form_8k.htm

0000078890-13-000018.txt : 20130725 0000078890-13-000018.hdr.sgml : 20130725 20130724191056 ACCESSION NUMBER: 0000078890-13-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 28 CONFORMED PERIOD OF REPORT: 20130725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130725 DATE AS OF CHANGE: 20130724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRINKS CO CENTRAL INDEX KEY: 0000078890 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 541317776 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-09148 FILM NUMBER: 13984621 BUSINESS ADDRESS: STREET 1: 1801 BAYBERRY COURT STREET 2: P O BOX 18100 CITY: RICHMOND STATE: VA ZIP: 23226-1800 BUSINESS PHONE: 8042899623 MAIL ADDRESS: STREET 1: 1801 BAYBERRY COURT STREET 2: P O BOX 18100 CITY: RICHMOND STATE: VA ZIP: 23226-8100 FORMER COMPANY: FORMER CONFORMED NAME: PITTSTON CO DATE OF NAME CHANGE: 19920703 8-K 1 form_8k.htm FORM 8-K form_8k.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): July 25, 2013

THE BRINK’S COMPANY

(Exact name of registrant as specified in its charter)

Virginia	001-09148	54-1317776
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1801 Bayberry Court

P. O. Box 18100

Richmond, VA 23226-8100

(Address and zip code of

principal executive offices)

Registrant’s telephone number, including area code: (804) 289-9600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):

[ ]		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]		Soliciting materials pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02

Results of Operations and Financial Condition.

On July 25, 2013, The Brink’s Company issued a press release regarding its results for the second quarter ended June 30, 2013. A copy of this release is being furnished as Exhibit 99.1 to this Current Report on Form 8-K.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.

Item 7.01

Regulation FD Disclosure.

On July 25, 2013, The Brink’s Company provided slides to accompany its earnings presentation. A copy of the slides is furnished as Exhibit 99.2 hereto.

Item 9.01		Financial Statements and Exhibits.

(d)	Exhibits

	99.1	Press Release, dated July 25, 2013, issued by The Brink’s Company

	99.2	Slide presentation of The Brink’s Company

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE BRINK’S COMPANY (Registrant)


Date: July 25, 2013	By:	/s/ Joseph W. Dziedzic
		Joseph W. Dziedzic
		Vice President and Chief Financial Officer

EXHIBIT INDEX

EXHIBIT	DESCRIPTION

99.1	Press Release, dated July 25, 2013, issued by The Brink’s Company

99.2	Slide presentation of The Brink’s Company

EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm

EXHIBIT 99.1

PRESS RELEASE

The Brink’s Company

1801 Bayberry Court

P.O. Box 18100

Richmond, VA 23226-8100 USA

Tel. 804.289.9600

Fax 804.289.9770

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

804.289.9709

Brink’s Reports Second-Quarter Results

GAAP EPS $.27 vs. $.71; Non-GAAP $.44 vs. $.48

International Profit Improves, North America Profit Declines

Management Reaffirms Full-Year Outlook

RICHMOND, Va., July 25, 2013 – The Brink’s Company (NYSE: BCO), a global leader in security-related services, today reported second-quarter earnings.

Second-Quarter Highlights

GAAP:

Revenue up 6% (8% organic growth), EPS $.27 vs. $.71

Segment profit up 4% (6% organic increase), margin 5.5% vs. 5.6%

International profit up 16% (19% organic increase), margin 6.4% vs. 5.9%

North America profit down 40% (40% organic decrease), margin 2.8% vs. 4.8%

Non-GAAP:

Revenue up 6% (8% organic growth), EPS $.44 vs. $.48

Segment profit up 5% (7% organic increase), margin 5.9% vs. 6%

International profit up 16% (19% organic increase), margin 6.5% vs. 6.1%

North America profit down 29% (29% organic decrease), margin 4.1% vs. 5.7%

Tom Schievelbein, chairman, president and chief executive officer, said: “Second-quarter results were in line with our full-year expectations as profit growth from international operations, driven primarily by Latin America, was offset by ongoing weakness in North America. We expect continued improvement in international operations to enable us to achieve a full-year non-GAAP segment margin rate between 6% and 6.5% on organic revenue growth of 5% to 8%.”

Summary Reconciliation of Second-Quarter GAAP to Non-GAAP EPS*
	Second Quarter						First Half
	2013			2012			2013			2012
GAAP EPS	$	0.27		$	0.71		$	0.33		$	1.16
Exclude Venezuela monetary asset remeasurement losses		-			-			0.17			-
Exclude U.S. retirement plan expenses		0.17			0.16			0.34			0.37
Exclude employee benefit settlement and severance losses		0.01			-			0.01			0.02
Exclude additional European operations to be exited		0.01			0.01			0.02			0.02
Exclude gains and losses on acquisitions and dispositions		-			(0.02	)		(0.02	)		(0.04	)
Exclude tax benefit from change in retiree health care funding strategy		-			(0.43	)		-			(0.43	)
Adjust quarterly tax rate to full-year average rate		(0.01	)		0.05			(0.05	)		0.07
Non-GAAP EPS	$	0.44		$	0.48		$	0.79		$	1.16

Summary of Second-Quarter Results*
	Second Quarter									First Half
(In millions, except for per share amounts)	2013			2012			% Change			2013			2012			% Change


GAAP
Revenues	$	991			936			6	%	$	1,962			1,871			5	%
Segment operating profit(a)		55			53			4			89			125			(29	)
Non-segment expense		(22	)		(21	)		1			(39	)		(46	)		(15	)
Operating profit		33			31			6			50			79			(36	)
Income from continuing operations(b)		13			34			(62	)		16			56			(72	)
Diluted EPS from continuing operations(b)		0.27			0.71			(62	)		0.33			1.16			(72	)

Non-GAAP
Revenues	$	988			933			6	%	$	1,957			1,867			5	%
Segment operating profit(a)		59			56			5			110			131			(16	)
Non-segment expense		(11	)		(12	)		(3	)		(19	)		(21	)		(11	)
Operating profit		47			44			7			91			110			(17	)
Income from continuing operations(b)		22			24			(9	)		39			57			(31	)
Diluted EPS from continuing operations(b)(c)		0.44			0.48			(8	)		0.79			1.16			(32	)

(a)	Segment operating profit is a non-GAAP measure. Disclosure of segment operating profit enables investors to assess operating performance excluding non-segment income and expense.

(b)	Amounts reported are attributable to shareholders of The Brink’s Company and exclude earnings related to noncontrolling interests.

(c)

Revenues and earnings of discontinued operations have been reclassified from continued operations for all prior periods. In addition, Non-GAAP revenues and earnings exclude operations we intend to exit during 2013 that have not yet met the accounting definition of a discontinued operation. As a result, the consolidated revenues and earnings from continuing operations reported herein on a GAAP and Non-GAAP basis are different from amounts previously reported.

*Non-GAAP results are reconciled to the applicable GAAP results on pages 10-12. Amounts may not add due to rounding.

The Brink’s Company and subsidiaries

Second Quarter 2013 vs. 2012 (Unaudited)

(In millions)

Segment Results – GAAP

							Acquisitions /
				Organic			Dispositions			Currency						% Change
	2Q '12			Change			(a)			(b)			2Q '13			Total			Organic
Revenues:
Latin America	$	376			55			4			(21	)		414			10			14
EMEA		284			10			-			3			296			4			3
Asia Pacific		39			5			-			(1	)		43			10			13
International		698			69			4			(19	)		752			8			10
North America		238			2			-			(1	)		239			-			1
Total	$	936			71			4			(20	)		991			6			8
Operating profit:
International	$	41			8			-			(2	)		48			16			19
North America		11			(5	)		-			-			7			(40	)		(40	)
Segment operating profit		53			3			-			(2	)		55			4			6
Non-segment		(21	)		1			(1	)		-			(22	)		1			(3	)
Total	$	31			4			(1	)		(2	)		33			6			12

Segment operating margin:
International		5.9	%											6.4	%
North America		4.8	%											2.8	%
Segment operating margin		5.6	%											5.5	%

Segment Results – Non-GAAP*

							Acquisitions /
				Organic			Dispositions		Currency						% Change
	2Q '12			Change			(a)		(b)			2Q '13			Total			Organic
Revenues:
Latin America	$	376			55			4		(21	)		414			10			14
EMEA		281			9			-		3			293			4			3
Asia Pacific		39			5			-		(1	)		43			10			13
International		696			69			4		(19	)		750			8			10
North America		238			2			-		(1	)		239			-			1
Total	$	933			71			4		(20	)		988			6			8
Operating profit:
International	$	42			8			-		(2	)		49			16			19
North America		14			(4	)		-		-			10			(29	)		(29	)
Segment operating profit		56			4			-		(2	)		59			5			7
Non-segment		(12	)		-			-		-			(11	)		(3	)		(3	)
Total	$	44			4			-		(2	)		47			7			10

Segment operating margin:
International		6.1	%										6.5	%
North America		5.7	%										4.1	%
Segment operating margin		6.0	%										5.9	%

(a)	Includes operating results and gains/losses on acquisitions, sales and exits of businesses. Also includes impairment charges related to businesses that we expect to dispose of in the near term.

(b)

The “Currency” amount in the table is the summation of the monthly currency changes, plus (minus) the U.S. dollar amount of remeasurement currency gains (losses) of bolivar fuerte-denominated net monetary assets recorded under highly inflationary accounting rules related to the Venezuelan operations. The monthly currency change is equal to the Revenue or Operating Profit for the month in local currency, on a country-by-country basis, multiplied by the difference in rates used to translate the current period amounts to U.S. dollars versus the translation rates used in the year-ago month. The functional currency in Venezuela is the U.S. dollar under highly inflationary accounting rules. Remeasurement gains and losses under these rules are recorded in U.S. dollars but these gains and losses are not recorded in local currency. Local currency Revenue and Operating Profit used in the calculation of monthly currency change for Venezuela have been derived from the U.S. dollar results of the Venezuelan operations under U.S. GAAP (excluding remeasurement gains and losses) using current period currency exchange rates.

*Non-GAAP results are reconciled to the applicable GAAP results on pages 10-12. Amounts may not add due to rounding.

The Brink’s Company and subsidiaries

Year-to-Date June 2013 vs. 2012 (Unaudited)

(In millions)

Segment Results – GAAP

							Acquisitions /
				Organic			Dispositions		Currency						% Change
	YTD '12			Change			(a)		(b)			YTD '13			Total			Organic
Revenues:
Latin America	$	762			100			7		(43	)		827			8			13
EMEA		559			14			-		3			576			3			3
Asia Pacific		76			12			-		(2	)		85			12			15
International		1,397			126			7		(43	)		1,488			6			9
North America		474			2			-		(1	)		474			-			-
Total	$	1,871			128			7		(44	)		1,962			5			7
Operating profit:
International	$	107			(5	)		1		(18	)		85			(21	)		(5	)
North America		17			(13	)		-		-			4			(74	)		(74	)
Segment operating profit		125			(18	)		1		(18	)		89			(29	)		(15	)
Non-segment		(46	)		7			-		-			(39	)		(15	)		(15	)
Total	$	79			(11	)		1		(18	)		50			(36	)		(14	)

Segment operating margin:
International		7.7	%										5.7	%
North America		3.6	%										0.9	%
Segment operating margin		6.7	%										4.5	%

Segment Results – Non-GAAP*

							Acquisitions /
				Organic			Dispositions		Currency						% Change
	YTD '12			Change			(a)		(b)			YTD '13			Total			Organic
Revenues:
Latin America	$	762			100			7		(43	)		827			8			13
EMEA		554			14			-		3			571			3			3
Asia Pacific		76			12			-		(2	)		85			12			15
International		1,393			126			7		(43	)		1,483			7			9
North America		474			2			-		(1	)		474			-			-
Total	$	1,867			128			7		(44	)		1,957			5			7
Operating profit:
International	$	110			(6	)		1		(5	)		100			(9	)		(5	)
North America		22			(11	)		-		-			10			(53	)		(53	)
Segment operating profit		131			(17	)		1		(5	)		110			(16	)		(13	)
Non-segment		(21	)		2			-		-			(19	)		(11	)		(11	)
Total	$	110			(15	)		1		(5	)		91			(17	)		(14	)

Segment operating margin:
International		7.9	%										6.7	%
North America		4.6	%										2.2	%
Segment operating margin		7.0	%										5.6	%

Amounts may not add due to rounding. See page 3 for footnote explanations.

Non-Segment Expenses

Non-segment expenses increased slightly from $21 million to $22 million due to an acquisition gain ($1 million) recognized during 2012. On a non-GAAP basis, these expenses declined from $12 million to $11 million due to lower general and administrative costs.

Capital Expenditures and Capital Leases

Year-to-date capital expenditures and capital lease additions were $80 million in both periods. Full-year fixed asset acquisitions are expected to be approximately $205 million versus $203 million in 2012.

Income Taxes

On a GAAP basis, the second-quarter tax expense was $11 million (effective rate of 40%) versus the year-ago quarter’s tax benefit of $9 million (negative effective rate of 34%). This quarter’s higher rate reflects the nondeductible remeasurement charge resulting from the Venezuela devaluation recorded in the first quarter, as well as additional devaluation amounts forecasted for 2013. The prior year’s lower rate reflected a non-cash tax benefit related to a change in retiree health care funding strategy. The effective GAAP tax rate for 2013 is expected to be between 49% and 52%.

Non-GAAP earnings for the second quarter reflect an effective tax rate of 37.5%, which is the midpoint of the estimated non-GAAP full-year range of 36% to 39%. Non-GAAP results exclude the aforementioned nondeductible remeasurement charge.

Conference Call

Brink’s will host a conference call on July 25 at 11:00 a.m. Eastern Time to review second-quarter results. Interested parties can listen by calling (800) 860-2442 (domestic), (412) 858-4600 (international), or via live webcast at www.Brinks.com. Please call in at least five minutes prior to the start of the call. A replay will be available through August 8, 2013, by calling (877) 344-7529 (domestic) or + (412) 317-0088 (international). The conference account number is 10030160. A webcast replay will also be available at www.Brinks.com.

About The Brink’s Company

The Brink’s Company (NYSE:BCO) is the world’s premier provider of secure transportation and cash management services. For more information, please visit The Brink’s Company website at www.Brinks.com or call 804-289-9709.

Non-GAAP Results

Non-GAAP results described in this earnings release are financial measures that are not required by or presented in accordance with U.S. generally accepted accounting principles (“GAAP”). The purpose of the non-GAAP results is to report financial information without certain income and expense items and adjust the quarterly non-GAAP tax rates so that the non-GAAP tax rate in each of the quarters is equal to the full-year non-GAAP tax rate. For 2013, a forecasted full-year tax rate is used. The full year non-GAAP tax rate in both years excludes certain pretax and tax income and expense amounts. The non-GAAP information provides information to assist comparability and estimates of future performance. Brink’s believes these measures are helpful in assessing operations and estimating future results and enable period-to-period comparability of financial performance. In addition, Brink’s believes the measures will help investors assess the ongoing operations. Non-GAAP results should not be considered as an alternative to revenue, income or earnings per share amounts determined in accordance with GAAP and should be read in conjunction with their GAAP counterparts.

Forward-Looking Statements

This release contains both historical and forward-looking information. Words such as “anticipates,” “assumes,” “estimates,” “expects,” “projects,” “predicts,” “intends,” “plans,” “believes,” “potential,” “may,” “should” and similar expressions may identify forward-looking information. Forward-looking information in this release includes, but is not limited to, anticipated revenue, segment operating profit, segment margin, non-segment expense, interest expense, income tax rate, non-controlling interest expense, capital expenditures, productivity investments and improvement, capital leases and depreciation and amortization for 2013, future devaluation in Venezuela, anticipated results in the Company’s segments and regions, and pending acquisitions, dispositions and related transactions. Forward-looking information in this document is subject to known and unknown risks, uncertainties and contingencies, which are difficult to predict or quantify, and which could cause actual results, performance or achievements to differ materially from those that are anticipated.

These risks, uncertainties and contingencies, many of which are beyond our control, include, but are not limited to:

·	continuing market volatility and commodity price fluctuations and their impact on the demand for our services,

·	our ability to continue profit growth in Latin America,

·	our ability to maintain or improve volumes at favorable pricing levels and increase cost efficiencies in the United States and Europe,

·	investments in information technology and value-added services and their impact on revenue and profit growth,

·	our ability to develop and implement solutions for our customers and gain market acceptance of those solutions,

·	our ability to maintain an effective IT infrastructure and safeguard confidential information,

risks customarily associated with operating in foreign countries including changing labor and economic conditions, currency devaluations, safety and security issues, political instability, restrictions on repatriation of earnings and capital, nationalization, expropriation and other forms of restrictive government actions,

·	the strength of the U.S. dollar relative to foreign currencies and foreign currency exchange rates,

·	the stability of the Venezuelan economy, changes in Venezuelan policy regarding foreign-owned businesses,

·	changes in currency restrictions and in foreign exchange rates,

·	fluctuations in value of the Venezuelan bolivar fuerte,

·	regulatory and labor issues in many of our global operations, including negotiations with organized labor and the possibility of work stoppages,

·	our ability to identify and execute further cost and operational improvements and efficiencies in our core businesses,

·	our ability to integrate successfully recently acquired companies and improve their operating profit margins,

·	costs related to dispositions and market exits,

·	our ability to identify acquisitions and other strategic opportunities in emerging markets,

·	the willingness of our customers to absorb fuel surcharges and other future price increases,

·	our ability to obtain necessary information technology and other services at favorable pricing levels from third party service providers,

·	variations in costs or expenses and performance delays of any public or private sector supplier, service provider or customer,

·	our ability to obtain appropriate insurance coverage, positions taken by insurers with respect to claims made and the financial condition of insurers, safety and security performance, our loss experience, changes in insurance costs,

·	security threats worldwide and losses of customer valuables,

·	costs associated with the purchase and implementation of cash processing and security equipment,

·	employee and environmental liabilities in connection with our former coal operations, black lung claims incidence,

·	the impact of the Patient Protection and Affordable Care Act on black lung liability and the Company’s ongoing operations,

changes to estimated liabilities and assets in actuarial assumptions due to payments made, investment returns, interest rates and annual actuarial revaluations, the funding requirements, accounting treatment, investment performance and costs and expenses of our pension plans, the VEBA and other employee benefits, mandatory or voluntary pension plan contributions,

·	the nature of our hedging relationships,

·	changes in estimates and assumptions underlying our critical accounting policies,

·	our ability to realize deferred tax assets,

·	the outcome of pending and future claims and litigation,

·	public perception of the Company’s business and reputation,

·	access to the capital and credit markets,

·	seasonality, pricing and other competitive industry factors, and

·	the promulgation and adoption of new accounting standards and interpretations, new government regulations and interpretations of existing regulations.

This list of risks, uncertainties and contingencies is not intended to be exhaustive. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the period ended December 31, 2012, and in our other public filings with the Securities and Exchange Commission. The forward-looking information included in this document is representative only as of the date of this document and The Brink’s Company undertakes no obligation to update any information contained in this document.

The Brink’s Company and subsidiaries

Outlook Summary (Unaudited)

(In millions)

				GAAP			Non-GAAP
					2013			2013
				2012	Estimate		2012	Estimate
Organic revenue growth
	International			11%	7% - 9%		11%	7% - 9%
	North America			(2)%	0% - 2%		(2)%	0% - 2%
		Total		7%	5% - 8%		7%	5% - 8%

Currency impact on revenue
	International			(7)%	(3%) – (5%)		(7)%	(3%) – (5%)
	North America			flat	flat		flat	flat
		Total		(5)%	(2%) – (4%)		(5)%	(2%) – (4%)

Segment margin
	International(a)			7.9%	6.0% - 7.0%		7.9%	7.0% - 8.0%
	North America(b)			3.4%	1% - 2%		4.4%	2% - 3%
		Total		6.8%	5.0% - 5.5%		7.0%	6.0% - 6.5%

Non-segment expense
	General and administrative		$	44	43	$	44	43
	Retirement plans(b)			47	41		-	-
	Royalty income			(2)	(2)		(2)	(2)
		Total	$	89	82	$	42	41

Effective income tax rate(a)				17%	49% – 52%		36%	36% – 39%

Interest expense			$	24	24 – 27	$	23	24 – 27

Interest and other income (expense)(c)			$	7	2 – 3	$	5	2 – 3

Net income attributable to
	noncontrolling interests(a)		$	21	3 – 5	$	19	17 – 20

Fixed assets acquired
	Capital expenditures		$	185	195	$	185	195
	Capital leases(d)			18	10		18	10
		Total	$	203	205	$	203	205

Depreciation and amortization			$	166	180 – 190	$	166	180 – 190

(a)	Actual and projected 2013 remeasurement losses on net monetary assets in Venezuela have been excluded from non-GAAP results.

(b)	Costs related to U.S. retirement plans have been excluded from non-GAAP results including $9 million in 2012 and $12 million in 2013 related to North America, and $47 million in 2012 and $41 million in 2013 related to Non-segment.

(c)	$2.4 million of gains on sales of securities have been excluded from 2012’s non-GAAP results.

(d)	Includes capital leases for newly acquired assets only.

Amounts may not add due to rounding.

The Brink’s Company and subsidiaries

Condensed Consolidated Statements of Income (Loss) (Unaudited)

(In millions, except per share amounts)

	Second Quarter						First Half
	2013			2012			2013			2012

Revenues	$	990.5			935.6		$	1,962.0			1,871.1

Costs and expenses:
Cost of revenues		810.0			767.1			1,620.1			1,521.6
Selling, general and administrative expenses		147.4			135.9			282.9			271.4
Total costs and expenses		957.4			903.0			1,903.0			1,793.0
Other operating income (expense)		0.1			(1.2	)		(8.6	)		0.9

Operating profit		33.2			31.4			50.4			79.0

Interest expense		(6.1	)		(5.4	)		(12.1	)		(11.7	)
Interest and other income (expense)		0.4			0.9			0.9			4.8
Income from continuing operations before tax		27.5			26.9			39.2			72.1
Provision (benefit) for income taxes		11.0			(9.1	)		16.3			7.6

Income from continuing operations		16.5			36.0			22.9			64.5

Loss from discontinued operations, net of tax		(4.5	)		(3.9	)		(23.8	)		(8.6	)

Net income (loss)		12.0			32.1			(0.9	)		55.9

Less net income attributable to noncontrolling interests		(3.3	)		(1.6	)		(7.0	)		(8.4	)

Net income (loss) attributable to Brink’s	$	8.7			30.5		$	(7.9	)		47.5

Amounts attributable to Brink’s
Continuing operations	$	13.2			34.4		$	15.9			56.1
Discontinued operations		(4.5	)		(3.9	)		(23.8	)		(8.6	)

Net income (loss) attributable to Brink’s	$	8.7			30.5		$	(7.9	)		47.5

Earnings (loss) per share attributable to Brink’s common shareholders(a)
Basic:
Continuing operations	$	0.27			0.71		$	0.33			1.16
Discontinued operations		(0.10	)		(0.08	)		(0.49	)		(0.18	)
Net income (loss)	$	0.18			0.63		$	(0.16	)		0.98

Diluted:
Continuing operations	$	0.27			0.71		$	0.33			1.16
Discontinued operations		(0.09	)		(0.08	)		(0.49	)		(0.18	)
Net income (loss)	$	0.18			0.63		$	(0.16	)		0.98

Weighted-average shares
Basic		48.6			48.5			48.6			48.3
Diluted		48.9			48.6			48.9			48.5

(a) Earnings per share may not add due to rounding.

The Brink’s Company and subsidiaries

Supplemental Financial Information (Unaudited)

(In millions)

	Second Quarter						First Half
	2013			2012			2013			2012
DISCONTINUED OPERATIONS

Discontinued European operations(a):
Loss from operations(b)	$	(4.3	)		(4.9	)	$	(23.4	)		(10.1	)
Loss on sale		(0.2	)		-			(0.7	)		-
Adjustments to contingencies of former operations		1.2			-			1.2			0.1
Loss from discontinued operations before income taxes		(3.3	)		(4.9	)		(22.9	)		(10.0	)
Provision (benefit) for income taxes		1.2			(1.0	)		0.9			(1.4	)
Loss from discontinued operations, net of tax	$	(4.5	)		(3.9	)	$	(23.8	)		(8.6	)

(a)

Discontinued operations include cash-in-transit operations in Germany, Poland, and Turkey, and guarding operations in France, Morocco, and Germany. Revenues from these European operations were $21.7 million in the three months and $45.8 million in the six months ended June 30, 2013, and $31.6 million in the three months and $62.9 million in the six months ended June 30, 2012. No interest expense was included in discontinued operations in the first six months ended June 30, 2013 and 2012.

(b)

As of June 30, 2013, loss from operations includes $16.2 million of severance expenses which will be required to be paid to terminate certain employees of the German cash-in-transit operations after the sale of the business is completed. We intend to contribute a portion of the cost to fund the severance payments to the business prior to the execution of the sale transaction.

	First Half
SELECTED CASH FLOW INFORMATION	2013		2012

Property and equipment acquired during the period
Capital expenditures
International	$	60.1		43.7
North America		19.6		27.2
Capital expenditures		79.7		70.9

Capital leases(a)
International		-		2.7
North America		0.5		6.0
Capital leases		0.5		8.7

Total
International		60.1		46.4
North America		20.1		33.2
Total	$	80.2		79.6

Depreciation and amortization
International	$	55.9		50.3
North America		32.7		30.9
Depreciation and amortization	$	88.6		81.2

(a)

Represents the amount of property and equipment acquired using capital leases. Because these assets are acquired without using cash, the acquisitions are not reflected in the consolidated cash flow statement. Amounts are provided here to assist in the comparison of assets acquired in the current year versus prior years. Sales leaseback transactions are excluded from "Capital leases" in this table.

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)

				GAAP Basis	Additional European Operations to be Exited (a)		Gains and Losses on Acquisitions and Dispositions (b)	Monetary Asset Remeasurement Losses in Venezuela (c)	Employee Benefit Settlement and Severance Losses (d)	U.S. Retirement Plans (e)	Adjust Income Tax Rate (f)	Non-GAAP Basis

			Second Quarter 2013
Revenue:
	Latin America		$	413.6		-	-	-	-	-	-	413.6
	EMEA			295.7		(2.3)	-	-	-	-	-	293.4
	Asia Pacific			42.5		-	-	-	-	-	-	42.5
		International		751.8		(2.3)	-	-	-	-	-	749.5
	North America			238.7		-	-	-	-	-	-	238.7
		Revenue	$	990.5		(2.3)	-	-	-	-	-	988.2

Operating profit:
	International		$	48.0		0.4	-	-	0.5	-	-	48.9
	North America			6.8		-	-	-	-	2.9	-	9.7
		Segment operating profit		54.8		0.4	-	-	0.5	2.9	-	58.6
	Non-segment			(21.6)		-	-	-	-	10.2	-	(11.4)
		Operating profit	$	33.2		0.4	-	-	0.5	13.1	-	47.2

Amounts attributable to Brink’s:
Income from continuing operations			$	13.2		0.4	-	-	0.4	8.2	(0.7)	21.5
Diluted EPS – continuing operations				0.27		0.01	-	-	0.01	0.17	(0.01)	0.44

			First Half 2013
Revenue:
	Latin America		$	826.5	-		-	-	-	-	-	826.5
	EMEA			575.8	(4.6)		-	-	-	-	-	571.2
	Asia Pacific			85.4	-		-	-	-	-	-	85.4
		International		1,487.7	(4.6)		-	-	-	-	-	1,483.1
	North America			474.3	-		-	-	-	-	-	474.3
		Revenue	$	1,962.0	(4.6)		-	-	-	-	-	1,957.4

Operating profit:
	International		$	84.6	0.9		-	13.4	0.8	-	-	99.7
	North America			4.4	-		-	-	-	5.8	-	10.2
		Segment operating profit		89.0	0.9		-	13.4	0.8	5.8	-	109.9
	Non-segment			(38.6)	-		(1.1)	-	-	20.7	-	(19.0)
		Operating profit	$	50.4	0.9		(1.1)	13.4	0.8	26.5	-	90.9

Amounts attributable to Brink’s:
Income from continuing operations			$	15.9	1.0		(1.1)	8.4	0.6	16.6	(2.6)	38.8
Diluted EPS – continuing operations				0.33	0.02		(0.02)	0.17	0.01	0.34	(0.05)	0.79

(a)	To eliminate results of additional European operations we intend to exit in 2013. Operations do not currently meet requirements to be classified as discontinued operations.

(b)	To eliminate a $1.1 million adjustment to the amount of gain recognized on a 2010 business acquisition in Mexico as a result of a favorable adjustment to the purchase price received in the first quarter of 2013.

(c)	To eliminate currency exchange losses related to a 16% devaluation of the official exchange rate in Venezuela from 5.3 to 6.3 bolivar fuertes to the U.S. dollar in February 2013.

(d)	To eliminate employee benefit settlement losses in Mexico.

(e)	To eliminate expenses related to U.S. retirement plans.

(f)	To adjust effective income tax rate in the interim period to be equal to the midpoint of the estimated range of the full-year non-GAAP effective income tax rate. The midpoint of the estimated range of the full-year non-GAAP effective tax rate for 2013 is 37.5%.

Amounts may not add due to rounding.

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)

		GAAP Basis			Additional European Operations to be Exited (a)			Gains and Losses on Acquisitions and Dispositions (b)			Employee Benefit Settlement and Severance Losses (c)		U.S. Retirement Plans (d)		Tax Benefit on Change in Health Care Funding Strategy (e)			Adjust Income Tax Rate (f)		Non-GAAP Basis

	Second Quarter 2012
Revenues:
Latin America		$	375.9			-			-			-		-		-			-		375.9
EMEA			283.6			(2.2	)		-			-		-		-			-		281.4
Asia Pacific			38.5			-			-			-		-		-			-		38.5
International			698.0			(2.2	)		-			-		-		-			-		695.8
North America			237.6			-			-			-		-		-			-		237.6
Revenue		$	935.6			(2.2	)		-			-		-		-			-		933.4

Operating profit:
International		$	41.3			0.7			-			0.3		-		-			-		42.3
North America			11.4			-			-			-		2.2		-			-		13.6
Segment operating profit			52.7			0.7			-			0.3		2.2		-			-		55.9
Non-segment			(21.3	)		-			(0.9	)		-		10.5		-			-		(11.7	)
Operating profit		$	31.4			0.7			(0.9	)		0.3		12.7		-			-		44.2

Amounts attributable to Brink’s:
Income from continuing operations		$	34.4			0.7			(0.9	)		0.2		7.6		(20.9	)		2.4		23.5
Diluted EPS – continuing operations			0.71			0.01			(0.02	)		-		0.16		(0.43	)		0.05		0.48

	First Half 2012

Revenues:
Latin America		$	762.2			-			-			-		-		-			-		762.2
EMEA			558.8			(4.6	)		-			-		-		-			-		554.2
Asia Pacific			76.1			-			-			-		-		-			-		76.1
International			1,397.1			(4.6	)		-			-		-		-			-		1,392.5
North America			474.0			-			-			-		-		-			-		474.0
Revenue		$	1,871.1			(4.6	)		-			-		-		-			-		1,866.5

Operating profit:
International		$	107.4			1.3			-			1.1		-		-			-		109.8
North America			17.2			-			-			-		4.4		-			-		21.6
Segment operating profit			124.6			1.3			-			1.1		4.4		-			-		131.4
Non-segment			(45.6	)		-			(0.9	)		-		25.2		-			-		(21.3	)
Operating profit		$	79.0			1.3			(0.9	)		1.1		29.6		-			-		110.1

Amounts attributable to Brink’s:
Income from continuing operations		$	56.1			1.4			(2.1	)		0.8		17.8		(20.9	)		3.4		56.5
Diluted EPS – continuing operations			1.16			0.02			(0.04	)		0.02		0.37		(0.43	)		0.07		1.16

See page 12 for footnote explanations.

The Brink’s Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)

	GAAP Basis			Additional European Operations to be Exited (a)			Gains and Losses on Acquisitions and Dispositions (b)			Employee Benefit Settlement and Severance Losses (c)		U.S. Retirement Plans (d)		Tax Benefit on Change in Health Care Funding Strategy (e)			Adjust Income Tax Rate (f)		Non-GAAP Basis

	Full Year 2012
Revenue:
Latin America	$	1,579.4			-			-			-		-		-			-		1,579.4
EMEA		1,135.1			(9.2	)		-			-		-		-			-		1,125.9
Asia Pacific		158.9			-			-			-		-		-			-		158.9
International		2,873.4			(9.2	)		-			-		-		-			-		2,864.2
North America		945.4			-			-			-		-		-			-		945.4
Revenues	$	3,818.8			(9.2	)		-			-		-		-			-		3,809.6

Operating profit:
International	$	229.8			3.6			(8.5	)		3.9		-		-			-		228.8
North America		32.5			-			-			-		8.8		-			-		41.3
Segment operating profit		262.3			3.6			(8.5	)		3.9		8.8		-			-		270.1
Non-segment		(88.9	)		-			(0.8	)		-		47.4		-			-		(42.3	)
Operating profit	$	173.4			3.6			(9.3	)		3.9		56.2		-			-		227.8

Amounts attributable to Brink’s:
Income from continuing operations	$	109.1			3.9			(14.0	)		2.8		33.8		(21.1	)		-		114.5
Diluted EPS – continuing operations		2.24			0.08			(0.29	)		0.06		0.70		(0.43	)		-		2.36

(a)	To eliminate results of additional European operations we intend to exit in 2013. Operations do not currently meet requirements to be classified as discontinued operations.

(b)	To eliminate:

Gains related to the sale of investments in mutual fund securities ($1.9 million in the first quarter and $0.5 million in the third quarter). Proceeds from the sales were used to fund the settlement of pension obligations related to our former chief executive officer, and former chief administrative officer.

Gains and losses related to business acquisitions and dispositions. A $0.9 million gain was recognized in the second quarter and a $0.1 million loss was recognized in the third quarter. In the fourth quarter of 2012, tax expense included a benefit of $7.5 million related to a reduction in an income tax accrual established as part of the 2010 acquisition of subsidiaries in Mexico, and pretax income included a $2.1 million favorable adjustment to the local profit sharing accrual as a result of the change in tax expectation.

·	Third-quarter gain on the sale of real estate in Venezuela ($7.2 million).

·	Selling costs related to certain operations expected to be sold in the near term and costs related to an acquisition completed in first quarter 2013. A $0.8 million loss was recognized in the fourth quarter.

(c)	To eliminate employee benefit settlement and acquisition-related severance losses (Mexico and Argentina). Employee termination benefits in Mexico are accounted for under FASB ASC Topic 715, Compensation – Retirement Benefits.

(d)	To eliminate expenses related to U.S. retirement plans.

(e)	To eliminate tax benefit related to change in retiree health care funding strategy.

(f)	To adjust effective income tax rate in the interim period to be equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate for 2012 was 36.2%.

Amounts may not add due to rounding.

The Brink’s Company and subsidiaries

Other Reconciliations to GAAP (Unaudited)

(In millions)

NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP
	First Half
	2013			2012
Cash flows from operating activities – GAAP	$	41.1		$	30.3
Decrease (increase) in certain customer obligations(a)		(14.8	)		20.4
Cash outflows (inflows) related to discontinued operations(b)		10.2			9.9

Cash flows from operating activities – Non-GAAP	$	36.5		$	60.6

(a)

To eliminate the change in the balance of customer obligations related to cash received and processed in certain of our Cash Management Services operations. The title to this cash transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources.

(b)	To eliminate cash flows related to our discontinued operations.

Non-GAAP cash flows from operating activities is a supplemental financial measure that is not required by, or presented in accordance with GAAP. The purpose of the non-GAAP cash flows from operating activities is to report financial information excluding the impact of cash received and processed in certain of our secure Cash Management Service operations and without cash flows from discontinued operations. Brink’s believes these measures are helpful in assessing cash flows from operations, enable period-to-period comparability and are useful in predicting future operating cash flows. Non-GAAP cash flows from operating activities should not be considered as an alternative to cash flows from operating activities determined in accordance with GAAP and should be read in conjunction with our consolidated statements of cash flows.

NET DEBT – RECONCILED TO U.S. GAAP
	June 30,			December 31,
	2013			2012
Debt:
Short-term debt	$	94.1		$	26.7
Long-term debt		432.8			362.6
Total Debt		526.9			389.3

Less:
Cash and cash equivalents		239.8			201.7
Amounts held by Cash Management Services operations(a)		(56.1	)		(44.0	)
Cash and cash equivalents available for general corporate purposes		183.7			157.7

Net Debt	$	343.2		$	231.6

(a)

Title to cash received and processed in certain of our Cash Management Services operations transfers to us for a short period of time. The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources and in our computation of Net Debt.

Net Debt is a supplemental financial measure that is not required by, or presented in accordance with GAAP. We use Net Debt as a measure of our financial leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage. Net Debt should not be considered as an alternative to Debt determined in accordance with GAAP and should be reviewed in conjunction with our consolidated balance sheets. Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to Debt, which is the most directly comparable financial measure calculated and reported in accordance with GAAP. Net Debt excluding cash and debt in Venezuelan operations was $411 million at June 30, 2013, and $280 million at December 31, 2012.

# # #

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The Brink’s Company
Second-Quarter 2013 Earnings
Conference Call

NYSE:BCO

July 25, 2013

Exhibit 99.2

Forward-Looking Statements

These materials contain forward-looking statements. Actual
results could differ materially from projected or estimated
results. Information regarding factors that could cause such
differences is available in today's release and in The Brink’s
Company’s most recent SEC filings.

Information discussed today is representative as of today
only and Brink's assumes no obligation to update any
forward-looking statements. These materials are
copyrighted and may not be used without written permission
from Brink's.

The Brink’s Company

Ed Cunningham

Director - Investor Relations

Highlights of Second-Quarter Results

GAAP EPS $.27 vs $.71

Non-GAAP Summary:

• EPS $.44 vs $.48

• Segment margin 5.9% vs 6.0%

• Revenue up 6% (8% organic growth)

Note: See reconciliation to GAAP results in Appendix

The Brink’s Company

Tom Schievelbein

Chairman, President and

Chief Executive Officer

CEO Overview

• Second Quarter

• International margin 6.5% vs 6.1%

• North America margin 4.1% vs 5.7%

• 2013 Outlook Affirmed

• Segment margin 6% to 6.5%

• Organic revenue growth 5% to 8%

CEO Overview - International Operations

• Latin America

• Second-quarter profit growth led by
Venezuela, Mexico, Argentina

• Expect continued growth in 2nd half

• Europe - slight profit decline expected in
2013

• Asia-Pacific - continued improvement expected

CEO Overview - North America

• Continued price/volume pressures

• CIT: Focus on cost, productivity, pricing

• Shift mix to higher-margin solutions

• Strengthen leadership, IT capabilities

• Profit growth expected in 2014

• 7% margin target in 2016

CEO Overview

• Strategy Update

• Maximize profits in North America, Europe

• Invest in Latin America, adjacent markets

• Capital spending reduced

• New senior leadership team in place, focused on profit growth
and shareholder value

The Brink’s Company

Joe Dziedzic

Vice President and Chief
Financial Officer

Review and Outlook

2Q13 Non-GAAP Results

($ millions, except EPS)

Note: See reconciliation to GAAP results in Appendix

Non-GAAP EPS: 2Q12 Versus 2Q13

2Q13 Non-GAAP Segment Results

Revenue

Segment Operating Profit

— 8% organic growth, 2% unfavorable
currency impact

— 10% organic growth in International

— North America flat

— International up $7

— North America down $4

— Unfavorable currency impact of $2

($ millions)

Note: See reconciliation to GAAP results in Appendix

Non-GAAP Cash Flow, Capital Investment and Net Debt

($ millions)

(a) See reconciliation to GAAP results in Appendix

(b) From continuing operations

Net Debt (a)

Capital
Expenditures
and Capital
Leases(b)

Non-GAAP
CFOA(a) (b)

2013 Outlook Non-GAAP

— Organic growth 5% to 8%

— Unfavorable currency impact 2% to 4%

Assumptions vs 2012

Note: As of July 25, 2013

Revenue

Non-GAAP Segment Margin Rate

— North America 2% to 3%

— International 7% to 8%

— Total segment 6% to 6.5%

Other Metrics

— Non-segment expense $41

— Interest expense $24 to $27

— Non controlling interest $17 to $20

— Tax rate 36% to 39%

— Capital expenditures / leases flat at $205

— Growth in Latin America; North America and Europe flat

— Venezuela devaluation full year impact of $100 million,
2% of total revenue

— Continued price/volume pressure partially offset by cost
actions

— Decline from productivity spend, Venezuela devaluation
and slight decline in Europe offset by Latin America
growth

— Slight decrease

— Increase from recent acquisitions

— Continued focus on returns

Outlook

The Brink’s Company
Second-Quarter 2013 Earnings
Conference Call

NYSE:BCO

July 25, 2013

Appendix - Legacy Liabilities

Legacy Liabilities at December 31, 2012

Estimated Contributions to U.S. Plans
	2012A	2013	2014	2015	2016	2017
US Pension	$ 37	14	29	42	44	38
UMWA	0	0	0	0	0	0
Black Lung/Other	7	5	5	5	4	4
Total	$ 44	19	34	47	48	42

($ millions)

$275
Under-
funding

Under-
funding

$257

Note: Above amounts based on actuarial assumptions at December 31, 2012. If rates had been 1% higher at December 31,
2012, our U.S. pension plan & UMWA liabilities would have been $125 million and $51 million lower, respectively. See
page 62 of the Company’s 2012 Annual Report on form 10-K.

Appendix
Non-GAAP Reconciliations

(a) To eliminate results of additional European operations we intend to exit in 2013. Operations do not currently meet requirements to be classified as
discontinued operations.

(b) To eliminate a $1.1 million adjustment to the amount of gain recognized on a 2010 business acquisition in Mexico as a result of a favorable
adjustment to the purchase price received in the first quarter of 2013.

(c) To eliminate currency exchange losses related to a 16% devaluation of the official exchange rate in Venezuela from 5.3 to 6.3 bolivar fuertes to the
U.S. dollar in February 2013.

(d) To eliminate employee benefit settlement losses in Mexico.

(e) To eliminate expenses related to U.S. retirement plans.

(f) To adjust effective income tax rate in the interim period to be equal to the midpoint of the estimated range of the full-year non-GAAP effective income
tax rate. The midpoint of the estimated range of the full-year non-GAAP effective tax rate for 2013 is 37.5%.

GAAP
Basis

Additional
European
Operations to

be Exited (a)

Gains & Losses
on Acquisitions &
Dispositions (b)

Monetary Asset
Remeasurement
losses in
Venezuela (c)

Employee

Benefit Settlement
& Severance

Losses (d)

U.S.
Retirement
Plans (e)

Adjust
Income Tax
Rate (f)

Non-
GAAP
Basis

Second Quarter 2013

Revenue:

Latin America

413.6

−

413.6

EMEA

295.7

(2.3)

−

293.4

Asia Pacific

42.5

−

42.5

International

751.8

(2.3)

−

749.5

North America

238.7

−

238.7

Revenues

990.5

(2.3)

−

988.2

Operating profit:

International

48.0

0.4

−

0.5

−

48.9

North America

6.8

−

2.9

−

9.7

Segment operating profit

54.8

0.4

−

0.5

2.9

−

58.6

Non-segment

(21.6)

−

10.2

−

(11.4)

Operating profit

33.2

0.4

−

0.5

13.1

−

47.2

Amounts attributable to Brink’s:

Income from continuing operations

13.2

0.4

−

0.4

8.2

(0.7)

21.5

Diluted EPS - continuing operations

0.27

0.01

−

0.01

0.17

(0.01)

0.44

Non-GAAP Reconciliations - 2Q13

Amounts may not add due to rounding.

GAAP
Basis

Additional
European
Operations to
be Exited (a)

Gains & Losses on
Acquisitions &
Dispositions (b)

Employee
Benefit
Settlement &
Severance
Losses (c)

U.S.
Retirement
Plans (d)

Tax Benefit on
Change in
Health Care
Funding
Strategy (e)

Adjust
Income Tax
Rate (f)

Non-GAAP
Basis

Second Quarter 2012

Revenue:

Latin America

375.9

−

375.9

EMEA

283.6

(2.2)

−

281.4

Asia Pacific

38.5

−

38.5

International

698.0

(2.2)

−

695.8

North America

237.6

−

237.6

Revenues

935.6

(2.2)

−

933.4

Operating profit:

International

41.3

0.7

−

0.3

−

42.3

North America

11.4

−

2.2

−

13.6

Segment operating profit

52.7

0.7

−

0.3

2.2

−

55.9

Non-segment

(21.3)

−

(0.9)

−

10.5

−

(11.7)

Operating profit

31.4

0.7

(0.9)

0.3

12.7

−

44.2

Amounts attributable to Brink’s:

Income from continuing operations

34.4

0.7

(0.9)

0.2

7.6

(20.9)

2.4

23.5

Diluted EPS - continuing operations

0.71

0.01

(0.02)

−

0.16

(0.43)

0.05

0.48

Non-GAAP Reconciliations - 2Q12

Amounts may not add due to rounding. See page 22 for notes.

(a) To eliminate results of additional European operations we intend to exit in 2013. Operations do not currently meet requirements to be classified as discontinued operations.

(b) To eliminate:

• Gains related to the sale of investments in mutual fund securities ($1.9 million in the first quarter and $0.5 million in the third quarter). Proceeds from the sales were used to fund the settlement
of pension obligations related to our former chief executive officer, and former chief administrative officer.

      • Gains and losses related to business acquisitions and dispositions. A $0.9 million gain was recognized in the second quarter and a $0.1 million loss was recognized in the third quarter. In the
        fourth quarter of 2012, tax expense included a benefit of $7.5 million related to a reduction in an income tax accrual established as part of the 2010 acquisition of subsidiaries in Mexico, and
        pretax income included a $2.1 million favorable adjustment to the local profit sharing accrual as a result of the change in tax expectation.

• Third-quarter gain on the sale of real estate in Venezuela ($7.2 million).

• Selling costs related to certain operations expected to be sold in the near term and costs related to an acquisition completed in first quarter 2013. A $0.8 million loss was recognized in the fourth
quarter.

(c) To eliminate employee benefit settlement and acquisition-related severance losses (Mexico and Argentina). Employee termination benefits in Mexico are accounted for under FASB ASC
Topic 715, Compensation - Retirement Benefits.

(d) To eliminate expenses related to U.S. retirement plans.

(e) To eliminate tax benefit related to change in retiree health care funding strategy.

(f) To adjust effective income tax rate in the interim period to be equal to the full-year non-GAAP effective income tax rate. The full-year non-GAAP effective tax rate for 2012 was 36.2%.

Non-GAAP Reconciliations - Full-Year 2012

GAAP
Basis

Additional
European
Operations to
be Exited (a)

Gains and
Losses on
Acquisitions &
Dispositions (b)

Employee Benefit
Settlement &
Severance
Losses (c)

U.S.
Retirement
Plans (d)

Tax Benefit on
change in Health
Care Funding
Strategy (e)

Adjust
Income Tax
Rate (f)

Non-
GAAP
Basis

Full Year 2012

Revenue:

Latin America

1,579.4

−

1,579.4

EMEA

1,135.1

(9.2)

−

1,125.9

Asia Pacific

158.9

−

158.9

International

2,873.4

(9.2)

−

2,864.2

North America

945.4

−

945.4

Revenues

3,818.8

(9.2)

−

3,809.6

Operating profit:

International

229.8

3.6

(8.5)

3.9

−

228.8

North America

32.5

−

8.8

−

41.3

Segment operating profit

262.3

3.6

(8.5)

3.9

8.8

−

270.1

Non-segment

(88.9)

−

(0.8)

−

47.4

−

(42.3)

Operating profit

173.4

3.6

(9.3)

3.9

56.2

−

227.8

Amounts attributable to Brink’s:

Income from continuing operations

109.1

3.9

(14.0)

2.8

33.8

(21.1)

−

114.5

Diluted EPS - continuing operations

2.24

0.08

(0.29)

0.06

0.70

(0.43)

−

2.36

Amounts may not add due to rounding.

Non-GAAP Reconciliations - Cash Flows

(a) To eliminate the change in the balance of customer obligations related to cash received and processed in certain of our Cash Management

Services operations. The title to this cash transfers to us for a short period of time. The cash is generally credited to customers’ accounts the

following day and we do not consider it as available for general corporate purposes in the management of our liquidity and capital resources.

(b) To eliminate cash flows related to our discontinued operations.

Non-GAAP cash flows from operating activities is a supplemental financial measure that is not required by, or presented in accordance with
GAAP. The purpose of the non-GAAP cash flows from operating activities is to report financial information excluding the impact of cash received
and processed in certain of our secure Cash Management Service operations and without cash flows from discontinued operations. Brink’s
believes these measures are helpful in assessing cash flows from operations, enable period-to-period comparability and are useful in predicting
future operating cash flows. Non-GAAP cash flows from operating activities should not be considered as an alternative to cash flows from
operating activities determined in accordance with GAAP and should be read in conjunction with our consolidated statements of cash flows.

NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES - RECONCILED TO AMOUNTS REPORTED UNDER U.S. GAAP
		First Half
			2013		2012
Cash flows from operating activities - GAAP		$	41.1	$	30.3
Decrease (increase) in certain customer obligations (a)			(14.8)		20.4
Cash outflows (inflows) related to discontinued operations (b)			10.2		9.9

	Cash flows from operating activities - Non-GAAP	$	36.5	$	60.6

NET DEBT - RECONCILED TO U.S. GAAP				June 30,			December 31,
				2013			2012
Debt:
	Short-term debt				$	94.1	26.7
	Long-term debt					432.8	362.6

Less:
Cash and cash equivalents						239.8	201.7

			Cash and cash equivalents available for general corporate purposes			183.7	157.7

		Net Debt			$	343.2	231.6

(a) Title to cash received and processed in certain of our Cash Management Services operations transfers to us for a short period of time.

The cash is generally credited to customers’ accounts the following day and we do not consider it as available for general corporate
purposes in the management of our liquidity and capital resources and in our computation of Net Debt.

Net Debt is a supplemental financial measure that is not required by, or presented in accordance with GAAP. We use Net Debt as a measure of
our financial leverage. We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage. Net Debt should not
be considered as an alternative to Debt determined in accordance with GAAP and should be reviewed in conjunction with our consolidated
balance sheets. Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to Debt, which is the most directly comparable
financial measure calculated and reported in accordance with GAAP. Net Debt excluding cash and debt in Venezuelan operations was $411
million at June 30, 2013, and $280 million at December 31, 2012.

Non-GAAP Reconciliations - Net Debt

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