Financial statements 2019: Lower volumes weakened earnings - Mint of Finland

Financial statements 2019: Lower volumes weakened earnings

Consolidated revenue was down year on year and amounted to €56.8m (2018: €71.6m). The Group’s result for the accounting period was -€1.6 (2018: +€1.1m). Lower profitability was mainly attributable to smaller volumes compared to a previous year, but continued improved productivity and lower fixed costs had a positive impact on earnings.

Competition in the industry is tough and margins are very low. The arrival of new actors on the international market, especially in the coin blank business, further increases competition. The coin blank business is characterised by excess capacity on the one hand, although on the other hand most suppliers have been unable to optimise their production processes in response to peaks in demand and thus their operations suffer from bottlenecks. The outlook for blanks is good for 2020. The cyclicality of the circulation coin business is reflected in low order books earlier in the year and this will affect profitability.

Mint of Finland provides manufacturing, coin lifecycle and consulting services related to coins. The company’s customers mainly include central banks, finance ministries and mints of different countries. Mint of Finland is one of the leading coin exporters in the world with target markets in Europe, Asia, Africa and Latin America. The company is owned by the Finnish state.

Take a look on the CSR report.

For more information, please turn to Henna Karjalainen, VP, Communications, +358 50 575 9197, henna.karjalainen(at)mint.fi