Agrofirm Luchniki
OJSC Agrofirm Luchniki
UNP: 600043549 · 5A Tsikova St., Luchniki agro-town, Slutsk District, Minsk Oblast
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 40 228 | 36 350 |
| Intangible assets | — | — |
| Income-bearing investments in tangible assets | — | — |
| Investments in long-term assets | 74 | 1 618 |
| Long-term financial investments | — | — |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 40 302 | 37 968 |
| Inventories | 21 575 | 18 356 |
| — materials | 10 789 | 9 416 |
| — work in progress | 607 | 348 |
| — finished goods and merchandise | 53 | 115 |
| — goods shipped | — | — |
| Deferred expenses | — | — |
| VAT on acquired goods, works, services | 2 828 | 3 038 |
| Short-term receivables | 4 008 | 2 019 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 118 | 71 |
| Other short-term assets | — | — |
| Total Section II (short-term assets) | 28 529 | 23 484 |
| BALANCE (assets) | 68 831 | 61 452 |
| Charter capital | 20 862 | 20 862 |
| Reserve capital | 42 | 42 |
| Additional capital | 16 722 | 13 992 |
| Retained earnings (uncovered loss) | 15 859 | 13 234 |
| Total Section III (equity) | 53 485 | 48 130 |
| Long-term loans and borrowings | 1 074 | 1 668 |
| Long-term lease liabilities | 2 457 | 1 775 |
| Deferred income | — | — |
| Total Section IV (long-term liabilities) | 3 531 | 3 443 |
| Short-term loans and borrowings | 2 134 | 1 887 |
| Current portion of long-term liabilities | 764 | 598 |
| Short-term payables | 8 917 | 7 394 |
| — to suppliers, contractors, providers | 7 127 | 5 913 |
| — on payroll | 392 | 369 |
| — on lease payments | 998 | 813 |
| Total Section V (short-term liabilities) | 11 815 | 9 879 |
| BALANCE (equity and liabilities) | 68 831 | 61 452 |
Computed metrics
Integrity checks
Checks passed: 6 of 6
Signals
- Profit is growing but cash is not: operating cash flow F4.040 1,533 → BYN 391k, its ratio to revenue F2.010 5.7% → 1.3%, while net profit F2.210 rose 2,442 → 2,737.F4.040 · F2.010 · F2.210
- Funds are tied up in working capital: inventories F1.210 18,356 → BYN 21,575k (+17.5%), including materials F1.211 9,416 → 10,789; short-term receivables F1.250 2,019 → 4,008 doubled — faster than revenue (+11.0%).F1.210 · F1.211 · F1.250 · F2.010
- A noticeable part of the result is state support: other current-activity income F2.070 BYN 965k (per the form's breakdown, state support for current expenses) against net profit F2.210 2,737.F2.070 · F2.210
- Financial-activity expenses F2.130 rose 2.6-fold, 1,080 → BYN 2,805k, and this is NOT interest: interest paid F4.093 barely moved, 310 → 317. The investing and financing result F2.140 −775 → −2,567 cut profit from current activity F2.090 5,304 down to the final 2,737.F2.130 · F4.093 · F2.140 · F2.090
- Revenue grew: F2.010 26,847 → BYN 29,789k (+11.0%). In cash the growth is barely confirmed — receipts from customers F4.021 25,307 → 25,568 (+1.0%).F2.010 · F4.021
- The margin improved sharply: profit on sales F2.060 3,325 → BYN 5,749k, sales profitability F2.060/F2.010 12.4% → 19.3%. The source is an almost flat cost of sales F2.020 22,312 → 22,603 (+1.3%) against rising revenue; gross profit F2.030 4,535 → 7,186.F2.060 · F2.010 · F2.020 · F2.030
- Liquidity is solid and rising: F1.290 23,484 → 28,529 against F1.690 9,879 → 11,815, a ratio of 2.38 → 2.42; own working capital cover (F1.490 − F1.190) / F1.290 0.43 → 0.46.F1.290 · F1.690 · F1.490 · F1.190
- Earned capital is large and growing: F1.410 20,862 + F1.460 13,234 → 15,859 = BYN 36,721k against a total F1.490 53,485 and additional capital F1.450 16,722. Credit debt was reduced: F1.510+F1.610 1,668 + 1,887 = 3,555 → 1,074 + 2,134 = 3,208 (−9.8%) — but liabilities overall grew: lease obligations F1.520 1,775 → 2,457 and F1.636 813 → 998, and the current portion of long-term debt F1.620 598 → 764.F1.410 · F1.460 · F1.490 · F1.450 · F1.510 · F1.610 · F1.520 · F1.636 · F1.620
Recommendation
Agrofirm Luchniki is a district-level agricultural enterprise (Slutsk District) with a stable financial position and good operating profitability.
Recommendation: Privatization — with a stable profile and conditions (cost discipline, justification of capital investment, gradual reduction of subsidy dependence), consistent with the logic of transferring district agricultural enterprises to sector investors.
Why privatization. Revenue grew 11% on real activity, sales profitability rose from 12.4% to 19.3%, and net profit increased to 2,737k BYN. The balance sheet is solid: current liquidity 2.42, working-capital ratio 0.46, real equity sustainably positive, credit load down 10%. Two caveats temper the assessment: cash flow from current activity weakened sharply (OCF margin 5.7% → 1.3%) due to funds being tied up in inventories and receivables — for the agricultural cycle this is a seasonal phenomenon rather than a sign of distress; and about a third of net profit is provided by state support (without it profit would be 1,772k).
Confidence: HIGH. The source is annual reporting for 2025, a complete F1–F4 set; all 6 cross-form consistency checks pass.