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Annual Report 2013 Financial and Operating Highlights

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GLOBAL LEADERSHIP ANNUAL REPORT 2013 FINANCIAL AND OPEraTING HIGHLIGHTS 2013 2012 % change Key financial highlights (in millions of dollars) Revenue 3,375.2 2,583.3 30.7 Gross profit 180.0 157.3 14.4 Profit before income tax 48.0 40.7 17.9 Profit after tax 36.2 29.8 21.5 Total assets 458.4 408.7 12.2 Shareholder’s equity 303.2 278.4 8.9 Capital expenditures 48.3 71.5 (32.5) Cash flow from operating activities 45.3 38.2 18.6 Pre-tax return on equity 15.8% 14.6% 8.2 Long-term loan to equity 16.3% 14.0% 16.4 Key operating highlights Canadian circulation coins produced (in millions of pieces) 435.4 1,136.6 (61.7) Gold bullion coin sales (in thousands of ounces) 1,140.4 771.9 47.7 Silver bullion coin sales (in millions of ounces) 28.2 18.1 55.8 Total production (millions of pieces) 2,059.7 2,062.3 (0.1) Number of employees (at December 31) 1,255 1,140 10.1 Revenue (segmented) Prot after tax Total production ($ in millions) ($ in millions) (millions of pieces) 3,375.2 3,159.4 49.1 2,656.9 2,547.9 2,583.3 36.2 2,080.5 2,062.3 2,059.7 2,211.1 33.6 2,034.1 31.1 29.8 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 Foreign Coinage Numismatics and Collectibles Canadian Circulation Bullion, Renery and ETR Contents 1 Overview 42 Management Report 16 Message from the President and CEO 43 Audit Committee Report 17 Message from the Chair 44 Independent Auditor’s Report 18 Our Businesses 45 Financial Statements 18 Performance 49 Notes to the Consolidated Financial Statements 20 Corporate Governance 84 Statistics 24 Management Discussion and Analysis 96 Directors and Officers Cover image: Shanghai, China The Royal Canadian Mint continues to expand its global market presence with contracts in China, the Philippines, Brazil, Botswana and other countries. OVERVIEW Introduction INNOVation INNOVation Innovation is imperative New technologies, new processes CapacitY CapacitY KEY Strategic Markets Meeting demand Increasing capacity Strategic alliances KEY Strategic Markets GroWTH GroWTH Global contracts $3.4 billion in sales Record sellouts TALENT TALENT CHANGE Developing new leaders Collaboration Seeing the way to the future ROYAL CaNADIAN MINT ANNUAL REPORT 2013 1 Global leadership is the product of clear vision and decisive direction. It arises from the fusion of core strengths and strategic commitments: the talent to innovate, the capacity to grow, the discipline to diversify and rigour to meet market demand. Above all, it requires an openness to change—the ability to recognize new opportunities when they present themselves, and the flexibility to seize them. 2 “We set an ambitious vision for ourselves in 2009 to be the best mint in the world. It has been our guide in the years since, and a reminder of the high standard we have set for ourselves. It is rewarding to see the impact of our strategies... to see this Corporation realize its potential as a vibrant Canadian enterprise.” IAN E. BENNETT, President and CEO 3 A talent for innovation that drives our organization and the industry forward. INNOVATION DR. HIEU C. TRUONG, Executive Director, Advanced Engineering with PIERRE JUSTINO, Senior Director, Research & Development The new $1 and $2 coins introduced by the Royal Canadian Mint in 2012 were together named Best New Coin Innovation at the International Association of Currency Affairs Excellence in Currency Awards in October—the Mint’s third IACA win since 2007. The $2 coin has the most security features of any single coin in the history of minting: multi-ply plated steel construction with a distinctive electromagnetic signature, digital non-destructive activation technology, laser marking, edge lettering, virtual imagery and more. 4 In June 2013, the Mint officially opened the Hieu C. Truong Centre of Excellence in Winnipeg. The new, state-of-the-art facility doubles the Mint’s “Innovation is imperative. Technologies evolve, business capacity for innovation across all its business lines. requirements change, new challenges demand fresh thinking. Circulation coin enhancements, coin security, and We have made innovation central to every aspect of our materials research to make coins more durable operations—so we can anticipate our customers’ needs and and attractive are all areas of focus for the Centre, respond to them with products that deliver the quality, security which will also serve as a high-tech training and and return on investment they and their stakeholders expect.” demonstration facility for Mint customers and industry peers from around the world. DR. HIEU C. TRUONG A glowing example of the Mint’s numismatic innovation, the 25-cent Pachyrhinosaurus lakustai collector coin was named Most Innovative Coin by Krause Publications for its 2014 Coin of the Year Awards. Created using a unique colouring process developed by the Mint, in normal light this world-first photoluminescent coin shows an artist’s impression of the featured dinosaur—and reveals its skeleton in the dark. 5 Responsible capital investment that breeds renewal and provides capacity to capitalize on opportunities. “A key part of the Mint’s business strategy is to continually CAPACITY reinvest profits in capital enhancements that allow us to operate more efficiently, drive innovation, and meet production demand both here in Canada and for our foreign customers. To be a world leader, we know we have to maintain world-leading infrastructure.” SEAN BYRNE, Vice-President, Operations June 2013 saw the official opening of the Mint’sW innipeg plant expanded facility, culminating a two-year, $60 million project that significantly increases the Corporation’s production capacity. The 70,000 sq. ft. expansion features an additional 24,000 sq. ft. of storage space—including a new silver storage vault—as well as environmentally sustainable features such as energy efficient lighting systems and recycled steel. 6 BraD PENNER, Director, Technical Operations and JONATHAN HAYES, Director, Manufacturing at the Centre of Excellence. The new plating line at the heart of the Mint’s expanded Winnipeg plant can produce up to one billion pieces per year, bringing the Corporation’s total annual plating capacity to over two billion pieces— ensuring its ability to continue to meet domestic requirements and grow its foreign business. As demand fluctuates, the Mint is now equipped to reallocate production seamlessly between Winnipeg and its modernized Ottawa plant. 7 The rigour to meet the quality and reliabilty requirements of new customers. KEY STraTEGIC MARKETS JOHN MOORE, Vice-President Sales, “Having strong strategic alliances is a critical ingredient for and international success. By marrying our technical and product XIANYAO LI, Chief Technology Officer expertise with the unique skillsets of industry partners we increase our ability to meet specific market needs. In some cases—with die coating technology, for example—our work with partners is helping evolve standards throughout the minting industry as a whole.” JOHN MOORE 8 GabarONE, BOTSWANA Last year, the Mint continued to deliver on its multi-year contract with Singapore, successfully meeting that country’s order quantity and specifications. The Corporation also continued to expand its global market footprint, producing coins and securing business with China, the Philippines, Brazil, Botswana and other countries. 9 Diversification leading to sustainable growth. At $3.4 billion, 2013 was a record year for direct sales across all channels— on the web and in the Mint’s state-of-the-art call centre. The website, GROWTH mint.ca, continues to serve as the Mint’s ‘storefront to the world’. The Mint invested in enhancing the site in 2013 and will continue that effort in 2014 to enrich the customer experience online. MIKE JONES, Director, E-Commerce and Direct Channel Sales and mint.ca and call centre teams The Mint’s numismatic success took on heroic proportions in 2013 with sales exceeding $167 million and a record 70 sellouts. Topping that list was the Mint’s seven-coin series celebrating the 75th anniversary of Superman™, which sold out in record time and featured in one case groundbreaking 3D achromatic technology. The continued success of the innovative ‘$20 for $20’ face-value program, which allows collectors to purchase numismatic coins with face values of $20 for $20, helped the Mint further develop its domestic market. 10 2013 was a big year for bullion at the Mint, with Silver Maple Leaf posting its highest sales ever and Gold Maple Leaf continuing to excel—positioning Canadian bullion as a market leader and generating $3 billion in revenues for the Mint. In February 2013, the Mint concluded its popular Canadian Wildlife Silver Bullion Coin with a sellout 99.99% pure, one-ounce Wood bison issue. Mint representatives headed to Cambridge Bay, Nunavut, in November 2013 to unveil a pair of 25-cent circulation coins—celebrating, respectively, the 100th anniversary of a historic Arctic expedition and life in Canada’s North. Over the course of the year, the Mint concluded its commemoration of the War of 1812, issuing two 25-cent circulation pieces featuring notable historical figures as well as a brilliant red maple leaf rendered with an innovative colouring process. 11 Talent and systems development, and a spirit of collaboration to move the corporation into the future. TALENT JENNIFER RICHARDSON, Director, Corporate Health, Safety and Environment and members of the production team The Mint built out its IT infrastructure to support last year’s expansions in Winnipeg and Ottawa and adopted new human resources systems to give employees simpler, more efficient access to payroll services. 12 MICHEL BOUCHER, Vice-President, Human Resources and Quality Systems and Acting Corporate Secretary “The Mint not only invests in infrastructure; it also invests in people.
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