Mint of Finland’s brisk start to the year slowed as the year progressed - Mint of Finland

Mint of Finland’s brisk start to the year slowed as the year progressed

Mint of Finland, one of the world’s leading coin exporters, has published its CSR report and financial statements 2017 on its website.

Consolidated revenue was up significantly year on year and amounted to €85.0m (2016: €66.6m). EBITA continued to be positive. The Group posted a loss of €1.9m, which equates to -2.2% of revenue (2016: -€1.6m, -2.5% of revenue. The Group’s result for the accounting period was -€2.3m, which equates to -2.7% of revenue (2016: -€2.2m, -3.3% of revenue).

The blank business picked up significantly compared to 2016 and profitability was at a satisfactory level. The capacity utilisation rate in blank production was good. The blank business showed growth particularly in the Asian market.

In the circulation coins business, volumes grew compared to 2016, but profitability proved challeng-ing. The capacity utilisation rate in circulation coin production centred around the first half of the year. Fluctuation in capacity utilisation reflects the cyclical nature of the industry, which is a result of central banks’ purchasing cycles.

Sales in the commemorative coin business picked up owing to the interest triggered by Finland’s cen-tennial year. Profitability of commemorative coin products is at a satisfactory level.

Outlook for 2018

New different means of payment are constantly increasing and this has led to a need to examine cash from a new perspective. The company must carefully monitor this perspective and its potential im-plications on future operations.

The company also actively strives to develop new business and new business models such as in the service sector. Nevertheless, cash has, to date, retained its position well, especially in small transac-tions, which continue to account for a significant share of transactions worldwide.

To improve business performance, Mint of Finland will continue to implement its change pro-gramme. Under this programme, activities are centred on strategic focus areas drawing on the com-pany’s values and strengths, and on improving the company’s competitiveness with the future in mind.
s EUR 70 in the online shop. The collector coin will be released on 27 November.

For more information, please contact:

Henna Karjalainen
Vice President,Communications
Mint of Finland
+358 50 575 9197
henna.karjalainen@mint.fi

Mint of Finland Group designs, markets and manufactures coins, blanks, collector and gift coins and coins sets. Mint of Finland is the strongest mint in the eurozone and one of the world’s largest exporters of coins. Mint of Finland is owned by the Finnish State and makes all Finnish commemorative coins by decision of Finland’s Ministry of Finance. For more information on the company’s activities and events in 2018, please visit www.mint.fi