The main type of activity of the Company is related to provision of all the companies of the Storent group with financial resources, as well as provision of management services to related companies. The reporting year closed with a profit of EUR 3 196 392 (EUR 2 752 461 in 2023), which was mostly the result of received dividends from subsidiaries. Storent Holding AS balance sheet has a very strong and steady financing structure consisting of 48% shareholder’s equity (55% in 2023), 25% long term liabilities (44% in 2023) and 28% (1% in 2023 ) short term liabilities. Non-current assets constitute 91% of the total assets (91% in 2023).
In 2024, Group invested nearly 24 million euros in renewing and expanding its equipment fleet. A significant portion of these investments was allocated to key product groups: telehandlers, earthmoving equipment, lifts and work platforms, generators, and other machinery. Currently, 32% of the rental fleet equipment is less than two years old.
On 1 March 2024, based on a reorganization agreement, the shares in five subsidiaries were transferred from the subsidiary Storent Investments to the Company, thereby increasing the Company’s share capital to EUR 33,500,000. Storent Investments was excluded from the Storent Group, and the company’s new name is SM Investments SIA (registration No. 40103834303).
As a result of the reorganization, the assets and liabilities of the merged companies were taken over at their carrying amounts as of the date of the merger. The profit for the reporting year of the merged companies was added to the Company’s retained earnings from previous years, and intercompany receivables and payables were eliminated (see Note 28). As part of the reorganization, the Company wrote off its investment in SIA SM Investments in the amount of EUR 18,000,000 and acquired investments in five Storent Group companies in the amount of EUR 41,000,000.
In April 2025, Storent Holding AS announced a new bond issuance in the amount of EUR 35 million. Through the bond offering, the company raised EUR 23 million. The funds raised will be used for new investments, future mergers and acquisitions, as well as for refinancing existing liabilities. The company is actively seeking opportunities for further growth in all operating countries by investing in its fleet and pursuing mergers and acquisitions. The company’s shareholders are also considering an IPO as one of the options for capital raising.
Consolidated Report Publication Update
Following the recent transition to a new ERP system, Storent Holding is conducting an extended review of consolidated data. Due to the complexities involved in ensuring data integrity and system integration, the preparation of the high-quality consolidated report is taking longer than initially anticipated.
The report will be published no later than May 30th.
Baiba Onkele
Member of the Management Board and CFO of Storent Holding
E-mail: baiba.onkele@storent.com
www.storentholding.com