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Published: 2022-02-07 07:55:00 CET
Elmo Rent
Company Announcement

The turnover of ELMO Rent increased by 140% in January compared to last year

The January sales turnover of ELMO Rent was 77 462 euros (January 2021, 32 215 euros, an increase of 140% compared to last year). Of this, the short-term rental income amounted to 42 828 euros, which increased almost 2.5 times compared to January of the previous year (January 2021 short-term rent 17 044 euros).

See Graph 1 "Sales revenue with forecast, per month"

"January results were typical for low season, but considering our development plans and strategies, the Advisory Board expects that, that the supplementary management will show the corresponding results in the coming monthssaid Enn Laansoo, Jr. Chairman of the Advisory Board of ELMO Rent.

The number of registered new customers also increased more than 3 times (January 2021, 167 compared to January 2022, 551). Because of the low season (January-February are the quietest months of the year in the car-sharing sector), total sales have fallen by 17% compared to the previous month (December 2021, 92 900 euros compared to January 22, 77 462 euros), while the number of new customers also was 11% lower (December 2021, 620 compared to January 2022, 551).

See Graph 2 "New clients, per month"

With the sales turnover and the addition of new customers, ELMO Rent attaches equal importance to the CO2 emissions saved in the urban space by environmentally friendly cars. In January, ELMO Rent electric cars covered 173 289 km (December 2021, 200 392 km), saving more than 21 141 kg of CO2 (December 2021, 24 447 kg of CO2) emissions.


Other events in January:

On 11 January, we announced the results of the additional public offering of ELMO Rent AS shares and the distribution of new shares, on the basis of which we raised an additional 1.4 million euros (256 363 shares at a price of 5.5 euros), ie the minimum offer was oversubscribed almost 1.8 times. 1 535 subscribers took part in the offer, see https://view.news.eu.nasdaq.com/view?id=ba6f9f0837a04ac2a41d8871e58edb215&lang=en

On January 18, we made changes in the Management Board of ELMO Rent, bringing Allan Leppikson to our Management Board, who is responsible for the rapid growth and maintenance of the vehicle fleet and the efficiency of repair-related processes. In January, Julia Nekrasova resigned from the Management Board, whose contribution over the past two years has been very important in getting us where we are today. In the light of Elmo Rent's new development plans (entering foreign markets, launching the electricity taxi service in Tallinn), it is planned to increase the Management Board and involve know-how in merging companies and entering new markets, see https://view.news.eu.nasdaq.com/view?id=ba0af5d7b7a0a2fe8ff5a79b6ed3ebef8&lang=en

On 21 January, the Advisory Board decided to establish a subsidiary in France, ELMO Technologies France SARL. The purpose of the establishment is to purchase new electric cars, including the Premium class, and to sell them to a larger purchase market when changing the vehicle fleet. In addition, the establishment of a subsidiary in France is supported by the potential to offer ELMO Rent's developed remote control car technology to local carmakers (Renault, Peugeot accounts for 31% of Elmo Rent's current vehicle fleet) and to transport sector companies. See https://view.news.eu.nasdaq.com/view?id=b45243accea7f99931add8e800f2ed29e&lang=en


More information:

Allan Leppikson

Member of the Management Board



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