In 2022, Storent Investments AS group managed to slightly improve its performance indicators despite the unstable geopolitical situation. The net revenue of the Group increased by 3%, reaching EUR 47.2 million, and total income improved by 8%. Although the rental market still faces strong price competition and rental equipment overcapacity, rental prices started to rise slowly mainly due to the high inflation level.   

Online ordering continued to grow as a sales channel, and in 2022 it made up about 50% of the total income of Storent Investments AS group in the Baltic states. In 2023, the company aims to increase the share of online sales to 60%.

On December 28, 2022, changes were made in the composition of Storent Investments AS shareholders, and Storent Holdings SIA became its sole shareholder. Consequently, Storent Investments AS and its subsidiary companies became part of the newly established holding company, which also includes the equipment rental companies SELECTIA SIA and SELECTIA PLUS SIA.

Storent Investments AS and its subsidiaries have a modern rental fleet, a large rental depot network, and a wide customer base, as well as a very well-developed brand, an experienced team, and digital know-how. SEL Investments SIA and its two subsidiaries own around 50% of the construction equipment fleet that Storent Holdings SIA group operates. The merger of the two companies will enable the Group to increase its expertise and improve its financial ratios so that Storent Holdings SIA group continues to develop at a significantly higher speed and with greater profitability.

Net profit of the newly established Storent Holdings SIA group showed 4.7 million euros. The company’s equity reached 23 million euros, which makes up 45% of its balance sheet and significantly improves the stability of the Group. In attachment you will find the consolidated report of Storent Holdings SIA group, which reflects the financial results of the newly established holding.

In 2023,  Storent Investments AS group management expects that the rental revenues will increase by 10%, which will be facilitated by new investments in rental equipment, an increase in rental prices, and online sales. In the summer of 2023, it is planned to introduce a new website that will be more convenient for the end user as well as will continue to transform its IT strategy and new cloud-based ERP system implementation is expected to be finalized by the end of 2023.

The consolidated net result (-2,495,955 euros) of Storent Investments AS group differs from the previously reported unaudited net result (-2,172,839 euros) due to write-offs of goodwill for the Russian subsidiary which has been decided to be sold and is currently undergoing legal formalities process.

Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com

www.storent.com