Key figures and financial reports

Key financial indicators 

• Revenue €827.4 million, up 22,5% (€675.7 million)
• Sales of Natural Gas business €613.2 million (€497.8 million)
• Sales of LNG business €176.8 million (€140.5 million)
• Sales of Biogas business €35.5 million (€35.4 million)
• Operating profit €93.0 million, up 20,0% (€77.5 million)

Gasum Group CEO Johanna Lamminen comments on the third quarter of 2018: 

”Our Group’s financial performance improved in line with our expectations during the period under review. Our revenue was up 22.5%  year on year at €827.4 million and our operating profit was €93.0 million.

The fight against climate change necessitates a transition from carbon- and oil-based alternatives to cleaner solutions, and this is rapidly accelerating the demand for gas. In the years ahead, we will be investing significantly in the development of the Nordic gas market and infrastructure. We are continuously strengthening our capacity to offer diverse, competitive and easy-to-access gas solutions to our customers in Finland, Sweden and Norway.

In transport in particular, the demand for cleaner gas solutions is growing considerably. Transport accounts for around a fifth of the EU’s greenhouse gas emissions total and, of this, a quarter is from delivery and heavy-duty vehicles. To respond to this growing demand, we have adopted offering clean alternatives for transport as one of our strategic focuses.

In September, we announced a major plan to expand the gas filling station network for heavy-duty vehicles by around 50 stations in Finland, Sweden and Norway. The new filling stations will be located at key transport nodes as regards road haulage flows, and they will enable significant increases in the use of liquefied natural gas and biogas in heavy-duty transport.

Another important step in the development of the Nordic gas market is the transaction closed in late August where we acquired the energy market services business of Enegia.

The acquisition enables us to serve our Nordic customers more extensively. At the same time, we are continuing preparations for the opening up of the Finnish gas market effective from the beginning of 2020.”

Please read Q3 2018 Interim report >

Nordic energy company Gasum has purchased the remaining shareholding in the Norwegian liquefied natural gas (LNG) provider Skangas from the Lyse Group. In 2014, Gasum became Skangas's majority shareholder with a 51% holding, and in 2017 the share grew to 70%.

"Completing the acquisition of Skangas gives us even better opportunities to build and develop the Nordic gas ecosystem and to respond to growing demand. We thank the Lyse Group for the good co-operation in developing the LNG market,” says Johanna Lamminen, CEO, Gasum. "The need for cleaner fuel solutions in industry and transport is increasing significantly, and LNG is the most competitive option for low-emission fuels. We want to be the frontrunner in taking the Nordic countries to a cleaner tomorrow.”

Gas plays a major role in reducing the carbon footprint in terms of the total use of energy in the Nordic countries. The demand for cleaner fuel solutions is increasing rapidly as new ways to reduce emissions and fight climate change are sought in all transport and industry sectors. LNG can be used in both maritime and heavy-duty road transport, as well as in industrial processes. Renewable liquefied biogas (LBG) can be used in the same applications.

For the last few years, Gasum has been determined to build the Nordic LNG infrastructure to improve the availability of gas for the needs of the industry, transport, and maritime sectors. In September, Gasum announced the company’s intention to expand the Nordic LNG filling station network to around 50 locations by the early 2020s. An extensive filling station network in Finland, Sweden and Norway enables significant increases in the use of liquefied natural gas and liquefied biogas in road haulage and distribution traffic.

The now announced acquisition is a step further in developing the Nordic LNG infrastructure. The acquisition ensures a strong foothold for Gasum in the growing market, and further enhances the industry’s leading know-how and utilization of the latest technology innovations.

In the Nordic countries, heavy-duty road transport plays a key role in the logistics system while at the same time generating a significant proportion of road transport emissions. For the emission reduction targets set at the national and international levels to be reached, concrete solutions are needed to reduce heavy-duty road transport emissions considerably from the current levels. Among the low-emission fuels, the most competitive alternative for this purpose is liquefied natural gas (LNG).

Gasum’s strategy is based on achieving Nordic gas market growth. Use of gas as a heavy-duty road vehicle fuel is a strategic focus for Gasum. In the next few years, Gasum’s gas filling station network serving heavy-duty road transport will become several times larger than today. The coming investments will increase the number of these stations to around 50 in Finland, Sweden and Norway by the beginning of the 2020s. The new filling stations will be located at key transport nodes as regards road haulage, and they will enable significant increases in the use of liquefied natural gas and biogas in heavy-duty transport.

The switch of heavy-duty vehicles to liquefied natural gas or liquefied biogas (LBG) will result in significant cuts in carbon dioxide, nitrogen dioxide, particulate and noise emissions from transport.

”We’re on our way towards a carbon-neutral society and it’s now time to accelerate the pace. Gas plays an indisputably important role in this transition,” Gasum CEO Johanna Lamminen sums up. ”In recent years, we’ve been making purposeful efforts to build the Nordic LNG and biogas infrastructure to improve access to gas. In early 2018, the Swedish Environmental Protection Agency granted Gasum an investment subsidy for the expansion of our filling station network as part of the Climate Leap ('Klimatklivet') program. This is key proof of the enormous potential of the gas market and enables the establishment of the role of gas as a low-emission fuel for heavy-duty road transport.”

The demand for cleaner transport solutions is increasing rapidly as solutions are sought to combat climate change. Delivery and heavy-duty road vehicles are currently responsible for more than a quarter of road transport emissions in the EU. Together with new gas vehicle models, the expanding gas filling station network creates good conditions for road fuel gas market growth and emission cuts.

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