AS Storent Holding interim report for 4th quarter 2024
In the fourth quarter, Storent Group turnover showed a stable increase. Compared to the fourth quarter of 2023, the total rent income increased by 19%, reaching 12,7 million euros, and the rent income from own equipment increased by 21%. EBITDA increased by 7%, amounting to 3.9 million euros.
In 2024, total revenue reached nearly 47 million euro, representing a 7% increase, compared to the previous year. EBITDA reached 13,3 million euro, and EBT amounted to 788 thousand euro. While the company's operational profitability is strong, as indicated by EBITDA, fleet investment-related costs are having a significant impact on EBIT and EBT.
In 2024, Storent invested nearly 24 million euros in the replacement and expansion of its fleet. Currently, 32% of the fleet is newer than two years. Throughout 2024, the Group successfully transitioned from its outdated ERP system to a new cloud-based solution across all five operating countries, marking a significant milestone in improving operational efficiency on a large scale.
Storent DNA is built on high achievement. To foster a high-performance culture across the company, Storent introduced Star Program, a remuneration system, which applies to most positions across the company and ensures top industry earnings for high performers by evaluating individual results and rewarding teamwork when financial targets are met.
The Storent Group is gearing up for expansion, planning to grow its fleet and open new rental depots. An additional investment up to €20 million is set to be made before the start of the high season. At the beginning of 2025, the Group opened a new rental depot in Kaunas, Lithuania, marking its 30th location, along with another new depot in Gulbene, Latvia.
To facilitate continued growth, the Group intends to raise an additional €30 million through bonds across Baltic countries, to be issued in two tranches. Around fifty percent of the funds will go toward expanding the fleet, while the remaining amount will be used to refinance current bonds. The first bond offering is planned for mid-March 2025.
Baiba Onkele
Member of the Board and CFO of Storent Holding
Mobile: + 371 29340012
E-mail: baiba.onkele@storent.com
www.storentholding.com
|
