In 2012, the Campine Group realised a turnover of EUR 149.93 million, compared with EUR 181.72 million in 2011 (-17,5 %).
The pre-tax profit of the first semester was EUR 0.06 million. However, the second half year resulted in a loss before taxes of EUR 3.41 million - giving a pre-tax loss for the year of EUR 3.35 million. This compared with a pre-tax profit of EUR +5.94 million in 2011.
The operating profit amounted to EUR -1.51 million (2011: EUR 5.21 million). 2012 was characterized by low demand in BU antimony and BU plastics. In BU Lead demand remained stable but margins decreased.
Net financial result amounted to a loss of EUR 1.84 million compared with a profit of EUR +0.72 million in 2011.
The lead hedging resulted in a net loss of EUR 0.88 million (compared with a net profit of EUR +1.81 million in 2011). The objective of hedging is to limit the fluctuations of Campine's results due to the impact of changes in lead prices on the value of purchases and sales and of inventories. These amounts include the fair value of the LME lead hedge at December 31, which is included in the income statement in accordance with the specific IFRS standards.
Due to the losses of the year, no current tax provision was set up. The Fiscal losses are estimated to an amount of EUR 3.00 million. For the IFRS accounts, a deferred tax asset was set up for EUR 0.75 million, including other timing differences the tax resulted to an amount of EUR 0.88 million.
Loss after taxes was EUR 2.47 million, compared with a EUR 4.05 million profit in 2011. The lower earnings figures were effected by the disappointing second semester with volatile raw material prices, the uncertain financial markets and the reduced economic activity.
The Board of Directors proposes that the company will not pay a dividend. In 2012 a dividend of EUR 1.875 million (EUR 1.25 gross per share) was paid on the basis of the 2011 result.
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