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Published: 2021-12-07 08:44:31 CET
Elmo Rent
Company Announcement

The turnover of ELMO Rent's short-term rental service in November tripled compared to last year

The November sales turnover of ELMO Rent was 71,700 euros. Of this, short-term rental income amounted to 60,700 euros, which increased almost 2.9 times vs November last year.

The total sales revenue of ELMO Rent for the 11 months of 2021 was 1,013 MEUR, which has already exceeded the target for the year forecast in the IPO materials by more than 8.5%.

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

"In our sector, the low season begins in October, when the use of the car-sharing service is usually declining. Therefore, both the annual target achieved within 10 months as well as the 12% increase in short-term rental sales in November compared to October are very important indicators that the company is increasing its attractiveness and environmentally friendly thinking continues to gain popularity,” said Julia Nekrassova, CEO of ELMO Rent.

The number of registered new customers decreased in the low season, by 17% compared to the previous month, but compared to the same period last year, the increase is still fivefold. The November forecast of 106,00 euros was not achieved, as part of the turnover came earlier than expected already in October.

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 November, ELMO Rent electric cars covered 252,970 km, saving more than 30,800 kg of CO2 emissions.

The main events of November:

9.11 we announced that ELMO Rent will start cooperating with Telia in bringing 5G technology to a remote-controlled car,

see https://view.news.eu.nasdaq.com/view?id=b8fa481f98e765cb89ab4f713807bf1a2&lang=en

In the middle of the month, ELMO Rent's remote-controlled electric car successfully passed the first stage of the Transport Administration's site test, see https://view.news.eu.nasdaq.com/view?id=b362dd875739a66c3800596a073e0170c&lang=en

On November 23, we announced that ELMO Rent will expand into the taxi service market by acquiring Elektritakso OÜ and will launch the provision of taxi services with electric cars in Tallinn. See https://view.news.eu.nasdaq.com/view?id=b6b9dcc3d66c5d342edccfaa76ba72744&lang=en

At the end of November a formal process has been launched for the next round of funding in late 2021 and/or early 2022, about which we will provide further information shortly.


NB! To our shareholders: in the period 7-21.12, resolutions of the shareholders will be adopted without convening a meeting, see https://elmorent.ee/yldkoosolek


More information:

Julia Nekrassova




Muugitulu vs prognoos 11.2021.png