Key figures and financial reports

Gasum has acquired the entire share capital in Skövde Biogas AB from Torran Gas Holding AB on October 31. Today, the newly acquired biogas plant in Skövde has the potential to produce up to 40 GWh with the right feedstock. The Skövde plant, along with Gasum’s biogas plants in Lidköping and Vadsbo (50% Gasum ownership) and a planned one in Götene, will allow Gasum to boost its biogas production capacity. The acquisition will also enable Gasum to optimize raw material sourcing and distribution between other Gasum biogas plants in the area.

“The transaction is an integral part of Gasum’s strategy execution to accelerate growth for cleaner fuel solutions across the Nordics. We are excited about this acquisition, as it allows us to increase our volumes of in-house produced biogas and add greater value to our existing portfolio of biogas plants,” says Gasum CEO Johanna Lamminen.

Industrial scale circular economy

The addition of the Skövde plant will help to facilitate large-scale biogas production in the area. Potential suppliers with considerable volumes of excess raw material need a stable partner that can receive and process a wide range and large quantities of waste-based feedstocks.

Gasum can obtain these materials from locations that would otherwise have been considered beyond the bounds of Gasum’s network of local biogas plants. This will create significant synergies in feedstock sourcing. The Skövde plant will produce bio fertilizers, which will be distributed to surrounding farms.

This area in Sweden is highly valued in terms of agriculture and eco-farming. By producing renewable biogas, Gasum will be able to provide farmers in the vicinity with circular economy solutions on an industrial scale.

Biogas can be produced from different biodegradable waste streams and is a 100% renewable energy source. When used as fuel in road transportation, biogas can reduce CO2-emissions by up to 90% compared to fossil diesel. Gasum now has 15 biogas plants in Finland and Sweden, making the company one of the largest producers of biogas in the Nordics. Gasum will make 4 TWh of biogas available in the Nordics by 2024 through its own production and partners.

• Group operating profit totaled €12.8 million, down 43.1% year on year (September 30, 2019: €22.4 million)

• Operating profit margin in the reporting period was 2.8%, down 0.4 percentage points compared with the reference year’s continuing operations (September 30, 2019: 3.2%)

• Balance sheet total came to €1,256.1 million (September 30, 2019: €1,075.9 million)

• The Group’s solvency remained strong in the reporting period, with the equity ratio at 38.8% (September 30, 2019: 45.2%)

* Including comparable figures for continuing operations.

Gasum Group CEO Johanna Lamminen comments on the third quarter of 2020:

”Our financial performance during the reporting period was almost in line with our expectations despite the uncertainties caused by the COVID-19 pandemic, and there was steady demand for gas solutions. The impacts of the pandemic were seen in our business, primarily with regard to the growth targets we set. Lockdowns caused us to push back with bringing our new plants into use and at the same time our customers have also delayed their
projects, which in turn has impacted the start-up of Gasum’s deliveries. We have sought to ensure business continuity by ensuring the health and safety of our employees and have done everything we can to secure the smooth functioning of business operations despite the changes that have taken place in the operating environment.

Our revenue during the report period was €448.9 million and our operating profit was €12.8 million. Revenue and operating profit were primarily affected by the price trend of gas in Europe. Group profitability remained in line with the level forecast despite changes in the operating environment.

During Q3, we secured a contract with Norwegian reinforced steel manufacturer Celsa Armeringsstål in Mo i Rana, to supply liquefied natural gas (LNG) from the Tornio terminal and to build a new customer terminal in Mo Industrial Park. Switching to LNG will contribute to the company’s target of lowering carbon dioxide emissions originating in its operations.

Demand for cleaner energy solutions continued to grow in maritime transport. During Q3, we completed several LNG bunkering operations in maritime transport to new customers in the Nordic countries and Germany. We carried out a truck-to-ship bunkering operation to the Fassmer company’s research vessel and a ship-to-ship bunkering operation to the car carrier Auto Energy.

We increased the availability of renewable energy by entering into a long-term agreement with ABO Wind Oy to purchase its wind power produced in a wind farm in North Ostrobothnia starting in 2023. The agreement will allow us to increase the availability of renewable domestic energy and self-sufficiency in power generation in Finland.

We continued to expand the Nordic gas filling station network to serve heavy-duty transport. We opened gas filling stations in Gothenburg, Sweden and Lieto, Finland. Our expanding gas filling station network is creating interest in gas from growing numbers of actors and Vekka Group, for example, introduced six biogas-powered buses into operations in Hämeenlinna in August."

Read more about Gasum Group Q3 2020 >

The agreements of the merging company will be transferred automatically to Gasum Ltd in conjunction with the merger, and the change of contractual party will not require any measures by customers.

Invoice bank account number to change

Please note when paying your invoices that the invoicing company and the bank account number on the invoices will change as from September 1, 2020.