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Storent Investments AS interim report for 6 month of 2022
Emitents Storent Investments, AS (894500QUY4PL0DT0MP25)
Veids 1.2 Pusgada finanšu pārskati un revīzijas ziņojumi / ierobežotas pārbaudes
Valoda EN
Statuss Publicēts
Datums 2022-08-31 16:37:19
Versijas komentārs

Total revenues of Storent Group in 6 months 2022 increased by 7.5% compared to 6 months 2021, mainly due to the construction market recovery after Covid-19 pandemic. Despite uncertainty in geopolitical situation and economy in general rental equipment market showed positive trend. After very good result in the first quarter, Baltic construction market faced uncertainty and slowed down in the second quarter. Among the main reasons for that were 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. It took few months for the market to adjust to the new situation and increase market activity.

Baltic region net revenue increased by 6% with almost identically increasing trends in each of the countries. The Baltic region accounts for approximately 75% of the Group’s net revenue. Rental operation efficiency increased and online orders continued to grow, making more than 45% of Storent total net revenue in Baltic region. The number of documents signed electronically also continued to grow reaching 81% of all signed deals.

Nordic operation revenues were the same in reporting period compared to the 6 months in the last year with small decrease in Finland and 10% increase in Sweden.

Operations of subsidiary Storent OOO in Kaliningrad shows 42% increase in revenue compared to the same period last year. This was influenced by rising rental prices.

The Group management plans further development of all subsidiaries. For the next period the Group will focus on development of online sales, digital transformation and increasing efficiency of rental operations. Storent Group aims to reach 50% of sales online and 90% deals signed digitally by the end of 2022. The Group will continue to develop its IT solutions to meet future needs. It is expected to test first functionalities of the new IRMS (Intelligent Rental Management System) in late autumn 2022. In early 2022, Storent entities in the Baltics joined digital freight platform Cargopoint that allows to organize transportation in a more efficient manner and will give opportunity to serve a wider range of customers with a more competitive price. Recently CargoPoint introduced market with new functionality of price bidding that will bring more profit on transportation services.

Construction market is going in high-season and due to limited and higher financing costs and limited and more expensive personal resources the penetration rates of equipment rent is expected to increase in Baltic market approaching higher level. Storent Group continues to focus more on fleet performance results and continues to increase efficiency of fleet management. In parallel we do constant fleet improvements by adding new equipment from PreferRent equipment provision, third party splitrent vendors and also own equipment units. We are working with orders of new equipment in amount of EUR 10 million that will replace some of the older fleet and increase Group market position and we strongly believe that market will be favorable to utilize these units well.


Baiba Onkele

AS Storent Investments CFO

Mobile: + 371 29340012

E-mail: baiba.onkele@storent.com


2022-06 INTERIM ENG.pdf (796.79 kB)