A year in review.
ANNUAL REPORT 2024
Waste is our resource. Recycling is our philosophy.
That's, in short, the mindset we've embraced since 1912.
It propels us to become smarter, more connected, and kinder to our planet.
Today, we take pride in our ability to turn post-consumer waste into high-quality materials. We recover, renew and repeat, with a focus on fully recycling batteries and producing flame retardants that play a crucial role in a safer society. We're all in for a zero-waste industry.
Why? To make circularity a reality for all - our clients, our dedicated team, valued partners, and our society.
While staying true to our regional heritage, we've earned international respect as a trusted partner offering raw material solutions across various industries. We've expanded well beyond Belgium, establishing multiple sites in Europe and distributing to partners across the globe.
Together, we're taking the path towards a circular economy, where innovation and sustainability converge.
Ready to join hands?
Content
6
Message of the chairwoman and the CEO
21
Our values
9
2024 Financials
23
Circular economy
10
Collection logistics lead-acid batteries
24
Annual review 2024
14
The stormy year of antimony
46
Consolidated financial statements
17
2024 Highlights
18
Employment 2024
89
Independent auditor's report
INTRODUCTION
Recover.
Renew. Repeat.
It is our second nature to care for people and planet. We continually create new material solutions from waste through safe, responsible processes.
About Campine
As the second largest battery recycling company in Europe, we prevent 10 million lead-acid batteries to end up in landfills every year.
We recover the lead and other metals, as well as the plastics from the casings.
Furthermore, we are TOP 3 worldwide to produce antimony trioxide.
This is the most important flame retardant for plastics and textiles, used in household appliances, building materials and other products.
This fire retardant saves thousands of lives every year in the event of fire incidents. We are the only company in the world that also recycles this chemical product directly from waste streams.
This unique set-up makes Campine one of the few companies that effectively recycles metals, chemicals and plastics.
Message of the chairwoman and the CEO
2024 has been another exceptional year for Campine, exceptional in terms of results and share value increase but also in terms of challenges in a volatile world. But, as always, Campine has been able to turn these challenges into opportunities thanks to a remarkable resilience and creativity.
It has been a fantastic upward journey in the last decade.
EBITDA in mio €
45
40
35
30
25
20
15
10
5
0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
For many years safety and health of its employees and other stakeholders have been the top priority of Campine. These collective efforts have proven to be effective as both the frequency and the severity of the work accidents have drastically reduced in all Campine sites. The average severity rate of the last 3 years was 0.9 and in 2024 it remained below 0.2 for the entire Group.
"In 2024, the average severity rate of the work accidents remained below 0.2 for the entire Group."
the circular economy - continues to be a front runner in all the aspects of waste recycling with the battery recycling in the first place where 80% of the battery is effectively recovered and also in the antimony business where 15% of the production is already issued from our unique recycling process.
The biggest business challenge Campine had to face in the course of 2024 has undoubtedly been the shortage of antimony raw materials, as a result of the embargo declared by the Chinese government in August regarding the export of antimony based products. This has created a major disruption in the antimony supply chain.
Campine continues its journey towards an increased sustainability of all its activities. The implementation of a sustainability reporting provides a useful framework in this domain. Campine - as a pioneer in material recovery in Campine share evolution in €
The scarcity of antimony metal, combined with the restrictions imposed by China, pushed the price of the metal up to about 40 000 €/mT by year end from an average of about 12 000 €/mT in 2023). As sole antimony recycling company in the world and having substantial stocks of antimony products, such price increase boosts our profitability enormously. Until the summer, 2024 was a year with a relatively low demand for antimony trioxide, amid the slow European economy, but since China's restrictions
"In September, Campine became the world leader for the supply of trioxide used in flame retardants."
in September, Campine became the world leader for the supply of trioxide used in flame retardants.
Mr. De Groote has been on the board of Campine for 17 years and was one of the main driving forces to transform the company into what it is today. He was elected chairman of the board in 2016 and was instrumental in implementing a new business plan, amongst others including a change in management leadership. His contributions to the success of Campine are numerous and the list of achievements too long to highlight. No words are strong enough to express our appreciation for his achievements on the board of Campine and his support to the Campine management team.
The doubling of the Campine share price from € 75 € in January to € 140 at the end of 2024 is clearly reflecting the strong positioning of Campine on the stock market.
We hope to continue this path in 2025 as it seems market conditions remain favourable for Campine.
To conclude we want to express our sincere thanks to Patrick De Groote who has retired from the board on 31 December 2024.
"The doubling of the
Campine share price is clearly reflecting the strong positioning of Campine on the stock market."
So from all of us: Thank you Patrick!
Dina Brughmans, chairwoman of the board of directors
Wim De Vos, CEO
2024 FINANCIALS
2024 Financials
TURNOVER | NET RESULT |
€ 365.2m | € 22.3m |
EBITDA | SOLVABILITY RATIO |
55% | |
€ 41.7m |
TURNOVER PER BU
(NON-CONSOLIDATED)
Circular Metals | Specialty Chemicals |
■ recycled Batteries | ■ Antimony trioxide |
■ Lead | ■ FR Masterbatches |
■ Metals Recovery | ■ recycled Polymers |
THE IMPORTANCE OF PROPER COLLECTION LOGISTICS
The importance of proper collection logistics
We collect 170 000 mT of batteries and other lead waste annually, which corresponds to more than 10 000 trucks per year, or about 50 shipments per day.
Campine remains committed to a more sustainable and efficient recycling process for lead-acid batteries and other secondary raw materials. In these days when the circular economy is becoming increasingly important, we are proud of our role as a pioneer in recycling hazardous materials such as lead and purifying these materials into reusable raw materials.
"Campine is a leader in the safe and responsible recycling of lead-acid batteries."
Collecting and sorting waste batteries is not an easy task. It requires diligence, accuracy and a strong network of reliable partners. This is why we select our suppliers with great care, always putting safety and proper procedures first. We work with both large partners in the recycling industry and smaller, local parties that are crucial to the success of our business.
Our purchasing department is in daily contact with our suppliers to offer market-based prices depending on volumes. This allows us to purchase the right quantities of lead-acid batteries at fair prices while supporting our partners in their operational processes.
Safety is our first concern.
Campine effectively supports its supplier/collectors in their battery supply, storage management and collection by i.a. providing them with leak-proof sorting bins and transport containers to collect their batteries properly covered or sheltered.