ELMO Rent AS (hereinafter ELMO Rent) hereby submits an explanation of the difference between the forecasts for the financial year of 2021 and the actual result.

The estimated sales revenue for 2021 was 934,651 euros, which based on the results of October 2021 was increased to 1,075,768 euros in December of the same year. Based on the interim report for the second half of 2021 published on 31 March 2022, it can be concluded that the set sales forecast was met.

According to the preliminary estimate, ELMO Rent exceeded the planned costs for 2021, which were caused by the changes in the situation and circumstances that were the prerequisite for the forecasts, including changes in the business model (addition of the taxi service and preparatory costs related to the acquisition of Elektritakso OÜ) and macroeconomic reasons (e.g., electricity and fuel prices). Higher costs were also caused by recruiting more staff (mainly technology development, vehicle fleet operation) than initially planned as a result of larger amount of funding from the successful IPO that added higher wage costs. When planning the forecasts, approximately 10 employees were considered and an average fuel consumption was estimated to be 100 euros per month per one car in ELMO Rent vehicle fleet.

According to a preliminary assessment, the company’s estimated loss for 2021, 183,380 euros, will be approximately 3.5 times higher due to the expenses related to the growth (Premium class cars were added to the vehicle fleet) and management of the company’s vehicle fleet (actual fuel consumption turned out to be 180 euros/month per car), development of remote technology and one-time costs related to the additional public offering and admission to trading. In the course of the work, the need for additional professional competencies which were previously lacking was detected and were covered by recruiting new employees (22 employees by the end of 2021). The loss forecast was estimated before the company decided to acquire a taxi company and provide additional services. This decision entailed additional one-time costs for the preparation and execution of the transaction.

More detailed information about the results of the 2021 financial year will be presented by ELMO Rent in the 2021 audited consolidated annual report which will be published on 31 May 2022.


For more information, please contact:


Allan Leppikson

Board member