OTTAWA, ON, Aug. 19, 2022 /PRNewswire/ — The Royal Canadian Mint (the “Mint”) is pleased to announce its financial results for the second quarter of 2022 that provide insight into its activities, the markets influencing its businesses and its expectations for the next 12 months.
“The Mint continues to demonstrate resilience and stability by generating strong results in the midst of 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 customer needs across all our businesses as we strive to reach new audiences and seize new opportunities.”
The financial results should be read in conjunction with the Mint’s annual report available at www.mint.ca. All monetary amounts are expressed in Canadian dollars, unless otherwise indicated.
Revenue from Circulation businesses increased to $48.3 million in 2022 (2021 – $48.1 million):
(in millions)
|
13 weeks ended |
26 weeks ended |
|||||||||
|
Change |
Change |
|||||||||
|
July 2, |
July 3, |
$ |
% |
July 2, |
July 3, |
$ |
% |
|||
|
Revenue |
$ 841.9 |
$ 953.5 |
(111.6) |
(12) |
$ 1,706.9 |
$ 1,856.4 |
(149.5) |
(8) |
||
|
Profit for the period |
$ 2.4 |
$ 20.5 |
(18.1) |
(88) |
$ 16.8 |
$ 34.3 |
(17.5) |
(51) |
||
|
Profit before income tax |
$ 14.5 |
$ 25.2 |
(10.7) |
(42) |
$ 30.3 |
$ 51.1 |
(20.8) |
(41) |
||
|
Profit before income tax |
1.7 % |
2.6 % |
1.8 % |
2.8 % |
||||||
|
(1) Profit before income tax and other items is a non-GAAP financial measure. A reconciliation from profit for the period to profit |
|||||||||
|
(2) Profit before income tax and other items margin is a non-GAAP financial measure and its calculation is based on profit before |
|
As at |
||||||||
|
July 2, 2022 |
December 31, 2021 |
$ Change |
% Change |
|||||
|
Cash |
$ |
86.6 |
$ |
69.3 |
17.3 |
25 |
||
|
Inventories |
$ |
65.4 |
$ |
86.5 |
(21.1) |
(24) |
||
|
Capital assets |
$ |
153.3 |
$ |
154.2 |
(0.9) |
(1) |
||
|
Total assets |
$ |
403.9 |
$ |
405.5 |
(1.6) |
– |
||
|
Working capital |
$ |
142.6 |
$ |
122.5 |
20.1 |
16 |
||
As part of its business continuity plan, the Mint continues to actively monitor its global supply chain and logistics networks in support of its continued operations. Despite its best efforts, the Mint expects COVID-19 and emerging variants, inflation, as well as other external events around the globe, to continue to impact its performance in 2022. The Mint continues to mitigate potential risks as they arise and prioritize the health and safety of its employees, adjusting its work protocols as required by the provinces and the local health authorities.
To read more of the Mint’s Second Quarter Report for 2022, please visit www.mint.ca.
The Royal Canadian Mint is the Crown corporation responsible for the minting and distribution of Canada’s circulation coins. The Mint is recognized as one of the largest and most versatile mints in the world, offering a wide range of specialized, high-quality coinage products and related services on an international scale. For more information on the Mint, its products and services, visit www.mint.ca. Follow the Mint on Twitter, Facebook and Instagram.
This Earnings Release contains non-GAAP financial measures that are clearly denoted where presented. Non-GAAP financial measures are not standardized under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other corporations reporting under IFRS.
This Earnings 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”, “anticipates”, “expects”, “believes”, “estimates”, “intends”, and other similar expressions. These forward-looking statements are not facts, but only estimates regarding expected growth, results of operations, performance, business prospects and opportunities (assumptions). While management considers these assumptions to be reasonable based on available information, they may prove to be incorrect. These estimates of future results are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what the Mint expects. These risks, uncertainties and other factors include, but are not limited to, those risks and uncertainties set forth in the Risks to Performance section of the Management Discussion and Analysis in the Mint’s 2021 annual report, as well as in Note 9 – Financial Instruments and Financial Risk Management to the Mint’s Audited Consolidated Financial Statements for the year ended December 31, 2021. The forward-looking statements included in this Earnings Release are made only as of August 17, 2022, and the Mint does not undertake to publicly update these statements to reflect new information, future events or changes in circumstances or for any other reason after this date.
Please contact: Alex Reeves, Senior Manager, Public Affairs, Tel: (613) 884-6370, reeves@mint.ca
- Wall Street giants look to back prime broker Hidden Road
- Post Voyager Announces the Launch of Jellyme, MOOI Network’s NFT Marketplace
- Chingari launches first-ever video NFT marketplace
- Top Ethereum ecosystem tokens to get before August ends
- Cardano price prediction: ADA is ripe of a major bearish breakout
