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
- Cash flow from current activity weakened sharply: result 1,533 → 391k BYN (OCF margin 5.7% → 1.3%), even though profit grew — cash is tied up in inventories and receivables.
- Inventories grew 18% (from 18,356 to 21,575k), short-term receivables almost doubled (2,019 → 4,008k) — working-capital build-up outpaces revenue.
- About a third of net profit is provided by state support: without it the result would be 1,772 instead of 2,737k BYN.
- Financial-activity expenses rose sharply (1,080 → 2,805k) — higher servicing cost and exchange-rate differences.
- Revenue growth of 11% on real activity (29,789 versus 26,847k BYN).
- High and rising sales profitability: 12.4% → 19.3%; bottom-line profitability 11.4%.
- Solid liquidity: current 2.42 against the norm of 1.25; working-capital ratio 0.46 against the norm of 0.15.
- Credit load down 10%; steady dividend payment; real equity sustainably positive.
Recommendation
Agrofirm Luchniki is a district-level agricultural enterprise (Slutsk District) with a stable financial position and good operating profitability. 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). The enterprise is operationally viable and does not require strategic state control: the preferred outcome is 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.