Car rental agency

ELMO Rent: Unaudited interim financial statements for the six-month period ended December 31, 2021

Elmo Rent
Intermediate information

ELMO Rent AS Interim Unaudited Financial Statements for the Six Month Period Ended December 31, 2021

Through its successful IPO, ELMO Rent has increased its investments in operational software, car controllers, remote control car and launched a unique service – delivery of the rental car to a customer’s doorstep.

A new delivery service works as follows: Customer can order a rental car to be delivered to any address in Harjumaa, the car will be brought to the customer by 2 fleet operators. However, we soon plan to start delivering the car remotely, which will significantly reduce our Lab expenses and the time it takes to deliver a car to a customer, improving overall efficiency.

The prototype 4G remote control car has successfully passed the first test conducted by the Transport Administration of Estonia. After the second test, the tests will already continue on the streets. For a faster implementation of the technology, we partnered with Telia, which has extensive knowledge of the 5G network and will help us establish faster communication between the car and the control elements. In addition, the Estonian Enterprise and Innovation Agency (EAS) provided ELMO Rent with 374,094 euros dedicated to the final development of the 4G remote control vehicle.

In partnership with the Transport Administration, the Ministry of Economic Affairs and Communications and the Police and Border Guard Board, ELMO Rent is actively involved in developing a legal framework for autonomous and remote-controlled vehicles in the aim to publish new regulations in mid-2022. The developed regulations also serve as input to the European Commission regulations that will be available by the second quarter of 2022.

The SPO started in December, the objective was to raise funds to open a taxi service, equip 20 cars with remote control technology, prepare for expansion into foreign markets, improve our IT systems and expand our fleet . Besides the increased number of services, ELMO Rent, due to the increased demand, will also offer more premium vehicles for rent.

A new taxi service will not only improve the availability and quality of the overall service, but also increase turnover and attract new customers.

Financial results second part 2021

Debt expense (short and long-term liabilities) has increased by €513,000 since the end of 2020 (1,391,039 compared to 1,904,082).

Fixed assets have also increased since 12.31.20 from 1,217,035 to 2,634,776 at 12.31.21

In 2021, 30 new vehicles, including 6 Teslas, were added to a fleet. In total, the ELMO Rent fleet reduced emissions by 164,383 kg of Co2 (compared to 59,806 kg of Co2) from air pollution in Tallinn, Tartu and Pärnu, which is 174% more than the last year.

2,644 new customers registered in the second half of 2021, which is 241% more compared to the same period last year (722). As of 31.12.21, ELMO Rent had 11,791 customers.

Turnover has increased since the second half of 2020 by 134% (371,646 against 871,089 euros). The same goes for labor expenses, multiplied by 9 since 2020 (26,612 against 245,945 euros)

The forecast turnover for 2022 is 3,481,704 euros.

Attachments, comparisons of the 2020 and 2021 periods:

1) Income statement

2) Balance sheets

3) Cash flow statements

More information

Allan Leppikson

member of the board


[email protected]

Attachments :
Income statements.pdf
Cash flow.pdf
Balance sheets.pdf