely because of this.F1.632 · F1.630
- Revenue grew by 25.2% (81,908 → 102,556k BYN) and profit on sales by 51.8% (11,332 → 17,203); sales profitability to revenue moved 13.8% → 16.8%.F2.010 · F2.060
- Net profit grew by 24.2% (22,905 → 28,444k BYN) and profitability to revenue held at 27.7%.F2.210 · F2.010
- Current liquidity is 3.09 against 1.94 a year earlier: short-term assets of 187,123k BYN against short-term liabilities of 60,617.F1.290 · F1.690
- Equity grew from 145,990 to 167,885k BYN on profit rather than revaluation: retained earnings moved 95,041 → 109,576 while revaluation surplus moved 23,284 → 29,497. Dividends paid were 11,252.F1.490 · F1.460 · F1.450 · F4.092
Recommendation
The enterprise is financially sound.
Recommendation: Restructuring. 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 horizon once operating cash flow is normalized. Negative operating cash flow and the rising credit load should be monitored as features of the investment phase rather than as signs of distress.
Why restructuring. 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.
Confidence: MEDIUM. The source is the 2024 annual reporting, a complete F1–F4 set; all 6 cross-form consistency checks pass.