Current Report Filing (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): October 30, 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 October 30, 2014, The Brink’s Company issued a press release regarding its results for the third quarter ended September 30, 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 October 30, 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 October 30, 2014, 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: October 30, 2014	By:	/s/ Joseph W. Dziedzic
		Joseph W. Dziedzic
		Vice President and Chief Financial Officer

EXHIBIT INDEX

EXHIBIT	DESCRIPTION

99.1	Press Release, dated October 30, 2014, issued by The Brink’s Company

99.2	Slide presentation of The Brink’s Company

EXHIBIT 99.1

The Brink’s Company

1801 Bayberry Court

P.O. Box 18100

Richmond, VA 23226-8100 USA

Tel. 804.289.9600

Fax 804.289.9770

PRESS RELEASE

FOR IMMEDIATE RELEASE

Contact:

Investor Relations

804.289.9709

Brink’s Reports Third-Quarter Results

Non-GAAP EPS $.19 vs $.69; GAAP EPS $.38 vs $.61

Latin America Results Hurt by Currency, Organic Profit Decline and Chile Theft Loss

Management Reduces 2014 Outlook, Continues to Expect Strong Profit Growth in 2015 and 2016

RICHMOND, Va., October 30, 2014 – The Brink’s Company (NYSE: BCO), a global leader in security-related services, today reported third-quarter earnings.

Third-Quarter Highlights

GAAP:

EPS includes Peru divestiture gain ($.45) and Netherlands restructuring charge ($.24)

· EPS $.38 vs. $.61; revenue down 7% (13% organic growth)

Segment profit down 79% (58% organic decline); margin 1.9% vs. 8.1%

Latin America $5 million loss vs. $43 million profit; margin (1.5%) vs. 10.1%

EMEA profit $16 million vs. $32 million; margin 5.1% vs 10.7%

North America profit $2 million vs. break-even; margin 0.7% vs 0.1%

·	Asia-Pacific profit flat at $5 million; margin 13.0% vs. 13.8%

Non-GAAP:

EPS $.19 vs. $.69; revenue down 7% (13% organic growth)

Segment profit down 53% (39% organic decline); margin 4.2% vs. 8.4%

Latin America profit break-even vs. $42 million; margin 0.1% vs. 10.0%

EMEA profit $31 million vs. $32 million; margin 10.2% vs. 10.7%

North America profit $2 million vs. $3 million; margin 1.0% vs. 1.4%

·	Asia-Pacific profit flat at $5 million; margin 13.0% vs. 13.8%

Other:

GAAP and non-GAAP results include charge of $10 million ($.13 per share) related to a robbery in Chile (see “Recent Events” on page 6); charge allocated to regional segments, consistent with other global expenses

Negative currency impact: $194 million on revenue (GAAP and non-GAAP); $16 million on GAAP profit, $12 million on non-GAAP profit; due primarily to devaluation of Venezuela currency

Tom Schievelbein, chairman, president and chief executive officer, said: “The lower third-quarter earnings reflect relatively flat profits in all regions except Latin America, where profits declined sharply due primarily to a negative currency impact of $12 million, organic profit declines in Venezuela, Mexico and Brazil and a theft loss in Chile. The negative currency impact was due mainly to the devaluation of the Venezuelan bolivar earlier this year.

“We’ve reduced our 2014 non-GAAP segment margin rate to a range between 5.5% and 6.0% and expect full-year revenue of about $3.7 billion. We continue to expect strong profit growth in 2015 and 2016 as operational improvements begin to take hold, particularly in the U.S. and Mexico. Our target for 2015 is to achieve a non-GAAP segment margin rate of 6.5% to 7.0% on revenue of about $3.8 billion. Our goal to achieve a full-year segment margin rate of 8% by the end of 2016 has not changed.”

Summary Reconciliation of Third-Quarter GAAP to Non-GAAP EPS*
	Third Quarter						Nine Months
	2014			2013			2014			2013
GAAP Diluted EPS	$	0.38		$	0.61		$	(0.76	)	$	0.94
Exclude expenses related to currency devaluation in Venezuela		0.06			-			1.71			0.18
Exclude U.S. retirement plan expenses		0.05			0.16			0.17			0.48
Exclude employee benefit settlement losses		0.04			0.01			0.07			0.02
Exclude gains and losses on acquisitions, dispositions, and closures		(0.25	)		(0.05	)		(0.28	)		(0.13	)
Exclude share-based compensation adjustment		(0.03	)		-			0.04			-
Adjust quarterly tax rate to full-year average rate		(0.06	)		(0.04	)		(0.08	)		-
Non-GAAP Diluted EPS	$	0.19		$	0.69		$	0.86		$	1.49

Summary of Third-Quarter Results*
	Third Quarter									Nine Months
(In millions, except for per share amounts)	2014			2013			% Change			2014			2013			% Change


GAAP
Revenues	$	913			982			(7	)	$	2,806			2,903			(3	)
Segment operating profit (loss)(a)		17			80			(79	)		(11	)		169		unfav
Non-segment income (expense)		31			(21	)	fav				(3	)		(59	)		(95	)
Operating profit (loss)		48			59			(20	)		(14	)		109		unfav
Income (loss) from continuing operations(b)		19			30			(37	)		(37	)		46		unfav
Diluted EPS from continuing operations(b)		0.38			0.61			(38	)		(0.76	)		0.94		unfav

Non-GAAP(c)
Revenues	$	913			982			(7	)	$	2,806			2,903			(3	)
Segment operating profit(a)		38			82			(53	)		147			189			(22	)
Non-segment income (expense)		(13	)		(11	)		12			(36	)		(30	)		18
Operating profit		26			71			(64	)		111			159			(30	)
Income from continuing operations(b)		10			34			(72	)		42			73			(42	)
Diluted EPS from continuing operations(b)		0.19			0.69			(72	)		0.86			1.49			(42	)

(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 2014 reflect Venezuela’s local earnings translated at 6.3 bolivars to the U.S. dollar through March 23, 2014, and at approximately 50 bolivars to the U.S. dollar from March 24 to September 30, 2014. Also see pages 14 – 18 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 all periods in 2013 and 2014.

*Non-GAAP results are reconciled to the applicable GAAP results on pages 14 -– 18. Amounts may not add due to rounding.

The Brink’s Company and subsidiaries

Third Quarter 2014 vs. 2013 (Unaudited)

(In millions)

Segment Results – GAAP

							Acquisitions /
				Organic			Dispositions		Currency						% Change
	3Q '13			Change			(a)		(b)			3Q '14			Total			Organic
Revenues:
Latin America	$	424			111			-		(192	)		343			(19	)		26
EMEA		301			2			-		-			304			1			1
North America		223			8			-		(2	)		228			2			3
Asia Pacific		35			3			-		-			39			10			10
Total	$	982			125			-		(194	)		913			(7	)		13

Operating profit:
Latin America	$	43			(31	)		-		(17	)		(5	)	unfav				(73	)
EMEA		32			(17	)		-		-			16			(51	)		(53	)
North America		-			2			-		-			2		fav			fav
Asia Pacific		5			-			-		-			5			4			4
Segment operating profit		80			(47	)		-		(16	)		17			(79	)		(58	)
Non-segment		(21	)		7			44		-			31		fav				(35	)
Total	$	59			(39	)		44		(16	)		48			(20	)		(67	)

Segment operating margin:
Latin America		10.1	%										(1.5	%)
EMEA		10.7	%										5.1	%
North America		0.1	%										0.7	%
Asia Pacific		13.8	%										13.0	%
Segment operating margin		8.1	%										1.9	%

Segment Results – Non-GAAP*

							Acquisitions /
				Organic			Dispositions		Currency						% Change
	3Q '13			Change			(a)		(b)			3Q '14			Total			Organic
Revenues:
Latin America	$	424			111			-		(192	)		343			(19	)		26
EMEA		301			2			-		-			304			1			1
North America		223			8			-		(2	)		228			2			3
Asia Pacific		35			3			-		-			39			10			10
Total	$	982			125			-		(194	)		913			(7	)		13

Operating profit:
Latin America	$	42			(30	)		-		(12	)		-			(100	)		(72	)
EMEA		32			(2	)		-		-			31			(3	)		(5	)
North America		3			(1	)		-		-			2			(29	)		(23	)
Asia Pacific		5			-			-		-			5			4			4
Segment operating profit		82			(32	)		-		(12	)		38			(53	)		(39	)
Non-segment		(11	)		(1	)		-		-			(13	)		12			12
Total	$	71			(34	)		-		(12	)		26			(64	)		(48	)

Segment operating margin:
Latin America		10.0	%										0.1	%
EMEA		10.7	%										10.2	%
North America		1.4	%										1.0	%
Asia Pacific		13.8	%										13.0	%
Segment operating margin		8.4	%										4.2	%

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

(b)

The “Currency” amount in the GAAP table is the sum of the “monthly currency changes” adjusted for any additional expense recorded under highly inflationary accounting rules. 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. Venezuela is translated to the U.S. dollar under highly inflationary accounting rules. Net monetary assets in local currency are remeasured to U.S. dollars using current exchange rates with losses recognized in earnings. Nonmonetary assets under these rules are not remeasured to a lower basis in U.S. dollars when the currency devalues. Instead, these assets retain their higher U.S. dollar historical bases and the excess basis is recognized in earnings as each asset is consumed. Both of these effects are included in “Currency” in the GAAP table. The Non-GAAP table excludes any excess basis recognized in earnings as the nonmonetary assets are consumed.

*Non-GAAP results are reconciled to the applicable GAAP results on pages 14 – 18.

Amounts may not add due to rounding.

The Brink’s Company and subsidiaries

Year-to-Date September 2014 vs. 2013 (Unaudited)

(In millions)

Segment Results – GAAP

							Acquisitions /
				Organic			Dispositions		Currency						% Change
	YTD '13			Change			(a)		(b)			YTD '14			Total			Organic
Revenues:
Latin America	$	1,250			314			-		(446	)		1,118			(11	)		25
EMEA		872			11			-		21			904			4			1
North America		672			11			-		(9	)		674			-			2
Asia Pacific		108			5			-		(3	)		110			2			4
Total	$	2,903			341			-		(437	)		2,806			(3	)		12

Operating profit (loss):
Latin America	$	91			(13	)		-		(159	)		(81	)	unfav				(15	)
EMEA		59			(13	)		-		1			48			(20	)		(22	)
North America		5			4			-		(1	)		8			84			98
Asia Pacific		14			-			-		-			14			(1	)		-
Segment operating profit		169			(22	)		-		(158	)		(11	)	unfav				(13	)
Non-segment		(59	)		14			43		-			(3	)		(95	)		(23	)
Total	$	109			(8	)		43		(158	)		(14	)	unfav				(8	)

Segment operating (loss) margin:
Latin America		7.2	%										(7.3	%)
EMEA		6.8	%										5.3	%
North America		0.7	%										1.2	%
Asia Pacific		13.0	%										12.7	%
Segment operating margin		5.8	%										(0.4	%)

Segment Results – Non-GAAP*

							Acquisitions /								% Change
				Organic			Dispositions		Currency
	YTD '13			Change			(a)		(b)			YTD '14			Total			Organic
Revenues:
Latin America	$	1,250			314			-		(446	)		1,118			(11	)		25
EMEA		872			11			-		21			904			4			1
North America		672			11			-		(9	)		674			-			2
Asia Pacific		108			5			-		(3	)		110			2			4
Total	$	2,903			341			-		(437	)		2,806			(3	)		12
Operating profit:
Latin America	$	102			(10	)		-		(35	)		58			(44	)		(10	)
EMEA		59			3			-		1			64			7			5
North America		13			(1	)		-		(1	)		11			(14	)		(10	)
Asia Pacific		14			-			-		-			14			-			1
Segment operating profit		189			(8	)		-		(34	)		147			(22	)		(4	)
Non-segment		(30	)		(6	)		-		-			(36	)		18			18
Total	$	159			(14	)		-		(34	)		111			(30	)		(9	)

Segment operating margin:
Latin America		8.2	%										5.2	%
EMEA		6.8	%										7.0	%
North America		2.0	%										1.7	%
Asia Pacific		13.0	%										12.8	%
Segment operating margin		6.5	%										5.2	%

*Non-GAAP results are reconciled to the applicable GAAP results on pages 14 – 18.

Amounts may not add due to rounding. See page 4 for footnote explanations.

Non-Segment Expenses (Income)

Third-quarter GAAP results include a net benefit of $31 million from non-segment expenses, compared to net expenses of $21 million in 2013. The benefit is primarily due to a $44 million gain on the sale of the company’s equity interest in a cash-in-transit business in Peru. On a non-GAAP basis, non-segment expenses increased to $13 million compared to $11 million in 2013 due to higher general and administrative expenses.

Capital Expenditures and Capital Leases

Year-to-date capital expenditures and capital lease additions were $90 million compared to $124 million in 2013. Full-year fixed asset acquisitions are expected to be approximately $160 million to $170 million.

Primary U.S. Pension Plan

During the quarter, Brink’s prepaid its 2015 and 2016 required contributions, totaling $61 million, to the primary U.S. pension plan in order to further de-risk the plan’s investment allocation and lower its PBGC premiums. These payments were made using available cash and existing credit facilities.

On August 29, Brink’s offered certain pension plan participants the option of receiving a lump-sum payment or reduced annuity. The company expects to incur a fourth-quarter non-cash settlement charge against GAAP earnings based on the number of respondents who choose one of these options and actuarial assumptions at the remeasurement date.

Income Taxes

On a GAAP basis, third-quarter tax expense was $23 million (effective rate 56%) versus $15 million (effective rate of 28%) in the year-ago quarter. Due to the significant Venezuela remeasurement write-down, which is non-deductible, the resulting full-year GAAP tax expense is projected to exceed pretax income, resulting in a tax rate in excess of 100%.

Non-GAAP earnings for the third quarter reflect an effective tax rate of 38.0%, which is the midpoint of the estimated non-GAAP full-year range of 36.5% to 39.5%. The estimated range increased by 1.5% this quarter due to the exclusion of earnings related to the company’s equity interest in a cash-in-transit business in Peru that was sold during the quarter. Non-GAAP results exclude the aforementioned nondeductible remeasurement charge.

Recent Events

During the quarter, the company experienced a $10 million theft loss in Chile that had a negative impact of $0.13 per share on third-quarter earnings.

On August 29, Brink’s announced the early redemption of $43 million of bonds issued by the Peninsula Ports Authority of Virginia (and guaranteed by Brink’s), which were recorded as debt on the company’s balance sheet. The bonds were redeemed on September 15 for $44 million, which includes accrued interest through the redemption date.

On September 26, the company sold its equity interest in a cash-in-transit business in Peru for $60 million. The sale resulted in a third quarter pretax gain of approximately $44 million ($.45 per share after taxes).

On October 17, Brink’s announced its plan to restructure its Netherlands operations in response to a loss of business with Rabobank, its largest customer in that country. The company incurred a third-quarter charge of $16 million ($.24 per share after taxes) against GAAP earnings related to severance, asset impairments, and other costs associated with the expected cessation of service to Rabobank on July 1, 2015. The restructuring plan includes the potential closure of three branches and a workforce reduction of approximately 600 employees. In 2013, the Netherlands operations generated approximately $120 million of revenue. The restructured business is expected to generate annual revenue of approximately $40 million.

Conference Call

Brink’s will host a conference call on October 30 at 11:00 a.m. Eastern Time to review third-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/10053127 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 November 14, 2014, at (877) 344-7529 (in the U.S.) or (412) 317-0088 (international). The conference number is 10053127. 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 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. Amounts reported for prior periods have been updated in this report to present information consistently for all periods presented.

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.

The consolidated non-GAAP segment margin target for 2016 and 2014 estimated non-segment expense are not reconciled to GAAP because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable effort.

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, fixed asset acquisitions, capital expenditures, capital leases, depreciation and amortization for 2014; profit growth in 2015 and 2016 and the impact of operational improvements, 2015 revenue, and 2015 and 2016 non-GAAP segment margin. 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 and productivity efficiencies, particularly in the United States and Mexico;

·	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, including 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 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, 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;

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 interpretation 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.

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 %	25– 27%		17 %	25– 27%
EMEA		2	0 – 2		2	0 – 2
North America		1	0 – 2		1	0 – 2
Asia Pacific		11	2 – 4		11	2 – 4
Total		8	11 – 13		8	11 – 13

Currency impact on revenue
Latin America		(9)%	(38) – (42)%		(9)%	(38) – (42)%
EMEA		2	0 – 3		2	0 – 3
North America		(1)	(2) – 0		(1)	(2) – 0
Asia Pacific		(5)	(1) – (3)		(5)	(1) – (3)
Total		(3)	(17) – (19)		(3)	(17) – (19)

Total revenues	$	3,942	~3.7 billion	$	3,942	~3.7 billion

Segment margin
Latin America(a)		8.7 %	(3.0) – (5.0)%		9.5 %	5.0 – 7.0%
EMEA(b)		6.9	5.5 – 7.5		6.9	6.5 – 8.5
North America(c)		0.5	1.5 – 2.5		1.8	2.0 – 3.0
Asia Pacific		11.5	10.5 – 12.5		12.2	10.5 – 12.5
Total		6.4	1.0 – 2.0		7.1	5.5 – 6.0

Non-segment expense:
General and administrative(d)	$	45	51	$	45	49
Retirement plans(c)		41	14		-	-
Acquisition and disposition gains(e)		(3)	(45)		-	-
Royalty income		(2)	(2)		(2)	(2)
Non-segment expense	$	81	18	$	43	47

Effective income tax rate(a)(b)(c)(d)(e)		35 %	100%+		34 %	36.5% – 39.5%

Interest expense	$	25	24 – 26	$	25	24 – 26

Interest and other income (expense)	$	2	1 – 2	$	2	1 – 2

Net income (loss) attributable to
noncontrolling interests(a)	$	24	(25) – (29)	$	29	18 – 22

Fixed assets acquired
Capital expenditures	$	178	150 – 160	$	178	150 – 160
Capital leases(f)		5	10		5	10
Total	$	183	160 – 170	$	183	160 – 170

Depreciation and amortization	$	174	170 – 175	$	174	170 – 175

(a)	Expenses related to currency devaluation in Venezuela ($138 million in 2014 and $15 million in 2013) have been excluded from Non-GAAP and Adjusted Non-GAAP results.

(b)	$16 million in pretax charges related to the planned restructuring of our business in the Netherlands have been excluded from Non-GAAP and Adjusted Non-GAAP results.

(c)

Costs related to U.S. retirement plans have been excluded from Non-GAAP and Adjusted Non-GAAP results including $12 million in 2013 and $4 million in 2014 related to North America, and $41 million in 2013 and $14 million in 2014 related to non-segment expense. We expect to record a non-cash settlement charge in the fourth quarter of 2014 related to the U.S. pension plan. The charge, which is projected to be between $50 million and $65 million, has been excluded from 2014 estimated GAAP and non-GAAP results.

(d)	Accounting adjustments to revise share-based compensation from fixed to variable fair value accounting ($2 million) have been excluded from Non-GAAP and Adjusted Non-GAAP results.

(e)	Acquisition and disposition gains and losses are excluded from Non-GAAP results and Adjusted Non-GAAP results.

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

Amounts may not add due to rounding

The Brink’s Company and subsidiaries

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

(In millions except 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			2 – 4
		Total		4 – 6

Currency impact on revenue
	Latin America			(8) – (10)%
	EMEA			0 – 3
	North America			(2) – 0
	Asia Pacific			(1) – (3)
		Total		(3) – (5)

Total revenues			$	~3.6 billion

Segment margin
	Latin America(a)			4.0 – 6.0%
	EMEA(b)			6.5 – 8.5
	North America(c)			2.0 – 3.0
	Asia Pacific			10.5 – 12.5
		Total		5.0 – 5.5

Non-segment expense:
	General and administrative(d)		$	49
	Royalty income			(2)
		Non-segment expense	$	47

Effective income tax rate(a)(b)(c)(d)				40% – 43%

Interest expense			$	24 – 26

Interest and other income (expense)			$	1 – 2

Net income (loss) attributable to
	noncontrolling interests(a)		$	10 – 14

Fixed assets acquired:
	Capital expenditures		$	150 – 160
	Capital leases(f)			10
		Total	$	160 – 170

Depreciation and amortization			$	170 – 175

Amounts may not add due to rounding. See page 10 for notes.

The Brink’s Company and subsidiaries

Condensed Consolidated Statements of Income (Loss) (Unaudited)

(In millions, except for per share amounts)

	Third Quarter						Nine Months
	2014			2013			2014			2013

Revenues	$	913.1			982.4		$	2,806.2			2,902.8

Costs and expenses:
Cost of revenues		770.9			783.2			2,321.1			2,368.1
Selling, general and administrative expenses		135.5			141.2			416.0			418.0
Total costs and expenses		906.4			924.4			2,737.1			2,786.1
Other operating income (expense)		40.8			1.2			(83.4	)		(7.4	)

Operating profit (loss)		47.5			59.2			(14.3	)		109.3

Interest expense		(6.6	)		(6.5	)		(18.3	)		(18.3	)
Interest and other income (expense)		0.4			0.3			0.7			1.2
Income (loss) from continuing operations before tax		41.3			53.0			(31.9	)		92.2
Provision (benefit) for income taxes		23.2			15.0			36.9			31.1

Income (loss) from continuing operations		18.1			38.0			(68.8	)		61.1

Income (loss) from discontinued operations, net of tax		1.5			(6.0	)		0.7			(30.0	)

Net income (loss)		19.6			32.0			(68.1	)		31.1

Less net income (loss) attributable to noncontrolling interests		(0.6	)		8.2			(31.4	)		15.2

Net income (loss) attributable to Brink’s	$	20.2			23.8		$	(36.7	)		15.9

Amounts attributable to Brink’s
Continuing operations	$	18.7			29.8		$	(37.4	)		45.9
Discontinued operations		1.5			(6.0	)		0.7			(30.0	)

Net income (loss) attributable to Brink’s	$	20.2			23.8		$	(36.7	)		15.9

Earnings (loss) per share attributable to Brink’s common shareholders(a):
Basic:
Continuing operations	$	0.38			0.61		$	(0.76	)		0.94
Discontinued operations		0.03			(0.12	)		0.01			(0.62	)
Net income (loss)	$	0.41			0.49		$	(0.75	)		0.33

Diluted:
Continuing operations	$	0.38			0.61		$	(0.76	)		0.94
Discontinued operations		0.03			(0.12	)		0.01			(0.61	)
Net income (loss)	$	0.41			0.49		$	(0.75	)		0.32

Weighted-average shares
Basic		49.1			48.7			49.0			48.6
Diluted		49.4			49.0			49.0			48.9

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

The Brink’s Company and subsidiaries

Supplemental Financial Information (Unaudited)

(In millions)

	Third Quarter				% Change						Nine Months				% Change
REVENUES BY REGION	2014		2013		Total			Organic			2014		2013		Total			Organic

Latin America:
Mexico	$	100.8		110.1		(8	)		(7	)	$	310.8		338.2		(8	)		(5	)
Brazil		116.3		92.4		26			25			331.5		284.6		16			26
Venezuela		25.1		114.7		(78	)		74			178.7		306.3		(42	)		73
Other		101.0		106.6		(5	)		10			297.1		321.2		(8	)		10
Total		343.2		423.8		(19	)		26			1,118.1		1,250.3		(11	)		25

EMEA:
France		139.2		139.8		-			-			414.1		403.7		3			-
Other		164.3		161.4		2			2			490.3		468.7		5			3
Total		303.5		301.2		1			1			904.4		872.4		4			1

North America:
U.S.		181.8		175.6		4			4			537.9		529.4		2			2
Canada		46.1		46.9		(2	)		3			135.8		142.6		(5	)		2
Total		227.9		222.5		2			3			673.7		672.0		-			2

Asia Pacific		38.5		34.9		10			10			110.0		108.1		2			4

Total Revenues	$	913.1		982.4		(7	)		13		$	2,806.2		2,902.8		(3	)		12


Amounts may not add due to rounding. Organic percentage change in revenue is equal to the total percentage change in revenue less the change associated with acquisitions and dispositions and less the change in revenues due to foreign currency exchange fluctuations as described in the note to the table on page 4.

	Nine Months
SELECTED CASH FLOW INFORMATION	2014		2013

Property and equipment acquired during the period
Capital expenditures
Latin America	$	37.5	$	64.0
EMEA		19.1		22.2
North America		24.4		33.8
Asia Pacific		2.8		2.2
Capital expenditures		83.8		122.2

Capital leases(a)
Latin America		1.2		0.9
North America		4.7		0.7
Capital leases		5.9		1.6

Total
Latin America		38.7		64.9
EMEA		19.1		22.2
North America		29.1		34.5
Asia Pacific		2.8		2.2
Total	$	89.7	$	123.8

Depreciation and amortization
Latin America	$	47.2	$	43.9
EMEA		32.1		34.5
North America		44.5		43.9
Asia Pacific		3.7		4.3
Depreciation and amortization	$	127.5	$	126.6

(a)

Represents the amount of property and equipment acquired using capital leases. Because these assets are acquired without using cash initially, the acquisitions are not reflected in the consolidated cash flow statement as capital expenditures. Amounts are provided here to assist in the comparison of assets acquired in the current year versus prior years.

The Brink’s Company and subsidiaries

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

(In millions, except for per share amounts)

		GAAP Basis			Expenses Related to Currency Devaluation in Venezuela (a)		Gains/ Losses on Acquisitions and Dispositions (b)			Employee Benefit Settlement Losses (c)		U.S. Retirement Plans (d)		Share-based Compen- sation Adjust- ment (e)		Adjust Income Tax Rate (f)			Non-GAAP Basis			Adjust Venezuela to 50 Bolivars to the U.S. Dollar (g)			Adjusted Non-GAAP Basis (h)

	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	)		123.3		(1.2	)		0.9		-		-		-			48.2			(28.9	)		19.3
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	)		123.3		(1.2	)		0.9		1.2		-		-			69.7			(28.9	)		40.8
Non-segment			(18.0	)		-		-			-		4.8		-		-			(13.2	)		-			(13.2	)
Operating profit		$	(72.5	)		123.3		(1.2	)		0.9		6.0		-		-			56.5			(28.9	)		27.6

Amounts attributable to Brink’s:
Income from continuing operations		$	(58.4	)		74.9		(1.2	)		0.6		3.8		-		0.8			20.5			(10.8	)		9.7
Diluted EPS – continuing operations			(1.19	)		1.53		(0.02	)		0.01		0.08		-		0.02			0.42			(0.22	)		0.20

	Second Quarter 2014
Revenues:
Latin America		$	336.5			-		-			-		-		-		-			336.5			-			336.5
EMEA			302.9			-		-			-		-		-		-			302.9			-			302.9
North America			225.7			-		-			-		-		-		-			225.7			-			225.7
Asia Pacific			36.4			-		-			-		-		-		-			36.4			-			36.4
Revenues		$	901.5			-		-			-		-		-		-			901.5			-			901.5

Operating profit:
Latin America		$	(1.5	)		9.8		(0.6	)		0.9		-		0.6		-			9.2			-			9.2
EMEA			17.3			-		-			-		-		0.5		-			17.8			-			17.8
North America			5.7			-		-			-		0.8		0.3		-			6.8			-			6.8
Asia Pacific			4.6			-		-			-		-		0.1		-			4.7			-			4.7
Segment operating profit			26.1			9.8		(0.6	)		0.9		0.8		1.5		-			38.5			-			38.5
Non-segment			(15.4	)		-		-			-		2.8		2.7		-			(9.9	)		-			(9.9	)
Operating profit		$	10.7			9.8		(0.6	)		0.9		3.6		4.2		-			28.6			-			28.6

Amounts attributable to Brink’s:
Income from continuing operations		$	2.3			6.0		(0.6	)		0.8		2.3		3.4		(2.0	)		12.2			(0.7	)		11.5
Diluted EPS – continuing operations			0.05			0.12		(0.02	)		0.02		0.05		0.07		(0.04	)		0.25			(0.01	)		0.23

		GAAP Basis			Expenses Related to Currency Devaluation in Venezuela (a)		Gains/ Losses on Acquisi- tions and Dispositions (b)			Employee Benefit Set- tlement Losses (c)		U.S. Retire- ment Plans (d)		Share-based Compen- sation Adjust- ment (e)			Adjust Income Tax Rate (f)			Non-GAAP Basis			Adjust Venezuela to 50 Bolivars to the U.S. Dollar (g)			Adjusted Non-GAAP Basis (h)

	Third Quarter 2014
Revenues:
Latin America		$	343.2			-		-			-		-		-			-			343.2			-			343.2
EMEA			303.5			-		-			-		-		-			-			303.5			-			303.5
North America			227.9			-		-			-		-		-			-			227.9			-			227.9
Asia Pacific			38.5			-		-			-		-		-			-			38.5			-			38.5
Revenues		$	913.1			-		-			-		-		-			-			913.1			-			913.1

Operating profit:
Latin America		$	(5.1	)		4.8		(1.6	)		2.4		-		(0.3	)		-			0.2			-			0.2
EMEA			15.6			-		15.6			-		-		(0.2	)		-			31.0			-			31.0
North America			1.5			-		-			-		0.8		(0.1	)		-			2.2			-			2.2
Asia Pacific			5.0			-		-			-		-		-			-			5.0			-			5.0
Segment operating profit			17.0			4.8		14.0			2.4		0.8		(0.6	)		-			38.4			-			38.4
Non-segment			30.5			-		(44.9	)		-		2.9		(1.2	)		-			(12.7	)		-			(12.7	)
Operating profit		$	47.5			4.8		(30.9	)		2.4		3.7		(1.8	)		-			25.7			-			25.7

Amounts attributable to Brink’s:
Income from continuing operations		$	18.7			2.9		(12.0	)		1.8		2.3		(1.3	)		(2.8	)		9.6			(0.7	)		8.9
Diluted EPS – continuing operations			0.38			0.06		(0.25	)		0.04		0.05		(0.03	)		(0.06	)		0.19			(0.01	)		0.18

	Nine Months 2014
Revenues:
Latin America		$	1,118.1			-		-			-		-		-			-			1,118.1			(113.1	)		1,005.0
EMEA			904.4			-		-			-		-		-			-			904.4			-			904.4
North America			673.7			-		-			-		-		-			-			673.7			-			673.7
Asia Pacific			110.0			-		-			-		-		-			-			110.0			-			110.0
Revenues		$	2,806.2			-		-			-		-		-			-			2,806.2			(113.1	)		2,693.1

Operating profit:
Latin America		$	(81.4	)		137.9		(3.4	)		4.2		-		0.3			-			57.6			(28.9	)		28.7
EMEA			47.7			-		15.6			-		-		0.3			-			63.6			-			63.6
North America			8.3			-		-			-		2.8		0.2			-			11.3			-			11.3
Asia Pacific			14.0			-		-			-		-		0.1			-			14.1			-			14.1
Segment operating profit			(11.4	)		137.9		12.2			4.2		2.8		0.9			-			146.6			(28.9	)		117.7
Non-segment			(2.9	)		-		(44.9	)		-		10.5		1.5			-			(35.8	)		-			(35.8	)
Operating profit		$	(14.3	)		137.9		(32.7	)		4.2		13.3		2.4			-			110.8			(28.9	)		81.9

Amounts attributable to Brink’s:
Income from continuing operations		$	(37.4	)		83.8		(13.8	)		3.2		8.4		2.1			(4.0	)		42.3			(12.2	)		30.1
Diluted EPS – continuing operations			(0.76	)		1.71		(0.28	)		0.07		0.17		0.04			(0.08	)		0.86			(0.25	)		0.61

(a)

To eliminate the effects of the March 2014 currency devaluation in Venezuela as described in (g) below. Expenses eliminated from Non-GAAP results include first-quarter currency exchange losses totaling $122 million related to remeasured net monetary assets and $16 million in year-to-date expenses related to nonmonetary assets. Nonmonetary assets were not remeasured to a lower basis when the currency devalued. Instead, under highly inflationary accounting rules, these assets retained their higher historical bases, which excess is recognized in earnings as the asset is consumed.

(b)	To eliminate

·	$44.9 million in third-quarter divestiture gains primarily related to the sale of our equity investment in a CIT business in Peru.

·	$15.6 million in third-quarter charges related to the planned restructuring of our business in the Netherlands.

·	$3.8 million in equity earnings ($1.2 million in the first quarter, $1.3 million in the second quarter and $1.3 million in the third quarter) from our former investment in a CIT business in Peru.

·	a $0.7 million adjustment in the third quarter related to the decrease in a loss contingency assumed in the 2010 Mexico acquisition.

·	$1.1 million in restructuring charges ($0.7 million in the second quarter and $0.4 million in the third quarter) related to Latin American operations that are expected to be shut down within the next 12 months.

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

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

(e)

To eliminate an accounting adjustment related to share-based compensation ($4.2 million expense in the second quarter and a $1.8 million benefit in the third quarter). The accounting adjustment revises the accounting for share-based compensation from fixed to variable fair value accounting as defined in ASC Topic 718, Stock Compensation.

(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 2014 is 38%.

(g)

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 has averaged approximately 50 since opening on March 24, 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 process in March 2014.

(h)	Adjusted Non-GAAP results are equal to Non-GAAP results further adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

Amounts may not add due to rounding.

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/ Losses on Acquisitions and Dispositions (a)			Expenses Related to Currency Devaluation 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			(1.6	)		13.9		0.3		-		-		36.0			(18.0	)		18.0
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			(1.6	)		13.9		0.3		2.9		-		49.8			(18.0	)		31.8
Non-segment			(17.0	)		(1.1	)		-		-		10.5		-		(7.6	)		-			(7.6	)
Operating profit		$	17.3			(2.7	)		13.9		0.3		13.4		-		42.2			(18.0	)		24.2

Amounts attributable to Brink’s:
Income from continuing operations		$	2.9			(2.7	)		8.7		0.2		8.2		0.2		17.5			(8.7	)		8.8
Diluted EPS – continuing operations			0.06			(0.05	)		0.18		-		0.17		-		0.36			(0.18	)		0.18

	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			(1.3	)		0.2		0.5		-		-		23.8			(8.6	)		15.2
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			(1.3	)		0.2		0.5		2.9		-		56.7			(8.6	)		48.1
Non-segment			(21.6	)		-			-		-		10.2		-		(11.4	)		-			(11.4	)
Operating profit		$	32.8			(1.3	)		0.2		0.5		13.1		-		45.3			(8.6	)		36.7

Amounts attributable to Brink’s:
Income from continuing operations		$	13.2			(1.3	)		0.1		0.4		7.7		1.6		21.7			(5.9	)		15.8
Diluted EPS – continuing operations			0.27			(0.03	)		-		0.01		0.16		0.03		0.44			(0.12	)		0.32

		GAAP Basis			Gains/ Losses on Acquisitions and Dispositions (a)			Expenses Related to Currency Devaluation 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			(1.5	)		0.2		0.8		-		-			42.3			(20.7	)		21.6
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			(1.5	)		0.2		0.8		2.9		-			82.3			(20.7	)		61.6
Non-segment			(20.7	)		(0.9	)		-		-		10.3		-			(11.3	)		-			(11.3	)
Operating profit		$	59.2			(2.4	)		0.2		0.8		13.2		-			71.0			(20.7	)		50.3

Amounts attributable to Brink’s:
Income from continuing operations		$	29.8			(2.4	)		0.1		0.6		7.7		(1.9	)		33.9			(11.6	)		22.3
Diluted EPS – continuing operations			0.61			(0.05	)		-		0.01		0.16		(0.04	)		0.69			(0.24	)		0.45

	Nine Months 2013
Revenues:
Latin America		$	1,250.3			-			-		-		-		-			1,250.3			(268.5	)		981.8
EMEA			872.4			-			-		-		-		-			872.4			-			872.4
North America			672.0			-			-		-		-		-			672.0			-			672.0
Asia Pacific			108.1			-			-		-		-		-			108.1			-			108.1
Revenues		$	2,902.8			-			-		-		-		-			2,902.8			(268.5	)		2,634.3

Operating profit:
Latin America		$	90.6			(4.4	)		14.3		1.6		-		-			102.1			(47.3	)		54.8
EMEA			59.4			-			-		-		-		-			59.4			-			59.4
North America			4.5			-			-		-		8.7		-			13.2			-			13.2
Asia Pacific			14.1			-			-		-		-		-			14.1			-			14.1
Segment operating profit			168.6			(4.4	)		14.3		1.6		8.7		-			188.8			(47.3	)		141.5
Non-segment			(59.3	)		(2.0	)		-		-		31.0		-			(30.3	)		-			(30.3	)
Operating profit		$	109.3			(6.4	)		14.3		1.6		39.7		-			158.5			(47.3	)		111.2

Amounts attributable to Brink’s:
Income from continuing operations		$	45.9			(6.4	)		8.9		1.2		23.6		(0.1	)		73.1			(26.2	)		46.9
Diluted EPS – continuing operations			0.94			(0.13	)		0.18		0.02		0.48		-			1.49			(0.54	)		0.96

		GAAP Basis			Gains/ Losses on Acquisitions and Dispositions (a)			Expenses Related to Currency Devaluation 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			0.5			0.3		0.9		-		-		61.0			(21.6	)		39.4
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			1.4			0.3		0.9		2.9		-		89.7			(21.6	)		68.1
Non-segment			(21.8	)		(0.8	)		-		-		10.3		-		(12.3	)		-			(12.3	)
Operating profit		$	62.4			0.6			0.3		0.9		13.2		-		77.4			(21.6	)		55.8

Amounts attributable to Brink’s:
Income from continuing operations		$	26.0			2.3			0.2		0.6		8.2		0.1		37.4			(9.9	)		27.5
Diluted EPS – continuing operations			0.53			0.05			-		0.01		0.17		-		0.76			(0.20	)		0.56

	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			(3.9	)		14.6		2.5		-		-		163.1			(68.9	)		94.2
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			(3.0	)		14.6		2.5		11.6		-		278.5			(68.9	)		209.6
Non-segment			(81.1	)		(2.8	)		-		-		41.3		-		(42.6	)		-			(42.6	)
Operating profit		$	171.7			(5.8	)		14.6		2.5		52.9		-		235.9			(68.9	)		167.0

Amounts attributable to Brink’s:
Income from continuing operations		$	71.9			(4.1	)		9.1		1.8		31.8		-		110.5			(36.1	)		74.4
Diluted EPS – continuing operations			1.47			(0.08	)		0.18		0.04		0.65		-		2.26			(0.74	)		1.52

(a)	To eliminate

·	$6.1 million in equity earnings ($1.6 million in the first quarter, $1.3 million in the second quarter, $1.5 million in the third quarter, and $1.7 million in the fourth quarter) from our former investment in a CIT business in Peru.

·	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 favorable 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 unfavorable tax adjustment related to the Belgium disposition.

(b)

To eliminate the effects of the February 2013 currency devaluation in Venezuela in which the official exchange rate in Venezuela declined 16% from 5.3 to 6.3 bolivars to the U.S. dollar. Expenses eliminated from Non-GAAP results include first quarter currency exchange losses totaling $13.4 million related to remeasured net monetary assets as well as expenses related to nonmonetary assets ($0.5 million in the first quarter, $0.2 million in the second quarter, $0.2 million in the third quarter and $0.3 million in the fourth quarter). Nonmonetary assets were not remeasured to a lower basis when the currency devalued. Instead, under highly inflationary accounting rules, these assets retained their higher historical bases, which excess is recognized in earnings as the asset is consumed.

(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 was 34.1%.

(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”). 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 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)	Adjusted Non-GAAP results are equal to Non-GAAP results further adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

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
	Nine Months
	2014			2013
Cash flows from operating activities – GAAP	$	72.5		$	104.4
Decrease (increase) in certain customer obligations(a)		(15.5	)		4.9
Cash outflows (inflows) related to discontinued operations		(0.9	)		3.6
Cash flows from operating activities – Non-GAAP (reduced by pension contributions)		56.1			112.9
Contributions to primary U.S. pension plan		87.2			13.0
Cash flows from operating activities – Non-GAAP (before pension contributions)	$	143.3		$	125.9

(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.

Both measures of “Non-GAAP cash flows from operating activities” (before and after U.S pension contributions) are supplemental financial measures that are not required by, or presented in accordance with GAAP. The purpose of these Non-GAAP measures is to report financial information excluding the impact of cash received and processed in certain of our secure Cash Management Service operations without cash flows from discontinued operations and with and without cash flows related to the primary U.S. pension plan. We believe these measures are helpful in assessing cash flows from operations, enable period-to-period comparability and are useful in predicting future operating cash flows. These Non-GAAP measures 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.

###

The Brink’s Company Third Quarter 2014 Earnings Call NYSE: BCO October 30, 2014 EXHIBIT 99.2

Forward-Looking Statements and Non-GAAP Results 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. Today’s presentation is focused primarily on non-GAAP results. Detailed reconciliations of non-GAAP to GAAP results are provided in the appendix beginning on page 18 and on pages 14 – 18 of today’s release and in our SEC filings. *

The Brink’s Company Third Quarter 2014 Earnings Call NYSE: BCO October 30, 2014

CEO Overview * Third-Quarter Non-GAAP Results EPS $.19 vs $.69 Segment profit down $44 million $32 million organic decline– primarily Venezuela, Mexico and Brazil includes $10 million theft loss allocated across all regions $12 million negative currency (primarily Venezuela) Relatively flat profit from all other regions Non-GAAP Outlook 2014 margin guidance reduced Segment margin 5.5% - 6.0% Revenue $3.7 billion 2015 targets Segment margin 6.5% - 7% Revenue $3.8 billion 2016 targets unchanged Segment margin 8% $290 to $330 million segment operating profit $2.50 - $3.00 EPS Note: See reconciliation to GAAP results and other information in appendix

* Recent Events Netherlands Restructuring Loss of major customer $16 million charge ($.24 per share) Charge excluded from non-GAAP results Peru Divestiture 36% equity stake sold for $60 million $44 million gain ($.45 per share) Gain excluded from non-GAAP results

* 3Q14 Non-GAAP Results ($ millions, except EPS) Note: See reconciliation to GAAP results in appendix Revenue Segment Operating Profit EPS

* Non-GAAP EPS: 3Q13 Versus 3Q14 Segment Operating Profit Non-Segment Expense Non-Controlling Interest Tax Rate/Diluted Shares 3Q13 Note: See reconciliation to GAAP results in appendix $(0.05) Venezuela $0.12 Venezuela 3Q14 ($0.28) Venezuela ($0.13) Chile Theft Loss ($0.12) Other ($0.03) Foreign Currency ex. Venezuela

* Non-GAAP Cash Flow, Capital Investment and Net Debt ($ millions) See reconciliation to GAAP results in appendix Capital Expenditures and Capital Leases Net Debt (a) Non-GAAP CFOA(a) Excluding pension payments: $126 $143

Reinvestment Ratio ($ millions, except ratio) * Capex Spend

* Estimated Cash Payments to Primary U.S. Pension & UMWA Prepaid 2015 and 2016 pension payments totaling $61 million in 3Q 14 Accelerates de-risking of invested asset allocation Reduces PBGC premiums (current borrowing costs are lower than PBGC premiums) Lump-sum pension payment offered to eligible former employees Non-cash GAAP charge expected in 4Q 14 based on number of participants and actuarial assumptions No cash payments to UMWA expected until 2033 Payments to Primary U.S. Pension Payments to UMWA through

* 2014 Guidance Reduced Segment margin 5.5% - 6% Revenue $3.7 billion 2015 Targets Segment margin 6.5% - 7% Revenue $3.8 billion 2016 Targets Unchanged Segment margin 8% $290 to $330 million segment operating profit $2.50 - $3.00 EPS Non-GAAP Revenue and Margin Outlook 2014 - 2016 Note: See appendix for reconciliation to GAAP

* Brink’s Total Segment Margin Outlook (Non-GAAP) Note: See appendix for reconciliation to GAAP

* Profit Improvement Initiatives Centralization Reduce number of IT data centers Finance shared services Other administrative functions Fix U.S. & Mexico Improve branch performance Reduce SG&A Route logistics Field force automation One-man crews Procurement Global fleet & equipment tenders Vehicle redesign & maintenance Reduce travel costs

* North America Segment Margin Outlook (Non-GAAP) (excluding Global Payments) Note: See appendix for reconciliation to GAAP

* Mexico Segment Margin History and Outlook (Non-GAAP) Note: See reconciliation to GAAP in appendix

* Non-GAAP 2016 Targets (a) 2013 Non-GAAP results adjusted for Venezuelan results at 50 bolivars per U.S. dollar. See appendix for reconciliations to GAAP and other information. Includes all regional/corporate allocated costs 2016 Target Margin / Potential EPS Growth(a) 2016 Target Margin / Potential EPS Growth(a) 2016 Target Margin / Potential EPS Growth(a) 2016 Target Margin / Potential EPS Growth(a) Segment Op Profit EPS 2013 Actual 2013 Actual $210 $1.52 U.S. at 6% Margin U.S. at 6% Margin $30 $0.34 Mexico at 10% Margin Mexico at 10% Margin $22 $0.26 Rest of World +1% Margin Rest of World +1% Margin $28 $0.38 2016 Target 8% Margin 2016 Target 8% Margin ~$290 ~$2.50 Add 5% annual organic revenue growth ‘14 – ’16 Add 5% annual organic revenue growth ‘14 – ’16 ~$40 ~$0.50 Potential 2016 $290 - $330 $290 - $330 $2.50 - $3.00 $13 Op Profit 1.8% Margin $23 Op Profit 5.0% Margin $174 Op Profit 7.3% Margin (b) ($ millions, except where noted) 2013 Adjusted Non-GAAP Results (a) $3.6 Billion Revenue $210 Op Profit 5.9% Margin Revenue

2016 Targets * 2016 Non-GAAP Targets (a) 8% segment margin $290 - $330 million segment profit $2.50 - $3.00 EPS How We Get There Fix U.S. and Mexico Rest of world margin +1.0% point Organic revenue growth 5% Operational excellence Global procurement Centralization (a) See appendix for information regarding reconciling to GAAP

* Appendix

* Non-GAAP Reconciliations – 1Q2014 Amounts may not add due to rounding. See page 23 for notes. GAAP Basis Expenses Related to Currency Devaluation in Venezuela (a) Gains/ Losses on Acquisitions and Dispositions (b) Employee Benefit Settlement Losses (c) U.S. Retirement Plans (d) Share-based Compen- sation Adjust- ment (e) Adjust Income Tax Rate (f) Non-GAAP Basis Adjust Venezuela to 50 Bolivars to the U.S. Dollar (g) Adjusted Non-GAAP Basis (h) First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 First Quarter 2014 Revenues: Revenues: Revenues: Latin America Latin America $ 438.4 - - - - - - 438.4 (113.1) 325.3 EMEA EMEA 298.0 - - - - - - 298.0 - 298.0 North America North America 220.1 - - - - - - 220.1 - 220.1 Asia Pacific Asia Pacific 35.1 - - - - - - 35.1 - 35.1 Revenues $ 991.6 - - - - - - 991.6 (113.1) 878.5 Operating profit: Operating profit: Operating profit: Latin America Latin America $ (74.8) 123.3 (1.2) 0.9 - - - 48.2 (28.9) 19.3 EMEA EMEA 14.8 - - - - - - 14.8 - 14.8 North America North America 1.1 - - - 1.2 - - 2.3 - 2.3 Asia Pacific Asia Pacific 4.4 - - - - - - 4.4 - 4.4 Segment operating profit (54.5) 123.3 (1.2) 0.9 1.2 - - 69.7 (28.9) 40.8 Non-segment Non-segment (18.0) - - - 4.8 - - (13.2) - (13.2) Operating profit $ (72.5) 123.3 (1.2) 0.9 6.0 - - 56.5 (28.9) 27.6 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ (58.4) 74.9 (1.2) 0.6 3.8 - 0.8 20.5 (10.8) 9.7 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations (1.19) 1.53 (0.02) 0.01 0.08 - 0.02 0.42 (0.22) 0.20

* Non-GAAP Reconciliations – 2Q2014 Amounts may not add due to rounding. See page 23 for notes. GAAP Basis Expenses Related to Currency Devaluation in Venezuela (a) Gains/ Losses on Acquisitions and Dispositions (b) Employee Benefit Settlement Losses (c) U.S. Retirement Plans (d) Share-based Compen- sation Adjust- ment (e) Adjust Income Tax Rate (f) Non-GAAP Basis Adjust Venezuela to 50 Bolivars to the U.S. Dollar (g) Adjusted Non-GAAP Basis (h) Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Second Quarter 2014 Revenues: Revenues: Revenues: Latin America Latin America $ 336.5 - - - - - - 336.5 - 336.5 EMEA EMEA 302.9 - - - - - - 302.9 - 302.9 North America North America 225.7 - - - - - - 225.7 - 225.7 Asia Pacific Asia Pacific 36.4 - - - - - - 36.4 - 36.4 Revenues $ 901.5 - - - - - - 901.5 - 901.5 Operating profit: Operating profit: Operating profit: Latin America Latin America $ (1.5) 9.8 (0.6) 0.9 - 0.6 - 9.2 - 9.2 EMEA EMEA 17.3 - - - - 0.5 - 17.8 - 17.8 North America North America 5.7 - - - 0.8 0.3 - 6.8 - 6.8 Asia Pacific Asia Pacific 4.6 - - - - 0.1 - 4.7 - 4.7 Segment operating profit 26.1 9.8 (0.6) 0.9 0.8 1.5 - 38.5 - 38.5 Non-segment Non-segment (15.4) - - - 2.8 2.7 - (9.9) - (9.9) Operating profit $ 10.7 9.8 (0.6) 0.9 3.6 4.2 - 28.6 - 28.6 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 2.3 6.0 (0.6) 0.8 2.3 3.4 (2.0) 12.2 (0.7) 11.5 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 0.05 0.12 (0.02) 0.02 0.05 0.07 (0.04) 0.25 (0.01) 0.23

* Non-GAAP Reconciliations – 3Q2014 Amounts may not add due to rounding. See page 23 for notes. GAAP Basis Expenses Related to Currency Devaluation in Venezuela (a) Gains/ Losses on Acquisitions and Dispositions (b) Employee Benefit Settlement Losses (c) U.S. Retirement Plans (d) Share-based Compensation Adjustment (e) Adjust Income Tax Rate (f) Non-GAAP Basis Adjust Venezuela to 50 Bolivars to the U.S. Dollar (g) Adjusted Non-GAAP Basis (h) Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Third Quarter 2014 Revenues: Revenues: Revenues: Latin America Latin America $ 343.2 - - - - - - 343.2 - 343.2 EMEA EMEA 303.5 - - - - - - 303.5 - 303.5 North America North America 227.9 - - - - - - 227.9 - 227.9 Asia Pacific Asia Pacific 38.5 - - - - - - 38.5 - 38.5 Revenues $ 913.1 - - - - - - 913.1 - 913.1 Operating profit: Operating profit: Operating profit: Latin America Latin America $ (5.1) 4.8 (1.6) 2.4 - (0.3) - 0.2 - 0.2 EMEA EMEA 15.6 - 15.6 - - (0.2) - 31.0 - 31.0 North America North America 1.5 - - - 0.8 (0.1) - 2.2 - 2.2 Asia Pacific Asia Pacific 5.0 - - - - - - 5.0 - 5.0 Segment operating profit 17.0 4.8 14.0 2.4 0.8 (0.6) - 38.4 - 38.4 Non-segment Non-segment 30.5 - (44.9) - 2.9 (1.2) - (12.7) - (12.7) Operating profit $ 47.5 4.8 (30.9) 2.4 3.7 (1.8) - 25.7 - 25.7 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 18.7 2.9 (12.0) 1.8 2.3 (1.3) (2.8) 9.6 (0.7) 8.9 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 0.38 0.06 (0.25) 0.04 0.05 (0.03) (0.06) 0.19 (0.01) 0.18

* Non-GAAP Reconciliations – First 9 Months 2014 Amounts may not add due to rounding. See page 23 for notes. GAAP Basis Expenses Related to Currency Devaluation in Venezuela (a) Gains/ Losses on Acquisitions and Dispositions (b) Employee Benefit Settlement Losses (c) U.S. Retirement Plans (d) Share-based Compensation Adjustment (e) Adjust Income Tax Rate (f) Non-GAAP Basis Adjust Venezuela to 50 Bolivars to the U.S. Dollar (g) Adjusted Non-GAAP Basis (h) Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Nine Months 2014 Revenues: Revenues: Revenues: Latin America Latin America $ 1,118.1 - - - - - - 1,118.1 (113.1) 1,005.0 EMEA EMEA 904.4 - - - - - - 904.4 - 904.4 North America North America 673.7 - - - - - - 673.7 - 673.7 Asia Pacific Asia Pacific 110.0 - - - - - - 110.0 - 110.0 Revenues $ 2,806.2 - - - - - - 2,806.2 (113.1) 2,693.1 Operating profit: Operating profit: Operating profit: Latin America Latin America $ (81.4) 137.9 (3.4) 4.2 - 0.3 - 57.6 (28.9) 28.7 EMEA EMEA 47.7 - 15.6 - - 0.3 - 63.6 - 63.6 North America North America 8.3 - - - 2.8 0.2 - 11.3 - 11.3 Asia Pacific Asia Pacific 14.0 - - - - 0.1 - 14.1 - 14.1 Segment operating profit (11.4) 137.9 12.2 4.2 2.8 0.9 - 146.6 (28.9) 117.7 Non-segment Non-segment (2.9) - (44.9) - 10.5 1.5 - (35.8) - (35.8) Operating profit $ (14.3) 137.9 (32.7) 4.2 13.3 2.4 - 110.8 (28.9) 81.9 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ (37.4) 83.8 (13.8) 3.2 8.4 2.1 (4.0) 42.3 (12.2) 30.1 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations (0.76) 1.71 (0.28) 0.07 0.17 0.04 (0.08) 0.86 (0.25) 0.61

* Non-GAAP Reconciliations – 2014 Notes To eliminate the effects of the March 2014 currency devaluation in Venezuela as described in (g) below. Expenses eliminated from Non-GAAP results include first-quarter currency exchange losses totaling $122 million related to remeasured net monetary assets and $16 million in year-to-date expenses related to nonmonetary assets. Nonmonetary assets were not remeasured to a lower basis when the currency devalued. Instead, under highly inflationary accounting rules, these assets retained their higher historical bases, which excess is recognized in earnings as the asset is consumed. To eliminate $44.9 million in third-quarter divestiture gains primarily related to the sale of our equity investment in a CIT business in Peru. $15.6 million in third-quarter charges related to the planned restructuring of our business in the Netherlands. $3.8 million in equity earnings ($1.2 million in the first quarter, $1.3 million in the second quarter and $1.3 million in the third quarter) from our former investment in a CIT business in Peru. a $0.7 million adjustment in the third quarter related to the decrease in a loss contingency assumed in the 2010 Mexico acquisition. $1.1 million in restructuring charges ($0.7 million in the second quarter and $0.4 million in the third quarter) related to Latin American operations that are expected to be shut down within the next 12 months. To eliminate employee benefit settlement losses in Mexico. To eliminate expenses related to U.S. retirement plans. To eliminate an accounting adjustment related to share-based compensation ($4.2 million expense in the second quarter and a $1.8 million benefit in the third quarter). The accounting adjustment revises the accounting for share-based compensation from fixed to variable fair value accounting as defined in ASC Topic 718, Stock Compensation. 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 38%. 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 has averaged approximately 50 since opening on March 24, 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 process in March 2014. Adjusted Non-GAAP results are equal to Non-GAAP results further adjusted for Venezuelan results at 50 bolivars per U.S. dollar. Amounts may not add due to rounding.

* Non-GAAP Reconciliations – 1Q2013 Amounts may not add due to rounding. See page 30 for notes. GAAP Basis Gains/ Losses on Acquisitions and Dispositions (a) Expenses Related to Currency Devaluation 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 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 First Quarter 2013 Revenues: Revenues: Revenues: Latin America Latin America $ 412.9 - - - - - 412.9 (84.5) 328.4 EMEA EMEA 277.8 - - - - - 277.8 - 277.8 North America North America 223.2 - - - - - 223.2 - 223.2 Asia Pacific Asia Pacific 36.6 - - - - - 36.6 - 36.6 Revenues $ 950.5 - - - - - 950.5 (84.5) 866.0 Operating profit: Operating profit: Operating profit: Latin America Latin America $ 23.4 (1.6) 13.9 0.3 - - 36.0 (18.0) 18.0 EMEA EMEA 8.6 - - - - - 8.6 - 8.6 North America North America (2.0) - - - 2.9 - 0.9 - 0.9 Asia Pacific Asia Pacific 4.3 - - - - - 4.3 - 4.3 Segment operating profit 34.3 (1.6) 13.9 0.3 2.9 - 49.8 (18.0) 31.8 Non-segment Non-segment (17.0) (1.1) - - 10.5 - (7.6) - (7.6) Operating profit $ 17.3 (2.7) 13.9 0.3 13.4 - 42.2 (18.0) 24.2 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 2.9 (2.7) 8.7 0.2 8.2 0.2 17.5 (8.7) 8.8 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 0.06 (0.05) 0.18 - 0.17 - 0.36 (0.18) 0.18

* Non-GAAP Reconciliations – 2Q2013 Amounts may not add due to rounding. See page 30 for notes. GAAP Basis Gains/ Losses on Acquisitions and Dispositions (a) Expenses Related to Currency Devaluation 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) Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Second Quarter 2013 Revenues: Revenues: Revenues: Latin America Latin America $ 413.6 - - - - - 413.6 (83.9) 329.7 EMEA EMEA 293.4 - - - - - 293.4 - 293.4 North America North America 226.3 - - - - - 226.3 - 226.3 Asia Pacific Asia Pacific 36.6 - - - - - 36.6 - 36.6 Revenues $ 969.9 - - - - - 969.9 (83.9) 886.0 Operating profit: Operating profit: Operating profit: Latin America Latin America $ 24.4 (1.3) 0.2 0.5 - - 23.8 (8.6) 15.2 EMEA EMEA 18.7 - - - - - 18.7 - 18.7 North America North America 6.3 - - - 2.9 - 9.2 - 9.2 Asia Pacific Asia Pacific 5.0 - - - - - 5.0 - 5.0 Segment operating profit 54.4 (1.3) 0.2 0.5 2.9 - 56.7 (8.6) 48.1 Non-segment Non-segment (21.6) - - - 10.2 - (11.4) - (11.4) Operating profit $ 32.8 (1.3) 0.2 0.5 13.1 - 45.3 (8.6) 36.7 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 13.2 (1.3) 0.1 0.4 7.7 1.6 21.7 (5.9) 15.8 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 0.27 (0.03) - 0.01 0.16 0.03 0.44 (0.12) 0.32

* Non-GAAP Reconciliations – 3Q2013 Amounts may not add due to rounding. See page 30 for notes. GAAP Basis Gains/ Losses on Acquisitions and Dispositions (a) Expenses Related to Currency Devaluation 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 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Third Quarter 2013 Revenues: Revenues: Revenues: Latin America Latin America $ 423.8 - - - - - 423.8 (100.1) 323.7 EMEA EMEA 301.2 - - - - - 301.2 - 301.2 North America North America 222.5 - - - - - 222.5 - 222.5 Asia Pacific Asia Pacific 34.9 - - - - - 34.9 - 34.9 Revenues $ 982.4 - - - - - 982.4 (100.1) 882.3 Operating profit: Operating profit: Operating profit: Latin America Latin America $ 42.8 (1.5) 0.2 0.8 - - 42.3 (20.7) 21.6 EMEA EMEA 32.1 - - - - - 32.1 - 32.1 North America North America 0.2 - - - 2.9 - 3.1 - 3.1 Asia Pacific Asia Pacific 4.8 - - - - - 4.8 - 4.8 Segment operating profit 79.9 (1.5) 0.2 0.8 2.9 - 82.3 (20.7) 61.6 Non-segment Non-segment (20.7) (0.9) - - 10.3 - (11.3) - (11.3) Operating profit $ 59.2 (2.4) 0.2 0.8 13.2 - 71.0 (20.7) 50.3 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 29.8 (2.4) 0.1 0.6 7.7 (1.9) 33.9 (11.6) 22.3 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 0.61 (0.05) - 0.01 0.16 (0.04) 0.69 (0.24) 0.45

* Non-GAAP Reconciliations – First 9 Months 2013 Amounts may not add due to rounding. See page 30 for notes. GAAP Basis Gains/ Losses on Acquisitions and Dispositions (a) Expenses Related to Currency Devaluation 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) Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Nine Months 2013 Revenues: Revenues: Revenues: Latin America Latin America $ 1,250.3 - - - - - 1,250.3 (268.5) 981.8 EMEA EMEA 872.4 - - - - - 872.4 - 872.4 North America North America 672.0 - - - - - 672.0 - 672.0 Asia Pacific Asia Pacific 108.1 - - - - - 108.1 - 108.1 Revenues $ 2,902.8 - - - - - 2,902.8 (268.5) 2,634.3 Operating profit: Operating profit: Operating profit: Latin America Latin America $ 90.6 (4.4) 14.3 1.6 - - 102.1 (47.3) 54.8 EMEA EMEA 59.4 - - - - - 59.4 - 59.4 North America North America 4.5 - - - 8.7 - 13.2 - 13.2 Asia Pacific Asia Pacific 14.1 - - - - - 14.1 - 14.1 Segment operating profit 168.6 (4.4) 14.3 1.6 8.7 - 188.8 (47.3) 141.5 Non-segment Non-segment (59.3) (2.0) - - 31.0 - (30.3) - (30.3) Operating profit $ 109.3 (6.4) 14.3 1.6 39.7 - 158.5 (47.3) 111.2 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 45.9 (6.4) 8.9 1.2 23.6 (0.1) 73.1 (26.2) 46.9 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 0.94 (0.13) 0.18 0.02 0.48 - 1.49 (0.54) 0.96

* Non-GAAP Reconciliations – 4Q2013 Amounts may not add due to rounding. See page 30 for notes. GAAP Basis Gains/ Losses on Acquisitions and Dispositions (a) Expenses Related to Currency Devaluation 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 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Fourth Quarter 2013 Revenues: Revenues: Revenues: Latin America Latin America $ 470.4 - - - - - 470.4 (123.0) 347.4 EMEA EMEA 305.9 - - - - - 305.9 - 305.9 North America North America 226.4 - - - - - 226.4 - 226.4 Asia Pacific Asia Pacific 36.7 - - - - - 36.7 - 36.7 Revenues $ 1,039.4 - - - - - 1,039.4 (123.0) 916.4 Operating profit: Operating profit: Operating profit: Latin America Latin America $ 59.3 0.5 0.3 0.9 - - 61.0 (21.6) 39.4 EMEA EMEA 22.1 - - - - - 22.1 - 22.1 North America North America 0.2 - - - 2.9 - 3.1 - 3.1 Asia Pacific Asia Pacific 2.6 0.9 - - - - 3.5 - 3.5 Segment operating profit 84.2 1.4 0.3 0.9 2.9 - 89.7 (21.6) 68.1 Non-segment Non-segment (21.8) (0.8) - - 10.3 - (12.3) - (12.3) Operating profit $ 62.4 0.6 0.3 0.9 13.2 - 77.4 (21.6) 55.8 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 26.0 2.3 0.2 0.6 8.2 0.1 37.4 (9.9) 27.5 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 0.53 0.05 - 0.01 0.17 - 0.76 (0.20) 0.56

* Non-GAAP Reconciliations – Full Year 2013 Amounts may not add due to rounding. See page 30 for notes. GAAP Basis Gains/ Losses on Acquisitions and Dispositions (a) Expenses Related to Currency Devaluation 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 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Full Year 2013 Revenues: Revenues: Revenues: Latin America Latin America $ 1,720.7 - - - - - 1,720.7 (391.5) 1,329.2 EMEA EMEA 1,178.3 - - - - - 1,178.3 - 1,178.3 North America North America 898.4 - - - - - 898.4 - 898.4 Asia Pacific Asia Pacific 144.8 - - - - - 144.8 - 144.8 Revenues $ 3,942.2 - - - - - 3,942.2 (391.5) 3,550.7 Operating profit: Operating profit: Operating profit: Latin America Latin America $ 149.9 (3.9) 14.6 2.5 - - 163.1 (68.9) 94.2 EMEA EMEA 81.5 - - - - - 81.5 - 81.5 North America North America 4.7 - - - 11.6 - 16.3 - 16.3 Asia Pacific Asia Pacific 16.7 0.9 - - - - 17.6 - 17.6 Segment operating profit 252.8 (3.0) 14.6 2.5 11.6 - 278.5 (68.9) 209.6 Non-segment Non-segment (81.1) (2.8) - - 41.3 - (42.6) - (42.6) Operating profit $ 171.7 (5.8) 14.6 2.5 52.9 - 235.9 (68.9) 167.0 Amounts attributable to Brink’s: Amounts attributable to Brink’s: Amounts attributable to Brink’s: Income from continuing operations Income from continuing operations Income from continuing operations $ 71.9 (4.1) 9.1 1.8 31.8 - 110.5 (36.1) 74.4 Diluted EPS – continuing operations Diluted EPS – continuing operations Diluted EPS – continuing operations 1.47 (0.08) 0.18 0.04 0.65 - 2.26 (0.74) 1.52

* Non-GAAP Reconciliations – 2013 Notes To eliminate $6.1 million in equity earnings ($1.6 million in the first quarter, $1.3 million in the second quarter, $1.5 million in the third quarter, and $1.7 million in the fourth quarter) from our former investment in a CIT business in Peru. 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 favorable 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 unfavorable tax adjustment related to the Belgium disposition. To eliminate the effects of the February 2013 currency devaluation in Venezuela in which the official exchange rate in Venezuela declined 16% from 5.3 to 6.3 bolivars to the U.S. dollar. Expenses eliminated from Non-GAAP results include first quarter currency exchange losses totaling $13.4 million related to remeasured net monetary assets as well as expenses related to nonmonetary assets ($0.5 million in the first quarter, $0.2 million in the second quarter, $0.2 million in the third quarter and $0.3 million in the fourth quarter). Nonmonetary assets were not remeasured to a lower basis when the currency devalued. Instead, under highly inflationary accounting rules, these assets retained their higher historical bases, which excess is recognized in earnings as the asset is consumed. To eliminate employee benefit settlement losses in Mexico. To eliminate expenses related to U.S. retirement plans. 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 was 34.1%. 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”). 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 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. Adjusted Non-GAAP results are equal to Non-GAAP results further adjusted for Venezuelan results at 50 bolivars per U.S. dollar. Amounts may not add due to rounding.

* Non-GAAP Reconciliations – Cash Flows 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. Both measures of “Non-GAAP cash flows from operating activities” (before and after U.S pension contributions) are supplemental financial measures that are not required by, or presented in accordance with GAAP. The purpose of these Non-GAAP measures is to report financial information excluding the impact of cash received and processed in certain of our secure Cash Management Service operations, without cash flows from discontinued operations and with and without cash flows related to the primary U.S. pension plan. We believe these measures are helpful in assessing cash flows from operations, enable period-to-period comparability and are useful in predicting future operating cash flows. These Non-GAAP measures 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 U.S. GAAP NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP Nine Months Nine Months Nine Months Nine Months Nine Months 2014 2013 Cash flows from operating activities – GAAP Cash flows from operating activities – GAAP $ 72.5 $ 104.4 Decrease (increase) in certain customer obligations(a) Decrease (increase) in certain customer obligations(a) (15.5) 4.9 Cash outflows (inflows) related to discontinued operations Cash outflows (inflows) related to discontinued operations (0.9) 3.6 Cash flows from operating activities – Non-GAAP (reduced by pension contributions) 56.1 112.9 Contributions to primary U.S. pension plan Contributions to primary U.S. pension plan 87.2 13.0 Cash flows from operating activities – Non-GAAP (before pension contributions) $ 143.3 $ 125.9

* Non-GAAP Reconciliations – Projected Financial Information North America Segment Margin Outlook North America Segment Margin Outlook North America Segment Margin Outlook North America Segment Margin Outlook North America Segment Margin Outlook North America Segment Margin Outlook North America Segment Margin Outlook North America Segment Margin Outlook 2013 2014 2015 2016 Non-GAAP 1.9% 2.5 – 3.5% 4-5% 7% Pension expense (1.3)% 0% 0% 0% GAAP 0.6% 2.5 – 3.5% 4-5% 7% (a) U.S. GAAP margins for Mexico are not provided for 2010 and 2014 – 2016 because we are unable to quantify settlement losses during these periods without unreasonable effort. Consolidated Non-GAAP targets for 2016 (including segment margin, segment operating profit, and EPS target) are not reconciled to GAAP counterparts because we are unable to quantify certain amounts that would be required to be included in the GAAP measure without unreasonable effort. U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook U.S. Profit Improvement Outlook Branch Margin Branch Margin Branch Margin SG&A SG&A SG&A Operating Profit Operating Profit Operating Profit 2013 2016 2013 2016 2013 2016 Non-GAAP $ 112 134 99 87 13 47 Pension expense (11) 1 1 0 (12) 1 GAAP $ 101 135 100 87 1 48 Mexico Segment Margin History and Outlook Mexico Segment Margin History and Outlook Mexico Segment Margin History and Outlook Mexico Segment Margin History and Outlook Mexico Segment Margin History and Outlook Mexico Segment Margin History and Outlook Mexico Segment Margin History and Outlook Mexico Segment Margin History and Outlook 2010 2011 2012 2013 2014 2015 2016 Non-GAAP 0.0% 2.6% 4.0% 5.0% 2% - 3% 6-8% 10.0% Settlement losses (a) (0.5)% (0.8)% (0.6)% (a) (a) (a) Acquisition adjustments n/a 0% 0.5% (0.5)% (a) n/a n/a GAAP (a)% 2.1% 3.7% 4.0% (a) (a) (a) Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Mexico Profit Improvement Outlook Branch Margin Branch Margin Branch Margin SG&A SG&A SG&A Operating Profit Operating Profit Operating Profit 2013 2016 2013 2016 2013 2016 Non-GAAP $ 65 86 42 38 23 48 Settlement losses (2) (a) 0 (a) (2) (a) Acquisition adjustment 0 n/a 2 n/a (2) n/a GAAP $ 63 (a) 44 (a) 18 (a) Amounts may not add due to rounding

* Title to cash received and processed in certain of our secure 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 Non-GAAP 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 September 30, 2014, and $306 million at December 31, 2013. Net Debt increased by $100 million primarily due to the adoption of the less favorable SICAD II exchange rate for currency held in Venezuelan bolivars during the first quarter of 2014 and cash contributions made to our primary U.S. pension plan during the first nine months of 2014. See note 1 and note 3 to the consolidated financial statements for more information. Non-GAAP Reconciliations – Net Debt September 30, December 31, (In millions) (In millions) (In millions) 2014 2013 Debt: Debt: Debt: Short-term Short-term $ 59.4 80.9 Long-term Long-term 434.5 355.1 Total Debt 493.9 436.0 Less: Less: Less: Cash and cash equivalents Cash and cash equivalents 223.0 255.5 Amounts held by Cash Management Services operations(a) Amounts held by Cash Management Services operations(a) (41.2) (31.3) Cash and cash equivalents available for general corporate purposes 181.8 224.2 Net Debt $ 312.1 211.8