Mint of Finland is one of the world’s leading mints in terms of exports. The company mints metallic coins and coin blanks to order and provides customers with associated related services. Most of the company’s production is exported, with Asia, Europe and Latin America being the most important market areas in 2020. 99% (2019 93%) of the company’s revenue was exported. Customers are mainly central banks and mints worldwide.
Most of the company’s business is of a project nature based on non-recurring or multiannual agreements. Mint of Finland Group comprises Mint of Finland Ltd, Mint of Finland GmbH and the Spanish blank manufacturer Compañia Europea de Cospeles S.A. (CECO SA), in which Mint of Finland and Fábrica Nacional de Moneda y Timbre-Real Casa de la Monedan (Royal Mint of Spain) each has a 50% holding. Mint of Finland is owned by the Finnish state.
Revenue and result
Consolidated revenue remained more or less flat year on year and amounted to €57.2 (2019: €56.8m). The operating result was a loss of €5.1m (2019: -€1.4m).
The blank business has shown clear growth since 2019, but the circulation coin business has contracted and relative profitability of both businesses weakened. During the year the commemorative coin sales in the webshop was discontinued and the commemorative coin business has now been merged into circulation coin business. In 2020 the fluctuation in capacity utilization reflected the cyclical nature of the industry.
Lower profitability was attributable to the product range, the low utilization rate in the circulation coin business, investments in the IT environment and in new business opportunities, as well as extra costs and postponed tenders caused by Covid-19. The company also rolled out cost saving measures to mitigate the effects of the low utilization rate and Covid-19.
Because of the good order intake in 2020, the outlook for 2021 is good and earnings are expected to improve and turn positive.
Corporate Social Responsibility
Like many other industries, the production of coins and blanks is subject to demands for efficiency, openness and value creation. In this kind of world, it is important for our business to take into account and implement sustainability principles and goals. The foundation for a healthy business lays in balancing the goals for corporate responsibility and business that creates added value. Our responsibility reporting consists of responsibility related to personnel, environment, human rights & fair play as well as corporate governance and financial responsibility, including key indicators, the Report of the Board of Directors and tax footprint,
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