Mint of Finland is one of the world’s leading providers of coin and blank related manufacturing, lifecycle and consulting services. Most of the company’s production is exported, with Asia, Europe and Latin America being the most important market areas in 2021. In the 2021 99% (2020: 99%) of the company’s revenue was exported. Customers are mainly central banks, issuing authorities 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 increased significantly due to a good order backlog at the beginning of the year. Revenue was 83,0 M€ (2020: 57,2 M€). Operating profit before depreciation on consolidated goodwill (EBITA) clearly improved to 5,7 M€ (-3,2 M€) and the operating result was +5,6 M€, which equates to 6,7 % of revenue (2020: -5,1 M€, -9,0 % of revenue). The Group’s result for the accounting period was +4,8 M€ or 5,8 % of revenue (2020: -5,1 M€ or -8,9 % of revenue). Better profitability was attributable to the product range, the good utilization rates in the German and Finnish factories and profitable projects.
The foundation for a healthy business lays in balancing the goals for corporate responsibility and business that creates added value. 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. Mint of Finland promotes responsibility throughout the whole value chain. The reporting describes the development work in the areas of environmental, personnel, human rights & fair operating practices as well as corporate governance and financial responsibility.
Read the Mint of Finland Corporate responsibility report here.
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