Results first half 2021
Regulated information - 2 September 2021 –
During the first semester of 2021 Campine’s
revenue amounted to 106,3 mio €, which is an increase of 29%
compared to the first semester of 2020 and 3% higher than the first
semester of the ‘pre‑Corona year’ 2019. The EBITDA reached 10,9 mio
€, which is a record high result for the first semester. The
increase in sales and profit is entirely related to the recovery of
the economy following the breakthrough of the Corona pandemic and
the increase of the raw material prices. “The demand for all our
products was extremely high” explains CEO De Vos “Our concerns
today are mainly to find enough raw materials at decent prices,
although we can pass on the increased costs fairly easily” he adds.
Especially in Campine’s Specialty Chemicals division there are
shortages for different materials, leading to higher prices.
Campine was also able to extend the efficiency
improvements and savings implemented during last year’s pandemic.
Thanks to adequate measures there have been no negative
consequences for Campine’s employees related to Covid so far.
To facilitate a better comparison, results of
the ‘pre-Covid’ year 2019 were added to the usual comparison with
the prior (Covid) year 2020.
Results per division/segment
Division/segment Specialty Chemicals
Market and Operations
- The 2020 year-end rally of the antimony metal price continued
at a higher pace in 2021. Antimony is the main raw material for
Campine’s Specialty Chemicals division. By the end of March prices
reached the level of 12,000 USD/ton, which is double of the price
level of mid-2020. This fast and steep increase is related to an
uptake on the demand side and shortages on the supply side. Covid
pandemic closures of antimony mines around the world caused ore
supply to drop significantly, leading to shortages in antimony
metal and ultimately to a relative scarcity of trioxide. This
situation persists until today and is also fuelled by increased
maritime transport costs, where prices are fivefold of last
- “Thanks to our diversified purchasing network Campine was able
to secure enough metal.” Explains Hans Vercammen, Division Director
Specialty Chemicals “On top of this we were fortunate to start up
our antimony recycling factory earlier this year: it already paid
off, given the shortages and for sure the interesting price
levels.” Vercammen adds.
- In the Plastics business unit the main challenges were similar
in trying to secure supplies of the different polymers and
additives at reasonable prices. Campine is however able to pass on
the material price increases to its customers.
- Sales revenue in the Specialty Chemicals division increased to
47.2 mio €, a growth with 38% from 2020 and 8% higher than in 2019.
These higher revenues are mainly a result of a strong demand and
higher sales prices of the antimony products.
- The EBITDA rose to 6.3 mio €, (compared to 1.7 mio € in 2020
and 0.5 mio € in 2019). This strong result is also supported by a
stock value increase resulting from the higher prices.
Division/segment Metals Recycling
Market and Operations
- The demand for lead has been consistently high this year. Lead
LME prices kept on fluctuating around the 1,650 €/ton level, but
rallied to a level of 1,950 €/ton by the end of June.
- The production output of our Lead business unit suffered from
advanced wear of a part of our equipment. Due to the increased
productivity in recent years this part needs replacement
- The Metals Recovery activities, in which we recycle other
metals, contributed extra to the revenue and profits thanks to high
prices for gold, silver and tin.
- Sales volumes reached approx. 34,000 tons, which is 4,000 tons
more than last year, but comparable to 2019.
- Sales revenue increased to 69.1 mio € (+27% versus 2020 and +4%
- The EBITDA amounted to 4.6 mio € compared to a break-even in
2020 and almost equal to 2019.
We can already mention that 2021 will be a
strong year for Campine, surely if raw material prices remain on a
high level. In all of our businesses we expect the positive market
situation to extend “Market demand remains high, so we expect to
run at full capacity for the remainder of 2021” according to CEO De
LME stocks in Europe and the USA continue to
diminish, which keeps the lead LME price at a reasonable high
level: it has been fluctuating around the 2,000 €/ton mark in
recent weeks. It is expected that there will be a lead deficit this
year on the world market. The price and high demand situation is
also supported by the temporary fall out of Europe’s largest lead
producer in West Germany due to the flooding of early July.
In Campine’s Specialty Chemicals the demand is
also expected to remain high, as Asian (mainly Chinese) competitors
have supply issues related to logistical limitations and high
- 21 interim financial report
- 21 press half
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