Gasum Group Financial Statements bulletin 2018 – Gas use increased, positive outlook


  • Revenue €1,177.4 million, up 27% year on year (2017: €925.0 million)
  • Sales of Natural Gas business €874.9 million (€678.7 million)
  • Sales of LNG business €252.0 million (€195.2 million)
  • Sales of Biogas business €48.7 million (€47.9 million)
  • Operating profit, €124.2 million (€114.2 million)


Key financial indicators

1,000 € 2018 2017 Change
Revenue 1,177,448 924,987 27.3%
Operating profit 124,169 114,170 8.8%
Operating profit (%) 10.5% 12.3%  
Equity ratio % 43.7% 41.6%  
Return on equity (%) 13.3% 13.7%  
Return on investment (%) 9.2% 9.1%  
Balance sheet total 1,526,550 1,421,201 7.4%
Net interest-bearing debt 562,715 585,872 -4.0%
Gearing ratio % 84.7% 99,2%  
Net debt/EBITDA 2.9 3.2  
Personnel at year-end 434 409 6.1%

Gasum Group CEO Johanna Lamminen comments on 2018:

”Gasum had a successful year in 2018 because of determined strategy implementation, operational efficiency and also improved safety.
Our Group’s financial performance improved in line with our expectations. Our revenue increased to €1,177.4 million in 2018, up 27% year on year (2017: €925.0 million). Our operating profit was €124.2 million, up 8.8% year on year (€114.2 million).

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. Gas also offers industrial operators an excellent alternative in their efforts to achieve their emission targets.

In the coming years, we will invest strongly in the development of the Nordic gas market and infrastructure, helping the Nordic countries to reach the emission targets set. Demand for clean gas solutions is increasing strongly and the total sales volumes of gas are projected to grow, which will also ensure positive development in the company’s revenue and profitability.

Offering clean alternatives in transport is a strategic focus for Gasum. Last year we announced our plan to construct a network of 50 filling stations in Finland, Sweden and Norway to serve heavy-duty vehicles. The investment will multiply the size of the Nordic heavy-duty vehicle filling station network, enabling considerable transport emission cuts.

We took another important step to develop the Nordic gas market by acquiring the energy market services business of Enegia. The acquisition improves our opportunities to provide well-functioning energy solutions to an even broader spectrum of customers in the Nordic countries and that way strengthen our position in the energy market.

Thirdly, we increased our shareholding in our subsidiary Skangas from 70% to 100% in October 2018. This was part of the Gasum strategy with the development of the Nordic gas market and LNG infrastructure at its core. This also enables us to operate under a single strong brand throughout the Nordics.

In 2018 we made preparations for the opening up of the Finnish gas market effective from the beginning of 2020. We will continue this work and anticipate another strong year for Gasum in 2019.”

Read more Gasum Group Financial Statements bulletin 2018 >

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. Gasum imports natural gas to Finland and promotes circular economy by processing waste and producing biogas and recycled nutrients in Finland and Sweden. The company offers energy for heat and power production, industry as well as road and maritime transport. Gasum is the leading supplier of biogas in the Nordic countries. The company has a gas filling stations network, that also serves heavy-duty vehicles. Gasum is also the leading liquefied natural gas (LNG) player in the Nordic market. The company continues to strengthen the position and infrastructure of LNG and supplies LNG to maritime transport, industry and heavy-duty vehicles in Finland, Sweden and Norway.