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A New Investment of the Mint of Poland The Mint of Poland Results after 1Q2011 and the Company and Group Prospects
Meeting investors
Presented by: Tadeusz Steckiewicz, Mint of Poland’s General Director
Barbara Sissons, Mint of Poland Board MemberLeszek Kula, Mint of Poland Board Member
Warsaw, 26th May 2011
AgendaA New Investment of the Mint of Poland Group ……….……………………………...3
The Mint of Poland Group Results…….……………………….………….……………10
The Mint of Poland Company and Capital Group Market Environment …..………..15
The Mint of Poland Management Summary ..……………………………………..….22
Reference.................………………………………………..……………………….......25
A New Investment of the Mint of Poland Capital Group
– purchase of 27.6 ha from FSO
A New Investment of the Mint of Poland Capital Group
The Mint of Poland Subsidiary purchased 27.6119 ha of attractive landat Jagiellońska Street by the Vistula River in the vicinity of Grot-Rowecki and Gdańsk Bridges
Grot-Rowecki Bridge
Planned Krasiński Bridge (red area)
The Mint of Poland Group Property Boundary (white line)
Wisła
Starzyński Roundabout and entrance to Gdańsk Bridge
Ivestment in Żerań was made by a company from the Group and properly secured
The Mint of Polandand the Mint of Poland FIZAN
50 %
The purchase of the property was made by the Mint of Poland Stock Company and Limited and Joint Company, in which the Mint of Poland Capital Group owns 50 percent equity and is the sole general partner. The net amount of the
transactions totaled 130.4 million, and half of the expenditures is accounted for by the Mint of Poland Capital Group. The means by which the Group financed the purchase of the property, were located in the Mint of Poland FIZAN subsidiary.
The means were generated by the sale of RUCH S.A. shares.
50 % Altus FIZAN
The Mint of Poland and Limited and Joint Company Shareholders
Attractive price of the purchase of property from FSO(comparison of transactions on the Warsaw market in 2011)
JW Construction signed the contract of purchase of 8 ha in Wola for the net amount of 174M Polish zloty (conditional contract with Black Lion NFI)
The Mint bought over 27.6 hectares in Żerań from FSO for the net amount of 130,4M Polish zloty
Dom Development signed the contract of purchase of undeveloped property in Żoliborz districtwith an area of 9.9 ha for the net amount of 168,3M Polish zloty
In the assesment of the developers and companies monitoring the property market the business cycle peak on the capital’s property market will take place around 2016.
Advantages of the Mint of Poland’s property
-A 15-minute drive to the center of Warsaw (along Jagiellońska Street)
- In the vicinity of two bridges (Gdańsk and Grot-Rowecki; in future the city maybuild Krasiński Bridge near the Mint of Poland property)
-Well developed tram and bus service
-Nearby the PKP train station
- Green areas near the Vistula River
Near the Vistula Embankment
in the vicinity of Grot-Rowecki Bridge
Tram and bus service in Jagiellońska Street
Plans for implementing the investment in Żerań
Details of the development will be agreed during the negotiations with the city council. The Mint of Poland foresees that it will obtain the necessary permits for the development of property within the next two years.
The division of investment into investment modules (buildings for offices, services and housing) is planned.
FSO Test track
Objects to be demolished
Objects to be demolished
The Results of the First Quarter of 2011
The Mint of Poland Consolidated Sales IncomeIn the First Quarters of Individual Years
269,7
in million Polish zloty
205,8
179,4
144,4
The Mint of Poland Group increased sales despite the slowdown on the numismatic market in Poland. The revenue from ticket sales and gold investment increased in particular.
The Mint of Poland Group Sales Revenue broken down into segments
Segment I Segment II Segment III Segment IV Segment V Segment VI Corrections Total
Revenue IQ 2011
54 663 30 924 10 320 87 149 127 687 0 (-) 41 074 269 669 Revenue IQ 2011
RevenueIQ 2010
57 150 29 365 8 136 73 481 51 476 0 (-) 13 824 205 784 RevenueIQ 2010
Net resultIQ2011
12 677 1 378 3 415 614 5 345 0 217 23 646 Net resultIQ2011
Net resultIQ2010
18 001 2 380 946 800 4 354 0 (-)647 25 807 Net resultIQ2010
Data in million Polish zloty for first quarters of 2011 and 2010
Consolidated EBITDA of the Mint of Poland Capital Group
24,8
in million Polish zloty
16.1
46.2
24.9 24.7
Consolidated quarterly financial data forThe Mint of Poland Group
Revenue in million Polish zloty Operations result in million Polish zloty
Net result in million Polish zloty
IQ2007 IQ2008 IQ2009 IQ2010 IQ2011
EBITDA in million Polish zloty
The Mint of Poland Group Market Environment
The influence of the kolekcjoner.nbp.pl system on the Polish numismatic market
Silver coins
Gold coins
Source: NBP, data on the new issues of Polish collector coins (gold and silver). In IQ2011 the NBP has not issued any gold coins.
Coin mintage in thousands of pcs
Mint of Poland continued development of sales
of gold investment
Data in million Polish zloty
IQ 2010 IQ2011
The Mint of Poland is the largest operator in the country that offers individuals investment gold. In the Mint of Poland’s assesment, the gold investment market will increase by about 10-15 percent to around 1600 kg this year.
The main investment program, in particularin the area of electronic payments, has been finished
Data in million Polish zloty
Improvement of Electronic Payments Division results – completed investment program and implementation period
Operating profitability of Electronic Payment Division of the Mint of Poland
Data in percent.
Improvement of Electronic Payments Division results – completed investment program and implementation period
One-off events relevant to the Shareholders
– redemption and cancellation of own shares of
the Polish Mint SA – 86M Polish zloty
2010
2.13 % of the company’s capital, concentrated for
redemption (purchased for 14.5M Polish zloty) has been located on the Mint’s account
On 3 th May 2011 a stock split was performed by reducting the nominal value of shares from PLN10 to PLN 1 -10:1
2011
On 19th May NWZA decided on further redemption of the Company’s capital to 20 %
The Mint of Poland Management Summary
The Mint of Poland is a profitable company with a stable financial foundation, but, as in the case of other companies, the results depend, among others, on the market environment.
A key factor influencing the Company and Group’s results in IQ2011 was a change in the distribution system of Polish collector coins introduced on 1st January 2010. This system applies
to all distributors. Its operation does not depend on the Mint of Poland.
Introduction of the new distribution system reduced the availability of Polish coins, complicated the process of their purchase and increased the price of coins. For these reasons the editions of
Polish collector coins ordered with the Mint of Poland, decreased significantly compared to previous years.
The Mint of Poland tried to compensate for the loss of revenue due to reduced orders for Polish collector coins by the production and sale of coins in the royalty system, or collector coins issued in Mint of Poland on behalf of foreign emittents, and the production of numismatics for the Mint of
Poland’s subsidiary, Skarbiec Mennicy Polskiej. The Company has significantly expanded the sale of gold investment and sale of electronic tickets.
The Board of the Mint of Poland expands into electronic money which, in the assessment of the Company, will be increasingly important in the future. In 2011, the Company plans to invest at
the replacement level.
The Mint of Poland Management Summary
240 years of experience and tradition
WSEThe listed company
Thank you for your attention, questions are welcome
Stable
financial foundations
Reference
The Mint of Poland Shareholders *
Zbigniew Jakubas
ING OFE
Amplico OFE
PZU OFE
Others
45.63 %
6.48 % 6.20 %
5.98 %
35.71%
*Data as at 15th November 2010, after the court registration of capital reduction due to the redemption and cancellation of shares.
The Mint of Poland is the only partner ofThe National Bank of Poland in the production of coins
Mintage of circulation coins produced by the Mint of Poland for NBP in pcs
Source: NBP
From 1990 to the end of 2010, the Mint of Poland issued 11,441,853,054 circulation coins for NBP.
YEAR / VALUE 5 zł 2 zł 1 zł 50 grosz 20 grosz 10 grosz 5 grosz 2 grosz 1 grosz
1990 20 240 000 29 152 000 25 100 000 43 055 000 43 240 000 34 400 000 29 140 000
1991 60 080 000 99 120 000 75 400 000 123 164 300 171 040 000 97 410 000 79 000 000
1992 102 240 000 116 000 000 106 100 001 210 005 000 103 784 000 157 000 003 362 000 000
1993 20 904 000 84 240 008 20 280 101 80 780 000
1994 112 896 003 79 644 000 69 956 000
1995 122 880 020 99 740 122 101 600 113 102 280 109
1996 52 940 003 29 745 000
1997 59 755 000 92 400 002 103 080 002
1998 52 500 000 62 695 000 93 472 002 154 840 050 257 640 003
1999 25 985 000 47 040 000 99 024 000 187 900 000 203 970 000
2000 52 135 000 104 060 000 75 600 000 94 500 000 210 100 000
2001 41 980 001 62 820 000 67 368 000 84 000 000 210 000 020
2002 10 500 000 10 500 000 67 200 000 83 910 000 240 000 000
2003 20 400 000 31 500 000 48 000 000 80 000 000 250 000 000
2004 40 000 025 70 500 000 62 500 000 100 000 000 300 000 000
2005 5 000 000 37 000 025 94 000 000 113 000 000 163 003 250 375 000 000
2006 5 000 000 35 000 000 40 000 000 54 000 000 105 000 000 184 000 000
2007 20 000 000 68 000 000 100 000 000 116 000 000 160 000 000 330 000 000
2008 5 000 000 15 000 000 5 000 000 13 000 000 91 000 000 103 000 000 107 000 000 172 000 000 316 000 000
2009 59 000 000 62 000 000 34 000 000 57 000 000 133 000 000 146 000 000 160 000 000 222 000 000 338 000 000
2010 30 000 000 15 000 000 3 000 000 12 000 000 45 000 000 62 000 000 100 000 000 120 000 000 150 000 000
Electronic payments
City Date of starting the project Number of issued cards
Warsaw 2002 About 800,000
Wrocław 2010 300,000 planned (c.155,000 issued so far)
Bydgoszcz Start of the project September 2010
100,000 planned(c.80,000 issued so far)
Lublin 2008 55,000
Piła 2009 40,000
Jaworzno 2005 35,000
Radomsko 2007 15,000
as at 1 May 2011
The Mint of Poland expands the range of services available with the city cards. In the Mint sales network in Warsaw you can now recharge Citibank credit cards by tickets. A few weeks ago
Wrocław, the Mint of Poland and large retail banks expanded their offer by the city payment card.
Annex
The Mint of Poland Capital Group operates in the following areas:
Segment I – mint production, including, among others, the issue of circulation and collector coins, medals (except for precious metal medals), state decorations and badges, stamps, official seals, daters, assay stamps, monetary tokens;
Segment II – processing of precious metals, including, among others, the following products: catalytic and capture
nets, paints, glass furnaces equipment, drawn and rolled products made of precious metals, laboratory equipment and numismatic products made of precious metals (Au and Ag medals and tokens), Au and Ag bars;
Segment III – services, including renting office spaces, property protection and cash shipments;
Segment IV – magnetic tickets;
Segment V – trade goods and materials (sale of gold and silver discs, bars purchased and
subsequently resold, sale of NBP coins to the distributors, pre-paids);
Segment VI – housing (not present in 2010 )
Disclaimer
This presentation was prepared by the Mint of Poland. It does not contain a complete financial or business or overall analysis of the Company, neither does it present its position or
prospects in a complete or overall way. Any person intending to take financial decisions regarding any securities issued by the Mint of Poland is recommended to rely on the information disclosed in official
communications of the Mint of Poland in accordance with the applicable law.