The Brink's Company 8K Brink’s Reports Improved Third-Quarter Earnings | BCO 24 Oct 13

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

NYSE:BCO

October 24, 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 Third-Quarter Results

GAAP EPS $.63 vs $.44

Non-GAAP Summary:

• EPS $.69 vs $.58

• Segment margin 8.5% vs 6.8%

• Revenue up 6% (9% organic growth)

Note: See reconciliation to GAAP results in Appendix

The Brink’s Company

Tom Schievelbein

Chairman, President and

Chief Executive Officer

CEO Overview

• Third Quarter

• Full-Year Segment Margin Outlook

• 6.5% to 7% in 2013

• ~ 7% in 2014

International Operations

• Latin America Profit Growth

• Driven primarily by Venezuela

• Mexico improvement on track

• Europe - profits flat

• Asia-Pacific - continued improvement

North America Plans

• Reduce Labor and SG&A

• Increase performing branches in the
U.S.

• Change revenue mix

• Strengthen management team

North America

Performing Branches in U.S.

CEO Overview

2016 Goal

Note: High-Value Services includes Global Services and Cash Management Services. Cash Management Services includes money
processing, vaulting, ATM management and CompuSafe® Service.

The Brink’s Company

Tom Schievelbein

Chairman, President and

Chief Executive Officer

The Brink’s Company

Joe Dziedzic

Vice President and Chief
Financial Officer

Review and Outlook

3Q13 Non-GAAP Results

($ millions, except EPS)

Note: See reconciliation to GAAP results in Appendix

Non-GAAP EPS: 3Q12 Versus 3Q13

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

Capital
Expenditures
and Capital
Leases(b)

Non-GAAP
CFOA(a) (b)

Capital Deployment

— Future pension contributions in cash

— 2013 Capital Expenditures/Leases flat to
2012

— Margin expansion offset by projected
devaluation in Venezuela

2014 Segment Profit

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

NYSE:BCO

October 24, 2013

Appendix

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	7	5	5	4	4
Total	$ 44	21	34	46	49	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.

3Q13 Non-GAAP Segment Results

Revenue

Segment Operating Profit

— 9% organic growth, 3% unfavorable
currency impact

— 12% organic growth in International

— North America flat

— International up $28

— North America down $7

— Unfavorable currency impact of $8

Appendix
Non-GAAP Reconciliations

(a) To eliminate:

• $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.

• $0.9 million of adjustments in the third quarter of 2013 primarily related to a January 2013 acquisition of Rede Trel in Brazil.

(b) 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 expenses related to U.S. retirement plans.

(e) 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

Gains & Losses on
Acquisitions and
Dispositions (a)

Net Monetary Asset
Remeasurement Losses
in Venezuela (b)

Employee Benefit
Settlement
Losses (c)

U.S. Retirement
Plans (d)

Adjust
Income Tax
Rate (e)

Non-
GAAP
Basis

Third Quarter 2013

Revenues:

Latin America

423.8

−

423.8

EMEA

301.2

−

301.2

Asia Pacific

43.5

−

43.5

International

768.5

−

768.5

North America

234.5

−

234.5

Revenues

1,003.0

−

1,003.0

Operating profit:

International

81.0

−

0.8

−

81.8

North America

0.7

−

2.9

−

3.6

Segment operating profit

81.7

−

0.8

2.9

−

85.4

Non-segment

(20.7)

(0.9)

−

10.3

−

(11.3)

Operating profit

61.0

(0.9)

−

0.8

13.2

−

74.1

Amounts attributable to Brink’s:

Income from continuing operations

31.1

(0.9)

−

0.6

7.7

(4.8)

33.7

Diluted EPS - continuing operations

0.63

(0.02)

−

0.01

0.16

(0.10)

0.69

Non-GAAP Reconciliations - 3Q13

Amounts may not add due to rounding.

Non-GAAP Reconciliations - Nine Months 2013

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

GAAP
Basis

Gains & Losses on
Acquisitions and
Dispositions (a)

Net Monetary Asset
Remeasurement Losses
in Venezuela (b)

Employee Benefit
Settlement
Losses (c)

U.S. Retirement
Plans (d)

Adjust
Income Tax
Rate (e)

Non-
GAAP
Basis

Nine Months 2013

Revenues:

Latin America

1,250.3

−

1,250.3

EMEA

872.4

−

872.4

Asia Pacific

128.9

−

128.9

International

2,251.6

−

2,251.6

North America

708.8

−

708.8

Revenues

2,960.4

−

2,960.4

Operating profit:

International

166.5

−

13.4

1.6

−

181.5

North America

5.1

−

8.7

−

13.8

Segment operating profit

171.6

−

13.4

1.6

8.7

−

195.3

Non-segment

(59.3)

(2.0)

−

31.0

−

(30.3)

Operating profit

112.3

(2.0)

13.4

1.6

39.7

−

165.0

Amounts attributable to Brink’s:

Income from continuing operations

47.8

(2.0)

8.4

1.2

23.6

(6.4)

72.6

Diluted EPS - continuing operations

0.98

(0.04)

0.17

0.02

0.48

(0.13)

1.48

(a) 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).

(b) 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 tax benefit related to change in retiree health care funding strategy.

(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
2012 was 36.2%.

Non-GAAP Reconciliations - 3Q12

Amounts may not add due to rounding.

GAAP
Basis

Gains & Losses on
Acquisitions and
Dispositions (a)

Employee Benefit
Settlement and
Severance Losses (b)

U.S. Retirement
Plans (c)

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

Adjust
Income Tax
Rate (e)

Non-
GAAP
Basis

Third Quarter 2012

Revenues:

Latin America

385.2

−

385.2

EMEA

286.0

−

286.0

Asia Pacific

39.1

−

39.1

International

710.3

−

710.3

North America

234.6

−

234.6

Revenues

944.9

−

944.9

Operating profit:

International

59.4

(7.2)

2.0

−

54.2

North America

8.3

−

2.2

−

10.5

Segment operating profit

67.7

(7.2)

2.0

2.2

−

64.7

Non-segment

(22.0)

0.1

−

11.5

−

(10.4)

Operating profit

45.7

(7.1)

2.0

13.7

−

54.3

Amounts attributable to Brink’s:

Income from continuing operations

21.3

(3.0)

1.4

8.2

−

0.3

28.2

Diluted EPS - continuing operations

0.44

(0.06)

0.03

0.17

−

0.01

0.58

Non-GAAP Reconciliations - Nine Months 2012

Amounts may not add due to rounding. See page 24 for notes.

GAAP
Basis

Gains & Losses on
Acquisitions and
Dispositions (a)

Employee Benefit
Settlement and
Severance Losses (b)

U.S. Retirement
Plans (c)

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

Adjust
Income Tax
Rate (e)

Non-
GAAP
Basis

Nine Months 2012

Revenues:

Latin America

1,147.4

−

1,147.4

EMEA

840.2

−

840.2

Asia Pacific

115.2

−

115.2

International

2,102.8

−

2,102.8

North America

708.6

−

708.6

Revenues

2,811.4

−

2,811.4

Operating profit:

International

168.0

(7.2)

3.1

−

163.9

North America

25.5

−

6.6

−

32.1

Segment operating profit

193.5

(7.2)

3.1

6.6

−

196.0

Non-segment

(67.6)

(0.8)

−

36.7

−

(31.7)

Operating profit

125.9

(8.0)

3.1

43.3

−

164.3

Amounts attributable to Brink’s:

Income from continuing operations

78.6

(5.1)

2.2

26.0

(20.9)

3.9

84.7

Diluted EPS - continuing operations

1.62

(0.10)

0.05

0.53

(0.43)

0.08

1.74

Non-GAAP Reconciliations - Full Year 2012

GAAP
Basis

Gains & Losses on
Acquisitions and
Dispositions (a)

Employee Benefit
Settlement and
Severance Losses (b)

U.S. Retirement
Plans (c)

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

Adjust
Income Tax
Rate (e)

Non-
GAAP
Basis

Full Year 2012

Revenues:

Latin America

1,579.4

−

1,579.4

EMEA

1,125.9

−

1,125.9

Asia Pacific

158.9

−

158.9

International

2,864.2

−

2,864.2

North America

945.4

−

945.4

Revenues

3,809.6

−

3,809.6

Operating profit:

International

233.4

(8.5)

3.9

−

228.8

North America

32.5

−

8.8

−

41.3

Segment operating profit

265.9

(8.5)

3.9

8.8

−

270.1

Non-segment

(88.9)

(0.8)

−

47.4

−

(42.3)

Operating profit

177.0

(9.3)

3.9

56.2

−

227.8

Amounts attributable to Brink’s:

Income from continuing operations

113.0

(14.0)

2.8

33.8

(21.1)

−

114.5

Diluted EPS - continuing operations

2.32

(0.29)

0.06

0.70

(0.43)

−

2.36

Amounts may not add due to rounding. See page 24 for notes.

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
		Nine Months
			2013		2012
Cash flows from operating activities - GAAP		$	104.4	$	129.3
Decrease (increase) in certain customer obligations (a)			4.4		(0.2)
Cash outflows (inflows) related to discontinued operations (b)			10.9		17.7

	Cash flows from operating activities - Non-GAAP	$	119.7	$	146.8

NET DEBT - RECONCILED TO U.S. GAAP				September 30,			December 31,
				2013			2012
Debt:
	Short-term debt				$	76.5	26.7
	Long-term debt					445.7	362.6

Less:
Cash and cash equivalents						242.3	201.7

			Cash and cash equivalents available for general corporate purposes			205.1	157.7

		Net Debt			$	317.1	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 $402
million at September 30, 2013, and $280 million at December 31, 2012.

Non-GAAP Reconciliations - Net Debt

The Brink's Company (BCO) 8-KBrink’s Reports Improved Third-Quarter Earnings