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Breaking Tradition ANNUAL REPORT 2012 BREAKING TRADITION As our business evolves, so must our brand—to ensure our corporate identity is an authentic expression of our character, offer and value. We renewed our brand to convey the dynamism of the Mint, our commitment to our stakeholders, and the spirit of engagement that drives our interactions with customers. As part of the exercise, we adopted a fresh, modernized logo. This new mark retains the maple leaf as a Canadian icon and coins as a symbol of our core business. It affirms our two core pillars of pride and trust and emphasizes in a new way our third: innovation. 2 | ROYAL CANADIAN MINT ANNUAL REPORT 2012 5 Financial and Operating Highlights 32 Performance Against Objectives 8 At a Glance: Breaking Tradition 34 Management Discussion and Analysis 18 Message from the President and CEO 55 Management Report 19 Message from the Chair 56 Audit Committee Report 20 Corporate Social Responsibility 57 Independent Auditor’s Report 22 Corporate Governance 58 Financial Statements 29 Directors and Officers 62 Notes to the Consolidated Financial Statements 30 Business Lines 100 Statistics HEAD OFFICE AND WINNIPEG PLANT BOUTIQUE LOCATIONS OTTAWA PLANT Royal Canadian Mint Royal Canadian Mint Ottawa Visit our online store 320 Sussex Drive 520 Lagimodière Boulevard 320 Sussex Drive for a full selection of products Ottawa, Ontario Winnipeg, Manitoba Ottawa, Ontario at www.mint.ca Canada K1A 0G8 Canada R2J 3E7 Canada K1A 0G8 613-993-3500 204-983-6400 613-933-8990 Vancouver 752 Granville Street Vancouver, British Columbia Canada V6Z 1A1 604-681-6772 Winnipeg 520 Lagimodière Boulevard Winnipeg, Manitoba Canada R2J 3E7 204-983-6429 FINANCIAL AND OPERATING HIGHLIGHTS 2012 2011 % change (Restated) Key financial highlights (in millions of dollars) Revenue 2,583.3 3,159.4 (18.2) Gross profit 157.3 141.3 11.3 Profit before income tax 40.7 42.1 (3.3) Profit for the year 29.8 31.1 (4.2) Total assets 408.7 372.5 9.7 Shareholder’s equity 278.4 257.5 8.1 Capital expenditures 71.5 31.9 124 Cash flow from operating activities 38.2 35.7 7.0 Pre-tax return on equity 14.6% 16.3% (1.7) Long-term loan-to-equity ratio 0.14:1 0.04:1 250 Key operating highlights Canadian circulation coins produced (in millions of pieces) 1,136.6 1,451.4 (21.7) Gold bullion sales (in thousands of ounces) 833.0 1,186.0 (29.8) Number of employees (at December 31) 1,140.0 1,042.0 9.4 Total production (millions of pieces) 2,062.3 2,656.9 (22.4) Revenue (segmented) Profit for the year Total production ($ in millions) ($ in millions) (millions of pieces) 3,740.0 3,159.4 49.1 2,583.3 38.2 2,656.9 2,211.1 2,547.9 33.6 2,034.1 31.1 29.8 2,080.5 2,062.3 1,392.3 08 09 10 11 12 08 09 10 11 12 08 09 10 11 12 Foreign Coinage Numismatics and Collectibles Canadian Circulation Bullion, Refinery and ETR ROYAL CANADIAN MINT ANNUAL REPORT 2012 | 5 IN AN UNPREDICTABLE GLObaL ECONOMY WHERE TraDITIONAL MANUfaCTURING IS UNDER INTENSE PREssURE AND COMPETITION has NEVER BEEN GREATER, HOW DOES A MINT CONTINUE TO THRIVE? BY INNOVATING. BY DIVERSIFYING. BY BREAKING TRADITION. BREAKING INNOVATION WITH A REFINED MARKETING TRADITION STraTEGY, NOVEL PROgraMS LIKE “20 FOR 20”, AND 136 NEW NEW PRODUCTS AND PRODUCTS, INNOVATION MADE 2012 A RECORD-BREAKING YEAR FEATURES. NEW TECHNO- FOR NUMISMATIC saLES AT LOGIES AND MARKETS. NEW THE MINT. TOOLS FOR STRENGTHENING CUSTOMER RELATIONSHIPS. BY INNOVATING, DIVErsIFYING AND BREAKING TraDITION, LasT YEAR WE ACTIVELY PUrsUED OUR VISION TO BE THE BEST MINT IN THE WORLD. Customers have more channels than ever before to connect with the Mint. Research and development expenditures ($ in millions) 7.4 5.7 3.1 2.6 0.8 08 09 10 11 12 In the past five years, the Mint has invested $19.6 million in R&D. Web sales revenue ($ in millions) 8 | ROYAL CANADIAN MINT ANNUAL REPORT 2012 35.6 20.0 14.7 7.9 9.2 08 09 10 11 12 DIVERSIFICATION BREAKING TRADITION DIVErsIFICATION BROUGHT IN 2012, WE saID farEWELL TO THE MINT baCK TO THE CaNADA’S PENNY AND HELLO TORONTO STOCK EXCHANGE TO LEADING-EDGE SOFTWARE IN 2012—AND INTO NEW APPLICATIONS THAT WILL HELP GEOgraPHICAL MARKETS DEFINE THE FUTURE OF MONEY. INCLUDING INDIA AND CHINA. Research and development expenditures ($ in millions) 7.4 5.7 3.1 2.6 0.8 Our Canadian Silver Reserves ETR cemented the Mint’s Five08 hundred N09orth American10 software11 developers12 place as a provider of innovative investment products. took part in our MintChip™ Developer Challenge. Web sales revenue ($ in millions) 35.6 20.0 14.7 7.9 9.2 08 09 10 11 12 The Mint secured 25 new international contracts The Mint’s marketing strategy has turned its website in 2012. into a high-traffic storefront. ROYAL CANADIAN MINT ANNUAL REPORT 2012 | 9 BREAKING RECORDS n 2012, we reaped the rewards of having reinvented our traditional approach to numismatic sales. Thanks to a fresh focus on the customer, precisely targeted offers Iand 136 new products—the most ever intro- duced in a single year—revenues from our Numismatics and Collectibles business line broke $145 million for the first time in Mint history, outstripping 1987’s previous record of $94 million. Extensive new customer acquisition activities continued to help us identify new customers, growing our base over the course of the year. Our innovative “20 for 20” program—which creates A BIGGER SHARE OF A SMALLER MARKET repeat-purchase arrangements for fine silver coins such as We were once again a market leader of gold bullion sales 2012’s Farewell to the Penny—helped generate interest in Mint in 2012. While the bullion market was softer last year than products among new buyers, particularly new Canadians. in 2011, Canada’s Gold Maple Leaf continues to be a preferred choice: we sold 883,048 ounces in 2012, as well To retain these new customers, we are equipping our teams as over 18.1 million ounces of Silver Maple Leaf. with the tools they need to convert first-time buyers into repeat purchasers. With focused marketing strategies and strong sales channel partnerships, we continue to reach out to collectors in Canada and around the world. 10 | ROYAL CANADIAN MINT ANNUAL REPORT 2012 With 60 products selling out fully in 2012, the Mint doubled its previous sales record for numismatic coins and collectibles. BUILDING OUR BRAND EQUITY AN EASIER MINT TO BUY FROM Using a brand equity model that measures consumer Productivity improvements enabled our inbound call centre perceptions across six pillars, we conducted monthly to handle double the call volumes in 2012 while maintaining surveys of Canadians throughout 2012 to identify strengths a strict focus on customer service. Further improvements and opportunities for improvement in our marketing were implemented due to a 2011 user experience enhance- strategy. Learning that customers want to know more of ment study that identified areas for an improved customer the stories behind our coins, we focused on storytelling in experience on the web. Our aim is to allow consumers to the advertisements for the War of 1812 series. interact with us however and wherever they choose: online, by phone, in store, or any combination of the three. We also began the process of converting our website to support mobile applications and tablets—providing a consistent, common customer experience regardless of channel. SIXTY SELLOUTS Sixty 2012 numismatic and collectibles products sold out completely last year, double the previous record. Among the most popular were a 99.99% pure silver coin commemo- rating the centennial of the sinking of the RMS Titanic and a fine silver coin celebrating 25 years of the Loonie. Sellouts are also important because they increase the secondary market value of our products and drive customers to our We kicked off our prehistoric dealer and distributor partners thus supporting the business animals series with the first ever glow-in-the-dark coin, line aim of sustainable growth across all channels. one of the year’s quickest sellouts – featuring dinosaur Pachyrhinosaurus lakustai. ROYAL CANADIAN MINT ANNUAL REPORT 2012 | 11 BREAKING INTO NEW MARKETS Last year the Mint continued to explore new markets around the world, including China, Brazil, India and Singapore. ast year, we were awarded a contract to produce multi-ply plated steel coins for Singapore which is issuing a new coin series. This deal marks a significant Lmilestone in our ongoing pursuit of the Asian market, in support of our goal of 15% global market share in foreign circulation by 2020. Technological innovation allowed us to meet Singapore’s exacting standards and deliver the highest-quality multi-ply plated steel (MPPS) coins – with the added reassurance of state-of-the-art security features built in. FRESH TERRITORY, FRESH APPROACHES We also delivered our first-ever European nickel-plated steel With this 5 Lekë coin for circulation coin order to Albania. And we made numismatic Albania, we delivered our inroads around the world as well, creating premium custom first European order for offerings for customers in Europe, Russia and Asia. nickel-plated steel circula- tion coins. 12 | ROYAL CANADIAN MINT ANNUAL REPORT 2012 The Mint’s business wrapped around the globe in 2012, with 25 new contracts in seven regional markets. In branching out, we explored new international sales strategies in emerging markets such as Brazil, India and China. In the latter case, for example, teams from each of our business lines worked together, sharing expertise and bringing the full strength of the Mint to bear.
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