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24.11.2017 19:20
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Royal Canadian Mint Reports Third Quarter 2017 Results
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Canada NewsWire
OTTAWA, Nov. 24, 2017
OTTAWA, Nov. 24, 2017 /CNW/ - The Royal Canadian Mint (the "Mint" or the "Company") today reported its financial results for the 13 and 39 weeks ended September 30, 2017. The contents of this release should be read in conjunction with the Company's Quarterly Financial Report available at www.mint.ca. All monetary amounts are expressed in Canadian dollars unless otherwise indicated.
"The Mint continues to achieve strong operating performance across all its businesses and remains a global minting leader," said Sandra L. Hanington, President and CEO of the Royal Canadian Mint. "We are building and executing more sophisticated marketing techniques for our Numismatics business' profitable growth and we maintain strong market share in bullion products despite recent drops in global market demand."
Financial and Operational Highlights for the Third Quarter
- Consolidated profit before Face Value (FV) revaluation and income taxes increased to $10.4 million for the quarter (2016 – $3.2 million) and the overall profit margin increased from 0.6% in 2016 to 2.7% in 2017.
- Consolidated revenue decreased to $385.9 million for the quarter (2016 - $553.4 million) primarily as a result of lower bullion revenues as bullion market demand declined.
- 413 million Canadian circulation coins were produced in the quarter (2016 – 461 million) in order to replenish inventories held on behalf of the Department of Finance.
- 296 million foreign coins and blanks shipped in the quarter (2016 – 518 million) which reflects differences in the timing of shipments in 2017 as compared to 2016.
- Softer overall bullion demand contributed to lower bullion volumes for the quarter compared to the same period in 2016. Gold volumes were 255.9 thousand ounces (2016 – 386.6 thousand) while silver volumes were 9.7 million ounces (2016 – 11.8 million).
- Numismatics revenues increased to $43.4 million (2016 – $36.3 million) in the quarter on the continued strength of Canada 150 product sales.
- The Mint continues to focus on ensuring its expenses are well-managed. On the whole, recurring expenses remained consistent year over year. For the quarter, operating expenses have increased 7% to $33.7 million (2016 - $31.4 million) largely due to non-recurring administration expenses , partially offset by lower marketing and sales expenses.
| Consolidated results and financial performance | ||||||||||||||
| (in CAD $ millions for the 13 and 39 weeks ended September 30, 2017 and October 1, 2016) | ||||||||||||||
| | | | ||||||||||||
| | 13 weeks ended | 39 weeks ended | ||||||||||||
| | September | October 1, | $ Change | % Change | September | October 1, | $ Change | % Change | ||||||
| Revenue | $ | 385.9 | $ | 553.4 | $ | (167.5) | (30) | $ | 1,290.3 | $ | 1,751.9 | $ | (461.6) | (26) |
| Profit before FV revaluation and income taxes(1) | | 10.4 | | 3.2 | | 7.2 | 225 | | 30.6 | | 22.1 | | 8.5 | 38 |
| Profit before income taxes | | 9.7 | | 4.2 | | (5.5) | 131 | | 29.0 | | 33.1 | | (4.1) | (12) |
| Profit after income taxes | | 7.0 | | 3.1 | | (3.9) | 126 | | 23.5 | | 24.8 | | (1.3) | (5) |
| (1) | FV revaluation is the non-cash impact of the change in the valuation of the precious metal component of the liability for Face Value redemptions and returns. |
| (2) | As mentioned in our year end 2016 earnings release on May 8, 2017, the Mint restated prior period revenue and profit to remove sales of numismatic Face Value products. |
| | | | | | |||
| | As at | | | ||||
| | September 30, 2017 | December 31, 2016 | $ Change | % Change | |||
| Cash | $ | 109.3 | $ | 114.2 | $ | (4.9) | (4) |
| Inventories | | 86.3 | | 78.9 | | 7.4 | 9 |
| Capital assets | | 175.9 | | 182.5 | | (6.6) | (4) |
| Total assets | | 432.0 | | 444.1 | | (12.1) | (3) |
| Working capital | | 137.3 | | 136.1 | | 1.2 | 1 |
To read more of the Mint's Third Quarter Report for 2017, please visit www.mint.ca.
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