Campine nv

Earnings Release • Feb 27, 2014

Year results 2013

Our auditor, Deloitte Bedrijfsrevisoren, represented by Kathleen de Brabander, has confirmed that the audit procedures of the consolidated financial statements are substantially completed and that these procedures have not revealed any material modification that would have to be made to the accounting information, derived from the consolidated financial statements and included in this communiqué.

Year end	Year end
31/12/2013	31/12/2012
137.465	149.925
1.981	2.812
-117.543	-130.722
-12.008	-12.430
-3.538	-3.218
	-7.875
	-1.508
	2
	-879
	-963
	-3.348
	882
	-2.466
	-2.466
	-2.466
	-
-1.144	-2.466
	-8.060 -1.703 2 1.042 -872 -1.531 387 -1.144 -1.144 -1.144 -

Consolidated income statement for the year at 31 December 2013

Result per share (in EUR) (1.500.000 shares)
Result of operating activities after net financial result	-1,02	-2,23
Group share in the net result of the year (Basic)	-0,76	-1,64
Group share in the net result of the year (Diluted)	-0,76	-1,64

Overview of the total result at 31 December 2013

Result for the year	-1.144	-2.466
Other comprehensive income:
Comprehensive income to be reclassified to the profit or loss statement in the
future	-	-
Comprehensive income not to be reclassified to the profit or loss statement in
the future	-94	-
Total comprehensive income for the year	-1.238	-2.466
Attributable to:
Equity holders of the parent	-1.238	-2.466
Minority interest	-	-

In 2013, the Campine Group realised a turnover of EUR 137.46 million, compared with EUR 149.93 million in 2012 (-8 %).

The pre-tax loss of the first semester was EUR -0.08 million. The second half year resulted in a loss before taxes of EUR -1.45 million - giving a pre-tax loss for the year of EUR -1.53 million. This compared with a pre-tax loss of EUR -3.35 million in 2012.

The operating loss amounted to EUR –1.70 million (2012: EUR -1.51 million). 2013 was characterised by low demand in business unit antimony. The plastics unit realised a reasonable growth. In business unit lead demand slightly increased but margins were under continued pressure.

Net financial result amounted to a profit of EUR 0.17 million compared with a loss of EUR -1.84 million in 2012.

The lead hedging resulted in a net profit of EUR 1.04 million (compared with a net loss of EUR -0.88 million in 2012). 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 loss of the year, no current tax provision was set up. A deferred tax asset was set up for EUR 0.37 million, including other timing differences the tax credit was EUR 0.39 million.

Loss after taxes was EUR -1.14 million, compared with a EUR -2.47 million loss in 2012. The results were effected by low demand in antimony, lower lead scrap margins and continuing reduced economic activity.

The Board of Directors proposes that the company will not pay a dividend. In 2013 no dividend was paid.

Results per Business Unit

• Lead: the business unit lead realised a turnover of EUR 58.01 million (EUR 58.41 million in 2012) (-1 %) with a slightly higher sales volume of 43,551 mT (41,670 mT in 2012) (+5 %).

In general, the lead price fluctuated between EUR 1,500/mT and EUR 1,800/mT during 2013. We note a decrease from EUR 1,800/mT in the beginning of January, EUR 1,635/mT at the end of March and EUR 1,573/mT at the end of June 2013. In the third quarter of the year, prices fluctuated slightly between EUR 1,510/mT and EUR 1,680/mT. Quarter four showed no large changes, moving from EUR 1,500/mT at the beginning of October to EUR 1,600/mT at the end of December 2013.

• Antimony: volume increased to 8,303 mT (7,887 mT in 2012) (+5 %). Average sales prices were far lower than in 2012 and consequently turnover fell to EUR 58.35 million (EUR 71.33 million in 2012) (-22 %).

In general, average antimony prices have fluctuated between EUR 6,750/mT and EUR 9,000/mT in the course of 2013 moving from EUR 9,000/mT early January 2013 to EUR 7,400/mT at the end of June 2013. This was followed by a steady increase to EUR 7,500/mT in early November and a decrease to EUR 7,000/mT by end December 2013.

• Plastics: turnover increased to EUR 22.81 million (EUR 20.60 million in 2012) (+11 %). Volume also increased to 5,091 mT (2012: 4,330 mT) (+18 %).

Perspectives for 2014

We see some signs of economic recovery with demand slowly increasing.

For the business unit lead we expect to realise a further volume increase. Profitability still depends highly on the raw material market which has improved recently but is still far from the desired level.

In antimony we expect a slight volume increase compared to 2013, but margins remain under pressure.

In plastics we expect increasing volumes.

Over the financial year 2014 we anticipate a positive result.

For further information you can contact Karin Leysen (tel. no +32 14 60 15 49) (email: Karin.Leysen@campine.be)