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Appreciating Value 2004 Annual Report APPRECIATING VALUE APPRECIATING VALUE Table of contents Head Office and Ottawa Plant Royal Canadian Mint Financial and operating highlights 3 320 Sussex Drive The Mint at a glance 4 Ottawa, Ontario Canada K1A 0G8 Message from the Chairperson 6 (613) 993-3500 Message from the President and CEO 8 Performance against objectives 10 Winnipeg Plant Royal Canadian Mint Directors and Officers 16 520 Lagimodière Blvd. Management’s discussion and analysis 17 Winnipeg, Manitoba Statistics 34 Canada R2J 3E7 (204) 983-6400 Consolidated financial statements 39 Notes to consolidated financial statements 44 www.mint.ca Printed in Canada Financial and operating highlights 2004 2003 % change Key financial highlights (in millions of dollars) Revenue 324.2 254.7 27.3 Income before income tax 16.0 0.5 3,100.0 Net income (loss) from discontinued operations 0.0 (2.7) 100.0 (net of taxes) Net income (loss) 11.1 (3.0) 470.0 Total assets 168.8 140.2 20.4 Capital expenditures 6.9 4.6 50.0 Cash flow from operating activities 18.6 13.8 34.8 Key operating highlights Circulation coins produced (in millions of pieces) 2,055.4 1,363.2 50.8 Gold bullion sales (in thousands of ounces) 285.8 237.6 20.3 Number of employees 672 471 42.7 Gross profit 72.0 54.5 32.1 Value-added sales revenue per employee 154.0 67.0 130.0 Pre-tax return on equity from continuing operations 17.4% 0.6% 2,800.0 Debt to equity ratio 0.21:1 0.29:1 (33.3) Shareholder’s equity 97.0 86.0 12.8 Total production (millions of pieces) 2,060.8 1,367.5 50.7 RevenueRevenueRevenue (segmented) (segmented) (segmented) NetNet income Netincome income (loss) (loss) (loss) TotTotal productionalTot productional production ($ in($ millions)in($ millions) in millions) ($ in($ millions)in($ millions) in millions) (millions(millions(millions of pieces)of pieces) of pieces) 3,976.93,976.93,976.9 350.4350.4350.4 11.111.1 11.1 324.2324.2324.2 302.6302.6302.6 246.0246.0246.0254.7254.7254.7 5.6 5.6 5.6 2,406.72,406.72,406.7 2,060.82,060.82,060.8 1,714.01,714.01,714.0 (1.8)(1.8)(5.4)(1.8)(5.4)(3.0)(5.4)(3.0) (3.0) 1,367.51,367.51,367.5 0000 0100 0102 0102 030203 040304 04 0000010001020102 030203 0403 04 04 0000010001 020102 030203 0403 04 04 CanadianCanadianCanadian Circulation Circulation Circulation CanadianCanadianCanadian Numismatic Numismatic Numismatic ForeignForeignForeign Circulation Circulation Circulation BullionBullion Bullionand and Refinery andRefinery Refinery 3 The Mint at a glance BUSINESS LINE BUSINESS LINE RESULTS Royal Canadian Mint The Royal Canadian Mint is a fully commercial Crown Revenue by segment In 2004, the Mint delivered corporation responsible for the production of all circu- revenue of $324.2 million and lation coins used in Canada and for the management net income of $11.1 million, of the supporting distribution system. It is also one of one of the largest year-over- the world’s premier producers of circulation, numis- year turnarounds in its history. matic and bullion investment coins for the domestic and international marketplace. As one of the world’s largest gold refiners, it refines and recasts gold for Cdn. circulation 63.4 Foreign circulation and Canadian and foreign customers. Cdn. numismatic 52.6 numismatic 25.1 Bullion, Refinery and other 183.9 Canadian Circulation Canadian circulation Canadian numismatic revenue For The Mint’s responsibilities include: Revenue ($ in millions) Increased revenue was driven ($ in millions) ($ in millions) ($ • Providing Canadians with high quality, cost effective by strong economic growth and 107.9 69.5 54.9 coins the issue of three circulation58.2 52.6 52.9 52.6 • Managing the inventory and distribution of coins coins in the first year of a 60.6 63.4 54.5 • Promoting awareness of people, places and events of 45.9 multi-year program celebrating importance in Canadian history. the themes of Canadian heroes and historical events. 00 01 02 03 04 00 01 02 03 04 00 Canadian circulation Canadian numismatic revenue Foreign circulation revenue Bul Canadian Numismatic The Mint’s numismatic products($ in mill ioncelebrates) Canada’s ($Revenue in million ($s) in millions) By producing($ in mill onlyions) coins with ($ diverse culture, rich history, natural splendor and national well researched themes and 107.9 69.5 54.9 achievements. The Mint also produces uncirculated, 58.2 setting appropriate mintages, 52.6 52.9 52.6 specimen and proof sets of circulation60.6 coins. 63.4 the Mint sold out 18 of the 50 54.5 32.5 45.9 25.1 products issued in 200420.3 (com- 66.1 pared to 6 in 2003). 7.1 00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 00 Canadian circulation Canadian numismatic revenue Foreign circulation revenue Bullion product revenue Foreign Circulation ($ in millions)The Mint designs and strikes($ in millforeignions) circulation and ($Revenue in million ($s) in millions) Over the($ inpast mill ionyears) the Mint numismatic coins and blanks using various alloys as has re-established traditional 107.9 69.5 214.1 54.9 well as the Multi-Ply technology developed58.2 to mint customer relationships and182.9 52.6 52.9 52.6 147.4 60.6 Canadian coinage.63.4 The Mint also promotes its coin demonstrated the effective- 54.5 32.5 45.9 25.1 97.5 production tooling and consulting services. 20.3 ness of its66.1 technology through 7.1 the Canadian experience. 00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 Canadian numismatic revenue Foreign circulation revenue Bullion product revenue Bullion and Refinery ($ in millionThes) Mint produces gold and($ silver in mill ionbullions) coins as well ($Revenue in million ($s) in millions) Demand for bullion was partic- as gold wafers, bars and granules. It also refines gold ularly strong in 2004, driven by 69.5 214.1 54.9 and58.2 offers precious metal storage, assaying and con- 182.9 weak returns in the capital 52.6 52.9 52.6 147.4 sulting. The breadth of services and32.5 capabilities allows markets and the depreciation 25.1 97.5 the Mint to offer its customers an integrated20.3 solution. 66.1 in the value of the U.S. dollar. 7.1 00 01 02 03 04 00 01 02 03 04 00 01 02 03 04 4 REGIONAL OR PRODUCTION STATISTICS OUTLOOK Revenue by region ($ in millions) Economic growth in 2005 will create an environment Canada 143.0 that supports the Mint’s continued profitability. The Mint US 109.6 remains focused on being a Lean enterprise to achieve Asia 52.7 its goal of building revenue to $1 billion by 2009 and Latin America 5.3 generating substantial seigniorage for the Government Africa 7.0 Europe 6.6 of Canada. Canada 143.0 US 109.6 Asia 52.7 1 cent 788.2 Latin America 5.3 Canada5 cent 13143.02.1 Africa 7.0 US10 cent 21014.19.6 Europe 6.6 Asi25 cea nt 22521.4.7 L$1atin America 95..39 Production (millions of pieces)Canada 143.0 In response to strong domestic demand, the Mint will A$2frica 127..09 US 109.6 1Euceropnte 7886.26 expand the capacity of the plating facility in Winnipeg Asia 52.7 5Canadacent 13143.02.1 and expand its capabilities to produce yellow coins, Latin America 5.3 1US0 cent 21014.19.6 Africa 7.0 including the blank for the $1 Canadian coin. 2Asi5 cea nt 22521.4.7 Eu1Canadaceropnte 788856.276 $L1atin America 95..39 5UScent 1325.1.4 $A2frica 127..09 1Eu0rceopnet 214.17.8 Europe 6.6 2O5thceernt 221.41.1 1 cent 788.2 $1 9.9 5 cent 132.1 $2 12.9 10 cent 214.1 Canada1 cent 78885.27 25 cent 221.4 Revenue (% by region)US5 cent 1325.1.4 $1 9.9 New policies on reduced mintages will drive the urgency Eu10rceopnet 214.17.8 $2 12.9 to purchase the Mint’s products quickly. In 2005, the AsiO25thceaer nt 22521.41.1.5 Canada 85.7 Mint will launch themes with coast-to-coast appeal and L$1atin America 198.98 US 5.4 A$2frica 1282.97 deep emotional roots in the collective Canadian psyche. Europe 7.8 Other 1.1 Canada 85.7 US 5.4 AsiEuraop e 7.8 Canada 5285.57 LOathtiern America 1.1 US 185..48 Africa EuCanadarope 2283.37.78 US 53.7 AsiOthaer 521.1.5 Revenue (% by region)Asia 21.5 Latin America 18.8 Sales of foreign circulation coins are expected to continue Other 1.5 Africa 28.7 to increase at the pace set in 2004 as the price of alloys Asia 52.5 continues to increase and the expanded sales force LCanadaatin Amer ica 213.38.8 continues to re-establish traditional customer relation- AUSfrica 5283..7 ships. The Mint will also continue to offer integrated Asia 52.5 Asia 21.5 Latin America 18.8 solutions, including technology transfer and consulting. Other 1.5 ACanadafrica 2283.3.7 US 53.7 Asia 21.5 Revenue (% by region)Other 1.5 Canada 23.3 The precious metal market is a mature, cyclical market, US 53.7 but the 2005 outlook for bullion remains strong. In 2005, Asia 21.5 Canada 23.3 silver refining will be added to the suite of refining services.
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