Adjusted Results - Reconciled to Amounts Reported under GAAP
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The Brink's Company
Purpose of Adjusted Information
Adjusted results described in this filing are financial measures that are not required by, or presented in accordance with, U.S. generally accepted accounting principles
(“GAAP”). These adjusted results
a) reflect the impact of reporting results from Venezuela at the less favorable parallel market exchange rate,
b) exclude transaction losses on repatriated cash from Venezuela, and
c) exclude an acquisition gain in India.
The purpose of the adjusted information is to provide users of financial information of The Brink’s Company an understanding of the effects of each of the items
described above. The adjusted 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, provide transparency to investors, and enable period-to-period comparability of financial performance.
Adjusted 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.
Explanation of Reconciling Items
The adjustments:
(a) Change from official rate to parallel rate translation in Venezuela
i.Reduce segment operating income - International to reflect operating results had they been translated using the parallel rate in effect at the time. Results from
Venezuela in 2005, 2006, 2007, 2008 and most of 2009 were translated at the official rate.
ii. Increase segment operating income - International by $5 million in 2009. The adjustment reverses certain currency exchange losses related to increases in cash
held in U.S. dollars by the Venezuelan subsidiaries.
(b) Venezuela currency loss. Decrease non-segment expense by $23 million for the loss that was recognized in 2009 related to the repatriation of cash
from Venezuela.
(c) Acquisition gain. Decrease other operating income - non-segment by $14 million for the gain recorded in 2009 related to an acquisition of a
controlling interest in an Indian subsidiary.
| Years Ended December 31, |
(In millions) | | 2009 | 2008 | 2007 | 2006 | 2005 |
Revenues | $ | (238) | (173) | (119) | (39) | (26) |
Operating profit | | (43) | (49) | (27) | (12) | (7) |