Mint of Poland Group has summed up its performance in 2022. The Mint Products Segment accounted for the largest share in consolidated revenues while significant improvement was recorded in the Electronic Payments Segment. The Group’s result on sales and lower sales profitability was solely due to high base effects from final sale of apartment in the “Mennica Residence I”, “Mennica Residence II” and “Bulwary Praskie” projects in 2021.

In 2022, Mint of Poland Group generated nearly PLN 1.3 billion in consolidated sales revenues (PLN 1,282,427 million in FY 2022 vs. PLN 1,309,211 million in FY 2021). The consolidated operating profit in the reporting period amounted to PLN 51.8 million (vs. PLN 88.4 million in FY 2021) while the consolidated EBIDTA, including the share of earnings or losses from equity method investments, reached PLN 66.9 million (vs. PLN 116.3 million in FY 2021).

In the reporting period, the sales revenues in the Mint’s core business segment grew by PLN 82.5 million year-on-year (PLN 1,060.2 million in FY 2022 vs. PLN 977.7 million a year before).

The Segment’s revenue growth is attributable to the consistent development of distribution channels for investment products in response to the current market situation and higher demand for gold. In FY 2022, the Mint of Poland’s customers purchased more than 3 tonnes of gold bullion.

Several new points of sale of gold investment products were launched in this period, including in Lublin, Katowice, Bialystok, Szczecin, Rzeszow and Gdansk. In Wroclaw, the Mint of Poland’s new shop was opened. The company’s strong market position is confirmed by the title of “The Investment Company of the Year 2022”, which went again to the Mint of Poland at the prestigious Invest Cuffs Awards. In 2022, the Company also won in “The Best of Industry 4.0” in the category “Production Plant”.

Furthermore, the Mint of Poland continued its ongoing cooperation with the National Bank of Poland, acquiring an order for production and delivery of circulation coins in 2023 for the total amount of over PLN 138 million. Also, the company won new contracts in tenders announced by the central banks of Guatemala, Dominican Republic and Columbia and by the Treasury Department in Thailand. Those contracts were partially performed at the end of 2022 while their completion is scheduled for the second half of 2023.

Last year’s revenues in the Electronic Payments Segment were up by more than 19% year-on-year (PLN 178 million in FY 2021 vs. PLN 212.1 million in FY 2022).  

During the reporting period, the Mint of Poland launched a new innovative payment option for public transport tickets in its mobile validators and in traditional ticket vending machines – ‘contactless BLIK’. In September 2022, the Company delivered and installed mobile validators in 553 public transport vehicles in Lodz. As part of the contract, the Mint of Poland is also responsible for maintenance of the ticket sale system for 48 months following the launch.

In 2022, the Company initiated the implementation of its proprietary Open Payment System (OPS) in the western District of Greater Poland – the Mint of Poland’s mobile validators will be installed in 740 public transport vehicles in Poznan and in the surrounding area. Also last year, for the fourth time OPS won the top prize for the best fare collection system during the International Fair of Public Transport TRANSEXPO.

During the reporting period, the Segment’s revenues reached PLN 10.2 million (vs. PLN 153.6 million in FY 2021).

The drop in revenues against the figure reported a year ago was due to high base effects from final sale of apartment in the “Mennica Residence I”, “Mennica Residence II” and “Bulwary Praskie” projects in 2021. The final sale of apartments pre-sold in 2022 will only be recognized in the revenues upon execution of notary deeds.

In 2022, the Mint of Poland obtained building permits for the construction of 747 apartments in Blocks N, O and P in the “Bulwary Praskie” project. During the reporting period, the Mint also continued the construction of 184 apartments in Buildings R2-R3 and S2-S3, as well as 142 apartments and 7 commercial units in Building S1. All apartments in Building S1 have already be pre-sold.

At the end of the reporting period, the Mint of Poland made an offer to buy the remaining 50% of shares in “Mennica Legacy Tower”, with the total value of the building estimated at EUR 401 million. As the potential seller did not meet the conditions of the offer, the offer expired, of which the Company informed in Current Report No. 6 on 21 March.