Headlines
During the first semester of 2018 Campine achieved a revenue of 113.8 Mio € (2017: 116.5 Mio €). Profit after taxes amounted to 4.67 Mio €, (2017: 4.98 Mio €). The slight reduction in Sales (-2.3%) and profit (-6.2%) are solely related to the volatile and lower lead prices in 2018.
“The metal markets have been more volatile in 2018 due to threats of trade wars” explains CEO De Vos and adds that “Despite similar average metal prices in the first half of 2017, the LME lead price in 2018 showed a downward trend. In combination with increased used-battery purchase prices, this has a shortm term negative impact on margins.”
Campine confirms that since August battery prices are lowering and availability improves. In combination with the new lead furnace filter and related increased output capacity, Campine is looking forward to a positive second semester with good filled orderbooks for all businesses.
Re-aligned Business Units Campine has aligned its business organisation into 2 segments in conformance with its markets served.
This orientation also fits with our internal management structure says De Vos: “The Plastics and Antimony Business Units are serving the same customers, often even for the same applications, so it is logical to bring them in one Segment called Specialty Chemicals.
In May 2018 the company announced its new business plan, in which it confirmed also to increasingly recycle other metals besides Lead. “What started as an attempt to recover antimony from our drosses and other industrial waste streams, resulted in the recovery, concentration or extraction of different other metals. The metallurgical process to do this and the suppliers and customers involved, are more linked to our lead recycling operations, so these businesses fit very well under the Segment header of Metals Recycling” adds De Vos.

Specialty Chemicals hosts all businesses which serve end-markets with chemical products and derivates. The manufacturing of antimony trioxide used as flame-retardant, polymerization catalyst and pigment reagent (formerly reported under the Antimony unit) and the production of different types of polymer and plastic masterbatches (formerly reported under BU Plastics) are hosted in this
Segment, which now comprises the BU Antimony and BU Plastics.

Metals Recycling hosts the businesses in which metals are being recovered from
industrial and post-consumer waste streams.
The main activity is the manufacturing of lead alloys (formerly reported in the BU Lead). To this business is now added the growing activity of the recycling of other metals such as antimony and tin (formerly integrated in the BU
Antimony). This Segment now comprises the BU Lead and BU Metals Recovery.

Performances per Segment
Specialty Chemicals
Market and Operations
• The demand for flame retardants continues to increase. Despite regulatory pressure, antimony trioxide
remains the most widely used and most efficient product in the fire protection of plastics.
• Sales volumes increased to 8,078 mT compared to 7,855 mT over the same period in 2017, which is an
increase of 3 %. Demand remains strong for the rest of the year.
• The operating result improved substantially to 2.70 Mio € (from 1.20 Mio € in 2017), due to increased
operational efficiencies.
• Campine keeps expanding its range of plastic masterbatches with the addition of a 4th mixing unit.
Specialty Chemicals
30/06/18 30/06/17 30/06/18 30/06/17 30/06/18 30/06/17
Turnover in € '000* 34,015 31,662 7% 13,573 13,989 -3% 47,588 45,651 4%
BU Antimony BU Plastics Total
Outlook 2018
The demand for Campine’s chemical products remains strong. The expectation is that the Specialty
Chemicals Segment will continue to perform better than in 2017 throughout the year.


The financial reporting is adapted according to this modification.
The full interim financial report is available on our website via
http://www.campine.biz/images/interim_financial_report.pdf