CAMPINE : Interim financial report 30/06/2014

During the first semester 2014 the Campine Group achieved a revenue of EUR 73.86 million compared with EUR 73.51 million in 2013 (+0.5 %).

The operating result amounted to a loss of EUR -0.42 million compared to a loss of EUR -0.62 million in 2013.

Finance costs were KEUR 359 (KEUR 477 in 2013). The lead hedging result amounts to KEUR 64 (KEUR 1,023 in 2013).

Loss after taxes amounted to EUR -0.75 million, compared with a loss of EUR -0.13 million in 2013.

Results per business unit:
Lead: Turnover increased significantly to EUR 35.71 million (EUR 28.65 million in 2013) (+25 %). Our volume increased to 24,164 mT (22,053 mT in 2013) (+10 %). As part of the toll-work was replaced by outright sales, turnover increased considerably more than volume. The LME lead prices, which are the basis of our sales prices, moved from 1,619 EUR/mT at the beginning of January to 1,559 EUR/mT at the end of June with a low around 1,440 EUR/mT mid March.

Antimony: Turnover decreased to EUR 26.81 million (EUR 32.77 million in 2013) (-18 %) whereas sales volume increased to 4,535 mT (4,410 mT in 2013) (+3 %). The general economic situation in the antimony business remains weak and seriously weighs on margins and turnover.
Metal Bulletin prices were lower than last year, and remained quite stable in the first semester of 2014; starting at 7,023 EUR/mT with slight fluctuations up to 7,270 EUR/mT at the end of January and gradually down to 6,857 EUR/mT at the beginning of May to reach 7,085 EUR/mT at the end of June 2014.

Plastics: Turnover reached EUR 13.11 million (EUR 12.51 million in 2013) (+5 %). The volume decreased to 2,781 mT (2,907 mT in 2013) (-4 %). In the business unit Plastics margins increased compared to last year because of improvement in process and product mix.

Perspectives full year 2014
Referring to our press information of February, there are signs of economic recovery with demand slowly increasing. However worldwide overcapacity in Lead and Antimony puts pressure on margins.

For Lead we expect to continue the volume increase and expect improved margins.

In spite of weak economic situation and the traditionally lower demand in the second semester, we expect to realise the same sales volume as in the first semester in Antimony.

We expect in Plastics an annual sales volume above the 2013 level thanks to growing demand in second semester.

We expect a break-even result for the second semester 2014 based on the situation as of today.