ELMO Rent AS unaudited Interim Report 2022 for the Six Months Period Ended 31 December 2022
Management report
The consolidated sales revenue of ELMO Rent AS (hereinafter ELMO Rent) increased in the second half of 2022 compared to the second half of 2021 from 871,089 euros to 873,051 euros, i.e. 0.2%. The total loss for the period was 746,126 euros (the same period in 2021: -375,885 euros), the main reason for which was the cost of developing and launching remote-control technology and a new application of short-term rental service.
As at 31 December 2022, the balance sheet volume of ELMO Rent was 3,796,325 euros (31 December 2021: 2,634,776 euros), which increased by 44% compared to the same period of 2021. Current assets made up 915,575 euros of assets (31 December 2021: 328,976 euros) or 24.1% of total assets. Fixed assets made up 2,885,750 euros (31 December 2021: 2,305,800 euros) or 76% of the balance sheet total. The total liabilities of ELMO Rent were 3,233,696 euros (31 December 2021: 2,190,204 euros) and the equity capital of the company was 580,270 euros (31 December 2021: 444,572 euros).
The company increased its workforce by 67%. As at 31 December 2022, the company had 35 employees. Staff costs (including taxes) in the second half of 2022 were 487,113 euros (the second half of 2021: 245,945 euros).
In the second half of 2022, a total of 5 new vehicles were added to the car fleet of ELMO Rent, which, together with the existing ones, helped ELMO Rent prevent producing a total of 228,557 kg of CO2 on Tallinn and Tartu city roads in the second half of 2022 (164,383 kg of CO2 in the second half of 2021), which is 39% more than the year before.
3,855 new customers joined ELMO Rent in the second half of 2022 (3,734 customers in the same period in 2021), which is 3% more compared to the number of customers who joined during the second half of 2021. As at 31 December 2022, ELMO Rent had 21,908 customers.
Consolidated Balance Sheet
(EUR)
|
|
31.12.2022 |
31.12.2021 |
|
Assets |
|
|
|
Current assets |
|
|
|
Cash |
32,507 |
23,344 |
|
Receivables and prepayments |
858,818 |
298,468 |
|
Inventories |
1256 |
0 |
|
Total current assets |
915,575 |
328,976 |
|
Fixed assets |
|
|
|
Property, plant and equipment |
2,880,750 |
2,305,800 |
|
Total property, plant and equipment |
2,880,750 |
2,305,800 |
|
Total fixed assets |
2,885,750 |
2,305,800 |
|
Total assets |
3,796,325 |
2,634,776 |
|
Liabilities and equity |
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Loans payable |
934,292 |
579,773 |
|
Payables and prepayments |
802197 |
286,122 |
|
Total current liabilities |
1 736489 |
865,895 |
|
Long-term liabilities |
|
|
|
Loans payable |
1,479,182 |
1,324,309 |
|
Total long-term liabilities |
1,479,182 |
1,324,309 |
|
Total liabilities |
3,233,696 |
2,190,204 |
|
Equity |
|
|
|
Share capital at nominal value |
245,636 |
220,000 |
|
Share premium |
2,286,645 |
892,504 |
|
Other reserves |
10,000 |
10,000 |
|
Retained earnings (loss) |
-1,215,501 |
-302,047 |
|
Profit (loss) for financial year |
-746,126 |
-375,885 |
|
Total equity |
580,270 |
444,572 |
|
Total liabilities and equity |
3,796,325 |
2,634,776 |
Consolidated Income Statement
(EUR)
|
|
2022 |
2021 |
|
|
|
Second half-year |
Second half-year |
|
|
Sales revenue |
873,051 |
871,089 |
|
|
Other operating revenue |
55,607 |
183,651 |
|
|
Goods, raw materials and services |
-674,212 |
-751,383 |
|
|
Miscellaneous operating expenses |
-158,927 |
-146,443 |
|
|
Staff costs |
-487,113 |
-245,945 |
|
|
Depreciation and impairment of fixed assets |
-254,999 |
-196,500 |
|
|
Other operating charges |
-32,423 |
-32,770 |
|
|
Operating profit (loss) |
-679,017 |
-318,301 |
|
|
Interest expenses |
-64,006 |
-57,592 |
|
|
Other financial income and expenses |
-509 |
8 |
|
|
Profit (loss) before income tax |
-746,126 |
-375,885 |
|
|
Profit (loss) for reporting period |
-746,126 |
-375,885 |
|
Consolidated Cash Flow Statement
(EUR)
|
|
2022 |
2021 |
|
|
Second half-year |
Second half-year |
|
Cash flow from operating activities |
|
|
|
Operating profit (loss) |
-689,567 |
211,845 |
|
Adjustments |
|
|
|
Depreciation and impairment of fixed assets |
254,999 |
99,291 |
|
Profit (loss) on sales of fixed assets |
30,843 |
30,414 |
|
Other adjustments |
0 |
0 |
|
Total adjustments |
285,842 |
129,705 |
|
Change in receivables and prepayments related to operating activities |
116,406 |
-99,956 |
|
|
|
Change in inventories |
756 |
0 |
|
Change in payables and prepayments related to operating activities |
-143,010 |
24,122 |
|
|
|
Total cash flow from operating activities |
-25,848 |
265,716 |
|
Cash flow from investing activities |
|
|
|
Paid upon acquisition of property, plant and equipment, and intangible assets |
-416,220 |
-92,524 |
|
|
|
Received from sales of property, plant and equipment, and intangible assets |
30,843 |
208250 |
|
|
|
Paid upon acquisition of subsidiaries |
0 |
0 |
|
Received from sales of subsidiaries |
0 |
2,500 |
|
Loans granted |
0 |
-39,803 |
|
Total cash flow from investing activities |
-385,377 |
78,423 |
|
Cash flow from financing activities |
|
|
|
Loans raised |
518,956 |
298,660 |
|
Repayments of loans raised |
-222,137 |
-500,785 |
|
Finance lease principal repayment |
-162,588 |
-65,886 |
|
Interest paid |
-63,966 |
-55,172 |
|
Received from issue of shares |
0 |
0 |
|
Other proceeds from financing activities |
0 |
0 |
|
Total cash flow from financing activities |
70,265 |
-323,183 |
|
Total cash flow |
-73,288 |
20,956 |
|
Cash and cash equivalents at beginning of period |
105,795 |
21,350 |
|
Change in cash and cash equivalents |
-73,288 |
20,956 |
|
Cash and cash equivalents at end of period |
32,507 |
42,306 |
Consolidated Statement of Changes in Equity
(EUR)
|
|
Share capital at nominal value |
Share premium |
Other reserves |
Retained earnings (loss) |
Minority interest |
Total |
|
31.12.2019 |
|
|
90,250 |
-17,923 |
|
72,327 |
|
Profit (loss) for reporting period |
|
|
0 |
2,310 |
|
2,310 |
|
Changes in reserves |
|
|
-80,250 |
|
|
-80,250 |
|
Other changes in equity |
2,500 |
|
|
|
404 |
2,904 |
|
30.06.2020 |
2,500 |
|
10,000 |
-171,884 |
|
-159,384 |
|
Profit (loss) for reporting period |
|
|
|
|
|
|
|
Changes in reserves |
|
|
|
|
|
|
|
31.12.2020 |
2,500 |
|
10,000 |
-15,613 |
404 |
-5,209 |
|
Profit (loss) for reporting period |
|
|
|
-185,842 |
|
-185,842 |
|
Share capital issued |
217,500 |
934,334 |
|
|
|
|
|
Dividends declared |
|
|
|
|
|
|
|
Changes in reserves |
|
|
|
104 |
-404 |
-300 |
|
30.06.2021 |
220,000 |
934,334 |
10,000 |
-201,351 |
0 |
962,983 |
|
Profit (loss) for reporting period |
|
|
|
-205,857 |
|
-205,857 |
|
Share capital issued |
|
|
|
|
|
|
|
Dividends declared |
|
|
|
|
|
|
|
Changes in reserves |
|
-14,489 |
|
|
|
|
|
31.12.2021 |
220,000 |
918,913 |
10,000 |
-407,208 |
0 |
741,705 |
|
Profit (loss) for reporting period |
|
|
|
-817,328 |
|
-817,328 |
|
Share capital issued |
25,636 |
1,367,732 |
|
|
|
1,393,368 |
|
Dividends declared |
|
|
|
|
|
|
|
Changes in reserves |
|
|
|
|
|
|
|
30.06.2022 |
245,636 |
2,286,645 |
10,000 |
-1,224,536 |
0 |
1,317,745 |
|
Profit (loss) for reporting period |
|
|
|
-746,510 |
|
-746,510 |
|
Share capital issued |
0 |
0 |
|
|
|
0 |
|
Dividends declared |
|
|
|
|
|
|
|
Changes in reserves |
|
|
|
|
|
|
|
31.12.2022 |
245,636 |
2,286,645 |
10,000 |
-1,971,046 |
0 |
571,235 |
A more detailed overview of the results of ELMO Rent AS for the second half of 2022 can be found in the attached document.
Additional information:
Enn Laansoo Jr
CEO, Member of the Management Board
enn@elmorent.ee
|