Mixed Picture for Mints’ Annual Results

Both the Monnaie de Paris and the Mint of Finland have published their results for 2022. The French mint had a good year, the Finnish Mint did not.

Monnaie de Paris reported sales of €149.2 million for 2022, up 30% compared to 2020 and 2% compared to 2021. Turnover is the highest since 2012 and was achieved, says the Mint, despite the inflationary pressures, longer supply times and energy crisis caused by the pandemic and the war in Ukraine.

Net income was €5 million for 2022, compared to €4.5 million in 2021. After three years of losses between 2017 and 2019, 2022 marks the third consecutive profitable year and the best performance of the last six years, it said.

Sales of domestic (euro coins) was stable at €36.2 million, while foreign coin revenue at €30.5 million was up 9% compared with 2021 and close to its historical record of 2019. They include orders for Qatar, Costa Rica and Uganda.

Revenues from collector coins fell by 10% to €60.7 million. Revenues from artistic products (medals, mini-tourist medals, decorations) were up by 21% to €12.7 million.

Tough going for Finnish Mint

The Mint of Finland, one of the world’s leading providers of coin and blank related manufacturing, lifecycle, and consulting services, did not fare so well in 2022, seeing a significant drop in consolidated revenue from €76.6 million to €20.9 million. This resulted in a loss for the year of €9.9 million, compared with a profit of €7.8 million in 2021 and is in sharp contrast to the previous year, when sales increased by nearly 50% and a 2020 loss was converted into a profit.

The Mint of Finland Group comprises the Mint of Finland in Vantaa, just outside Helsinki and in Germany (where blanks are produced), along with the Spanish blank manufacturer Compañia Europea de Cospeles SA (CECO SA), which is a 50:50 joint venture with FNMT.

The mint is primarily engaged in circulation coins and over 95% of its business is exports. It attributes the results to price competition, new entrants to the market (especially for blanks), the cost of energy and the low utilisation rate of its factories. It stated that the outlook for 2023 is better due to a higher order intake and an improved market situation.