Ottawa, Ontario (ots/PRNewswire) – The Royal Canadian Mint (the “Mint”) is pleased to announce its financial results for the second quarter of 2022, providing insight into its operations, the markets impacting its business and its expectations for the next 12 months.
“The Mint continues to demonstrate its resilience and stability by delivering strong results amid challenging market conditions,” said Marie Lemay, President and CEO of the Royal Canadian Mint. “The outstanding response to our new Opulence collection has introduced the Mint to a new category of customers. We will continue to meet the needs of our customers across our businesses as we strive to reach new audiences and capitalize on new opportunities.”
Financial results should be read in conjunction with the Mint’s annual report, which can be viewed at www.mint.ca. All monetary amounts are in Canadian dollars unless otherwise noted.
Financial and Operational Highlights
* Financial results for the second quarter of 2022 are in line with expectations given the exceptional performance in 2021
and planned operational maintenance activities in 2022. The Mint expects to exceed its financial targets for 2022 as set out in the Mint’s business plan.
* Compared to 2021, when unique results were achieved
, the Mint experienced a 12% decrease in revenue, while overall profitability declined quarter-over-quarter due to lower gold bar volumes and planned higher operating costs.
* Consolidated revenue decreased to $841.9 million in 2022 (2021- $953.5 million).
* Precious metals revenue decreased to $793.6 million in 2022 (2021- $905.4 million):
* Overall operating expenses increased 13% quarter-over-quarter to $29.7 million (2021 – $26.2 million). This was primarily due to planned temporary and non-temporary increases in expenses to support business restructuring, an inclusive and engaged workforce, and reconnecting with
Mint’s customers around the world.
* Cash increased to $86.6 million (December 31, 2021
– $69.3 million).
* Consolidated earnings and financial results
* Gold bullion volume increased more than 20% to
357.0 thousand ounces (2021 – 448.7
thousand ounces), while silver bullion volume increased 8% quarter-over-quarter to 9.6 million
ounces (2021 – 9.0 million ounces).
* Numismatic product revenue increased to $31.9 in 2022
(2021 – $24.8 million
) due to higher sales of the Mint’s new Opulence coin collection, international resale coins and precious metals products
. Circulation revenue
increased to $48.3 million in 2022 (2021 – $48.1 million):
* Revenue from products and services for Canadian circulating coins increased 14% quarter-on-quarter
due to the production of coins
to replenish Canadian
circulating stocks on behalf of the Ministry of Finance and
an increase in ARP tonnes processed during the period
* Revenue from foreign circulation decreased 11% quarter-over-quarter due to lower volumes produced and shipped in
13 weeks ended 26 weeks ended
July 2 July 3 Dollar % July 2 July 3 Dollar %
2022 2021 2022 2021
Sales 841.9 953.5 (111.6) (12)
1,706.9 1.856.4 (149.5) (8)
Profit for the 2.4 20.5 (18.1) (88) 16.8 34.3 (17.5) (51)
Period Dollars Dollars
Profit before 14.5 25.2 (10.7) (42) 30.3 51.1 (20,8) (41)
Income taxes dollars dollars
Profit before 1.7% 2.6% 1.8% 2.8%
(1) Profit before income taxes and other items is a non-GAAP financial measure. A
reconciliation of profit for the period to profit
before income taxes and other items is included on page 12 of Mint’s second
quarter 2022 report
(2) Profit before income taxes and other items as margin is a
non-GAAP financial measure whose calculation is based on profit before
income taxes and other items.
July 2, 2022 December 31. December 2021 Dollar % Change
Cash and cash equivalents Dollar 86.6 Dollar 69.3
Inventory Dollar 65.4 Dollar 86.5
Capital assets Dollar 153.3 Dollar 154.2 (0.9) (1)
Total assets Dollar 403.9 Dollar 405.5
Current Assets Dollars 142.6 Dollars 122.5
The Mint has a business continuity plan and continues to actively monitor its global supply chain and logistics networks that enable ongoing operations. Despite its best efforts, the Mint expects COVID-19 and emerging variants, inflation, and other external events around the world to continue to impact its performance in 2022. The Mint mitigates potential risks as they arise and prioritizes the health and safety of its employees by aligning its work protocols with provincial and local health authority requirements.
To learn more about the Mint’s second quarter 2022 report, please visit www.mint.ca
Royal Canadian Mint Information
The Royal Canadian Mint is the government entity responsible for minting and issuing Canada’s circulating coins. It is recognized as one of the largest and most versatile mints in the world. It offers a wide range of specialized, high-quality coin products and related services internationally. For more information about the Royal Canadian Mint, its products and services, visit www.mint.ca and follow the Mint on Twitter, Facebook and Instagram.
FUTURE FINANCIAL STATEMENTS AND NON-GAAP FINANCIAL FIGURES
This earnings release contains non-GAAP financial measures that are clearly identified where they are presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and may not be comparable to similar financial measures reported by other companies that report under IFRS.
This press release contains forward-looking statements that reflect management’s expectations regarding the Mint’s objectives, plans, strategies, future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are typically identified by words or phrases such as “plans,” “expects,” “believes,” “estimates,” “intends” and other similar expressions. These forward-looking statements are not statements of fact, but merely projections regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management believes these projections are reasonable based on available information, they may prove to be incorrect. These projections of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from Mint’s expectations. These risks, uncertainties and other factors include, but are not limited to, the risks and uncertainties set out in the Risks to Performance section (“Risks to Business Performance”) of the Mint’s 2021 Annual Report and in Note 9 – Financial Instruments and Financial Risk Management (“Financial Instruments and Financial Risk Management”) of the Mint’s audited consolidated financial statements for the year ended December 31, 2021. The forward-looking statements contained in this press release speak only as of August 17, 2022, and the Mint undertakes no obligation to publicly update these statements to reflect new information, future events or changes in circumstances or otherwise after that date.
Please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, firstname.lastname@example.org
OTS-ORIGINAL TEXT PRESS RELEASE UNDER EXCLUSIVE CONTENT RESPONSIBILITY OF THE SENDER. www.ots.at
© Copyright APA-OTS Originaltext-Service GmbH and the respective sender.
The post Royal Canadian Mint releases Q2 2022 revenue and results appeared first on TOP News Austria – News from Austria and around the world.