A year
in review.
ANNUAL REPORT 2021
Content
04
Introduction
06
Message from the chairman
and the CEO
07
2021 Financial
10
Well-being at the workplace
14
Safe handling and processing
of products
09
2021 Headlines
13
Our values
02
16
Logistics and supply chain
18
Annual review 2021
40
Consolidated nancial
statements
03
SUSTAINABLE
ECONOMY
starts at Campine
INTRODUCTION 04
Campine is creating new material
solutions from waste. It’s our second
nature to care for people and planet
and to manufacture products which
protect people. Our processes and
procedures are immersed in a culture
of safety and responsibility.
About Campine
Campine is the only car battery recycler
in the Benelux. Each day, we prevent
more than 10,000 lead-acid batteries to
end up in landlls. We recycle the lead
and recover the acids.
Campine is – outside of China - the
largest producer of the most important
ame retardant used in plastics and
textiles called antimony trioxide. This
product, used in many household
and building materials yearly saves
thousands of lives by delaying or
extinguishing ames in re incidents.
Recover.
Renew.
Repeat.
05
MESSAGE FROM THE CHAIRMAN AND THE CEO 06
Message of the
chairman and the CEO
The perfect storm gives Campine a nice tailwind
in 2021. In addition to continuing to manage the
piled up: rapidly rising prices of many products
and services, shortages of raw materials and
derivatives, unavailability of transport and
just to name a few. However, Campine once
and managed to use the wind of the storm in its
advantage.
Strong market demand for all our products,
together with rising prices of raw materials, led
to a very successful financial year 2021 with a
record high EBITDA of more than € 22 million.
Campine maintained a strong balance sheet with
a solvency ratio of 52%.
From an operational point of view, the year was
by no means easy. Throughout the year there
was a substantial absence in the workforce due
to COVID infections or quarantine, leading to
frequent rescheduling of production. In addition,
there were various shortages of materials that
mainly the Plastics business unit of the Specialty
Chemicals division had to deal with. In the Metals
Recycling division, on the other hand, the Lead
business unit struggled with faster wear and tear
of the gas after-treatment installation, which
limited the output of the blast furnace in the first
half of the year. The effect of rising raw material
prices had to be carefully managed to protect
our customers against these rapid increases
and, on the other hand, to maintain Campine’s
profitability. Our purchasing tactics and sales
prices had to be continuously adjusted.
2021 was a key year in terms of investments. The
most important expansion was the antimony
recycling unit in the Metals Recovery business
unit, which already contributed to the 2021
profit.
Campine cares a lot about ESG (Environment
– Social Responsibility – Governance) goals
and reporting. Hence important work was done
last year on themes such as CO2 impact, waste
policy, emissions, recycling, training, safety,
health, ethical and sustainable business and
innovation. Achieving the ISO 45001 standard
regarding safety management is a highlight in
this regard. However, in 2021 we had an increase
in labour accidents. As a result, a new “safety
2.0” program was launched, which aims to
further improve safety awareness and prevent
accidents. This project will be rolled out in 2022.
A three-year review of the board’s functioning
was conducted at the end of 2021 in the
framework of increasing its efficiency, improving
Our purchasing tactics
and sales prices had to be
continuously adjusted.
”
“
2021 FINANCIALS 07
2021
Financials
TURNOVER
€ 226,3m
EBITDA
€ 22,6m
SOLVABILITY RATIO
52%
NET RESULT
€ 13,5m
TURNOVER PER BU
EBITDA PER DIVISION
32%
54%
7%
46%
46%
15%
■ Antimony ■ Plastics
■ Metals Recovery ■ Lead
■ Metals Recycling
■ Specialty Chemicals
MESSAGE FROM THE CHAIRMAN AND THE CEO 08
transparency towards stakeholders and setting
strategic goals. In addition, the board of
directors wishes to confirm its commitment to
governance responsibilities. In summary, there
is a unanimous sense of good functioning of the
board of directors with freedom of expression
and in line with corporate governance rules.
Recent developments in the field of ESG are
being discussed and recommendations for points
for attention for the coming years have been
formulated.
We expect markets to remain fairly volatile in
the coming year. The spectacular derailment
of energy prices and geopolitical tensions will
contribute to a sense of uncertainty. In 2022, we
do plan to grow volumes for all our units, taking
into account the difficult availability of certain
products and services. The continuing shortage
on the labour market, the search for qualified
personnel and the ability to pass on the inflation
costs are certainly challenges for the coming
period.
Campine will focus on a number of priorities in
the coming years. More than ever, safety will be
given an even more significant place together
with ESG elements such as the environment
and corporate social responsibility. Innovation
and efficiency in our production processes will
provide solid fundaments for manageable growth
together with the aim to further increase the
material recovery rate in our waste recycling to
achieve our vision of “zero waste” economy.
Campine’s resilience and development in
2021 would not have been possible without
the passionate teamwork of its staff and
management and the close collaboration with
the social partners, the board of directors,
its shareholders and a wide range of other
stakeholders. We cherish these relations and
express our sincere gratitude.
Willem De Vos
CEO
Patrick De Groote
chairman of the board of directors
The aim is to further
increase material
recovery rates in the
recycling of waste.
“
”
2021 HEADLINES 09
Record prot: with an EBITDA of 22.6 million €,
Campine achieved a historic record result.
2021
Headlines
Several market shortages had a major impact on the
continuity and availability of materials and even in
global logistics the supply chains were interrupted.
Campine obtains ISO45001, the international
standard for health and safety at work.
Drastic increase in most raw materials and
commodity prices.
10
accidents this year. Therefore a new project was launched to turn this around: Campine Safety 2.0.
The importance of maximum
presence in the workplace and
the interactions with and between
employees has become very
clear in the full Corona crisis.
“
”
Well-being
at the workplace
Well-being and involvement
are central/essential
Campine wishes to create a safe, healthy and
pleasant workplace for all its employees. Obtaining
the ISO45001 management system independently
and objectively means that we commit ourselves
every day to make this work. To record the most
important improvement actions, which are
included in the annual action plans of the various
departments, every employee’s involvement is
essential.
2021 was marked by several achievements and
improvements in the eld of health and safety. For
example, in the lead department, the open lead
rening pots were completely covered. A project that
scores in terms of safety, environment, health and
Stephanie Geerts (prevention adviser) and Sarah Verbeeck (chief maintenance Specialty Chemicals)
11
energy saving, as now less heat and dust is released
in the renery department. Fixed stairs were
installed at various locations to make workstations
safely accessible. Furthermore, various extraction
pipes were adapted and renewed in the production
departments.
Some years ago, an upgraded training and safety
plan was started for newcomers, interim sta and
contractors. The results of these eorts became
visible for the rst time in 2021. There was not
a single accident involving an interim worker
or contractor. And for the rst time the annual
maintenance shutdown was also completely
accident free.
Safety 2.0
In 2021 more labour accidents with absence
happened than in previous years, a trend that was
observed throughout the sector. Is this a result of
the reduced presence of the controlling body due
to mandatory home working? Or due to higher work
pressure in view of the higher illness rates and
quarantine absences? The importance of maximum
presence in the workplace and the interactions with
and between employees has become very clear in
the full Corona crisis.
To further evolve towards zero accidents at work, a
new program was implemented: ‘Safety 2.0’. The aim
of this program is to further increase basic safety
at Campine and to get everyone to understand their
role in the safety policy and have it applied.
In 2022, Campine will continue to strive for
continuous improvement. The most important
actions relate to qualitative investigations and
learning from incidents, the correct assessment of
risks and learning to talk about safety by means of
toolbox meetings. This new program reinforces the
current safety culture.
In recent years Campine has made great eorts to
minimize exposure to hazardous substances. We
pursue a proactive health policy and voluntarily
apply stricter limit values than prescribed by
the authorities. Every year we continue to work
on a reduced dust workplace with the goal to
become dust-free. Thanks to additional technical
investments, new procedures and the continued
commitment of the employees, an excellent result
was achieved. Biomonitoring results remained low in
2021. The slight increase is due to the higher activity
in 2021 whereas there were longer downtimes in the
COVID year 2020.
The most important
actions relate to
qualitative investigations
and learning from
incidents.
“
”
ratio
2017: reference 100
100
76,215
73,585
59,54
61,68
30
40
50
60
70
80
90
100
2017 2018 2019 2020 2021
Evoluon biomonitoring results
Our vision ‘Recover, Renew, Repeat’ is the stepping stone to full ESG
commitment.
In its lead recycling activity Campine is preparing for
the future to recuperate the polypropylene plastic.
Successful tests demonstrated that the Campine
technology can run with dismantled batteries. This
will further enhance our material recovery rate.
Campine is uniquely positioned to recover antimony
trioxide out of dierent byproducts from the copper
and lead industry. In 2021 we successfully installed
a new furnace in order to increase the antimony
recycling capacity and eciency. The STRES grant
from the Flemish government conrmed Campines
contribution towards the ecological benets of the
operation. This investment enabled us already in
2021 to increase the recycled content antimony and
other metals.
As the ISO auditors
recognized, Campine
pays a lot of attention
to the sustainability
of the total supply
chain: ‘design for safe
use’ and ‘design for
climate neutrality’
are integrated in the
dierent product
lines. Newly developed lead alloys do contribute to
longer life of batteries, or more ecient solutions for
start-stop-technologies in cars. In this way Campine
contributes to increasingly fuel ecient cars.
Campine also supports the development of future
recycling processes to recover metals or chemicals
out of WEEE (electronic waste) or ELV-scraps
(End-of-Life Vehicles) within the consortia
‘Plast2BCleaned’ and ‘Lifeplasplus’.
Campine stays on track to strive for permanent lower
emission levels. The investment of the new recycling
facility included a new lter installation. The installed
lter capacity is resulting in low emission levels, in
average we only emit 6% of the permitted levels.
The SO2 capture system was also further improved
in 2021, the trend of SO2 emission per recycled ton
of waste shows a decrease of 30% over the last
5 years. Additional new covered storage areas were
complemented and the water spraying system was
expanded. These investments, in combination with
operator awareness and increased daily cleaning
operations, reduced the dust deposit in the plant
surroundings with 15%.
Hilde Goovaerts,
Operational Excellence manager
ESG COMMITMENT 12
ESG
Commitment
6 values that
dene our
company
Safety is our rst concern
We engage in those things where we
can make a signicant contribution
We decide, act and nish
what we started
We keep things simple
We are not afraid to say no We respect people and planet
OUR VALUES 13
SAFE HANDLING AND PROCESSING OF PRODUCTS 14
Safe handling
and processing
of products
Our Specialty Chemicals division has been
committed to developing user-friendly products
for more than 10 years. Because the health of our
own employees and those of our customers is very
important to us, Campine has developed its own
solutions to prevent exposure to ne dust particles.
As a result, we reduce the safety and health risks
when processing antimony trioxide, both at Campine
and at our customers. Antimony trioxide is typically
used as a co-synergist in ame retardant textiles or
plastics and as a catalyst to produce PET resins.
In the image our solutions are visualized: the ne
antimony trioxide powder; wetting agents are
used for wetted antimony trioxide powders
(which are about 100 to 1,000 times less dusty);
but the ultimate solution that Campine promotes
is granular masterbatches or more recently
developed microgranular mixtures for use in PVC
formulations (textile, cable, etc.).
Campine is a trendsetter in this eld as in recent
years the demand for “safe to handle” products
has risen sharply. The relative amount of antimony
trioxide powder has been reduced by almost 30%
from 61% to 43% of our total sales volume while
the amount of antimony trioxide sold as masterbatch
has almost tripled from 7% to 20%. Not only the
downstream user benets from these safer
dust-free products as both the wetted powders and
the masterbatches oer other advantages. The
excellent dispersion of the antimony particles in a
masterbatch, produced with our own processes,
leads to a more ecient use of the antimony
content, ultimately resulting in savings for the
customer. When using masterbatches, there is an
optimal use of materials because the bags can
be emptied for the full 100% and no residue is
left behind in the packaging. This also makes the
packaging easy to recycle.
61%
32%
0%
7%
43%
35%
2%
20%
0%
10%
20%
30%
40%
50%
60%
70%
powder weed micro masterbatch
Volume evoluon 2012 - 2021
2012 2021
powder wetted micro masterbatch
RECYCLED METALS
■ Post-consumer waste ■ Industrial waste ■ Primary raw materials
12%
78%
10%
OVER 88% OF THE INCOMING MATERIALS
ARE WASTE PRODUCTS
Circular
economy
CIRCULAR ECONOMY 15
LOGISTICS AND SUPPLY CHAIN 16
The past year can be described as peculiar in the
eld of logistics and purchasing (supply chain). The
economic recovery, which had already started during
the COVID year, has continued in the course of
2021. The exponential continuation of this recovery
has generated enormous tensions throughout the
entire supply chain. Campine has however managed
to keep most disruptions under control based on
proactive management decisions.
Various market shortages have had major
consequences on the continuity and availability of
logistics services. Port closures, sta shortages
(resulting in fewer ships and fewer trucks) combined
with disrupted container availability are some of
the consequences of the COVID pandemic that
have led to an imbalance in this sector. The totally
unexpected closure of the Suez Canal has shaken
the global logistics sector to its foundations,
resulting in capacity shortages and sharp price
increases. Rapidly rising post-COVID demand has
further stimulated this phenomenon. Thanks to
many years of cooperation with regular logistics
partners Campine was able to limit consequences
to some extent and to keep the price increases
under control. In addition, these higher transport
costs were passed on to the market. Various trade
agreements and large logistical price dierences
have also helped Campine to supply certain regions
more competitively.
The prospects for 2022 certainly do not look
easy from a logistics point of view. The shipping
companies have expanded their eet (containers
Logistics and
supply chain
Nicolas De Backer
Procurement manager
Various market shortages
have had major
consequences on the
continuity and availability
of logistics services.
“
”
and ships) to meet the increased demand, but
these will not become operational until 2023. Some
improvement can therefore only be expected in the
course of next year.
The gigantic and unprecedented increase in energy
prices has also aected Campine’s operational
production costs. Both gas and electricity prices
have seen a record rise from the second half of
2021 and have more than quadrupled. Our energy-
saving plan, which was started a few years ago, has
certainly paid o here. Thanks to our professional
tools, the price increase in the energy sector was
limited and slowed down in the short term. Moreover,
the majority of these cost increases were passed
on to our customers, although with some delay.
Given the current uncertainties, we do not expect
a signicant price reduction for gas and electricity
before 2023. Campine will continue the eciency
improvements in its production methods to further
gradually reduce overall energy consumption in the
future as well as investing in our own green energy
production with a solar panel park.
Finally, Campine is fully engaged in the digital
automation of its processes. The mandatory home
working days have steered Campine further towards
digitization. In the meantime, additional projects
have been launched to simplify remaining manual
processes and convert them into digital versions.
This will benet the processing, accessibility
and follow-up of data and help us further in our
automation process. Extensive digitization also
means reducing our ecological footprint.
LOGISTICS AND SUPPLY CHAIN 17
The unprecedented
price increases for
energy have aected
the complete supply
chain. Eciency seeking
activities were prioritized
to try to mitigate the
consequences and to
minimize the impact.
“
”
REPORT TO THE SHAREHOLDERS 18
The board of directors of Campine nv reports to the shareholders on the company’s activities and results over
the nancial year 2021. The consolidated annual accounts and this annual report were approved by the board
of directors on 25 February 2022 and will be presented to the general meeting of 25 May 2022.
Annual review
2021
1. A perfect storm gives
Campine tailwind in 2021
Despite a year with lots of challenges, Campine took
advantage of the high demands for all of its products
in 2021 and turned some market hurdles into real
opportunities. This resulted in historical record
prots, with the EBITDA reaching € 22.6 mio.
Campine had to cope with many extreme factors
and diculties related to the post-COVID economic
revival. Campine was not spared from the shortages
in dierent materials and the serious price hikes
related to it. The disruptions in global logistics and
related cost increases posed a challenge to Campine,
which imports and exports thousands of tons of
material globally. On top, the absence of personnel
due to COVID illness and quarantine overturned
the production planning constantly. Thanks to
our professional and exible sta, we were able to
successfully tackle this.
The boosting energy prices, general ination and
increased service costs contrasted with the high
demand for all Campine’s products.
The demand in the Specialty Chemicals remained
extremely high throughout the year. Antimony
metal prices surged to a 5-year high and rallied from
roughly 6,000 $/ton in the last quarter 2020 to about
13,000 $/ton a year later. This erce price increase
is related to the tight situation in the antimony ore
concentrates supply. COVID reduced output or even
closed some antimony mines and additionally the
extracted ore concentrates could not nd their way
easily to the smelters, due to the limited availability
of transports and congestions in the Asian ports.
Campine had to adjust its purchasing tactics
regularly and adapt constantly its sales prices.
Management was confronted with a lot more detailed
aspects of the business this year, as it had to dive
into the smallest details of our operations to remain
agile and maximize protability. It was important
to react very fast and seize every opportunity to
keep our business with high demands running at
the lowest possible cost. Asian low-cost antimony
trioxide competitors faced huge logistic issues and
higher transportation costs, which made many
customers turn to Campine as a reliable Western
quality supplier. Campine’s capacity expansion in
GENERAL 19
2019 in its Plastics Masterbatch department proved
to be really necessary as market demand was
extremely high and sales volumes grew with almost
17%.
The Metals Recycling division likewise benetted
from the recent capacity expansions in its Metals
Recovery business unit. Prots in this unit were
propelled by the higher metal prices. Despite the
high demand for lead in 2021 Campine’s Lead BU
output reduced slightly, because technical issues
limited the output in the rst semester. Lead LME
prices increased in the 2nd semester of 2021
towards € 2,100/ton, as the largest lead smelting
factory in Europe was hit by the ooding in Germany,
limiting European lead metal supply. This factory is
still not operational.
2. Group results
Campine realised a total revenue of € 226.3 mio
in comparison with € 166.9 mio in 2020 (+36%).
This higher revenue is mainly related to the higher
volumes in the Specialty Chemicals division and
the overall increased metal prices, which form the
basis of Campine’s sales prices.
The EBITDA reached € 22.6 mio, which is 215%
higher compared to the € 7.2 mio of 2020 and
the EBIT ended at € 19.1 mio (427% higher than
in 2020). The net result (EAT) for 2021 amounted
to € 13.5 mio compared to € 2.8 mio in 2020
(+385%).
Our financial ratios continued to remain very
solid during 2021 despite the increased need for
working capital, in view of the high material prices
and increased volumes. With a solvency rate of
52% (equity/balance sheet total) we have the
financial resources to continue financing future
expansions and renewals.
SPECIALTY
CHEMICALS
METALS
RECYCLING
Antimony Lead
Plastics Metals Recovery
David Wijmans, division director Metals Recycling
Volume
15.598 ton
EBITDA
12,2 mio €
3. Specialty Chemicals division
This division (business segment) is composed
of the business units Antimony and Plastics.
3.1 VOLUMES
The sales volume in the Specialty Chemicals
division grew with 17% to 15,598 tons from about
13,350 tons in the previous years 2020 and 2019.
3.2 REVENUE AND EBITDA
Revenue is also linked to the evolution of antimony
metal prices, hence our sales revenue increased
drastically. The average antimony Metal Bulletin
price in 2020 of $ 5,912/ton almost doubled during
2021, when the average price amounted to
$ 11,187/ton. Consequently our revenue amounted
to € 106.4 mio (+65% vs 2020).
The very good results were supported by higher
volumes, better margins and also a stock value
increase due to the fast and erce material price
increases. The EBITDA reached € 12.2 mio, up 422%
from € 2.3 mio one year earlier. The EBIT increased
to € 10.6 mio compared to € 1.1 mio in 2020.
REPORT TO THE SHAREHOLDERS 20
Volume
63.850 ton
EBITDA
10,4 mio €
GENERAL 21
4. Metals Recycling division
This division (business segment) is composed of
the business units Lead and Metals Recovery.
4.1 VOLUMES
We concluded the year with a sales volume of
approx. 63,850 ton, which is similar compared
to 2020 (+2%). This small volume increase came
entirely from our Metals Recovery unit, as the
lead department suffered from technical issues.
Due to the higher throughputs in recent years,
one of the gas treatment elements of the shaft
furnace, which normally has a 5-year replacement
span, was showing increased wear, limiting
output.
4.2 REVENUE AND EBITDA
The higher LME prices contributed positively
to the higher revenue and operational result.
Our margins are typically under pressure when
LME has a downward trend but recover during
upward movements. Just like all other metals,
the lead LME price increased substantially
during the economic revival after the 2020
Covid pandemic dip. The average LME price in
2021 was about € 1,870/ton, which is about
17% higher than in 2020 (€ 1,600/ton).
Consequently, the revenue increased by 26% to
€ 142.2 mio whereas the EBITDA grew to € 10.5 mio
(+116%) and the EBIT to € 8.5 mio (234%).
REPORT TO THE SHAREHOLDERS 22
5. 5. Perspectives for 2022
The high demand for all Campine’s products
remains in the rst quarter 2022 and we expect
this situation to last at least until the summer.
The Specialty Chemicals division gained some
new customers in 2021, which will contribute
further to keeping or even growing the high sales
volumes. Antimony metal prices remained stable so
far around 13,000 $/ton, but global logistics remain
complicated.
In our Metals Recycling division lead LME prices
remained on average above 2,000 €/ton level
until end of February and we expect prices to
remain relatively high as a consequence of the
limited supply in Europe and the USA. Campine
successfully increased its price premiums to
recover some of the higher raw material and energy
prices, but ination will keep pressure on prot
margins during 2022.
Campine will continue its investment plan which
contains some renewal and replacement as well
as small expansion projects. These should further
increase operational eciency and improve our
safety and environmental KPI’s.
6. Diversity policy
Our workforce is one of the key-factors to our
success. Each employee is unique thanks to his/her
personal and specic knowledge, life experience,
talents and other characteristics. All genders are
considered equal in case of vacancies.
Based on our diversity policy we have built up a strong
workforce with complementary teams. There are men
and women of dierent nationalities, age, thoughts
and belief …
Campine also complies with the corporate governance
legislation regarding gender diversity in the board of
directors.
7. Corporate matters
SIGNIFICANT EVENTS AFTER THE CLOSE
OF THE YEAR
It is unclear at this point if and how the current
conict in Eastern Europe could impact Campine’s
business. There are only limited to no direct
purchases or sales to Ukraine and Russia. However,
Russia is an important producer (and exporter)
of antimony ore (mainly to China) and this could
induce further price increases and reduced
availability on the antimony metals market. We
see an increase in most metal prices in the rst
period of the conict, but if the conict escalates
it is hard to estimate the impact on demand and
commodity prices for the mid-term. Campine
does monitor this situation very closely.
No other signicant events occurred after the close
of the year.
USE OF FINANCIAL INSTRUMENTS BY THE
COMPANY, TO THE EXTENT THAT THESE ARE
SIGNIFICANT IN EVALUATING ITS ASSETS,
LIABILITIES, FINANCIAL SITUATION AND EARNINGS
No deviating valuation rules have been used
compared to the standard IFRS rules. For a detailed
description of the valuation rules we refer to our
“Consolidated nancial statements 2021 – 5.2.6
Financial instruments”.
CIRCUMSTANCES WHICH COULD SIGNIFICANTLY
INFLUENCE THE DEVELOPMENT OF THE COMPANY
There were no changes in circumstances which could
substantially inuence the development of the
company.
RESEARCH AND DEVELOPMENT
Research and development is a constant theme in
the improvement of the mastering of our production
processes and the applicability of our products in
specic markets. In each business unit, research
projects were started up in collaboration with
customers to develop new innovative products.
GENERAL 23
DIVIDEND
The board proposes that the company pays a
dividend of 2.8 € per share, amounting to a total of
4.2 mio € based on the 2021 result. A dividend of
0.975 mio € was paid on the basis of the 2020 result.
STATUTORY AUDITOR
In 2021 the statutory auditor fee for audit and non-
audit services reached 119,750 € for the Group. The
non-audit services amounted to 29,500 €.
Furthermore, non-audit services amounting to
131,000 € were provided by the network of the
auditor.
DISCHARGE TO DIRECTORS AND STATUTORY
AUDITOR
The board of directors proposes granting discharge
to all directors and the statutory auditor in respect
of the exercise of their mandates in 2021.
STATUTORY APPOINTMENTS
See composition board of directors.
8. Fairness statement
The board of directors declares that to the best of
their knowledge:
• the nancial statements, prepared in accordance
with the IFRS as adopted by the European Union,
give a true and fair view of the assets, liabilities,
nancial position and the results of the company,
including its consolidated subsidiaries;
• the annual report gives a true and fair view of
the development and results of the company,
including its consolidated subsidiaries,
together with a description of principal
risks and uncertainties that they face.
• the tagging of the annual nancial report,
executed in accordance with the ESEF-format
according to the regulatory technical standards
set by the European Delegated Regulation no
2019/815 of 17 December 2018, gives a true and fair
view of the nancial statements of the company.
REPORT TO THE SHAREHOLDERS 24
Campine’s corporate governance charter is
established in accordance with the principles
of the Belgian Corporate Governance Code
2020. This code can be found on the website of
the Commission Corporate Governance (www.
corporategovernancecommittee.be). Our charter
describes amongst others the current procedures
and rules regarding corporate governance, the
functioning of the board of directors and its
committees (audit committee, nomination &
remuneration committee and strategy committee).
Our charter was adjusted in compliance with the
new Code 2020. It is updated in case of changes
to the Belgian Corporate Governance Code or to
Campine’s corporate governance model. The current
version was approved by the board of directors
on 25 February 2022. Our charter can be found
on the website (www.campine.com) at ‘Investors/
Shareholder information’.
This corporate governance statement mentions
the actual implementation of our corporate
governance charter in 2021. It is established in
accordance with the ‘comply or explain’-principles.
The recommendations 3.4 and 4.3 of the Corporate
Governance Code are only partially followed. The
explanation for these deviations can be found
further in this Statement. The recommendations
7.6 and 7.9 of the Corporate Governance Code are
not followed. The explanation for this can be found
further in the remuneration report.
1. Corporate capital and
shareholding
1.1. CORPORATE CAPITAL
The corporate capital is set at 4,000,000 €
represented by 1,500,000 shares without nominal
value. The capital is fully paid up. One share
represents one vote. There are no statutory nor legal
restrictions regarding the transfer of shares, no
special voting rights nor shareholders’ agreements.
1.2. SHAREHOLDING STRUCTURE ON BALANCE
SHEET DATE
Name
Number
of shares
% of the
voting
rights
Weißensteinstraße 70,
46149 Oberhausen,
Germany
1,077,900 71.86%
The ultimate controlling person is Mr F rie drich-
The remaining shares (28.14%) are, as far as the
company knows, held by the public. The company
has until now not received any notices from other
shareholders, who are compelled to disclose their
shareholdings pursuant to Belgian law governing the
notication of major shareholdings.
Public takeover bid
Proceedings in case of a public takeover bid are
mentioned in articles 7 (Authorised capital) and
12 (Acquisition of own shares) of the articles of
association.
Rules regarding the exercise of the voting rights
Rules regarding the exercise of the voting rights
are mentioned in article 10 (Exercise of the rights
attached to the shares) of the articles of association.
No shareholder has any special rights. There are no
statutory restrictions regarding the exercise of
voting rights.
Corporate
governance statement
CORPORATE GOVERNANCE STATEMENT 25
2. The board of directors
2.1 COMPOSITION
Rules for the appointment and replacement
of the directors are mentioned in articles 13
(Composition of the board of directors) and 14
(Premature vacancy) of the articles of association.
On 12/31/2021 the Company’s board was composed
of six members, being one executive director and
ve non-executive directors, of whom are two
independent directors.
DELOX BV, chairman of the board
• Non-executive director represented by its
permanent representative Mr Patrick De Groote
(appointed on 05/28/2019 for a period of 4 years)
and hereafter referred to as “DELOX”.
• Director of various companies.
Friedrich-Wilhelm Hempel
• Non-executive director (appointed on 05/26/2021
for a period of 4 years).
• Shareholder and director of various private
companies in Europe.
Hans-Rudolf Orgs
• Non-executive director (appointed on 05/22/2018
for a period of 4 years). A proposal to renew the
mandate of Mr H.-R. Orgs for a period of 4 years will
be submitted to the general meeting.
• Managing director of the holding company F.W.
Hempel & Co Erze & Metalle.
FLG BELGIUM SRL
• Non-executive and independent director
represented by its permanent representative Ms
Dina Brughmans (appointed on 05/26/2021 for a
period of 4 years) and hereafter referred to as “FLG
BELGIUM”.
• HR and Change Management senior Advisor.
YASS BV
• Non-executive and independent director
represented by its permanent representative Ms
Ann De Schepper (appointed on 05/27/2020 for
a period of 3 years) and hereafter referred to as
“YASS”.
• CFO, Agilitas Group.
ZENDICS BV
• Managing director represented by its permanent
representative Mr Willem De Vos (appointed on
05/28/2019 for a period of 4 years) and hereafter
referred to as “ZENDICS”.
• Director and advisor to boards of various
companies.
None of the directors has an additional mandate in a
Belgian company listed on the stock exchange.;
Campine applies the independence criteria as
mentioned in our corporate governance charter. The
independent directors declare that they comply with
art. 7:87 §1 of the Belgian Code on Companies and
Associations.
The Corporate Governance Code 2020 (art 3.4)
requires that the board should comprise at least
three independent directors. In view of the limited
size of the board – which consists of 6 directors
in total - there were 2 independent directors on
12/31/21. This number represents one third of the
total number of directors. The board is of the opinion
that this ratio is sucient. With a 6-person board of
directors we have ecient decision-making whilst all
directors can largely contribute to the discussions
with their experience and knowledge.
REPORT TO THE SHAREHOLDERS 26
Diversity policy: There are currently two female
directors, which represents one third of the total
number of directors. In composing the board, we
ensure that the directors have a complementary
set of competences and talents. All genders are
considered equal in case of vacancies. Thanks to our
diversity policy, our board of directors is a compact
yet divers group of men and women of dierent
nationalities, age, thoughts and belief …
At the start of the nomination process, the
nomination & remuneration committee draws up a
prole - based on an evaluation of skills, experience
and knowledge – which the candidates must meet.
Ms Karin Leysen acts as company secretary. She
assists the board in most compliance matters and
makes sure the board adheres to its obligations
under the law, the Articles of Association and the
internal rules and regulations.
2.2 FUNCTIONING
The board meets on average four times a year.
This frequency enables the board to keep regular
and continuous track of the consolidated and
unconsolidated results, the general state of
business and developments at both Campine and
its subsidiary, investment programmes of Campine,
acquisitions and divestments by the Group,
development of the management, etc. The board
shall be called by the chairman or the managing
director whenever the company’s corporate interest
so requires. Upon request of at least two directors
additional meetings are convened.
The board of directors met ve times in 2021:
03/18/21
05/26/21
09/02/21
11/09/21
12/16/21
DELOX
ZENDICS
F.-W. Hempel
H.-R. Orgs
YASS
FLG Belgium
The following subjects were discussed:
• Strategy.
• Discussion and determination of actions regarding
the long-term impact of COVID-19 on the business
strategy.
• Results of Campine and its subsidiary Campine
Recycling.
• Evaluation of last and current year’s budget.
• Determination of next year’s budget.
• Composition and evaluation of the board of
directors.
• Approval of new investments.
• Evaluation of running and completed investments.
• Determination of the annual accounts for approval
by the general meeting.
• Composition of the annual report to the general
meeting.
• Composition remuneration report to the general
meeting.
• Approval of the invitation of the general meeting.
• Approval of press releases to be published.
• Proposal of the nominations to the general
meeting.
• Evaluation and determination of the risk position of
lead and antimony, credit risk.
• Evaluation of the general risks and exposures to
risks.
• Credit loans and bank balances.
• Status of the dierent business units.
• Status: personnel and organisation.
• Status: safety, health and environment.
CORPORATE GOVERNANCE STATEMENT 27
2.3 EVALUATION
Campine has historically opted for a ‘one-tier’
governance structure with a board of directors. In
view of the new Corporate Governance code 2020,
this structure was evaluated and conrmed by the
board in December 2019. At least every ve years,
the board will assess this structure. If this structure
is considered as not appropriate anymore, it will
propose a new governance structure to the general
meeting.
Every 3 years the functioning of the board, its
committees, the chairman and the individual
directors are evaluated in the framework of good
corporate governance practices. Formal evaluation
interviews covering the functioning in the period
1.1.2019 -31.12.2021 have been held with the directors
and with selected individuals of the executive
management team and the company secretary,
covering the following headlines:
• Composition and quality of the board.
• Understanding the business and risks.
• Processes and procedures.
• Specialized committees: audit, nomination/
remuneration and strategy.
• ESG (Environmental - Social responsibility -
Governance).
• Interaction and communication with executive
management team and company secretary.
• Recommended actions for the next evaluation
period.
In summary there is a unanimous feeling of good
functioning of the board with freedom of speech
and in line with corporate governance rules. Recent
developments concerning ESG matters are either
covered or under preparation. Recommendations
for points of attention in the coming years relate
to persistent safety policy, ESG reporting, cyber-
security, focus on long term strategy, retention plan
for senior management and information/learning
sessions for directors on governance developments
in the market.
Evaluation of the interaction with the executive
management team
The various members of the executive management
team are regularly invited to the meetings of the
board of directors and the committees during
which they present specic aspects regarding their
responsibilities. They also have the opportunity to
consult with the non-executive directors. Everyone
considers this active interaction between the
executive management team and the board of
directors positive.
3. Board committees
3.1 THE NOMINATION & REMUNERATION
COMMITTEE
The nomination & remuneration committee (acting
as a remuneration committee within the meaning
of article 7:100 of the Belgian Code on Companies
and Associations) assists the board in all matters
related to the appointment and remuneration of the
directors and the executive management team.
The nomination & remuneration committee
advises the board regarding adjustments to the
remuneration policy, prepares the remuneration
report and claries it during the general meeting.
The managing director participates in the committee
with an advisory vote, each time the nomination
& remuneration committee is dealing with the
remuneration of the members of the executive
management team and when the committee invites
him.
On 12/31/2021 the nomination & remuneration
committee consisted of the chairman of the board
(DELOX), the independent director FLG BELGIUM and
the independent director YASS.
All members have the necessary expertise in the
eld of remuneration as a result of their yearlong
experience in the business environment and in
business associations.
REPORT TO THE SHAREHOLDERS 28
The nomination & remuneration committee met two
times in 2021:
03/17/21
12/15/21
DELOX
YASS
FLG Belgium
The following subjects were discussed:
• Composition of the board of directors.
• Preparation of the remuneration report for the
board.
• Director’s remuneration: tantième and director’s
remuneration.
• Composition, evaluation and remuneration of the
executive management team.
• Evaluation and functioning of the board
committees and directors.
3.2 THE AUDIT COMMITTEE
The audit committee has, at least, the following
tasks:
• Monitoring the nancial reporting process.
• Monitoring the eectiveness of the company’s
internal control and risk management systems.
• Monitoring the internal audit and its eectiveness.
• Monitoring the statutory audit of the annual and
consolidated accounts, including any follow-up on
any questions and recommendations made by the
statutory auditor.
• Reviewing and monitoring the independence of
the statutory auditor, in particular regarding the
provision of additional services to the company.
• Risk management of the company.
Furthermore, the audit committee monitors the
functioning of the executive management team.
The audit committee reports all matters in respect
of which it considers that action or improvement is
needed to the board.
On 12/31/2021 the audit committee consisted of
Mr H.-R. Orgs and the independent director FLG
Belgium.
The Group complies with the requirements of the law
and conrms that the independent directors comply
with the law as to independence and competence
criteria in the eld of accounting and audit thanks
to their extensive experience in a production
environment and broad knowledge of nance and
metal trading.
Pursuant to the Corporate Governance Code 2020
(article 4.3) each committee should have at least
three members. In 2021, the audit committee
only consisted of two directors – of which one
independent director - due to the limited size of the
company and the board of directors. The CEO and
the CFO are invited to join each audit committee
meeting.
In 2021, the audit committee met 4 times in the
presence of the statutory auditor:
03/11/21
05/20/21
08/31/21
12/09/21
H.-R. Orgs
FLG Belgium
The following subjects were discussed:
• Evaluation of the results of the current year.
• Preparation of the credit risk for the board.
• Preparation of the risk position of lead and
antimony for the board.
• Risk analysis ‘market risks’.
• Examination of the year and half-year gures
and evaluation of the accounting estimates
and judgements as a result of the closure of the
nancial year.
• Further transformation of the annual results as to
ESEF-regulations.
• Internal control.
• Examination legal cases.
• Preparation of next year’s budget for the board.
• Evaluation of the current budget.
• Press releases to be published: year results,
half-year results …
CORPORATE GOVERNANCE STATEMENT 29
3.3 THE STRATEGY COMMITTEE
The strategy committee assists the board in all
matters related to the general management of the
company and its subsidiary.
On 12/31/2021 the strategy committee consists of
the director DELOX, the independent director YASS
and the managing director ZENDICS.
Due to the COVID-19 situation, no separate strategy
committee meetings were held in 2021 as the
strategic topics were integrated in the meetings
of the board of directors. From 2022, the strategic
matters will be taken up again by the strategy
committee itself. The committee’s regulations can be
found in annex of our corporate governance charter.
4. Executive management team
4.1 COMPOSITION
Willem De Vos
as permanent representative of
ZENDICS BV managing director /
Chief Operating Decision Maker
Maintenance manager
Procurement manager
Hilde Goovaerts
Operational Excellence
manager
Finance and Control manager
Hans Vercammen
division director Specialty
Chemicals
David Wijmans
division director Metals
Recycling
4.2 FUNCTIONING
The managing director’s responsibilities include
developing and monitoring of the business plans for
each business unit, as approved by the board, the
implementation of the decisions of the board and the
setting up of the necessary investment programmes,
which are then presented to the board for approval.
Furthermore, the managing director ensures that
valid legislation is respected and that the company
works in compliance with all valid safety, health and
environmental regulations.
The managing director is assisted by the executive
management team. The executive management
team reports to the managing director and enables
the managing director to properly perform his duties
of daily management.
management system
Campine organises the management of internal
control and corporate risks by dening its control
environment (general framework), identifying and
classifying the main risks to which it is exposed,
analysing its level of control of these risks and
organising ‘control of control’. It also pays particular
attention to the reliability of the nancial reporting
and communication process.
5.1 CONTROL ENVIRONMENT
• Company organisation: The company is
organised into a number of departments as set
out in an organisation chart. Each person has
a job description. There is a power of attorney
procedure. The company’s representation in
dierent areas like human resources, purchase,
sales, is integrated in the ‘internal powers’
document. In cases where the ‘potential’ risks
as a result of commitments taken, can uctuate
due to price volatility of the product (energy, raw
materials, foreign currency, …) specic procedures
apply. Management control is the responsibility of
the controllers. The Finance & Control manager is
in charge of organising the risk management.
• Organisation of internal control: The audit
committee has a specic duty in terms of internal
control and corporate risk management. The audit
committee annually carries out an analysis of risks
and associated action plans for which an external
party examines a specic process/part in detail.
Detailed information regarding the activities of the
audit committee can be found under item 3.2 above
mentioned and in our corporate governance charter.
• Ethics: In 2006 the board of directors has drawn
up our corporate governance charter and code of
conduct (annex of our charter). The current version
can be consulted on the website of Campine
(www.campine.com). The board checked whether
the code of conduct is complied with and is of the
opinion that all persons concerned respect the
code of conduct.
REPORT TO THE SHAREHOLDERS 30
All processes, from administration to eective
production, are managed in a documented
management system that is based on the dierent
risk analyses systems. The risks regarding safety,
health, environment & quality are inventoried,
evaluated, managed and controlled in a dynamic
way based on ‘continuous improvement’. The audit
committee reviews the risk analysis twice a year. The
main risks are described in the note ‘market risks’ in
the annual report.
Major risks and uncertainties inherent to the
sector. The management aims to tackle these in a
constructive way and pays particular attention to:
• Fluctuations of the prices of raw materials and
metal; Prices uctuate as a result of changing
supply and/or demand of raw materials and end
products, but also because of pure speculation.
• Fluctuations in availability and cost of the energy.
• Changes in regulations (Flemish, Belgian, European
and global) in the eld of environment and safety/
health including legislation related to sale (REACH)
and storage (SEVESO) of chemical products.
• Market risks include interest risk,(see note 5.26.1),
foreign exchange risk (see note 5.26.2 and
valuation rule 5.2.5), price risk (see note 5.26.3)
and credit risk (see note 5.13.1);
• Global pandemic or disease outbreak could aect
market demand and supply and metal prices
(COVID 19). Although no issues of any signicance
occurred until now, management’s major area of
focus and concern are:
• Health & well-being and availability of personnel.
• Interruptions of production and disruptions in
the supply chain.
Further estimation of the impact of the Covid-19
pandemic was made based on publicly available
information and more specically with regard to our
experience with the pandemic during 2020. A further
escalation of this or other pandemics could lead
to interruptions in production due to, among other
things, scarcity of raw materials, illness of a large
number of employees, etc… The collapse in demand
for our products and metal prices can also have
consequences. The likelihood that such problems
will arise remains very unlikely. Scenarios have
already been evaluated on how we can deal with this
to guarantee the continuity of the company. In our
view, the consequences of the COVID-19 pandemic
will not impact the company’s going concern.
5.3 FINANCIAL INFORMATION AND
COMMUNICATION
The process of establishing nancial information is
organised as follows:
A planning chart sets out the tasks with deadlines to
be completed for the monthly, half-yearly and annual
closures of the company and its subsidiary. Campine
has a checklist of actions to be followed up by the
nancial department. The accounts team produces
the accounting gures under the supervision of
the Finance & Control manager. The controllers
check the validity of these gures and produce
the reporting. The gures are checked using the
following techniques:
• Coherence tests by comparison with historical or
budget gures.
• Sample checks of transactions according to their
materiality.
5.4 SUPERVISION AND ASSESSMENT OF
INTERNAL CONTROL
The quality of internal control is assessed over the
scal year:
• By the audit committee. Over the scal year, the
audit committee reviewed the half-yearly closure
and the specic accounting methods. It also
reviewed the disputes and main risks facing the
company.
• By the auditor in the context of their review
of the half-yearly and annual accounts. When
appropriate, the auditor makes recommendations
concerning the keeping of the nancial
statements.
• By the board of directors in the context of the day-
to-day management. Furthermore, the board of
directors supervises the performance of the duties
of the audit committee in that connection, notably
through that committee’s reporting.
CORPORATE GOVERNANCE STATEMENT 31
5.5 DEALING CODE REGARDING TRANSACTIONS
OF THE COMPANY’S SHARES
The dealing code – part of our code of conduct –
stipulates the rules regarding transactions of shares
of the company. In compliance with the Regulation
(EU 596/2014 of the European parliament and of the
council of 16 April 2014 on market abuse (market
abuse regulation), it sets limitations for ‘key-
persons’ regarding transactions in specic periods
(‘closed periods’ and ‘prohibited periods’) and
imposes a disclosure obligation to the FSMA and our
compliance ocer in case of transactions outside
these periods.
The board of directors has appointed Mr Willem De
Vos as compliance ocer.
5.6 TRANSACTIONS COVERED BY THE LEGAL
PROVISION ON CONFLICTS OF INTEREST
All related party transactions are conducted on
a business base and in accordance with all legal
requirements and our corporate governance charter.
During the nancial year no conict of interest
(Articles 7:96 and 7:97 of the Belgian Code on
Companies and Associations) occurred.
Nore Claessens (lab scientist Metals Recycling)
REPORT TO THE SHAREHOLDERS 32
Remuneration report
1. Remuneration policy
The remuneration policy mentions the basic
principles of the remuneration of the board of
directors, the managing director, the executive
management team and all other employees of the
company. The remuneration policy is approved by
the general meeting at least every 4 years and at
any material change.
The principle of our remuneration policy aims to
pay the directors and our employees in line with
the market conditions with a basic remuneration.
In addition, each employee is incentivised with a
variable salary, depending on personal and group
objectives (both short and long term) to be achieved
and their performance in relation to our values.
Campine also implemented a job classication
and evaluation system in which each employee is
classied according to his/her job and experience.
The evolution of the xed remuneration of each
employee is based on this system.
Both the directors’ fees as the base remuneration
and variable compensation of the executive
management are regularly benchmarked with the
market, the evolution of such compensations at
companies of similar size and complexity and within
the sectors in which Campine operates.
The variable remuneration ensures that the results
of the company are in line with the objectives and
strategy of the company. Some of the objectives
take into account the long-term development of
the company.
In addition to their basic remuneration, the non-
executive directors can also benet from a tantième
when the company achieves a basic protability.
Appreciation of employees and their performance
is crucial in motivating our employees. In addition
to ensuring the most pleasant working environment
possible, we oer opportunities for personal and
professional development, we organise team
buildings at all levels, social activities after working
hours, etc.
The remuneration of the non-executive directors
and the chairman is set in the articles of association
of the company – which are approved by the
extraordinary meeting of shareholders.
This remuneration consists of:
• The director’s remuneration which is paid in
the related nancial year for the performance
of their mandate as to article 23: The directors
who full their mandate for the entire nancial
year, receive a compensation which amounts
for the nancial year 2019 to twenty thousand
euro (20.000 €) gross, gross irrespective of any
prots made or losses sustained by the company.
The aforementioned amount is automatically
increased by two hundred and fty euro (250 €)
on the rst day of each new nancial year. The
chairman of the board of directors who fulls his
mandate for the entire nancial year, receives a
compensation which amounts for the nancial
year 2019 to forty thousand euro (40.000 €)
gross irrespective of any prots made or losses
sustained by the company. The aforementioned
amount is automatically increased by ve
hundred euro (500 €) on the rst day of each new
nancial year. Directors who did not full their
mandate for the entire nancial year will be paid
on a pro rata basis of full months performed.
• The additional compensation which is paid in
the related nancial year for participating in the
meetings of the dierent board committees,
as set in article 23: The members of the audit
committee, strategy committee and nomination
and remuneration committee receive for the
nancial year 2019 each a compensation which
REMUNERATION REPORT 33
amounts to one thousand two hundred and fty
euro (1.250 €) per attended meeting unless the
meeting of a committee is held immediately
prior to or after a board meeting or unless the
meeting is held per telephone conference.
The aforementioned amount is automatically
increased by twenty ve euro (25 €) on the rst
day of each new nancial year directors who are
invited to a meeting of a committee of which they
are not members receive in 2019 a compensation
of one thousand two hundred and fty euros
(1.250 €) per meeting in which they participate,
unless the meeting of the committee takes place
immediately after or before a meeting of the
board of directors or if the meeting is held by
telephone. The aforementioned amount of
1.250 € will automatically be increased by 25 €
on the rst day of each nancial year.
• The tantième which is paid the year following
the related nancial year as set in article 39 of
the articles of association: If the company’s net
prot amounts to one and a half million euro
(1.500.000 €) or more after deduction of taxes
and part of the legal reserve capital, a tantième
of fteen thousand euro (15.000 €) will be
granted to each director with the exception of
the managing director, whereas he is already
compensated in his capacity of managing
director. Only the directors that have served on
the board of directors for at least six months
during the nancial year to which this tantième
relates are entitled to the tantième and not pro
rata the term of their mandate in the relevant
nancial year. Directors having served less than
six months on the board during the relevant
nancial year will not be entitled to any tantième
unless the annual shareholders’ meeting decides
otherwise. The managing director may receive a
tantième as stipulated in this article in the event
the annual shareholders’ meeting decides so upon
proposition of the board of directors and such
by separate vote. The tantième granted to the
chairman of the board of directors will amount
to the double of the tantième granted to the
directors in accordance with this paragraph.
If in a specic case, the board of directors requests
the assistance of a director, the latter is entitled to a
remuneration for actual working hours and expenses
made.
Non-executive directors did not receive any shares,
share options or other rights to acquire shares of the
company or Group nor any benets in kind nor do
they participate in a pension plan.
Pursuant to the Corporate Governance Code 2020
(article 7.6) the non-executive directors should
receive part of their remuneration in the form of
shares in the company. Campine’s board of director
decided to not do so for the time being.
The possibilities to trade shares are somewhat
limited in time given the potential risks of inside
information and market abuse at a rather small-scale
company like Campine.
MANAGING DIRECTOR AND OTHER MEMBERS
OF THE EXECUTIVE MANAGEMENT TEAM
The obligation mentioned in articles 7:91 and 7:121
of the Belgian Code on Companies and Associations
does not apply to executive directors, the persons
who, alone or together, are charged with the
day-today management and other leaders of the
company mentioned in article 3:6 of the Belgian
Code on Companies and Associations.
Pursuant to article 7.9 of the Corporate Governance
Code 2020, the board of directors should set a
minimum threshold of shares to be held by the
executives. Campine’s board of directors decided
to not set this for the time being; the possibilities
to trade shares are somewhat limited in time given
the potential risks of inside information and market
abuse at a rather small-scale company like Campine.
MANAGING DIRECTOR
The board of directors decides upon the remuneration
of the managing director within the remuneration
policy approved by the general meeting. The board
oversees that the performance of the above is
related to the continuity and long-term results of the
company and that their remuneration is in relation to
their performance and in the interest of
all stakeholders.
The managing director does not receive any
compensation for his duty as mere director. As to
REPORT TO THE SHAREHOLDERS 34
article 23 of the articles of association, the managing
director may be granted a compensation if the annual
shareholders’ meeting agrees to this by separate vote
upon proposition of the board of directors.
The managing director’s remuneration for the
execution of his function consisting of both a xed
and a variable compensation is based on market
references.
The variable part consists of:
• A non-nancial component (limited to 10%
of the gross annual remuneration).
• A nancial result-related component
(limited to 100 K€).
The objectives linked to the variable part of the
remuneration are set by the board of directors
after recommendation of the nomination &
remuneration committee. The objectives are set
up annually and apply for the entire nancial year
and some possibly over multiple nancial years.
The choice of objectives can change every year
depending on economic circumstances, regulations,
organisation, strategy and other factors.
The nomination & remuneration committee
assesses the performance of the managing
director including the realisation of the criteria to
obtain the variable remuneration and submits this
assessment to the board of directors for approval.
During a board meeting – where the managing
director is not present – the chairman of
the nomination & remuneration committee
informs the members about this assessment
which is consequently discussed.
The managing director does not participate in a
group and health insurance nor in any pension plan.
Other benets are a monthly lump sum – which
is indexed annually - for the reimbursement
of all renting costs and daily travel costs.
Furthermore all costs incurred for the
execution of the function are reimbursed.
The contractual terms of hiring and termination
arrangements of the managing director do not
provide any specic compensation commitments,
other than a term of notice of 12 months.
The company has no right to reclaim the variable
remuneration when the variable remuneration was
granted to the managing director based on incorrect
nancial data.
OTHER MEMBERS OF THE EXECUTIVE
MANAGEMENT TEAM
The nomination & remuneration committee – in
consultation with the managing director - advises
on the nomination, remuneration and removal
of the members of the executive management
team within the remuneration policy approved
by the general meeting. The board oversees that
the performance of the above is related to the
continuity and long-term results of the company
and that their remuneration is in relation to their
performance and in the interest of all stakeholders.
The remuneration of the members of the executive
management team, consisting of both xed and
variable compensation, is based on a market study.
The variable salary of the Management Team
members consists of 3 parts, each part with a
maximum equivalent of 1 month of salary.
• Linked to the nancial performance of the company.
• Linked to personal objectives, functioning
as to the company’s values and
performance throughout the year.
• Linked to a set KPI’s in their area of responsibility.
The objectives comprise both nancial and
nonnancial targets. The objectives are set up
annually and apply for the entire nancial year and
some possibly over multiple nancial years. The choice
of objective areas can change every year depending
on economic circumstances, regulations, organisation,
strategy and other factors.
The objectives linked to the variable part of the
remuneration are set by the managing director. The
performance of the executive management team is
REMUNERATION REPORT 35
assessed by the managing director – in consultation
with the nomination & remuneration committee.
The members of the executive management
team participate in a pension plan based on xed
contributions with the exception of the members
who execute their function through services of a
management company.
The members of the executive management team
participate – as do all employees of the company –
in a group and health insurance. Other benets are
representation allowance, company car, internet
connection, company phone in compliance with local
market practices contributions with the exception
of the members who execute their function through
services of a management company.
The contractual terms of hiring and termination
arrangements of the members of the executive
management team provide in the standard notice
periods as foreseen by the law, with possible deviation
to max 12 months in case of early termination.
The company has no right to reclaim the variable
remuneration in favour of the company when the
variable remuneration was granted to the executive
management team based on incorrect nancial data.
At remaining circumstances, this remuneration policy
is also applicable for the next two nancial years.
Every adjustment to the remuneration policy will be
submitted for approval to the general meeting.
PROCEDURE DEVIATIONS FROM
APPROVED REMUNERATION POLICY
A deviation from the approved remuneration policy
regarding the managing director and Other members
of the Management Team is only possible in
exceptional situations and if the following procedure
is followed.
Campine’s remuneration policy does not specify the
components that can be deviated from. On the one
hand because a list would have an exhaustive eect
and on the other hand because the company cannot
foresee all exceptional situations (just think of the
sudden COVID-19 situation).
Any deviation is submitted for approval by the
nomination and remuneration committee to the
board of directors, stating:
• The current, existing remuneration;
• The part of the policy that has been deviated from;
• The amount and magnitude of the deviation;
• An explanation of the nature of the exceptional
circumstances and why the deviation was
necessary to serve or ensure the long-term
interest and sustainability of the company.
The board of directors examines the proposal and
decides upon it. If the board of directors approves,
the deviation will be implemented. The deviation
is stated in the remuneration report to the general
meeting.
REPORT TO THE SHAREHOLDERS 36
2. Remuneration report 2021
The remuneration report displays the implementation of the remuneration policy in 2021.
2021 was again characterised by circumstances caused by the COVID-19 pandemic. Workforce planning
was drastically disrupted several times by rapidly changing market and health parameters.
Campine took advantage of the special temporary unemployment measures
(by Corona) for both blue-collar and white-collar employees.
At year-end, management awarded a premium to the entire sta for their dedication
and exibility during this dicult year 2021. This premium corresponded to a maximum
500 € value of consumption checks and a maximum 200 € value of eco checks.
The non-executive directors receive the following gross compensation over the nancial year 2021:
Fixed remuneration
Director’s
remuneration
Participation
committees Tantième (*) Total
Ratio
DELOX chairman
year -1
41,000 €
40,500 €
0 €
1,275 €
30,000 €
30,000 €
71,000 €
71,775 €
57.7%
58.2%
42.3%
41.8%
F.-W. Hempel
year -1
20,500 €
20,250 €
0 €
0 €
15,000 €
15,000 €
35,500 €
35,250 €
57.7%
57.4%
42.3%
42.6%
H.-R. Orgs
year -1
20,500 €
20,250 €
5,200 €
5,100 €
15,000 €
15,000 €
40,700 €
40,350 €
63.1%
62.8%
36.9%
37.2%
FLG BELGIUM
year -1
20,500 €
20,250 €
5,200 €
5,100 €
15,000 €
15,000 €
40,700 €
40,350 €
63.1%
62.8%
36.9%
37.2%
YASS
year -1
20,500 €
11,813 €
0 €
1,275 €
15,000 €
15,000 €
35,500 €
28,088 €
57.7%
46.6%
42.3%
53.4%
(*) Criterion tantième: (see remuneration policy) If the net prot is 1.5 million €, the non-executive directors
who have exercised their mandate for more than 6 months during the nancial year receive a tantième of
15 K€. The chairman receives the double.
(1) DELOX: The chairman receives a double director’s remuneration and tantième.
REMUNERATION REPORT 37
MANAGING DIRECTOR AND OTHER MEMBERS OF THE EXECUTIVE MANAGEMENT TEAM
Fixed
remuneration
Other
One
year
Multiple
years
Pension
cost Total
Ratio
Zendics, CEO
payable in 2024
year -1
308,546 €
307,285 €
15,609 €
15,545 €
127,769 €
74,335 €
50,000 €
100,000 €
0 €
0 €
0 €
501,924 €
397,165 €
64.6%
81.3%
35.4%
18.7%
Other members
executive man.
team
payable in 2024
year -1
1,102,582 €
1,029,639 €
37,003 €
44,293 €
209,634 €
169,719 €
150,000 €
150,000 €
0 €
38,000 €
55,250 €
1,537,219 €
1,298,901 €
76.6%
86.9%
23.4%
13.1%
The xed and variable components include the total cost for the employer, all employer contributions included
for members with employee status and the total invoiced remuneration fee for members utilising a
management company. The one year variable remuneration is the remuneration earned for the performance in
2021 but which will only be paid out in 2022.
The Board of Directors decided to grant an additional multi-year bonus – payable over several years - to the
management to express its appreciation for the positive evolution of recent years and to assure a continuous
retention of the team for the future.
During the nancial year closed on 12/31/21, the managing director nor the members of the Executive
Management (Leo Cazaerck, Nicolas De Backer, Hilde Goovaerts, Jan Keuppens, Hans Vercammen, David
Wijmans) received any shares, share options or other rights to acquire shares of the company or Group.
EVOLUTION FIGURES
The evolution of the remunerations and results of the company are presented in % as relative ratios are more
clearly than absolute gures.
Evolution of the remunerations and results of the company
Company results 2017 (1)
2018
2019 (2) 2020 2021
Net result of the nancial year '000 € 7,008 5,830 8,015 2,784 € 13,511 €
∆ Net result vs previous nancial year 284% -17% 37% -65% 385%
(1) The high % in 2017 is due to the initial European Commission ne which was booked in 2016.
(2) In 2019, the reduction of the European Commission ne was booked (3.88 mio €).
Evolution criterion on which the tantième is based (see 1. Remuneration policy)
2017
2018
2019 2020 2021
Net prot of the company
8%;
max 10 K€ > 1.5 mio € > 1.5 mio € > 1.5 mio € > 1.5 mio €
Variable remuneration
REPORT TO THE SHAREHOLDERS 38
Evolution total remuneration board members, managing director and other members of the executive
management team
2017 (1)
2018
2019 (2) 2020 2021
Total remuneration 1,756,846 € 1,400,305 € 1,907,180 € 1,920,316 €
2,262,543 €
∆ Total remuneration vs previous nancial
year
26% -20% 36% 1% 18%
(1) 2017: including severance pay of previous CEO (339 K€) hence the dierence with 2018.
(2) 2019: increase executive management team from 5 to 7 persons and increase board remunerations
(both xed as tantième).
Evolution criteria representing the long term objectives of the company on which the variable remuneration
of the executive management team is based
Prot before taxes 50% Annual targets per BU also for the consolidated level
Others 50%
Non-nancial or other indicators showing the LT strategy ao safety,
environment, research and development…
The board of directors determines the long-term objectives of the company. In order to achieve these
nancial and non-nancial objectives, an implementation plan, being the business plan, is required. The global
business plan is worked out in detail per division and even per department and contains various projects and
actions to achieve the ultimate goals. Short-term targets per department are added or adjusted annually. The
evolution towards the targets is monitored via KPIs (Key Performance Indicators) in dierent areas such as
safety, health, environment, absenteeism, retention, (new) customers, (new) products, production processes,
etc.
These KPIs are set per department known to all employees. They can be adjusted in function of changing
(economic) circumstances, regulations, etc. This allows employees to identify themselves more quickly with
annual goals. This way each employee is continuously involved in the implementation of the global long-term
development of the company within his/her eld and responsibilities. The annual variable remuneration of
each employee is based on the progress and achievement of these targets.
The KPIs and actual objectives are not disclosed in detail as the publication of this condential information
about the company’s strategy would signicantly weaken our competitive position.
Average remuneration employees on FTE basis
2017
2018
2019 2020 2021
Average remuneration employees on FTE basis 170 179 188 185 191
Average remuneration employees on FTE basis 78,841 76,056 74,787 72,941 80,907
∆ avg remuneration employees on FTE basis vs
previous nancial year
5% -4% -2% -2% 11%
Ratio lowest/highest remuneration in 2021: 12.48% (2020: 14.51%).
REMUNERATION REPORT 39
DELOX BV,
represented by its permanent
representative Mr Patrick De Groote
Dhr. Friedrich-Wilhelm Hempel
YASS BV,
represented by its permanent
representative Mrs Ann De Schepper
ZENDICS BV,
represented by its permanent r
epresentative Mr Willem De Vos
Dhr. Hans-Rudolf Orgs
FLG BELGIUM SRL,
represented by its permanent
representative Mrs Dina Brughmans
Calculation salary costs: total gross annual salary
incl. employer contributions and supplementary
pension contribution paid by the employer incl. all
other employee benets (group & hospitalisation
insurance, meal vouchers, year-end bonus, holiday
pay, ...).
SHAREHOLDERS’ VOTE
The shareholders’ vote on the remuneration report
during the general meeting. At the next vote,
Campine will explain to the shareholders how the
votes on the previous remuneration report were
taken into account.
3. Dividend policy
Campine’s dividend policy is to pay out yearly
dividends to its shareholders. The level of the
dividend depends on certain nancial parameters
such as net prot level, availability of cash, future
cash needs, etc. The targeted level of dividends
should be about one third of the net prot,
distributed over all shares.
The board of directors requests the general meeting
of shareholders to approve the annual report of the
board including the corporate governance statement
and the remuneration report.
CONSOLIDATED FINANCIAL STATEMENTS 2021 40
Consolidated nancial
statements 2021
1. Consolidated income statement 41
2. Consolidated balance sheet 43
3. Consolidated statement of changes in equity 44
5.1. General information 46
5.2. Signicant accounting policies 46
5.3. Judgement and use of estimates 56
5.4. Operational segments 58
5.5. Other operating expense and income 62
5.6. Finance costs 63
5.7. Income tax expense 63
5.8. Dividends and tantième 64
5.9. Property, plant and equipment 65
5.10. Intangible assets 66
5.11. Subsidiaries 66
5.12. Inventories 66
5.13. Financial assets 67
5.14. Other nancial assets and liabilities 68
5.15. Share capital 69
5.16. Bank borrowings (lease obligations excluded) 70
5.17. Deferred tax 71
5.18. Trade and other payables 71
5.19. Liquidity risk 72
5.20. Financial instruments 72
5.21. Provisions and claims 74
5.22. Contingent liabilities 75
5.23. Share-based payments 75
5.24. Employee benets expense 75
5.25. Post-retirement benets 75
5.26. Market risk 79
5.27. Events after the balance sheet date 80
5.28. Related parties 80
5.29. Related party transactions 81
5.30. Rights and obligations not included in the balance sheet 81
5.31. Compensation of key-management personnel 81
5.32. Approval of nancial statements 81
Statutory auditor’s report 82
CONSOLIDATED FINANCIAL STATEMENTS 2021 41
1. Consolidated income statement for the year ended 12/31/2021
'000 € Notes 12/31/2021 12/31/2020
Revenue from contracts with customers 5.4 226,317 166,947
Other operating income 5.5 1,407 1,095
Raw materials and consumables used -174,510 -136,436
Employee benets expense 5.25 -15,416 -13,494
Depreciation and amortisation expense 5.9/5.10 -4,335 -3,253
Changes in restoration provision 5.21 -50 -45
Other operating expenses 5.5 -14,316 -11,188
Operating result (EBIT) 19,097 3,626
Hedging results 5.14 -786 300
- Closed Hedges -628 498
- Change in open position -158 -198
Finance costs 5.6 -346 -258
-1,132 42
Result before tax (EBT) 17,965 3,668
Income tax expense 5.7 -4,454 -884
Result for the year (EAT) 13,511 2,784
Attributable to: equity holders of the parent 13,511 2,784
RESULT PER SHARE (in €) 5.8
Number of shares 1,500,000 1,500,000
Result for the year (basic & diluted) 9.01 1.86
CONSOLIDATED OVERVIEW OF THE TOTAL RESULT
'000 € Notes 12/31/2021 12/31/2020
Result for the year 13,511 2,784
Other comprehensive income: 5.25 16 -49
Comprehensive income not to be reclassied to the prot or loss
statement in the future (actuarial results of retirement benet
obligations) net of tax
Total result for the year 13,527 2,735
Attributable to: equity holders of the parent
CONSOLIDATED FINANCIAL STATEMENTS 2021 42
EBITDA
Adding the nancial target EBITDA, which is a non-IFRS term, allows to focus more on the importance of cash
and should not inuence negatively a decision on investments for future growth.
Calculation EBITDA:
'000 € 12/31/2021 12/31/2020
Result before tax (EBT) 17,965 3,668
Finance costs
346 258
Depreciation and amortisation expense 4,335 3,253
EBITDA
22,646 7,179
CONSOLIDATED FINANCIAL STATEMENTS 2021 43
2. Consolidated balance sheet on 12/31/2021
'000 € Notes 12/31/2021 12/31/2020
ASSETS
Non-current assets
Property, plant and equipment 5.9 22,770 18,514
Right-of-use assets 5.14 373 402
Intangible assets 5.10 103 130
Deferred tax assets 5.17 104 86
Current assets
Inventories 5.12 45,403 26,345
Trade receivables 5.13 21,754 17,173
Other receivables 5.13 1,915 1,198
Derivatives 5.14 0 93
Cash and cash equivalents 153 190
TOTAL ASSETS 92,575 64,131
EQUITY AND LIABILITIES
Capital and reserves
Share capital 5.15 4,000 4,000
Legal reserves 965 965
Retained results 43,008 30,546
Equity attributable to equity holders of the parent 47,973 35,511
Total equity 47,973 35,511
Non-current liabilities
Retirement benet obligation 5.25 1,192 1,176
Deferred tax liabilities 5.17 219 -
Provisions 5.21 1,185 1,135
Bank loans 5.16 1,500 4,125
Obligations under leases 5.14 206 234
Current liabilities
Retirement benet obligation 5.25 31 52
Trade payables 5.18 24,251 12,921
Other payables 5.18 5,217 2,973
Derivatives 5.14 65 -
Current tax liabilities 121 96
Obligations under leases 5.14 167 168
Bank overdrafts and loans 5.16 2,802 3,085
Advances on factoring 5.16 7,646 2,655
Total liabilities 44,602 28,620
TOTAL EQUITY AND LIABILITIES 92,575 64,131
CONSOLIDATED FINANCIAL STATEMENTS 2021 44
3. Consolidated statement of changes in equity
for the year ended 12/31/2021
‘000 €
Share
capital
Retained
earnings
Attributable to equity
holders of the parent Total
Balance on 31 December 2019 4,000 31,491 35,491 35,491
Total result of the year - 2,735 2,735 2,735
Dividends and tantième - -2,715 -2,715 -2,715
Balance on 31 December 2020 4,000 31,511 35,511 35,511
Total result of the year - 13,527 13,527 13,527
Dividends and tantième (note 5.8)
-1,065 -1,065 -1,065
Balance on 31 December 2021 4,000 43,973 47,973 47,973
CONSOLIDATED FINANCIAL STATEMENTS 2021 45
‘000 € Notes 12/31/2021 12/31/2020
OPERATING ACTIVITIES
Result for the year (EAT) 13,511 2,784
Adjustments for:
Other gains and losses (investment grants) - -
Other gains and losses (hedging results) 5.14 786 -300
Finance costs 5.6 346 258
(Deferred) tax expenses 5.7 4,454 884
Depreciations and write-downs 5.9/5.10 4,335 3,253
Change in provisions (incl. retirement benet) 67 -108
Change in inventory value reduction 5.12 333 -456
Change in trade receivables value reduction 5.13 - -
Others - -
Operating cash ows before movements in working capital 23,832 6,315
Change in inventories 5.12 -19,391 53
Change in receivables 5.13 -5,298 -3,140
Change in trade and other payables 5.18 12,918 789
Cash generated from operations 12,061 4,017
Hedging results -628 498
Interest paid 5.6 -346 -258
Income taxes paid -4,453 -908
Net cash (used in) / from operating activities 6,634 3,349
INVESTING ACTIVITIES
Purchases of property, plant and equipment 5.9 -8,364 -8,599
Purchases of intangible assets 5.10 -13 -1
Investment grants - not included in the result 656 0
Investment grants - deferred tax obligations 219 0
Net cash (used in) / from investing activities -7,502 -8,600
FINANCING ACTIVITIES
Dividends paid and tantième paid 5.8 -1,065 -2,715
Repayments of borrowings 5.16 -3,000 -1,500
Repayments of obligations under leases 5.14 -187 -149
New bank loans raised 5.16 0 4,500
Change in cash restricted in its use 0 0
Change in bank overdrafts 5.16 92 -35
Change in advances on factoring 5.16 4,991 2,655
831 2,756
Net change in cash and cash equivalents -37 -2,495
Cash and cash equivalents at the beginning of the year 190 2,685
Cash and cash equivalents at the end of the year 153 190
CONSOLIDATED FINANCIAL STATEMENTS 2021 46
12/31/2021
5.1. GENERAL INFORMATION
registered oce and principal place of business are disclosed in the Corporate Data. The principal activities of
the company and its subsidiaries (‘the Group’) are described in this annual report.
5.2. SIGNIFICANT ACCOUNTING POLICIES
The nancial statements have been prepared based on the International Financial Reporting Standards as
adopted by the EU (“IFRS”).
The accounting policies adopted in the preparation of the condensed consolidated nancial statements
of the Group are consistent with those followed in the preparation of the annual consolidated nancial
statements of the Group for the year ended 31 December 2020, except for the adoption of amended
standards eective as of 1 January 2021. The Group has not early adopted any other standard, interpretation
or amendment that has been issued but is not yet eective.
This year, the Group has applied all new and revised standards and interpretations that are relevant to its
business and that are eective for the annual reporting period commencing on January 1, 2021.
Following standards and interpretations became applicable for 2021:
• Amendments to IFRS 4 Insurance Contracts – deferral of IFRS 9, eective 1 January 2021.
• Amendments to IFRS 9 Financial Instruments, IFRS 7 Financial Instruments: Disclosures, IAS 39 Financial
Instruments: Recognition and measurement, IFRS 4 Insurance contracts and IFRS 16 Leases- Interest Rate
Benchmark Reform – Phase 2, eective 1 January 2021.
• Amendments to IFRS 16 Leases – Covid-19 related rent concessions beyond 30 June 2021, eective 1 April
2021.
These changes had no signicant impact on Campine’s consolidated nancial statements.
CONSOLIDATED FINANCIAL STATEMENTS 2021 47
Standards and interpretations issued but not yet
• Amendments to IAS 1 Presentation of Financial
Statements – Classication of Liabilities as Current
or Non-current, eective 1 January 2023.
• Amendments to IAS 1 Presentation of Financial
Statements and IFRS Practice Statement 2:
Disclosure of Accounting policies, eective
1 January 20231.
• Amendments to IAS 8 Accounting policies,
Changes in Accounting Estimates and Errors:
Denition of Accounting Estimates, eective
1 January 20231.
• Amendments to IAS 12 Income Taxes: Deferred
Tax related to Assets and Liabilities arising from a
Single Transaction, eective 1 January 2023
1
.
• Amendments to IAS 16 Property, plant and
equipment – Proceeds before intended use,
eective 1 January 2022.
• Amendments to IAS 37 Provisions, contingent
liabilities and contingent assets – onerous
contracts—cost of fullling a contract, eective
1 January 2022.
• Amendments to IFRS 3 Business combinations –
References to the conceptual framework, eective
1 January 2022.
• Amendements to Insurance contracts:Initial
application of IFRS 17 and IFRS 9 – Comparative
information, eective 1 January 2023
1
.
• IFRS 17 Insurance Contracts, eective 1 January
2023
1
.
• Annual Improvements Cycle - 2018-2020, eective
1 January 2022.
With regard to the standards eective from
1 January 2022, the Group is currently analyzing
the impact of these amendments on Campine’s
consolidated nancial statements. With regard to the
standards that will become eective from January
1, 2023, the group will start this analysis during the
rst half of 2022.
1
Not yet approved by the EU on December 28, 2021. On November 19, 2021, the IASB published a new draft for
discussion on the following topic: Amendments to IAS 1 Presentation of Financial Statements – Classication
of Short or Long Term Debt
CONSOLIDATED FINANCIAL STATEMENTS 2021 48
5.2.1. Basis of consolidation
The consolidated nancial statements incorporate
the nancial statements of the company and entities
controlled by the company (its subsidiaries). An
investor controls an investee when it is exposed, or has
rights, to variable returns from its involvement with
the investee and has the ability to aect those returns
through its power over the investee. The results of
subsidiaries acquired or disposed of during the year are
included in the nancial information from the eective
date of acquisition and up to the eective date of
disposal, as appropriate. Where necessary, adjustments
are made to the nancial statements of subsidiaries
to bring their accounting policies into line with those
used by other members of the Group. All intra-group
transactions, balances, income and expenses are
eliminated on consolidation.
Changes in the Group’s interest in a subsidiary that
do not result in a loss of control are accounted for
as equity transactions. The carrying amounts of the
Group’s interests and the non-controlling interests
are adjusted to reect the changes in their relative
interests in the subsidiary.
When the Group loses control of a subsidiary, the prot
or loss on disposal is calculated as the dierence
between (i) the aggregate of the fair value of the
consideration received and the fair value of any
retained interest and (ii) the previous carrying amount
of the assets (including goodwill) and liabilities of the
subsidiary and any non-controlling interests. Amounts
previously recognised in other comprehensive income
in relation to the subsidiary are accounted for (i.e.
re-classied to prot or loss or transferred directly
to retained earnings) in the same manner as would
be required if the relevant assets or liabilities were
disposed of. The fair value of any investment retained
in the former subsidiary at the date when control is
lost is regarded as the fair value on initial recognition
for subsequent accounting under IFRS 9 Financial
Instruments or, when applicable, the cost on initial
recognition of an investment in an associate or jointly
controlled entity.
Non-controlling interests in subsidiaries are identied
separately from the Group’s equity therein. The
interest of non-controlling shareholders may be initially
measured either at fair value or at the noncontrolling
interests’ proportionate share of the fair value of
the acquiree’s identiable net assets. The choice of
measurement basis is made on an acquisition-by-
acquisition basis. Subsequent to acquisition, the
carrying amount of non-controlling interests is the
amount of those interests at initial recognition plus
the non-controlling interests’ share of subsequent
changes in equity. Total comprehensive income is
attributed to noncontrolling interests even if this
results in the noncontrolling interests having a decit
balance.
5.2.2. Business combinations
The acquisition of subsidiaries is accounted for using
the purchase method. The cost of the acquisition
is measured at the aggregate of the fair values, at
the date of acquisition, of assets given, liabilities
incurred or assumed, and equity instruments issued
by the Group in exchange for control of the acquiree.
The acquiree’s identiable assets, liabilities and
contingent liabilities that meet the conditions for
recognition under IFRS 3 (“Business combinations”)
are recognised at their fair values at the acquisition
date, except for noncurrent assets (or disposal
groups) that are classied as held for sale, which are
recognised and measured at fair value less costs to
sell.
Goodwill arising on acquisition is recognised as
an asset and initially measured at cost, being the
excess of the cost of the business combination
over the Group’s interest in the net fair value of
the identiable assets, liabilities and contingent
liabilities recognised. If, after reassessment, the
Group’s interest in the net fair value of the acquiree’s
identiable assets, liabilities and contingent liabilities
exceeds the cost of the business combination, the
excess is recognised immediately in prot or loss.
The interest of minority shareholders in the acquire
is initially measured at the minority’s proportion
of the net fair value of the assets, liabilities and
contingent liabilities recognised.
Acquisition-related costs are recognised in
prot or loss as incurred. Where applicable, the
consideration for the acquisition includes any asset
or liability resulting from a contingent consideration
arrangement, measured at its acquisition-date fair
value. Subsequent changes in such fair values are
CONSOLIDATED FINANCIAL STATEMENTS 2021 49
adjusted against the cost of acquisition where they
qualify as measurement period adjustments (see
below). All other subsequent changes in the fair
value of contingent consideration classied as an
asset or liability are accounted for in accordance
with relevant IFRS.
Changes in the fair value of contingent consideration
classied as equity are not recognised.
Where a business combination is achieved in stages,
the Group’s previously held interests in the acquired
entity are remeasured to fair value at the acquisition
date (i.e. the date the Group attains control) and the
resulting gain or loss, if any, is recognised in prot or
loss. Amounts arising from interests in the acquire
prior to the acquisition date that have previously
been recognised in other comprehensive income are
reclassied to prot or loss, where such treatment
would be appropriate if that interest were disposed
of.
5.2.3. Revenue from Contracts with Customers
IFRS 15 establishes a ve-step model to account for
revenue arising from contracts with customers:
• Identify the contract.
• Identify the performance obligations.
• Determine the transaction price.
• Allocate the transaction price to the performance
obligations in the contract.
• Recognise revenue when or as the Group satises
a performance obligation.
Under IFRS 15, revenue is recognised at an amount
that reects the consideration to which an entity
expects to be entitled in exchange for transferring
goods or services to a customer.
Nature of sales transactions: The Group is active
in the metal business and thus contracts with
customers generally concern the sale of these metal
products, which qualify as separate performance
obligations. Ancillary services, such as transport,
are not material. As a result, revenue recognition
generally occurs at a point in time, when control
of the products is transferred to the customer,
generally on delivery of the goods and considering
the underlying incoterm.
The Group is not involved in transactions and/or
contracts including volume rebates, trade discounts,
(ancillary) services, customer assistance services or
bundled sales contracts of a material nature.
Campine works with direct sales people for most of
its sales in Europe and with distributors and agents
in the rest of the world.
CONSOLIDATED FINANCIAL STATEMENTS 2021 50
5.2.4. Leases
A contract is or contains a lease if it conveys a right
to control the use of an identied asset for a period
of time in exchange for a consideration.
To determine whether a lease confers the right to
control use of a determined asset for a determined
period of time, the entity must appreciate whether,
throughout the period of use, it has the right to:
• Obtain substantially all of the economic benets
from the use of the asset.
• Direct the use of the asset.
To determine the duration of the leases, any options
for renewal or termination have been considered as
required by IFRS 16 taking into account the probability
of exercising the option and only if it is under the
control of the lessee.
At the start of the lease, the lessee recognises a
right-of-use asset and a lease liability. For leases
with a maximum duration of 12 months or leases of
assets with low value, Campine applies the practical
exemption in IFRS 16. Hence, these leases are not
presented on the balance sheet.
Right-of-use assets
The Group recognises right-of-use assets on the
commencement date of the contract, i.e. the date
on which the asset becomes available for use. These
assets are valued at the initial cost of the lease
liability minus depreciation and any impairment,
adjusted to take into account any revaluations of
the lease liability. The initial cost of the right-of-use
assets includes the present value of the lease liability,
the initial costs incurred by the lessee, rent payments
made on the start date or before that date, minus
any incentives obtained by the lessee. These assets
are depreciated over the estimated lifetime of the
underlying asset or over the duration of the contract
if this period is shorter, unless the Group is suciently
certain of obtaining ownership of the asset at the end
of the contract.
Right-of-use assets are presented separately from
other assets as a dierent line under non-current
assets.
Lease liabilities
The lease liability is valued at the present value of
the rent payments that have not yet been paid.
The present value of the rent payments must be
calculated using the interest rate implicit in the lease
if it is possible to determine that rate. If not, the lessee
must use its incremental borrowing rate.
The incremental borrowing rate is the interest rate
that the lessee would have to pay to borrow over a
similar term, and with a similar security, the funds
necessary to obtain an asset of similar value to the
right-of-use asset in a similar economic environment.
Over the duration of the contract, the lessee values
the lease obligation as follows:
• By increasing the carrying amount to reect the
interest on the lease liabilities.
• By reducing the carrying amount to reect the
rent payments made.
• By revaluing the carrying amount to reect the
new value of the lease obligation or modications
to the lease.
Lease liabilities are presented in a separate line
on the balance sheet. Payments for the capital
reimbursement and the interests are presented under
nancing activities in the statement of cash ows.
CONSOLIDATED FINANCIAL STATEMENTS 2021 51
5.2.5. Foreign currencies
The individual nancial statements of each group
entity are presented in the currency of the primary
economic environment in which the entity operates
(its functional currency). Currently, the Group only
consists of Campine NV and its subsidiary Campine
Recycling NV. For the purpose of the consolidated
nancial statements, the results and nancial
position of each entity are expressed in EUR, which
is the functional currency of the company, and the
presentation currency for the consolidated nancial
statements. In preparing the nancial statements
of the individual entities, transactions in currencies
other than the entity’s functional currency (foreign
currencies) are recorded at the rates of exchange
prevailing on the dates of the transactions.
At each balance sheet date, monetary items
denominated in foreign currencies are retranslated
at the rates prevailing on the balance sheet date.
Non-monetary items that are measured in terms
of historical cost in a foreign currency remain at
historical rate. Exchange dierences arising on
the settlement of monetary items, and on the
retranslation of monetary items, are included in
prot or loss for the period (within other operating
income/expenses).
5.2.6. Financial instruments
Financial assets and nancial liabilities are
recognised when a group entity becomes a party to
the contractual provisions of the instrument.
Financial assets and nancial liabilities are initially
measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of
nancial assets and nancial liabilities (other than
nancial assets and nancial liabilities at fair value
through prot or loss) are added to or deducted
from the fair value of the nancial assets or nancial
liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the
acquisition of nancial assets or nancial liabilities
at fair value through prot or loss are recognised
immediately in prot or loss.
Trade receivables, cash and cash equivalents,
bank loans and lease obligations are classied and
measured at amortised cost under IFRS 9.
Debt instruments that meet the following conditions
are subsequently measured at amortised cost:
• The nancial asset is held within a business model
whose objective is to hold nancial assets in order
to collect contractual cash ows.
• The contractual terms of the nancial asset give
rise on specied dates to cash ows that are solely
payments of principle and interest on the principal
amount outstanding.
The eective interest method is a method of
calculating the amortised cost of a debt instrument
and of allocating interest income over the relevant
period.
The amortised cost of a nancial asset is the amount
at which the nancial asset is measured at initial
recognition minus the principal repayments, plus
the cumulative amortization using the eective
interest method of any dierence between that
initial amount and the maturity amount, adjusted
for any loss allowance. On the other hand, the gross
carrying amount of a nancial asset is the amortised
cost of a nancial asset before adjusting for any loss
allowance.
Classication and measurement of nancial
liabilities of the Group has not been modied by the
requirements of IFRS 9. All nancial liabilities of the
Group are subsequently measured at amortised cost
using the eective interest rate method.
In relation to the impairment of nancial assets,
IFRS 9 requires an expected credit loss model. The
expected credit loss model requires the Group to
account for expected credit losses and changes
in those expected credit losses at each reporting
date to reect changes in credit risk since initial
recognition of the nancial assets.
CONSOLIDATED FINANCIAL STATEMENTS 2021 52
Specically, IFRS 9 requires the Group to recognise
a loss allowance for expected credit losses on trade
receivables and cash and cash equivalents. The
amount of expected credit losses is updated at
each reporting date to reect changes in credit risk
since initial recognition of the respective nancial
instrument.
IFRS 9 provides a simplied approach for measuring
the loss allowance at an amount equal to lifetime
expected credit losses for trade receivables without
a signicant nancing component (short-term trade
receivables). The expected credit losses on these
nancial assets are estimated using a provision
matrix based on the Group’s historical credit loss
experience adjusted for factors that are specic
to the debtors, general economic conditions and
an assessment of both the current as well as the
forecast direction of conditions at the reporting
date, including time value of money where
appropriate.
All bank balances are assessed for expected credit
losses at each reporting date as well.
The Group considers the following as constituting an
event of default for internal credit risk management
purposes as historical experience indicates that
receivables that meet either of the following criteria
are generally not recoverable:
• When there is a breach of nancial covenants by
the counterparty; or
• Information developed internally or obtained
from external sources indicates that the debtor is
unlikely to pay its creditors, including the Group, in
full (without taking into account any collateral held
by the Group)
Irrespective of the above analysis, the Group
considers that default has occurred when a nancial
asset is more than 90 days past due unless the
Group has reasonable and supportable information
to demonstrate that a more lagging default criterion
is more appropriate.
A nancial asset is credit-impaired when one or
more events that have a detrimental impact on the
estimated future cash ows of that nancial asset
have occurred. Evidence that a nancial asset is
credit-impaired includes observable data about the
following events:
• Signicant nancial diculty of the issuer or the
borrower.
• A breach of contract, such as a default or past due
event.
• The lender(s) of the borrower, for economic or
contractual reasons relating to the borrower’s
nancial diculty, having granted to the borrower
a concessions(s) that the lender(s) would not
otherwise consider.
• It is becoming probable that the borrower will enter
bankruptcy or other nancial reorganisation. or
• The disappearance of an active market for that
nancial asset because of nancial diculties.
The Group writes o a nancial asset when there is
information indicating that the counterparty is in
severe nancial diculty and there is no realistic
prospect of recovery, e.g. when the counterparty
has been placed under liquidation or has entered
into bankruptcy proceedings, or in the case of trade
receivables, when the amounts are over two years
past due, whichever occurs sooner. Financial assets
written o may still be subject to enforcement
activities under the Group’s recovery procedures,
taking into account legal advice where appropriate.
Any recoveries made are recognised in prot or loss.
The Group enters into a variety of derivative nancial
instruments to manage its exposure to commodity
price risk.
Derivatives are initially recognised at fair value at the
date the derivative contracts are entered into and
are subsequently remeasured to their fair value at
the end of each reporting period. The resulting gain
or loss is recognised in prot or loss immediately.
CONSOLIDATED FINANCIAL STATEMENTS 2021 53
Depending on the market situation, in combination
with the established purchase and sales contracts,
both purchase and sales hedging contracts are used.
The remaining volumes are partially oset against
long-term nancial hedging.
5.2.7. Borrowing costs
Borrowing costs are recognised in prot or loss in
the period in which they are incurred, unless they are
directly attributable to qualifying assets, in which
case they are capitalised.
5.2.8. Government grants
Government grants are recognised in prot or loss
(in other operating income) over the periods
necessary to match them with the related costs.
Government grants related to later periods are
presented in the nancial statements as deferred
income.
If the government grant relates directly to an
investment, it is deducted from the investment costs
or taken to the income statement as other debts
over the depreciation period of the asset to which it
relates.
5.2.9. Retirement benet costs and termination
benets
For dened benet retirement benet plans,
the cost of providing benets - as well as the
dened contribution plans - is determined using
the projected unit credit method, with actuarial
valuations being carried out at the end of each
annual reporting period. Remeasurement,
comprising actuarial gains and losses, the eect of
the changes to the asset ceiling (if applicable) and
the return on plan assets (excluding interest), is
reected immediately in the statement of nancial
position with a charge or credit recognised in other
comprehensive income is reected immediately in
retained earnings and will not be reclassied to prot
or loss.
Past service cost is recognised in prot or loss in
the period of a plan amendment. Net interest is
calculated by applying the discount rate at the
beginning of the period to the net dened benet
liability or asset. Benet costs are categorised as
follows:
• Service cost (including current service cost,
past service cost, as well as gains and losses on
curtailments and settlements).
• Net interest expense or income.
• Remeasurement.
The Group presents the rst 2 components of benet
costs in prot and loss in the line item employee
benets expense. Curtailment gains and losses
are accounted for as past service costs. The 3rd
component is recognised directly to equity.
The retirement benet obligation recognised in
the consolidated statement of nancial position
represents the actual decit or surplus in the
Group’s benet plans. Any surplus resulting from
this calculation is limited to the present value of any
economic benets available in the form of refunds
from the plans or reductions in future contributions
to the plans.
A liability for a termination benet is recognised at
the earlier of when the entity can no longer withdraw
the oer of the termination benet and when the
entity recognises any related restructuring costs.
CONSOLIDATED FINANCIAL STATEMENTS 2021 54
5.2.10. Taxation
Income tax expense represents the sum of the tax
currently payable and deferred tax. The tax currently
payable is based on taxable prot for the year. Taxable
prot diers from prot as reported in the income
statement because it excludes items of income or
expense that are taxable or deductible in other years
and it further excludes items that are never taxable
or deductible. The Group’s liability for current tax is
calculated using tax rates that have been enacted or
substantively enacted by the balance sheet date.
Deferred tax is recognised on dierences between
the carrying amounts of assets and liabilities in the
nancial statements and the corresponding tax
bases used in the computation of taxable prot,
and is accounted for using the balance sheet
liability method. Deferred tax liabilities are generally
recognised for all taxable temporary dierences and
deferred tax assets are recognised to the extent that
it is probable that taxable prots will be available
against which deductible temporary dierences can
be utilised.
Deferred tax is calculated at the tax rates that are
expected to apply in the period when the liability is
settled or the asset realised. Deferred tax is charged
or credited to prot or loss, except when it relates to
items charged or credited directly to equity, in which
case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are oset when
there is a legally enforceable right to set o current
tax assets against current tax liabilities and when
they relate to income taxes levied by the same
taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
5.2.11. Property, plant and equipment
Property, plant & equipment are stated at cost less
accumulated depreciation and any accumulated
impairment losses.
Properties in the course of construction for
production, rental or administrative purposes, are
carried at cost, less any recognised impairment loss.
Cost includes professional fees and, for qualifying
assets, borrowing costs capitalised in accordance
with the Group’s accounting policy. Depreciation of
these assets commences when the assets are ready
for their intended use.
Depreciation is charged so as to write o the cost or
valuation of assets, other than land and properties
under construction, over their estimated useful lives,
using the straight-line method. Assets held under
nance leases are depreciated over their expected
useful lives on the same basis as owned assets or,
where shorter, the term of the relevant lease.
The gain or loss arising on the disposal or retirement
of an item of property, plant and equipment is
determined as the dierence between the sales
proceeds and the carrying amount of the asset and
is recognised in prot or loss.
5.2.12. Internally-generated intangible assets –
research and development expenditure
Expenditure on research activities is recognised as
an expense in the period in which it is incurred. An
internally-generated intangible asset arising from the
Group’s development is recognised only if all of the
following conditions are met:
• An asset is created that can be identied (such as
software and new processes).
• It is probable that the asset created will generate
future economic benets and.
• The development cost of the asset can be
measured reliably.
Internally-generated intangible assets are amortised
on a straight-line basis over their estimated useful
lives. Where no internally-generated intangible asset
can be recognised, development expenditure is
charged to prot or loss in the period in which it is
incurred.
5.2.13. Patents, trademarks and software purchased
Patents, trademarks and software purchased
are measured initially at purchase cost and are
amortised on a straight-line basis over their
estimated useful lives.
CONSOLIDATED FINANCIAL STATEMENTS 2021 55
5.2.14. Impairment of tangible and intangible assets
excluding goodwill
At each balance sheet date, the Group reviews the
carrying amounts of its tangible and intangible assets
to determine whether there is any indication that
those assets have suered an impairment loss. If any
such indication exists, the recoverable amount of the
asset is estimated in order to determine the extent of
the impairment loss (if any). Where it is not possible to
estimate the recoverable amount of an individual asset,
the Group estimates the recoverable amount of the
cash generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less
costs to sell and value in use. In assessing value in
use, the estimated future cash ows are discounted
to their present value using a pre-tax discount rate
that reects current market assessments of the time
value of money and the risks specic to the asset. If the
recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount,
the carrying amount of the asset (cash-generating
unit) is reduced to its recoverable amount. An
impairment loss is recognised immediately in prot or
loss, unless the relevant asset is carried at a revalued
amount, in which case the impairment loss is treated as
a revaluation decrease.
Where an impairment loss subsequently reverses, the
carrying amount of the asset (cash-generating unit)
is increased to the revised estimate of its recoverable
amount, but so that the increased carrying amount
does not exceed the carrying amount that would
have been determined had no impairment loss been
recognised for the asset (cash generating unit) in prior
years. A reversal of an impairment loss is recognised
immediately in prot or loss, unless the relevant
asset is carried at a revalued amount, in which case
the reversal of the impairment loss is treated as a
revaluation increase.
5.2.15. Inventories
Cost of the raw materials includes both the
purchasing price (using the principle of First in First
out (“FIFO”)), and the direct purchasing costs, like
import duties, transportation and completion costs.
Cost of work in progress and nished products
comprises all direct and indirect costs necessary
that have been incurred in bringing the inventories
to their present location condition on balance sheet
date. Direct costs include, among others, the cost of
the used raw materials and the direct labour costs.
Indirect costs include a systematical impute of xed
and variable indirect production costs proceeded
from the conversion of raw materials in end
products. The impute of xed indirect production
costs is based on the normal capacity of the
production facilities.
For the determination of the cost, the standard cost
price method is used. The standard cost price takes
into account the normal use of raw and auxiliary
materials, labour, eciency and capacity. The
standard cost price is frequently being evaluated
and, if necessary, revised in consideration with the
present conditions. The standard cost price of the
raw and auxiliary materials, as also the appreciation
of it in work in progress and in raw materials, will
be revised every month on the basis of the new
determined FIFO value of these raw and auxiliary
materials.
The inventories are valued at the lower of cost,
determined as described above, or market value.
The market value represents the estimated selling
price in normal circumstances less estimated cost of
completion and costs to be incurred to realise sales
(marketing, selling and distribution). The estimated
selling price is based on the LME quotation (London
Metal Exchange) for lead. For the antimony price we
refer to the current prices in combination with the
already contracted purchase and sales contracts.
Value reductions are made for the old and slow
moving inventories.
CONSOLIDATED FINANCIAL STATEMENTS 2021 56
5.2.16. Trade receivables
Trade receivables are measured at initial recognition
at fair value. Appropriate allowances for estimated
irrecoverable amounts are recognised in prot or
loss when there is objective evidence that the asset
is impaired. The allowance recognised is measured as
the dierence between the asset’s carrying amount
and the present value of estimated future cash ows
discounted at the eective interest rate computed at
initial recognition. Based on a regular age analysis of
the assets, it is determined case per case if a liability
for doubtful debtors is needed.
Factoring
The Group entered into a factoring agreement with
a credit institution, whereby the credit institution
pays advances to the Group on trade receivables. As
the credit risk of these receivables remains with the
Group, not all risks and rewards of the transferred
receivables are transferred. As a consequence,
the receivables remain on the balance sheet of the
Group and the advances received are recorded in
the balance sheet under the short term advances on
factoring.
5.2.17. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand
and demand deposits. Cash and cash equivalents are
included at fair value.
5.2.18. Bank borrowings
Interest-bearing bank loans and overdrafts are
measured at fair value. Any dierence between
the proceeds (net of transaction costs) and
the settlement or redemption of borrowings is
recognised over the term of the borrowings in
accordance with the Group’s accounting policy for
borrowing costs (see above).
5.2.19. Trade payables
Trade payables are measured at cost.
5.2.20.Provisions
Provisions are recognised when the Group has a
present obligation as a result of a past event, and it
is probable that the Group will be required to settle
that obligation. Provisions are measured at the
directors’ best estimate of the expenditure required
to settle the obligation at the balance sheet date,
and are discounted to present value where the eect
is material.
5.2.21. Segment reporting
Operating segments are reported in a manner
consistent with the internal reporting provided
to the chief operating decision maker (“CODM”).
The CODM is the CEO (assisted by the executive
management team).
5.3. JUDGEMENT AND USE OF ESTIMATES
The preparation of nancial statements requires the
use of estimates and assumptions to determine the
value of assets and liabilities, to assess the positive
and negative consequences of unforeseen situations
and events at the balance sheet date, and to form
a judgment as to the revenues and expenses of the
scal year.
The basis of the judgement and use of estimates is
consistent to our annual report 2020.
CONSOLIDATED FINANCIAL STATEMENTS 2021 57
Signicant estimates made by the Group in
preparation of the nancial statements relate mainly
to:
• Valuation of the recoverable amount of stocks
(see note 5.12.). The inventories are valued at cost,
determined as described above, or at market value,
if the latter is lower.
• Valuation of sanitation provisions (see note 5.21.).
The Group has set up a provision for soil sanitation
and other environmental items.
• Pension and related liabilities (see note 5.26.).
The estimated liability arising from dened
contribution retirement benet plans of the Group,
is based on actuarial assumptions. The pre-tax
discount rate and estimated salary expectations
are actuarial assumptions which can signicantly
aect the liability.
• Deferred tax assets are recognised for the carry
forward of unused tax losses and unused tax
credits to the extent that it is probable that future
taxable prot will be available against which the
unused tax losses and unused tax credits can
be utilised. In making its judgement, the board
takes into account long-term business strategy.
A major uncertainty in the determination of the
future taxable result concerns the volatility and
unpredictability of raw material prices.
• Others; litigation and lawsuits. The Group is,
and can in the future become, involved in legal
disputes. Until now, Campine is – as plaintive or
defendant – involved in some legal proceedings
which can have no important global impact on
Campine – as to the information upon which
the Group disposes on the date of this report:
the probability of resulting assets or liabilities
is particularly low and / or it concerns relatively
insignicant amounts.
Due to the uncertainties inherent in all valuation
processes, the Group revises its estimates on the
basis of regularly updated information. Future
results may dier from these estimates. As well as
the use of estimates, Group management also uses
judgment in dening the accounting treatment for
certain operations and transactions not addressed
under the IFRS standards and interpretations
currently in force.
CONSOLIDATED FINANCIAL STATEMENTS 2021 58
5.4. OPERATIONAL SEGMENTS
5.4.1. Geographical segments
The Group’s registered oce and manufacturing operations are located in B elg ium , Nij ver hei ds st ra at 2 ,
The following table provides an analysis of the Group’s sales by geographical market.
12/31/2021
‘000 € %
12/31/2020
‘000 € %
Belgium 6,924 3.1% 5,938 3.6%
Germany 82,908 36.6% 60,585 36.3%
Switzerland 19,448 8.6% 13,054 7.8%
Italy 18,566 8.2% 13,521 8.1%
Romania 10,832 4.8% 7,637 4.6%
France 9,340 4.1% 7,296 4.4%
The Netherlands 7,574 3.3% 5,590 3.3%
United Kingdom 1,988 0.9% 1,676 1.0%
Other European countries 19,830 8.8% 8,148 4.9%
North America 27,930 12.3% 14,277 8.6%
Asia 19,810 8.8% 28,577 17.1%
Others 1,168 0.5% 647 0.4%
226,317 100% 166,946 100%
92% of the turnover of Metals Recycling was realised in Europe whereas 63% of the turnover of Specialty
Chemicals was achieved in Europe.
CONSOLIDATED FINANCIAL STATEMENTS 2021 59
5.4.2. Business segments/divisions
Our reportable segments reect the signicant components of our operations. We evaluate our business
operations in two segments, called divisions: “Specialty Chemicals” and “Metals Recycling”. Discrete nancial
information on these two segments is provided to the CODM.
• Specialty Chemicals hosts all businesses which se r ve en d-mar ket s wi th c hem ic al pr od uc t s and d er ivate s .
The manufacturing of antimony trioxide used as ame-retardant, polymerization catalyst and pigment
reagent and the production of dierent types of polymer and plastic masterbatches. The Specialty
Chemicals division comprises the business units (BU’s) Antimony and BU Plastics.
Speciality
Chemicals
2021 2020
BU Antimony
∆
2021 2020
BU Plastics
∆
2021 2020
Total Speciality Chemicals
∆
Turnover
€ ‘000
72,411 42,030 72.3% 33,941 22,539 50.6% 106,352 64,569 64.7%
The total (external and cross-business unit) turnover of the Specialty Chemicals division represents a volume
of 15,598 ton (12/31/2020: 13,353 ton) (+16.8%). The split between external sales and cross-business unit
sales can be found in the table on the next page.
• Metals Recycling hosts the businesses in which metals are being recovered from industrial and
postconsumer waste streams. T he m ain ac t ivi t y is t he ma nuf ac tu ri ng of l ead a lloy s . To this business
is added the growing activity of the recycling of other metals such as antimony and tin. This division
comprises the business units (BU’) Lead and BU Metals Recovery.
Metals
Recycling
2021 2020
BU Metals Recovery
∆
2021 2020
BU Lead
∆
2021 2020
Total Metals Recycling
∆
Turnover
€ ‘000
14,945 8,491
76%
127,226 104,618 21.6% 142,171 113,109 25.7%
The total (external and cross-business unit) turnover of the Metals Recycling division represents a volume
of 63,873 ton (12/31/2020: 62,628 ton) (+2%). The split between external sales and cross-business unit sales
can be found in the table on the next page.
There is one customer in the BU Lead who represents more than 10% of the Group’s turnover (19%).
CONSOLIDATED FINANCIAL STATEMENTS 2021 60
‘000 €
Specialty
Chemicals
12/31/2021
Metals Recycling
12/31/2021
Unallocated
12/31/2021
Total
12/31/2021
REVENUE
External sales 106,352 119,965 - 226,317
Cross-business unit sales in the same segment - 22,206 -22,206 0
Total revenue 106,352 142,171 -22,206 226,317
RESULT
Segment operating result 10,583 8,514 - 19,097
Unallocated expenses
Operating result (EBIT) 19,097
Investment revenues - - - -
Hedging results - -786 - -786
Other gains and losses - - - 0
Finance costs - - -346 -346
Result before tax 17,965
Income tax expense -4,454
Result for the period 13,511
‘000 €
Specialty
Chemicals
12/31/2021
Metals Recycling
12/31/2021
Unallocated
12/31/2021
Total
12/31/2021
OTHER INFORMATION
Capital additions 1,038 5,621 1,718
8,377
Depreciation and amortisation (incl. right-of-use
assets)
-1,225 -2,277 -833 -4,335
BALANCE SHEET
Assets
Fixed assets (incl. right-of-use assets) 4,072 14,815 4,359 23,246
Deferred tax - - 104 104
Stocks 25,807 17,221 2,375 45,403
Trade receivables 14,376 7,340 38 21,754
Other receivables 1,915 1,915
Derivatives - - - 0
Cash and cash equivalent - - 153 153
Total assets 44,255 39,376 8,944 92,575
Long term liabilities
Retirement benet obligation - - 1,192 1,192
Deferred tax liabilities - - 219 219
Bank loans - - 1,500 1,500
Obligations under leases - - 206 206
Provisions - - 1,185 1,185
Short term liabilities
Retirement benet obligation - - 31 31
Trade payables 5,800 14,610 3,841 24,251
Other payables 5,217 5,217
Derivatives - 65 - 65
Current tax liabilities - - 121 121
Obligations under leases - - 167 167
Bank overdrafts and loans* - - 10,448 10,448
Total liabilities 5,800 14,675 24,127 44,602
* Advances on bank overdrafts and loans are always withdrawn in function of the necessary working capital. They are considered to relate
to the whole of the group’s two legal entities and are therefore not allocated at segment level.
CONSOLIDATED FINANCIAL STATEMENTS 2021 61
'000 €
Specialty
Chemicals
12/31/2020
Metals Recycling
12/31/2020
Unallocated
12/31/2020
Total
12/31/2020
REVENUE
External sales 64,569 102,378 - 166,947
Cross-business unit sales in the same segment - 10,731 -10,731 0
Total revenue 64,569 113,109 -10,731 166,947
RESULT
Segment operating result 1,079 2,547 - 3,626
Unallocated expenses
Operating result (EBIT) 3,626
Investment revenues - - - -
Hedging results - 300 - 300
Other gains and losses - - - 0
Finance costs - - -258 -258
Result before tax 3,668
Income tax expense -884
Result for the period 2,784
'000 €
Specialty
Chemicals
12/31/2020
Metals Recycling
12/31/2020
Unallocated
12/31/2020
Total
12/31/2020
OTHER INFORMATION
Capital additions 1,718 5,848 1,034 8,600
Depreciation and amortisation (incl. right-of-use
assets)
-959 -1,638 -656 -3,253
BALANCE SHEET
Assets
Fixed assets (incl. right-of-use assets) 4,259 11,471 3,316 19,046
Deferred tax - - 86 86
Stocks 11,635 12,040 2,670 26,345
Trade receivables 9,034 8,139 0 17,173
Other receivables 1,198 1,198
Derivatives - 93 - 93
Cash and cash equivalent - - 190 190
Total assets 24,928 31,743 7,460 64,131
Long term liabilities
Retirement benet obligation - - 1,176 1,176
Deferred tax liabilities - - - -
Bank loans - - 4,125 4,125
Obligations under leases - - 234 234
Provisions - - 1,135 1,135
Short term liabilities
Retirement benet obligation - - 52 52
Trade payables 3,385 8,116 1,420 12,921
Other payables 2,973 2,973
Derivatives - - - -
Current tax liabilities - - 96 96
Obligations under leases - - 168 168
Bank overdrafts and loans* - - 5,740 5,740
Total liabilities 3,385 8,116 17,119 28,620
* Advances on bank overdrafts and loans are always withdrawn in function of the necessary working capital. They are considered to relate
to the whole of the group’s two legal entities and are therefore not allocated at segment level.
CONSOLIDATED FINANCIAL STATEMENTS 2021 62
5.5. OTHER OPERATING EXPENSE AND INCOME
‘000 € 12/31/2021 12/31/2020
OTHER OPERATING EXPENSE
Oce expenses & IT 937 770
Fees 678 333
Insurances 541 509
Interim personnel 1,868 1,397
Expenses related to personnel 121 146
Carry-o of waste 4,066 3,441
Travel expenses 126 116
Transportation costs 2,998 2,169
Other purchase and sales expenses 721 471
Negative operating hedge result 687 410
Research & development 422 116
Renting 141 155
Subscriptions 472 391
Advertising - publicity 68 58
Other taxes (unrelated to result) 125 94
Financial costs (other than interest) 125 426
Others 220 186
14,316 11,188
The “carry-o of waste” cost is reduced by the recovery of metal-rich waste streams that
arise from our production process and often only a toll conversion fee is charged.
Some of these waste streams are now also sold externally. Consequently the carry-o cost
increases while on the other hand these external sales generate additional income.
‘000 € 12/31/2021 12/31/2020
OTHER OPERATING INCOME
Positive operating hedge result 806 308
Finance income (other than interest) 0 1
Claims 12 8
Subsidies 228 193
Produced assets - own construction 294 379
Recuperation of costs from third parties 32 158
Others 35 48
1,407 1,095
CONSOLIDATED FINANCIAL STATEMENTS 2021 63
5.6. FINANCE COSTS
‘000 €
12/31/2021 12/31/2020
Interest on bank overdrafts, loans and factoring 335 248
Interest cost on leasing 11 10
Total borrowing costs 346 258
5.7. INCOME TAX EXPENSE
‘000 €
12/31/2021 12/31/2020
Current tax 4,478 860
Deferred tax -24 24
Income tax expense for the year 4,454 884
Domestic income tax is calculated at 25% (2020: 25%) of the estimated assessable result for the year.
‘000 € 12/31/2021 12/31/2020
Result before tax
17.965 3.668
Tax at the domestic income tax rate of 25% (2020: 25%) 4,491 917
Tax eect of expenses that are not deductible in determining taxable result 48 -9
Tax eect of Notional Interest Deduction (NID) 0 0
Tax settlement previous years -90 -37
Tax eect of utilisation of tax losses previously not recognised and timing
dierences
-39 5
Tax penalty (insucient prepayments) 44 10
Eect of dierent tax rates of subsidiaries operating in other jurisdictions
0
-2
4,454 884
On 12/31/2021 deferred tax assets amount to 104 K€ (86 K€ on 12/31/2020) and the deferred tax liabilities
amount to 219 € (0 € on 12/31/2020). The deferred tax liability relates to the investment grant of € 1 million
that Campine received in 2021.
CONSOLIDATED FINANCIAL STATEMENTS 2021 64
5.8. DIVIDENDS AND TANTIÈME
The board proposes to pay a dividend amounting to 4.2 mio € based on the 2021 results. A total dividend of
0.975 mio € was paid based on the 2020 result.
The board proposes to pay the non-executive directors a tantième for the nancial year closed on 12/31/2021
as follows:
F.-W. Hempel
FLG BELGIUM
YASS
DELOX
chairman
H.-R. Orgs
Total
Tantième 15,000 € 15,000 € 15,000 € 30,000 € 15,000 € 90,000 €
For the nancial year closed on 12/31/2020 a total tantième of 90 K€ was paid.
5.8.1. Result per share
As no potential shares – which could lead to dilution – were issued and no activities were ceased, the diluted
result per share equals the basic result per share. The calculation of the basic and diluted result per share
attributable to the ordinary equity holders of the parent is based on the following data:
‘000 € 12/31/2021 12/31/2020
RESULT
Result for purposes of basic and diluted results per share (result for the year
attributable to equity holders of the parent)
13,511 2,784
NUMBER OF SHARES
Weighted average number of ordinary shares for the purposes of basic and
diluted results per share
1,500,000 1,500,000
CONSOLIDATED FINANCIAL STATEMENTS 2021 65
5.9. PROPERTY, PLANT AND EQUIPMENT
‘000 €
Land and
buildings
Properties
under
Construction
Fixtures and
equipment Total
COST OR VALUATION
On 31 December 2019 14,385 1,045 68,935 84,365
Additions 1,011 1,857 5,731 8,599
Transfers 381 -983 602 0
Disposals - - -45 -45
On 31 December 2020 15,777 1,919 75,223 92,919
Additions 769 386 7,209 8,364
Transfers 405 -1,919 1,514 0
Disposals - - 0 0
On 31 December 2021 16,951 386 83,946 101,283
ACCUMULATED DEPRECIATION
On 31 December 2019 12,816 - 58,572 71,388
Depreciation charge for the year 229 - 2,834 3,063
Eliminated on disposals - - -45 -45
On 31 December 2020 13,045 - 61,361 74,406
Depreciation charge for the year 293 - 3,815 4,108
Eliminated on disposals - - - 0
On 31 December 2021 13,338 0 65,176 78,514
CARRYING AMOUNT
On 31 December 2021 3,613 386 18,771 22,770
On 31 December 2020 2,732 1,919 13,863 18,514
We always depreciate until residual value 0. The following depreciation rates are used for property, plant and
equipment:
Industrial, administrative, commercial buildings 5%
Furniture 20%
Vehicles 25%
Installations, machinery and equipment min 5% – max 33% depending on the life time
The Group has not pledged land and buildings to secure banking facilities granted to the Group.
CONSOLIDATED FINANCIAL STATEMENTS 2021 66
5.10. INTANGIBLE ASSETS
‘000 €
Patents, trademarks and
software purchased
COST
On 31 December 2019 1,926
Additions 1
On 31 December 2020 1,927
Additions 13
On 31 December 2021 1,940
ACCUMULATED DEPRECIATION
On 31 December 2019 1,756
Charge for the year 41
On 31 December 2020 1,797
Charge for the year 40
On 31 December 2021 1,837
CARRYING AMOUNT
On 31 December 2021 103
On 31 December 2020 130
The intangible assets included in the table have nite useful lives. Intangible assets are, depending on the
category, depreciated over 3 to 8 years.
5.11. SUBSIDIARIES
Details of the Group’s subsidiaries on 12/31/2021 are as follows:
Name of
subsidiary
Place of incorporation
(or registration)
and operation
Proportion
of ownership
interest
Proportion
of voting
power held
Principal
activity
Campine Recycling nv
BTW: BE0474.955.451
Belgium 99.99%
100%
Lead recycling
There are no restrictions on the access to and use of the assets of the subsidiaries nor on the proceedings to
settle commitments of the Group.
5.12. INVENTORIES
‘000 € 12/31/2021 12/31/2020
Raw materials 12,738 9,252
Work-in-progress 9,603 6,409
Finished goods 23,062 10,684
45,403 26,345
CONSOLIDATED FINANCIAL STATEMENTS 2021 67
The inventory per year-end includes an amount written-o of 636 K€ (2020: 303 K€) because of the lower of
cost and market value. The market value is the estimated selling price under normal circumstances less the
estimated conversion cost and the estimated costs of realizing the sale (marketing, sales and distribution).
The estimated sales price is determined using the LME (London Metal Exchange) quotations for lead. For the
antimony price we refer to the current prices in combination with the already contracted purchase and sales
contracts.
5.13. FINANCIAL ASSETS
The board of directors conrms that the carrying amount of trade and other receivables approximates their
fair value as those balances are short-term.
During 2021 no negative eect caused by COVID-19 in the collection of trade and other receivables was
experienced. Management does not expect any future problems in this regard.
5.13.1. Trade receivables
‘000 € 12/31/2021 12/31/2020
Amounts receivable from the sale of goods 21,754 17,173
21,754 17,173
An allowance has been recorded for estimated irrecoverable amounts from the sale of goods of 1,011 K€
(2020: 1,011 K€). This allowance has been determined on a case-by-case basis. Balances are written o when
suciently certain that the receivable is denitely lost.
The total amount from sales of goods amounting to 21,754 K€ includes 17,419 K€ subject to commercial
factoring by a credit institute. Based on these receivables the credit institute can deposit advances on the
account of Campine (7,646 K€ on 12/31/2021, see note 5.16. Bank borrowings) and afterwards collects the
receivables itself. The credit risk stays at Campine and is covered by a credit insurance.
There are no signicant overdue amounts, older than 30 days, which are not provided for and/or are not fully
covered by a credit insurance. Management has evaluated the expected loss provision on trade receivables
but concluded that there was no need for a (material) additional provision on top of the specic bad debt
provisions already recorded.
5.13.2. Other receivables
‘000 € 12/31/2021 12/31/2020
Other receivables 1,915 1,198
1,915 1,198
Other receivables principally comprise amounts reclaimed V.A.T.
5.13.3. Bank balances and cash
Bank balances and cash comprise cash held by the Group and short-term bank deposits with an original
maturity of three months or less. The carrying amount of these assets approximates their fair value.
CONSOLIDATED FINANCIAL STATEMENTS 2021 68
5.13.4. Credit risk
The Group’s principal nancial assets are bank balances and cash, trade and other receivables. The credit
risk on liquid funds is limited because the counterparties are banks with high credit-ratings assigned by
international credit-rating agencies.
The Group’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance
sheet are after allowances for doubtful receivables. An allowance for impairment is made where there is an
identied loss event which, based on previous experience, is evidence of a reduction in the recoverability of
the cash ows.
Concentrations of credit risk with respect to trade receivables are limited due to the Group’s customer base
being large and unrelated. Due to this, the board of directors believes that there is no further credit risk
provision required in excess of the allowance for bad and doubtful debts.
Roll-forward of the allowances for doubtful debtors:
‘000 € 12/31/2021 12/31/2020
Opening allowance doubtful debtors 1,011 1,011
Additions - -
Reversals - -
Closing allowance doubtful debtors 1,011 1,011
Included in the Group’s trade receivable balance are debtors with a carrying amount of 2,430 K€ (2020: 694
K€) which are past due at the reporting date but for which the Group has not provided as there has not been a
signicant change in credit quality and the amounts are still considered recoverable. The Group has taken out
a credit insurance for these amounts. The average age of these receivables is 20 days past due (2020: 10 days).
5.14. OTHER FINANCIAL ASSETS AND LIABILITIES
5.14.1. Derivatives
For a detailed description we refer to accounting policy 5.2.6 Financial instruments mentioned in this report.
The table below summarises the net change in fair value – realised and unrealised – of the positions on the
LME lead / tin futures market where it sells forward lead and tin via future contracts.
‘000 €
Fair value of
current instruments
Underlying lead
volumes (in ton)
On 31 December 2020 93 1,600
On 31 December 2021 -65 2,650
The change in fair value in income statement amounts to -786 K€ (2020: 300 K€).
CONSOLIDATED FINANCIAL STATEMENTS 2021 69
The fair value of the derivatives are included in the balance sheet as current liabilities – derivatives for 65 K€.
The classication of the fair value of the hedge instruments is level 1 (unadjusted quoted prices in an active
market for identical assets or liabilities) in the “fair value hierarchy” of IFRS 13.
5.14.2 Lease obligations
Roll forward of right-of-use assets:
‘000 € 12/31/2021
Per 31 December 2019 355
Additions 196
Depreciation charge for the year -149
Disposals -
On 31 December 2020 402
Additions 158
Depreciation charge for the year -187
Disposals -
On 31 December 2021 373
Leased assets relate to company cars. The repayments of operating lease liabilities during 2021 amount to
198 K€. The depreciation charges reached 187 K€ and the nancial charges amounted to 11 K€.
The Group also applies the practical expedients for operating leases of which the contract has a limited
duration or operating leases where the underlying assets have a low value.
There were no restrictions or purchase options related to the agreements which are not index related. Lease
arrangements are negotiated for an average term of four years.
5.15. SHARE CAPITAL
‘000 € 12/31/2021 12/31/2020
Authorised
1,500,000 ordinary shares of par value of 2.67 € each 4,000 4,000
Issued and fully paid 4,000 4,000
The company has one class of ordinary shares which carry no right to xed income.
CONSOLIDATED FINANCIAL STATEMENTS 2021 70
‘000 € 12/31/2021 12/31/2020
Bank loans- investment credit 4,125 7,125
Bank overdrafts 177 85
Advances on factoring 7,646 2,655
11,948 9,865
Repayable borrowings
Bank loans after more than one year 1,500 4,125
Bank loans within one year 2,625 3,000
Bank overdrafts 177 85
Advances on factoring 7,646 2,655
11,948 9,865
Average interest rates paid
Bank loans- investment credit 1.50% 1.50%
Bank overdrafts 1.58% 1.57%
Advances on factoring 1.32% 1.33%
Bank loans are arranged at xed interest rates. Other borrowings (bank overdrafts and advances on factoring:
7,823 K€ on 12/31/2021 (on 12/31/2020: 2,740 K€)) are arranged at oating rates, thus exposing the Group to
an interest rate risk (see note 5.26.1.). On 12/31/2021, the Group had available 17,359 K€
(12/31/2020: 17,539 K€) of undrawn committed borrowing facilities.
In the credit agreements with our banks a number of covenants are agreed upon based on equity, solvency
and stock rotation. On 12/31/2021 Campine complied with all covenants:
• The equity (corrected for intangible xed assets and deferred taxes) amounted to 47,985 K€ on 12/31/2021
compared to the required minimum of 22,000 K€.
• The solvency ratio on 12/31/2021 (52%) is in compliance with the required ratio of 30%.
• With a stock rotation of 60 days Campine complied to the stock rotation ratio (< 90 days) on 12/31/2021.
Roll-forward van de nanciële verplichtingen en de aansluiting met cash-ow:
‘000 € 12/31/2021 Financing cash-ow 12/31/2020
Bank overdrafts 177 92 85
Advances on factoring 7,646 4,991 2,655
Bank loans- investment credit 4,125 -3,000 7,125
11,948 2,083 9,865
CONSOLIDATED FINANCIAL STATEMENTS 2021 71
5.17. DEFERRED TAX
The following are the major deferred tax liabilities and assets recognised by the Group, and the movements
thereon, during the current and prior reporting periods.
‘000 €
Timing
dierences
on xed
assets
Positive
fair value
derivatives
Retirement
benet
obligations
Fiscal
losses Others Total
On 31 December 2019 4 73 -106 - -64 -93
Charge/(credit) to result for
the year
-1 -50 10 - 64 23
Charge/(credit) to other
comprehensive income
- - -16 - - -16
On 31 December 2020 3 23 -112 - 0 -86
Charge/(credit) to result for
the year
-2 -23 -11 12 -24
Charge/(credit) to other
comprehensive income
- - 6 - - 6
On 31 December 2021 1 0 -117 - 12 -104
The balance of 104 K€ consists completely out of a deferred tax asset ad 104 K€.
The deferred tax liability of 219 K€ is related to the capital grants.
5.18. TRADE AND OTHER PAYABLES
5.18.1 Trade payables
Trade creditors and accruals principally comprise amounts outstanding for trade purchases. The board
of directors considers that the carrying amount of trade payables approximates their fair value as those
balances are short-term.
There are no trade payables older than 60 days (with the exception of disputes), hence an age analysis is
irrelevant.
‘000 € 12/31/2021 12/31/2020
Trade creditors and accruals 24,251 12,921
24,251 12,921
5.18.2 Other payables
‘000 € 12/31/2021 12/31/2020
Other payables and accruals 5,217 2,973
5,217 2,973
Other payables and accruals principally comprise amounts outstanding for ongoing costs as well as the
capital grant received, which is spread in the proceeds.
CONSOLIDATED FINANCIAL STATEMENTS 2021 72
The following table details the Group’s remaining contractual maturity for its non-derivative nancial
liabilities. The table has been drawn based on the undiscounted cash ows of nancial liabilities based on the
earliest date on which the Group can be required to pay.
‘000 €
12/31/2021 12/31/2020
< 1 year 1-5 year > 5 year < 1 year 1-5 year > 5 year
Trade liabilities 24,251 - - 12,921 - -
Other liabilities 5,217 - - 2,973 - -
Bank overdrafts and loans 2,802 1,500 - 3,085 4,125 -
Advances on factoring 7,646 - - 2,655 - -
Lease obligations 167 206 - 168 234 -
5.20. FINANCIAL INSTRUMENTS
The major nancial instruments of the Group are nancial and trade receivables and payables, investments,
cash and cash equivalents as well as derivatives.
The nancial instruments as on 12/31/2021 are presented below:
‘000 € Categories Book value Fair value Level
I. Fixed assets
II. Current Assets
Trade receivables A 21,754 21,754 2
Other receivables A 1,915 1,915 3
Cash and cash equivalents B 153 153 1
Derivatives C 0 0 1
of the balance sheet
23,822 23,822
I. Non-current liabilities
Interest-bearing liabilities A 1,500 1,500 2
Obligations under leases A 206 206 2
II. Current liabilities
Interest-bearing liabilities A 10,448 10,448 2
Current trade debts A 24,251 24,251 2
Current other debts A 5,217 5,217 3
Obligations under leases A 167 167 2
Derivatives C 65 65 1
41.854 41.854
liabilities side of the balance sheet 41,854 41,854
CONSOLIDATED FINANCIAL STATEMENTS 2021 73
The nancial instruments as on 12/31/2020 are presented below:
‘000 € Categories Book value Fair value Level
I. Fixed assets
II. Current Assets
Trade receivables A 17,173 17,173 2
Other receivables A 1,198 1,198 3
Cash and cash equivalents B 190 190 1
Derivatives C 93 93 1
of the balance sheet
18,654 18,654
I. Non-current liabilities
Interest-bearing liabilities A 4,125 4,125 2
Obligations under leases A 234 234 2
II. Current liabilities
Interest-bearing liabilities A 5,740 5,740 2
Current trade debts A 12,921 12,921 2
Current other debts A 2,973 2,973 3
Obligations under leases A 168 168 2
26.161 26.161
liabilities side of the balance sheet 26,161 26,161
CONSOLIDATED FINANCIAL STATEMENTS 2021 74
The categories correspond with the following nancial instruments:
A. Financial assets or liabilities held until maturity, at the amortised cost.
B. Investments held until maturity, at the amortised cost.
C. Assets or liabilities, held at the fair value through the prot and loss account.
The aggregate nancial instruments of the Group correspond with levels 1 and 2 in the fair values hierarchy.
• Level 1: unadjusted quoted prices in an active market for identical assets or liabilities.
• Level 2: the fair value based on other information, which can, directly or indirectly, be determined for the
relevant assets or liabilities.
The valuation techniques regarding the fair value of the level 2 nancial instruments are the following:
• The fair value of the other level 2 nancial assets and liabilities is almost equal to their book value:
- either because they have a short-term maturity (like trade receivables and debts),
- or because they have a variable interest rate.
• For xed-income payables the fair value was determined using interest rates that apply to active markets.
5.21. PROVISIONS AND CLAIMS
‘000 € Soil sanitation cost Other Total
On 31 December 2020 945 190 1,135
Additional provision 50
On 31 December 2021 995 190 1,185
‘000 € 12/31/2021 12/31/2020
Analysed as:
Current liabilities - -
Non-current liabilities 1,185 1,135
1,185 1,135
The provisions amounted to 1,185 K€ on 12/31/2021. These mainly relate to the soil sanitation obligation
(995 K€) on and around the site of the Group and other environmental items. In 2021, 50 K€ was added to
the provision for soil sanitation as a result of new investment activities in which an existing building was
demolished and the fallow land has to be remediated. The provisions were determined in compliance with the
requirements of OVAM – by an independent study bureau.
CONSOLIDATED FINANCIAL STATEMENTS 2021 75
Campine is subject to proceedings, lawsuits and other claims related to products and other matters. We are
required to assess the likelihood of any adverse judgments or outcomes to these matters as well as potential
ranges of probable and reasonably possible losses. A determination of the amount of liability to be recorded,
if any, for these contingencies is made after careful analysis of each individual issue.
There are currently no claims for which the probability of a cash outow is considered possible or probable.
5.22. CONTINGENT LIABILITIES
The power to pledge the trade fund was granted to the banks for an amount of 18,525 K€
(12/31/2020: 17,715 K€).
During the nancial year closed on 12/31/2021 none of the members of the executive management team
received any shares, share options or other rights to acquire shares of the company or Group.
5.24. EMPLOYEE BENEFITS EXPENSE
‘000 € 12/31/2021 12/31/2020
Long term
Pension cost (incl. early retirement) 496 378
Short term
Salaries 11,189 9,687
Contribution social security 3,048 2,895
Structural reduction social contribution -910 -822
Other employee benets expense 1,593 1,355
15,416 13,493
Average number of FTE’s
191 188
5.25. POST RETIREMENT BENEFITS
Following amounts with regard to the (early) retirement are booked on the balance sheet:
‘000 € 12/31/2021 12/31/2020
Dened benet plan 1,168 1,118
Early retirement provision 55 110
1,223 1,228
CONSOLIDATED FINANCIAL STATEMENTS 2021 76
5.25.1. Pension benet plan
The Group operates a funded pension benet plan for qualifying employees of Campine and its subsidiary in
Belgium. The pension benet plan foresees an amount based on the salary and seniority payable as of the age
of 65. For the nanced plans, plan assets consist of mixed portfolios of shares, bonds or insurance contracts.
The plan assets do not contain direct investments in Campine shares or in xed assets or other assets used
by the Group.
The current plans for which active contributions are paid consist only of “dened contribution” plans. Just
for white-collar workers with a higher seniority there are still ongoing “dened benet” plans, but no active
contributions are being paid for these anymore.
CONSOLIDATED FINANCIAL STATEMENTS 2021 77
The current value of the retirement benet obligations and the assets has evolved as follows:
'000 €
Pension
obligation
(IAS 19) Plan Assets Decit
Net liability /
(asset)
On 31 December 2020 7,326 -6,208 1,118 1,118
Service cost in P/L - - - -
Current service cost (net of employee contributions) 516 - - 516
Past service cost (incl. eect of curtailments) - - - -
Settlement (gain)/loss - - - -
Service cost 516
Net interest on the net liability / (asset) in P/L
Interest cost on pension obligation 25 - - 25
Interest income on plan assets - -22 - -22
Interest on eect of the asset ceiling - - - -
Net interest 3
Administration costs paid from plan assets in P/L -
519
Remeasurements of the net liability / (asset) in OCI
Actuarial (gain) / loss arising from
• Changes in demographic assumptions - - - -
• Changes in nancial assumptions -699 - - -699
• Experience adjustments 80 - - 80
Return on plan assets (excl. amounts in net interest) - 598 - 598
Change in eect of the asset ceiling
(excl. amounts in net interest)
- - - -
Total remeasurement recognised in OCI -21
498
Cash Flows
Employee contributions - - - -
Employer contributions to plan assets (incl. 4.4% taxes) - -448 - -448
Benet payments from plan assets -206 206 - 0
Direct benet payments by employer - - - -
- - - -
Taxes paid from plan assets (4.4%) -17 17 - 0
Taxes paid directly by employer (8.86%) -35 35 - 0
On 31 December 2021 6,990 -5,822 1,168 1,168
CONSOLIDATED FINANCIAL STATEMENTS 2021 78
‘000 €
Pension
obligation
(IAS 19) Plan Assets Decit
Net
liability /
(asset)
On 31 December 2019 6,472 -5,412 1,060 1,060
Service cost in P/L - - - -
Current service cost (net of employee contributions) 479 - - 479
Past service cost (incl. eect of curtailments) - - - -
Settlement (gain)/loss - - - -
Service cost 479
Net interest on the net liability / (asset) in P/L
Interest cost on pension obligation 49 - - 49
Interest income on plan assets - -42 - -42
Interest on eect of the asset ceiling - - - -
Net interest 7
Administration costs paid from plan assets in P/L -
486
Remeasurements of the net liability / (asset) in OCI
Actuarial (gain) / loss arising from
• Changes in demographic assumptions - - - -
• Changes in nancial assumptions 452 - - 452
• Experience adjustments 4 - - 4
Return on plan assets (excl. amounts in net interest) - -391 - -391
Change in eect of the asset ceiling
(excl. amounts in net interest)
- - - -
Total remeasurement recognised in OCI 65
551
Cash Flows
Employee contributions - - - -
Employer contributions to plan assets (incl. 4.4% taxes) - -493 - -493
Benet payments from plan assets -72 72 - 0
Direct benet payments by employer - - - -
- - - -
Taxes paid from plan assets (4.4%) -20 20 - 0
Taxes paid directly by employer (8.86%) -38 38 - 0
On 31 December 2020 7,326 -6,208 1,118 1,118
The average duration of the benet plan with xed income is 13 years.
The average duration of the benet plan with xed costs is 16 years.
CONSOLIDATED FINANCIAL STATEMENTS 2021 79
Major actuarial assumptions in use at balance sheet date:
12/31/2021 12/31/2020
Discount rate 0.98% 0.34%
Expected rate of salary increases 2.90% 2.70%
Ination 1.90% 1.70%
Split of the plan assets on balance sheet date:
12/31/2021 12/31/2020
Equity securities, incl. cash 5% 8%
Fixed income securities 95% 92%
100 % 100 %
Sensitivity analysis of a percentage increase or decrease in the discount rate or an increase in salary to the
retirement benet obligation:
Discount rate -0.50% 0.50%
Assumptions 0.48% 0.98% 1.48%
Pension obligation (K€) 7,558 6,990 6,479
Salary increase -0.50% 0.50%
Assumptions 2.40% 2.90% 3.40%
Pension obligation (K€) 6,828 6,990 7,068
The Group expects to contribute 380 K€ to its dened benet plans in 2022.
5.25.2. Early retirement provisions
Early retirement provisions are set up based on agreements with those aected on amounts to be paid until
the age of 65 year. The provision on 12/31/2021 amounts to 55 K€ (on 12/31/2019: 110 K€).
5.26.1. Interest risk
Funding of the company is done through bank loans, bank overdrafts and factoring. On 12/31/2021 bank
loans amounted to 4,125 K€, bank overdrafts and advances on factoring amounted to 7,823 K€. Bank loans
are arranged at xed rates. The bank overdrafts and advances on factoring are arranged at variable rates (see
note 5.16.).
An increase or decrease of the interest with 10% would have an impact on the income statement of -10 K€ (in
case of 10% increase) or +10 K€ (in case of 10% decrease) based upon the amount on 12/31/2021. The retained
earnings will also be inuenced.
CONSOLIDATED FINANCIAL STATEMENTS 2021 80
5.26.2. Foreign Exchange risk
The Group is managing its foreign currency risk by matching foreign currency cash inows with foreign cash
outows (USD is our main foreign currency).
An increase or decrease of the USD/EUR rate with 10% would have an impact on the income statement of
-296 K€ (in case of 10% increase) or +296 K€ (in case of 10% decrease) based upon the assets and liabilities
denominated in USD on 12/31/2021. The retained earnings will also be inuenced.
5.26.3. Price risk
The value of these xed price contracts and the future LME commitments are both shown in the balance
sheet; changes in the values will be shown in the prot and loss account (see note 5.14.1. Derivatives).
There is no price risk on the xed price contracts as the impact of price uctuation on respective xed
purchase and sell contracts are compensated by the impact on the respective sell and purchase contracts on
the LME.
A movement of the LME lead- and tin futures price by 10% would have impacts on the income statement. The
immediate eect based on the underlying open position on 12/31/2021 of a price fall of 10% would be +545 K€
or of a price raise of 10% would be -545 K€.
5.27. EVENTS AFTER THE BALANCE SHEET DATE
It is unclear at this point if and how the current conict in Eastern Europe could impact Campine’s business.
There are only limited to no direct purchases or sales to Ukraine and Russia. However, Russia is an important
producer (and exporter) of antimony ore (mainly to China) and this could induce further price increases and
reduced availability on the antimony metals market. We see an increase in most metal prices in the rst period
of the conict, but if the conict escalates it is hard to estimate the impact on demand and commodity prices
for the mid-term. Campine does monitor this situation very closely.
No other signicant events occurred after the close of the year.
5.28. RELATED PARTIES
As to the transparency notication of 9 July 2019 the current shareholder structure of Campine is:
Name Number of shares % of the voting rights
F.W. Hempel Metallurgical GmbH
Weißensteinstraße 70, 46149 Oberhausen, Germany
1,077,900 71.86%
Mr. Friedrich-Wilhelm Hempel is the ultimate controlling person with 71.86% of Campine NV’s voting rights.
Transactions between the company and its subsidiary, which are related parties of the company, have
been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and
the management and key-management are disclosed in the Remuneration report. Details of transactions
between the Group and other related parties are disclosed below.
CONSOLIDATED FINANCIAL STATEMENTS 2021 81
5.29. RELATED PARTY TRANSACTIONS
All related party transactions are conducted on a business base and in accordance with all legal requirements
and the Corporate Governance Charter.
5.29.1. Trading transactions
In 2021, Group entities entered into the following trading transactions with related parties that are not
members of the Group:
• Purchase of lead wastes from Hempel Legierungsmetalle GmbH for 930 K€ (2020: 1,351 K€). There is no
open amount on 12/31/2021.
5.29.2. Other transactions
The companies below passed through personnel and IT expenses to the Campine Group:
• F.W. Hempel Metallurgical: 341 K€ (2020: 264 K€). Open amount on 12/31/2021: 17 K€.
• F.W. Hempel & Co Erze und Metalle: 103 K€ (2020: 108 K€). There is no open amount on 12/31/2021.
The Campine Group passed through personnel and IT expenses to F.W. Hempel & Co Erze und Metalle:
8 K€ (2020: 8 K€). There is no open amount on 12/31/2021.
5.30. RIGHTS AND OBLIGATIONS NOT INCLUDED IN THE BALANCE SHEET
Commercial commitments: There are rm commitments to deliver or receive metals to customers or from
suppliers at xed prices.
‘000 € 12/31/2021 12/31/2020
Commercial commitments for metals purchased (to be received) 10,026 8,077
Commercial commitments for metals sold (to be delivered) 18,378 12,547
The total remuneration of the executive management team including the board members amounts to
2,263 K€ (2020: 1,920 K€). For further details, we refer to the Remuneration report.
None of the above-mentioned persons received any shares, share options or other rights to acquire shares
of the company or Group. The remuneration of the members of the executive management team is decided
upon by the Nomination and Remuneration committee, based on market trends and individual performances.
5.32. APPROVAL OF FINANCIAL STATEMENTS
The nancial statements were approved by the board of directors and authorised for issue on 25 February
2022.
STATUTORY AUDITOR REPORT 82
Statutory
auditor report
to the shareholders’ meeting of Campine nv for the year
ended on 31 December 2021
As required by law and the Company’s articles of association, we report to you as statutory auditor of Campine
NV (the “Company”) and its subsidiary Campine Recycling NV (together the “Group”). This report includes our
opinion on the consolidated balance sheet as at 31 December 2021, the consolidated income statement, the
consolidated overview of the total result, the consolidated statement of changes in equity and the consolidated
cash ow statement for the year then ended, and the disclosures (all elements together the “Consolidated
Financial Statements”) as well as our report on other legal and regulatory requirements. These two reports are
considered one report and are inseparable.
We have been appointed as statutory auditor by the shareholders’ meeting of 26 May 2021, in accordance with
the proposition by the Board of Directors following recommendation of the Audit Committee and following
recommendation of the workers’ council. Our mandate expires at the shareholders’ meeting that will deliberate
on the Consolidated Financial Statements for the year ending 31 December 2023. We have performed the audit of
the Consolidated Financial Statements of the Group for the rst time during this year.
Report on the audit of the
Consolidated Financial
Statements
UNQUALIFIED OPINION
We have audited the Consolidated Financial
Statements of Campine NV, that comprise the
consolidated balance sheet as at 31 December
2021, the consolidated income statement, the
consolidated overview of the total result, the
consolidated statement of changes in equity and
the consolidated statement of cash ows for the
year then ended and the disclosures, which show a
consolidated balance sheet total of K€ 92,575 and
for which the consolidated income statement, shows
a prot for the year of K€ 13,511.
In our opinion, the Consolidated Financial
Statements give a true and fair view of the
consolidated net equity and nancial position as at
31 December 2021, and of its consolidated results for
the year then ended, prepared in accordance with
the International Financial Reporting Standards as
adopted by the European Union (“IFRS”) and with
applicable legal and regulatory requirements in
Belgium.
BASIS FOR THE UNQUALIFIED OPINION
We conducted our audit in accordance with
International Standards on Auditing (“ISAs”). Our
responsibilities under those standards are further
described in the “Our responsibilities for the audit of
the Consolidated Financial Statements” section of
our report.
We have complied with all ethical requirements
that are relevant to our audit of the Consolidated
Financial Statements in Belgium, including those
with respect to independence.
We have obtained from the Board of Directors and
the ocials of the Company the explanations and
information necessary for the performance of our
audit and we believe that the audit evidence we have
STATUTORY AUDITOR REPORT 83
obtained is sucient and appropriate to provide a
basis for our opinion.
OTHER MATTER
The Consolidated Financial Statements of the
Group for the year ended 31 December 2020 were
audited by another statutory auditor who issued
an unqualied audit opinion on these Consolidated
Financial Statements in his report dated 2 April 2021.
Key audit matters are those matters that, in our
professional judgment, were of most signicance
in our audit of the Consolidated Financial
Statements of the current reporting period.
These matters were addressed in the context
of our audit of the Consolidated Financial
Statements as a whole and in forming our
opinion thereon, and consequently we do not
provide a separate opinion on these matters.
on the valuation of inventory, operating
The market prices of metals (mainly lead and
antimony) may be subject to signicant uctuations
due to supply and demand changes relating
to these metals on the markets. This has a
signicant impact on the Group’s valuation of the
inventory, the operating result, and of the hedging
results, and is therefore a key audit matter.
Inventory:
The inventory is valued according to the FIFO method,
which means that the valuation closely matches
the evolution of market prices. Consequently,
signicant price evolutions have a direct impact
on the valuation of the inventory at the end of
the closing period. As per 31 December 2021, the
inventory consists of the following components:
(i) raw materials (K€ 12,738), (ii) work in progress
(K€ 9,603), and (iii) nished products (K€ 23,062).
As a result of frequent price changes in the market,
the Group performs a monthly so-called ‘-“lower
of cost or market” - or net recoverability analysis.
The resulting “lower of cost or market” -provision is
calculated on the raw materials of metals, the by-
products and the nished goods. In calculating this
provision, the Group compares the valuation of the
aforementioned inventory items against independent
market benchmarks (such as for example, the
“London Metal Exchange” or “LME” for lead prices)
or the Group uses its own valuation method that is
close to the market price when the market price is not
publicly available (such as for antimony, for example).
Operational and hedging result:
Since there is a time delay between the moment
of a purchase and of a sale, there is a risk that the
operating margin will be subject to the impact of
price uctuations for metals in the period between
the purchase of the metal as a raw material and
the sale of the nished products. In order to reduce
that price risk, the Group uses derivatives whereby
a distinction must be made between the metals for
which a liquid market exists (e.g. lead) and those
for which there is no such market (e.g. antimony).
Hedging metals for which there is no liquid market
is mainly done by means of natural hedging of
physical positions, trying to align the buying and
selling positions as closely as possible in order to
minimize price risk. On the other hand, derivatives
are used for metals for which there is a liquid market
in order to limit the price risk on open inventory
positions and future sales transactions. Due to the
fact that the Group does not apply hedge accounting,
the impact of the derivatives used, is recognized
in the income statement, in accordance with the
principles set out in IFRS 9 “Financial Instruments”.
• Evaluation of the design of internal
controls with regard to the valuation of
inventory (and the related derivatives);
• Verifying the calculations of the net realization
values as well as the reasonableness and
consistency of the inputs used by the management
(such as contracted and expected sales, estimates
of price evolutions, price sensitivity analysis, etc.);
• Substantive audit procedures through sampling,
on the valuation of raw materials inventory
of metals and of the valuation of these raw
materials included in the manufacturing price
STATUTORY AUDITOR REPORT 84
of work in progress and of nished goods;
• Substantive audit procedures of the calculations,
as well as market value determination and analysis
by management in determining the lower of
cost or market provision, by reconciliation with
independent market data for lead prices and
alternative evidence for antimony prices;
• An assessment of the detailed margin analysis
per business unit, as prepared by management,
and in which the operational results of these
business units are discussed in relation
to the evolution of the market prices;
• Verifying the completeness, existence, and
valuation of the open hedging transactions
by agreeing these positions with the
conrmations received from the brokers;
• Verifying the accuracy of the hedge results
recorded by agreeing these results with the
conrmations received from the brokers for
a sample of closed hedging transactions;
• Monitoring the application of the IFRS 9
accounting principles of the aforementioned
hedging transactions and related hedge results;
• Assessment of the appropriateness of the
information on derivatives in Notes 5.20 “Financial
Instruments and 5.14.1 “Derivatives” and
assessment of the appropriateness in Note 5.26.3 of
management’s market risk and description of price
risk and the related sensitivity analysis.
ACCOUNTING TREATMENT OF THE SOIL
REMEDIATION PROVISION
The total provision for risks and costs as per 31
December 2021 amounts to K€ 1,185, of which K€
995 relates to a provision for soil remediation.
The decision to recognize the provision is mainly
determined by the expected liability and associated
remediation obligation that exists at the balance
sheet date or will take eect in the event that the
Group starts its existing investment plans, which are
then accompanied by the need for soil remediation.
The evaluation of the extent of the remediation
(and associated estimated cost) is determined
on the basis of a report by an external
environmental expert and calculations made by
competent government authorities that monitor
compliance with environmental legislation.
The nal settlement of this provision may be
signicantly aected by (i) the eective pollution
and the related remediation costs, (ii) any changes
in managements decisions regarding investment
plans (and related remediation) or (iii) changes
in legislation. As a result, the nal settlement of
the provision made may dier signicantly from
what was recorded based on previous estimates,
which may have a material eect on the Group
Financial Statements, and is therefore a key audit
• Evaluation of management’s assessment
and used (investment) plans, regarding the
probable outcome and possible nancial
risk of the relevant soil remediation;
• We assessed the competence, expertise, and
objectivity of the external environmental expert
appointed by management to substantiate
the assumptions and calculations regarding
the determination of the provision;
• Assessing the completeness of the inventory of
soil remediation as well as the evolutions, through
discussions with management and the audit
committee, as well as where possible through
direct conrmations from the external advisor
of the Group or relevant public authorities;
• Analyzing the minutes of the board of
directors and of the audit committee, in
which the environmental provisions and
developments in this regard are discussed;
• Reading and analyzing pertinent and new
correspondence between the parties involved
(such as neighboring companies in the area,
OVAM, local governments, etc.) that are
important in the nal settlement of the costs
associated with these soil remediations;
• Assessment of the recognition and
valuation of soil remediation provisions in
accordance with IAS 37 Provisions;
• Assessment of the adequacy of the soil remediation
information as included in Note 5.21 of the
Consolidated Financial Statements
STATUTORY AUDITOR REPORT 85
RESPONSIBILITIES OF THE BOARD OF DIRECTORS
FOR THE PREPARATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS
The Board of Directors is responsible for the
preparation of the Consolidated Financial
Statements that give a true and fair view in
accordance with IFRS and with applicable legal and
regulatory requirements in Belgium and for such
internal controls relevant to the preparation of the
Consolidated Financial Statements that are free
from material misstatement, whether due to fraud or
error.
As part of the preparation of Consolidated Financial
Statements, the Board of Directors is responsible
for assessing the Company’s ability to continue as a
going concern, and provide, if applicable, information
on matters impacting going concern. The Board of
Directors should prepare the nancial statements
using the going concern basis of accounting, unless
the Board of Directors either intends to liquidate
the Group or to cease business operations or has no
realistic alternative but to do so.
OUR RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance
whether the Consolidated Financial Statements
are free from material misstatement, whether
due to fraud or error, and to express an opinion
on these Consolidated Financial Statements
based on our audit. Reasonable assurance is a
high level of assurance, but not a guarantee that
an audit conducted in accordance with the ISAs
will always detect a material misstatement when
it exists. Misstatements can arise from fraud or
error and considered material if, individually or in
the aggregate, they could reasonably be expected
to inuence the economic decisions of users
taken on the basis of these Consolidated Financial
Statements.
In performing our audit, we comply with the legal,
regulatory and normative framework that applies to
the audit of the Consolidated Financial Statements
in Belgium. However, a statutory audit does not
provide assurance about the future viability of the
Company and the Group, nor about the eciency
or eectiveness with which the board of directors
has taken or will undertake the Company’s and the
Group’s business operations. Our responsibilities
with regards to the going concern assumption used
by the board of directors are described below.
As part of an audit in accordance with ISAs, we
exercise professional judgment and we maintain
professional skepticism throughout the audit. We
also perform the following tasks:
• identication and assessment of the risks of
material misstatement of the Consolidated
Financial Statements, whether due to fraud
or error, the planning and execution of audit
procedures to respond to these risks and
obtain audit evidence which is sucient and
appropriate to provide a basis for our opinion.
The risk of not detecting material misstatements
resulting from fraud is higher than when such
misstatements result from errors, since fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control;
• obtaining insight in the system of internal
controls that are relevant for the audit and with
the objective to design audit procedures that
are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the
eectiveness of the Group’s and Company internal
control;
• evaluating the selected and applied accounting
policies, and evaluating the reasonability of the
accounting estimates and related disclosures
made by the Board of Directors as well as the
underlying information given by the Board of
Directors;
• conclude on the appropriateness of the Board
of Directors’ use of the going-concern basis of
accounting, and based on the audit evidence
obtained, whether or not a material uncertainty
exists related to events or conditions that may
cast signicant doubt on the Company’s or Group’s
ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report
to the related disclosures in the Consolidated
Financial Statements or, if such disclosures are
INDEPENDENT AUDITOR REPORT 86
inadequate, to modify our opinion. Our conclusions
are based on audit evidence obtained up to the
date of the auditor’s report. However, future
events or conditions may cause the Company to
cease to continue as a going-concern;
• evaluating the overall presentation, structure and
content of the Consolidated Financial Statements,
and evaluating whether the Consolidated Financial
Statements reect a true and fair view of the
underlying transactions and events.
Because we are ultimately responsible for the
opinion, we are also responsible for directing,
supervising and performing the audits of the
subsidiaries. In this respect we have determined
the nature and extent of the audit procedures to be
carried out for Group entities.
We communicate with the Audit Committee within
the Board of Directors regarding, among other
matters, the planned scope and timing of the
audit and signicant audit ndings, including any
signicant deciencies in internal control that we
identify during our audit.
We provide the Audit Committee within the Board of
Directors with a statement that we have complied
with relevant ethical requirements regarding
independence, and to communicate with them all
relationships and other matters that may reasonably
be thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the Audit
Committee within the Board of Directors, we
determine those matters that were of most
signicance in the audit of the Consolidated
Financial Statements of the current period and are
therefore the key audit matters. We describe these
matters in our report, unless the law or regulations
prohibit this.
INDEPENDENT AUDITOR REPORT 87
Report on other legal and regulatory requirements
RESPONSIBILITIES OF THE BOARD OF DIRECTORS
The Board of Directors is responsible for the
preparation and the content of the Board of
Directors’ report on the Consolidated Financial
Statements, the separate report on the non-nancial
information, and other information included in the
Annual report.
RESPONSIBILITIES OF THE AUDITOR
In the context of our mandate and in accordance
with the additional standard to the ISAs applicable
in Belgium, it is our responsibility to verify, in all
material respects, the Board of Directors’ report
on the Consolidated Financial Statements, the
separate report on the non-nancial information,
and other information included in the annual
report, as well as to report on these matters.
ASPECTS RELATING TO BOARD OF DIRECTORS’
REPORT ON THE CONSOLIDATED FINANCIAL
STATEMENTS AND OTHER INFORMATION
INCLUDED IN THE ANNUAL REPORT
In our opinion, after carrying out specic
procedures on the Board of Directors’ report,
the Board of Directors’ report (pages 18 to 23
of the Annual Report) is consistent with the
Consolidated Financial Statements and has
been prepared in accordance with article 3:32
of the Code of companies and associations.
In the context of our audit of the Consolidated
Financial Statements, we are also responsible to
consider whether, based on the information that
we became aware of during the performance of
our audit, the Board of Directors’ report and other
information included in the annual report, being:
• Message from the chairman and the CEO;
• 2021 Financials;
• The Corporate Governance statement;
• The remuneration report
contain any material inconsistencies or contains
information that is inaccurate or otherwise
misleading. In light of the work performed, there are
no material inconsistencies to be reported.
INDEPENDENCE MATTERS
Our audit rm and our network have not performed
any services that are not compatible with the audit
of the Consolidated Financial Statements and have
remained independent of the Company during the
course of our mandate.
The fees for additional services which are compatible
with the statutory audit of the Consolidated
Financial Statements referred to in article 3:65 of
the Companies’ and Associations’ Code are correctly
disclosed and itemized in the Board of Directors’
report to the Consolidated Financial Statements.
In accordance with the standard on the audit of
the conformity of the nancial statements with
the European single electronic format (hereinafter
“ESEF”), we have carried out the audit of the
compliance of the ESEF format with the regulatory
technical standards set by the European Delegated
Regulation No 2019/815 of 17 December 2018
(hereinafter: “Delegated Regulation”).
The board of directors is responsible for the
preparation, in accordance with the ESEF
requirements, of the Consolidated Financial
Statements in the form of an electronic le in ESEF
format in the ocial Dutch language as well as the
free translation into English (hereinafter ‘the digital
consolidated nancial statements’) included on the
portal of the FSMA (https://www.fsma.be/en/data-
portal) in the ocial Dutch language as well as the
free translation into English.
It is our responsibility to obtain sucient and
appropriate supporting evidence to conclude that
the format and markup language of the digital
consolidated nancial statements comply in all
material respects with the ESEF requirements under
the Delegated Regulation.
STATUTORY AUDITOR REPORT 88
Based on the work performed by us, we conclude
that the format and tagging of information in the
digital consolidated nancial statements included
in the annual nancial report available on the portal
of the FSMA (https://www.fsma.be/en/data-portal)
in the ocial Dutch language are, in all material
respects, in accordance with the ESEF requirements
under the Delegated Regulation, and we conclude
that the format of the free translation of the digital
consolidated nancial statements included in
annual report in English corresponds to the digital
consolidated nancial statements included in the
annual nancial report in the ocial Dutch language.
OTHER COMMUNICATIONS
• This report is consistent with our supplementary
declaration to the Audit Committee as specied in
article 11 of the regulation (EU) nr. 537/2014.
Antwerp, 25 March 2022
EY Bedrijfsrevisoren BV
Statutory auditor
Represented by
Harry Everaerts *
Partner
*Acting on behalf of a BV
CORPORATE DATA 90
Corporate Data
Corporate data
Headquarters
Campine nv
VAT BE0403.807.337
Tel: +32 14 60 15 11
www.campine.com
Investor & media relaties
karin.leysen@campine.com
Statutory auditor
EY Bedrijfsrevisoren BV
Represented by Harry Everaerts*
partner
* acting on behalf of a BV/SRL
Financial calendar
25 May 2022 General meeting of shareholders
10 June 2022 Payment of dividend
9 June 2022 Record date
8 June 2022 Ex-date
Last week of August 2022 Announcement of half-year results 2022
Last week of February 2023 Announcement of annual results 2022
