Notes | 2024 | 2024 | 2024 | 2023 | |
Non-IFRS APM: | IFRS | ||||
IFRS | PPE | results of | measure | ||
measure | revaluation operations before | reported | |||
reported | effects** | revaluation | restated* | ||
effects** | |||||
EUR | EUR | EUR | EUR | ||
Net revenue | 3 | - | 45 253 919 | ||
Other operating income | 4 | (1 874 244) | 1 936 589 | ||
Cost of materials and services | 5 | ( | - | (15 474 257) | ( |
Personnel costs | 11 | ( | - | (11 399 901) | ( |
Other operating expenses | 6 | ( | - | (6 736 887) | ( |
Impairement gain / (loss) on trade receivables and cotract asset | 17 | ( | - | (263 466) | |
EBITDA*** | (1 874 244) | 13 315 997 | |||
Depreciation and amotrization | 7 | ( | (1 431 781) | (7 971 350) | ( |
Finance income | 8 | - | 394 930 | ||
Finance expenses | 9 | ( | - | (4 811 764) | ( |
Profit / (loss) before income tax** | ( | (3 306 025) | 927 813 | ||
Income tax income / (expenses) | 10 | ( | - | (745 577) | ( |
Deferred income tax | 10 | - | 111 891 | ( | |
Profit/(loss) from continuing operations** | ( | (3 306 025) | 294 127 | ||
Profit/(loss) from discontinuing operation, net of tax | - | - | |||
Profit / (loss) for the year** | ( | (3 306 025) | 294 127 | ||
Items that may be reclasified subsequently to profit or loss | |||||
Exchange differences on foreign currency operations | - | 78 993 | ( | ||
Revaluation of property, plant and equipment | 13 | - | - | ||
Other comprehensive income/(loss) for the year | - | 78 993 | |||
Total comprehensive income/(loss) for the year* | ( | (3 306 025) | 373 120 The notes on pages 13 to 61 are an integral part of these consolidated financial statements. On behalf of the Group these consolidated financial statements were signed on May ___, 2025 by: Andris Pavlovs, Chairman of the Board Baiba Onkele, Board member This document is electronically signed with a secure electronic signature and contains a time stamp. | ||
*Please see Note 13. | |||||
**To provide enhanced transparency and facilitate a clearer understanding of the impact of the revaluation of property, plant and equipment | |||||
(PPE) in accordance with IAS 16, the Group has elected to present alternative (non-IFRS) performance measure (APM) Results of operations before revaluation effects: The accounting impact on the consolidated statement of comprehensive income arising from the revaluation of PPE, includes additional depreciation of revalued PPE of EUR 1 431 781 calculated in 2024 and the increased cost of previously revalued items of PPE that were disposed in 2024 of EUR 1 874 244 EUR. The measure is provided solely for illustrative and analytical purposes (including the Group’s loan covenant compliance tests). While the revaluation affects negatively the current year | |||||
profitability of the Group reducing it by EUR 3 306 025, the Group’s retained earnings are not affected, as the effect is fully offset by the reclass of previously recognised revaluation reserve to retained earnings in the statement of financial position. | |||||
***EBITDA is measured as profit/(loss) before income taxes, finance income, finance expenses and depreciation and amortization. |
Note | 31.12.2024 | 31.12.2023 | |
restated* | |||
NON-CURRENT ASSETS | EUR | EUR | |
Intangible assets | |||
Licences and similar rights | |||
Computer software | |||
Intangible assets in progress | |||
Goodwill | |||
TOTAL Intangible assets | 12 | ||
Property, plat and equipment | |||
Land and buildibgs | |||
Machinery and equipment | |||
Other fixed assets | |||
Construction of property, plant and equipment | |||
TOTAL Property, plant and equipment | 13 | ||
Right of use assets (Property, plat and equipment under lease and loan agreements) | |||
Right of use assets (Property, plat and equipment | |||
under lease and loan agreements) | 14 | ||
Other non-current assets | |||
Loans to related parties | 31(b) | ||
TOTAL Other non-current assets | |||
TOTAL NON- CURRENT ASSETS | |||
CURRENT ASSETS | |||
Inventories | 15 | ||
Non-current assets held for sale | 16 | ||
Trade and other receivables | |||
Trade receivables | 17 | ||
Contract assets | 18 | ||
Other receivables | 19 | ||
Deferred expenses | 20 | ||
TOTAL Receivables | |||
Cash and cash equivalents | 21 | ||
TOTAL CURRENT ASSETS | |||
TOTAL ASSETS | |||
*Please see Note 13. The notes on pages 13 to 61 are an integral part of these consolidated financial statements. On behalf of the Group these consolidated financial statements were signed on May ___, 2025 by: Andris Pavlovs, Chairman of the Board Baiba Onkele, Board member This document is electronically signed with a secure electronic signature and contains a time stamp. |
Note | 31.12.2024 | 31.12.2023 | |
restated* | |||
EQUITY | EUR | EUR | |
Share capital | 22 | ||
Reserves: | |||
Revaluatuon reserve | 13 | ||
Reorganization reserve | 22 | ( | |
Foreign currency translation reserve | ( | ||
Other reserves | |||
Retained earnings: | |||
Retained earnings/ (accumulated losses) | |||
TOTAL EQUITY | |||
CREDITORS | |||
Long-term liabilities | |||
Issued bonds | 24 | ||
Lease liabilities | 25 | ||
Other borrowing | 26 | ||
Deferred income | 28 | ||
Deferred income tax liabilities | 10 | ||
TOTAL Long-term liabilities | |||
Short-term liabilities | |||
Issued bonds | 24 | ||
Borrowings from related parties | 31(d) | ||
Lease liabilities | 25 | ||
Other borrowing | 26 | ||
Liabilities directly associated with the assets held for sale | 16 | ||
Contract liabilities | 18 | ||
Trade payables | |||
Corporate income tax | |||
Taxes and mandatory state social insurance contributions | 27 | ||
Deferred income | 28 | ||
Other provisions | 23 | ||
Other liabilities | 29 | ||
Accured liabilities | 30 | ||
TOTAL Short-term liabilities | |||
TOTAL LIABILITIES | |||
TOTAL EQUITY ND LIABILITIES |
Notes | 2024 | 2023 | |
Cash flows from operating activities | EUR | EUR | |
Profit (Loss) for the year | ( | ||
Adjustments: | |||
Income tax expenses | |||
Amortisation of intagible assets and depreciation of fixed | |||
assets, plant and equipment | 12,13,14 | ||
Net result on diposal of property, plant and equipment | ( | ||
Interest expenses | 9 | ||
Interest income | 8 | ( | ( |
Provision decrease | ( | ||
Cash flows from operating activities before changes in working capital | |||
Receivables (increase)/ decrease | ( | ||
Inventories decrease / (increase) | |||
Payables (decrease) / increase | ( | ||
Gross cash flows from operating activities | |||
Interest paid | ( | ( | |
Corporate income tax paid | ( | ( | |
Net cash flows from operating activities | |||
Cash flows from investing activities | |||
Purchase of intangible assets and property, plant and equipment | ( | ( | |
Proceeds from sale of property, plant and equipment | |||
Loans granted | |||
Loans repaid | ( | ( | |
Net cash flows from investing activities | ( | ( | |
Cash flows from financing activities | |||
Proceeds from bonds | 24 | ||
Proceeds from other borrowings | 26 | ||
Repayment of bonds | ( | ||
Repayment of borrowings from related parties | 31 (d) | ( | |
Repayment of other borrowings | 26 | ( | ( |
Repayment of lease liabilities | 25 | ( | ( |
Paid dividends | ( | ( | |
Net cash flows from financing activities | ( | ||
Foreign currency exchange | ( | ||
Net cash flows for the years | |||
Cash and cash equivalents at the beginning of the reporting year | |||
Cash at the end of the reporting year | 21 |
Foreign | Revaluation | Retained | |||||
currency | Reorganization | Other | Total | ||||
Share capital | reserve** | earnings / | |||||
translation | reserve*** | reserves* | (restated)** | ||||
(restated) (losses) | |||||||
reserve | |||||||
EUR | EUR | EUR | EUR | EUR | EUR | EUR | |
Balance at 31 December 2022 | ( | ||||||
( | |||||||
( | |||||||
- | - | - | - | - | - | - | |
Dividends paid | ( | ( | |||||
( | |||||||
( | ( | ||||||
Other comprehensive icome | |||||||
Total comprehensive loss | ( | ( | |||||
Revaluation transfer (Note 13) | ( | ||||||
- | - | - | - | - | - | - | |
Reorganization result (Note 22) | ( | ( | ( | ||||
Dividends paid (Note 31c) | ( | ( | |||||
Balance at 31 December 2024 | ( |
STORENT HOLDING AS | Сonsolidated Annual Report 2024 | |||
Registered address: 15A Matrozu Street, Riga, LV-1048 | ||||
Registration number: 40203174397 | Notes to the consolidated financial statements | |||
b) | ||||
13 |
31.12.2024 | 31.12.2023 | |
EUR | EUR | |
1 USD | 0.96255 | 0.90498 |
1 GBP | 1.20601 | 1.15068 |
1 SEK | 0.08726 | 0.08716 |
STORENT HOLDING AS | Сonsolidated Annual Report 2024 | |
Registered address: 15A Matrozu Street, Riga, LV-1048 | ||
Registration number: 40203174397 | ||
2. Summary of significant accounting policies (cont.) | ||
g) | ||
h) | ||
- | ||
i) | ||
16 |
STORENT HOLDING AS | Сonsolidated Annual Report 2024 | ||
Registered address: 15A Matrozu Street, Riga, LV-1048 | |||
Registration number: 40203174397 | |||
2. Summary of significant accounting policies (cont.) | |||
j) | |||
17 |
STORENT HOLDING AS | Сonsolidated Annual Report 2024 | |
Registered address: 15A Matrozu Street, Riga, LV-1048 | ||
Registration number: 40203174397 | ||
2. Summary of significant accounting policies (cont.) | ||
k) | ||
l) | ||
18 |
STORENT HOLDING AS | Сonsolidated Annual Report 2024 | |||
Registered address: 15A Matrozu Street, Riga, LV-1048 | ||||
Registration number: 40203174397 | 2. Summary of significant accounting policies (cont.) | |||
m) | ||||
n) | ||||
19 |
STORENT HOLDING AS | Сonsolidated Annual Report 2024 | |
Registered address: 15A Matrozu Street, Riga, LV-1048 | ||
Registration number: 40203174397 | ||
2. | ||
bb) | ||
cc) | ||
dd) | ||
26 |
STORENT HOLDING AS | Сonsolidated Annual Report 2024 | |
Registered address: 15A Matrozu Street, Riga, LV-1048 | ||
Registration number: 40203174397 | ||
2. Summary of significant accounting policies (cont.) | ||
ee) | ||
27 |
2024 | 2023 | 2023 | |
Discontinued* | |||
Net revenue by products and services | EUR | EUR | EUR |
Rental revenue – own equipment | 22 027 118 | 21 712 188 | 707 477 |
Rental revenue – sub-lease of right-of-use assets (see also Note 14) | 6 984 424 | 4 706 655 | - |
Rental revenue – equipment under split rent arrangements (see also | |||
Note 14) | 8 136 542 | 6 907 316 | 15 439 |
TOTAL Rental income: | 37 148 084 | 33 326 159 | 722 916 |
Transport and related services revenue | 7 727 582 | 7 607 979 | 43 019 |
Revenue from sale of inventories | 415 700 | 1 785 341 | 9 705 |
Cash discounts to customers | (37 447) | (52 351) | - |
TOTAL Revenue from contracts with customers: | 8 105 835 | 9 340 969 | 52 724 |
TOTAL: | 45 253 919 | 42 667 128 | 775 640 |
2024 | 2023 | |
Net revenue per geographical location | EUR | EUR |
Latvia | 17 352 234 | 16 550 030 |
Lithuania | 9 446 113 | 10 141 307 |
Estonia | 5 996 854 | 4 248 294 |
TOTAL Baltic (Latvia, Estonia and Lithuania): | 32 795 201 | 30 939 631 |
Finland | 10 070 126 | 9 064 359 |
Sweden | 2 388 592 | 2 663 138 |
TOTAL Nordic (Finland and Sweden): | 12 458 718 | 11 727 497 |
Russia, Kaliningrad (discontinued) | - | 775 640 |
TOTAL: | 45 253 919 | 43 442 768 |
2024 | 2023 | |
Operating result per geographical location | EUR | EUR |
Baltic (Latvia, Estonia and Lithuania) | 3 916 409 | 7 554 632 |
Nordic (Finland and Sweden) | (1 600 049) | (121 390) |
Elimination of inter-segment operating result | (277 737) | 143 565 |
Finance income | 394 930 | 680 403 |
Finance expenses | (4 811 764) | (2 751 468) |
Consolidated profit/(loss) before income tax from continuing operations: | (2 378 212) | 5 505 742 |
Property, plant and equipment and right of use assets per geographical location, net | 31.12.2024 | 31.12.2023 |
book value | EUR | EUR |
Finland | 18 338 462 | 16 686 365 |
Sweden | 3 679 684 | 2 372 474 |
TOTAL Nordic (Finland and Sweden): | 22 018 146 | 19 058 839 |
Latvia | 33 238 707 | 26 758 008 |
Lithuania | 17 252 392 | 15 520 849 |
Estonia | 12 703 013 | 8 856 556 |
TOTAL Baltic (Latvia, Estonia and Lithuania): | 63 194 112 | 51 135 413 |
TOTAL: | 85 212 258 | 70 194 252 |
Intangible assets (including goodwill) and right of use assets | 31.12.2024 | 31.12.2023 |
per geographical location, net book value | EUR | EUR |
Finland | 2 127 401 | 1 654 139 |
Sweden | 221 814 | 89 887 |
TOTAL Nordic (Finland and Sweden): | 2 349 215 | 1 744 026 |
Latvia | 2 815 465 | 1 827 017 |
Lithuania | 9 684 597 | 9 233 099 |
Estonia | 1 274 742 | 844 679 |
TOTAL Baltic (Latvia, Estonia and Lithuania): | 13 774 804 | 11 904 795 |
TOTAL: | 16 124 019 | 13 648 821 |
TOTAL NON-CURRENT NON-FINANCIAL ASSETS: | 101 336 277 | 83 843 073 |
2024 | 2023 | 2023 | |
Discontinued* | |||
By type | EUR | EUR | EUR |
Insurance reimbursements received | 299 764 | 206 397 | - |
Cost reimbursement | 144 852 | 88 639 | - |
Recognized deferred income (see also Note 28) | 94 756 | 48 609 | - |
Other income | 15 693 | 8 222 | 3 867 |
Gains/(losses) on sale of property, plant and equipment | (492 720) | 734 259 | 72 368 |
used for renting, net* | |||
TOTAL: | 62 345 | 1 086 126 | 76 235 |
2024 | 2023 | 2023 | |
Discontinued* | |||
EUR | EUR | EUR | |
Gains / (losses) on sale of property, plant and equipment used for renting, net calculation: | |||
Gross income from sale of property, plant and equipment used for renting | 2 338 616 | 1 140 031 | 410 928 |
Cost of sold property, plant and equipment used for renting | (2 831 336) | (405 772) | (338 560) |
TOTAL Gains / (losses) on sale of property, plant and equipment used | |||
for renting, net: | (492 720) | 734 259 | 72 368 |
5. | |||
b) Other external costs | ||||
2024 | 2023 | 2023 | ||
Discontinued * | ||||
EUR | EUR | EUR | ||
Equipment rent related costs (see also Note 14) | 6 348 891 | 5 568 417 | 11 883 | |
Transport and assembly services | 5 457 647 | 5 868 476 | 35 830 | |
Repairs and maintenance services | 3 296 051 | 3 204 964 | 62 042 | |
TOTAL: | 15 102 589 | 14 641 857 | 109 755 | |
TOTAL: | 15 474 257 | 15 499 946 | 117 007 |
2024 | 2023 | 2023 | ||
Discontinued * | ||||
EUR | EUR | EUR | ||
Rent of offices, areas and maintenance costs | 2 669 301 | 2 460 606 | 51 123 | |
IT expenses | 822 127 | 739 858 | 5 292 | |
Other administrative expenses | 772 690 | 584 570 | 11 457 | |
Administration transport costs | 604 229 | 478 097 | 8 470 | |
Marketing expenses | 463 572 | 393 691 | 6 120 | |
Insurance costs | 372 034 | 361 553 | 170 | |
Remuneration to contractors | 319 604 | 336 070 | - | |
Written-off doubtful debts | 340 889 | 275 191 | 10 132 | |
Legal services | 112 090 | 206 626 | - | |
Communication expenses | 94 538 | 87 932 | 2 344 | |
Consulting and other services** | 165 813 | 261 499 | - | |
TOTAL: | 6 736 887 | 6 185 693 | 95 108 |
2024 | 2023 | 2023 | |
Discontinued * | |||
EUR | EUR | EUR | |
Depreciation of property, plant and equipment used for renting | 3 650 616 | 2 528 910 | 87 671 |
Depreciation of property, plant and equipment used for own needs | 251 348 | 234 319 | 6 062 |
Rights of use assets amortization | 5 213 828 | 2 568 153 | - |
Amortization of intangible assets | 287 339 | 804 528 | 543 |
TOTAL: | 9 403 131 | 6 135 910 | 94 276 |
2024 | 2023 | |
EUR | EUR | |
Discount for fully repaid loan before the stated maturity | - | 460 917 |
TOTAL: | 394 930 | 680 403 |
2024 | 2023 | 2023 | |
Discontinued * | |||
EUR | EUR | EUR | |
Interest on factoring*** | 8 411 | 5 806 | - |
Foreign exchange losses | 1 598 | 141 299 | 14 612 |
Other expenses | 337 919 | 289 603 | - |
TOTAL: | 4 811 764 | 2 751 468 | 14 612 |
2024 | 2023 | 2023 | |
Discontinued * | |||
EUR | EUR | EUR | |
Corporate income tax calculated for the year | (745 577) | (690 570) | (93 622) |
Deferred income tax changes due to temporary differences | 111 891 | (211 891) | - |
Corporate income tax recognized in consolidated statement of comprehensive income: | (633 686) | (902 461) | (93 622) |
2024 | 2023 | ||||||
EUR | EUR | ||||||
Profit / (loss) before income tax, subject to corporate income tax | (2 378 212) | 5 505 742 | |||||
The calculated theoretical corporate income tax – | 20,0% | (475 643) | 20,0% | 1 101 148 | |||
at 20% | |||||||
Effect of tax rates in foreign jurisdictions | (0,61%) | (14 428) | (0,48%) | 26 459 | |||
Permanent differences: | |||||||
Impact of profit distribution | (23,37%) | (781 188) | 8,71% | (479 694) | |||
Impact of revaluation reserve change | 32,85% | 661 205 | |||||
Non-deductible expenses and other permanent differences | 8,98% | 213 493 | (2,30%) | 126 723 | |||
Unrecognized | temporary | differences | (tax | 43,32% | 1 030 247 | (2,32%) | 127 825 |
losses carried forward) | |||||||
The actual corporate income tax for the reporting | year: | 26,65% | 633 686 | (16,39%) | 902 461 |
Movement in deferred tax | ||||||
balances | Balance at 31 December 2024 | |||||
2024 | Currency |