Milrem AS
Active Registry code 12494266
AS Tallinn Registered 25 Jun 2013
Milrem AS is a AS based in Tallinn, registry code 12494266, status: active. Main activity: Manufacture of motor vehicles. According to EMTA, turnover for Q3 2026 was €25 705 858 with 285 employees.
Turnover
25 705 858 €
↑ 72.0% vs Q2 2026
State taxes
2 392 695 €
↑ 2.9% vs Q2 2026
Labour taxes
2 456 873 €
↑ 3.3% vs Q2 2026
Employees
285
−1 vs Q2 2026
Q3 2026 · data from the Tax and Customs Board (EMTA)
Position in the industry
- Turnover · Q3 2026 25.7 mn €above 98% of companiesindustry median 113 943 € · companies in the industry: 81
- Labour taxes per employee 8 621 €above 98% of companiesindustry median 2 706 € · companies in the industry: 67
- Revenue · 2025 46.1 mn €above 98% of companiesindustry median 91 736 € · companies in the industry: 108
- Net profit margin · 2025 -52.2 %above 8% of companiesindustry median 3.7 % · companies in the industry: 88
Taxes and turnover
- Company
- Industry median
Industry: Manufacture of motor vehicles, trailers and semi-trailers (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of motor vehicles, trailers and semi-trailers (the EMTAK division of the main activity). Median: half of the industry is above, half below.
| Quarter | Turnover, € | State taxes, € | Labour taxes, € | Employees |
|---|---|---|---|---|
| Q3 2026 | 25 705 858 | 2 392 695 | 2 456 873 | 285 |
| Q2 2026 | 14 948 572 | 2 325 524 | 2 378 642 | 286 |
| Q1 2026 | 41 175 200 | 2 690 792 | 2 421 671 | 292 |
| Q4 2025 | 27 402 742 | 3 631 027 | 2 817 043 | 305 |
| Q3 2025 | 5 264 018 | 3 074 226 | 2 608 185 | 342 |
| Q2 2025 | 5 036 926 | 2 497 430 | 2 458 784 | 322 |
| Q1 2025 | 18 840 841 | 2 651 998 | 2 605 394 | 308 |
| Q4 2024 | 3 702 734 | 1 829 977 | 1 945 304 | 297 |
| Q3 2024 | 4 921 075 | 1 251 038 | 1 312 470 | 267 |
| Q2 2024 | 4 999 982 | 1 439 029 | 1 484 764 | 232 |
| Q1 2024 | 1 493 870 | 1 354 411 | 1 357 243 | 214 |
| Q4 2023 | 11 288 581 | 1 242 417 | 1 244 835 | 196 |
| Q3 2023 | 2 861 029 | 1 212 957 | 1 255 325 | 188 |
| Q2 2023 | 3 934 409 | 1 054 307 | 1 104 906 | 190 |
| Q1 2023 | 5 416 756 | 984 406 | 1 011 063 | 180 |
| Q4 2022 | 8 097 978 | 892 314 | 918 931 | 173 |
| Q3 2022 | 2 570 144 | 878 233 | 916 158 | 173 |
| Q2 2022 | 2 884 685 | 826 169 | 874 325 | 167 |
| Q1 2022 | 2 821 888 | 891 242 | 836 834 | 171 |
Labour taxes per employee per month
2 874 €
Turnover per employee in the quarter
90 196 €
Q3 2026 · calculated from EMTA data
Financials by year
- Company
- Industry median
Industry: Manufacture of motor vehicles, trailers and semi-trailers (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of motor vehicles, trailers and semi-trailers (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of motor vehicles, trailers and semi-trailers (the EMTAK division of the main activity). Median: half of the industry is above, half below.
- Company
- Industry median
Industry: Manufacture of motor vehicles, trailers and semi-trailers (the EMTAK division of the main activity). Median: half of the industry is above, half below.
| Year | Revenue, € | Net profit, € | Labour costs, € | Assets, € | Equity, € | Employees |
|---|---|---|---|---|---|---|
| 2025 | 46 137 000 | -24 095 000 | 28 646 000 | 90 681 000 | -38 473 000 | 330 |
| 2024 | 20 445 000 | -14 067 000 | 20 233 000 | 53 655 000 | -14 378 000 | 243 |
| 2023 | 19 041 000 | -4 936 000 | 14 207 000 | 37 441 000 | -311 000 | 190 |
| 2022 | 9 250 000 | -7 097 000 | 11 098 000 | 30 560 000 | 4 625 000 | 166 |
| 2021 | 5 412 827 | -1 207 000 | 7 761 000 | 26 925 000 | 11 722 000 | 0 |
| 2020 | 8 518 871 | 1 017 448 | 5 507 937 | 15 391 675 | 5 809 184 | 115 |
| 2019 | 4 154 195 | -1 082 316 | 4 430 312 | 10 304 725 | 1 772 762 | 0 |
| 2018 | — | — | — | — | — | 48 |
| 2017 | — | — | — | — | — | 40 |
| 2016 | — | — | — | — | — | 27 |
| 2015 | — | — | — | — | — | 15 |
| 2014 | — | — | — | — | — | 2 |
| 2013 | — | — | — | — | — | 0 |
Figures from the company’s own (non-consolidated) balance sheet and income statement. A loss is shown with a minus sign.
Financial ratios for 2025
Net profit margin
-52.2 %
Net profit / revenue
Return on assets (ROA)
-26.6 %
Net profit / assets
Equity ratio
-42.4 %
Equity / assets
Debt ratio
142.4 %
Liabilities / assets
Current ratio
1.17
Current assets / current liabilities
Revenue per employee
139 809 €
Revenue / average full-time employees
Labour cost per employee per month
7 234 €
Labour costs / employees / 12 months (incl. employer taxes)
Annual reports
| Year | Period | Filed | Report | Documents |
|---|---|---|---|---|
| 2025 | 1 Jan 2025 – 31 Dec 2025 | 30 Jun 2026 | Consolidated · audited | e-Äriregister |
| 2024 | 1 Jan 2024 – 31 Dec 2024 | 5 Aug 2025 | Consolidated · audited | e-Äriregister |
| 2023 | 1 Jan 2023 – 31 Dec 2023 | 28 Jun 2024 | Consolidated · audited | e-Äriregister |
| 2022 | 1 Jan 2022 – 31 Dec 2022 | 30 Jun 2023 | Consolidated · audited | e-Äriregister |
| 2021 | 1 Jan 2021 – 31 Dec 2021 | 29 Jun 2022 | Consolidated · audited | e-Äriregister |
| 2020 | 1 Jan 2020 – 31 Dec 2020 | 21 Jun 2021 | Consolidated · audited | e-Äriregister |
| 2019 | 1 Jan 2019 – 31 Dec 2019 | 10 Jun 2020 | Consolidated · audited | e-Äriregister |
Commercial pledges
| No. | Amount | Pledgee | Period |
|---|---|---|---|
| 3 | 25 075 000 € | AS LHV Pank | 4 Aug 2025 – in force |
| 2 | 2 800 000 € | AS LHV Pank | 6 Nov 2020 – in force |
| 1 | 1 125 000 € | AS LHV Pank | 24 Jul 2020 – in force |
Board
- Nasdaq CSD SEKeeper of the share ledger · since 28 Sep 2017
- Kuldar VäärsiBoard member · since 25 Jun 2013
- Mikk MägiBoard member · since 25 Jan 2022
- Devid LiikBoard member · since 25 Jan 2023
Right of representation
Any member of the management board may represent the public limited company in all transactions.
Owners
No owner information.
Beneficial owners
- Kusti SalmMember of a senior management body (management or supervisory board) · since 31 Oct 2024
- Khaled Ahmed AlZaabiMember of a senior management body (management or supervisory board) · ARE · since 6 Oct 2023
- Devid LiikMember of a senior management body (management or supervisory board) · since 5 Apr 2023
- Juma Ali Sultan Ali AlkaabiMember of a senior management body (management or supervisory board) · ARE · since 5 Apr 2023
- Mathias NöhlMember of a senior management body (management or supervisory board) · DEU · since 5 Apr 2023
- Mikk MägiMember of a senior management body (management or supervisory board) · since 5 Apr 2023
- Rodrigo Carneiro Da Cunha TorresMember of a senior management body (management or supervisory board) · ARE · since 5 Apr 2023
- Kuldar VäärsiIndirect ownership · since 5 Sep 2018
Founders and other persons
- Aktsiaselts SEBEFounder · 2 500 € · 18 Jun 2013
- KPMG Baltics OÜAudit firm · 17 Apr 2023
- Kusti SalmChairman of the supervisory board · 28 Nov 2024
- Mathias NöhlSupervisory board member · 21 Jun 2021
- Juma Ali Sultan Ali AlkaabiSupervisory board member · 24 Mar 2023
- Rodrigo Carneiro Da Cunha TorresSupervisory board member · 24 Mar 2023
- Khaled Ahmed AlZaabiSupervisory board member · 27 Sep 2023
- Esindajakonto: CACEIS BANK GERMANY BRANCH CLIENTS ACC.Shareholder · 9 400 € · 30 Jul 2021
- Omanikukonto: SINROB OÜShareholder · 6 222 € · 16 Aug 2023
- Omanikukonto: EDGE Group PJSCShareholder · 20 415 € · 23 Apr 2024
Related companies
Activities (EMTAK)
- 29101Manufacture of motor vehicles Main
Rulings
All rulings (PDF)| Number, date | Title | Deadline | State | Document |
|---|---|---|---|---|
| Ä 10184538 / 43 30 Sep 2025 |
Amendment entry | In force 30 Sep 2025 |
||
| K 10184538 / 42 4 Aug 2025 |
Commercial pledge entered | In force 4 Aug 2025 |
||
| Ä 10184538 / M15 13 Jul 2025 |
Warning of a fine: annual report not filed | 12 Aug 2025 | Deficiencies eliminated 6 Aug 2025 |
|
| Ä 10184538 / 41 31 Aug 2023 |
Amendment entry | In force 31 Aug 2023 |
||
| Ä 10184538 / 40 2 Aug 2023 |
Amendment entry | In force 2 Aug 2023 |
||
| Ä 10184538 / M14 17 Jul 2023 |
Ruling to eliminate deficiencies | 2 Aug 2023 | Deficiencies eliminated 2 Aug 2023 |
|
| Ä 10184538 / 39 8 May 2023 |
Amendment entry | In force 8 May 2023 |
||
| Ä 10184538 / M13 20 Apr 2023 |
Ruling to correct data outside an entry | 4 May 2023 | Deficiencies eliminated 8 May 2023 |
|
| Ä 10184538 / 38 25 Jan 2023 |
Amendment entry | In force 25 Jan 2023 |
||
| Ä 10184538 / 37 23 Aug 2022 |
Amendment entry | In force 23 Aug 2022 |
||
| Ä 10184538 / 36 25 Jan 2022 |
Amendment entry | In force 25 Jan 2022 |
||
| Ä 10184538 / M12 20 Jan 2022 |
Ruling to eliminate deficiencies | 30 Jan 2022 | Deficiencies eliminated 24 Jan 2022 |
|
| Ä 10184538 / 35 22 Dec 2021 |
Amendment entry | In force 22 Dec 2021 |
||
| Ä 10184538 / 34 9 Dec 2021 |
Amendment entry | In force 9 Dec 2021 |
||
| Ä 10184538 / 33 2 Nov 2021 |
Amendment entry | In force 2 Nov 2021 |
||
| Ä 10184538 / 32 10 Aug 2021 |
Amendment entry | In force 10 Aug 2021 |
||
| Ä 10184538 / 31 20 Jul 2021 |
Amendment entry | In force 20 Jul 2021 |
||
| Ä 10184538 / 30 2 Jul 2021 |
Amendment entry | In force 2 Jul 2021 |
||
| Ä 10184538 / M11 21 Jun 2021 |
Procedural ruling | 21 Jul 2021 | Deficiencies eliminated 25 Jun 2021 |
|
| Ä 10184538 / 29 10 Feb 2021 |
Amendment entry | In force 10 Feb 2021 |
||
| Ä 10184538 / M10 11 Jan 2021 |
Ruling to eliminate deficiencies | 10 Feb 2021 | In force 11 Jan 2021 |
|
| K 10184538 / 28 6 Nov 2020 |
Commercial pledge entered | In force 6 Nov 2020 |
||
| Ä 10184538 / 27 13 Oct 2020 |
Amendment entry | In force 13 Oct 2020 |
||
| K 10184538 / 26 24 Jul 2020 |
Commercial pledge entered | In force 24 Jul 2020 |
||
| Ä 10184538 / 25 26 Jun 2020 |
Amendment entry | In force 26 Jun 2020 |
||
| Ä 10184538 / 24 25 Mar 2020 |
Amendment entry | In force 25 Mar 2020 |
||
| Ä 10184538 / 23 26 Feb 2020 |
Amendment entry | In force 26 Feb 2020 |
||
| Ä 10184538 / 22 21 Feb 2020 |
Amendment entry | In force 21 Feb 2020 |
||
| Ä 10184538 / M9 17 Feb 2020 |
Ruling to eliminate deficiencies | 18 Mar 2020 | Deficiencies eliminated 26 Feb 2020 |
|
| Ä 10184538 / 21 17 Feb 2020 |
Amendment entry | In force 17 Feb 2020 |
||
| Ä 10184538 / 20 21 Oct 2019 |
Amendment entry | In force 21 Oct 2019 |
||
| Ä 10184538 / 19 22 Aug 2019 |
Amendment entry | In force 22 Aug 2019 |
||
| Ä 10184538 / M8 21 Aug 2019 |
Ruling to eliminate deficiencies | 10 Sep 2019 | Deficiencies eliminated 22 Aug 2019 |
|
| Ä 10184538 / 18 8 Aug 2019 |
Amendment entry | In force 8 Aug 2019 |
||
| Ä 10184538 / M7 5 Aug 2019 |
Ruling to eliminate deficiencies | 20 Aug 2019 | Deficiencies eliminated 8 Aug 2019 |
|
| Ä 10184538 / 17 24 Apr 2019 |
Amendment entry | In force 24 Apr 2019 |
||
| Ä 10184538 / M6 17 Apr 2019 |
Ruling to eliminate deficiencies | 27 Apr 2019 | Deficiencies eliminated 20 Apr 2019 |
|
| Ä 10184538 / 16 21 Mar 2019 |
Amendment entry | In force 21 Mar 2019 |
||
| Ä 10184538 / 15 6 Mar 2019 |
Amendment entry | In force 6 Mar 2019 |
||
| Ä 10184538 / 14 7 Feb 2019 |
Amendment entry | In force 7 Feb 2019 |
||
| Ä 10184538 / M5 22 Jan 2019 |
Ruling to eliminate deficiencies | 1 Feb 2019 | Deficiencies eliminated 7 Feb 2019 |
|
| Ä 10184538 / M4 7 Jan 2019 |
Ruling to eliminate deficiencies | 27 Jan 2019 | Deficiencies eliminated 7 Feb 2019 |
|
| Ä 10184538 / 13 27 Aug 2018 |
Amendment under Commercial Code § 525 (2) | In force 27 Aug 2018 |
||
| Ä 10184538 / 12 4 Jun 2018 |
Amendment entry | In force 4 Jun 2018 |
||
| Ä 10184538 / 11 18 Jan 2018 |
Amendment entry | In force 18 Jan 2018 |
||
| Ä 10184538 / 10 6 Dec 2017 |
Amendment entry | In force 6 Dec 2017 |
||
| Ä 10184538 / 9 28 Sep 2017 |
Amendment entry | In force 28 Sep 2017 |
||
| Ä 10184538 / 8 18 Sep 2017 |
Division entry (second, constitutive) | In force 18 Sep 2017 |
||
| Ä 10184538 / M3 11 Sep 2017 |
Ruling to eliminate deficiencies | 1 Oct 2017 | Deficiencies eliminated 18 Sep 2017 |
|
| Ä 10184538 / 7 1 Aug 2017 |
Division entry (second, constitutive) | In force 1 Aug 2017 |
||
| Ä 10184538 / 6 14 Sep 2016 |
Amendment entry | In force 14 Sep 2016 |
||
| Ä 10184538 / 5 6 May 2015 |
Third (informative) division entry | In force 6 May 2015 |
||
| Ä 10184538 / 4 6 May 2015 |
First (declaratory) division entry | In force 6 May 2015 |
||
| Ä 10184538 / 3 15 Dec 2014 |
Transformation entry | In force 15 Dec 2014 |
||
| Ä 10184538 / M2 8 Dec 2014 |
Ruling to eliminate deficiencies | 7 Jan 2015 | Deficiencies eliminated 15 Dec 2014 |
|
| Ä 10184538 / M1 26 Nov 2014 |
Ruling to eliminate deficiencies | 26 Dec 2014 | Deficiencies eliminated 15 Dec 2014 |
|
| Ä 10184538 / 2 17 Jun 2014 |
Amendment entry | In force 17 Jun 2014 |
||
| Ä 10184538 25 Jun 2013 |
First entry | In force 25 Jun 2013 |
Sources: e-Äriregister and EMTA. Data updated 31 Oct 2026. Open at the source ↗ · Report an error in the data