The Brink's Company 8K Results of Operations and Financial Condition | BCO 24 Jul 14

The Brink’s
Company

Second Quarter 2014
Earnings Call

NYSE: BCO

July 24, 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 on pages 13 - 18 of today’s release and in our SEC
filings.

CEO Overview

Second Quarter Non-GAAP

• EPS $.27 vs $.47

• Segment profit down $18 million

– $9 million organic decline - primarily Mexico
and France

– $9 million negative currency

Looking Ahead

• 2014 guidance unchanged

– Non-GAAP segment margin 6.5%,
revenue ~$3.7 billion

• 2016 Non-GAAP Targets

– 8% segment margin

– $290 to $330 million segment operating profit

– $2.50 - $3.00 EPS

Note: See reconciliation to GAAP results and other information in appendix

2Q14 Non-GAAP Results

($ millions, except EPS)

Note: See reconciliation to GAAP results in appendix

Revenue

Segment Operating

Profit

EPS

Non-GAAP EPS: 2Q13 Versus 2Q14

Segment
Operating
Profit

Non-Segment
Expense

Interest
Expense, Net

Non-
Controlling
Interest

Tax
Rate/Diluted
Shares

2Q13

2Q14

Note: See reconciliation to GAAP results in appendix

$(0.04) Venezuela

Non-GAAP Cash Flow, Capital Investment and Net Debt

($ millions)

(a) See reconciliation to GAAP results in appendix

Capital
Expenditures and
Capital Leases

Net Debt (a)

Estimated Cash Payments to Primary U.S. Pension & UMWA

• Accelerating required 2015 and 2016 payments ($61 million) into 2014

− Accelerate the de-risking of invested asset allocation

− Lower Pension Benefit Guaranty Corp (PBGC) premiums

(current borrowing costs are lower than PBGC premiums)

• Plan to fund future pension obligations with cash

• Cash payments to UMWA expected to resume in 2033

Payments to Primary U.S. Pension

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

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.

(b) Includes all regional/corporate allocated costs

2016 Target Margin / Potential EPS Growth(a)

Segment
Op Profit

EPS

2013 Actual

$216

$1.64

U.S. at 6% Margin

$30

$0.34

Mexico at 10% Margin

$22

$0.26

Rest of World +1.0% Margin

$22

$0.26

2016 Target ~8% Margin

~$290

~$2.50

Add 5% annual organic
revenue growth ‘14 - ’16

~$40

~$0.50

Potential 2016

$290 - $330

$2.50 - $3.00

$13 Op Profit

1.8% Margin

$23 Op Profit

5.0% Margin

$180 OpProfit

7.5% Margin

(b)

($ millions, except where noted)

2013 Adjusted Non-GAAP Results (a)

$3.6 Billion Revenue

$216 Op Profit

6.1% Margin

Revenue

North America Non-GAAP Segment Margin Outlook

(excluding Global Payments)

Note: See appendix for reconciliation to GAAP

U.S. Profit Improvement 2013 à 2016

($ millions)

Revenue

Operating Profit (a)

SG&A (a)

Branch Margin (a)

Profit

Costs

% of
Revenue 2% 6%

(a) On a Non-GAAP basis. See reconciliation to GAAP results in appendix.

U.S. - Performing Branches

Performing branch = Operating profit above breakeven on a fully
loaded cost basis

Productivity Projects

• Route logistics

• Field force automation

• Centralized billing

• CompuSafe® service focus

• Vehicle armoring and
maintenance

• One-man crew on CIT

• Project management
organization support

North America Non-GAAP Segment Margin Outlook
(excluding Global Payments)

Note: See appendix for reconciliation to GAAP and other information

Mexico Non-GAAP Segment Margin Rate History and Outlook

Note: See reconciliation to GAAP in appendix

% of

Revenue 14% 18%

% of

Revenue 9% 8%

Mexico Profit Improvement 2013 à 2016

Revenue

Operating Profit(a)

Branch Margin(a)

Profit

% of
Revenue 5% 10%

($ millions)

(a) See reconciliation to GAAP and other information in appendix

SG&A(a)

Costs

Mexico Branch Margin Improvement

4%
Reduction

($ millions)

Operational Structure

(Branch Costs)

10%
Reduction

Administrative Structure
(Support Functions)

Productivity Projects

• “Standard” branch structure

• Centralization

• Finance shared services

• Money processing

• Global procurement

(a)

(a) Excludes organic growth

Mexico Money Processing Improvements

Money Processing

Efficiency Metric

(notes per hour, per person)

Capex
Spend
(millions)

Headcount

Note: See reconciliation to GAAP in appendix

Mexico Non-GAAP Segment Margin Rate History and Outlook

Operational Excellence

Global Procurement

IT Centralization

Global Procurement

20%

Reduction

Armored Vehicles

(Acquisition Costs per Vehicle)

Expect to Deliver 20%
Savings by 2016

• Global tender

• Re-design vehicles

• Improved match of

vehicle type to

environment

Non-Armored Vehicles

(Acquisition Costs per Vehicle)

20%

Reduction

($ millions)

Global Procurement

• Vehicle standardization

• Vehicle maintenance

• Money processing equipment

• Contractors/purchased services

• Global tenders

• ATM locks

Global Travel Costs

Next Focus Areas

$5 to $10

Reduction

Implemented global travel agent 1H14

($ millions)

IT Centralization

($ millions)

Global IT Costs

Data Centers

Key Projects

• Global data center strategy

• Global alignment of IT
organization & spend

• Global procurement/tender

of IT equipment

• Global application map

• Network & telephone
rationalization

60%

Reduction

$15 to $20

Reduction

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% points

• Organic revenue growth ~5%

• Operational excellence

– Global procurement

– Centralization

(a) See appendix for information regarding reconciling to GAAP

Appendix

Legacy Liabilities - Underfunding - at December 31, 2013

($ millions)

Reinvestment
Ratio

($ millions, except ratio)

Capex Spend

GAAP

Basis

Expenses Related
to Currency
Devaluation in
Venezuela (a)

Losses on
Closure (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)

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

−

0.9

−

49.4

(28.9)

20.5

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

−

0.9

1.2

−

70.9

(28.9)

42.0

Non-segment

(18.0)

−

4.8

−

(13.2)

−

(13.2)

Operating profit

(72.5)

123.3

−

0.9

6.0

−

57.7

(28.9)

28.8

Amounts attributable to Brink’s:

Income from continuing operations

(58.4)

74.9

−

0.6

3.8

−

1.2

22.1

(11.2)

10.9

Diluted EPS - continuing operations

(1.19)

1.53

−

0.01

0.08

−

0.02

0.45

(0.23)

0.22

Non-GAAP Reconciliations - 1Q2014

Amounts may not add due to rounding. See page 30 for notes.

GAAP

Basis

Expenses Related
to Currency
Devaluation in
Venezuela (a)

Losses on
Closure (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)

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

0.7

0.9

−

0.6

−

10.5

−

10.5

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

0.7

0.9

0.8

1.5

−

39.8

−

39.8

Non-segment

(15.4)

−

2.8

2.7

−

(9.9)

−

(9.9)

Operating profit

10.7

9.8

0.7

0.9

3.6

4.2

−

29.9

−

29.9

Amounts attributable to Brink’s:

Income from continuing operations

2.3

6.0

0.7

0.8

2.3

3.4

(2.1)

13.4

(0.6)

12.8

Diluted EPS - continuing operations

0.05

0.12

0.01

0.02

0.05

0.07

(0.04)

0.27

(0.01)

0.26

Non-GAAP Reconciliations - 2Q2014

Amounts may not add due to rounding. See page 30 for notes.

GAAP

Basis

Expenses Related
to Currency
Devaluation in
Venezuela (a)

Losses on
Closure (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)

First Half 2014

Revenues:

Latin America

774.9

−

774.9

(113.1)

661.8

EMEA

600.9

−

600.9

−

600.9

North America

445.8

−

445.8

−

445.8

Asia Pacific

71.5

−

71.5

−

71.5

Revenues

1,893.1

−

1,893.1

(113.1)

1,780.0

Operating profit:

Latin America

(76.3)

133.1

0.7

1.8

−

0.6

−

59.9

(28.9)

31.0

EMEA

32.1

−

0.5

−

32.6

−

32.6

North America

6.8

−

2.0

0.3

−

9.1

−

9.1

Asia Pacific

9.0

−

0.1

−

9.1

−

9.1

Segment operating profit

(28.4)

133.1

0.7

1.8

2.0

1.5

−

110.7

(28.9)

81.8

Non-segment

(33.4)

−

7.6

2.7

−

(23.1)

−

(23.1)

Operating profit

(61.8)

133.1

0.7

1.8

9.6

4.2

−

87.6

(28.9)

58.7

Amounts attributable to Brink’s:

Income from continuing operations

(56.1)

80.9

0.7

1.4

6.1

3.4

(0.9)

35.5

(11.8)

23.7

Diluted EPS - continuing operations

(1.15)

1.65

0.01

0.03

0.12

0.07

(0.02)

0.72

(0.24)

0.48

Non-GAAP Reconciliations - First Half 2014

Amounts may not add due to rounding. See page 30 for notes.

Non-GAAP Reconciliations - 2014 Notes

(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 $1 million first-quarter and $10

million second-quarter 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 an impairment loss related to Latin America operations that are expected to be shut down within the next 12 months.

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

(e) To eliminate the expense related to an accounting adjustment related to share-based compensation. 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. Additional information will

be available in the company’s Form 10-Q to be filed for the second quarter of 2014.

(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 36.5%.

(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

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 currency exchange process in March 2014.

(h) Non-GAAP results adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

GAAP

Basis

Gains and 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

−

13.9

0.3

−

37.6

(18.0)

19.6

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

−

13.9

0.3

2.9

−

51.4

(18.0)

33.4

Non-segment

(17.0)

(1.1)

−

10.5

−

(7.6)

−

(7.6)

Operating profit

17.3

(1.1)

13.9

0.3

13.4

−

43.8

(18.0)

25.8

Amounts attributable to Brink’s:

Income from continuing operations

2.9

(1.1)

8.7

0.2

8.2

0.1

19.0

(8.9)

10.1

Diluted EPS - continuing operations

0.06

(0.02)

0.18

−

0.17

−

0.39

(0.18)

0.21

Non-GAAP Reconciliations - 1Q2013

Amounts may not add due to rounding. See page 37 for notes.

GAAP

Basis

Gains and 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

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

−

0.2

0.5

−

25.1

(8.6)

16.5

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

−

0.2

0.5

2.9

−

58.0

(8.6)

49.4

Non-segment

(21.6)

−

10.2

−

(11.4)

−

(11.4)

Operating profit

32.8

−

0.2

0.5

13.1

−

46.6

(8.6)

38.0

Amounts attributable to Brink’s:

Income from continuing operations

13.2

−

0.1

0.4

7.7

1.5

22.9

(5.8)

17.1

Diluted EPS - continuing operations

0.27

−

0.01

0.16

0.03

0.47

(0.12)

0.35

Non-GAAP Reconciliations - 2Q2013

Amounts may not add due to rounding. See page 37 for notes.

GAAP

Basis

Gains and 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 Half 2013

Revenues:

Latin America

826.5

−

826.5

(168.4)

658.1

EMEA

571.2

−

571.2

−

571.2

North America

449.5

−

449.5

−

449.5

Asia Pacific

73.2

−

73.2

−

73.2

Revenues

1,920.4

−

1,920.4

(168.4)

1,752.0

Operating profit:

Latin America

47.8

−

14.1

0.8

−

62.7

(26.6)

36.1

EMEA

27.3

−

27.3

−

27.3

North America

4.3

−

5.8

−

10.1

−

10.1

Asia Pacific

9.3

−

9.3

−

9.3

Segment operating profit

88.7

−

14.1

0.8

5.8

−

109.4

(26.6)

82.8

Non-segment

(38.6)

(1.1)

−

20.7

−

(19.0)

−

(19.0)

Operating profit

50.1

(1.1)

14.1

0.8

26.5

−

90.4

(26.6)

63.8

Amounts attributable to Brink’s:

Income from continuing operations

16.1

(1.1)

8.8

0.6

15.9

1.6

41.9

(14.7)

27.2

Diluted EPS - continuing operations

0.33

(0.02)

0.18

0.01

0.33

0.03

0.86

(0.30)

0.56

Non-GAAP Reconciliations - First Half 2013

Amounts may not add due to rounding. See page 37 for notes.

GAAP

Basis

Gains and 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

−

0.2

0.8

−

43.8

(20.7)

23.1

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

−

0.2

0.8

2.9

−

83.8

(20.7)

63.1

Non-segment

(20.7)

(0.9)

−

10.3

−

(11.3)

−

(11.3)

Operating profit

59.2

(0.9)

0.2

0.8

13.2

−

72.5

(20.7)

51.8

Amounts attributable to Brink’s:

Income from continuing operations

29.8

(0.9)

0.1

0.6

7.7

(1.7)

35.6

(11.6)

24.0

Diluted EPS - continuing operations

0.61

(0.02)

−

0.01

0.16

(0.03)

0.73

(0.24)

0.49

Non-GAAP Reconciliations - 3Q2013

Amounts may not add due to rounding. See page 37 for notes.

GAAP

Basis

Gains and 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

2.2

0.3

0.9

−

62.7

(21.6)

41.1

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

3.1

0.3

0.9

2.9

−

91.4

(21.6)

69.8

Non-segment

(21.8)

(0.8)

−

10.3

−

(12.3)

−

(12.3)

Operating profit

62.4

2.3

0.3

0.9

13.2

−

79.1

(21.6)

57.5

Amounts attributable to Brink’s:

Income from continuing operations

26.0

4.0

0.2

0.6

8.2

0.1

39.1

(9.8)

29.3

Diluted EPS - continuing operations

0.53

0.08

−

0.01

0.17

−

0.79

(0.20)

0.60

Non-GAAP Reconciliations - 4Q2013

Amounts may not add due to rounding. See page 37 for notes.

GAAP

Basis

Gains and 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

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

2.2

14.6

2.5

−

169.2

(68.9)

100.3

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

3.1

14.6

2.5

11.6

−

284.6

(68.9)

215.7

Non-segment

(81.1)

(2.8)

−

41.3

−

(42.6)

−

(42.6)

Operating profit

171.7

0.3

14.6

2.5

52.9

−

242.0

(68.9)

173.1

Amounts attributable to Brink’s:

Income from continuing operations

71.9

2.0

9.1

1.8

31.8

−

116.6

(36.1)

80.5

Diluted EPS - continuing operations

1.47

0.04

0.18

0.04

0.65

−

2.38

(0.74)

1.64

Non-GAAP Reconciliations - Full Year 2013

Amounts may not add due to rounding. See page 37 for notes.

Non-GAAP Reconciliations - 2013 Notes

(a) To eliminate

• 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 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 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.

(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 is 33.1%.

(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 currency exchange
       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) Non-GAAP results adjusted for Venezuelan results at 50 bolivars per U.S. dollar.

Non-GAAP Reconciliations - Cash Flows

NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES - RECONCILED TO AMOUNTS REPORTED UNDER U.S. GAAP

		First Half

Cash flows from operating activities - GAAP		$	47.6	$	41.1
Decrease (increase) in certain customer obligations (a)			(8.1)		(14.2)
			(0.9)

	Cash flows from operating activities - Non-GAAP	$	38.6	$	33.4

(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 Reconciliations - Projected Financial Information





GAAP	0.6%	3-4%	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

efforts.

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
	Branch Margin		SG&A		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
	2010	2011	2012	2013	2014	2015	2016
Non-GAAP	0.0%	2.6%	4.0%	5.0%	~4%	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%	4.1%	(a)	(a)	(a)

Mexico Profit Improvement Outlook
	Branch Margin		SG&A		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

NET DEBT - RECONCILED TO U.S. GAAP				June 30,			December 31,
				2014			2013
Debt:

	Long-term debt					449.0	355.1

Less:
Cash and cash equivalents						224.7	255.5
Amounts held by Cash Management Services operations (a)						(39.2)	(31.3)
			Cash and cash equivalents available for general corporate purposes			185.5	224.2

		Net Debt			$	342.6	211.8

(a) 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 $361 million at June 30, 2014, and $306 million at December 31,

2013.

Non-GAAP Reconciliations - Net Debt

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