Mixed Picture for Mints’ Annual Results

Both the Monnaie de Paris and the Mint of Finland have published their results for 2022. The French mint had a good year, the Finnish Mint did not.

Monnaie de Paris reported sales of €149.2 million for 2022, up 30% compared to 2020 and 2% compared to 2021. Turnover is the highest since 2012 and was achieved, says the Mint, despite the inflationary pressures, longer supply times and energy crisis caused by the pandemic and the war in Ukraine.

Net income was €5 million for 2022, compared to €4.5 million in 2021. After three years of losses between 2017 and 2019, 2022 marks the third consecutive profitable year and the best performance of the last six years, it said.

The objectives set as part of the 2019-2022 strategic plan were exceeded, said the Mint, with higher turnover and a return to operating profit two years ahead of initial projections.

This plan has involved diversification into real estate, the redevelopment of the site at Pessac (which produces circulating coins), a new website for coin sales and a greater focus on customer service.

Sales of domestic (euro coins) were stable at €36.2 million, while foreign coin revenue at €30.5 million was up 9% compared with 2021 and close to its historical record of 2019. They include orders for Qatar, Costa Rica, Uganda.

Revenues from collector coins fell by 10% to €60.7 million. That said, five collections exceeded €1 million in turnover in 2022 and contributed 60% of revenue – among them the Paris Olympic and Paralympic Games products for 2024, the Museum Masterpieces and the Asterix and Harry Potter consumer collections.

Revenues from artistic products (medals, mini-tourist medals, decorations) were up by 21% to €12.7 million. Meanwhile, the return of visitors to the Parisian site, nearly 150,000, almost doubled compared with 2021.

Commenting on the results, Marc Schwartz, Chairman and CEO of Monnaie de Paris, said: ‘our transformation will continue with the implementation of our new strategic plan: Ambition 2027’.

In December 2022, the Board validated this plan, which aims to increase turnover by more than 40% in five years, to exceed €200 million by 2027.

Tough Going for Finnish Mint

The Mint of Finland, one of the world’s leading providers of coin and blank related manufacturing, lifecycle, and consulting services, did not fare so well in 2022, seeing a significant drop in consolidated revenue from €76.6 million to €20.9 million. This resulted in a loss for the year of €9.9 million, compared with a profit of €7.8 million in 2021 and is in sharp contrast to the previous year, when sales increased by nearly 50% and a 2020 loss was converted into a profit.

The Mint of Finland Group comprises the Mint of Finland in Vantaa, just outside Helsinki and in Germany (where blanks are produced), along with the Spanish blank manufacturer Compañia Europea de Cospeles SA (CECO SA), which is a 50:50 joint venture with FNMT.

The Mint is primarily engaged in circulation coins and over 95% of its business is exports. It attributes the results to price competition, the cost of energy and the low utilisation rate of its factories.

In a statement, the Mint has said that competition in the industry is tough and margins are very low, and the arrival of new actors on the international market, especially in the coin blank business, further increases competition. It adds, however, that the outlook for 2023 is better due to a higher order intake and an improved market situation.

The Mint, which was one of the pioneers of CSR in the minting community, has also published its Corporate Responsibility report, describing its development in the areas of environmental, personnel, human rights and fair operating practices as well as corporate governance and financial responsibility.

A summary of the report will be provided in the April issue of Coin & Mint News™.