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In Anticipation of Profit” “ “IN ANTICIPATION OF PROFIT” 2007 ANNUAL REPORT 2007 WAS THE MOST PROFITABLE YEAR EVER RECORDED IN THE HISTORY OF THE ROYAL CANADIAN MINT. THE MINT LEVERAGED ITS INNOVATION ADVANTAGE, STRENGTHENED STRATEGIC PARTNERSHIPS AND POSITIONED ITSELF FOR FUTURE GROWTH IN THE GLOBAL MARKETPLACE. On the cover: Section 3(2) of the Royal Canadian Mint Act requires that the Mint conduct its business “in anticipation of profit” 2007 ROYAL CANADIAN MINT ANNUAL REPORT TABLE OF CONTENTS Financial and operating highlights 3 The Mint at a glance 4 Message from the President and CEO 14 Message from the Chairman 16 Corporate Governance 18 Performance against objectives 24 Directors and Officers 26 Management’s discussion and analysis 27 Statistics 44 Consolidated financial statements 51 Notes to consolidated financial statements 57 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 Printed in Canada 2007 ROYAL CANADIAN MINT ANNUAL REPORT 2 FINANCIAL AND OPERATING HIGHLIGHTS 2007 2006 % change Key financial highlights (in millions of dollars) Revenue 632.1 493.9 28.0 Income before income tax 30.7 16.0 91.9 Net income 21.6 11.2 92.9 Total assets 292.3 209.7 39.4 Capital expenditures 21.5 19.9 8.0 Cash flow from operating activities 35.1 36.8 (4.6) Key operating highlights Circulation coins produced (in millions of pieces) 1,937.5 2,237.1 (13.4) Gold bullion sales (in thousands of ounces) 278.6 296.1 (5.9) Number of employees (at December 31) 779 773 0.8 Gross profit 145.4 101.7 43.0 Pre-tax return on equity 21.5% 14.0% 53.6 Debt to equity ratio 1.05:1 0.83:1 26.5 Shareholder’s equity 142.8 114.4 24.8 Total production (millions of pieces) 4,177.5 2,989.7 39.8 Revenue (segmented) Net income (loss) Total production ($ in millions) ($ in millions) (millions of pieces) 21.6 632.1 4,177.5 493.9 2,989.7 435.9 11.2 10.6 2,587.5 8.7 329.4 2,060.8 254.7 1,367.5 (3.0) 0304 05 06 07 0304 05 06 07 0304 05 06 07 Canadian Circulation Numismatics Foreign Coinage Bullion and Refinery 3 2007 ROYAL CANADIAN MINT ANNUAL REPORT THE MINT AT A GLANCE Business line 2007 results Royal Canadian Mint Revenue by segment The Mint generated revenue of $632.1 million The Royal Canadian Mint is a com- and net income of $21.6 million in 2007 mercial Crown corporation and one of compared to revenue of $493.9 million and the world’s foremost producers of net income of $11.2 million in 2006. It also circulation, numismatic and bullion delivered $74.3 million in seigniorage to its coins for the domestic and interna- shareholder – the Government of Canada. tional marketplace. It is also one of the world’s largest refiners of gold and silver. Cdn. Circulation 174.3 Numismatics 56.3 Foreign Coinage 115.0 Bullion and Refinery 286.3 Canadian circulation Canadian numismatic revenue Foreign circula Canadian Circulation Revenue ($ in millions) The Mint continued to experience strong 2 The Mint produces high quality, cost 174.3 demand for Canadian circulation56.5 56 coins.7 56in.3 52.9 52.6 effective coins for circulation in 2007. Production declined 13% due to 131.2 Canada. Many of these carry designs 111.2 several factors, including a weakened that celebrate Canada’s history, cul- demand for one-cent coins and the ability ture and values. The Mint manages 68.7 to draw dormant coin into the circulation 4 45.9 the inventory and distribution of pool. Revenue increased by 32.9% to 24.3 7.1 Canadian coinage, ensuring efficient $174.3 million from $131.2 million in 2006. trade and commerce across Canada. 03 04 05 06 07 03 04 05 06 07 03 04 CNumismaticsanadian circulation RevenueCanadian ($num in ismmillions)atic revenue Numismatic Frevenuesoreign cir decreasedculation rev 0.7%enue to Bullion product reve The Mint’s numismatic coins are $56.3 million from $56.7 million in 2006 as 115.0 2 renowned for their beauty 17and4.3 crafts- 56.5 56.7 56.3 the collecting market continued to soften and 52.9 52.6 manship. Made primarily of precious precious metal prices reached historic highs. 224 131.2 metals, the coins111.2 are enhanced with Sales of giftable products declined 41.2% to 183.8 special effects such as holograms. $3.7 million from $6.3 million in 2006. 147.4 43.8 Numismatic68.7 products include uncircu- 45.9 24.3 25.3 lated, specimen and proof circulation 7.1 coins as well as products for sale to gift-givers.03 04 05 06 07 03 04 05 06 07 03 04 05 06 07 03 04 0 ForeignCanadia nCoinagenumismatic revenue RevenueForeign cir ($cul inati millions)on revenue Strong demandBull ionfor pralloyoduct as wellrevenue as plated The Mint designs and produces circu- coins caused 2007 revenue to climb 115.0 280.7 286.3 lation and numismatic56.5 56.7 coins,56.3 ready-to- 354.5% to $115.0 million from $25.3 million 52.9 52.6 strike blanks, medals, medallions and in 2006. During 2007, the22 Mint4.4 produced 1 tokens for customers around the 2.2 billion coins for18 123.8 countries compared to world. It also licenses its patented 747.6 million14 pieces7.4 for 13 countries in 2006. plating technology, manages the 43.8 Mint’s foreign partnerships and opens 24.3 25.3 7.1 new markets for the Mint’s products 0 and03 consulting 04 05 services. 06 07 03 04 05 06 07 03 04 05 06 07 Foreign circulation revenue Bullion product revenue Bullion and Refinery Revenue ($ in millions) Bullion and refinery revenues increased 115.0 280.7 286.3 5 The Mint produces and markets a 2% to $286.3 million from $280.7 million in family of gold and silver bullion coins 224.4 2006. Demand for Silver Maple Leaf (SML) as well as high purity precious metals 183.8 coins drove sales up 40% to 3.5 million products such as granules for indus- 147.4 ounces from 2.5 million ounces in 2006. 43.8 trial applications. It operates a refinery Sales of gold bullion were relatively stable that provides24.3 customers25.3 with a range at 278,616 ounces. The volume of precious 7.1 of services from gold and silver refin- metals refined increased slightly to 5.4 million 0 ing03 to assaying 04 05 and secure 06 storage.07 03 04 05 06 07 ounces from 5.0 million ounces in 2006. 2007 ROYAL CANADIAN MINT ANNUAL REPORT 4 2007 performance 2008 outlook Revenue by region ($ in millions) The Mint operates an international business affected by the health of the Canadian, U.S. and global economies, Canada 302.8 fluctuations in exchange rates, base and precious metal US 190.2 prices as well as intense competition from other mints Asia 42.9 around the world. Despite these factors, the Mint CanadaMiddle East 302.814.3 expects to grow revenue and income as it aggressively USEurope 190.221.7 develops and markets its products and services. AsiaCLatinanada Americ a 302.842.920.7 MiddleUSAfrica East 190.2 14.339.5 CanadaEuropeAsia 302.821.742.9 Middle East 14.3 USL1atincent Americ a 190.2947.920.7 Europe 21.7 AsiaAfrica5 cent 221.4 42.939.5 Production (millions ofLCanada atinpieces) Americ a 302.820.7 A resilient economy coupled with evolving retail and Middle10 cent East 304.114.3 EuropeAfricaUS 190.2 21.739.5 micro-payment landscapes are expected to continue to 125cent cent 947.9386.8 LAsiaatin America 242.90.7 drive unprecedented demand for circulation coins in 550cent cent 221.40.3 AfricaMiddle East 314.39.5 Canada. The demand will be amplified by the release of 101$1cent cent 304.1947.938.1 Europe 21.7 five commemorative circulation coins to celebrate the 255$2cent cent 386.8221.438.9 Latin America 20.7 Vancouver 2010 Olympic and Paralympic Winter Games. 15010cent cent 947.9304.10.3 Africa 39.5 5$125cent cent 221.4386.838.1 10$250 cent 304.138.90.3 25$11Canadacent cent 386.8947.938.185.9 50$25UScent cent 221.438.90.33.8 Revenue (% by region)$110Europe cent 304.138.19.1 The Mint has set aggressive revenue targets for numis- Canada$225Other cent 386.838.985.91.2 matics leading up to the Vancouver 2010 Olympic and US50 cent 3.80.3 Paralympic Winter Games. Achieving those targets EuropeCanada$1 85.938.19.1 depends upon the Mint’s ability to produce innovative OtherUS$2 38.91.23.8 and relevant products that can capture a growing share CanadaEurope 85.99.1 of the market. Other 1.2 USAsia 32.93.8 EuropeMiddle East 12.49.1 Canada 85.9 OtherLatin America 11.27.4 US 3.8 AsiaAfrica 32.934.2 Europe 9.1 MiddleOther East 12.43.1 Other 1.2 Revenue (% by region)LAsiaatin America 132.97.4 The volatility in the base metals market is forecast to AfricaMiddle East 34.212.4 continue driving demand for the Mint’s low cost multi- AsiaOtherLatin America 32.913.17.4 ply coins in the international marketplace.
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