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Published: 2022-03-31 22:49:44 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.  

 

2022 

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. 

 

Consolidated Balance Sheet

(in euros)

  2021: II half of the year 2020: II half of the year
Assets    
Current assets    
Cash 23344 42 306
Receivables and prepayments 298 468 220 235
Inventories 7164 0
Total current assets 328976 262 541
Fixed assets    
Investments in subsidiaries and associates 5 000  
Receivables and advances    
Tangible fixed assets 2 300 800 1 217 035
Intangible fixed assets    
Total fixed assets 2 305 800 1 217 035
Total assets 2 634 776 1 479 576
Liabilities and equity    
Liabilities    
Current liabilities 579 773 254 226
Debts and prepayments 286 122 91 246
Total current liabilities 865 895 345 472
Long-term liabilities 1 324 309 1 136 813
Total long-term liabilities 1 324 309 1 136 813
Total liabilities 2 190 204 1 482 285
Equity    
Share capital at nominal value 2500
Equity capital at nominal value 220,000  
Spread 892 504 0
Other reserves 10 000 10 000
Retained profit (loss) of past periods -302 047 -17923
Profit (loss) for the reporting period -375 885 2310
Total equity of the shareholders or stake holders of the parent undertaking 444 572 -3113
Minority interest   404
Total equity 444 572 -2709
Total liabilities and equity 2 634 776 1 479 576

 

Consolidated Income Statement

(in euros)

       
2021 II 
part of the year
2020 II
 part of the year
Sales revenue   871 089 315 006
Other business earnings   183 651 149 076
Change in stocks of finished goods and work in progress 0 0
Goods, raw materials, materials and services -751 383 -84 623
Miscellaneous operating expenses -146 443 -27 531
Labor costs   -245 945 -26 612
Depreciation and impairment of fixed assets -196 500 -99 291
Significant current assets write-downs 0 0
Other operating expenses   -32 770 -14 180
Business profit (loss)   -318 301 211 845
Interest expenses   -57 592 -55 171
Other financial income and expenses 8 0
Profit (loss) before income tax   -375 885 156 375
Profit (loss) for the reporting period -375 885 156 375

 

 

Cash flow statement
(in euros)
  2021 2020
  II part of the year      II part of the year
Cash generated from operations    
Business profit (loss) -318 301 211 845
Adjustments    
Depreciation and impairment of fixed assets 196 500 99 291
Gain (loss) on sale of fixed assets 32 30414
Other adjustments 0 0
Total adjustments 196 532 129 705
Change in business related receivables and advances 20 671 -99956
Change in inventories -7164 0
Change in business related payables and advances -13 154 24122
Total cash flows from operating activities -121 416 265 716
Cash flows from investing activities    
Paid for acquisition of tangible and intangible fixed assets -328 142 -92524
Proceeds from the sale of tangible and intangible fixed assets 205 735 208250
Paid upon acquisition of subsidiaries -5000 0
Proceeds from the sale of subsidiaries 0 2500
Loans granted 0 -39803
Total cash flows from investing activities -127 407 78423
Cash flows from financing activities    
Loans received 54 563 298660
Repayments of loans received -53 996 -500785
Repayments of the finance lease principal part -427 956 -65886
Interests paid -57 592 -55 172
Received from the issue of shares or stakes 0 0
Other revenues from financing activities 0 0
Total cash flows from financing activities -484 981 -323183
Total cash flows -733 804 20956
Cash and cash equivalents at the beginning of the period 757 148 21350
Change in cash and cash equivalents -733 804 20956
Cash and cash equivalents at the end of the period 23 344 42306

 

Consolidated Statement of Changes in Equity

(in euros)

  Share capital nominal value Exchange rate Other reserves Retained profit (loss) Minority interest Total
31.12.2019     90 250 -17923    72 327
Profit (loss) for the reporting period     0 2310   2310
Change in reserves     -80250     -80250
Other changes in Equity 2500       404 2904
30.06.2020 2500   10 000 -171884   -159384
Profit (loss) for the reporting period            
Change in reserves            
31.12.2020 2500   10 000 -15613 404 -2709
Profit (loss) for the reporting period       -185842   -185842
Issued share capital 217 500 934 333        
Announced dividends            
Change in reserves       105 -404 -299
30.06.2021 220 000 934 333 10 000 -201350 0 962 983
Profit (loss) for the reporting period            
Issued share capital            
Announced dividends            
Change in reserves            
Change in reserves   14,489        
31.12.2021 220 000 892 504 10,000 -677,932 0 444,572
             
             
             
             

 

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

ELMO Rent AS

allan@elmorent.ee

 

 

 

 

 


20202021 II half Cash flow 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
20202021 II half Consolidated Income Statement.pdf