Key data for 2018

Revenue €1,177 million
(2017: 925)

Operating profit €124 million
(2017: 114)

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Key figures and financial reports


Please read more about Gasum Group's key figures, financial reports, financial statement bulletins and reports (pdf).


Financial result Q2 2019
Financial result Q1 2019

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Gasum Group published Financial Statements Bulletin 1.1.–31.12.2018

In 2018 we expanded our gas market in line with our strategy on land and at sea. Gas use increased and there's positive outlook for gas market in the Nordics. Our Group’s financial performance developed as expected.

"Gasum had a successful year in 2018 because of determined strategy implementation, operational efficiency and also improved safety. Our revenue increased up 27% year on year in 2018."

Johanna Lamminen, CEO, Gasum Group

Johanna Lamminen, CEO, Gasum

Megatrends affecting the Company's operating environment

Gasum has identified the global megatrends affecting the company’s operating environment: climate change, technology development, accelerating urbanization, demographic shifts, and shift in global economic power. 

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Year 2018

Operation profit: 10.5%

Equity ratio: 43.7%

Return on equity: 13.3%

Year 2017

Operation profit: 12.3%

Equity ratio: 41.6%

Return on equity: 13.7%


Renewing energy company Gasum strengthens its Management Team – Kai Laitinen appointed as Chief Financial Officer

Gasum has appointed Kai Laitinen M.Sc. (Business Administration), (48) as the company's new Chief Financial Officer (CFO) and member of the Gasum Management Team. Laitinen will start in his new position on September 16, 2019. He has extensive experience in a variety of financial roles in at Stockmann, Outokumpu and at Finavia.

Kai Laitinen will join the Gasum Management Team from Stockmann plc where he has served as CFO since 2017.

"I’m delighted to welcome Kai Laitinen to Gasum. Strong management and leadership of our finance in a constantly changing operating environment plays a key role for our company’s success as we’re taking our strategy forward. Kai’s impressive financial administration and financing competencies combined with his track record with international listed companies will be an excellent complement to Gasum's professional and competent financial team and the Gasum Management Team, says Gasum CEO Johanna Lamminen.

Before joining Stockmann, Laitinen served as CFO and management team member at Finavia and in variety of financial management roles at Outokumpu.

Gasum’s previous CFO Lasse Aarnio will have a new role as a Senior Advisor in new Portfolio Management and Trading business unit. “I want to thank Lasse, whose role in developing Gasum's financial management and taking it to a new level has been highly significant,” says Lamminen.

For more information please contact:

Johanna Lamminen, Chief Executive Officer, Gasum
Phone: +358 20 44 78 661 (Henna Walker, Executive Assistant)

Olga Väisänen, Vice President, Communications, Gasum
Phone: +358 40 55 40,578, firstname.surname(a)

The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy for combined heat and power production and industry as well as cleaner fuel solutions for maritime and road transport. We help our customers to decrease their own carbon footprint and that of their customers. Together with our partners, we are building a bridge towards a carbon-neutral future on land and at sea. Gasum promotes circular economy partnerships and is the leading supplier of biogas and processer of bio-degradable waste. We are also the leading liquefied natural gas (LNG) player in the Nordic market. The Gasum Group has around 350 employees in Finland, Norway and Sweden. The company’s revenue in 2018 totaled €1,177 million. Gasum is owned by the State of Finland. 

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Gasum Group Financial Result Q2 2019 – Expansion of gas infrastructure

Expansion of gas infrastructure – Increasingly wide-spread use of gas-fueled vehicles promotes significant traffic emission reductions

Key financial indicators January 1 to June 30, 2019:

•  Group revenue increased by 6% and totaled €632.5 million (H1/2018: €597.5 million)
•  Operating profit totaled €76.3 million, flat year on year (€76.3 million)
•  Balance sheet total increased to €1,574.4 million (December 31, 2018: €1,526.6 million) following the introduction of the new IFRS 16 standard
•  The Group’s financial position remained strong in the reporting period, with the equity ratio being 43.9% (December 31, 2018: 43.7%)

Key financial indicators

 1,000 € 1–6/2019 1–6/2018 Change 2018
 Revenue 632.5 597.5 5.9% 1,177.4
 Operating profit 76.3 76.3 0.0% 124.2
 Operating profit (%) 12.1% 12.8%   10.5%
 Equity ratio % 43.9% 44.0%   43.7%
 Return on equity (%)* 12.0% 13.3%   13.3%
 Return on investment (%)* 8.6% 9.3%   9.2%
 Balance sheet total 1,574.4 1,465.9 7.4% 1,526.6
 Net interest-bearing debt 573.9 558.9 2.7% 562.7
 Gearing ratio % 83.3% 86.7%   84.7%
 Net debt/EBITDA* ** 2.8 2.9   2.9
 Personnel at year-end 364 432 -15.7% 434

  * Annualized
  ** Current period restated without the IFRS 16 effects
  Reference period information does not include IFRS 16 effects

Gasum Group CEO Johanna Lamminen comments on the first half of 2019:

”Our financial performance was in line with our expectations during H1. Our revenue increased to €632.5 million, up 6% year on year (€597.5 million) and our operating profit for the period under review was €76.3 million (€76.3 million), which was flat compared to a year earlier. 

During H1, we took our strategy steadfastly forward and together with our personnel updated our strategic targets for future years. Demand for cleaner energy solutions is showing strong growth in industry and total gas sales volumes are projected to further increase. As a low emission fuel, the role of gas will increase in the future, above all in maritime transport and heavy-duty road transport as action to curb climate change calls for a transition to cleaner solutions.

Gasum’s associated company Manga LNG Oy’s LNG terminal in Tornio, Finland was opened in early June. The new terminal is a response to growing demand for low-emission LNG and strengthens security of LNG supply in the northern parts of the Nordic countries. The terminal will significantly support the competitiveness of the region by ensuring the availability of an affordable, low-emission form of energy to meet the demands of local industry as well as maritime and heavy-duty road transport.

During the period under review, we entered into significant partnerships in different businesses, of which the most important are two liquefied natural gas supply contracts to industry: Forchem Oy’s tall oil distillery in Rauma and Eastman Chemical Company Oy’s production site in Oulu. Gas offers industrial operators a good alternative to achieve emissions targets.

Growing the road fuel gas market and increasing biogas production are key elements in Gasum’s strategy. We have acquired the Mäkikylä biogas plant in Kouvola, Finland from Kouvola Vesi Oy. The transaction enables us to invest in the expansion of the Mäkikylä plant with the aim of increasing biogas production and modernizing the processes at the plant to bring them into line with today’s requirements. During the period under review, we also made
an investment decision to construct a biogas plant at Munkkaa in conjunction with the Lohja waste management center. On completion, the plant is expected to produce more than 40 GWh of biogas and 50,000 tonnes of organic fertilizers a year.

During the period under review, we opened three gas filling stations to meet the needs of heavy-duty transport and three filling stations for passenger cars. In addition, other operators are also building new gas filling stations, which will further complement the filling station network. Adding to the network of gas filling stations promotes the circular economy and supports national emissions reduction targets by helping Nordic transport to switch over to using cleaner fuel solutions.”

Link to the Gasum Group financial result Q2 2019 >


For further information please contact:
Johanna Lamminen, Chief Executive Officer, Gasum 
Phone. +358 20 44 78 661, (Henna Walker, Executive Assistant)

The energy company Gasum is a Nordic gas sector and energymarket expert. Together with its partners, Gasum is building a bridge towards a carbon-neutral society on land and at sea.

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Gasum to strengthen the availability of renewable biogas through acquisition of the Mäkikylä biogas plant in Kouvola, Finland

As the largest biogas producer in the Nordics, Gasum aims to strengthen the availability of biogas in the Nordics. Under the transaction completed on May 17, Gasum has acquired the Mäkikylä biogas plant from water company Kouvolan Vesi Oy. The transaction will allow investments to significantly grow production capacity at the plant. Biogas production must increase in order to meet the ambitious traffic emissions reduction targets looking ahead.

Under the agreement signed between Gasum and Kouvolan Vesi, the Mäkikylä biogas plant and its business, including contracts, will transfer to Gasum on June 17, 2019. The plant comprises the biogas plant building and process equipment located in conjunction with Mäkikylä wastewater treatment plant.

“The transaction now completed ends a process lasting several years during which we have sought an economically and functionally sustainable solution to our biogas plant operations, which are not part of our core business,” sums up CEO Timo Kyntäjä at Kouvalan Vesi.”

The Mäkikylä biogas plant has been underperforming largely because of its small processing capacity. The plant has processed around 20,000 tonnes of biomass a year, which is the amount allowed by its permit. Gasum plans to invest in developing the plant.

“As a company we are committed to growing the supply of biogas as a renewable traffic fuel and as an enabler to achieving traffic emissions reduction targets. This requires increased production of biogas. The transaction will allow us to invest in the expansion of the Mäkikylä plant with the aim of increasing biogas production at the plant. We will also modernize the processes at the plant to bring them into line with today’s requirements,” says Ari Suomilammi, Director, Circular Economy Finland, Gasum.

Gasum currently owns 12 biogas plants in Finland and Sweden, and buys biogas from three partner plants, of which the Mäkikylä plant is one. Gasum has invested in the construction of a biogas plant in Lohja (Finland) and in Nymölla (Sweden) and in the expansion of the Turku biogas plant. The company’s current biogas capacity is around 650 GWh a year.

Completed in 2011, the Mäkikylä bioplant was built by Kymen Bioenergia Oy, whose main owner was KSS Energia Oy. The City of Kouvola transferred the bioplant and its processing plant to the Waterworks in 2014–2015.


For more information please contact:

Ari Suomilammi, Director, Circular Economy Finland, Gasum
Phone: +358 400 653 351, firstname.surname(a)

The energy company Gasum is a Nordic gas sector and energymarket expert. Together with its partners, Gasum is building a bridge towards a carbon-neutral society on land and at sea.

Read more