Gasum Group Q3 2021 – Surge in Gas Prices Affected the Company’s Result

Source: www.gulfoilandgas.com 11/10/2021, Location: Europe

Key financial indicators January 1 to September 30, 2021.

- Group revenue totaled €811.6 million (1–9/2020: €448.9 million).
- The Group’s operating result was -€5.0 million (1–9/2020: €12.8 million).
- Balance sheet total came to €1,972.4 million (30.9.2020: €1,256.1 million).
- The Group’s equity ratio was 15.0% (30.9.2020: 38.8%).
- The company appointed CFO Kai Laitinen as interim CEO.

Gasum Group Interim CEO Kai Laitinen comments on Q3 and the year to date 2021:
“Q3 of the year saw a very sharp rise in gas prices. This affected the development of company’s revenue and operating result development. Revenue for Q1–Q3 was €811.6 million, with the very high market price of gas especially in Q3 as well as growth in volumes in all our segments compared to a year earlier contributing to the increase. The group’s operating result for Q1–Q3 was negative at -€5.0 million.

The hike in gas prices also affected the company’s equity ratio and gearing. Higher gas prices resulted in a negative market value for hedging derivatives, which had a declining effect on the company’s equity. In addition, an increased tie-up of trade working capital was reflected in greater interest-bearing debt.

Despite the challenging market situation, we progressed in Q3 with our growth strategy in our key segments – industry, maritime and road transport. The demand for cleaner energy was growing in all customer segments.

In industry segment, volumes delivered to our customers were up 26% compared to a year earlier. During the period under review, demand for renewable wind power energy continued to grow in industry. We entered into long-term wind power agreements with Outokumpu, Uponor and Nokian Tyres. Partnerships promote our strategy to deliver cleaner energy to industry.

In maritime transport segment, volumes delivered to customers were up more than 32% compared to a year earlier. Going forward, we will also deliver cleaner shipping fuel to gas-fueled vessels of Finnish central government agencies.

Volumes sold in our transport segment were up by as much as 80% compared to a year earlier. On the road transport side, we continued expanding our network of gas filling stations and increasing the capacity of current stations. We opened a new filling station in Trondheim, Norway, in Tampere, Finland and in Göteborg, Sweden.

We are aiming for a cumulative reduction of a million tonnes in carbon dioxide emissions to mitigate climate change by increasing the availability of biogas by bringing to market by 2025 a total of 4 TWh of biogas from our own production and that of our certified European partners. The Finnish Government Programme sets the objective of strengthening Finland’s role as a pioneer in the circular economy, and biogas has been included in the distribution obligation of transport fuels effective from the beginning of January 2022. We believe the distribution obligation will speed up the transition of road transport to a cleaner fuel.”


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