The Brink's Company 8K Brink’s Reports Second-Quarter Results | BCO 25 Jul 13

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

NYSE:BCO

July 25, 2013

Exhibit 99.2

Forward-Looking Statements

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

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

The Brink’s Company

Ed Cunningham

Director - Investor Relations

Highlights of Second-Quarter Results

GAAP EPS $.27 vs $.71

Non-GAAP Summary:

• EPS $.44 vs $.48

• Segment margin 5.9% vs 6.0%

• Revenue up 6% (8% organic growth)

Note: See reconciliation to GAAP results in Appendix

The Brink’s Company

Tom Schievelbein

Chairman, President and

Chief Executive Officer

CEO Overview

• Second Quarter

• International margin 6.5% vs 6.1%

• North America margin 4.1% vs 5.7%

• 2013 Outlook Affirmed

• Segment margin 6% to 6.5%

• Organic revenue growth 5% to 8%

CEO Overview - International Operations

• Latin America

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

• Expect continued growth in 2nd half

• Europe - slight profit decline expected in
2013

• Asia-Pacific - continued improvement expected

CEO Overview - North America

• Continued price/volume pressures

• CIT: Focus on cost, productivity, pricing

• Shift mix to higher-margin solutions

• Strengthen leadership, IT capabilities

• Profit growth expected in 2014

• 7% margin target in 2016

CEO Overview

• Strategy Update

• Maximize profits in North America, Europe

• Invest in Latin America, adjacent markets

• Capital spending reduced

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

The Brink’s Company

Joe Dziedzic

Vice President and Chief
Financial Officer

Review and Outlook

2Q13 Non-GAAP Results

($ millions, except EPS)

Note: See reconciliation to GAAP results in Appendix

Non-GAAP EPS: 2Q12 Versus 2Q13

2Q13 Non-GAAP Segment Results

Revenue

Segment Operating Profit

— 8% organic growth, 2% unfavorable
currency impact

— 10% organic growth in International

— North America flat

— International up $7

— North America down $4

— Unfavorable currency impact of $2

($ millions)

Note: See reconciliation to GAAP results in Appendix

Non-GAAP Cash Flow, Capital Investment and Net Debt

($ millions)

(a) See reconciliation to GAAP results in Appendix

(b) From continuing operations

Net Debt (a)

Capital
Expenditures
and Capital
Leases(b)

Non-GAAP
CFOA(a) (b)

2013 Outlook Non-GAAP

— Organic growth 5% to 8%

— Unfavorable currency impact 2% to 4%

Assumptions vs 2012

Note: As of July 25, 2013

Revenue

Non-GAAP Segment Margin Rate

— North America 2% to 3%

— International 7% to 8%

— Total segment 6% to 6.5%

Other Metrics

— Non-segment expense $41

— Interest expense $24 to $27

— Non controlling interest $17 to $20

— Tax rate 36% to 39%

— Capital expenditures / leases flat at $205

— Growth in Latin America; North America and Europe flat

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

— Continued price/volume pressure partially offset by cost
actions

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

— Slight decrease

— Increase from recent acquisitions

— Continued focus on returns

Outlook

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

NYSE:BCO

July 25, 2013

Appendix - Legacy Liabilities

Legacy Liabilities at December 31, 2012

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

($ millions)

$275
Under-
funding

Under-
funding

$257

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

Appendix
Non-GAAP Reconciliations

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

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

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

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

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

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

GAAP
Basis

Additional
European
Operations to

be Exited (a)

Gains & Losses
on Acquisitions &
Dispositions (b)

Monetary Asset
Remeasurement
losses in
Venezuela (c)

Employee

Benefit Settlement
& Severance

Losses (d)

U.S.
Retirement
Plans (e)

Adjust
Income Tax
Rate (f)

Non-
GAAP
Basis

Second Quarter 2013

Revenue:

Latin America

413.6

−

413.6

EMEA

295.7

(2.3)

−

293.4

Asia Pacific

42.5

−

42.5

International

751.8

(2.3)

−

749.5

North America

238.7

−

238.7

Revenues

990.5

(2.3)

−

988.2

Operating profit:

International

48.0

0.4

−

0.5

−

48.9

North America

6.8

−

2.9

−

9.7

Segment operating profit

54.8

0.4

−

0.5

2.9

−

58.6

Non-segment

(21.6)

−

10.2

−

(11.4)

Operating profit

33.2

0.4

−

0.5

13.1

−

47.2

Amounts attributable to Brink’s:

Income from continuing operations

13.2

0.4

−

0.4

8.2

(0.7)

21.5

Diluted EPS - continuing operations

0.27

0.01

−

0.01

0.17

(0.01)

0.44

Non-GAAP Reconciliations - 2Q13

Amounts may not add due to rounding.

GAAP
Basis

Additional
European
Operations to
be Exited (a)

Gains & Losses on
Acquisitions &
Dispositions (b)

Employee
Benefit
Settlement &
Severance
Losses (c)

U.S.
Retirement
Plans (d)

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

Adjust
Income Tax
Rate (f)

Non-GAAP
Basis

Second Quarter 2012

Revenue:

Latin America

375.9

−

375.9

EMEA

283.6

(2.2)

−

281.4

Asia Pacific

38.5

−

38.5

International

698.0

(2.2)

−

695.8

North America

237.6

−

237.6

Revenues

935.6

(2.2)

−

933.4

Operating profit:

International

41.3

0.7

−

0.3

−

42.3

North America

11.4

−

2.2

−

13.6

Segment operating profit

52.7

0.7

−

0.3

2.2

−

55.9

Non-segment

(21.3)

−

(0.9)

−

10.5

−

(11.7)

Operating profit

31.4

0.7

(0.9)

0.3

12.7

−

44.2

Amounts attributable to Brink’s:

Income from continuing operations

34.4

0.7

(0.9)

0.2

7.6

(20.9)

2.4

23.5

Diluted EPS - continuing operations

0.71

0.01

(0.02)

−

0.16

(0.43)

0.05

0.48

Non-GAAP Reconciliations - 2Q12

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

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

(b) To eliminate:

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

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

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

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

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

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

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

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

Non-GAAP Reconciliations - Full-Year 2012

GAAP
Basis

Additional
European
Operations to
be Exited (a)

Gains and
Losses on
Acquisitions &
Dispositions (b)

Employee Benefit
Settlement &
Severance
Losses (c)

U.S.
Retirement
Plans (d)

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

Adjust
Income Tax
Rate (f)

Non-
GAAP
Basis

Full Year 2012

Revenue:

Latin America

1,579.4

−

1,579.4

EMEA

1,135.1

(9.2)

−

1,125.9

Asia Pacific

158.9

−

158.9

International

2,873.4

(9.2)

−

2,864.2

North America

945.4

−

945.4

Revenues

3,818.8

(9.2)

−

3,809.6

Operating profit:

International

229.8

3.6

(8.5)

3.9

−

228.8

North America

32.5

−

8.8

−

41.3

Segment operating profit

262.3

3.6

(8.5)

3.9

8.8

−

270.1

Non-segment

(88.9)

−

(0.8)

−

47.4

−

(42.3)

Operating profit

173.4

3.6

(9.3)

3.9

56.2

−

227.8

Amounts attributable to Brink’s:

Income from continuing operations

109.1

3.9

(14.0)

2.8

33.8

(21.1)

−

114.5

Diluted EPS - continuing operations

2.24

0.08

(0.29)

0.06

0.70

(0.43)

−

2.36

Amounts may not add due to rounding.

Non-GAAP Reconciliations - Cash Flows

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

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

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

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

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

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

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

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

Less:
Cash and cash equivalents						239.8	201.7

			Cash and cash equivalents available for general corporate purposes			183.7	157.7

		Net Debt			$	343.2	231.6

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

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

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

Non-GAAP Reconciliations - Net Debt

The Brink's Company (BCO) 8-KBrink’s Reports Second-Quarter Results