Revenues of Storent Group slightly dropped in Q4 2021 compared to Q4 in 2020. Despite the continuous impact of Covid-19 pandemic, construction market activity was high at the end of the year, especially in the Baltic countries, which ensured stable demand for rental equipment. Overall a positive trend was observed in the rental market. This was facilitated by large amount of construction projects to be completed in 2021, whereas activity in launching new projects was low. The Group continued to implement cost optimisation measures and have managed to reduce loss, as compared to the same period in 2020. The global Covid-19 situation and constantly changing conditions in various sectors has promoted faster development of digital solutions in equipment rental services.  The developed IT solution of full-cycle contactless online rental platform has shown to be very useful and just in time. The platform allows to place rental orders online using digital authorisation and signing documents electronically. Thus, equipment rental service has become a lot more convenient, safe and faster.

Storent Group annual turnover increased by 3.5% in 2021 and losses were decreased significantly. The company has continued to work on Fleet optimization by disposing the oldest equipment and by selling a part of the Fleet to Splitrent equipment owners. In cooperation with the online rental equipment supplier PreferRent, new equipment was added to the Fleet. Significant emphasis was placed on reducing liabilities. As a result, total liabilities were decreased by 10 million euros in 2021.

In 2022, core attention will be paid to digital transformation and increasing efficiency. In January 2022, new cooperation has been started with the online logistics platform Cargopint, which will allow to organize the transport service in a more efficient and profitable way. The Group will continue to develop its IT strategy to meet future needs.

In 2022, the Group will continue cooperation with the online rental equipment supplier PreferRent, which enabled to increase rental volumes without additional capital investment. The goal of Storent Group is to expand as a rental service company with increasing proportion of revenues from Splitrent Fleet.

Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com

www.storent.com