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Mint of Finland Group's Annual Report 2014

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Mint of Finland Group's Annual Report 2014 Mint of Finland Group’s Annual Report 2014 ■■Mint of Finland Group is a responsible partner. Mint of Finland Annual Report 2014 Mint of Finland Group in brief Net revenues by market area Contents €5m 2014 On the path of Finland 5 2013 The Annual Report consists of two parts. development €27m This part, the report proper, mainly covers Other EU countries 61 operations in Finland and Germany, while Mint of Finland has developed its operations the financial statements present the finan- radically in the past year. The objective of this Non-EU €44m cial performance of the entire Group. development is to ensure the Group’s com- countries 31 petitiveness and growth potential also in the future. Mint of Finland Group in brief The global circulation coin market was qui- Personnel by country 2 On the path of development et in early 2014, but revived towards the end of the year, which was reflected in Mint of Fin- 100 CEO’s report Share of export Germany land’s order book. We sought to improve ef- in net revenue 115 4 On the right path ficiency and achieve cost savings through a 61 Operating environment number of measures over the course of the Finland 65 6 Trust in cash year, and Mint of Finland can now proudly state that its circulation coin, blank and col- 42 Sales lector item business areas rest on the strong- Spain 90% 31 8 New sales horizon est foundation in a long time. 95% The need for cash is not disappearing – in 9 Finances the euro zone, for example, it is still the most Norway 10 Financial responsibility 10 common means of payment. In unstable provides security for the future times, the importance of reliability is empha- Personnel sised and reliance on cash increases. Various 12 A year of teamwork disruptions in telecommunications networks have also reminded us of the importance of Production cash. 14 Efficiency and cost savings Awareness of Mint of Finland has grown as expected, and the Group’s clientele has ex- Collector coins panded in regions such as Asia, Africa and 18 Celebrating with coins The Group’s €76.2m −€2.6m −3.4% Latin America. We have identified new poten- €97.3m, 2013 −€6.4m, 2013 –6.6%, 2013 Governance principles tial in the domestic collector coin market, and key indicators and corporate governance the work to realise this has begun. 20 Strongly Finnish Corporate social responsibility will be a strong element in Mint of Finland’s opera- Net revenues Operating profit Operating profit tions also in the future. Being proactive and as share of revenue 22 Group’s Board of Directors influencing things send a positive message to customers and build trust in the future. 23 Members of the Group Executive Committee 26 The Board of Directors’ −7.1% −3.5% 47.6% 73.4% rules of procedure –15.3%, 2013 –7.6%, 2013 50.6%, 2013 58.1%, 2013 30 Content comparison with the corporate responsibility reporting model for unlisted state-owned Return on equity Return on Equity ratio Net gearing companies capital invested 2 Mint of Finland Annual Report 2014 CEO’s report On the right path Customers have noticed ●■CEO Paul Gustafsson. the changes in our operating methods and liked them. Practically all of our customers would recommend As a whole, the past year was Orders until 2017 operations. Major organisational changes have a good one for Mint of Finland Demand for circulation coins remained quiet in been made in Halsbrücke, moving the plant’s Mint of Finland to Group. We posted a loss, but the early 2014 and few tenders were invited, but Mint corporate culture into a more open direction. of Finland took its share from the little on offer. The two factories’ erp systems* will be merged others procuring year was fruitful in terms of the The quiet markets silenced Mint of Finland’s fac- finally in the summer of 2015. corresponding products. development of operations. The past tory for a few months, until production was once The blank factory posted a good result for year holds promise for the future. again started as a result of contracts won in the 2014. Jarmo Hakkarainen will continue as Man- spring. Since July, the factory has been running aging Director of the factory, in close coopera- vides an opportunity to create business that will Mint of Finland Group had a solid operating mar- several projects simultaneously. tion with Plant Manager Dirk Höhne and Busi- even out times of poor demand caused by busi- gin and positive cash flow, even though we did In spite of the lay-offs, the atmosphere at work ness Controller Tobias Bading. Höhne and ness cycles. not make a profit. The loss we posted in 2014 was has turned for the better. Our internal survey in- Bading are both members of the Group Execu- nevertheless considerably smaller than in 2013. dicated that employees feel that, despite its trou- tive Committee. Responsibility in all actions In 2015, Mint of Finland has set its sights on a bles, Mint of Finland is going in the right direction. The unhealthy competition in the circulation positive result. The number of advance orders Our collector’s product sales exceeded targets, Development of CoinTune continues coin market has chafed at the industry for a long received for 2015 makes achieving this objective which is a source of great satisfaction. At the beginning of 2014, Mint of Finland time. It also has a negative impact on the de- seem highly likely. Selling collector coins remains challenging, and a customer jointly piloted two-euro coins velopment of the whole sector. For this reason, The restructuring we carried out in order to but the groundwork done by Sales has succeed- equipped with the CoinTune feature. CoinTune we have emphatically stated our opinions on the crystallise our business model was a success, and ed in considerably expanding our customer base. is a safety feature that ensures the authenticity need to restore the health of the industry. our circulation coins, blanks and collector’s prod- Two much-anticipated collector coins will be of coins and makes forgery more difficult. In the Mint of Finland has been working to im- ucts will all be sold from Finland from now on. launched in 2015: Jean Sibelius and Finnish sisu. pilot, the functionality of the CoinTune feature prove responsibility for some years now. We Material acquisitions have also been concentrat- The Group’s prospects took a positive turn in was also successfully tested with the authenti- will adopt the iso 26000 standard one section ed in Finland. early autumn. Mint of Finland won several circu- cation devices generally used by central banks. at a time, with human rights being addressed Our hard work is reflected in the results of lation coin contracts with tenders submitted in CoinTune will provide a significant improve- in 2015. Human rights are an important issue the customer satisfaction survey. Customers the spring. These orders will already be felt in the ment to the safety of coins. The system is al- to the Group due to its subcontracting chains. have noticed the changes in our operating meth- production of 2015. As a new positive develop- so the greatest breakthrough made in the coin Naturally, we must also see the human rights is- ods and liked them. Practically all of our cus- ment, Mint of Finland signed several multi-year market for decades. The innovation is a massive sues closer to home, in Finland. tomers would recommend Mint of Finland to contracts in 2014. We now have orders in our one, marking a leap from analog to digital iden- The past year had its challenges, but our em- others procuring corresponding products. The books until 2017. Established supplier relation- tification technology. ployees’ belief in the company has strength- good results of the survey were anticipated, but ships benefit the supplier and customer both. The commercialisation of CoinTune will al- ened. The situation looks bright. Mint of Fin- we were still surprised by such an enormous de- The factory in Vantaa and blank production in so make it a financially significant innovation to land Group is on the right path. The need for gree of satisfaction. Halsbrücke continued the harmonisation of their Mint of Finland. For Mint of Finland, this pro- cash will not go anywhere. 4 Mint of Finland Annual Report 2014 * Enterprise Resource Planning systems CEO’s report 5 Operating environment ■■In the euro zone, cash is the most common official form of The excitement payment, and the cheapest and fastest one for small purchases. Trust in surrounding the alternative cash system has caused dramatic surges in the alternative currency’s value. Increased political instability livery fees, thus promoting the ease and safety of nor is their operation supervised. Even though munications networks reminded us of the utility and disruptions to electricity transactions. such systems have received extensive media cov- of cash. The Bank of Finland also stated that the and communications erage, it should be remembered that they are still euro system holds enough cash to meet sudden Legal tender is subject to common used by a very small group of customers. The ex- spikes in demand. networks have reminded us agreements and supervision citement surrounding this alternative system has We cannot and do not want to return to a pure of the reliability of cash. Legal tender is provided for in legislation, and caused dramatic surges in the alternative curren- cash economy, but cash remains a good crutch to central banks have been charged with the safe- cy’s value.
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