Key financial indicators January 1 to June 30 2020*
• Group operating profit totaled €17.5 million, down 21% year on year (June 30, 2019: €22.1 million)
• Operating profit margin in H1 in the reporting period was 5.8%, up 1.6 percentage points compared with the reference year’s continuing operations (June 30, 2019: 4.2%)
• Balance sheet total came to €1,259.3 million (June 30, 2019: €1,109.7 million)
• The Group’s solvency remained strong in the reporting period, with the equity ratio being 39.9% (June 30, 2019: 43.5%)
* Including comparable figures for continuing operations.
Gasum Group CEO Johanna Lamminen comments on the first half of 2020:
”The first half of the year saw us purposefully continue taking our strategy forward despite the uncertainties brought about by the COVID-19 pandemic. We have continued implementing our projects as planned and so far the pandemic has had only minor impacts on our business. We have safeguarded the continuity of our business by ensuring the health and safety of our employees and have done everything we can to secure the energy supply, gas sourcing and distribution as well as safe and secure logistics in our recycling and waste services. I would like to thank our employees, customers and partners for well-functioning cooperation in what is a challenging operating environment.Our financial performance during H1 was in line with our expectations.
Our revenue during the reporting period was €302 million, which was clearly lower compared to a year earlier. Revenue was primarily affected by the price development of gas in Europe. Group profitability remained in line with the level forecast despite changes in the operating environment.
During Q2, we closed our acquisition of Linde AG’s LNG and Biogas business and Nauticor’s Marine Bunkering business. The acquisition has helped us to further strengthen our capacity to offer gas solutions, particularly in maritime and heavy-duty transport, in the Nordic countries. In conjunction with the transactions, we also considerably expanded our gas filling station network and are able to ensure our customers have access to a competitive
and low-emission energy.
Demand for cleaner energy solutions is currently growing particularly in maritime transport, where total gas sales volumes are forecast to show further growth. During Q2, we completed several LNG bunkering operations in maritime transport in the Nordic countries and also in Germany. We completed bunkering for the first time for Heerema’s Sleipnir, the world’s largest semi-submersible crane vessel, and for the product tanker Ramelia. We also concluded a delivery partnership agreement with the Samskip shipping company and opened the first shipping fuel station in the Ports of Stockholm.
Biogas is increasingly attracting interest among forerunners in maritime transport and we delivered liquefied biogas (LBG) for the first time to ESL Shipping’s vessel Viikki. During Q2, we promoted the regional circular economy in our biogas business in Northern Finland by concluding a contract with municipal waste management company Napapiirin Residuum. In future, biowaste from residents in Rovaniemi, Ranua and Pello will be turned into renewable biogas and recycled nutrients at our biogas plant in Oulu. We also made a decision to invest in building a new biogas plant in Götene, Sweden.
We signed a portfolio management agreement with Keravan Energia. Cooperation ensures the predictability of managing electricity price risks in respect of electricity sales portfolios.”