The Brink's Company (BCO) 8-K Results of Operations and Financial Condition

                                   Exhibit 99.2
The Brink’s Company
Fourth-Quarter 2011 Earnings
Conference Call

NYSE:BCO

February 2, 2012

Forward-Looking Statements

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

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

2

The Brink’s Company

Ed Cunningham

Director - Investor Relations

Summary of Fourth-Quarter Non-GAAP Results

•Non-GAAP EPS $.56 vs $.80

•Revenue up 13% (9% organic)

•Profit Declines in North America, EMEA

•Continued Profit Growth in Latin America

•Higher Security Costs

Note:See reconciliation to GAAP results in Appendix

4

The Brink’s Company

Tom Schievelbein

Interim President and

Chief Executive Officer

CEO Overview

•CEO Search

•Security Costs

•North America

•EMEA

•Latin America

•Strategyand Outlook

6

The Brink’s Company

Joe Dziedzic

Vice President and Chief
Financial Officer

Review and Outlook

4Q11 Non-GAAP Results

($ millions, except EPS)

Margin 9.6% 7.4%

Note:See reconciliation to GAAP results in Appendix

8

Non-GAAP EPS:2011 Versus 2010

20102011

(per diluted share)

Note:See reconciliation to GAAP results in Appendix

9

Total Non-GAAP Segment Results and Outlook

($ millions)

Organic
Growth	0%	5%	8%	5% - 8%

2011 Results

2012 Outlook

—5% - 8% organic revenue growth

—U.S. actions improve profitability

—Unfavorable currency:

—Revenue down 3% - 5%

—Operating profit down $10-$15 million

—Continued strong Latin America growth

—Organic revenue growth back to pre-
recession level

—Continued difficult U.S. and European
markets

—6.8% margin excluding Mexico

—Average year for security costs versus
exceptional 2010

Margin 6.0% 7.2% 6.3% 6.5% - 7.0%

(a)

(a)See reconciliation to GAAP results in Appendix

(a)

10

North America Non-GAAP Segment Results and Outlook

($ millions)

2011 Results

2012 Outlook

Margin 6.1% 4.7% 3.6% 4.5% - 5.5%

Organic
Growth	(3%)	1%	-	-

—Revenue flat, Canada acquisition +$50

—U.S. revenue flat as fuel recovery and
CompuSafe® service growth offset CIT
volume and pricing pressure

—Branch cost actions exceed volume
reductions

—Flat revenue

—Continued volume and pricing pressures

—CompuSafe® service growth

—Focus on smaller financial institutions

—Investment and efficiencies

—Six regions consolidated to four

—Back-office reductions

—IT investments

(a)

(a)See reconciliation to GAAP results in Appendix A

11

(a)

International Non-GAAP Segment Results and Outlook

Organic
Growth	2%	8%	12%	7% - 10%

2011 Results

2012 Outlook

Margin 5.9% 8.2% 7.3% 7.0% - 8.0%

($ millions)

—Revenue Growth

—Mexico acquisition +$364

—Organic +$262

—Currency +$106

—Profit Growth

—Organic +$11

—Acquisitions/Dispositions +$10

—Currency +$10

—8.1% margin excluding Mexico

—Continued strong organic revenue growth
driven by Latin America and Asia

—Unfavorable currency impact

—Revenue down 4% - 6%

—Operating profit down $10 - $15 million

—Slight improvement in Mexico, positioned
for margin expansion 2013+

(a)See reconciliation to GAAP results in Appendix

(a)

(a)

12

Non-GAAP Cash Flow, Capital Investment, and Net Debt

13

International

North

America

(a)

($ millions)

(a)

(a)See reconciliation to GAAP results in Appendix

13

Long-Term Segment Growth Plan

—North America Operating Profit at 8-10%

—Cost structure and efficiencies

—Revenue mix to High Value Services

—Latin America

—Continued strong revenue growth

—Mexico improves to 10% margins

—EMEA

—Fix underperforming countries

—Margins expand to 7%

—Asia

—Continued strong revenue growth

—Expand footprint and maintain margins

Growth Plan

(a)See reconciliation to GAAP results in Appendix

(a)

8% - 10%

14

Non-GAAP Reporting Change
for U.S. Retirement Costs

Reporting Change for U.S. Retirement Plans - Why?

—Costs relate to former businesses and frozen plans

—Significant volatility in discount rate and asset returns creates EPS volatility

—Removing costs from Non-GAAP results provides more clarity on operating
performance

—Increased disclosure of funding requirements improves transparency and provides
an alternative for valuing these obligations

16

16

2012 Outlook

2012 Outlook

—Non-Segment expenses flat at $41

—Tax rate 37% - 40% vs. 38%

—Interest expense $23 - $26 vs. $24

—Noncontrolling interest $24 - $28 vs. $23

—Capital expenditures and capital leases
$240 - $260 vs. $239

Other Metrics:2012 vs. 2011

($ millions)

•5% - 8% Organic growth

•(3%) - (5%) Currency impact

Margin 6.3% 6.5% - 7.0%

(a)

(a)See reconciliation to GAAP results in Appendix

18

Appendix - Supplemental U.S.
Retirement Plan Information
and Non-GAAP Reconciliations

Reporting Change for U.S. Retirement Plans - Obligations and Assets

($ millions)

Former Coal - Black Lung

Former Coal - UMWA Medical

Current Brink’s

Former Coal

Former BAX Global

Former Brink’s Home Security

U.S. Pension

Plans

$991

Former Coal - UMWA Medical (VEBA)

U.S. Pension Plans

Note:No assets associated with

the Black Lung obligations

Obligations

(12/31/2011)

Assets

(12/31/2011)

20

—74% of liability related to Businesses no longer part of Brink’s

—100% of liability related to current business is frozen, employees not earning additional benefits

History of U.S. Retirement Plans Funded Status

($ millions)

$0

Underfunded

drop in
asset values

$150
voluntary
contribution

70 basis point
drop in discount
rate

Discount Rate

(Primary U.S.

Pension Plan)

60 basis point
drop in discount
rate

21

EPS Impact(a)

Income Statement Impact of U.S. Retirement Plans

($ millions, except EPS)

—Minimal impact on Segment results

—Significant impact on EPS driven by asset returns and discount rate volatility

(a)Using 48.1 million diluted shares

22

Operating Profit Impact

U.S. Retirement Plans - Funded Status and Payments

($ millions)

Investors decide how to value obligations

—GAAP underfunding at year-end 2011 $628 million

—Discounted cash flows at Plan discount rates $489 million. See reconciliation to GAAP in Appendix

23

Non-GAAP Reconciliations - 1Q11 to 3Q11

24

See page 26 for notes.

Non-GAAP Reconciliations - 4Q11 and FY 2011

25

Amounts may not add due to rounding.See page 26 for notes.

26

Non-GAAP Reconciliations - 2011 Footnotes

(b)To eliminate settlement charge related to exit of Belgium cash-in-transit business.

(c)To eliminate employee benefit settlement loss related to Mexico.Portions of Brink’s Mexican subsidiaries’ accrued employee
termination benefit were paid in the second and third quarters of 2011.The employee termination benefit is accounted for under
FASB ASC Topic 715, Compensation - Retirement Benefits. Accordingly, the severance payments resulted in settlement losses.

(d)  To eliminate the costs related to the retirement of the former CEO.

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

(f)To adjust effective income tax rate to be equal to the full-year non-GAAP effective income tax rate.The non-GAAP effective tax rate
for 2011 is 38.6%.

(a)To eliminate gain recognized on the sale of the U.S. document destruction business, gains on available-for-sale equity and debt
securities, gains related to acquisition of controlling interest in subsidiaries that were previously accounted for as equity or cost method
investments, and gains on sales of former operating assets, as follows:

		First Quarter 2011		Third Quarter 2011		Full Year 2011
			EPS		EPS	Operating Profit	EPS
Sale of U.S. Document Destruction business	$	-	-	(6.7)	(0.09)	(6.7)	(0.09)
Gains on available-for-sale equity and debt securities		-	(0.05)	-	-	-	(0.05)
Acquisition of controlling interests		(0.4)	(0.01)	(2.1)	(0.04)	(2.5)	(0.05)
Sale of former operating assets		-	-	(0.5)	(0.01)	(0.5)	(0.01)
	$	(0.4)	(0.06)	(9.3)	(0.14)	(9.7)	(0.20)

Non-GAAP Reconciliations - 1Q10 to 3Q10

27

See page 29 for notes.

Non-GAAP Reconciliations - 4Q10 and FY 2010

28

Amounts may not add due to rounding.See page 29 for notes.

Non-GAAP Reconciliations - 2010 Footnotes

29

Non-GAAP Reconciliations - FY 2009

30

Non-GAAP Reconciliations - Cash Flows

31

32

NET DEBT RECONCILED TO GAAP					December 31,
					2011	2010
Debt:
	Short-term debt			$	25.4	36.5
	Long-term debt				364.0	352.7
Cash and cash equivalents					182.9	183.0
			Amount available for general corporate purposes		157.8	144.5
		Net Debt		$	231.6	244.7

(a)Title to cash received and processed in certain of our secure cash logistics operations transfers to us for a short period of time.The cash is

      generally credited to customers’ accounts the following day and we do not consider it as available for general corporate purposes in the

      management of our liquidity and capital resources and in our computation of Net Debt.

Net Debt is a supplemental financial measure that is not required by, or presented in accordance with GAAP.We use Net Debt as a measure of
our financial leverage.We believe that investors also may find Net Debt to be helpful in evaluating our financial leverage. Net Debt should not be

considered as an alternative to Debt determined in accordance with GAAP and should be reviewed in conjunction with our consolidated balance

sheets.Set forth above is a reconciliation of Net Debt, a non-GAAP financial measure, to Debt, which is the most directly comparable financial

measure calculated and reported in accordance with GAAP, as of December 31, 2011, and December 31,2010.Net Debt excluding cash

and debt in Venezuelan operations was $242 million at December 31, 2011, and $251 million at December 31, 2010.

Non-GAAP Reconciliations - Net Debt

33

Non-GAAP Reconciliations - U.S. Retirement Plans Obligation

DISCOUNTED CASH FLOWS AT PLAN DISCOUNT RATES - RECONCILED TO AMOUNTS REPORTED UNDER U.S. GAAP
			December 31, 2011
					Primary U.S. pension plan (b)	UMWA plans (c)	Other unfunded U.S. plans	Total
	Funded status of U.S. retirement plans - GAAP			$	279	262	87	628
	Present value of projected earnings of plan assets (a)				(82)	(57)	-	(139)
		Discounted cash flows at plan discount rates - Non-GAAP		$	197	205	87	489
		Plan discount rate			4.60%	4.40%
		Expected return of assets			8.25%	8.50%

(a)Under GAAP, the funded status of a benefit plan is reduced by the fair market value of plan assets at the balance sheet date, and the present value
of the projected earnings on plan assets does not reduce the funded status at the balance sheet date.The non-GAAP measure presented above
additionally reduces the funded status as computed under GAAP by the present value of projected earnings of plan assets using the expected return
on asset assumptions of the respective plan.

(b)For the primary U.S. pension plan, we are required by ERISA regulations to maintain minimum funding levels, and as a result, we estimate we will
be required to make minimum required contributions from 2012 to 2017.We have estimated that we will achieve the required funded ratio after the
2017 contribution.

(c)There are no minimum funding requirements for the UMWA plans because they are not covered by ERISA funding regulations.Using assumptions
at the end of 2011, we project that the plan assets plus expected earnings on those investments will cover the benefit payments for these plans until
2023.We project that Brink’s will be required to contribute cash to the plan beginning in 2023 to pay beneficiaries.

Discounted cash flows at plan discount rates are supplemental financial measures that are not required by, or presented in accordance with GAAP.The
purpose of the discounted cash flows at plan discount rate is to present our retirement obligations after giving effect to the benefit of earning a return on

plan assets.We believe this measure is helpful in assessing the present value of future funding requirements of the company in order to meet plan

benefit obligations.Discounted cash flows at plan discount rates should not be considered as an alternative to the funded status of the U.S. retirement

plans at December 31, 2011, as determined in accordance with GAAP and should be read in conjunction with our consolidated balance sheets.