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2008 Annual Report – "Making History"

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RECORD SALES EXPANSION TRIBUTE INNOVATION REACH PRIDE MAKING HISTORY 1908–2008Annual Report 2008 On the cover: The Royal Canadian Mint stands Above: Opened in 1976, the Winnipeg facility’s ready to begin operations in November 1907. considerable production capacity has Deputy Mint Master Dr. James Bonar insisted contributed directly to the Royal Canadian on waiting, however, until the perimeter Mint’s reputation as a reliable supplier of security fence was constructed—so the Mint’s coins to the international market. first century of coinmaking commenced instead on January 2, 1908. MAKING HISTORY 2008 Royal Canadian Mint annual RepoRt 1 CONTENTS Financial and operating highlights 3 The Mint at a glance 4 Message from the President and CEO 18 Message from the Chair 20 Corporate Governance 21 Performance against objectives 28 Directors and Officers 30 Management’s discussion and analysis 31 Statistics 49 Consolidated financial statements 58 Notes to consolidated financial statements 64 Head Office and Ottawa Plant Winnipeg Plant Royal Canadian Mint Royal Canadian Mint 320 Sussex Drive 520 Lagimodière Blvd. Ottawa, Ontario Winnipeg, Manitoba Canada K1A 0G8 Canada R2J 3E7 613-993-3500 204-983-6400 Visit our online store for a full selection of products at www.mint.ca 2 2008 Royal Canadian Mint annual RepoRt FINANCIAL AND OPERATING HIGHLIGHTS 2008 2007 % change Key financial highlights (in millions of dollars) Revenue 1,392.3 632.1 120.3 Income before income tax 55.3 23.8 132.4 Net income 38.2 16.9 126.0 Total assets 326.9 282.3 15.8 Capital expenditures 27.4 21.5 27.4 Cash flow from operating activities 6.9 35.1 (80.3) Key operating highlights Canadian circulation coins produced (in millions of pieces) 2,001.8 1,937.5 3.3 Gold bullion sales (in thousands of ounces) 896.7 278.6 221.9 Number of employees (at December 31) 865 779 11.0 Gross profit 177.3 138.6 27.9 Pre-tax return on equity 29.8% 17.2% 12.6 Debt to equity ratio 0.76:1 1.04:1 (26.9) Shareholder’s equity 185.7 138.2 34.4 Total production (millions of pieces) 3,740.0 4,177.5 (10.5) Revenue (segmented) Net income (loss) Total production ($ in millions) ($ in millions) (millions of pieces) 38.2 1,392.3 4,177.5 3,740.0 2,989.7 2,587.5 2,060.8 632.1 16.9 493.9 435.9 10.6 11.2 329.4 8.7 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Canadian Circulation Numismatics Foreign Coinage Bullion and Refinery 2008 Royal Canadian Mint annual RepoRt 3 THE MINT AT A GLANCE Business Line 2008 results 2008 results Royal Canadian Mint Revenue by segment In 2008, the Mint achieved another record year The Royal Canadian Mint is a of net income: $38.2 million in 2008 compared to commercial Crown corporation $16.9 million in 2007. As a result, the Corporation producing circulation, numismatic and intends to raise its dividend to the shareholder from bullion coins for the domestic and $1 million to $5 million for 2009. international markets in anticipation of profit. It also operates full-service Cdn. Circulation 186.5 Numismatics 67.5 gold and silver refineries. Foreign Coinage 98.7 Bullion and Refinery 1 039.6 Canadian circulation Canadian numismatic revenue Foreign circulation revenue Bullion product revenue Canadian Circulation Revenue ($ in millions) Revenue from Canadian circulation coins increased The Mint’s core mandate is to produce to $186.5 million from $174.3 million in 2007, 186.5 115.0 1,039.6 and manage the distribution of 174.3 driven primarily by strong growth in the Alloy67.5 98.7 Canada’s circulation coinage and Recovery Program (ARP).56.5 The56. volume7 56. 3of new coins 131.2 52.6 provide advice to the Government of 111.2 produced remained stable, despite weakening Canada on matters related to coinage. 68.7 demand as the economy slipped into recession 43.8 280.7 283.9 Special multi-year coins carry designs during the last quarter of the year. 24.3 25.3 183.8 224.4 that celebrate Canada’s history, culture Canadianand circulation values. Canadian04 05 numismatic06 re07venue 08 Foreign04 circulation05 06 revenue07 08 Bullion04 product05 re06venue 07 08 04 05 06 07 08 Numismatics Revenue ($ in millions) Numismatic revenues increased 19.9% to 186.5 115.0 1,039.6 The Mint is renowned174.3 for the impeccable 67.5 $67.5 million from $56.3 million in 2007, achieved 98.7 craftsmanship inherent in its numismatic 56.5 56.7 56.3 by expanding the Mint’s international dealer network 131.2 52.6 coins,111.2 particularly the development and launching new products and sales strategies 68.7 of special effects, such as the use in the retail market. 43.Sales8 of giftable products 280.7 283.9 of embedded crystals to enhance a increased 29.7%24.3 to $4.8 million25.3 from $3.7 million 183.8 224.4 coin’s beauty and value. The Mint also in 2007. 04 produces05 06a line of07 consumer08 gifts. 04 05 06 07 08 04 05 06 07 08 04 05 06 07 08 Canadian circulation Canadian numismatic revenue Foreign circulation revenue Bullion product revenue Foreign Coinage Revenue ($ in millions) The Mint produced 1.7 billion coins for 16 countries The Mint designs and produces circula- compared to 2.2 billion coins for 12 countries in 186.5 115.0 1,039.6 174.3 tion and numismatic coins,67.5 ready-to- 2007. Although revenues declined 14.2% to 98.7 strike56.5 blanks,56.7 medals,56.3 medallions and $98.7 million, operating margins and income 131.2 52.6 111.2 tokens for international markets. It also increased significantly as 12 countries chose the 68.7 licenses technologies that have made it 43.8 plated product over traditional alloy coinage in order 280.7 283.9 one of the most modern and innovative 24.3 25.3 to improve the183. cost8 224. effectiveness4 of their coinage. in the world. These technologies include 04 05 06 07 08 04 multi-ply05 plating06 07and numismatic08 die 04 05 06 07 08 04 05 06 07 08 coating technologies. Canadian circulation Canadian numismatic revenue Foreign circulation revenue Bullion product revenue Bullion and Refinery Revenue ($ in millions) Bullion and refinery revenues increased 266% to The Mint produces and markets a $1.04 billion from $283.9 million in 2007, driven 186.5 115.0 1,039.6 174.3 67.5 family of gold and silver bullion coins by strong demand for Gold Maple Leaf (GML) coins, 98.7 56.5 56.7 56.3 wafers and bars. Gold bullion sales increased 222% 131.2 52.6 as well as high purity precious metals 111.2 products such as granules for industrial to 896,701 ounces from 278,616 ounces in 2007. 68.7 applications.43.8 It operates refineries Sales of Silver Maple Leaf (SML) coins increased 280.7 283.9 24.3 that provide25.3 customers with a range of 183.8 224.4 151% to 8.8 million ounces from 3.5 million services from gold and silver refining to ounces in 2007. The volume of precious metals 04 05 06 07 08 04 05 06 07 08 04 assaying05 and06 secure07 storage.08 04 05 06 07 08 refined increased by 28% to 6.9 million gross ounces from 5.4 million ounces in 2007. 4 2008 Royal Canadian Mint annual RepoRt 2008 performance 2009 outlook Revenue by region ($ in millions) The years 2009 and 2010 could prove to be the most challenging of this generation with the Mint’s performance Canada 369.4 affected by the deteriorating health of the Canadian, U.S. and US 827.7 Asia 40.7 global economies. This could reduce demand for the Mint’s Canada 369.4 Middle East 38.0 circulation and numismatic products while increasing demand US 827.7 Europe 61.0 for bullion. Despite the challenges, the Mint is convinced that Asia 40.7 LatinCanada America 369.420.6 improved productivity, expanded capacity and established Middle East 38.0 AfricaCanadaUS 369.4827.7 34.9 Europe 61.0 global partnerships will sustain its profitability. USAsia 827.740.7 Latin America 20.6 AsiaMiddle East 40.738.0 1Africa cent 820.4 34.9 MiddleEurope East 38.061.0 Production (millions of pieces)5 cent 278.5 A prolonged weakness in Canada’s economy could cause EuropeLatinCanada America 369.461.020.6 10 cent 467.5 demand for new coins to decline, while the volume of coins Latin1AfricaUS cent America 827.7820.4 20.634.9 25 cent 387.2 Africa5Asia cent 278.5 34.940.7 returned to the Mint through the recycling program continues 50 cent 0.2 10Middle cent East 467.538.0 to increase. The Mint will remain vigilant, monitoring the $11 cent 820.429.6 25Europe cent 387.261.0 coin flow in Canada and flexible in the management of its $215 cent 820.4278.518.4 50Latin cent America 20.60.2 production capacity. 510 cent cent 278.5467.5 $1Africa 34.929.6 1025 cent 467.5387.2 $2 18.4 2550 cent 387.20.2 1 cent 820.4 Canada50$1 cent 73.329.60.2 5 cent 278.5 US$1$2 12.229.618.4 10 cent 467.5 Revenue (% by region) Europe$2 11.818.4 While demand for premium products is expected to remain Canada25 cent 387.273.3 Other 2.7 strong, the Mint’s ability to achieve its targets will depend on US 12.2 50 cent 0.2 its ability to produce innovative and relevant products that CanadaEurope$1 73.311.829.6 Other 2.7 capture the consumer’s imagination.
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