EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)
Adding the financial target EBITDA, which is a non-IFRS term, allows to focus more on the importance of cash and should not influence negatively a decision on investments for future growth.
Calculation EBITDA:
'000 \u20ac | 12/31/2024 | 12/31/2023 |
Result before tax (EBT) | 29 776 | 18 260 |
Finance costs / Investment revenue | 1 767 | 1 295 |
Depreciation and amortisation expense | 8 574 | 7 198 |
Deferred tax on gain on bargain purchase | 1 620 | 15 |
EBITDA | 41 737 | 26 768 |
5.1. GENERAL INFORMATION
Campine nv (\u2018the company\u2019) is a limited liability company incorporated in BelgiumThe addresses of its registered office and principal place of business are disclosed in the Corporate Data. The principal activities of the company and its subsidiaries (\u2018the Group\u2019) are described in this annual report.
Campine has been listed on the Stock Exchange since 18 October 1936, originally under the name \u201cCompagnie Chimique et Metallurgique de la Campine\u201d. The share price can now be found under Euronext stock exchange code \u2018CAMB\u2019 and the name \u2018Campine nv\u2019.
5.2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared based on the International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).
This year, the Group has applied all new and revised standards and interpretations that are relevant to its business and that are effective for the annual reporting period commencing on January 1, 2024.
The used accounting policies are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year ended 31 December 2023, except for the valuation of metal inventories (see valuation rule 5.2.15 and note 5.9) and the adoption of amended standards effective as of 1 January 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__6": { "value": "Campine ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__8": { "value": "nv ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__7": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__9": { "value": "Belgium", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__16": { "value": "5.2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared based on the International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__17-1": { "value": "5.2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared based on the International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).
This year, the Group has applied all new and revised standards and interpretations that are relevant to its business and that are effective for the annual reporting period commencing on January 1, 2024.
The used accounting policies are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year ended 31 December 2023, except for the valuation of metal inventories (see valuation rule 5.2.15 and note 5.9) and the adoption of amended standards effective as of 1 January 2024.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Issued but not yet effective on 1 January 2024
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025
Amendments to IFRS 9 Classification and measurement requirements and IFRS 7 Disclosures, effective 1 January 2026
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity, effective 1 January 2026
Annual Improvements Volume 112
IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027
The application of new international accounting standards that have become applicable as from 01/01/24 do not have a material impact:
Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current (the 2020 amendments and 2022 amendments), effective 1 January 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, effective 1 January 2024
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024
With regard to the standards effective from 1 January 2025, the Group is currently analyzing the impact of these amendments on Campine\u2019s consolidated financial statements. With regard to the standards that will become effective from January 1, 2026, the group will start this analysis during the second half of 2025.
5.2.1. Basis of consolidation
The consolidated financial statements incorporate the financial 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 affect those returns through its power over the investee. The results of
subsidiaries acquired or disposed of during the year are included in the financial information from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial 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\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary.
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\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 (\u201cBusiness combinations\u201d) are recognised at their fair values at the acquisition date, except for noncurrent assets (or disposal groups) that are classified as held for sale, which are recognised and measured at fair value less costs to sell.
Acquisition-related costs are recognised in profit 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 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 classified as an asset or liability are accounted for in accordance with relevant IFRS.
Changes in the fair value of contingent consideration classified as equity are not recognised.
Where a business combination is achieved in stages, the Group\u2019s 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 profit or loss. Amounts arising from interests in the acquire prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment
would be appropriate if that interest were disposed of.
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess ofthe fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
GoodwillGoodwill 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\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess (negative consolidation difference) is recognised immediately in profit or loss. The interest of minority shareholders in the acquire is initially measured at the minority\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.
5.2.3.\tRevenue from Contracts with Customers
IFRS 15 establishes a five-step model to account for revenue arising from contracts with customers.
Under IFRS 15, revenue is recognised at an amount that reflects 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.
The direct sales/purchasing employees are on Campine\u2019s payroll or work on a self-employed basis with a service contract. The distributors and agents are remunerated through commission, which is then also part of the purchase costs.
5.2.4.\tLeases
Definition of \u2018lease\u2019
A contract is or contains a lease if it conveys a right to control the use of an identified 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 benefits 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 sufficiently 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 different 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 reflect the interest on the lease liabilities.
By reducing the carrying amount to reflect the rent payments made.
By revaluing the carrying amount to reflect the new value of the lease obligation or modifications 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 financing activities in the statement of cash flows.
5.2.5. Foreign currencies
The individual financial 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 consists of Campine NV, Campine Recycling NV, Campine France SAS and Campine recycled Polymers SAS. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in EUR, which is the functional currency of the company, and the presentation currency for the consolidated financial statements.
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 differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the period (within other operating income/expenses).
5.2.6. Financial instrumentsClassification and measurement of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Trade receivables, cash and cash equivalents and bank loans are classified and measured at amortised cost under IFRS 9. Lease liabilities are measured in accordance with IFRS 16.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows.
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principle and interest on the principal amount outstanding.
The effective 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 financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Classification and measurement of financial liabilities of the Group has not been modified by the requirements of IFRS 9. All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest rate method.
Impairment of financial assets
In relation to the impairment of financial 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 reflect changes in credit risk since initial recognition of the financial assets.
Specifically, IFRS 9 requires the Group to recognize 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 reflect changes in credit risk since initial recognition of the respective financial instrument.
IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience adjusted for factors that are specific 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.
Trade payables
Trade payables are measured at cost.
Definition of default
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 financial 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 financial 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.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:
Significant financial difficulty 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\u2019s financial difficulty, 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 financial reorganisation.
The disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty 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 off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
Derivative financial instruments
The Group enters into a variety of derivative financial 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 profit or loss immediately.
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 offset against long-term financial hedging.
5.2.7. Borrowing costs
Borrowing costs are recognised in profit 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
Capital grants are presented on a separate line \u201ccapital grants\u201d in the consolidated balance sheet. Government grants are recognised in profit 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 financial statements as deferred income in a separate section of current liabilities. Since 2022, these are now separately shown. 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 benefit costs and termination benefits
For defined benefit retirement benefit plans, the cost of providing benefits - as well as the defined 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 effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.
Past service cost is recognised in profit 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 defined benefit liability or asset. Benefit 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 first 2 components of benefit costs in profit and loss in the line item employee benefits expense. Curtailment gains and losses are accounted for as past service costs. The 3rd component is recognised directly to other comprehensive income.
The retirement benefit obligation recognised in the consolidated statement of financial position represents the actual deficit or surplus in the Group\u2019s benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
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 profit for the year. Taxable profit differs from profit 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\u2019s 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 differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
5.2.11.\tProperty, 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\u2019s accounting policy. Depreciation of these assets commences when the assets are ready for their intended use.
Depreciation is charged so as to write off 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 finance 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 difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
5.2.12.\tInternally-generated intangible assets \u2013 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\u2019s development is recognised only if all of the following conditions are met:
An asset is created that can be identified (such as software and new processes).
It is probable that the asset created will generate future economic benefits.
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 profit or loss in the period in which it is incurred.
5.2.13.\tPatents, 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.
5.2.14.\tImpairment 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 suffered 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific 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 profit 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 recognized immediately in profit or loss.
5.2.15.\tInventories
Cost of the raw materials includes both the purchasing price (using the principle of First in First out (\u201cFIFO\u201d)), and the direct purchasing costs, like import duties, transportation and completion costs. Cost of work in progress and finished 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 fixed and variable indirect production costs proceeded from the conversion of raw materials in end products. The impute of fixed 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, efficiency 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 net realizable value. The net realisable 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.
Permanent metal inventoryIn view of the scarcity of antimony metal on the raw material market, it was decided to create a permanent metal inventory in the first semester of 2024. This inventory is the equivalent of one production month. By doing so, Campine ensures continuous availability of raw materials so that the production process cannot be hindered by a late incoming material flow.
Given the permanent nature of these inventories, Campine has chosen to apply the rules for valuation and recognition of Tangible fixed assets (IAS 16) and Impairment of assets (IAS 36). The valuation is based on the principle of \u2018historical cost less any accumulated depreciation and accumulated impairment losses\u2019. Since inventories are assumed to have an indefinite useful life, no depreciation is applied. Instead, they are subject to annual impairment testing for the cash-generating units that hold these inventories. Any impairment losses recorded are included under \u2018depreciation and impairment losses\u2019.
5.2.16.\tTrade receivables
Trade receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.
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.\tCash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits. Cash and cash equivalents are included at amortized value.
5.2.18.\tBank borrowings
Interest-bearing bank loans and overdrafts are measured at fair value. They are subsequently valued using the effective interest method. Any difference 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\u2019s accounting policy for borrowing costs (see above).
5.2.19.\tProvisions
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\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.
5.2.20. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive officer (CEO) assisted by the executive management team.
5.30. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__19": { "value": "5.2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared based on the International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).
This year, the Group has applied all new and revised standards and interpretations that are relevant to its business and that are effective for the annual reporting period commencing on January 1, 2024.
The used accounting policies are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year ended 31 December 2023, except for the valuation of metal inventories (see valuation rule 5.2.15 and note 5.9) and the adoption of amended standards effective as of 1 January 2024.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__20": { "value": "5.2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared based on the International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).
This year, the Group has applied all new and revised standards and interpretations that are relevant to its business and that are effective for the annual reporting period commencing on January 1, 2024.
The used accounting policies are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year ended 31 December 2023, except for the valuation of metal inventories (see valuation rule 5.2.15 and note 5.9) and the adoption of amended standards effective as of 1 January 2024.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Issued but not yet effective on 1 January 2024
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025
Amendments to IFRS 9 Classification and measurement requirements and IFRS 7 Disclosures, effective 1 January 2026
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity, effective 1 January 2026
Annual Improvements Volume 112
IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027
The application of new international accounting standards that have become applicable as from 01/01/24 do not have a material impact:
Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current (the 2020 amendments and 2022 amendments), effective 1 January 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, effective 1 January 2024
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024
With regard to the standards effective from 1 January 2025, the Group is currently analyzing the impact of these amendments on Campine\u2019s consolidated financial statements. With regard to the standards that will become effective from January 1, 2026, the group will start this analysis during the second half of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__21": { "value": "5.2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared based on the International Financial Reporting Standards as adopted by the EU (\u201cIFRS\u201d).
This year, the Group has applied all new and revised standards and interpretations that are relevant to its business and that are effective for the annual reporting period commencing on January 1, 2024.
The used accounting policies are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for the year ended 31 December 2023, except for the valuation of metal inventories (see valuation rule 5.2.15 and note 5.9) and the adoption of amended standards effective as of 1 January 2024.
The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.
Issued but not yet effective on 1 January 2024
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective 1 January 2025
Amendments to IFRS 9 Classification and measurement requirements and IFRS 7 Disclosures, effective 1 January 2026
Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity, effective 1 January 2026
Annual Improvements Volume 112
IFRS 18 Presentation and Disclosures in Financial Statements, effective 1 January 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures, effective 1 January 2027
The application of new international accounting standards that have become applicable as from 01/01/24 do not have a material impact:
Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-current (the 2020 amendments and 2022 amendments), effective 1 January 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures, effective 1 January 2024
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback, effective 1 January 2024
With regard to the standards effective from 1 January 2025, the Group is currently analyzing the impact of these amendments on Campine\u2019s consolidated financial statements. With regard to the standards that will become effective from January 1, 2026, the group will start this analysis during the second half of 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__22": { "value": "5.2.1. Basis of consolidation
The consolidated financial statements incorporate the financial 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 affect those returns through its power over the investee. The results of
subsidiaries acquired or disposed of during the year are included in the financial information from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial 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\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__23": { "value": "5.2.1. Basis of consolidation
The consolidated financial statements incorporate the financial 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 affect those returns through its power over the investee. The results of
subsidiaries acquired or disposed of during the year are included in the financial information from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial 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\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__24": { "value": "5.2.1. Basis of consolidation
The consolidated financial statements incorporate the financial 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 affect those returns through its power over the investee. The results of
subsidiaries acquired or disposed of during the year are included in the financial information from the effective date of acquisition and up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial 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\u2019s 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\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__25": { "value": "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\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 (\u201cBusiness combinations\u201d) are recognised at their fair values at the acquisition date, except for noncurrent assets (or disposal groups) that are classified as held for sale, which are recognised and measured at fair value less costs to sell.
Acquisition-related costs are recognised in profit 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 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 classified as an asset or liability are accounted for in accordance with relevant IFRS.
Changes in the fair value of contingent consideration classified as equity are not recognised.
Where a business combination is achieved in stages, the Group\u2019s 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 profit or loss. Amounts arising from interests in the acquire prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment
would be appropriate if that interest were disposed of.
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess ofthe fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__26": { "value": "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\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 (\u201cBusiness combinations\u201d) are recognised at their fair values at the acquisition date, except for noncurrent assets (or disposal groups) that are classified as held for sale, which are recognised and measured at fair value less costs to sell.
Acquisition-related costs are recognised in profit 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 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 classified as an asset or liability are accounted for in accordance with relevant IFRS.
Changes in the fair value of contingent consideration classified as equity are not recognised.
Where a business combination is achieved in stages, the Group\u2019s 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 profit or loss. Amounts arising from interests in the acquire prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss, where such treatment
would be appropriate if that interest were disposed of.
If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess ofthe fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in profit or loss.
GoodwillGoodwill 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\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess (negative consolidation difference) is recognised immediately in profit or loss. The interest of minority shareholders in the acquire is initially measured at the minority\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__27": { "value": "GoodwillGoodwill 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\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess (negative consolidation difference) is recognised immediately in profit or loss. The interest of minority shareholders in the acquire is initially measured at the minority\u2019s proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__28": { "value": "5.2.3.\tRevenue from Contracts with Customers
IFRS 15 establishes a five-step model to account for revenue arising from contracts with customers.
Under IFRS 15, revenue is recognised at an amount that reflects 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.
The direct sales/purchasing employees are on Campine\u2019s payroll or work on a self-employed basis with a service contract. The distributors and agents are remunerated through commission, which is then also part of the purchase costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__30": { "value": "5.2.4.\tLeases
Definition of \u2018lease\u2019
A contract is or contains a lease if it conveys a right to control the use of an identified 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 benefits 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 sufficiently 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 different 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 reflect the interest on the lease liabilities.
By reducing the carrying amount to reflect the rent payments made.
By revaluing the carrying amount to reflect the new value of the lease obligation or modifications 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 financing activities in the statement of cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__29-1": { "value": "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 sufficiently 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 different line under non-current assets.
Depreciation is charged so as to write off 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 finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease.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 profit or loss in the period in which it is incurred.5.2.13.\tPatents, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__31": { "value": "5.2.5. Foreign currencies
The individual financial 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 consists of Campine NV, Campine Recycling NV, Campine France SAS and Campine recycled Polymers SAS. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in EUR, which is the functional currency of the company, and the presentation currency for the consolidated financial statements.
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 differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the period (within other operating income/expenses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__32": { "value": "5.2.5. Foreign currencies
The individual financial 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 consists of Campine NV, Campine Recycling NV, Campine France SAS and Campine recycled Polymers SAS. For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in EUR, which is the functional currency of the company, and the presentation currency for the consolidated financial statements.
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 differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in profit or loss for the period (within other operating income/expenses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__33-1": { "value": "5.2.6. Financial instrumentsClassification and measurement of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Trade receivables, cash and cash equivalents and bank loans are classified and measured at amortised cost under IFRS 9. Lease liabilities are measured in accordance with IFRS 16.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows.
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principle and interest on the principal amount outstanding.
The effective 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 financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Classification and measurement of financial liabilities of the Group has not been modified by the requirements of IFRS 9. All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest rate method.
Impairment of financial assets
In relation to the impairment of financial 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 reflect changes in credit risk since initial recognition of the financial assets.
Specifically, IFRS 9 requires the Group to recognize 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 reflect changes in credit risk since initial recognition of the respective financial instrument.
IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience adjusted for factors that are specific 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.
Trade payables
Trade payables are measured at cost.
Definition of default
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 financial 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 financial 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.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:
Significant financial difficulty 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\u2019s financial difficulty, 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 financial reorganisation.
The disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty 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 off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
Derivative financial instruments
The Group enters into a variety of derivative financial 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 profit or loss immediately.
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 offset against long-term financial hedging.
5.2.16.\tTrade receivables
Trade receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.
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.\tCash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits. Cash and cash equivalents are included at amortized value.
5.2.18.\tBank borrowings
Interest-bearing bank loans and overdrafts are measured at fair value. They are subsequently valued using the effective interest method. Any difference 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\u2019s accounting policy for borrowing costs (see above).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__34-1": { "value": "5.2.6. Financial instrumentsClassification and measurement of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Trade receivables, cash and cash equivalents and bank loans are classified and measured at amortised cost under IFRS 9. Lease liabilities are measured in accordance with IFRS 16.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows.
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principle and interest on the principal amount outstanding.
The effective 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 financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Classification and measurement of financial liabilities of the Group has not been modified by the requirements of IFRS 9. All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest rate method.
Impairment of financial assets
In relation to the impairment of financial 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 reflect changes in credit risk since initial recognition of the financial assets.
Specifically, IFRS 9 requires the Group to recognize 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 reflect changes in credit risk since initial recognition of the respective financial instrument.
IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience adjusted for factors that are specific 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.
Trade payables
Trade payables are measured at cost.
Definition of default
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 financial 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 financial 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.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:
Significant financial difficulty 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\u2019s financial difficulty, 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 financial reorganisation.
The disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty 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 off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
Derivative financial instruments
The Group enters into a variety of derivative financial 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 profit or loss immediately.
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 offset against long-term financial hedging.
5.2.18.\tBank borrowings
Interest-bearing bank loans and overdrafts are measured at fair value. They are subsequently valued using the effective interest method. Any difference 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\u2019s accounting policy for borrowing costs (see above).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__41-1": { "value": "5.2.6. Financial instrumentsClassification and measurement of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Trade receivables, cash and cash equivalents and bank loans are classified and measured at amortised cost under IFRS 9. Lease liabilities are measured in accordance with IFRS 16.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows.
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principle and interest on the principal amount outstanding.
The effective 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 financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
Classification and measurement of financial liabilities of the Group has not been modified by the requirements of IFRS 9. All financial liabilities of the Group are subsequently measured at amortised cost using the effective interest rate method.
Impairment of financial assets
In relation to the impairment of financial 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 reflect changes in credit risk since initial recognition of the financial assets.
Specifically, IFRS 9 requires the Group to recognize 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 reflect changes in credit risk since initial recognition of the respective financial instrument.
IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience adjusted for factors that are specific 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.
Trade payables
Trade payables are measured at cost.
Definition of default
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 financial 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 financial 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.
Credit-impaired financial assets
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events:
Significant financial difficulty 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\u2019s financial difficulty, 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 financial reorganisation.
The disappearance of an active market for that financial asset because of financial difficulties.
Write-off policy
The Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty 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 off may still be subject to enforcement activities under the Group\u2019s recovery procedures, taking into account legal advice where appropriate. Any recoveries made are recognised in profit or loss.
Derivative financial instruments
The Group enters into a variety of derivative financial 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 profit or loss immediately.
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 offset against long-term financial hedging.
5.2.16.\tTrade receivables
Trade receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.
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.\tCash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits. Cash and cash equivalents are included at amortized value.
5.16. SHARE CAPITAL
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Authorised | ||
1 500 000 ordinary shares of par value of 2.67 eur 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 fixed income.
5.17. BANK BORROWINGS (LEASE OBLIGATIONS EXCLUDED)
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Bank loans - investment credit | 17 088 | 5 250 |
Bank overdrafts | 125 | 4 171 |
Advances on factoring | 796 | 8 883 |
18 009 | 18 304 | |
Repayable borrowings | ||
Bank loans after more than one year | 8 250 | 3 750 |
Bank loans within one year | 8 838 | 1 500 |
Bank overdrafts | 125 | 4 171 |
Advances on factoring | 796 | 8 883 |
18 009 | 18 304 | |
Average interest rates paid | ||
Bank loans - investment credit | 2,35% | 1,86% |
Bank overdrafts | 6,15% | 5,70% |
Advances on factoring | 5,00% | 4,62% |
The sharp rise in antimony metal prices in the second half of 2024 triggered a significant increase in working capital requirements. Subsequently, financing was rearranged which resulted in an increase in fixed-rate bank loans. As a result, advances on factoring decreased significantly.
Bank loans are arranged at fixed interest rates. Other borrowings (bank overdrafts and advances on factoring: \u20ac921K on 12/31/2024 (on 12/31/2023: \u20ac 13 054K)) are arranged at floating rates, thus exposing the Group to an interest rate risk (see note 5.27.1.). On 12/31/2024, the Group had available \u20ac 47 123K (12/31/2023: \u20ac 28 265K) 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 12/31/2024 Campine complied with all covenants:
The equity (corrected for intangible fixed assets and deferred taxes) amounted to \u20ac 86 119K on 12/31/2024 compared to the required minimum of \u20ac 22 000K.
The solvency ratio on 12/31/2024 (55%) is in compliance with the required ratio of 30%.
With a stock rotation of 75 days Campine complied to the stock rotation ratio (< 90 days) on 12/31/2024.
Roll-forward van de financi\u00eble verplichtingen en de aansluiting met cash-flow:
\u2018000 \u20ac | 12/31/2024 | Financing cash-flow | 12/31/2023 |
Bank overdrafts | 125 | -4 046 | 4 171 |
Advances on factoring | 796 | -8 087 | 8 883 |
Bank loans - investment credit | 17 088 | 11 838 | 5 250 |
18 009 | -295 | 18 304 |
5.2.6. Financial instrumentsClassification and measurement of financial assets and financial liabilities
Financial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss.
Trade receivables, cash and cash equivalents and bank loans are classified and measured at amortised cost under IFRS 9. Lease liabilities are measured in accordance with IFRS 16.
Debt instruments that meet the following conditions are subsequently measured at amortised cost:
The financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows.
The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principle and interest on the principal amount outstanding.
The effective 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 financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. On the other hand, the gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__36": { "value": "Impairment of financial assets
In relation to the impairment of financial 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 reflect changes in credit risk since initial recognition of the financial assets.
Specifically, IFRS 9 requires the Group to recognize 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 reflect changes in credit risk since initial recognition of the respective financial instrument.
IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience adjusted for factors that are specific 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__40-1": { "value": "Impairment of financial assets
In relation to the impairment of financial 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 reflect changes in credit risk since initial recognition of the financial assets.
Specifically, IFRS 9 requires the Group to recognize 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 reflect changes in credit risk since initial recognition of the respective financial instrument.
IFRS 9 provides a simplified approach for measuring the loss allowance at an amount equal to lifetime expected credit losses for trade receivables without a significant financing component (short-term trade receivables). The expected credit losses on these financial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience adjusted for factors that are specific 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.
5.2.14.\tImpairment 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 suffered 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific 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 profit 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 recognized immediately in profit or loss.
The inventories are valued at the lower of cost, determined as described above, or net realizable value. The net realisable 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.
Permanent metal inventoryIn view of the scarcity of antimony metal on the raw material market, it was decided to create a permanent metal inventory in the first semester of 2024. This inventory is the equivalent of one production month. By doing so, Campine ensures continuous availability of raw materials so that the production process cannot be hindered by a late incoming material flow.
Given the permanent nature of these inventories, Campine has chosen to apply the rules for valuation and recognition of Tangible fixed assets (IAS 16) and Impairment of assets (IAS 36). The valuation is based on the principle of \u2018historical cost less any accumulated depreciation and accumulated impairment losses\u2019. Since inventories are assumed to have an indefinite useful life, no depreciation is applied. Instead, they are subject to annual impairment testing for the cash-generating units that hold these inventories. Any impairment losses recorded are included under \u2018depreciation and impairment losses\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__35": { "value": "
Trade payables
Trade payables are measured at cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__37": { "value": "Derivative financial instruments
The Group enters into a variety of derivative financial 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 profit or loss immediately.
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 offset against long-term financial hedging.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__39": { "value": "Derivative financial instruments
The Group enters into a variety of derivative financial 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 profit or loss immediately.
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 offset against long-term financial hedging.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__42": { "value": "Derivative financial instruments
The Group enters into a variety of derivative financial 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 profit or loss immediately.
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 offset against long-term financial hedging.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__43": { "value": "5.2.7. Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred, unless they are directly attributable to qualifying assets, in which case they are capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__44": { "value": "5.2.7. Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred, unless they are directly attributable to qualifying assets, in which case they are capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__45": { "value": "5.2.7. Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred, unless they are directly attributable to qualifying assets, in which case they are capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__46": { "value": "5.2.7. Borrowing costs
Borrowing costs are recognised in profit or loss in the period in which they are incurred, unless they are directly attributable to qualifying assets, in which case they are capitalised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__47": { "value": "5.2.8. Government grants
Capital grants are presented on a separate line \u201ccapital grants\u201d in the consolidated balance sheet. Government grants are recognised in profit 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 financial statements as deferred income in a separate section of current liabilities. Since 2022, these are now separately shown. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__48": { "value": "5.2.9. Retirement benefit costs and termination benefits
For defined benefit retirement benefit plans, the cost of providing benefits - as well as the defined 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 effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding interest), is reflected immediately in the statement of financial position with a charge or credit recognised in other comprehensive income is reflected immediately in retained earnings and will not be reclassified to profit or loss.
Past service cost is recognised in profit 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 defined benefit liability or asset. Benefit 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 first 2 components of benefit costs in profit and loss in the line item employee benefits expense. Curtailment gains and losses are accounted for as past service costs. The 3rd component is recognised directly to other comprehensive income.
The retirement benefit obligation recognised in the consolidated statement of financial position represents the actual deficit or surplus in the Group\u2019s benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__49": { "value": "A liability for a termination benefit is recognised at the earlier of when the entity can no longer withdraw the offer of the termination benefit and when the entity recognises any related restructuring costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__50": { "value": "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 profit for the year. Taxable profit differs from profit 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\u2019s 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 differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__51": { "value": "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 profit for the year. Taxable profit differs from profit 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\u2019s 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 differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__52-1": { "value": "5.2.11.\tProperty, 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\u2019s accounting policy. Depreciation of these assets commences when the assets are ready for their intended use.
Depreciation is charged so as to write off 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 finance 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 difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss.
Permanent metal inventoryIn view of the scarcity of antimony metal on the raw material market, it was decided to create a permanent metal inventory in the first semester of 2024. This inventory is the equivalent of one production month. By doing so, Campine ensures continuous availability of raw materials so that the production process cannot be hindered by a late incoming material flow.
Given the permanent nature of these inventories, Campine has chosen to apply the rules for valuation and recognition of Tangible fixed assets (IAS 16) and Impairment of assets (IAS 36). The valuation is based on the principle of \u2018historical cost less any accumulated depreciation and accumulated impairment losses\u2019. Since inventories are assumed to have an indefinite useful life, no depreciation is applied. Instead, they are subject to annual impairment testing for the cash-generating units that hold these inventories. Any impairment losses recorded are included under \u2018depreciation and impairment losses\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__54": { "value": "
5.2.12.\tInternally-generated intangible assets \u2013 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\u2019s development is recognised only if all of the following conditions are met:
An asset is created that can be identified (such as software and new processes).
It is probable that the asset created will generate future economic benefits.
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 profit or loss in the period in which it is incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__56-1": { "value": "5.2.12.\tInternally-generated intangible assets \u2013 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\u2019s development is recognised only if all of the following conditions are met:
An asset is created that can be identified (such as software and new processes).
It is probable that the asset created will generate future economic benefits.
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 profit or loss in the period in which it is incurred.
5.2.13.\tPatents, 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.
5.2.14.\tImpairment 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 suffered 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific 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 profit 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 recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__57-1": { "value": "5.2.12.\tInternally-generated intangible assets \u2013 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\u2019s development is recognised only if all of the following conditions are met:
An asset is created that can be identified (such as software and new processes).
It is probable that the asset created will generate future economic benefits.
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 profit or loss in the period in which it is incurred.
5.2.13.\tPatents, 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.
5.2.14.\tImpairment 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 suffered 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific 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 profit 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 recognized immediately in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__58": { "value": "5.2.13.\tPatents, 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__65-1": { "value": "5.2.14.\tImpairment 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 suffered 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 flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific 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 profit 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 recognized immediately in profit or loss.
The inventories are valued at the lower of cost, determined as described above, or net realizable value. The net realisable 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.
Permanent metal inventoryIn view of the scarcity of antimony metal on the raw material market, it was decided to create a permanent metal inventory in the first semester of 2024. This inventory is the equivalent of one production month. By doing so, Campine ensures continuous availability of raw materials so that the production process cannot be hindered by a late incoming material flow.
Given the permanent nature of these inventories, Campine has chosen to apply the rules for valuation and recognition of Tangible fixed assets (IAS 16) and Impairment of assets (IAS 36). The valuation is based on the principle of \u2018historical cost less any accumulated depreciation and accumulated impairment losses\u2019. Since inventories are assumed to have an indefinite useful life, no depreciation is applied. Instead, they are subject to annual impairment testing for the cash-generating units that hold these inventories. Any impairment losses recorded are included under \u2018depreciation and impairment losses\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__66": { "value": "
5.2.15.\tInventories
Cost of the raw materials includes both the purchasing price (using the principle of First in First out (\u201cFIFO\u201d)), and the direct purchasing costs, like import duties, transportation and completion costs. Cost of work in progress and finished 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 fixed and variable indirect production costs proceeded from the conversion of raw materials in end products. The impute of fixed 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, efficiency 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 net realizable value. The net realisable 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.
Permanent metal inventoryIn view of the scarcity of antimony metal on the raw material market, it was decided to create a permanent metal inventory in the first semester of 2024. This inventory is the equivalent of one production month. By doing so, Campine ensures continuous availability of raw materials so that the production process cannot be hindered by a late incoming material flow.
Given the permanent nature of these inventories, Campine has chosen to apply the rules for valuation and recognition of Tangible fixed assets (IAS 16) and Impairment of assets (IAS 36). The valuation is based on the principle of \u2018historical cost less any accumulated depreciation and accumulated impairment losses\u2019. Since inventories are assumed to have an indefinite useful life, no depreciation is applied. Instead, they are subject to annual impairment testing for the cash-generating units that hold these inventories. Any impairment losses recorded are included under \u2018depreciation and impairment losses\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__70": { "value": "
5.2.16.\tTrade receivables
Trade receivables are measured at initial recognition at fair value. Appropriate allowances for estimated irrecoverable amounts are recognised in profit or loss when there is objective evidence that the asset is impaired. The allowance recognised is measured as the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__73": { "value": "5.2.17.\tCash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits. Cash and cash equivalents are included at amortized value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__76": { "value": "5.2.18.\tBank borrowings
Interest-bearing bank loans and overdrafts are measured at fair value. They are subsequently valued using the effective interest method. Any difference 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\u2019s accounting policy for borrowing costs (see above).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__79": { "value": "5.2.19.\tProvisions
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\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__80": { "value": "5.2.20. Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Executive officer (CEO) assisted by the executive management team.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__81": { "value": "5.3. JUDGEMENT AND USE OF ESTIMATES
The preparation of financial 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 fiscal year.
The basis of the judgement and use of estimates is consistent to our annual report 2024.
Significant estimates made by the Group in preparation of the financial statements relate mainly to:
Valuation of the recoverable amount of stocks (see note 5.13.). 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 5.22.). 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 defined contribution and defined benefit retirement benefit plans of the Group, is based on actuarial assumptions. The pre-tax discount rate and estimated salary expectations are actuarial assumptions which can significantly affect 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 profit 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 Campine group is subject to proceedings, lawsuits and other claims related to products and other matters. We are required to assess the likelihood of any adverse judgements or outcomes to these matters as well as potential ranges of probable and reasonably possible losses. This requires significant management judgement.
Due to the uncertainties inherent in all valuation processes, the Group revises its estimates on the basis of regularly updated information. Future results may differ from these estimates. As well as the use of estimates, Group management also uses judgment in defining the accounting treatment for certain operations and transactions not addressed under the IFRS standards and interpretations currently in force.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__82": { "value": "5.4. OPERATIONAL SEGMENTS
5.4.1. Geographical segments
The group\u2019s headquarters are located in Belgium, Nijverheidsstraat 2, 2340 Beerse. The group\u2019s manufacturing operations are located in Nijverheidsstraat 2, 2340 Beerse, Belgium300 avenue de l\u2019Epie, 69400 Arnas France and 20 rue des Pr\u00e9s, 59161 Escaudoeuvres, France.
The following table provides an analysis of the Group\u2019s sales by geographical market.
12/31/2024 \u20ac \u2018000 | % | 12/31/2023 \u20ac \u2018000 | % | |
Belgium | 11 362 | 3.1% | 9 157 | 2.8% |
Germany | 98 093 | 26.9% | 143 318 | 44.1% |
Switzerland | 53 217 | 14.6% | 31 448 | 9.7% |
France | 19 297 | 5.3% | 18 473 | 5.7% |
Italy | 13 839 | 3.8% | 19 762 | 6.1% |
United Kingdom | 13 617 | 3.7% | 3 542 | 1.1% |
Turkey | 12 864 | 3.5% | 7 444 | 2.3% |
The Netherlands | 8 417 | 2.3% | 6 072 | 1.9% |
Poland | 7 642 | 2.1% | 6 689 | 2.1% |
Romania | 4 862 | 1.3% | 3 030 | 0.9% |
Other European countries | 21 981 | 6.0% | 15 436 | 4.7% |
North America | 58 444 | 16.0% | 24 259 | 7.5% |
Asia | 32 200 | 8.8% | 33 723 | 10.4% |
Others | 9 364 | 2.6% | 2 765 | 0.9% |
365 199 | 100% | 325 118 | 100% |
89% of the turnover of Circular Metals was realised in Europe whereas 61% of the turnover of Specialty Chemicals was achieved in Europe.
5.4.2. Business segments/divisions
The Group structures its business into business units (BU\u2019s , which are part of two larger divisions. The turnover is provided to the CODM on a business unit level. However, the performance and allocation of resources is reviewed and decided on the division level. Next to that, the managers reporting to the CODM are also on the level of the division. As a result, two operating segments, called divisions, were identified \u201cSpecialty Chemicals\u201d and \u201cCircular Metals\u201d. These operating segments are also considered to be the reportable segments.
The divisions are considered to be the IFRS 8 operating segments as the BU\u2019s are very intertwined so that all important decisions related to capital and resources are made at the level of the divisions. The main activities of the two segments are respectively:
Specialty Chemicalshosts all businesses which serve end-markets with chemical products and derivates. The manufacturing of antimony trioxide used as flame retardant, polymerization catalyst and pigment reagent and the production of different types of polymer and plastic masterbatches. The Specialty Chemicals division comprises the business units (BU\u2019s) BU Antimony trioxide, BU FR Masterbatches and BU recycled Polymers.
Turnover in \u2018000 eur | BU Antimony trioxide | BU FR Masterbatches | BU recycled Polymers | Total Specialty Chemicals |
On 31 December 2024 | 141 290 | 35 447 | 10 191 | 186 928 |
On 31 December 2023 | 84 405 | 30 841 | 12 253 | 127 499 |
\u2206 | 67.4% | 14.9% | -16.8% | 46.6% |
The total (external and cross-business unit) turnover of the Specialty Chemicals division represents a volume of 22 239 mT (12/31/2023: 11 084 mT) (+5.5%). The split between external sales and cross-business unit sales can be found in the table on the next page.
The higher turnover in BU Antimony trioxide is due to the storngly increased antimony price. We witnessed the metal price nearly quadruple from $ 12 000/mT to $ 41 000/mT. Reasons are on the one hand the tight supply of raw materials for the past years and on the other hand the implementation of a worldwide export restriction of antimony metal and trioxide by the Chinese government.
The decline in turnover in BU recycled Polymers is due to the weak market economy within this sector.
Circular Metals hosts the businesses in which metals are being recovered from industrial and postconsumer waste streams. The main activity is the manufacturing of lead alloys. 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\u2019) BU Lead, BU Metals Recovery and BU recycled Batteries.
The total (external and cross-business unit) turnover of the Circular Metals division represents a volume of 114 146 mT (12/31/2023: 128 621 mT) (-11.3%). The split between external sales and cross-business unit sales can be found in the table on the next page.
Turnover in \u2018000 eur | BU Metals Recovery | BU Lead | BU recycled Batteries | Total Circular Metals |
On 31 December 2024 | 18 376 | 143 833 | 48 966 | 211 175 |
On 31 December 2023 | 17 781 | 150 181 | 68 475 | 236 437 |
\u2206 | 3.3% | -4.2% | -28.5% | -10.7% |
There are two customers in the Circular metals division who represent each more than 10% of the Group\u2019s turnover (26%).
\u2018000 \u20ac | Specialty Chemicals 12/31/2024 | Circular Metals 12/31/2024 | Corporate &Unallocated 12/31/2024 | Total 12/31/2024 |
REVENUE | ||||
External sales | 186 928 | 178 271 | - | 365 199 |
Cross-business unit sales in the same segment | 0 | 32 904 | -32 904 | 0 |
Total revenue | 186 928 | 211 175 | -32 904 | 365 199 |
RESULT | ||||
Segment operating result | 11 529 | 19 078 | - | 30 607 |
Gain on bargain purchase | - | - | 0 | 0 |
Operating result (EBIT) | 30 607 | |||
Investment revenues | - | - | 0 | 0 |
Hedging results | - | 936 | - | 936 |
Finance costs | - | - | -1 767 | -1 767 |
Result before tax | 29 776 | |||
Income tax expense | -7 512 | |||
Result for the period | 22 264 |
'000 \u20ac | Specialty Chemicals 12/31/2024 | Circular Metals 12/31/2024 | Corporate &Unallocated 12/31/2024 | Total 12/31/2024 |
OTHER INFORMATION | ||||
Capital additions | 15 121 | 9 824 | 1 607 | 26 552 |
Depreciation and amortisation (incl. right-of-use assets) | -2 311 | -4 820 | -1 443 | -8 574 |
BALANCE SHEET | ||||
Assets | ||||
Fixed assets (incl. right-of-use assets) | 20 734 | 26 172 | 5 725 | 52 631 |
Deferred tax | - | - | 52 | 52 |
Permanent metal inventory | 13 250 | - | - | 13 250 |
Inventories | 18 988 | 26 164 | 3 158 | 48 310 |
Trade receivables | 20 191 | 14 999 | 0 | 35 190 |
Other receivables | - | - | 4 063 | 4 063 |
Derivatives | - | 178 | 0 | 178 |
Cash and cash equivalent | - | - | 3 128 | 3 128 |
Total assets | 73 163 | 67 513 | 16 126 | 156 802 |
Long term liabilities | ||||
Retirement benefit obligation | 1 685 | 1 685 | ||
Deferred tax liabilities | - | - | 319 | 319 |
Bank loans | - | - | 8 250 | 8 250 |
Obligations under leases | - | - | 785 | 785 |
Provisions | 150 | 7 720 | 0 | 7 870 |
Short term liabilities | ||||
Retirement benefit obligation | - | - | 0 | 0 |
Trade payables | 19 913 | 12 188 | 1 210 | 33 311 |
Other payables | - | - | 6 850 | 6 850 |
Capital grants | - | - | 880 | 880 |
Derivatives | - | - | - | 0 |
Current tax liabilities | - | - | 0 | 0 |
Obligations under leases | - | - | 374 | 374 |
Bank overdrafts and loans* | - | - | 9 759 | 9 759 |
Total liabilities | 20 063 | 19 908 | 30 112 | 70 083 |
* 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\u2019s two legal entities and are therefore not allocated at segment level.
'000 \u20ac | Specialty Chemicals 12/31/2023 | Circular Metals 12/31/2023 | Corporate & Unallocated 12/31/2023 | Total 12/31/2023 |
REVENUE | ||||
External sales | 127 499 | 194 472 | - | 321 971 |
Cross-business unit sales in the same segment | 0 | 41 965 | -41 965 | 0 |
Total revenue | 127 499 | 236 437 | -41 965 | 321 971 |
RESULT | ||||
Segment operating result | 2 015 | 16 626 | - | 18 641 |
Gain on bargain purchase | - | - | 0 | 0 |
Operating result (EBIT) | 18 641 | |||
Investment revenues | - | - | 8 | 8 |
Hedging results | - | 914 | - | 914 |
Finance costs | - | - | -1 303 | -1 303 |
Result before tax | 18 260 | |||
Income tax expense | -4 609 | |||
Result for the period | 13 651 |
'000 \u20ac | Specialty Chemicals 12/31/2023 | Circular Metals 12/31/2023 | Corporate & Unallocated 12/31/2023 | Total 12/31/2023 |
OTHER INFORMATION | ||||
Capital additions | 2 840 | 3 799 | 1 278 | 7 917 |
Depreciation and amortisation (incl. right-of-use assets) | -2 024 | -3 965 | -1 209 | -7 198 |
BALANCE SHEET | ||||
Assets | ||||
Fixed assets (incl. right-of-use assets) | 7 924 | 21 168 | 5 561 | 34 653 |
Inventories | 22 545 | 27 350 | 2 906 | 52 801 |
Trade receivables | 20 380 | 12 035 | 0 | 32 415 |
Other receivables | - | - | 1 764 | 1 764 |
Derivatives | - | 375 | 0 | 375 |
Cash and cash equivalent | - | - | 3 738 | 3 738 |
Total assets | 50 849 | 60 928 | 13 969 | 125 746 |
Long term liabilities | ||||
Retirement benefit obligation | 1 802 | 1 802 | ||
Deferred tax liabilities | - | - | 503 | 503 |
Bank loans | - | - | 3 750 | 3 750 |
Obligations under leases | - | - | 456 | 456 |
Provisions | 65 | 6 185 | 0 | 6 250 |
Short term liabilities | ||||
Trade payables | 5 933 | 11 905 | 3 246 | 21 084 |
Other payables | - | - | 6 683 | 6 683 |
Capital grants | - | - | 1 065 | 1 065 |
Current tax liabilities | - | - | 205 | 205 |
Obligations under leases | - | - | 249 | 249 |
Bank overdrafts and loans* | - | - | 14 554 | 14 554 |
Total liabilities | 5.998 | 18.090 | 32.513 | 56 601 |
* 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\u2019s two legal entities and are therefore not allocated at segment level.
5.4.1. Geographical segments
The group\u2019s headquarters are located in Belgium, Nijverheidsstraat 2, 2340 Beerse. The group\u2019s manufacturing operations are located in Nijverheidsstraat 2, 2340 Beerse, Belgium300 avenue de l\u2019Epie, 69400 Arnas France and 20 rue des Pr\u00e9s, 59161 Escaudoeuvres, France.
The following table provides an analysis of the Group\u2019s sales by geographical market.
12/31/2024 \u20ac \u2018000 | % | 12/31/2023 \u20ac \u2018000 | % | |
Belgium | 11 362 | 3.1% | 9 157 | 2.8% |
Germany | 98 093 | 26.9% | 143 318 | 44.1% |
Switzerland | 53 217 | 14.6% | 31 448 | 9.7% |
France | 19 297 | 5.3% | 18 473 | 5.7% |
Italy | 13 839 | 3.8% | 19 762 | 6.1% |
United Kingdom | 13 617 | 3.7% | 3 542 | 1.1% |
Turkey | 12 864 | 3.5% | 7 444 | 2.3% |
The Netherlands | 8 417 | 2.3% | 6 072 | 1.9% |
Poland | 7 642 | 2.1% | 6 689 | 2.1% |
Romania | 4 862 | 1.3% | 3 030 | 0.9% |
Other European countries | 21 981 | 6.0% | 15 436 | 4.7% |
North America | 58 444 | 16.0% | 24 259 | 7.5% |
Asia | 32 200 | 8.8% | 33 723 | 10.4% |
Others | 9 364 | 2.6% | 2 765 | 0.9% |
365 199 | 100% | 325 118 | 100% |
89% of the turnover of Circular Metals was realised in Europe whereas 61% of the turnover of Specialty Chemicals was achieved in Europe.
5.4.2. Business segments/divisions
The Group structures its business into business units (BU\u2019s , which are part of two larger divisions. The turnover is provided to the CODM on a business unit level. However, the performance and allocation of resources is reviewed and decided on the division level. Next to that, the managers reporting to the CODM are also on the level of the division. As a result, two operating segments, called divisions, were identified \u201cSpecialty Chemicals\u201d and \u201cCircular Metals\u201d. These operating segments are also considered to be the reportable segments.
The divisions are considered to be the IFRS 8 operating segments as the BU\u2019s are very intertwined so that all important decisions related to capital and resources are made at the level of the divisions. The main activities of the two segments are respectively:
Specialty Chemicalshosts all businesses which serve end-markets with chemical products and derivates. The manufacturing of antimony trioxide used as flame retardant, polymerization catalyst and pigment reagent and the production of different types of polymer and plastic masterbatches. The Specialty Chemicals division comprises the business units (BU\u2019s) BU Antimony trioxide, BU FR Masterbatches and BU recycled Polymers.
Turnover in \u2018000 eur | BU Antimony trioxide | BU FR Masterbatches | BU recycled Polymers | Total Specialty Chemicals |
On 31 December 2024 | 141 290 | 35 447 | 10 191 | 186 928 |
On 31 December 2023 | 84 405 | 30 841 | 12 253 | 127 499 |
\u2206 | 67.4% | 14.9% | -16.8% | 46.6% |
The total (external and cross-business unit) turnover of the Specialty Chemicals division represents a volume of 22 239 mT (12/31/2023: 11 084 mT) (+5.5%). The split between external sales and cross-business unit sales can be found in the table on the next page.
The higher turnover in BU Antimony trioxide is due to the storngly increased antimony price. We witnessed the metal price nearly quadruple from $ 12 000/mT to $ 41 000/mT. Reasons are on the one hand the tight supply of raw materials for the past years and on the other hand the implementation of a worldwide export restriction of antimony metal and trioxide by the Chinese government.
The decline in turnover in BU recycled Polymers is due to the weak market economy within this sector.
Circular Metals hosts the businesses in which metals are being recovered from industrial and postconsumer waste streams. The main activity is the manufacturing of lead alloys. 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\u2019) BU Lead, BU Metals Recovery and BU recycled Batteries.
The total (external and cross-business unit) turnover of the Circular Metals division represents a volume of 114 146 mT (12/31/2023: 128 621 mT) (-11.3%). The split between external sales and cross-business unit sales can be found in the table on the next page.
Turnover in \u2018000 eur | BU Metals Recovery | BU Lead | BU recycled Batteries | Total Circular Metals |
On 31 December 2024 | 18 376 | 143 833 | 48 966 | 211 175 |
On 31 December 2023 | 17 781 | 150 181 | 68 475 | 236 437 |
\u2206 | 3.3% | -4.2% | -28.5% | -10.7% |
There are two customers in the Circular metals division who represent each more than 10% of the Group\u2019s turnover (26%).
\u2018000 \u20ac | Specialty Chemicals 12/31/2024 | Circular Metals 12/31/2024 | Corporate &Unallocated 12/31/2024 | Total 12/31/2024 |
REVENUE | ||||
External sales | 186 928 | 178 271 | - | 365 199 |
Cross-business unit sales in the same segment | 0 | 32 904 | -32 904 | 0 |
Total revenue | 186 928 | 211 175 | -32 904 | 365 199 |
RESULT | ||||
Segment operating result | 11 529 | 19 078 | - | 30 607 |
Gain on bargain purchase | - | - | 0 | 0 |
Operating result (EBIT) | 30 607 | |||
Investment revenues | - | - | 0 | 0 |
Hedging results | - | 936 | - | 936 |
Finance costs | - | - | -1 767 | -1 767 |
Result before tax | 29 776 | |||
Income tax expense | -7 512 | |||
Result for the period | 22 264 |
'000 \u20ac | Specialty Chemicals 12/31/2024 | Circular Metals 12/31/2024 | Corporate &Unallocated 12/31/2024 | Total 12/31/2024 |
OTHER INFORMATION | ||||
Capital additions | 15 121 | 9 824 | 1 607 | 26 552 |
Depreciation and amortisation (incl. right-of-use assets) | -2 311 | -4 820 | -1 443 | -8 574 |
BALANCE SHEET | ||||
Assets | ||||
Fixed assets (incl. right-of-use assets) | 20 734 | 26 172 | 5 725 | 52 631 |
Deferred tax | - | - | 52 | 52 |
Permanent metal inventory | 13 250 | - | - | 13 250 |
Inventories | 18 988 | 26 164 | 3 158 | 48 310 |
Trade receivables | 20 191 | 14 999 | 0 | 35 190 |
Other receivables | - | - | 4 063 | 4 063 |
Derivatives | - | 178 | 0 | 178 |
Cash and cash equivalent | - | - | 3 128 | 3 128 |
Total assets | 73 163 | 67 513 | 16 126 | 156 802 |
Long term liabilities | ||||
Retirement benefit obligation | 1 685 | 1 685 | ||
Deferred tax liabilities | - | - | 319 | 319 |
Bank loans | - | - | 8 250 | 8 250 |
Obligations under leases | - | - | 785 | 785 |
Provisions | 150 | 7 720 | 0 | 7 870 |
Short term liabilities | ||||
Retirement benefit obligation | - | - | 0 | 0 |
Trade payables | 19 913 | 12 188 | 1 210 | 33 311 |
Other payables | - | - | 6 850 | 6 850 |
Capital grants | - | - | 880 | 880 |
Derivatives | - | - | - | 0 |
Current tax liabilities | - | - | 0 | 0 |
Obligations under leases | - | - | 374 | 374 |
Bank overdrafts and loans* | - | - | 9 759 | 9 759 |
Total liabilities | 20 063 | 19 908 | 30 112 | 70 083 |
* 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\u2019s two legal entities and are therefore not allocated at segment level.
'000 \u20ac | Specialty Chemicals 12/31/2023 | Circular Metals 12/31/2023 | Corporate & Unallocated 12/31/2023 | Total 12/31/2023 |
REVENUE | ||||
External sales | 127 499 | 194 472 | - | 321 971 |
Cross-business unit sales in the same segment | 0 | 41 965 | -41 965 | 0 |
Total revenue | 127 499 | 236 437 | -41 965 | 321 971 |
RESULT | ||||
Segment operating result | 2 015 | 16 626 | - | 18 641 |
Gain on bargain purchase | - | - | 0 | 0 |
Operating result (EBIT) | 18 641 | |||
Investment revenues | - | - | 8 | 8 |
Hedging results | - | 914 | - | 914 |
Finance costs | - | - | -1 303 | -1 303 |
Result before tax | 18 260 | |||
Income tax expense | -4 609 | |||
Result for the period | 13 651 |
'000 \u20ac | Specialty Chemicals 12/31/2023 | Circular Metals 12/31/2023 | Corporate & Unallocated 12/31/2023 | Total 12/31/2023 |
OTHER INFORMATION | ||||
Capital additions | 2 840 | 3 799 | 1 278 | 7 917 |
Depreciation and amortisation (incl. right-of-use assets) | -2 024 | -3 965 | -1 209 | -7 198 |
BALANCE SHEET | ||||
Assets | ||||
Fixed assets (incl. right-of-use assets) | 7 924 | 21 168 | 5 561 | 34 653 |
Inventories | 22 545 | 27 350 | 2 906 | 52 801 |
Trade receivables | 20 380 | 12 035 | 0 | 32 415 |
Other receivables | - | - | 1 764 | 1 764 |
Derivatives | - | 375 | 0 | 375 |
Cash and cash equivalent | - | - | 3 738 | 3 738 |
Total assets | 50 849 | 60 928 | 13 969 | 125 746 |
Long term liabilities | ||||
Retirement benefit obligation | 1 802 | 1 802 | ||
Deferred tax liabilities | - | - | 503 | 503 |
Bank loans | - | - | 3 750 | 3 750 |
Obligations under leases | - | - | 456 | 456 |
Provisions | 65 | 6 185 | 0 | 6 250 |
Short term liabilities | ||||
Trade payables | 5 933 | 11 905 | 3 246 | 21 084 |
Other payables | - | - | 6 683 | 6 683 |
Capital grants | - | - | 1 065 | 1 065 |
Current tax liabilities | - | - | 205 | 205 |
Obligations under leases | - | - | 249 | 249 |
Bank overdrafts and loans* | - | - | 14 554 | 14 554 |
Total liabilities | 5.998 | 18.090 | 32.513 | 56 601 |
* 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\u2019s two legal entities and are therefore not allocated at segment level.
5.4.2. Business segments/divisions
The Group structures its business into business units (BU\u2019s , which are part of two larger divisions. The turnover is provided to the CODM on a business unit level. However, the performance and allocation of resources is reviewed and decided on the division level. Next to that, the managers reporting to the CODM are also on the level of the division. As a result, two operating segments, called divisions, were identified \u201cSpecialty Chemicals\u201d and \u201cCircular Metals\u201d. These operating segments are also considered to be the reportable segments.
The divisions are considered to be the IFRS 8 operating segments as the BU\u2019s are very intertwined so that all important decisions related to capital and resources are made at the level of the divisions. The main activities of the two segments are respectively:
Specialty Chemicalshosts all businesses which serve end-markets with chemical products and derivates. The manufacturing of antimony trioxide used as flame retardant, polymerization catalyst and pigment reagent and the production of different types of polymer and plastic masterbatches. The Specialty Chemicals division comprises the business units (BU\u2019s) BU Antimony trioxide, BU FR Masterbatches and BU recycled Polymers.
Turnover in \u2018000 eur | BU Antimony trioxide | BU FR Masterbatches | BU recycled Polymers | Total Specialty Chemicals |
On 31 December 2024 | 141 290 | 35 447 | 10 191 | 186 928 |
On 31 December 2023 | 84 405 | 30 841 | 12 253 | 127 499 |
\u2206 | 67.4% | 14.9% | -16.8% | 46.6% |
The total (external and cross-business unit) turnover of the Specialty Chemicals division represents a volume of 22 239 mT (12/31/2023: 11 084 mT) (+5.5%). The split between external sales and cross-business unit sales can be found in the table on the next page.
The higher turnover in BU Antimony trioxide is due to the storngly increased antimony price. We witnessed the metal price nearly quadruple from $ 12 000/mT to $ 41 000/mT. Reasons are on the one hand the tight supply of raw materials for the past years and on the other hand the implementation of a worldwide export restriction of antimony metal and trioxide by the Chinese government.
The decline in turnover in BU recycled Polymers is due to the weak market economy within this sector.
Circular Metals hosts the businesses in which metals are being recovered from industrial and postconsumer waste streams. The main activity is the manufacturing of lead alloys. 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\u2019) BU Lead, BU Metals Recovery and BU recycled Batteries.
The total (external and cross-business unit) turnover of the Circular Metals division represents a volume of 114 146 mT (12/31/2023: 128 621 mT) (-11.3%). The split between external sales and cross-business unit sales can be found in the table on the next page.
Turnover in \u2018000 eur | BU Metals Recovery | BU Lead | BU recycled Batteries | Total Circular Metals |
On 31 December 2024 | 18 376 | 143 833 | 48 966 | 211 175 |
On 31 December 2023 | 17 781 | 150 181 | 68 475 | 236 437 |
\u2206 | 3.3% | -4.2% | -28.5% | -10.7% |
There are two customers in the Circular metals division who represent each more than 10% of the Group\u2019s turnover (26%).
\u2018000 \u20ac | Specialty Chemicals 12/31/2024 | Circular Metals 12/31/2024 | Corporate &Unallocated 12/31/2024 | Total 12/31/2024 |
REVENUE | ||||
External sales | 186 928 | 178 271 | - | 365 199 |
Cross-business unit sales in the same segment | 0 | 32 904 | -32 904 | 0 |
Total revenue | 186 928 | 211 175 | -32 904 | 365 199 |
RESULT | ||||
Segment operating result | 11 529 | 19 078 | - | 30 607 |
Gain on bargain purchase | - | - | 0 | 0 |
Operating result (EBIT) | 30 607 | |||
Investment revenues | - | - | 0 | 0 |
Hedging results | - | 936 | - | 936 |
Finance costs | - | - | -1 767 | -1 767 |
Result before tax | 29 776 | |||
Income tax expense | -7 512 | |||
Result for the period | 22 264 |
'000 \u20ac | Specialty Chemicals 12/31/2024 | Circular Metals 12/31/2024 | Corporate &Unallocated 12/31/2024 | Total 12/31/2024 |
OTHER INFORMATION | ||||
Capital additions | 15 121 | 9 824 | 1 607 | 26 552 |
Depreciation and amortisation (incl. right-of-use assets) | -2 311 | -4 820 | -1 443 | -8 574 |
BALANCE SHEET | ||||
Assets | ||||
Fixed assets (incl. right-of-use assets) | 20 734 | 26 172 | 5 725 | 52 631 |
Deferred tax | - | - | 52 | 52 |
Permanent metal inventory | 13 250 | - | - | 13 250 |
Inventories | 18 988 | 26 164 | 3 158 | 48 310 |
Trade receivables | 20 191 | 14 999 | 0 | 35 190 |
Other receivables | - | - | 4 063 | 4 063 |
Derivatives | - | 178 | 0 | 178 |
Cash and cash equivalent | - | - | 3 128 | 3 128 |
Total assets | 73 163 | 67 513 | 16 126 | 156 802 |
Long term liabilities | ||||
Retirement benefit obligation | 1 685 | 1 685 | ||
Deferred tax liabilities | - | - | 319 | 319 |
Bank loans | - | - | 8 250 | 8 250 |
Obligations under leases | - | - | 785 | 785 |
Provisions | 150 | 7 720 | 0 | 7 870 |
Short term liabilities | ||||
Retirement benefit obligation | - | - | 0 | 0 |
Trade payables | 19 913 | 12 188 | 1 210 | 33 311 |
Other payables | - | - | 6 850 | 6 850 |
Capital grants | - | - | 880 | 880 |
Derivatives | - | - | - | 0 |
Current tax liabilities | - | - | 0 | 0 |
Obligations under leases | - | - | 374 | 374 |
Bank overdrafts and loans* | - | - | 9 759 | 9 759 |
Total liabilities | 20 063 | 19 908 | 30 112 | 70 083 |
* 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\u2019s two legal entities and are therefore not allocated at segment level.
'000 \u20ac | Specialty Chemicals 12/31/2023 | Circular Metals 12/31/2023 | Corporate & Unallocated 12/31/2023 | Total 12/31/2023 |
REVENUE | ||||
External sales | 127 499 | 194 472 | - | 321 971 |
Cross-business unit sales in the same segment | 0 | 41 965 | -41 965 | 0 |
Total revenue | 127 499 | 236 437 | -41 965 | 321 971 |
RESULT | ||||
Segment operating result | 2 015 | 16 626 | - | 18 641 |
Gain on bargain purchase | - | - | 0 | 0 |
Operating result (EBIT) | 18 641 | |||
Investment revenues | - | - | 8 | 8 |
Hedging results | - | 914 | - | 914 |
Finance costs | - | - | -1 303 | -1 303 |
Result before tax | 18 260 | |||
Income tax expense | -4 609 | |||
Result for the period | 13 651 |
'000 \u20ac | Specialty Chemicals 12/31/2023 | Circular Metals 12/31/2023 | Corporate & Unallocated 12/31/2023 | Total 12/31/2023 |
OTHER INFORMATION | ||||
Capital additions | 2 840 | 3 799 | 1 278 | 7 917 |
Depreciation and amortisation (incl. right-of-use assets) | -2 024 | -3 965 | -1 209 | -7 198 |
BALANCE SHEET | ||||
Assets | ||||
Fixed assets (incl. right-of-use assets) | 7 924 | 21 168 | 5 561 | 34 653 |
Inventories | 22 545 | 27 350 | 2 906 | 52 801 |
Trade receivables | 20 380 | 12 035 | 0 | 32 415 |
Other receivables | - | - | 1 764 | 1 764 |
Derivatives | - | 375 | 0 | 375 |
Cash and cash equivalent | - | - | 3 738 | 3 738 |
Total assets | 50 849 | 60 928 | 13 969 | 125 746 |
Long term liabilities | ||||
Retirement benefit obligation | 1 802 | 1 802 | ||
Deferred tax liabilities | - | - | 503 | 503 |
Bank loans | - | - | 3 750 | 3 750 |
Obligations under leases | - | - | 456 | 456 |
Provisions | 65 | 6 185 | 0 | 6 250 |
Short term liabilities | ||||
Trade payables | 5 933 | 11 905 | 3 246 | 21 084 |
Other payables | - | - | 6 683 | 6 683 |
Capital grants | - | - | 1 065 | 1 065 |
Current tax liabilities | - | - | 205 | 205 |
Obligations under leases | - | - | 249 | 249 |
Bank overdrafts and loans* | - | - | 14 554 | 14 554 |
Total liabilities | 5.998 | 18.090 | 32.513 | 56 601 |
* 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\u2019s two legal entities and are therefore not allocated at segment level.
5.5. OTHER OPERATING EXPENSE AND INCOME
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
OTHER OPERATING EXPENSE | ||
Office expenses & IT | 1 453 | 1 422 |
Fees | 917 | 780 |
Insurances | 1 530 | 1 264 |
Interim personnel | 2 571 | 1 860 |
Expenses related to personnel | 358 | 327 |
Carry-off of waste | 3 364 | 3 806 |
Travel expenses | 482 | 507 |
Transportation costs | 6 954 | 7 173 |
Other purchase and sales expenses | 688 | 648 |
Negative operating hedge result | 366 | 341 |
Research & development | 181 | 198 |
Renting | 166 | 247 |
Subscriptions | 502 | 524 |
Advertising - publicity | 118 | 144 |
Other taxes (unrelated to result) | 419 | 323 |
Financial costs (other than interest) | 955 | 519 |
Others | 729 | 195 |
21 753 | 20 278 |
The increase in \u201cOthers\u201d comprise mainly the fire damage in our Escaudoeuvres plant.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
OTHER OPERATING INCOME | ||
Positive operating hedge result | 368 | 414 |
Renting | 38 | 17 |
Claims | 1 665 | 603 |
Subsidies | 420 | 504 |
Produced assets - own construction | 251 | 205 |
Recuperation of costs from third parties | 145 | 296 |
Others | 67 | 47 |
2 954 | 2 086 |
The income of claims includes the \u20ac 1 236K) promised damage compensation related to the fire damage in our Escaudoeuvres plant.
5.5. OTHER OPERATING EXPENSE AND INCOME
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
OTHER OPERATING EXPENSE | ||
Office expenses & IT | 1 453 | 1 422 |
Fees | 917 | 780 |
Insurances | 1 530 | 1 264 |
Interim personnel | 2 571 | 1 860 |
Expenses related to personnel | 358 | 327 |
Carry-off of waste | 3 364 | 3 806 |
Travel expenses | 482 | 507 |
Transportation costs | 6 954 | 7 173 |
Other purchase and sales expenses | 688 | 648 |
Negative operating hedge result | 366 | 341 |
Research & development | 181 | 198 |
Renting | 166 | 247 |
Subscriptions | 502 | 524 |
Advertising - publicity | 118 | 144 |
Other taxes (unrelated to result) | 419 | 323 |
Financial costs (other than interest) | 955 | 519 |
Others | 729 | 195 |
21 753 | 20 278 |
5.6. FINANCE COSTS
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Interest on bank overdrafts, loans and factoring | 1 737 | 1 284 |
Interest cost on leasing | 30 | 19 |
Total borrowing costs | 1 767 | 1 303 |
5.7. INCOME TAX EXPENSE
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Current tax | 7 748 | 4 609 |
Deferred tax | -236 | 0 |
Income tax expense for the year | 7 512 | 4 609 |
Domestic and French income tax is calculated at 25% (2023: 25%) of the estimated assessable result for the year.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Result before tax | 29 776 | 18 260 |
Tax at the domestic income tax rate of 25% (2023: 25%) | 7 444 | 4 565 |
Tax effect of expenses that are not deductible in determining taxable result | 109 | 119 |
Tax effect of Notional Interest Deduction (NID) | 0 | 0 |
Tax settlement previous years | 78 | -64 |
Tax effect of utilisation of tax losses previously not recognised and timing differences | -119 | -30 |
Tax penalty (insufficient prepayments) | 0 | 19 |
Effect of different tax rates of subsidiaries operating in other jurisdictions | 0 | 0 |
Tax expense and effective tax rate for the period | 7 512 | 4 609 |
5.5. OTHER OPERATING EXPENSE AND INCOME
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
OTHER OPERATING EXPENSE | ||
Office expenses & IT | 1 453 | 1 422 |
Fees | 917 | 780 |
Insurances | 1 530 | 1 264 |
Interim personnel | 2 571 | 1 860 |
Expenses related to personnel | 358 | 327 |
Carry-off of waste | 3 364 | 3 806 |
Travel expenses | 482 | 507 |
Transportation costs | 6 954 | 7 173 |
Other purchase and sales expenses | 688 | 648 |
Negative operating hedge result | 366 | 341 |
Research & development | 181 | 198 |
Renting | 166 | 247 |
Subscriptions | 502 | 524 |
Advertising - publicity | 118 | 144 |
Other taxes (unrelated to result) | 419 | 323 |
Financial costs (other than interest) | 955 | 519 |
Others | 729 | 195 |
21 753 | 20 278 |
5.5. OTHER OPERATING EXPENSE AND INCOME
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
OTHER OPERATING EXPENSE | ||
Office expenses & IT | 1 453 | 1 422 |
Fees | 917 | 780 |
Insurances | 1 530 | 1 264 |
Interim personnel | 2 571 | 1 860 |
Expenses related to personnel | 358 | 327 |
Carry-off of waste | 3 364 | 3 806 |
Travel expenses | 482 | 507 |
Transportation costs | 6 954 | 7 173 |
Other purchase and sales expenses | 688 | 648 |
Negative operating hedge result | 366 | 341 |
Research & development | 181 | 198 |
Renting | 166 | 247 |
Subscriptions | 502 | 524 |
Advertising - publicity | 118 | 144 |
Other taxes (unrelated to result) | 419 | 323 |
Financial costs (other than interest) | 955 | 519 |
Others | 729 | 195 |
21 753 | 20 278 |
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
OTHER OPERATING INCOME | ||
Positive operating hedge result | 368 | 414 |
Renting | 38 | 17 |
Claims | 1 665 | 603 |
Subsidies | 420 | 504 |
Produced assets - own construction | 251 | 205 |
Recuperation of costs from third parties | 145 | 296 |
Others | 67 | 47 |
2 954 | 2 086 |
The income of claims includes the \u20ac 1 236K) promised damage compensation related to the fire damage in our Escaudoeuvres plant.
5.6. FINANCE COSTS
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Interest on bank overdrafts, loans and factoring | 1 737 | 1 284 |
Interest cost on leasing | 30 | 19 |
Total borrowing costs | 1 767 | 1 303 |
5.6. FINANCE COSTS
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Interest on bank overdrafts, loans and factoring | 1 737 | 1 284 |
Interest cost on leasing | 30 | 19 |
Total borrowing costs | 1 767 | 1 303 |
5.6. FINANCE COSTS
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Interest on bank overdrafts, loans and factoring | 1 737 | 1 284 |
Interest cost on leasing | 30 | 19 |
Total borrowing costs | 1 767 | 1 303 |
5.6. FINANCE COSTS
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Interest on bank overdrafts, loans and factoring | 1 737 | 1 284 |
Interest cost on leasing | 30 | 19 |
Total borrowing costs | 1 767 | 1 303 |
5.7. INCOME TAX EXPENSE
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Current tax | 7 748 | 4 609 |
Deferred tax | -236 | 0 |
Income tax expense for the year | 7 512 | 4 609 |
Domestic and French income tax is calculated at 25% (2023: 25%) of the estimated assessable result for the year.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Result before tax | 29 776 | 18 260 |
Tax at the domestic income tax rate of 25% (2023: 25%) | 7 444 | 4 565 |
Tax effect of expenses that are not deductible in determining taxable result | 109 | 119 |
Tax effect of Notional Interest Deduction (NID) | 0 | 0 |
Tax settlement previous years | 78 | -64 |
Tax effect of utilisation of tax losses previously not recognised and timing differences | -119 | -30 |
Tax penalty (insufficient prepayments) | 0 | 19 |
Effect of different tax rates of subsidiaries operating in other jurisdictions | 0 | 0 |
Tax expense and effective tax rate for the period | 7 512 | 4 609 |
5.18. 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.
\u2018000 \u20ac | Timing differences on fixed assets | Positive fair value derivatives | Retirement benefit obligations | Fiscal losses | Others | Capital Grants | Total |
On 31 December 2022 | 553 | 0 | -70 | 0 | -96 | 188 | 575 |
Charge/(credit) to result for the year | -217 | 94 | 34 | - | 121 | -32 | 0 |
Charge/(credit) to other comprehensive income | - | - | -72 | - | - | - | -72 |
On 31 December 2023 | 336 | 94 | -108 | 0 | 25 | 156 | 503 |
Charge/(credit) to result for the year | -142 | -50 | -26 | - | 13 | -31 | -236 |
Charge/(credit) to other comprehensive income | - | - | - | - | - | - | 0 |
On 31 December 2024 | 194 | 44 | -134 | 0 | 38 | 125 | 267 |
5.8. DIVIDENDS AND TANTI\u00c8ME
The board proposes to pay a dividend amounting to 6.75 mio \u20ac based on the 2024 results. A total dividend of \u20ac 4.5 mio was paid based on the 2023 result.
The board proposes to pay the non-executive directors a tanti\u00e8me for the financial year closed on 12/31/2024 as follows:\t
F.-W. Hempel | D. Brughmans | A. De Schepper | P. De Groote chairman | H.-R. Orgs | J. Kestens | Total | |
Tanti\u00e8me | \u20ac 15 000 | \u20ac 15 000 | \u20ac 15 000 | \u20ac 30 000 | \u20ac 15 000 | \u20ac 15 000 | \u20ac 105 000 |
For the financial year closed on 12/31/2023 a total tanti\u00e8me of \u20ac 90K was paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__99": { "value": "5.8.1. Result per share
As no potential shares \u2013 which could lead to dilution \u2013 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:
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
RESULT | ||
Result for purposes of basic and diluted results per share (result for the year attributable to equity holders of the parent) | 22 264 | 13 651 |
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 |
5.9. Permanent Metal Inventory
In view of the scarcity of antimony metal on the raw material market, it was decided to create a permanent metal inventory. This inventory is the equivalent of one production month. By doing so, Campine ensures continuous availability of raw materials so that the production process cannot be hindered by a late incoming material flow.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Permanent metal inventory | 13 250 | 0 |
13 250 | 0 |
The total gross book value of Campine\u2019s permanent metal inventory on December 31, 2024 amounts to \u20ac 13 250K (\u20ac 0K at the end of December 2023). This permanent inventory was not revalued to actual market prices on 31 December 2024. If this were applied, the stock would represent a higher value which would also result in an additional result. More information can be found under valuation rule 5.2.15 in this report.
5.10. PROPERTY, PLANT AND EQUIPMENT
\u2018000 \u20ac | Land and buildings | Properties underconstruction | Fixtures andequipment | Total |
COST OR VALUATION | ||||
On 31 December 2022 | 23 473 | 246 | 93 313 | 117 032 |
Additions | 1 142 | 228 | 5 299 | 6 669 |
Transfers | - | -246 | 246 | 0 |
On 31 December 2023 | 24 615 | 228 | 98 858 | 123 701 |
Additions | 2 305 | 485 | 9 405 | 12 195 |
Transfers | -228 | 228 | 0 | |
On 31 december 2024 | 26 920 | 485 | 108 491 | 135 896 |
ACCUMULATED DEPRECIATION | ||||
On 31 December 2022 | 13 805 | - | 70 253 | 84 058 |
Depreciation charge for the year | 685 | - | 5 949 | 6 634 |
On 31 december 2023 | 14 490 | - | 76 202 | 90 692 |
Depreciation charge for the year | 954 | - | 6 619 | 7 573 |
Eliminated on disposals | - | - | 276 | 276 |
On 31 December 2024 | 15 444 | 0 | 83 097 | 98 541 |
CARRYING AMOUNT | ||||
On 31 December 2024 | 11 476 | 485 | 25 394 | 37 355 |
On 31 December 2023 | 10 125 | 228 | 22 656 | 33 009 |
The new investments concern mainly replacements. The reparations and replacements subsequent to the fire incident in our plant in Escaudoeuvres are also included. The elimination of \u20ac 276K represents the book value of the assets which were destroyed during this incident. 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% \u2013 max 33% depending on the life time |
The Group has not pledged land and buildings to secure banking facilities granted to the Group.
5.10. PROPERTY, PLANT AND EQUIPMENT
\u2018000 \u20ac | Land and buildings | Properties underconstruction | Fixtures andequipment | Total |
COST OR VALUATION | ||||
On 31 December 2022 | 23 473 | 246 | 93 313 | 117 032 |
Additions | 1 142 | 228 | 5 299 | 6 669 |
Transfers | - | -246 | 246 | 0 |
On 31 December 2023 | 24 615 | 228 | 98 858 | 123 701 |
Additions | 2 305 | 485 | 9 405 | 12 195 |
Transfers | -228 | 228 | 0 | |
On 31 december 2024 | 26 920 | 485 | 108 491 | 135 896 |
ACCUMULATED DEPRECIATION | ||||
On 31 December 2022 | 13 805 | - | 70 253 | 84 058 |
Depreciation charge for the year | 685 | - | 5 949 | 6 634 |
On 31 december 2023 | 14 490 | - | 76 202 | 90 692 |
Depreciation charge for the year | 954 | - | 6 619 | 7 573 |
Eliminated on disposals | - | - | 276 | 276 |
On 31 December 2024 | 15 444 | 0 | 83 097 | 98 541 |
CARRYING AMOUNT | ||||
On 31 December 2024 | 11 476 | 485 | 25 394 | 37 355 |
On 31 December 2023 | 10 125 | 228 | 22 656 | 33 009 |
5.11. INTANGIBLE ASSETS
\u2018000 \u20ac | Patents, trademarks and software purchased |
COST | |
On 31 December 2022 | 2 531 |
Additions | 687 |
On 31 December 2023 | 3 218 |
Additions | 305 |
On 31 December 2024 | 3 523 |
ACCUMULATED DEPRECIATION | |
On 31 December 2022 | 1 963 |
Charge for the year | 316 |
On 31 December 2023 | 2 279 |
Charge for the year | 377 |
On 31 December 2024 | 2 656 |
CARRYING AMOUNT | |
On 31 December 2024 | 867 |
On 31 December 2023 | 939 |
5.15.2 Lease obligations
Roll forward of right-of-use assets:
\u2018000 \u20ac | Company cars |
On 31 December 2022 | 392 |
Additions | 560 |
Depreciation charge for the year | -247 |
Disposals | - |
On 31 December 2023 | 705 |
Additions | 802 |
Depreciation charge for the year | -348 |
Disposals | - |
On 31 December 2024 | 1 159 |
5.11. INTANGIBLE ASSETS
\u2018000 \u20ac | Patents, trademarks and software purchased |
COST | |
On 31 December 2022 | 2 531 |
Additions | 687 |
On 31 December 2023 | 3 218 |
Additions | 305 |
On 31 December 2024 | 3 523 |
ACCUMULATED DEPRECIATION | |
On 31 December 2022 | 1 963 |
Charge for the year | 316 |
On 31 December 2023 | 2 279 |
Charge for the year | 377 |
On 31 December 2024 | 2 656 |
CARRYING AMOUNT | |
On 31 December 2024 | 867 |
On 31 December 2023 | 939 |
The intangible assets included in the table have finite useful lives. Intangible assets are, depending on the category, depreciated over 3 to 8 years.
5.11. INTANGIBLE ASSETS
\u2018000 \u20ac | Patents, trademarks and software purchased |
COST | |
On 31 December 2022 | 2 531 |
Additions | 687 |
On 31 December 2023 | 3 218 |
Additions | 305 |
On 31 December 2024 | 3 523 |
ACCUMULATED DEPRECIATION | |
On 31 December 2022 | 1 963 |
Charge for the year | 316 |
On 31 December 2023 | 2 279 |
Charge for the year | 377 |
On 31 December 2024 | 2 656 |
CARRYING AMOUNT | |
On 31 December 2024 | 867 |
On 31 December 2023 | 939 |
The intangible assets included in the table have finite useful lives. Intangible assets are, depending on the category, depreciated over 3 to 8 years.
5.12. SUBSIDIARIES
Details of the Group\u2019s subsidiaries on 12/31/2024 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 nvVAT: BE0474.955.451 | Belgium | 99.99% | 100% | Lead recycling |
Campine France SAS VAT: FR83 911 549 699 | France | 100.00% | 100% | Lead recycling |
Campine recycled Polymers SAS VAT: FR 59 342 238 649 | France | 100.00% | 100% | Plastic 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.
5.13. INVENTORIES
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Raw materials | 15 875 | 14 911 |
Work-in-progress | 7 125 | 16 838 |
Finished goods | 38 560 | 21 052 |
61 560 | 52 801 |
The inventory per year-end includes an amount written-off of \u20ac 1 504K (2023: \u20ac 1 588K) 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.
The inventories are part of the pledge on trade fund granted to the banks (see note 5.23).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__108-1": { "value": "The inventory per year-end includes an amount written-off of \u20ac 1 504K (2023: \u20ac 1 588K) 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.An allowance has been recorded for estimated irrecoverable amounts from the sale of goods of \u20ac 1 049K (2023: \u20ac 1 046K). This allowance has been determined on a case-by-case basis. Balances are written off when sufficiently certain that the receivable is definitely lost.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__109-1": { "value": "5.14. FINANCIAL ASSETS
The board of directors confirms that the carrying amount of trade and other receivables approximates their fair value as those balances are short-term.
5.14.1. Trade receivables
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Amounts receivable from the sale of goods | 35 190 | 32 415 |
35 190 | 32 415 |
An allowance has been recorded for estimated irrecoverable amounts from the sale of goods of \u20ac 1 049K (2023: \u20ac 1 046K). This allowance has been determined on a case-by-case basis. Balances are written off when sufficiently certain that the receivable is definitely lost.
The total amount from sales of goods amounting to \u20ac 35 190K includes \u20ac 25 542K subject to commercial factoring by a credit institute. Based on these receivables the credit institute can deposit advances on the account of Campine (\u20ac 796K on 12/31/2024, see note 5.17. Bank borrowings) and afterwards collects the receivables itself. The credit risk stays at Campine and is covered by a credit insurance.
There are no significant 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 specific bad debt provisions already recorded.
5.14.2. Other receivables
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Other receivables | 4 063 | 1 764 |
4 063 | 1 764 |
Other receivables include mainly promised damage compensations (incl. fire damage at the Escaudoeuvres site for an amount of \u20ac1 236K) as well as recoverable VAT and taxes.
5.14.3. 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.
5.14.4. Credit riskThe Group\u2019s principal financial 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.
Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s customer base being large and unrelated. For more information we refer to the valuation rule 5.2.6. of the consolidated annual accounts in this annual report.
Roll-forward of the allowances for doubtful debtors:
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Opening allowance doubtful debtors | 1 046 | 1 044 |
Additions | 3 | 2 |
Reversals | - | - |
Closing allowance doubtful debtors | 1 049 | 1 046 |
Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u20ac 3 626K (2023: \u20ac 4 455K) which are past due at the reporting date but for which the Group has not provided as there has not been a significant 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 16 days past due (2023: 9 days).
5.15. OTHER FINANCIAL ASSETS AND LIABILITIES
5.15.1. 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 \u2013 realised and unrealised \u2013 of the positions on the LME lead / tin futures market where it sells forward lead and tin via future contracts.
\u2018000 \u20ac | Fair value of current instruments | Underlying lead volumes (in mT) |
On 31 December 2023 | 375 | 4 025 |
On 31 December 2024 | 178 | 2 600 |
The change in fair value in income statement amounts to \u20ac +936K (2023: \u20ac +914K).
The fair value of the derivatives are included in the balance sheet as current assets \u2013 derivatives for \u20ac 178K.
The classification 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 \u201cfair value hierarchy\u201d of IFRS 13.
5.15.2 Lease obligations
Roll forward of right-of-use assets:
\u2018000 \u20ac | Company cars |
On 31 December 2022 | 392 |
Additions | 560 |
Depreciation charge for the year | -247 |
Disposals | - |
On 31 December 2023 | 705 |
Additions | 802 |
Depreciation charge for the year | -348 |
Disposals | - |
On 31 December 2024 | 1 159 |
Leased assets relate to company cars. In 2024 new lease obligations were entered into for an amount of \u20ac 802K. The repayments of operating lease liabilities during 2024 amount to \u20ac 378K. The depreciation charges reached \u20ac 348K and the financial charges amounted to \u20ac 30K.
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.
5.17. BANK BORROWINGS (LEASE OBLIGATIONS EXCLUDED)
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Bank loans - investment credit | 17 088 | 5 250 |
Bank overdrafts | 125 | 4 171 |
Advances on factoring | 796 | 8 883 |
18 009 | 18 304 | |
Repayable borrowings | ||
Bank loans after more than one year | 8 250 | 3 750 |
Bank loans within one year | 8 838 | 1 500 |
Bank overdrafts | 125 | 4 171 |
Advances on factoring | 796 | 8 883 |
18 009 | 18 304 | |
Average interest rates paid | ||
Bank loans - investment credit | 2,35% | 1,86% |
Bank overdrafts | 6,15% | 5,70% |
Advances on factoring | 5,00% | 4,62% |
The sharp rise in antimony metal prices in the second half of 2024 triggered a significant increase in working capital requirements. Subsequently, financing was rearranged which resulted in an increase in fixed-rate bank loans. As a result, advances on factoring decreased significantly.
Bank loans are arranged at fixed interest rates. Other borrowings (bank overdrafts and advances on factoring: \u20ac921K on 12/31/2024 (on 12/31/2023: \u20ac 13 054K)) are arranged at floating rates, thus exposing the Group to an interest rate risk (see note 5.27.1.). On 12/31/2024, the Group had available \u20ac 47 123K (12/31/2023: \u20ac 28 265K) 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 12/31/2024 Campine complied with all covenants:
The equity (corrected for intangible fixed assets and deferred taxes) amounted to \u20ac 86 119K on 12/31/2024 compared to the required minimum of \u20ac 22 000K.
The solvency ratio on 12/31/2024 (55%) is in compliance with the required ratio of 30%.
With a stock rotation of 75 days Campine complied to the stock rotation ratio (< 90 days) on 12/31/2024.
Roll-forward van de financi\u00eble verplichtingen en de aansluiting met cash-flow:
\u2018000 \u20ac | 12/31/2024 | Financing cash-flow | 12/31/2023 |
Bank overdrafts | 125 | -4 046 | 4 171 |
Advances on factoring | 796 | -8 087 | 8 883 |
Bank loans - investment credit | 17 088 | 11 838 | 5 250 |
18 009 | -295 | 18 304 |
5.19.1 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.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Trade creditors and accruals | 33 311 | 21 084 |
33 311 | 21 084 |
5.20. LIQUIDITY RISK
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The table has been drawn based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 | ||||
< 1 year | 1-5 year | > 5 year | < 1 year | 1-5 year | > 5 year | |
Trade liabilities | 33 311 | - | - | 21 084 | - | - |
Other liabilities | 7 730 | - | - | 7 748 | - | - |
Bank overdrafts and loans | 8 963 | 8 250 | - | 5 671 | 3 750 | - |
Advances on factoring | 796 | - | - | 8 883 | - | - |
Lease obligations | 374 | 785 | - | 249 | 456 | - |
5.21. FINANCIAL INSTRUMENTSThe major financial instruments of the Group are financial and trade receivables and payables, investments, cash and cash equivalents as well as derivatives.
The financial instruments as on 12/31/2024 are presented below:
\u2018000 \u20ac | Categories | Book value | Fair waarde | Level |
I. Fixed assets | ||||
II. Current Assets | ||||
Trade receivables | A | 35 190 | 35 190 | 2 |
Other receivables | A | 4 063 | 4 063 | 3 |
Cash and cash equivalents | B | 3 128 | 3 128 | 1 |
Derivatives | C | 178 | 178 | 1 |
Total financial instruments on the assets side of the balance sheet | 42 559 | 42 559 | ||
I. Non-current liabilities | ||||
Interest-bearing liabilities | A | 8.250 | 8.425 | 2 |
Obligations under leases | A | 785 | 785 | 2 |
II. Current liabilities | ||||
Interest-bearing liabilities | A | 9 759 | 9 759 | 2 |
Current trade debts | A | 33 311 | 33 311 | 2 |
Current other debts | A | 6 228 | 6 228 | 3 |
Obligations under leases | A | 374 | 374 | 2 |
Total financial instruments on the liabilities side of the balance sheet | 58 707 | 58 882 |
The financial instruments as on 12/31/2023 are presented below:
\u2018000 \u20ac | Categories | Book value | Fair waarde | Level |
I. Fixed assets | ||||
II. Current Assets | ||||
Trade receivables | A | 32 415 | 32 415 | 2 |
Other receivables | A | 1 764 | 1 764 | 3 |
Cash and cash equivalents | B | 3 738 | 3 738 | 1 |
Derivatives | C | 375 | 375 | 1 |
Total financial instruments on the assets side of the balance sheet | 38 292 | 38 292 | ||
I. Non-current liabilities | ||||
Interest-bearing liabilities* | A | 3 750 | 3 775 | 2 |
Obligations under leases | A | 456 | 456 | 2 |
II. Current liabilities | ||||
Interest-bearing liabilities | A | 14 554 | 14 554 | 2 |
Current trade debts | A | 21 084 | 21 084 | 2 |
Current other debts | A | 6 125 | 6 125 | 3 |
Obligations under leases | A | 249 | 249 | 2 |
Total financial instruments on the liabilities side of the balance sheet | 46 218 | 46 243 |
* Interest-bearing liabilities consist of short term bank loans, bank overdrafts and factoring.
The categories correspond with the following financial 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 profit and loss account.
The aggregate financial 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.
Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurementis unobservable.
The valuation techniques regarding the fair value of the level 2 financial instruments are the following:
The fair value of the other level 2 financial 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 fixed-income payables the fair value was determined using interest rates that apply to active markets.
5.27. MARKET RISK
5.27.1. Interest risk
Funding of the company is done through bank loans, bank overdrafts and factoring. On 12/31/2024 bank loans amounted to \u20ac 17 088K, bank overdrafts and advances on factoring amounted to \u20ac 921K. Bank loans are arranged at fixed rates. The bank overdrafts and advances on factoring are arranged at variable rates (see note 5.17.).
An increase or decrease of the interest with 10% would have an impact on the income statement of \u20ac -4K (in case of 10% increase) or \u20ac +4K (in case of 10% decrease) based upon the amount on 12/31/2023. The retained earnings will also be influenced.
5.27.2. Foreign Exchange risk
The Group is managing its foreign currency risk by matching foreign currency cash inflows with foreign cash outflows (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 \u20ac +115K (in case of 10% increase) or \u20ac -115K (in case of 10% decrease) based upon the assets and liabilities denominated in USD on 12/31/2024. The retained earnings will also be influenced.
5.27.3. Price risk
The value of these fixed price contracts and the future LME commitments are both shown in the balance sheet; changes in the values will be shown in the profit and loss account (see note 5.15.1. Derivatives).
There is no price risk on the fixed price contracts as the impact of price fluctuation on respective fixed 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 effect based on the underlying open position on 12/31/2024 of a price fall of 10% would be \u20ac +444K or of a price raise of 10% would be \u20ac -444K.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__110-1": { "value": "5.14.1. Trade receivables
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Amounts receivable from the sale of goods | 35 190 | 32 415 |
35 190 | 32 415 |
An allowance has been recorded for estimated irrecoverable amounts from the sale of goods of \u20ac 1 049K (2023: \u20ac 1 046K). This allowance has been determined on a case-by-case basis. Balances are written off when sufficiently certain that the receivable is definitely lost.
The total amount from sales of goods amounting to \u20ac 35 190K includes \u20ac 25 542K subject to commercial factoring by a credit institute. Based on these receivables the credit institute can deposit advances on the account of Campine (\u20ac 796K on 12/31/2024, see note 5.17. Bank borrowings) and afterwards collects the receivables itself. The credit risk stays at Campine and is covered by a credit insurance.
There are no significant 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 specific bad debt provisions already recorded.
5.14.2. Other receivables
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Other receivables | 4 063 | 1 764 |
4 063 | 1 764 |
Other receivables include mainly promised damage compensations (incl. fire damage at the Escaudoeuvres site for an amount of \u20ac1 236K) as well as recoverable VAT and taxes.
5.14.4. Credit riskThe Group\u2019s principal financial 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.
Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s customer base being large and unrelated. For more information we refer to the valuation rule 5.2.6. of the consolidated annual accounts in this annual report.
Roll-forward of the allowances for doubtful debtors:
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Opening allowance doubtful debtors | 1 046 | 1 044 |
Additions | 3 | 2 |
Reversals | - | - |
Closing allowance doubtful debtors | 1 049 | 1 046 |
Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u20ac 3 626K (2023: \u20ac 4 455K) which are past due at the reporting date but for which the Group has not provided as there has not been a significant 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 16 days past due (2023: 9 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__111": { "value": "An allowance has been recorded for estimated irrecoverable amounts from the sale of goods of \u20ac 1 049K (2023: \u20ac 1 046K). This allowance has been determined on a case-by-case basis. Balances are written off when sufficiently certain that the receivable is definitely lost.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__114": { "value": "5.14.3. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__115": { "value": "5.14.3. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__116": { "value": "5.14.4. Credit riskThe Group\u2019s principal financial 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.
Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s customer base being large and unrelated. For more information we refer to the valuation rule 5.2.6. of the consolidated annual accounts in this annual report.
Roll-forward of the allowances for doubtful debtors:
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Opening allowance doubtful debtors | 1 046 | 1 044 |
Additions | 3 | 2 |
Reversals | - | - |
Closing allowance doubtful debtors | 1 049 | 1 046 |
Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u20ac 3 626K (2023: \u20ac 4 455K) which are past due at the reporting date but for which the Group has not provided as there has not been a significant 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 16 days past due (2023: 9 days).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__118-1": { "value": "5.14.4. Credit riskThe Group\u2019s principal financial 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.
Concentrations of credit risk with respect to trade receivables are limited due to the Group\u2019s customer base being large and unrelated. For more information we refer to the valuation rule 5.2.6. of the consolidated annual accounts in this annual report.
Roll-forward of the allowances for doubtful debtors:
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Opening allowance doubtful debtors | 1 046 | 1 044 |
Additions | 3 | 2 |
Reversals | - | - |
Closing allowance doubtful debtors | 1 049 | 1 046 |
Included in the Group\u2019s trade receivable balance are debtors with a carrying amount of \u20ac 3 626K (2023: \u20ac 4 455K) which are past due at the reporting date but for which the Group has not provided as there has not been a significant 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 16 days past due (2023: 9 days).
5.20. LIQUIDITY RISK
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The table has been drawn based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 | ||||
< 1 year | 1-5 year | > 5 year | < 1 year | 1-5 year | > 5 year | |
Trade liabilities | 33 311 | - | - | 21 084 | - | - |
Other liabilities | 7 730 | - | - | 7 748 | - | - |
Bank overdrafts and loans | 8 963 | 8 250 | - | 5 671 | 3 750 | - |
Advances on factoring | 796 | - | - | 8 883 | - | - |
Lease obligations | 374 | 785 | - | 249 | 456 | - |
5.27.1. Interest risk
Funding of the company is done through bank loans, bank overdrafts and factoring. On 12/31/2024 bank loans amounted to \u20ac 17 088K, bank overdrafts and advances on factoring amounted to \u20ac 921K. Bank loans are arranged at fixed rates. The bank overdrafts and advances on factoring are arranged at variable rates (see note 5.17.).
An increase or decrease of the interest with 10% would have an impact on the income statement of \u20ac -4K (in case of 10% increase) or \u20ac +4K (in case of 10% decrease) based upon the amount on 12/31/2023. The retained earnings will also be influenced.
5.27.2. Foreign Exchange risk
The Group is managing its foreign currency risk by matching foreign currency cash inflows with foreign cash outflows (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 \u20ac +115K (in case of 10% increase) or \u20ac -115K (in case of 10% decrease) based upon the assets and liabilities denominated in USD on 12/31/2024. The retained earnings will also be influenced.
5.27.3. Price risk
The value of these fixed price contracts and the future LME commitments are both shown in the balance sheet; changes in the values will be shown in the profit and loss account (see note 5.15.1. Derivatives).
There is no price risk on the fixed price contracts as the impact of price fluctuation on respective fixed 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 effect based on the underlying open position on 12/31/2024 of a price fall of 10% would be \u20ac +444K or of a price raise of 10% would be \u20ac -444K.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__120": { "value": "5.15.1. 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 \u2013 realised and unrealised \u2013 of the positions on the LME lead / tin futures market where it sells forward lead and tin via future contracts.
\u2018000 \u20ac | Fair value of current instruments | Underlying lead volumes (in mT) |
On 31 December 2023 | 375 | 4 025 |
On 31 December 2024 | 178 | 2 600 |
The change in fair value in income statement amounts to \u20ac +936K (2023: \u20ac +914K).
The fair value of the derivatives are included in the balance sheet as current assets \u2013 derivatives for \u20ac 178K.
The classification 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 \u201cfair value hierarchy\u201d of IFRS 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__121": { "value": "5.15.1. 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 \u2013 realised and unrealised \u2013 of the positions on the LME lead / tin futures market where it sells forward lead and tin via future contracts.
\u2018000 \u20ac | Fair value of current instruments | Underlying lead volumes (in mT) |
On 31 December 2023 | 375 | 4 025 |
On 31 December 2024 | 178 | 2 600 |
The change in fair value in income statement amounts to \u20ac +936K (2023: \u20ac +914K).
The fair value of the derivatives are included in the balance sheet as current assets \u2013 derivatives for \u20ac 178K.
The classification 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 \u201cfair value hierarchy\u201d of IFRS 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__122": { "value": "5.15.2 Lease obligations
Roll forward of right-of-use assets:
\u2018000 \u20ac | Company cars |
On 31 December 2022 | 392 |
Additions | 560 |
Depreciation charge for the year | -247 |
Disposals | - |
On 31 December 2023 | 705 |
Additions | 802 |
Depreciation charge for the year | -348 |
Disposals | - |
On 31 December 2024 | 1 159 |
Leased assets relate to company cars. In 2024 new lease obligations were entered into for an amount of \u20ac 802K. The repayments of operating lease liabilities during 2024 amount to \u20ac 378K. The depreciation charges reached \u20ac 348K and the financial charges amounted to \u20ac 30K.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__124": { "value": "5.16. SHARE CAPITAL
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Authorised | ||
1 500 000 ordinary shares of par value of 2.67 eur 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 fixed income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__125": { "value": "5.16. SHARE CAPITAL
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Authorised | ||
1 500 000 ordinary shares of par value of 2.67 eur 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 fixed income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__127": { "value": "5.17. BANK BORROWINGS (LEASE OBLIGATIONS EXCLUDED)
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Bank loans - investment credit | 17 088 | 5 250 |
Bank overdrafts | 125 | 4 171 |
Advances on factoring | 796 | 8 883 |
18 009 | 18 304 | |
Repayable borrowings | ||
Bank loans after more than one year | 8 250 | 3 750 |
Bank loans within one year | 8 838 | 1 500 |
Bank overdrafts | 125 | 4 171 |
Advances on factoring | 796 | 8 883 |
18 009 | 18 304 | |
Average interest rates paid | ||
Bank loans - investment credit | 2,35% | 1,86% |
Bank overdrafts | 6,15% | 5,70% |
Advances on factoring | 5,00% | 4,62% |
The sharp rise in antimony metal prices in the second half of 2024 triggered a significant increase in working capital requirements. Subsequently, financing was rearranged which resulted in an increase in fixed-rate bank loans. As a result, advances on factoring decreased significantly.
Bank loans are arranged at fixed interest rates. Other borrowings (bank overdrafts and advances on factoring: \u20ac921K on 12/31/2024 (on 12/31/2023: \u20ac 13 054K)) are arranged at floating rates, thus exposing the Group to an interest rate risk (see note 5.27.1.). On 12/31/2024, the Group had available \u20ac 47 123K (12/31/2023: \u20ac 28 265K) 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 12/31/2024 Campine complied with all covenants:
The equity (corrected for intangible fixed assets and deferred taxes) amounted to \u20ac 86 119K on 12/31/2024 compared to the required minimum of \u20ac 22 000K.
The solvency ratio on 12/31/2024 (55%) is in compliance with the required ratio of 30%.
With a stock rotation of 75 days Campine complied to the stock rotation ratio (< 90 days) on 12/31/2024.
Roll-forward van de financi\u00eble verplichtingen en de aansluiting met cash-flow:
\u2018000 \u20ac | 12/31/2024 | Financing cash-flow | 12/31/2023 |
Bank overdrafts | 125 | -4 046 | 4 171 |
Advances on factoring | 796 | -8 087 | 8 883 |
Bank loans - investment credit | 17 088 | 11 838 | 5 250 |
18 009 | -295 | 18 304 |
5.18. 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.
\u2018000 \u20ac | Timing differences on fixed assets | Positive fair value derivatives | Retirement benefit obligations | Fiscal losses | Others | Capital Grants | Total |
On 31 December 2022 | 553 | 0 | -70 | 0 | -96 | 188 | 575 |
Charge/(credit) to result for the year | -217 | 94 | 34 | - | 121 | -32 | 0 |
Charge/(credit) to other comprehensive income | - | - | -72 | - | - | - | -72 |
On 31 December 2023 | 336 | 94 | -108 | 0 | 25 | 156 | 503 |
Charge/(credit) to result for the year | -142 | -50 | -26 | - | 13 | -31 | -236 |
Charge/(credit) to other comprehensive income | - | - | - | - | - | - | 0 |
On 31 December 2024 | 194 | 44 | -134 | 0 | 38 | 125 | 267 |
5.19.1 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.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Trade creditors and accruals | 33 311 | 21 084 |
33 311 | 21 084 |
The trade creditors include a balance of \u20ac 15 664 K in prepayments from customers for future deliveries.5.19.2 Other payables
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Trade creditors and accruals | 6 228 | 6 125 |
6 228 | 6 125 |
Other payables and accruals principally comprise amounts outstanding for ongoing costs which consist mainly of social security and VAT.
5.19.3 Capital grants
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Capital grants | 880 | 1 065 |
880 | 1 065 |
Capital grants comprise amounts which are spread in the proceeds. This concerns 2 investments in the Specialty Chemicals division: one at our Belgian site in Beerse (depreciation continues until 2028) and one at our French site in Villefranche (depreciation continues until 2030).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__134": { "value": "5.19.2 Other payables\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Trade creditors and accruals | 6 228 | 6 125 |
6 228 | 6 125 |
Other payables and accruals principally comprise amounts outstanding for ongoing costs which consist mainly of social security and VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__135": { "value": "5.19.3 Capital grants
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Capital grants | 880 | 1 065 |
880 | 1 065 |
Capital grants comprise amounts which are spread in the proceeds. This concerns 2 investments in the Specialty Chemicals division: one at our Belgian site in Beerse (depreciation continues until 2028) and one at our French site in Villefranche (depreciation continues until 2030).
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__137": { "value": "5.20. LIQUIDITY RISK
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities. The table has been drawn based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 | ||||
< 1 year | 1-5 year | > 5 year | < 1 year | 1-5 year | > 5 year | |
Trade liabilities | 33 311 | - | - | 21 084 | - | - |
Other liabilities | 7 730 | - | - | 7 748 | - | - |
Bank overdrafts and loans | 8 963 | 8 250 | - | 5 671 | 3 750 | - |
Advances on factoring | 796 | - | - | 8 883 | - | - |
Lease obligations | 374 | 785 | - | 249 | 456 | - |
5.21. FINANCIAL INSTRUMENTSThe major financial instruments of the Group are financial and trade receivables and payables, investments, cash and cash equivalents as well as derivatives.
The financial instruments as on 12/31/2024 are presented below:
\u2018000 \u20ac | Categories | Book value | Fair waarde | Level |
I. Fixed assets | ||||
II. Current Assets | ||||
Trade receivables | A | 35 190 | 35 190 | 2 |
Other receivables | A | 4 063 | 4 063 | 3 |
Cash and cash equivalents | B | 3 128 | 3 128 | 1 |
Derivatives | C | 178 | 178 | 1 |
Total financial instruments on the assets side of the balance sheet | 42 559 | 42 559 | ||
I. Non-current liabilities | ||||
Interest-bearing liabilities | A | 8.250 | 8.425 | 2 |
Obligations under leases | A | 785 | 785 | 2 |
II. Current liabilities | ||||
Interest-bearing liabilities | A | 9 759 | 9 759 | 2 |
Current trade debts | A | 33 311 | 33 311 | 2 |
Current other debts | A | 6 228 | 6 228 | 3 |
Obligations under leases | A | 374 | 374 | 2 |
Total financial instruments on the liabilities side of the balance sheet | 58 707 | 58 882 |
The financial instruments as on 12/31/2023 are presented below:
\u2018000 \u20ac | Categories | Book value | Fair waarde | Level |
I. Fixed assets | ||||
II. Current Assets | ||||
Trade receivables | A | 32 415 | 32 415 | 2 |
Other receivables | A | 1 764 | 1 764 | 3 |
Cash and cash equivalents | B | 3 738 | 3 738 | 1 |
Derivatives | C | 375 | 375 | 1 |
Total financial instruments on the assets side of the balance sheet | 38 292 | 38 292 | ||
I. Non-current liabilities | ||||
Interest-bearing liabilities* | A | 3 750 | 3 775 | 2 |
Obligations under leases | A | 456 | 456 | 2 |
II. Current liabilities | ||||
Interest-bearing liabilities | A | 14 554 | 14 554 | 2 |
Current trade debts | A | 21 084 | 21 084 | 2 |
Current other debts | A | 6 125 | 6 125 | 3 |
Obligations under leases | A | 249 | 249 | 2 |
Total financial instruments on the liabilities side of the balance sheet | 46 218 | 46 243 |
* Interest-bearing liabilities consist of short term bank loans, bank overdrafts and factoring.
The categories correspond with the following financial 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 profit and loss account.
The aggregate financial 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.
Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurementis unobservable.
The valuation techniques regarding the fair value of the level 2 financial instruments are the following:
The fair value of the other level 2 financial 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 fixed-income payables the fair value was determined using interest rates that apply to active markets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__141": { "value": "5.21. FINANCIAL INSTRUMENTSThe major financial instruments of the Group are financial and trade receivables and payables, investments, cash and cash equivalents as well as derivatives.
The financial instruments as on 12/31/2024 are presented below:
\u2018000 \u20ac | Categories | Book value | Fair waarde | Level |
I. Fixed assets | ||||
II. Current Assets | ||||
Trade receivables | A | 35 190 | 35 190 | 2 |
Other receivables | A | 4 063 | 4 063 | 3 |
Cash and cash equivalents | B | 3 128 | 3 128 | 1 |
Derivatives | C | 178 | 178 | 1 |
Total financial instruments on the assets side of the balance sheet | 42 559 | 42 559 | ||
I. Non-current liabilities | ||||
Interest-bearing liabilities | A | 8.250 | 8.425 | 2 |
Obligations under leases | A | 785 | 785 | 2 |
II. Current liabilities | ||||
Interest-bearing liabilities | A | 9 759 | 9 759 | 2 |
Current trade debts | A | 33 311 | 33 311 | 2 |
Current other debts | A | 6 228 | 6 228 | 3 |
Obligations under leases | A | 374 | 374 | 2 |
Total financial instruments on the liabilities side of the balance sheet | 58 707 | 58 882 |
The financial instruments as on 12/31/2023 are presented below:
\u2018000 \u20ac | Categories | Book value | Fair waarde | Level |
I. Fixed assets | ||||
II. Current Assets | ||||
Trade receivables | A | 32 415 | 32 415 | 2 |
Other receivables | A | 1 764 | 1 764 | 3 |
Cash and cash equivalents | B | 3 738 | 3 738 | 1 |
Derivatives | C | 375 | 375 | 1 |
Total financial instruments on the assets side of the balance sheet | 38 292 | 38 292 | ||
I. Non-current liabilities | ||||
Interest-bearing liabilities* | A | 3 750 | 3 775 | 2 |
Obligations under leases | A | 456 | 456 | 2 |
II. Current liabilities | ||||
Interest-bearing liabilities | A | 14 554 | 14 554 | 2 |
Current trade debts | A | 21 084 | 21 084 | 2 |
Current other debts | A | 6 125 | 6 125 | 3 |
Obligations under leases | A | 249 | 249 | 2 |
Total financial instruments on the liabilities side of the balance sheet | 46 218 | 46 243 |
* Interest-bearing liabilities consist of short term bank loans, bank overdrafts and factoring.
The categories correspond with the following financial 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 profit and loss account.
The aggregate financial 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.
Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurementis unobservable.
The valuation techniques regarding the fair value of the level 2 financial instruments are the following:
The fair value of the other level 2 financial 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 fixed-income payables the fair value was determined using interest rates that apply to active markets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__142": { "value": "5.22. PROVISIONS AND CLAIMS
\u2018000 \u20ac | Soil sanitation cost | Other | Total |
On 31 December 2023 | 6 185 | 65 | 6 250 |
Additional provision | 1 535 | 85 | 1 620 |
On 31 December 2024 | 7 720 | 150 | 7 870 |
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 | |
Analysed as: | |||
Current liabilities | - | - | |
Non-current liabilities | 7 870 | 6 250 | |
7 870 | 6 250 |
The provisions amounted to \u20ac 7 870K on 12/31/2024. These mainly relate to the soil sanitation obligation (\u20ac 7 720K) on and around the site of the Group and other environmental items. This increase is due to additions to the provisions. The provisions were determined in compliance with the requirements of OVAM \u2013 by an independent study bureau.
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 outflow is considered possible or probable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__143-1": { "value": "5.22. PROVISIONS AND CLAIMS
\u2018000 \u20ac | Soil sanitation cost | Other | Total |
On 31 December 2023 | 6 185 | 65 | 6 250 |
Additional provision | 1 535 | 85 | 1 620 |
On 31 December 2024 | 7 720 | 150 | 7 870 |
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 | |
Analysed as: | |||
Current liabilities | - | - | |
Non-current liabilities | 7 870 | 6 250 | |
7 870 | 6 250 |
The provisions amounted to \u20ac 7 870K on 12/31/2024. These mainly relate to the soil sanitation obligation (\u20ac 7 720K) on and around the site of the Group and other environmental items. This increase is due to additions to the provisions. The provisions were determined in compliance with the requirements of OVAM \u2013 by an independent study bureau.
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 outflow is considered possible or probable.
5.23. CONTINGENT LIABILITIES
The pledge on trade fund was granted to the banks for a maximum amount of \u20ac 41 250K (12/31/2023: \u20ac 41 250K) but limited to the maximum amount of financing which amounted to \u20ac 18 009K on 12/31/2024 (12/31/2023: \u20ac 18 304K).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__144-1": { "value": "5.23. CONTINGENT LIABILITIES
The pledge on trade fund was granted to the banks for a maximum amount of \u20ac 41 250K (12/31/2023: \u20ac 41 250K) but limited to the maximum amount of financing which amounted to \u20ac 18 009K on 12/31/2024 (12/31/2023: \u20ac 18 304K).
5.31. RIGHTS AND OBLIGATIONS NOT INCLUDED IN THE BALANCE SHEETCommercial commitments: There are firm commitments to deliver or receive metals to customers or from suppliers at fixed prices.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Commercial commitments for metals purchased (to be received) | 76 261 | 15 904 |
Commercial commitments for metals sold (to be delivered) | 68 317 | 17 156 |
5.23. CONTINGENT LIABILITIES
The pledge on trade fund was granted to the banks for a maximum amount of \u20ac 41 250K (12/31/2023: \u20ac 41 250K) but limited to the maximum amount of financing which amounted to \u20ac 18 009K on 12/31/2024 (12/31/2023: \u20ac 18 304K).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__147": { "value": "5.24. SHARE-BASED PAYMENTS
During the financial year closed on 12/31/2024 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__148-1": { "value": "5.25. EMPLOYEE BENEFITS EXPENSE
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Long term | ||
Pension cost (incl. early retirement) | 991 | 1 029 |
Short term | ||
Salaries | 17 551 | 16 022 |
Contribution social security | 4 991 | 4 515 |
Structural reduction social contribution | -1 157 | -1 064 |
Other employee benefits expense | 2 115 | 2 282 |
24 491 | 22 784 | |
Average number of FTE\u2019s | 263 | 264 |
5.26. POST RETIREMENT BENEFITS
Following amounts with regard to the (early) retirement are booked on the balance sheet:
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Defined benefit plan | 1 185 | 1 196 |
Early retirement provision | 500 | 606 |
1 685 | 1 802 |
5.26.1. Pension benefit plan
The Group operates a funded pension benefit plan for qualifying employees of Campine and its subsidiaries in Belgium. The pension benefit plan foresees an amount based on the salary and seniority payable as of the age of 65. For the financed 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 fixed assets or other assets used by the Group.
The current plans for which active contributions are paid consist only of \u201cdefined contribution\u201d plans (classified in IFRS as \u201cdefined benefit\u201d plans). Just for white-collar workers with a higher seniority there are still ongoing \u201cdefined benefit\u201d plans, but no active contributions are being paid for these anymore.
The current value of the retirement benefit obligations and the assets has evolved as follows:
'000 \u20ac | Pension obligation(IAS 19) | Plan Assets | Deficit | Net liability / (asset) |
On 31 December 2023 | 5 929 | -4 733 | 1 196 | 1 196 |
Components of defined benefit cost | ||||
Service cost in P/L | - | - | - | - |
Current service cost (net of employee contributions) | 442 | - | - | 442 |
Past service cost (incl. effect of curtailments) | - | - | - | - |
Settlement (gain)/loss | - | - | - | - |
Service cost | 442 | |||
Net interest on the net liability / (asset) in P/L | ||||
Interest cost on pension obligation | 187 | - | - | 187 |
Interest income on plan assets | - | -158 | - | -158 |
Interest on effect of the asset ceiling | - | - | - | - |
Net interest | 29 | |||
Administration costs paid from plan assets in P/L | - | |||
Components of defined benefit cost recognised in P/L | 471 | |||
Remeasurements of the net liability / (asset) in OCI | ||||
Actuarial (gain) / loss arising from | ||||
Changes in demographic assumptions | - | - | - | - |
Changes in financial assumptions | -55 | - | - | -55 |
Experience adjustments | -58 | - | - | -58 |
Return on plan assets (excl. amounts in net interest) | - | 247 | - | 247 |
Change in effect of the asset ceiling (excl. amounts in net interest) | - | - | - | - |
Total remeasurement recognised in OCI | 134 | |||
Defined benefit cost (total amount recognised in P/L and OCI) | 605 | |||
Cash Flows | ||||
Employee contributions | - | - | - | - |
Employer contributions to plan assets (incl. 4.4% taxes) | - | -616 | - | -616 |
Benefit payments from plan assets | -100 | 100 | - | 0 |
Direct benefit payments by employer | - | - | - | - |
Taxes paid from plan assets (4.4%) | -24 | 24 | - | 0 |
Taxes paid directly by employer (8.86%) | -48 | 48 | - | 0 |
On 31 december 2024 | 6 273 | -5 088 | 1 185 | 1 185 |
\u2018000 \u20ac | Pension obligation(IAS 19) | Plan Assets | Deficit | Net liability / (asset) |
On 31 December 2022 | 5 338 | -4 242 | 1 096 | 1 096 |
Components of defined benefit cost | ||||
Service cost in P/L | - | - | - | - |
Current service cost (net of employee contributions) | 393 | - | - | 393 |
Past service cost (incl. effect of curtailments) | - | - | - | - |
Settlement (gain)/loss | - | - | - | - |
Service cost | 393 | |||
Net interest on the net liability / (asset) in P/L | ||||
Interest cost on pension obligation | 193 | - | - | 193 |
Interest income on plan assets | - | -163 | - | -163 |
Interest on effect of the asset ceiling | - | - | - | - |
Net interest | 30 | |||
Administration costs paid from plan assets in P/L | - | |||
Components of defined benefit cost recognised in P/L | 423 | |||
Remeasurements of the net liability / (asset) in OCI | ||||
Actuarial (gain) / loss arising from | ||||
Changes in demographic assumptions | - | - | - | - |
Changes in financial assumptions | 342 | - | - | 342 |
Experience adjustments | 103 | - | - | 103 |
Return on plan assets (excl. amounts in net interest) | - | -157 | - | -157 |
Change in effect of the asset ceiling (excl. amounts in net interest) | - | - | - | - |
Change in effect of the asset ceiling (excl. amounts in net interest) | 288 | |||
Defined benefit cost (total amount recognised in P/L and OCI) | 711 | |||
Cash Flows | ||||
Employee contributions | - | - | - | - |
Employer contributions to plan assets (incl. 4.4% taxes) | - | -611 | - | -611 |
Benefit payments from plan assets | -369 | 369 | - | 0 |
Direct benefit payments by employer | - | - | - | - |
Taxes paid from plan assets (4.4%) | -23 | 23 | - | 0 |
Taxes paid directly by employer (8.86%) | -48 | 48 | - | 0 |
On 31 December 2023 | 5 929 | -4 733 | 1 196 | 1 196 |
The average duration of the benefit plan with fixed income is 13 years.The average duration of the benefit plan with fixed costs is 16 years.
Major actuarial assumptions in use at balance sheet date:
Valuation on | ||
12/31/2024 | 12/31/2023 | |
Discount rate | 3.40% | 3.20% |
Expected rate of salary increases (incl. inflation) | 3.00% | 3.10% |
Inflation | 2.00% | 2.10% |
Split of the plan assets on balance sheet date:
12/31/2024 | 12/31/2023 | |
Equity securities, incl. cash | 6% | 6% |
Fixed income securities | 94% | 94% |
100 % | 100 % |
Sensitivity analysis of a percentage increase or decrease in the discount rate or an increase in salary to the retirement benefit obligation:
Discount rate | -0.50% | 0.50% | |
Assumptions | 2.90% | 3.40% | 3.90% |
Pension obligation (K\u20ac) | 6 665 | 6 274 | 5 927 |
Salary increase | -0.50% | 0.50% | |
Assumptions | 2.50% | 3.00% | 3.50% |
Pension obligation (K\u20ac) | 6 223 | 6 274 | 6 333 |
The Group expects to contribute \u20ac 575K to its defined benefit plans in 2025.
5.26.2. Early retirement and others provisions
Early retirement provisions are set up based on agreements with those affected on amounts to be paid until the age of 65 year. The provision on 12/31/2024 amounts to \u20ac 500K (on 12/31/2023: \u20ac 606K).
5.25. EMPLOYEE BENEFITS EXPENSE
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Long term | ||
Pension cost (incl. early retirement) | 991 | 1 029 |
Short term | ||
Salaries | 17 551 | 16 022 |
Contribution social security | 4 991 | 4 515 |
Structural reduction social contribution | -1 157 | -1 064 |
Other employee benefits expense | 2 115 | 2 282 |
24 491 | 22 784 | |
Average number of FTE\u2019s | 263 | 264 |
5.27. MARKET RISK
5.27.1. Interest risk
Funding of the company is done through bank loans, bank overdrafts and factoring. On 12/31/2024 bank loans amounted to \u20ac 17 088K, bank overdrafts and advances on factoring amounted to \u20ac 921K. Bank loans are arranged at fixed rates. The bank overdrafts and advances on factoring are arranged at variable rates (see note 5.17.).
An increase or decrease of the interest with 10% would have an impact on the income statement of \u20ac -4K (in case of 10% increase) or \u20ac +4K (in case of 10% decrease) based upon the amount on 12/31/2023. The retained earnings will also be influenced.
5.27.2. Foreign Exchange risk
The Group is managing its foreign currency risk by matching foreign currency cash inflows with foreign cash outflows (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 \u20ac +115K (in case of 10% increase) or \u20ac -115K (in case of 10% decrease) based upon the assets and liabilities denominated in USD on 12/31/2024. The retained earnings will also be influenced.
5.27.3. Price risk
The value of these fixed price contracts and the future LME commitments are both shown in the balance sheet; changes in the values will be shown in the profit and loss account (see note 5.15.1. Derivatives).
There is no price risk on the fixed price contracts as the impact of price fluctuation on respective fixed 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 effect based on the underlying open position on 12/31/2024 of a price fall of 10% would be \u20ac +444K or of a price raise of 10% would be \u20ac -444K.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__155": { "value": "5.27.2. Foreign Exchange risk
The Group is managing its foreign currency risk by matching foreign currency cash inflows with foreign cash outflows (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 \u20ac +115K (in case of 10% increase) or \u20ac -115K (in case of 10% decrease) based upon the assets and liabilities denominated in USD on 12/31/2024. The retained earnings will also be influenced.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__157": { "value": "5.28. EVENTS AFTER THE BALANCE SHEET DATE
No significant events occurred after the close of the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__158-1": { "value": "5.29. RELATED PARTIES
As to the transparency notification of 30 August 2024 the current shareholder structure of Campine is:
Name | Number of shares | % of the voting rights |
F.W. Hempel Metallurgical GmbH Wei\u00dfensteinstra\u00dfe 70, 46149 Oberhausen, Germany | 1 077 900 | 71,86% |
The ultimate parent of the Group is the F.W. Hempel FamilienstiftungMr. Friedrich-Wilhelm Hempel is the ultimate controlling person with 71.86% of Campine NV\u2019s voting rights.
Transactions between the company and its subsidiaries, 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.
5.30. 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.
5.30.1. Trading transactionsIn 2024, 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 \u20ac 1 110K (2023: \u20ac 1 783K). Open amount on 12/31/2023: \u20ac 15K.
5.30.2. Other transactions
The companies below passed through personnel and IT expenses to the Campine Group:
F.W. Hempel Metallurgical: \u20ac 274K (2023: \u20ac 318K). Open amount on 12/31/2024: \u20ac 13K.
F.W. Hempel & Co Erze und Metalle: \u20ac 91K (2023: \u20ac 98K). Open amount on 12/31/2024: \u20ac 25K.
The Campine Group passed through personnel and IT expenses to F.W. Hempel & Co Erze und Metalle:F.W. Hempel & Co Erze und Metalle t.b.v. \u20ac 9K (2023: \u20ac 9K). Open amount on 12/31/2024: \u20ac 9K.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__12": { "value": "F.W. Hempel Metallurgical GmbH ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__13": { "value": "F.W. Hempel Familienstiftung", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__159": { "value": "5.30. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__163": { "value": "5.31. RIGHTS AND OBLIGATIONS NOT INCLUDED IN THE BALANCE SHEETCommercial commitments: There are firm commitments to deliver or receive metals to customers or from suppliers at fixed prices.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Commercial commitments for metals purchased (to be received) | 76 261 | 15 904 |
Commercial commitments for metals sold (to be delivered) | 68 317 | 17 156 |
5.32. COMPENSATION OF KEY MANAGEMENT PERSONNEL
The total remuneration of the executive management team including the board members amounts to \u20ac 3 313K (2023: \u20ac 2 692K). For further details, we refer to the Remuneration report.
\u2018000 \u20ac | 12/31/2024 | 12/31/2023 |
Board | ||
Fixed remuneration | 151 | 142 |
Tanti\u00e8me | 105 | 90 |
Executive management team (incl. CEO) | ||
Fixed remuneration | 2 024 | 1 797 |
Other benefits | 59 | 63 |
Pension cost | 45 | 41 |
Variable remuneration one year | 459 | 409 |
Variable remuneration multiple year | 470 | 150 |
3 313 | 2 692 |
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f0__s7__6__165": { "value": "5.33. APPROVAL OF FINANCIAL STATEMENTS
The financial statements were approved by the board of directors and authorised for issue on 11 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300D3GNWVMWZD7E21", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }