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Goznak Increases Revenue and Profit in 20121 2013 , 16:58

Goznak Increases Revenue and Profit in 2012

Goznak was founded in 1818 in Saint Petersburg by Royal Decree to organise the production of banknotes and protect them from counterfeiting. Today, banknotes account for 22.9% of Goznak's business, which employs over 9,000 people.
Sales in 2012 (all products) totalled 45.93 billion roubles (US$1.48 billion), a 9.4% increase over the previous year. Pretax profit at 8.09 billion roubles was 61.4% higher than 2011, and the profit margin 11.93% to 17.62%.
Export business in 2012 resulted in sales of 2.3 billion roubles, an increase of 31.75% over 2011, and Goznak broadened its markets with products going to Latin America, the Middle and Far East, South East Asia, Africa and Europe as well as CIS countries. Exports of banknote paper totalled over 3,000 tonnes and over 1.1 billion banknotes with MFC, HMC, and VFI security elements as well as MOBILE and SKATE security threads supplied to foreign customers. Products from the mints were also exported, the amount increasing significantly over previous years, according to the company.
It was a particularly busy year for the mints (of which there are two - in Moscow and St Petersburg) - a record number of coins being produced to mark the 200th anniversary of the victory of Russia in the Patriotic War of 1812. A total of 34 different kinds of commemorative coins were issued in three series.
2013 looks like being a similarly busy year for commemorative products - in particular for the 2014 Winter Olympic Games, which are being held in Sochi. 26 types of coins have been issued so far to mark the occasion, while a new 100 roubles banknote is set to be introduced in October, 100 days before the start of the Games. A total of 10 million notes will be put into circulation.
This will be Goznak's first commemorative note produced for Russia and the first Russian note to incorporate a vertically-oriented design. It will also be the first time Russia has outsourced the design of a banknote to the public; the designer is a student of the Repin Institute of St. Petersburg Academy of Arts, who won the contest to produce the artwork. The note features a flying snow-boarder on the front and the Olympic Stadium with a firebird on the back. No details have been released in regards to its security features but Goznak's General Director Arkady Trachuk said that 'the solutions will be very interesting. There are currently no security features like these on any circulating banknotes.'
Source: Currency News
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