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

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Elmo Rent
Intermediate information

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

Attached adjusted summary file on unaudited consolidated financial statements, which now follows all Nasdaq rules and corrected figures (previous issues in italics)

Management Report ELMO Rent AS

The debt burden (short and long-term liabilities) increased compared to the second half of 2020 by 707,919 for a total of 2,190,204 euros. According to the previous version (where we compared the bad periods), the debt burden (short and long term liabilities) has increased by 513,043 euros since the end of 2020 (1,391,039 against 1,904,082).

The fixed assets of the company increased from 1,217,035 EUR on 31 December 20 to 2,305,800 EUR on 31 December 21. According to the previous version, fixed assets have increased since 31.12.20 from 1,217,035 to 2,634,776 at 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 ELMO Rent in the second half of 2020. Previously announced increase of 241%.

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

The results of the consolidated income statement and consolidated cash flow statement for the second half of 2020 have been adjusted (see consolidated income statement and consolidated cash flow statement)

Through a successful IPO, ELMO Rent AS (hereinafter referred to as ELMO Rent) increased its investment in operational software, car controllers, remote control car and launched a unique service – rental car delivery at a customer’s doorstep. A new delivery service works as follows: the customer can order a rental car to be delivered to any address in Harjumaa County and the car will then be brought to the customer by the vehicle fleet operator. The remote control car prototype passed the first test carried out by the Estonian Transport Administration at the end of 2021. Once the second test is also passed, the tests will already continue on the streets. For a faster implementation of the technology, we partnered in November 2021 with Telia, which has in-depth knowledge of the 5G network and will help us establish faster communication between the car and the control elements. Furthermore, in December 2021, the Estonian Business and Innovation Agency (EAS) provided ELMO Rent with 374,094 euros dedicated to the final development of the remote-controlled vehicle. The additional public offering of ELMO Rent shares was also launched in December 2021 and completed in early 2022, with the aim of raising funds for the opening of a taxi service, the equipment of 20 cars with the technology of remote control, preparing for expansion into foreign markets, improving our computer systems and expanding our vehicle fleet.

The turnover 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, an increase of 177%. The consolidated loss of ELMO Rent at the end of 2021 was 375,885 euros.

As of 31.12.2021, ELMO Rend had 21 employees, 1 member of the Management Board and 3 members of the Supervisory Board. Salary costs were multiplied by 9 in the second half of 2021 compared to the second half of 2020 – from 26,612 euros to 245,945 euros.

Debt (short and long-term liabilities) increased by 707,919 euros in the second half of 2021 compared to the second half of 2020 (at 31.12.2020 the debt was 1,482,285 euros and at 31.12.2021 it was €2,190,204).

Fixed assets increased by 1,217,035 euros (the amount of fixed assets as of 31.12.2020) to reach 2,305,800 euros in 2021. During the second half of 2021, a total of 30 new vehicles were added to the ELMO fleet Rent, including six Tesla models. 3’s, which together with existing ones have contributed to ELMO Rent reducing a total of 164,383 kg of Co2 from air pollution in Tallinn, Tartu and Pärnu in 2021 (59,806 kg of Co2 in the second half 2020), i.e. 174% more than in the previous year.

2,644 new ELMO Rent customers registered in the second half of 2021 (722 customers were added between July and December 2020), which is 266% more compared to the same period last year. As of 31.12.2021, ELMO Rent had 11,791 customers.

2022

In 2022, ELMO Rent plans to start delivering the car remotely to the customer, significantly reducing our labor expenses and the time needed to deliver a car to a customer, which improves overall efficiency. In partnership with private companies, the Estonian Transport Administration, the Ministry of Economic Affairs and Communications of the Republic of Estonia and the Police and Border Guard Board of the Republic of Estonia, ELMO Rent actively participates the development of a legal structure for autonomous and remote-controlled vehicles. with the aim of developing new regulations for autonomous and remote-controlled vehicles. The planned launch of a taxi service will not only improve the availability and quality of the overall service, but also increase turnover and attract new customers. In addition to the expanded service portfolio, driven by strong demand, we also want to offer more premium vehicles.

Attachments, comparisons of the 2020 and 2021 periods II semester:

1) Consolidated balance sheet

2) Consolidated income statement

3) Cash flow statement

4) Consolidated statement of changes in equity

5) Summary document of the INTERMEDIATE REPORT FOR THE SECOND HALF OF 2021

More information

Allan Leppikson

member of the board

ELMO Rent AS

[email protected]

Attachments :
Half-year cash flow statement 20202021 II.pdf
Half-year income statement 20202021 II.pdf
2021 II poolaasta vahearuanne ENG.2022-03-31clean.pdf
20202021 II half-yearly consolidated statement of changes in equity.pdf
Consolidated half-year report 20202021 II.pdf

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