Partial view of the portuguese Mint
Partial view of the portuguese Mint

The INCM improved its overall results in 2011

July 19, 2012

In 2011, the INCM obtained net results of 26 million euros, corresponding to a positive percentage change of 103% when compared to the year 2010. This was essentially influenced by a 44% increase in turnover resulting from the non-current activity of the destruction and divestment of minted discs, a process that will be completed in 2013.

The turnover from the company's current activities, excluding the non-current activity related to minted discs, decreased in percentage terms by 11% when compared to the year 2010.

Above all, the activity was carried out and investments were financed by resorting to equity capital, which made a significant contribution to maintaining competitiveness on the market, increasing profitability, providing adequate remuneration to shareholders and decreasing risk levels. From a shareholder's perspective, the profitability of equity capital was 30%, which was 71% more than the previous year.

Out of its five business areas, Official Publications, Coins and Metal Products, Publishing, Assay Offices and Graphics, it is still this last area that contributes most to the INCM's positive performance, accounting for 53% of results, followed by coins and metal products, accounting for 12%.

Despite the 11% decrease in the turnover of current operations, it is important to emphasise that there was not an unfavourable evolution in the specific performance of each of the areas of the business.

When compared to estimates for the year that is being analysed, a decrease in turnover was suffered by Graphics in its main lines of products (forms, polymer cards, authentication and legitimation stamps and passports).

Coins experienced a 27% increase in turnover, mainly due to collection coins with special finishings, particularly gold coins.

Despite a continuing upward trend, special projects in the Publishing area were not able to offset the decrease suffered by INCM publications, and margins remained in the red.

In Official Publications, an emphasis should be placed on announcements, which represent 72% of its turnover.

The Assay Offices returned a negative performance as a result of the accentuated decrease in services provided and a substantial reduction in the attributed amount of compensatory indemnification, as a result of the fact that the fees paid for the provision of the respective services have not been updated since 1990.

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