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2005 Annual Report – "Thriving" - Royal Canadian Mint

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Corporate results<br />

Consolidated results and financial performance<br />

(in $ millions)<br />

<strong>2005</strong> 2004 % change 2003<br />

Revenue 435.9 329.4 32% 254.7<br />

Net income before tax 13.2 15.3 -13% 0.5<br />

Net income (loss) 8.7 10.6 -18% (3.0)<br />

Total assets* 195.9 168.1 17% 140.2<br />

Shareholder’s equity 104.2 96.6 8% 86.0<br />

Inventories* 33.0 18.0 83% 16.4<br />

* at December 31<br />

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Consolidated financial performance<br />

The <strong>Mint</strong>’s net income for the year was $8.7 million compared to $10.6 million in 2004.<br />

The key factors ($ in millions) behind the year’s results include: ($ in millions)<br />

(millions of pieces)<br />

• Revenue increased by 32.3% to $435.9 million from $329.4 million in 2004. Revenue<br />

increased in every business line: <strong>Canadian</strong> circulation (61.9%), foreign circulation<br />

(80.2%), numismatics (7.4%) and bullion products, refinery and other (22.1%).<br />

• Operating costs, including cost of goods sold and the costs of marketing, administration<br />

and depreciation increased by 35.2% to $422.1 million from $312.1 million in 2004. Cost<br />

of goods sold, which represents 79% of total operating costs, increased by 35.9% to<br />

$342.7 million from $252.2 million in 2004. These increases reflect the increased volume<br />

in all major business lines.<br />

• Administrative costs increased by 22.2% to $26.9 million from $22.0 million in 2004,<br />

with administrative costs as a percentage of revenue decreasing to 6% from 7%.<br />

• Net income before income tax decreased by 13.5% to $13.2 million from $15.3 million<br />

in 2004. Gross profit margin decreased to 21% from 23% in 2004. The increase in the<br />

<strong>Mint</strong>’s operating income reflects the substantial increase in revenue and the<br />

determination ($ in millions) to restrain costs and improve (millions productivity. of pieces)<br />

• Interest income decreased to $393,000 from $618,000 in 2004. Interest expense was $1.1 million<br />

compared to $1.4 million in 2004. Interest expense relates primarily to the debt for the<br />

plating ($ facility. in millions)<br />

($ in millions)<br />

(millions of pieces)<br />

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