Gasum Group Interim Report Q1 2018: Results improved in all business functions

Key figures and events for January 1 to March 31, 2018

• Revenue €390.5 million, up 23.4% year on year (2017: €316.4 million)

• Sales of Natural gas business €322.4 million (2017: €249.5 million)

• Sales of LNG business €55.5 million (2017: €54.9 million)

• Sales of Biogas business €12.3 million (€12.0 million)

• Operating profit €72.8 million (2017: €55.8 million)

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

”Our Group’s financial performance improved in line with our expectations during Q1. Our revenue increased by 23.4%, enabled by growth in every one of our business areas of Natural gas, LNG and Biogas. In accordance with our strategy, we promoted cleaner transport on land and at sea.

The consumption of natural gas did, however, increase by 13%, mainly due to the cold spell experienced in February. Natural gas is a logistically flexible form of energy the use of which is easy and quick to control. Natural gas enables significant emission cuts compared with coal and oil and acts as a bridge to a low-carbon future while the alternative energy market is still developing to its full potential. This makes us well-equipped to continue preparations for the opening up of the Finnish gas market from the beginning of 2020.

Gas-powered mobility continued its growth in land and maritime transport in particular. Demand for liquefied natural gas (LNG) has increased in Nordic shipping. Our LNG business performed bunkering operations at an accelerating pace. LNG is the cleanest available fuel for maritime transport. It is rapidly becoming a more and more commonly used costeffective option suitable for all types of vessel. Switching to LNG fully eliminates sulfur and particulate emissions and cuts nitrogen oxide emissions by up to 85%. LNG use also reduces carbon dioxide emissions by at least 20%. Using LNG as a marine fuel also makes vessels compliant with the coming emission regulations of the International Maritime Organization (IMO) and the EU. The completion of our Northern joint project, the Manga LNG terminal, is getting very close, and we are preparing for the launch of the terminal’s commercial use.

We also strengthened our gas filling station network by opening a station for gas-fueled cars in conjunction with the IKEA store in Espoo, Finland. The new filling station was an important new move and part of the circular economy collaboration between Gasum and IKEA Finland where biogas is produced from food waste of Finland’s IKEA restaurants. In this context, gas filling stations are also constructed at IKEA stores, enabling the use of biogas in IKEA Finland’s own operations as well as for its transport partners and consumers. We also launched the expansion of the heavy-duty vehicle filling station network into the Nordics in Sweden and Norway.”

Please read Gasum Group Q1 2018 >

Gasum Group Interim Report Q1 2018 (Pdf)