SUPPLEMENT: ELMO Rent AS unaudited Interim Financial Statements for the Six Months Period Ended 31 December 2021
Attached summary file about unaudited concolidated financial statements
Thanks to successful IPO, 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, the car will be brought to the client by 2 fleet operators. However, soon we plan to start delivering the car remotely, drastically decreasing our Labo expenses and time needed to deliver a car to a customer, which improves overall efficiency.
The 4G remotely controlled car prototype has passed the first test conducted by Transport Administration of Estonia. After the second test, the testing will continue already on the streets. For the faster implementation of technology, we have partnered up with Telia, which has extensive knowledge of 5G network and will help us to establish a faster communication between the car and control elements. Furthermore, Estonian Business and Innovation Agency (EAS) has provided ELMO Rent 374 094 euros dedicated to the final development of 4G remote controlled vehicle.
In partnership with Transport Administration, Ministry of Economic Affairs and Communications and Police and Boarder Guard Board, ELMO Rent actively participates in developing a legal structure for self-driving and remotely controlled vehicles with an aim to new regulation be released in mid-2022. Developed regulations also serve as an input for European Commission regulations which will be available by the second term of 2022.
The SPO started in December, the aim was to gather funds for opening a taxi service, equipping 20 cars with remote control technology, preparation for expansion in the foreign markets, improving our IT systems, and expanding our fleet. Besides the expanded number of services, ELMO Rent, due to increased demand will also offer more premium vehicles for rent.
A new 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.
2021 second part financial results
Debt burden (short and long-term liabilities) has increased by 513 thousand euros since the end of 2020 (1 391 039 vs. 1 904 082).
The fixed assets have also increased since 31.12.20 from 1 217 035 to 2 634 776 by the 31.12.21
In 2021, 30 new vehicles, including 6 Teslas were added to a fleet. Altogether ELMO Rent fleet has reduced 164 383kg of Co2 (comparing to 59 806 kg Co2) emissions from polluting air in Tallinn, Tartu and Pärnu, which is 174% higher than last year.
2644 new customers have registered in the second half of 2021, which is 241% more compared to the same period last year (722). By 31.12.21 ELMO Rent had 11 791 customers.
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)
Forecasted revenue for 2022 is 3 481 704 euros.
Attachments, comparisons of periods 2020 and 2021:
1) Income statements
2) Balance sheets
3) Cash flow statements
More information
Allan Leppikson
member of the board
ELMO Rent AS
allan@elmorent.ee
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