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 |
|
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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
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