In the fourth quarter of 2023, the Storent group has shown a stable performance, reaching 11.6 million. EUR total turnover, 3.8 million EUR EBITDA and 1.5 million EUR net profit. Compared to the fourth quarter of last year, the net turnover increased by 13%, while the net profit was by 1 million. euro higher.
The year 2023 Disturbing the group was in its first year under the new ownership structure and the main focus was on further growth of the rental business. Although there was a significant drop in the construction volumes of residential buildings, Storent made significant investments, totaling 13 million. in the amount of euros, in the renovation of the rental equipment park. Storent also continued to invest in the improvement of ERP systems, digitization and automation of processes. Net turnover for the reporting year increased by 2%, EBITDA by 5%, and profit before taxes doubled, reaching 4.8 million. euro.
The management of the group decided to introduce changes in the accounting policy of fixed assets, introducing the so-called “scrap value”, as its necessity was confirmed by the sale of equipment on the secondary market. A recalculation of the depreciation of fixed assets for the whole year 2023 by month was carried out, as a result of which the results of the previous quarters changed.
In addition to that in the consolidated statement Disturbing the group switched to measuring fixed assets at their fair value. The fair value of the assets was determined by engaging independent certified appraisers. As of December 31, 2023, revaluation of leased fixed assets resulted in 46.4 million. revaluation reserve of EUR, which is reflected in the composition of equity capital.
Disturbing the group’s management expects that in 2024, thanks to system improvements, structural renewal and investments in the equipment park, 10-20 million worth of euros, turnover will continue to grow. Evaluating market trends and the strategies of the company’s management team, the company plans to issue its next bond issue in the first quarter of this year. Its purpose will be to accelerate the expansion of the company, as well as to continue the renovation of the equipment park and the opening of new rental points.
2024-01-31 21:43:58
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