Gasum Group Q1 2020 - Gas plays a strong role in energy supply

Key financial indicators January 1 to March 31 2020*

  • The Group’s operating profit totaled €12.3 million, down 29.7% year on year (March 31, 2019: €17.5 million).

  • Operating profit margin in Q1 was 6.9%, up 1.4% compared with the reference year’s continuing operations (March 31, 2019: 5.5%).
  • Balance sheet total came to €1,133 million (March 31, 2019: €1,139 million)
  • The Group’s solvency remained strong in the reporting period, with the equity ratio being 44.1% (March 31, 2019: 40.7%).

* Including comparable figures for continuing operations

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

“The first quarter saw us implement our strategy and continue the development of the Nordic gas market despite the uncertainties brought about by the COVID-19 pandemic. So far, the pandemic has only had minor impacts on our business, and we have been able to continue the implementation of our various projects as planned. We have taken numerous measures to ensure the health and safety of our employees and to safeguard the continuity
of our business and progress in our projects. We have also made every effort to safeguard energy supply, gas sourcing and distribution as well as safe and secure logistics in our recycling and waste services, too. I am proud to see how strongly committed our employees are and how well cooperation between Gasum, our customers and our partners is working.

At the turn of the year, the Finnish pipeline gas market was opened up to competition and Gasgrid Finland Oy, the gas transmission network company unbundled from Gasum, became operational. Going forward, Gasum will focus on providing diverse, competitive and easily accessible energy solutions and energy market expert services for our customers in the Nordic countries.

During Q1/2020, the role of gas as a maritime transport fuel also continued to grow and we entered into an LNG delivery agreement with the Norwegian energy company Equinor. Biogas 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. In Sweden we started regular deliveries of renewable shipping fuel to one of our maritime
transport customers, the fuel company Preem.

We also continued to build our Nordic gas filling station network by opening three new stations. We also made progress as planned in our Biogas business development and entered into an agreement with the environmental services company Encore Ympäristöpalvelut on the utilization of biowaste from the Helsinki Metropolitan Area at our Lohja biogas plant due to be completed in late 2020. In addition, we delivered liquefied biogas (LBG) to the
cleantech company Forchem Oy.

We also expanded our role in the Nordic power market by becoming a member of the Nordic power exchange of Nasdaq OMX, which provides us with access to direct trading in the power derivatives market.”

Read more Gasum Group Q1 2020 Financial report >

For more information please contact:

Johanna Lamminen, Chief Executive Officer, Gasum
(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 and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Together with its partners, Gasum promotes development towards a carbon-neutral future on land and at sea. The Gasum Group has around 350 employees in Finland, Norway and Sweden. The company’s revenue totaled €1,128 million in 2019. Gasum is owned by the State of Finland.