8-K

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): April 24, 2014

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 April 24, 2014, The Brink’s Company issued a press release regarding its results for the first quarter ended March 31, 2014.  A copy of this release is 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 April 24, 2014, 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 April 24, 2014, issued by The Brink’s Company
	99.2	Slide presentation of The Brink’s Company

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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: April 24, 2014	By:	/s/ Joseph W. Dziedzic
		Joseph W. Dziedzic
		Vice President and Chief Financial Officer

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EXHIBIT INDEX

EXHIBIT	DESCRIPTION
99.1	Press Release, dated April 24, 2014, issued by The Brink’s Company
99.2	Slide presentation of The Brink’s Company

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EX-99.1

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 First-Quarter Results

Non-GAAP EPS $.43 vs $.38

GAAP EPS Loss ($1.19) vs $.06 Includes Asset Write-Down in Venezuela ($1.51)

2013 Results Include Belgium Theft Loss ($.24)

Full-Year Guidance Reduced Due to March 24th Devaluation in Venezuela

RICHMOND, Va., April 24, 2014 – The Brink’s Company (NYSE: BCO), a global leader in security-related services, today reported first-quarter earnings.

First-Quarter Highlights

GAAP:

· Total revenue up 4% (11% organic), EPS loss ($1.19) vs $.06

· $122 million write-down ($1.51 per share) of net monetary assets in Venezuela due to currency devaluation (excluded from Non-GAAP results)

· $55 million segment loss vs $34 million profit due to asset write-down in Venezuela

· 2013 results include Belgium theft loss ($19 million pre-tax)

· Latin America loss of $75 million vs profit of $23 million due to asset write-down in Venezuela

· EMEA profit $15 million vs $9 million

· North America $1 million profit vs $2 million loss

· See page 4 for segment revenue and profit details

 Non-GAAP:

· Total revenue up 4% (11% organic), EPS $.43 vs $.38

· Segment profit up 37% (61% organic), improvement due to organic profit growth in Venezuela ($18 million) and 2013 Belgium theft loss ($19 million)

· 2013 Belgium theft loss allocated across all regions on a pro rata basis

· Latin America profit $48 million vs $37 million; results include impact of Venezuela devaluation effective March 24, 2014; 2013 Belgium theft loss $6 million

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· EMEA profit $15 million vs $9 million; 2013 Belgium theft loss $9 million

· North America profit $2 million vs $1 million; 2013 Belgium theft loss $4 million

· See page 4 for segment revenue and profit details

Other:

· Full-year capital expenditures expected to be $175 - $185 million; $25 million reduction to prior guidance due to Venezuela devaluation

· Non-segment expense up $6 million on a Non-GAAP basis ($1 million on a GAAP basis)  due to timing of annual incentive grants ($4 million) and 2013 benefit reversal ($2 million)

Tom Schievelbein, chairman, president and chief executive officer, said: “First-quarter earnings compare favorably to year-ago results due to last year’s Belgium theft loss and strong results in Venezuela prior to the March 24 currency devaluation.  The devaluation eliminates Venezuela’s profit for the remainder of 2014.  As a result, our full-year guidance has been reduced.  We now expect our 2014 segment margin rate to be about 6.5 % with full-year revenue of approximately $3.7 billion.  This revision is due entirely to the March 24 devaluation.  Revenue and margin guidance for the remainder of the business remains intact.” 

On April 14, Brink’s announced that it will no longer use Venezuela’s official exchange rate of 6.3 bolivars per U.S. dollar and has adopted the government’s SICAD II floating rate of approximately 50 bolivars per U.S. dollar, which took effect on March 24.

As a result of the devaluation, the company recorded a first-quarter remeasurement charge of $122 million related to the write-down of its bolivar-denominated net monetary assets.

First-quarter 2014 GAAP and Non-GAAP earnings include results from Venezuela for January 1 through March 23 at the official rate (6.3), with the balance of March results reported at the SICAD II rate (approximately 50).  For comparative purposes, the company provided hypothetical quarterly results for 2013 and the first quarter of 2014 with Venezuela results translated at the current SICAD II rate for all periods.

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Summary Reconciliation of First-Quarter GAAP to Non-GAAP EPS*
			First Quarter
			2014		2013
	GAAP Diluted EPS	$	(1.19)	$	0.06
	Exclude Venezuela net monetary asset remeasurement losses		1.51		0.17
	Exclude U.S. retirement plan expenses		0.08		0.17
	Exclude employee benefit settlement losses		0.01		-
	Exclude gains and losses on acquisitions and dispositions		-		(0.02)
	Adjust quarterly tax rate to full-year average rate		0.02		-
	Non-GAAP Diluted EPS	$	0.43	$	0.38

Summary of First-Quarter Results*
			First Quarter
	(In millions, except for per share amounts)	2014			2013	% Change
	GAAP
	Revenues	$	992	$	951	4	%
	Segment operating profit(a)		(55)		34	unfav
	Non-segment expense		(18)		(17)	6
	Operating profit (loss)		(73)		17	unfav
	Income (loss) from continuing operations(b)		(58)		3	unfav
	Diluted EPS from continuing operations(b)		(1.19)		0.06	unfav
	Non-GAAP(c)
	Revenues	$	992	$	951	4	%
	Segment operating profit(a)		70		51	37
	Non-segment expense		(13)		(8)	74
	Operating profit		56		43	30
	Income from continuing operations(b)		21		19	13
	Diluted EPS from continuing operations(b)		0.43		0.38	13

(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)   These Non-GAAP results for the first quarter of 2014 reflect Venezuela’s local earnings translated at 6.3 bolivars to the U.S. dollar through March 23, 2014, and at rate of 51 from March 24 to March 31, 2014.  Also see page 13 for Non-GAAP Results Adjusted for Venezuelan Results at 50 Bolivars per U.S. Dollar for hypothetical historical results had we used a rate of 50 to translate Venezuela’s results for 2013 and the first quarter of 2014.

*Non-GAAP results are reconciled to the applicable GAAP results on pages 14 – 17.  Amounts may not add due to rounding.

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Segment Results – GAAP

							Acquisitions /
						Organic	Dispositions	Currency		% Change
(In millions)					1Q '13	Change	(a)	(b)	1Q '14	Total	Organic
Revenues:
	Latin America			$	413	94	-	(69)	438	6	23
	EMEA				278	12	-	8	298	7	4
	North America				223	1	-	(4)	220	(1)	-
	Asia Pacific				37	1	-	(2)	35	(4)	2
			Total	$	951	108	-	(67)	992	4	11
Operating profit:
	Latin America			$	23	23	-	(121)	(75)	unfav	98
	EMEA				9	6	-	-	15	72	69
	North America				(2)	3	-	-	1	fav	fav
	Asia Pacific				4	-	-	-	4	2	5
		Segment operating profit			34	32	-	(121)	(55)	unfav	94
		Non-segment			(17)	-	(1)	-	(18)	6	(1)
			Total	$	17	32	(1)	(121)	(73)	unfav	fav
Segment operating margin:
	Latin America				5.7%				(17.1%)
	EMEA				3.1%				5.0%
	North America				(0.9%)				0.5%
	Asia Pacific				11.7%				12.5%
Segment operating margin					3.6%				(5.5%)

Segment Results - Non-GAAP*

							Acquisitions /
						Organic	Dispositions	Currency		% Change
(In millions)					1Q '13	Change	(a)	(b)	1Q '14	Total	Organic
Revenues:
	Latin America			$	413	94	-	(69)	438	6	23
	EMEA				278	12	-	8	298	7	4
	North America				223	1	-	(4)	220	(1)	-
	Asia Pacific				37	1	-	(2)	35	(4)	2
			Total	$	951	108	-	(67)	992	4	11
Operating profit:
	Latin America			$	37	24	-	(13)	48	29	64
	EMEA				9	6	-	-	15	72	69
	North America				1	2	-	-	2	fav	fav
	Asia Pacific				4	-	-	-	4	2	5
		Segment operating profit			51	31	-	(13)	70	37	61
		Non-segment			(8)	(6)	-	-	(13)	74	74
			Total	$	43	26	-	(13)	56	30	59
Segment operating margin:
	Latin America				9.0%				10.9%
	EMEA				3.1%				5.0%
	North America				0.4%				1.0%
	Asia Pacific				11.7%				12.5%
Segment operating margin					5.4%				7.0%

(a)   Includes operating results and gains/losses on acquisitions, sales and exits of businesses.

(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 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 14 – 17.  Amounts may not add due to rounding.

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Non-Segment Expenses

On a GAAP basis, non-segment expenses increased from $17 million to $18 million due to the timing of annual incentive grants ($4 million), a benefit reversal in 2013 ($2 million), and a 2013 acquisition gain of $1 million offset by lower retirement plan expenses ($6 million).  On a Non-GAAP basis, these expenses increased from $8 million to $13 million due to the timing of annual incentive grants ($4 million) and the 2013 benefit reversal ($2 million).

Capital Expenditures and Capital Leases

Brink’s acquired $26 million of fixed assets in the first quarter of 2014 versus $33 million in the year-ago quarter.  For the full year, the company expects fixed asset acquisitions to total $175 million to $185 million.

Income Taxes

On a GAAP basis, the first-quarter tax expense was $9 million (effective rate of -11%) versus $5 million (effective rate of 45%) in 2013. This year's rate is primarily due to the large nondeductible remeasurement charge resulting from the Venezuela devaluation recorded in the first quarter.  Due to the significant, non-deductible Venezuela remeasurement write-down, the resulting GAAP tax expense is projected to exceed the pre-tax income, resulting in a tax rate in excess of 100%.  Non-GAAP earnings for the first 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 April 24 at 11:00 a.m. Eastern Time to review first-quarter results.  Interested parties can listen by calling (877) 870-4263 (in the U.S.) or (412) 317-0790 (international) Participants should call in at least five minutes prior to the start of the call.  Participants can pre-register at http://dpregister.com/10043438  to receive a direct dial-in number for the call.  The call also will be accessible via live webcast at www.Brinks.com.  A replay of the call will be available through May 9, 2014, at (877) 344-7529 (in the U.S.) or (412) 317-0088 (international).  The conference number is 10043438.  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.

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Non-GAAP and Adjusted Non-GAAP Results

Non-GAAP and Adjusted Non-GAAP results described in this press 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.  The full year Non-GAAP tax rate in both years excludes certain pretax and tax income and expense amounts.  The purpose of Adjusted Non-GAAP results is to report historical Non

GAAP financial information assuming that our Venezuelan operations had been remeasured using a rate of 50 bolivars to the U.S. dollar.

The Non-GAAP and Adjusted 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 and Adjusted 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, organic revenue growth, currency impact on revenue, segment margin, non-segment expense, interest expense, income tax rate, interest and other income, non-controlling interest expense, tax expense, capital expenditures, fixed asset acquisitions, and depreciation and amortization for 2014, and future profits from our Venezuela business. 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,

·   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, evaluate and pursue acquisitions and other strategic opportunities, including those in the home security industry and emerging markets,

·   the willingness of our customers to absorb price increases and surcharges, including those related to fuel or labor costs,

·   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, and 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,

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·   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, litigation and administrative proceedings,

·   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, 2013, 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.

7

The Brink’s Company and subsidiaries

Outlook Summary (Unaudited)

(In millions except as noted)

				GAAP			Non-GAAP
					2014			2014
				2013	Estimate		2013	Estimate
Organic revenue growth
	Latin America			17%	21– 23%		17%	21– 23%
	EMEA			2	0 – 2		2	0 – 2
	North America			1	0 – 2		1	0 – 2
	Asia Pacific			11	5 – 7		11	5 – 7
		Total		8	8 – 10		8	8 – 10
Currency impact on revenue
	Latin America			(9)%	(32) – (36)%		(9)%	(32) – (36)%
	EMEA			2	1 –  3		2	1 –  3
	North America			(1)	flat		(1)	flat
	Asia Pacific			(5)	(1) –  (3)		(5)	(1) –  (3)
		Total		(3)	(14) – (16)		(3)	(14) – (16)
Total revenues			$	3,942	~3.7 billion	$	3,942	~3.7 billion
Segment margin
	Latin America(a)			8.7%	0 – (2.0)%		9.8%	7.0 – 9.0%
	EMEA			6.9	6.0 – 8.0		6.9	6.0 – 8.0
	North America(b)			0.5	1.5 – 2.5		1.8	2.5 – 3.5
	Asia Pacific			11.5	9.5 – 11.5		12.2	9.5 – 11.5
		Total		6.4	~3		7.2	~6.5
Non-segment expense:
	General and administrative		$	45	47	$	45	47
	Retirement plans(b)			41	19		-	-
	Acquisition gains(c)			(3)	-		-	-
	Royalty income			(2)	(2)		(2)	(2)
		Non-segment expense	$	81	64	$	43	45
Effective income tax rate(a)				35%	100%+		33%	36% – 39%
Interest expense			$	25	25 – 27	$	25	25 – 27
Interest and other income (expense)			$	2	1 – 2	$	2	1 – 2
Net income (loss) attributable to
	noncontrolling interests(a)		$	24	(21) – (25)	$	29	15 – 19
Fixed assets acquired:
	Capital expenditures		$	178	160 – 170	$	178	160 – 170
	Capital leases(d)			5	15		5	15
		Total	$	183	175 – 185	$	183	175 – 185
Depreciation and amortization			$	174	180 – 185	$	174	180– 185

(a)   Remeasurement losses on net monetary assets in Venezuela (approximately $122 million in 2014 and $13 million in 2013) have been excluded from Non-GAAP and Adjusted Non-GAAP results.

(b)   Costs related to U.S. retirement plans have been excluded from Non-GAAP and Adjusted Non-GAAP results including $12 million in 2013 and $5 million in 2014 related to North America, and $41 million in 2013 and $19 million in 2014 related to Non-segment expense.

(c)   Acquisition gains and losses are excluded from Non-GAAP results.

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

Amounts may not add due to rounding.

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The Brink’s Company and subsidiaries

Hypothetical Outlook Summary– Adjusted for Venezuelan Results at 50 Bolivars per U.S. Dollar (Unaudited)

(In millions excepted as noted)

		Full-Year 2014
				Adjusted Non-GAAP
				2014
				Estimate
Organic revenue growth
	Latin America			12 – 14%
	EMEA			0 – 2
	North America			0 – 2
	Asia Pacific			5 – 7
		Total		4 – 6
Currency impact on revenue
	Latin America			(7) – (9)%
	EMEA			1 –  3
	North America			flat
	Asia Pacific			(1) –  (3)
		Total		(2) – (4)
Total revenues			$	~3.6 billion
Segment margin
	Latin America(a)			5.0 – 7.0%
	EMEA			6.0 – 8.0
	North America(b)			2.5 – 3.5
	Asia Pacific			9.5 – 11.5
		Total		~6
Non-segment expense:
	General and administrative		$	47
	Royalty income			(2)
		Non-segment expense(b)(c)	$	45
Effective income tax rate(a)				40% – 43%
Interest expense			$	25 – 27
Interest and other income (expense)			$	1 – 2
Net income attributable to
	noncontrolling interests(a)		$	6 – 10
Fixed assets acquired:
	Capital expenditures		$	160 – 170
	Capital leases(d)			15
		Total	$	175 – 185
Depreciation and amortization			$	180– 185

Amounts may not add due to rounding.  See page 8 for notes.

9

The Brink’s Company and subsidiaries

Condensed Consolidated Statements of Income (Loss) (Unaudited)

(In millions, except for per share amounts)

				First Quarter
			2014		2013
Revenues			$	991.6	$	950.5
Costs and expenses:
Cost of revenues				795.6		792.6
Selling, general and administrative expenses				145.4		131.9
	Total costs and expenses			941.0		924.5
Other operating income (expense)				(123.1)		(8.7)
	Operating profit (loss)			(72.5)		17.3
Interest expense				(5.8)		(5.9)
Interest and other income (expense)				(0.3)		0.6
	Income (loss) from continuing operations before tax			(78.6)		12.0
Provision (benefit) for income taxes				9.0		5.4
	Income (loss) from continuing operations			(87.6)		6.6
Income (loss) from discontinued operations, net of tax				(0.1)		(19.5)
	Net income (loss)			(87.7)		(12.9)
		Less net income (loss) attributable to noncontrolling interests		(29.2)		3.7
	Net income (loss) attributable to Brink’s		$	(58.5)	$	(16.6)
Amounts attributable to Brink’s
Continuing operations			$	(58.4)	$	2.9
Discontinued operations				(0.1)		(19.5)
	Net income (loss) attributable to Brink’s		$	(58.5)	$	(16.6)
Earnings (loss) per share attributable to Brink’s common shareholders(a):
	Basic:
		Continuing operations	$	(1.19)	$	0.06
		Discontinued operations		-		(0.40)
		Net income (loss)	$	(1.20)	$	(0.34)
	Diluted:
		Continuing operations	$	(1.19)	$	0.06
		Discontinued operations		-		(0.40)
		Net income (loss)	$	(1.20)	$	(0.34)
Weighted-average shares
	Basic			48.9		48.6
	Diluted			48.9		48.9
(a)  Earnings per share may not add due to rounding.

10

The Brink’s Company and subsidiaries

Supplemental Financial Information  (Unaudited)

(In millions)

					First Quarter
SELECTED CASH FLOW INFORMATION				2014		2013
Property and equipment acquired during the period
	Capital expenditures
		Latin America		$	10.4	$	18.4
		EMEA			5.4		7.8
		North America			7.6		6.3
		Asia Pacific			0.9		0.9
			Capital expenditures		24.3		33.4
	Capital Leases(a)
		Latin America			1.3		-
			Capital leases		1.3		-
	Total
		Latin America			11.7		18.4
		EMEA			5.4		7.8
		North America			7.6		6.3
		Asia Pacific			0.9		0.9
			Total	$	25.6	$	33.4
Depreciation and amortization
		Latin America		$	16.1	$	14.7
		EMEA			11.3		11.3
		North America			14.9		14.6
		Asia Pacific			1.3		1.5
			Depreciation and amortization	$	43.6	$	42.1

(a)   Represents the amount of property and equipment acquired using capital leases.  Since 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.

11

The Brink’s Company and subsidiaries

GAAP and Non-GAAP Results as Reported (Unaudited)

(In millions, except for per share amounts)

				2013					2014
				1Q	2Q	3Q	4Q	Full Year	1Q
			GAAP Basis
Revenues:
	Latin America		$	412.9	413.6	423.8	470.4	1,720.7	438.4
	EMEA			277.8	293.4	301.2	305.9	1,178.3	298.0
	North America			223.2	226.3	222.5	226.4	898.4	220.1
	Asia Pacific			36.6	36.6	34.9	36.7	144.8	35.1
		Revenues	$	950.5	969.9	982.4	1,039.4	3,942.2	991.6
Operating profit:
	Latin America		$	23.4	24.4	42.8	59.3	149.9	(74.8)
	EMEA			8.6	18.7	32.1	22.1	81.5	14.8
	North America			(2.0)	6.3	0.2	0.2	4.7	1.1
	Asia Pacific			4.3	5.0	4.8	2.6	16.7	4.4
		Segment operating profit (loss)		34.3	54.4	79.9	84.2	252.8	(54.5)
	Non-segment			(17.0)	(21.6)	(20.7)	(21.8)	(81.1)	(18.0)
		Operating profit (loss)	$	17.3	32.8	59.2	62.4	171.7	(72.5)
Amounts attributable to Brink’s:
Income from continuing operations			$	2.9	13.2	29.8	26.0	71.9	(58.4)
Diluted EPS – continuing operations				0.06	0.27	0.61	0.53	1.47	(1.19)
			Non-GAAP Basis
Revenues:
	Latin America		$	412.9	413.6	423.8	470.4	1,720.7	438.4
	EMEA			277.8	293.4	301.2	305.9	1,178.3	298.0
	North America			223.2	226.3	222.5	226.4	898.4	220.1
	Asia Pacific			36.6	36.6	34.9	36.7	144.8	35.1
		Revenues	$	950.5	969.9	982.4	1,039.4	3,942.2	991.6
Operating profit:
	Latin America		$	37.1	24.9	43.6	62.4	168.0	48.0
	EMEA			8.6	18.7	32.1	22.1	81.5	14.8
	North America			0.9	9.2	3.1	3.1	16.3	2.3
	Asia Pacific			4.3	5.0	4.8	3.5	17.6	4.4
		Segment operating profit		50.9	57.8	83.6	91.1	283.4	69.5
	Non-segment			(7.6)	(11.4)	(11.3)	(12.3)	(42.6)	(13.2)
		Operating profit	$	43.3	46.4	72.3	78.8	240.8	56.3
Amounts attributable to Brink’s:
Income from continuing operations			$	18.7	22.8	35.4	39.0	115.9	21.2
Diluted EPS – continuing operations				0.38	0.47	0.72	0.79	2.37	0.43

Amounts may not add due to rounding.  Non-GAAP results are reconciled to applicable GAAP results on pages 14 – 17.

12

The Brink’s Company and subsidiaries

Non-GAAP Results Adjusted for Venezuelan Results at 50 Bolivars per U.S. Dollar (Unaudited)

(In millions, except for per share amounts)

				2013					2014
				1Q	2Q	3Q	4Q	Full Year	1Q
			Non-GAAP Results Adjusted for Venezuelan Results at 50 Bolivars per U.S. Dollar
Revenues:
	Latin America		$	328.4	329.7	323.7	347.4	1,329.2	325.3
	EMEA			277.8	293.4	301.2	305.9	1,178.3	298.0
	North America			223.2	226.3	222.5	226.4	898.4	220.1
	Asia Pacific			36.6	36.6	34.9	36.7	144.8	35.1
		Revenues	$	866.0	886.0	882.3	916.4	3,550.7	878.5
Operating profit:
	Latin America		$	17.6	14.8	21.7	39.1	93.2	18.2
	EMEA			8.6	18.7	32.1	22.1	81.5	14.8
	North America			0.9	9.2	3.1	3.1	16.3	2.3
	Asia Pacific			4.3	5.0	4.8	3.5	17.6	4.4
		Segment operating profit		31.4	47.7	61.7	67.8	208.6	39.7
	Non-segment			(7.6)	(11.4)	(11.3)	(12.3)	(42.6)	(13.2)
		Operating profit	$	23.8	36.3	50.4	55.5	166.0	26.5
Amounts attributable to Brink’s:
Income from continuing operations			$	9.2	16.1	22.8	27.8	75.9	10.6
Diluted EPS – continuing operations				0.19	0.33	0.46	0.57	1.55	0.22

Amounts may not add due to rounding.  Non-GAAP Results Adjusted for Venezuelan Results at 50 bolivars per U.S. dollar are reconciled to applicable GAAP results on pages 14 – 17.

13

The Brink’s Company and subsidiaries

Non-GAAP and Adjusted Non-GAAP(f) Results Reconciled to GAAP (Unaudited)

 (In millions, except for per share amounts)

				GAAP Basis	Net Monetary Asset Re-measurement Losses in Venezuela (a)	Employee Benefit Settlement Losses  (b)	U.S. Retirement Plans (c)	Adjust Income Tax Rate (d)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (e)	Adjusted Non-GAAP Basis (f)
			First Quarter 2014
Revenues:
	Latin America		$	438.4	-	-	-	-	438.4	(113.1)	325.3
	EMEA			298.0	-	-	-	-	298.0	-	298.0
	North America			220.1	-	-	-	-	220.1	-	220.1
	Asia Pacific			35.1	-	-	-	-	35.1	-	35.1
		Revenues	$	991.6	-	-	-	-	991.6	(113.1)	878.5
Operating profit:
	Latin America		$	(74.8)	121.9	0.9	-	-	48.0	(29.8)	18.2
	EMEA			14.8	-	-	-	-	14.8	-	14.8
	North America			1.1	-	-	1.2	-	2.3	-	2.3
	Asia Pacific			4.4	-	-	-	-	4.4	-	4.4
		Segment operating profit		(54.5)	121.9	0.9	1.2	-	69.5	(29.8)	39.7
	Non-segment			(18.0)	-	-	4.8	-	(13.2)	-	(13.2)
		Operating profit	$	(72.5)	121.9	0.9	6.0	-	56.3	(29.8)	26.5
Amounts attributable to Brink’s:
Income from continuing operations			$	(58.4)	74.0	0.6	3.8	1.2	21.2	(10.6)	10.6
Diluted EPS – continuing operations				(1.19)	1.51	0.01	0.08	0.02	0.43	(0.22)	0.22

(a)   To eliminate currency exchange losses related to Venezuela. See (e) below.

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

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

(d)   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 2014 is 37.5%.

(e)   Effective March 24, 2014, Brink’s began remeasuring its Venezuelan operating results using currency exchange rates reported under a newly established currency exchange process in Venezuela (the “SICAD II process”).  The rate published for this process averaged 51 for the last 7 days in March 2014 and was 50 at March 31, 2014. This adjustment reflects a hypothetical remeasurement of Brink’s Venezuela’s first quarter 2014 revenue and operating results using a rate of 50 bolivars to the U.S. dollar, which approximates the rate observed in the new SICAD II currency exchange process in March 2014. 

(f)   Non-GAAP results adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

Amounts may not add due to rounding.

14

The Brink’s Company and subsidiaries

Non-GAAP and Adjusted Non-GAAP(g) Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re-measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses  (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (f)	Adjusted Non-GAAP Basis (g)
			First Quarter 2013
Revenues:
	Latin America		$	412.9	-	-	-	-	-	412.9	(84.5)	328.4
	EMEA			277.8	-	-	-	-	-	277.8	-	277.8
	North America			223.2	-	-	-	-	-	223.2	-	223.2
	Asia Pacific			36.6	-	-	-	-	-	36.6	-	36.6
		Revenues	$	950.5	-	-	-	-	-	950.5	(84.5)	866.0
Operating profit:
	Latin America		$	23.4	-	13.4	0.3	-	-	37.1	(19.5)	17.6
	EMEA			8.6	-	-	-	-	-	8.6	-	8.6
	North America			(2.0)	-	-	-	2.9	-	0.9	-	0.9
	Asia Pacific			4.3	-	-	-	-	-	4.3	-	4.3
		Segment operating profit		34.3	-	13.4	0.3	2.9	-	50.9	(19.5)	31.4
	Non-segment			(17.0)	(1.1)	-	-	10.5	-	(7.6)	-	(7.6)
		Operating profit	$	17.3	(1.1)	13.4	0.3	13.4	-	43.3	(19.5)	23.8
Amounts attributable to Brink’s:
Income from continuing operations			$	2.9	(1.1)	8.4	0.2	8.2	0.1	18.7	(9.5)	9.2
Diluted EPS – continuing operations				0.06	(0.02)	0.17	-	0.17	-	0.38	(0.19)	0.19

			Second Quarter 2013
Revenues:
	Latin America		$	413.6	-	-	-	-	-	413.6	(83.9)	329.7
	EMEA			293.4	-	-	-	-	-	293.4	-	293.4
	North America			226.3	-	-	-	-	-	226.3	-	226.3
	Asia Pacific			36.6	-	-	-	-	-	36.6	-	36.6
		Revenues	$	969.9	-	-	-	-	-	969.9	(83.9)	886.0
Operating profit:
	Latin America		$	24.4	-	-	0.5	-	-	24.9	(10.1)	14.8
	EMEA			18.7	-	-	-	-	-	18.7	-	18.7
	North America			6.3	-	-	-	2.9	-	9.2	-	9.2
	Asia Pacific			5.0	-	-	-	-	-	5.0	-	5.0
		Segment operating profit		54.4	-	-	0.5	2.9	-	57.8	(10.1)	47.7
	Non-segment			(21.6)	-	-	-	10.2	-	(11.4)	-	(11.4)
		Operating profit	$	32.8	-	-	0.5	13.1	-	46.4	(10.1)	36.3
Amounts attributable to Brink’s:
Income from continuing operations			$	13.2	-	-	0.4	7.7	1.5	22.8	(6.7)	16.1
Diluted EPS – continuing operations				0.27	-	-	0.01	0.16	0.03	0.47	(0.14)	0.33

See page 17 for notes.

15

The Brink’s Company and subsidiaries

Non-GAAP and Adjusted Non-GAAP(g) Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re-measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses  (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (f)	Adjusted Non-GAAP Basis (g)
			Third Quarter 2013
Revenues:
	Latin America		$	423.8	-	-	-	-	-	423.8	(100.1)	323.7
	EMEA			301.2	-	-	-	-	-	301.2	-	301.2
	North America			222.5	-	-	-	-	-	222.5	-	222.5
	Asia Pacific			34.9	-	-	-	-	-	34.9	-	34.9
		Revenues	$	982.4	-	-	-	-	-	982.4	(100.1)	882.3
Operating profit:
	Latin America		$	42.8	-	-	0.8	-	-	43.6	(21.9)	21.7
	EMEA			32.1	-	-	-	-	-	32.1	-	32.1
	North America			0.2	-	-	-	2.9	-	3.1	-	3.1
	Asia Pacific			4.8	-	-	-	-	-	4.8	-	4.8
		Segment operating profit		79.9	-	-	0.8	2.9	-	83.6	(21.9)	61.7
	Non-segment			(20.7)	(0.9)	-	-	10.3	-	(11.3)	-	(11.3)
		Operating profit	$	59.2	(0.9)	-	0.8	13.2	-	72.3	(21.9)	50.4
Amounts attributable to Brink’s:
Income from continuing operations			$	29.8	(0.9)	-	0.6	7.7	(1.8)	35.4	(12.6)	22.8
Diluted EPS – continuing operations				0.61	(0.02)	-	0.01	0.16	(0.04)	0.72	(0.26)	0.46
			Fourth Quarter 2013
Revenues:
	Latin America		$	470.4	-	-	-	-	-	470.4	(123.0)	347.4
	EMEA			305.9	-	-	-	-	-	305.9	-	305.9
	North America			226.4	-	-	-	-	-	226.4	-	226.4
	Asia Pacific			36.7	-	-	-	-	-	36.7	-	36.7
		Revenues	$	1,039.4	-	-	-	-	-	1,039.4	(123.0)	916.4
Operating profit:
	Latin America		$	59.3	2.2	-	0.9	-	-	62.4	(23.3)	39.1
	EMEA			22.1	-	-	-	-	-	22.1	-	22.1
	North America			0.2	-	-	-	2.9	-	3.1	-	3.1
	Asia Pacific			2.6	0.9	-	-	-	-	3.5	-	3.5
		Segment operating profit		84.2	3.1	-	0.9	2.9	-	91.1	(23.3)	67.8
	Non-segment			(21.8)	(0.8)	-	-	10.3	-	(12.3)	-	(12.3)
		Operating profit	$	62.4	2.3	-	0.9	13.2	-	78.8	(23.3)	55.5
Amounts attributable to Brink’s:
Income from continuing operations			$	26.0	4.0	-	0.6	8.2	0.2	39.0	(11.2)	27.8
Diluted EPS – continuing operations				0.53	0.08	-	0.01	0.17	-	0.79	(0.23)	0.57

See page 17 for notes.

16

The Brink’s Company and subsidiaries

Non-GAAP and Adjusted Non-GAAP(g) Results Reconciled to GAAP (Unaudited)

(In millions, except for per share amounts)

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re-measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (f)	Adjusted Non-GAAP Basis (g)
			Full Year 2013
Revenues:
	Latin America		$	1,720.7	-	-	-	-	-	1,720.7	(391.5)	1,329.2
	EMEA			1,178.3	-	-	-	-	-	1,178.3	-	1,178.3
	North America			898.4	-	-	-	-	-	898.4	-	898.4
	Asia Pacific			144.8	-	-	-	-	-	144.8	-	144.8
		Revenues	$	3,942.2	-	-	-	-	-	3,942.2	(391.5)	3,550.7
Operating profit:
	Latin America		$	149.9	2.2	13.4	2.5	-	-	168.0	(74.8)	93.2
	EMEA			81.5	-	-	-	-	-	81.5	-	81.5
	North America			4.7	-	-	-	11.6	-	16.3	-	16.3
	Asia Pacific			16.7	0.9	-	-	-	-	17.6	-	17.6
		Segment operating profit		252.8	3.1	13.4	2.5	11.6	-	283.4	(74.8)	208.6
	Non-segment			(81.1)	(2.8)	-	-	41.3	-	(42.6)	-	(42.6)
		Operating profit	$	171.7	0.3	13.4	2.5	52.9	-	240.8	(74.8)	166.0
Amounts attributable to Brink’s:
Income from continuing operations			$	71.9	2.0	8.4	1.8	31.8	-	115.9	(40.0)	75.9
Diluted EPS – continuing operations				1.47	0.04	0.17	0.04	0.65	-	2.37	(0.82)	1.55

(a)   To eliminate:

·   a $1.1 million adjustment in the first quarter of 2013 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.

·   $1.7 million of adjustments in the third and fourth quarters of 2013 primarily related to the January 2013 acquisition of Rede Trel in Brazil.

·   $3.1 million in adjustments in the fourth quarter of 2013 related to the increase in a loss contingency assumed in the 2010 Mexico acquisition and the impairment of an intangible asset acquired in the 2009 India acquisition.

·   a $2.6 million tax adjustment related to the Belgium disposition.

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

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

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

(e)   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 2013 is 33.3%.

(f)   Effective March 24, 2014, Brink’s began remeasuring its Venezuelan operating results using currency exchange rates reported under a newly established currency exchange process in Venezuela (the “SICAD II process”).  The rate published for this process averaged 51 for the last 7 days in March 2014 and was 50 at March 31, 2014. This adjustment reflects a hypothetical remeasurement of Brink’s Venezuela’s 2013 revenue and operating results using a rate of 50 bolivars to the U.S. dollar, which approximates the rate observed in the new SICAD II currency exchange process in March 2014.  Losses that would have been recognized in 2013 had Brink’s used a rate of 50 bolivars to the U.S. dollar to remeasure its net monetary assets have been excluded from this adjustment and the Adjusted Non-GAAP results.

(g)   Non-GAAP results adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

Amounts may not add due to rounding.

17

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 Quarter
			2014		2013
Cash flows from operating activities – GAAP		$	30.6	$	3.3
Decrease (increase) in certain customer obligations(a)			(6.4)		(16.8)
Cash outflows (inflows) related to discontinued operations(b)			(1.0)		7.5
	Cash flows from operating activities – Non-GAAP	$	23.2	$	(6.0)

(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.

###

18

EX-99.2

The Brink’s Company
First-Quarter 2014 Earnings
Conference Call

NYSE:BCO

April 24, 2014

Exhibit99.2

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.

2

The Brink’s Company

Ed Cunningham

Director - Investor Relations

First-Quarter Highlights

Non-GAAP

•$.43 vs $.38

•Segment margin 7.0% vs 5.4%

•Organic revenue growth 11%

GAAP

•$(1.19) vs $.06

•$(1.51) asset write-down

•March 24, 2014 Venezuela currency devaluation

•2013 Belgium theft loss ($0.24)

Note:See reconciliation to GAAP results in Appendix

4

The Brink’s Company

Tom Schievelbein

Chairman, President and

Chief Executive Officer

CEO Overview

•EPS $.43 vs $.38

•Reduced 2014 guidance due to
devaluation

•Segment margin 6.5%, revenue
~$3.7B

First Quarter 2014 Revenue

($992 million)

6

Note: EPS and revenue include(s) Venezuela at 6.3 exchange rate through March 23.

Note:See reconciliation to GAAP results in Appendix

Segment Profit Overview

($ millions)

7

Note:See reconciliation to GAAP results in Appendix

Latin America

2014 Outlook:

•Organic revenue growth 21%-23%

• 7% - 9% margin

•No contribution from Venezuela (Q2
through Q4)

•Mexico profits down slightly

•10% margin by end of 2016

•Brazil, Argentina growth

8

North America

2014 Outlook:

•Revenue flat

•2.5% - 3.5% margin

•Reduce labor and SG&A

•Increase performing branches

•Improve revenue mix

9

North America Margin Rate Outlook (Excluding Global Payments)

10

•Increase “performing branches” in U.S.

•Aggressive cost reductions

•Productivity initiatives

•Change U.S. revenue mix

U.S. - Performing Branches

Goal

11

U.S. Cost Actions

2013 Actions

•Overtime Pay Change

•SG&A Headcount Reduction

•IT Infrastructure Consolidation

In-Process

•Route Logistics

•Field Force Automation

•Centralized Billing

•CompuSafe® Service Focus

•Overtime Management

Expected to improve 2014 profit

Primary impact expected in 2015

12

EMEA

2014 outlook

•Revenue flat

•6% - 8% margin

•Focus on cost, productivity &
solutions

•Brink’s integrated managed
services

13

Asia Pacific

2014 outlook

•Revenue up 5% - 7%

•9.5% - 11.5% margin

•Growth driven by Global Services

•Diamond & Jewelry strong

•Continued investment in Gold
storage

14

Global Cost Strategy

•Global Procurement

•Vehicles, Travel
Management, IT Hardware,
Indirect

•Organizational Consolidation

•IT, Shared Services

•Organizational Structure

•Reviewing management
span of control & layers

•U.S. Productivity Actions

$3.8

($ billions)

2013 Costs

Non-Labor

Labor

15

Growth Strategy

•Latin America

•Global Services

•Integrated Managed Services / ATMs

•Global Payments

•Exploring Home Security

16

The Brink’s Company

Joe Dziedzic

Vice President and Chief
Financial Officer

Review and Outlook

Venezuela Devaluation

Accounting Treatment

Prior to SICAD II exchange mechanism

•  Reporting rate dependent on exchange rate

    received and ability to consistently exchange currency

•  If no or limited conversion, use official rate of 6.3

Post SICAD II exchange mechanism

•  Exchange rate dependent on which exchange
    mechanism is legally available to company

•  Use legally available exchange mechanism rate that
    reflects the economics of the business activity
    (whether or not actual conversion occurs)

Why the Rate Changed

•   Since May 2010, Brink’s has had very limited
     access to currency markets in Venezuela

•   On March 24, 2014 the SICAD II exchange
     mechanism opened

•   In early April 2014 Brink’s successfully
     converted Bolivars to USD on SICAD II
     exchange mechanism

18

Hypothetical 2013 results at 50 Bolivars per USD (SICAD II rate)

	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar	Adjusted Non-GAAP Basis
Revenue	$3,942	($392)	$3,551
Total Operating Profit	241	(75)	166
Income from Continuing Operations	116	(40)	76
EPS	$2.37	($0.82)	$1.55

($ millions, except EPS)

19

Full Year 2013

Note: See reconciliation on page 37

1Q14 Non-GAAP Results

($ millions, except EPS)

Note:See reconciliation to GAAP results in Appendix

Revenue

Segment Operating
Profit

EPS

20

Note:See reconciliation to GAAP results in Appendix

21

Non-GAAP EPS:1Q13 Versus 1Q14

Non-GAAP Cash Flow, Capital Investment and Net Debt

($ millions)

Capital
Expenditures and
Capital Leases(b)

Non-GAAP
CFOA(a) (b)

Net Debt (a)

22

Capex Spend

Reinvestment
Ratio

($ millions, except ratio)

23

Legacy Liabilities - Underfunding - At December 31, 2013

($ millions)

24

Cash Payments to Primary U.S. Pension and UMWA

•Actions in 2013 enable tax efficient use of foreign earnings in an amount
that is expected to be sufficient to fund U.S. pension payments and
certain other cash flow needs.

•Plan to fund future pension obligations with cash

•Cash payments to UMWA expected to resume in 2033

Payments to Primary U.S. Pension

Payments to UMWA

25

Note:As of December 31, 2013

Growth Strategy

•Latin America

•Global Services

•Integrated Managed Services / ATMs

•Global Payments

•Exploring Home Security

26

The Brink’s Company
First-Quarter 2014 Earnings
Conference Call

NYSE:BCO

April 24, 2014

Exhibit 99.1

Appendix
Non-GAAP Reconciliations

GAAP Results as Reported

29

Amounts may not add due to rounding. See page 32 for notes.

				2013					2014
				1Q	2Q	3Q	4Q	Full Year	1Q
			GAAP Basis
Revenues:
	Latin America		$	412.9	413.6	423.8	470.4	1,720.7	438.4
	EMEA			277.8	293.4	301.2	305.9	1,178.3	298.0
	North America			223.2	226.3	222.5	226.4	898.4	220.1
	Asia Pacific			36.6	36.6	34.9	36.7	144.8	35.1
		Revenues	$	950.5	969.9	982.4	1,039.4	3,942.2	991.6
Operating profit:
	Latin America		$	23.4	24.4	42.8	59.3	149.9	(74.8)
	EMEA			8.6	18.7	32.1	22.1	81.5	14.8
	North America			(2.0)	6.3	0.2	0.2	4.7	1.1
	Asia Pacific			4.3	5.0	4.8	2.6	16.7	4.4
		Segment operating profit (loss)		34.3	54.4	79.9	84.2	252.8	(54.5)
	Non-segment			(17.0)	(21.6)	(20.7)	(21.8)	(81.1)	(18.0)
		Operating profit (loss)	$	17.3	32.8	59.2	62.4	171.7	(72.5)
Amounts attributable to Brink’s:
Income from continuing operations			$	2.9	13.2	29.8	26.0	71.9	(58.4)
Diluted EPS - continuing operations				0.06	0.27	0.61	0.53	1.47	(1.19)

Non-GAAP Results as Reported

30

Amounts may not add due to rounding. See page 32 for notes.

				2013					2014
				1Q	2Q	3Q	4Q	Full Year	1Q
			Non-GAAP Basis
Revenues:
	Latin America		$	412.9	413.6	423.8	470.4	1,720.7	438.4
	EMEA			277.8	293.4	301.2	305.9	1,178.3	298.0
	North America			223.2	226.3	222.5	226.4	898.4	220.1
	Asia Pacific			36.6	36.6	34.9	36.7	144.8	35.1
		Revenues	$	950.5	969.9	982.4	1,039.4	3,942.2	991.6
Operating profit:
	Latin America		$	37.1	24.9	43.6	62.4	168.0	48.0
	EMEA			8.6	18.7	32.1	22.1	81.5	14.8
	North America			0.9	9.2	3.1	3.1	16.3	2.3
	Asia Pacific			4.3	5.0	4.8	3.5	17.6	4.4
		Segment operating profit		50.9	57.8	83.6	91.1	283.4	69.5
	Non-segment			(7.6)	(11.4)	(11.3)	(12.3)	(42.6)	(13.2)
		Operating profit	$	43.3	46.4	72.3	78.8	240.8	56.3
Amounts attributable to Brink’s:
Income from continuing operations			$	18.7	22.8	35.4	39.0	115.9	21.2
Diluted EPS - continuing operations				0.38	0.47	0.72	0.79	2.37	0.43

Hypothetical Non-GAAP Results Adjusted for Venezuela Results at 50 Bolivars per USD

31

Amounts may not add due to rounding. See page 32 for notes.

				2013					2014
				1Q	2Q	3Q	4Q	Full Year	1Q
			Non-GAAP Results Adjusted for Venezuelan Results at 50 Bolivars per U.S. Dollar
Revenues:
	Latin America		$	328.4	329.7	323.7	347.4	1,329.2	325.3
	EMEA			277.8	293.4	301.2	305.9	1,178.3	298.0
	North America			223.2	226.3	222.5	226.4	898.4	220.1
	Asia Pacific			36.6	36.6	34.9	36.7	144.8	35.1
		Revenues	$	866.0	886.0	882.3	916.4	3,550.7	878.5
Operating profit:
	Latin America		$	17.6	14.8	21.7	39.1	93.2	18.2
	EMEA			8.6	18.7	32.1	22.1	81.5	14.8
	North America			0.9	9.2	3.1	3.1	16.3	2.3
	Asia Pacific			4.3	5.0	4.8	3.5	17.6	4.4
		Segment operating profit		31.4	47.7	61.7	67.8	208.6	39.7
	Non-segment			(7.6)	(11.4)	(11.3)	(12.3)	(42.6)	(13.2)
		Operating profit	$	23.8	36.3	50.4	55.5	166.0	26.5
Amounts attributable to Brink’s:
Income from continuing operations			$	9.2	16.1	22.8	27.8	75.9	10.6
Diluted EPS - continuing operations				0.19	0.33	0.46	0.57	1.55	0.22

Non-GAAP & Adjusted Non-GAAP(f) Results Reconciled to GAAP

32

a)To eliminate currency exchange losses related to Venezuela. See (e) below.

b)To eliminate employee benefit settlement losses in Mexico.

c)To eliminate expenses related to U.S. retirement plans.

d)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
2014 is 37.5%.

e)Effective March 24, 2014, Brink’s began remeasuring its Venezuelan operating results using currency exchange rates reported under a newly established currency exchange process in Venezuela (the “SICAD II process”).The rate published for
this process averaged 51 for the last 7 days in March 2014 and was 50 at March 31, 2014. This adjustment reflects a hypothetical remeasurement of Brink’s Venezuela’s first quarter 2014 revenue and operating results using a rate of 50 bolivars
to the U.S. dollar, which approximates the rate observed in the new SICAD II currency exchange process in March 2014. 

f)Non-GAAP results adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

Amounts may not add due to rounding.

				GAAP Basis	Net Monetary Asset Re- measurement Losses in Venezuela (a)	Employee Benefit Settlement Losses (b)	U.S. Retirement Plans (c)	Adjust Income Tax Rate (d)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (e)	Adjusted Non- GAAP Basis (f)
			First Quarter 2014
Revenues:
	Latin America		$	438.4	-	-	-	-	438.4	(113.1)	325.3
	EMEA			298.0	-	-	-	-	298.0	-	298.0
	North America			220.1	-	-	-	-	220.1	-	220.1
	Asia Pacific			35.1	-	-	-	-	35.1	-	35.1
		Revenues	$	991.6	-	-	-	-	991.6	(113.1)	878.5
Operating profit:
	Latin America		$	(74.8)	121.9	0.9	-	-	48.0	(29.8)	18.2
	EMEA			14.8	-	-	-	-	14.8	-	14.8
	North America			1.1	-	-	1.2	-	2.3	-	2.3
	Asia Pacific			4.4	-	-	-	-	4.4	-	4.4
		Segment operating profit		(54.5)	121.9	0.9	1.2	-	69.5	(29.8)	39.7
	Non-segment			(18.0)	-	-	4.8	-	(13.2)	-	(13.2)
		Operating profit	$	(72.5)	121.9	0.9	6.0	-	56.3	(29.8)	26.5
Amounts attributable to Brink’s:
Income from continuing operations			$	(58.4)	74.0	0.6	3.8	1.2	21.2	(10.6)	10.6
Diluted EPS - continuing operations				(1.19)	1.51	0.01	0.08	0.02	0.43	(0.22)	0.22

Non-GAAP & Adjusted Non-GAAP(g) Results Reconciled to GAAP

33

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re- measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (f)	Adjusted Non-GAAP Basis (g)
			First Quarter 2013
Revenues:
	Latin America		$	412.9	-	-	-	-	-	412.9	(84.5)	328.4
	EMEA			277.8	-	-	-	-	-	277.8	-	277.8
	North America			223.2	-	-	-	-	-	223.2	-	223.2
	Asia Pacific			36.6	-	-	-	-	-	36.6	-	36.6
		Revenues	$	950.5	-	-	-	-	-	950.5	(84.5)	866.0
Operating profit:
	Latin America		$	23.4	-	13.4	0.3	-	-	37.1	(19.5)	17.6
	EMEA			8.6	-	-	-	-	-	8.6	-	8.6
	North America			(2.0)	-	-	-	2.9	-	0.9	-	0.9
	Asia Pacific			4.3	-	-	-	-	-	4.3	-	4.3
		Segment operating profit		34.3	-	13.4	0.3	2.9	-	50.9	(19.5)	31.4
	Non-segment			(17.0)	(1.1)	-	-	10.5	-	(7.6)	-	(7.6)
		Operating profit	$	17.3	(1.1)	13.4	0.3	13.4	-	43.3	(19.5)	23.8
Amounts attributable to Brink’s:
Income from continuing operations			$	2.9	(1.1)	8.4	0.2	8.2	0.1	18.7	(9.5)	9.2
Diluted EPS - continuing operations				0.06	(0.02)	0.17	-	0.17	-	0.38	(0.19)	0.19

Amounts may not add due to rounding. See page 38 for notes.

Non-GAAP & Adjusted Non-GAAP(g) Results Reconciled to GAAP

34

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re- measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivar to the U.S. Dollar (f)	Pro Forma Non-GAAP Basis
			Second Quarter 2013
Revenues:
	Latin America		$	413.6	-	-	-	-	-	413.6	(83.9)	329.7
	EMEA			293.4	-	-	-	-	-	293.4	-	293.4
	North America			226.3	-	-	-	-	-	226.3	-	226.3
	Asia Pacific			36.6	-	-	-	-	-	36.6	-	36.6
		Revenues	$	969.9	-	-	-	-	-	969.9	(83.9)	886.0
Operating profit:
	Latin America		$	24.4	-	-	0.5	-	-	24.9	(10.1)	14.8
	EMEA			18.7	-	-	-	-	-	18.7	-	18.7
	North America			6.3	-	-	-	2.9	-	9.2	-	9.2
	Asia Pacific			5.0	-	-	-	-	-	5.0	-	5.0
		Segment operating profit		54.4	-	-	0.5	2.9	-	57.8	(10.1)	47.7
	Non-segment			(21.6)	-	-	-	10.2	-	(11.4)	-	(11.4)
		Operating profit	$	32.8	-	-	0.5	13.1	-	46.4	(10.1)	36.3
Amounts attributable to Brink’s:
Income from continuing operations			$	13.2	-	-	0.4	7.7	1.5	22.8	(6.7)	16.1
Diluted EPS - continuing operations				0.27	-	-	0.01	0.16	0.03	0.47	(0.14)	0.33

Amounts may not add due to rounding. See page 38 for notes.

Non-GAAP & Adjusted Non-GAAP(g) Results Reconciled to GAAP

35

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re- measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (f)	Adjusted Non-GAAP Basis (g)
			Third Quarter 2013
Revenues:
	Latin America		$	423.8	-	-	-	-	-	423.8	(100.1)	323.7
	EMEA			301.2	-	-	-	-	-	301.2	-	301.2
	North America			222.5	-	-	-	-	-	222.5	-	222.5
	Asia Pacific			34.9	-	-	-	-	-	34.9	-	34.9
		Revenues	$	982.4	-	-	-	-	-	982.4	(100.1)	882.3
Operating profit:
	Latin America		$	42.8	-	-	0.8	-	-	43.6	(21.9)	21.7
	EMEA			32.1	-	-	-	-	-	32.1	-	32.1
	North America			0.2	-	-	-	2.9	-	3.1	-	3.1
	Asia Pacific			4.8	-	-	-	-	-	4.8	-	4.8
		Segment operating profit		79.9	-	-	0.8	2.9	-	83.6	(21.9)	61.7
	Non-segment			(20.7)	(0.9)	-	-	10.3	-	(11.3)	-	(11.3)
		Operating profit	$	59.2	(0.9)	-	0.8	13.2	-	72.3	(21.9)	50.4
Amounts attributable to Brink’s:
Income from continuing operations			$	29.8	(0.9)	-	0.6	7.7	(1.8)	35.4	(12.6)	22.8
Diluted EPS - continuing operations				0.61	(0.02)	-	0.01	0.16	(0.04)	0.72	(0.26)	0.46

Amounts may not add due to rounding. See page 38 for notes.

Non-GAAP & Adjusted Non-GAAP(g) Results Reconciled to GAAP

36

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re- measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (f)	Adjusted Non-GAAP Basis (g)
			Fourth Quarter 2013
Revenues:
	Latin America		$	470.4	-	-	-	-	-	470.4	(123.0)	347.4
	EMEA			305.9	-	-	-	-	-	305.9	-	305.9
	North America			226.4	-	-	-	-	-	226.4	-	226.4
	Asia Pacific			36.7	-	-	-	-	-	36.7	-	36.7
		Revenues	$	1,039.4	-	-	-	-	-	1,039.4	(123.0)	916.4
Operating profit:
	Latin America		$	59.3	2.2	-	0.9	-	-	62.4	(23.3)	39.1
	EMEA			22.1	-	-	-	-	-	22.1	-	22.1
	North America			0.2	-	-	-	2.9	-	3.1	-	3.1
	Asia Pacific			2.6	0.9	-	-	-	-	3.5	-	3.5
		Segment operating profit		84.2	3.1	-	0.9	2.9	-	91.1	(23.3)	67.8
	Non-segment			(21.8)	(0.8)	-	-	10.3	-	(12.3)	-	(12.3)
		Operating profit	$	62.4	2.3	-	0.9	13.2	-	78.8	(23.3)	55.5
Amounts attributable to Brink’s:
Income from continuing operations			$	26.0	4.0	-	0.6	8.2	0.2	39.0	(11.2)	27.8
Diluted EPS - continuing operations				0.53	0.08	-	0.01	0.17	-	0.79	(0.23)	0.57

Amounts may not add due to rounding. See page 38 for notes.

Non-GAAP & Adjusted Non-GAAP(g) Results Reconciled to GAAP

37

				GAAP Basis	Gains and Losses on Acquisitions and Dispositions (a)	Net Monetary Asset Re- measurement Losses in Venezuela (b)	Employee Benefit Settlement Losses (c)	U.S. Retirement Plans (d)	Adjust Income Tax Rate (e)	Non-GAAP Basis	Adjust Venezuela to 50 Bolivars to the U.S. Dollar (f)	Adjusted Non-GAAP Basis (g)
			Full Year 2013
Revenues:
	Latin America		$	1,720.7	-	-	-	-	-	1,720.7	(391.5)	1,329.2
	EMEA			1,178.3	-	-	-	-	-	1,178.3	-	1,178.3
	North America			898.4	-	-	-	-	-	898.4	-	898.4
	Asia Pacific			144.8	-	-	-	-	-	144.8	-	144.8
		Revenues	$	3,942.2	-	-	-	-	-	3,942.2	(391.5)	3,550.7
Operating profit:
	Latin America		$	149.9	2.2	13.4	2.5	-	-	168.0	(74.8)	93.2
	EMEA			81.5	-	-	-	-	-	81.5	-	81.5
	North America			4.7	-	-	-	11.6	-	16.3	-	16.3
	Asia Pacific			16.7	0.9	-	-	-	-	17.6	-	17.6
		Segment operating profit		252.8	3.1	13.4	2.5	11.6	-	283.4	(74.8)	208.6
	Non-segment			(81.1)	(2.8)	-	-	41.3	-	(42.6)	-	(42.6)
		Operating profit	$	171.7	0.3	13.4	2.5	52.9	-	240.8	(74.8)	166.0
Amounts attributable to Brink’s:
Income from continuing operations			$	71.9	2.0	8.4	1.8	31.8	-	115.9	(40.0)	75.9
Diluted EPS - continuing operations				1.47	0.04	0.17	0.04	0.65	-	2.37	(0.82)	1.55

Amounts may not add due to rounding. See page 38 for notes.

Non-GAAP & Adjusted Non-GAAP(g) Footnotes

38

a)To eliminate:

•a $1.1 million adjustment in the first quarter of 2013 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.

•$1.7 million of adjustments in the third and fourth quarters of 2013 primarily related to the January 2013 acquisition of
Rede Trel in Brazil.

•$3.1 million in adjustments in the fourth quarter of 2013 related to the increase in a loss contingency assumed in the
2010 Mexico acquisition and the impairment of an intangible asset acquired in the 2009 India acquisition.

•a $2.6 million tax adjustment related to the Belgium disposition.

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

c)To eliminate employee benefit settlement losses in Mexico.

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

e)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 2013 is 33.3%.

f)Effective March 24, 2014, Brink’s began remeasuring its Venezuelan operating results using currency exchange rates reported
under a newly established currency exchange process in Venezuela (the “SICAD II process”).The rate published for this
process averaged 51 for the last 7 days in March 2014 and was 50 at March 31, 2014. This adjustment reflects a hypothetical
remeasurement of Brink’s Venezuela’s 2013 revenue and operating results using a rate of 50 bolivars to the U.S. dollar, which
approximates the rate observed in the new SICAD II currency exchange process in March 2014.  Losses that would have been
recognized in 2013 had Brink’s used a rate of 50 bolivars to the U.S. dollar to remeasure its net monetary assets have been
excluded from this adjustment and the Adjusted Non-GAAP results.

g)Non-GAAP results adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

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.

		First Quarter
			2014		2013
Cash flows from operating activities - GAAP		$	30.6	$	3.3
Decrease (increase) in certain customer obligations (a)			(6.4)		(16.8)
Cash outflows (inflows) related to discontinued operations (b)			(1.0)		7.5
	Cash flows from operating activities - Non-GAAP	$	23.2	$	(6.0)

39

				March 31,			December 31,
				2014			2013
Debt:
	Long-term debt					421.6	355.1
Less:
Cash and cash equivalents						201.5	255.5
Amounts held by Cash Management Services operations (a)						(36.8)	(31.3)
			Cash and cash equivalents available for general corporate purposes			164.7	224.2
		Net Debt			$	316.2	211.8

Non-GAAP Reconciliations - Net Debt

40

(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 $331 million at

March 31, 2014, and $306 million at December 31, 2013.

The Brink’s Company
First-Quarter 2014 Earnings
Conference Call

NYSE:BCO

April 24, 2014