Key figures and financial reports

At Gasum, our purpose is cleaner energy. Gasum takes determined steps to promote sustainable development in accordance with the principles of circular economy and supports the sustainability actions of customers by enabling emission reductions with cleaner energy solutions. In our own activities, we promote the wellbeing and safety of our own employees, reduce our environmental impacts and ensure responsible business practices.

Cleaner energy

We are committed to combating climate change by increasing the availability of low-carbon and renewable energy and by operating energy efficiently. We aim at carbon dioxide emission reductions of 1 million tonnes thanks to biogas. By 2025, we intend to make 4 TWh of biogas available on the market from our own production and that of our certified partners. In 2020, we promoted this objective by taking new biogas plants into commercial use and developing several plant projects. Our biogas enabled carbon dioxide emission reductions of 270,000 tonnes for our partners in the traffic, maritime and industry segments.

We reduced the climate impact of our own activities by implementing several projects improving energy efficiency at out LNG terminals and biogas plants. Our energy-efficiency measures enabled us to achieve energy savings totaling 44.5 GWh. We used 100% renewable electricity in all our operations.

We utilized around 850,000 tonnes of society’s waste and side streams in our production of biogas and recycled nutrient products. We continued our development of solutions promoting the circular economy. We improved production efficiency, developed the recycled nutrient and fertilizer product market and explored potential new raw material fractions.

The year saw us develop an efficient and sustainable energy ecosystem on land and at sea. We expanded our Nordic filling station network to around 100 stations. We built new gas filling stations for heavy-duty vehicles (HDVs). In maritime transport, our measures to improve the availability of liquefied natural gas (LNG) and biogas (LBG) included expanding our bunkering area. We performed around 1,300 fuel deliveries and made our first deliveries of biogas to our maritime customers.

We signed a long-term Power Purchase Agreement on the output of a Finnish wind farm. The PPA will increase the availability of renewable and local energy to our customers. In 2020, we obtained 6.2 TWh of renewable power with Guarantees of Origin for electricity for our customers.

Exceptional but successful year in terms of responsibility in 2020

During the COVID-19 pandemic, we succeeded in safeguarding the continuity of our production during the exceptional emergency conditions, too. Our occupational health and safety was at an excellent level. During the year, there was one Lost Time Injury (LTI), and the Total Recordable Injury Frequency (TRIF) decreased by 71%. The absence rate of employees was 1.1%.

Our aim is to develop the company together with employees, and we launched a monthly pulse survey to measure employee experience. We also redefined our ethics and compliance framework that oversees the implementation of responsible business.

“In addition to responsibility being an essential element of our day-to-day operations and decision-making, the clean energy offered by us is highly significant for our customers’ responsibility work. In 2020, we took steps forward and achieved our targets in many different aspects,” says Sustainability Manager Elina Saarivuori from Gasum.

Gasum’s responsibility work is steered by its Corporate Responsibility Program, which is summed up in six themes and related objectives. The themes derived from the company’s strategy and materiality analysis concerning corporate responsibility form the basis of Gasum’s Corporate Responsibility Program: Safety and Security, Climate Change, Circular Economy, Access to Energy, People, and Responsible Business. We support the global Sustainable Development Goals (SDGs) of the UN and contribute positively towards them.

Read more about our achivements:

• Gasum Responsibility Highlights 2020
• Gasum Corporate Responsibility Report 

Regardless of the uncertainties caused by the COVID-19 pandemic, in 2020 Gasum continued to develop the Nordic gas market as planned and was able to ensure business continuity and progress in projects.

The company advanced its strategy in a purposeful manner by offering low-emission energy solutions in response to growing demand among industrial as well as road and maritime transport customers. The importance of gases as an energy source will increase further in industry and transport in particular as the Nordic countries are moving towards carbon-neutral energy production.

Download Our reports:

• CEO's Review and Financial Review 2020

• Corporate Responsibility Report 2020

• Governance and Remuneration Report 2020

• Green Funding Impact Report 2020

• Group income totaled €772.0 million (December 31, 2019: €988.7 million)
• Group adjusted operating profit was €33.8 million (2019: €28.9 million) 
• Balance sheet total came to €1,362.0 million (December 31, 2019: €1,163.2 million)
• The Group’s solvency remained strong in the reporting period, with the equity ratio being 36.0% (December 31, 2019: 44.6%)

Gasum Group CEO Johanna Lamminen comment on 2020:
 

“Despite the exceptional circumstances, we succeeded in advancing our strategy as planned, which required hard work in an increasingly competitive market. The importance of gas as an energy source over the longer term will increase further in industry and maritime transport in particular, as the Nordic countries are taking steps towards carbon-neutral societies. Regardless of the uncertainties caused by the COVID-19 pandemic, we were able to ensure business continuity and progress in our projects. The impacts of the pandemic were reflected in our business operations in particular as start-ups of our new plants being pushed back and our new customer projects being delayed as well as in the growth targets set by us. I would like to thank our employees, customers and partners for well-functioning and flexible cooperation in an operating environment that has been challenging for all of us.

In total, the Group’s gross income in the financial year were €772.0 million, of which other operating income €107.7 million, including among others realized and unrealized commodity derivatives results. The Gasum Group’s revenue for the period under review totaled €664.3 million, down 28.2% on the corresponding period a year earlier. The decline in revenue was caused primarily by the European trend in the sales price of gas.

In maritime transport, demand for cleaner fuel solutions and interest in gas-powered heavyduty vehicles continued to grow in 2020. As part of our strategy execution, we closed the acquisition of Linde AG’s LNG and Biogas business and Nauticor’s Marine Bunkering business. The transaction expanded our supply of gas solutions in the Nordics particularly in maritime transport and heavy-duty road transport while also expanding our gas filling station network.

The year also saw us continue the expansion of the Nordic gas filling station network serving heavy-duty vehicles (HDVs) and opened eight new filling stations in the Nordic countries. The number of gas-powered HDVs increased by more than 400 new vehicles in the Nordics during the year. Companies upgrading their fleets included Posti Freight Services in Finland with its ten new biogas-fueled trucks and Bring Åkeri in Sweden with its six new biogas trucks.

Gas is also attracting interest among forerunners in maritime transport, and we are continuously developing our fuel offering and services to meet the maritime sector’s needs. To provide our shipping customers with a flexible service across an even more extensive geographical area, we entered into partnership with Pavilion Energy. The partnership enables us to provide customers with liquefied natural gas (LNG) in the Singapore region and in Northern Europe. We also started regular deliveries of a fuel blend containing renewable liquefied biogas (LBG) to our maritime transport customer Preem in Sweden.

In line with our strategy, we also improved access to renewable energy and acquired a biogas plant in Skövde and made an investment decision concerning the construction of an industrial-scale biogas plant in Götene, Sweden. In Finland, the commercial use of the expanded Turku biogas plant - also Finland's first plant producing LBG - began, and at the end and at the end of the year we took into use a transfer station for biowaste in Vantaa. We also entered into our first long-term Power Purchase Agreement (PPA) with ABO Wind Oy on the output of a wind farm located in North Ostrobothnia, Finland.

There is growing industry interest in the use of gas in the Nordic countries. We delivered LBG to the cleantech company Forchem and entered into an LNG supply contract with the Norwegian reinforced steel company Celsa Armeringstål.

We also entered into a portfolio management cooperation agreement with the Finnish energy company Keravan Energia and expanded our role in the Nordic power market by becoming a member of the Nordic power exchange of Nasdaq OMX.”

Read more about Gasum Group Q4 Financial result 2020 here >