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Storent Investments AS interim report for 2st quarter 2022
Emitents Storent Investments, AS (894500QUY4PL0DT0MP25)
Veids 2.2. Iekšējā informācija
Valoda EN
Statuss Publicēts
Datums 2022-07-29 16:26:07
Versijas komentārs

Storent Group operation was profitable in reporting period and total revenue for Q2 increased by 4% compared to the same period last year. Changes in geopolitical situation had a negative influence on construction market starting April 2022. Marked slowed down significantly and faced uncertainty of the future in our main region, which is Baltic countries. Among the main reasons for that are a number of suspended large construction projects affected by unexpected price increase on raw building materials, applied sanctions and interrupted logistics chains as a result of the war in Ukraine. Despite turbulence in construction and rental market, our rental income decreased only by 3% compared to the same period in previous year at Storent group.  The Group continues to sell overused fixed assets in order to follow the Groups strategy of making lighter balance sheet structure and reducing amount of liabilities and increasing liquidity.

We were able to continue our online and digitalization strategy by offering to customers rental services for competitive price with the most up to day online tools. Previous cost optimization measures, internal procedure improvements and paper less process implementation reduced losses and significantly increased companies’ efficiency in numbers and qualitative indicators.

In Baltic countries, despite unfavorable market situation rental revenues slightly decreased compared to the same period last year. On the other hand, operation efficiency significantly increased and online orders continued to grow, making more than 45%. The number of documents signed electronically also continued to grow reaching 81% of all signed deals. Implementation of the “Rail Baltica” project continues from the major projects in the region.

In the Nordic region, we are continuing introduction of the contactless technology rental platform, which customers value as a great tool. New geopolitical situation in the region and the impact of the sanction in the construction market are felt less here, resulting in a 4% increase in rental turnover compared to the second quarter of 2021.

Revenues in Kaliningrad increased by 26% in the second quarter of 2022 compared to the second quarter of 2021. Subsidiary in Kaliningrad revenue is less than 2% from Storent groups total revenue and operations are running independently from Storent group.

For the next quarter the Company will focus on development of online sales, digital transformation and increasing efficiency. Company aims to reach 50% sales online and 90% deals signed digitally by the end of 2022. Storent group continues to work on fleet efficiency by flexible movement of equipment among countries and selling older and inefficient fleet units. In parallel we do constant fleet improvements by adding new equipment from PreferRent equipment provision, third party splitrent vendors and also own equipment units.



Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com


Storent interrim report 2022 Q2 ENG.pdf (293.62 kB)