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Published: 2022-03-31 21:58:04 CEST
Elmo Rent
Interim information

CORRECTION: ELMO Rent AS unaudited Interim Financial Statements for the Six Months Period Ended 31 December 2021

Attached adjusted summary file about unaudited concolidated financial statements, what now follows all Nasdaq rules and corrected numbers (previous numbers in Italic)


ELMO Rent AS management report

The debt burden (short and long-term liabilities) increased compared to the second half of 2020 by 707 919 totaling 2 190 204 euros. According to the previous version (where we compared wrong periods), debt burden (short and long-term liabilities) has increased by 513 043 euros since the end of 2020 (1 391 039 vs. 1 904 082).

The company's fixed assets increased from EUR 1 217 035 on 31st December 20 to EUR 2 305 800 on 31st December 21. According to the previous version, the fixed assets have increased since 31.12.20 from 1 217 035 to 2 634 776 by the 31.12.21.

2 644 new customers joined ELMO Rent in the second half of 2021 (722 customers joined in the period 07–12.2020), which is 266% more than the number of customers who joined during the second half of 2020. Previously stated increase by 241%. 

The consolidated sales revenue of ELMO Rent increased in the second half of 2021 compared to the second half of 2020 from 315 006 euros to 871 089 euros or 177%. Previously stated, the revenue has increased since the second half of 2020 by 134% (371 646 vs. 871 089 euros). So did the workforce expenses, increasing 9 times since 2020 (26 612 vs. 245 945 euros).


Results of the Consolidated Income Statement and Consolidated Cash Flow Statement for the Second Half of 2020 were adjusted (see Consolidated Income Statement and Consolidated Cash Flow Statement)


Thanks to a successful IPO, ELMO Rent AS (further referred to as ELMO Rent) has increased investments in operational software, car controllers, remotely controlled car and has launched a unique service – rental car delivery to a client’s door. A new delivery service works as follows: the client can order a rental car to be delivered to any address within Harjumaa county and the car will then be brought to the client by the operator of the vehicle fleet. The remotely controlled car prototype has passed the first test conducted by the Estonian Transport Administration at the end of 2021. Once the second test is also passed, the testing will continue already on the streets. For the faster implementation of technology, we have in November 2021 partnered up with Telia, which has extensive knowledge of the 5G network and will help us to establish faster communication between the car and control elements. Furthermore, in December 2021, Estonian Business and Innovation Agency (EAS) has provided ELMO Rent 374 094 euros dedicated to the final development of the remote-controlled vehicle. The additional public offering of ELMO Rent shares was initiated also in December 2021 and completed in the beginning of 2022, with the aim to gather funds for opening a taxi service, equipping 20 cars with remote control technology, preparing for expansion in the foreign markets, improving our IT systems, and expanding our vehicle fleet.  

The revenue of ELMO Rent increased in the second half of 2021 compared to the second half of 2020 from 315,006 euros to 871,089 euros, i.e., by 177%. The consolidated loss of ELMO Rent at the end of 2021 was 375,885 euros. 


As at 31.12.2021, ELMO Rend had 21 employees, 1 member of the Management Board and 3 members of the Supervisory Board. Labor costs increased 9 times in the second half of 2021 compared to the second half of 2020 – from 26 612 euros to 245 945 euros. 

Indebtedness (short and long-term liabilities) has increased by 707 919 euros in the second half of 2021 in comparison with the second half of 2020 (as at 31.12.2020 the indebtedness was 1 482 285 euros and as at 31.12.2021, it was 2 190 204 euros). 

The fixed assets increased by 1,217,035 euros (the amount of fixed assets as at 31.12.2020) to 2,305,800 euros in 2021. In the second half of 2021, a total of 30 new vehicles were added to ELMO Rent car fleet, including six Tesla Model 3’s, which together with the existing ones contributed to ELMO Rent reducing a total of 164,383 kg of Co2 from polluting the air in Tallinn, Tartu and Pärnu in 2021 (59,806 kg Co2 in the second half of 2020), which is 174% more than in the previous year. 

2 644 new customers of ELMO Rent have registered in the second half of 2021 (722 customers were added in the period between July to December 2020), which is 266% more compared to the same period last year. By 31.12.2021 ELMO Rent had 11 791 customers.  



In 2022 ELMO Rent plans to start delivering the car remotely to the customer, drastically decreasing our labor expenses and time needed to deliver a car to a customer, which improves overall efficiency. In partnership with private companies, Estonian Transport Administration, Ministry of Economic Affairs and Communications of the Republic of Estonia and Police and Boarder Guard Board of the Republic of Estonia, ELMO Rent actively participates in developing a legal structure for self-driving and remotely controlled vehicles with an aim to develop new regulations for self-driving and remotely controlled vehicles. A planned launch of taxi service will not only improve the availability and the quality of the overall service but will also raise the turnover and bring in new customers. In addition to the extended service portfolio, driven by high demand, we also want to offer a larger number of premium vehicles. 



Attachments, comparisons of periods 2020 and 2021 II half:

1) Consolidated balance sheet

2) Consolidated Income Statement 

3) Cash flow statement

4) Consolidated Statement of Changes in Equity

5) Summary document of INTERIM REPORT FOR THE II HALF OF 2021


More information

Allan Leppikson

member of the board








20202021 II half Cash flow statement.pdf
20202021 II half Consolidated Income Statement.pdf
2021 II poolaasta vahearuanne ENG.2022-03-31clean.pdf
20202021 II half Consolidated Statement of Changes in Equity.pdf
20202021 II half Consolidated Balance Sheet.pdf