Mint of Poland reports strong performance in FY 2021

29 march 2022

The Mint of Poland Group has released its consolidated financial statements for Q4 2021 and for FY 2021. Cumulatively after the four quarters of 2021, the Group’s sales revenues exceeded PLN 1.3 billion. Excluding one-offs and in relation to the very high base from previous year, the FY 2021 consolidated net profit was up by PLN 12.2 million, the FY 2021 consolidated result on sales – by PLN 9 million, and the FY 2021 consolidated EBITDA – by PLN 11.9 million.

The FY 2021 consolidated net sales revenues were in excess of PLN 1.3 billion, up by over PLN 365 million compared to the very successful previous year (PLN 943 million in FY 2020). After clearing the FY 2021 results of extraordinary and non-recurring items, the consolidated net profit was higher by over 18 percent (PLN 78.4m vs. PLN 66.2m in FY 2020), the consolidated result on sales grew by nearly 11 percent (PLN 91.5m vs PLN 82.5m in FY 2020), and the consolidated EBITDA reached PLN 113.8m, up 12 percent year-on-year (PLN 101.9m in 2020).

Mint Products

The Segment’s FY 2021 revenue amounted to PLN 977.7 million (vs. PLN 630.8 million in FY 2020), of which nearly PLN 750m was generated by the sale of investment products. In total, more than 3 tonnes of gold were delivered to the Mint of Poland’s customers. Importantly, the Mint’s own products accounted for 60 percent of the total sales, which confirms the great trust of customers in the brand.

The Mint of Poland’s stable cooperation with the National Bank of Poland was continued with orders for circulation and collector coins worth a total of over PLN 94m in 2021 and a new order for the production of circulation coins worth a total of nearly PLN 77m in 2022.

In 2021, the Mint of Poland also worked to strengthen its position in foreign markets, mainly in South America. The Mint won the tender in the Dominican Republic, and an agreement was signed with Nepal Rastra Bank. In the group of collector coins, significant orders were placed by several banks, including by the Central Bank of Oman and the Central Bank of Nicaragua.

Electronic Payments

In FY 2021, the Electronic Payment Segment generated revenues of nearly PLN 178 million (vs. PLN 170 million a year earlier).

At the end of 2021, the Mint of Poland won the tender for the operator of cashless payments in public transport in Poznań for the next five years. Moreover, a contract for the lease and comprehensive service of several hundred mobile cashless ticket vending machines in Łódź was also awarded to the Mint.

Last year, the Mint of Poland’s innovative public transport solution was implemented in Bydgoszcz. It allows public transport users in the city, as the first ones in Poland, to prove they have purchased a season ticket in two ways – the new mobile app “Mint Mobile Bydgoszcz” or one of three ID cards assigned to the mobile card wallet (a travelcard, an electronic student ID or a bank card). An earlier scheme allowing Bydgoszcz residents to store their season tickets on a contactless payment card which serves as proof of ticket purchase during ticket inspection was awarded at the International Fair of Public Transport TRANSEXPO in the category “Payment Collection Systems”.

Real Estate Development

In the reported period, the Real Estate Development segment’s revenues reached PLN 153.6 million (vs. PLN 142 million in FY 2020).

As at the end of 2021, the final sale agreements were concluded for 340 apartments in the project “Mennica Residence II” (out of the total of 341). In the project “Bulwary Praskie”, all apartments in Building S1 were sold at the end of the year, with the final sale agreements in the form of notarial deeds signed for 138 apartments. In Buildings R2-R3, S2-S3 and R1, a total of 87 development agreements were executed in 2021, which accounts for 27% of all apartments in the buildings that are currently under construction.

Moreover, the Mint of Poland remains interested in buying from Golub GetHouse its 50 per cent stake in the SPV which is the direct owner of the Mint’s flagship project “Mennica Legacy Tower”. In 2021, the ultra-modern Warsaw office complex was listed among Europe’s Best Real Estate Investments in the prestigious European Property Awards and won the TopBuilder 2021 Award in the category “Investments”.