Slide 1: Fourth-Quarter 2011 Earnings Conference Call
Exhibit 99.2 The Brink’s Company Fourth-Quarter 2011 Earnings Conference Call NYSE:BCO February 2, 2012
Slide 2: Forward-Looking Statements
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 fili
Slide 3: The Brink's Company - Investor Relations
The Brink’s Company Ed Cunningham Director - Investor Relations
Slide 4: Summary of Fourth-Quarter Non-GAAP Results
Summary of Fourth-Quarter Non-GAAP Results • Non-GAAP EPS $.56 vs $.80 • Revenue up 13% (9% organic) • Profit Declines in North America, EMEA • Continued Profit Growth in Latin America • Higher Security Costs Note : See reconciliation to GAAP results in Appendix
Slide 5: The Brink's Company - Interim CEO
The Brink’s Company Tom Schievelbein Interim President and Chief Executive Officer
Slide 6: CEO Overview
CEO Overview • CEO Search • Security Costs • North America • EMEA • Latin America • Strategy and Outlook
Slide 7: Review and Outlook - Chief Financial Officer
The Brink’s Company Joe Dziedzic Vice President and Chief Financial Officer Review and Outlook
Slide 8: 4Q11 Non-GAAP Results
Margin 9.6% 7.4% 4Q11 Non-GAAP Results ($ millions, except EPS) Note : See reconciliation to GAAP results in Appendix
Slide 9: Non-GAAP EPS: 2011 Versus 2010
Non-GAAP EPS: 2011 Versus 2010 2010 2011 (per diluted share) Note : See reconciliation to GAAP results in Appendix
Slide 10: Total Non-GAAP Segment Results and Outlook
Organic Growth 0% 5% 8% 5% - 8% Margin 6.0% 7.2% 6.3% 6.5% - 7.0% Total Non-GAAP Segment Results and Outlook ($ millions) 2011 Results 2012 Outlook — 5% - 8% organic revenue growth — U.S. actions improve profitability — Unfavorable currency: — Revenue down 3% - 5% — Operating profit down $10-$15 mil
Slide 11: North America Non-GAAP Segment Results and Outlook
Margin 6.1% 4.7% 3.6% 4.5% - 5.5% Organic Growth (3%) 1% - - North America Non-GAAP Segment Results and Outlook ($ millions) 2011 Results 2012 Outlook — Revenue flat, Canada acquisition +$50 — U.S. revenue flat as fuel recovery and CompuSafe ® service growth offset CIT volume and pricing pressure —
Slide 12: International Non-GAAP Segment Results and Outlook
Organic Growth 2% 8% 12% 7% - 10% Margin 5.9% 8.2% 7.3% 7.0% - 8.0% International Non-GAAP Segment Results and Outlook 2011 Results 2012 Outlook ($ millions) — Revenue Growth — Mexico acquisition +$364 — Organic +$262 — Currency +$106 — Profit Growth — Organic +$11 — Acquisitions/Dispositions +$10 —
Slide 13: Non-GAAP Cash Flow, Capital Investment, and Net Debt
13 Non-GAAP Cash Flow, Capital Investment, and Net Debt International North America (a) ($ millions) (a) (a) See reconciliation to GAAP results in Appendix
Slide 14: Long-Term Segment Growth Plan
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 — Con
Slide 15: Non-GAAP Reporting Change for U.S. Retirement Costs
Non-GAAP Reporting Change for U.S. Retirement Costs
Slide 16: Reporting Change for U.S. Retirement Plans - Why?
16 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
Slide 17: 2012 Outlook
2012 Outlook
Slide 18: 2012 Outlook
Margin 6.3% 6.5% - 7.0% 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% Org
Slide 19: Appendix - Supplemental U.S. Retirement Plan Information and Non-GAAP Reconciliations
Appendix - Supplemental U.S. Retirement Plan Information and Non-GAAP Reconciliations
Slide 20: Reporting Change for U.S. Retirement Plans - Obligations and Assets
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 $991 Former Coal - UMWA Medical (VEBA) U.S. Pension Plans Note: No assets
Slide 21: History of U.S. Retirement Plans Funded Status
History of U.S. Retirement Plans Funded Status ($ millions) $0 Underfunded drop in asset values $150 voluntary contribution 70 basis point drop in discount rate Discount Rate (Primary U.S. Pension Plan) 60 basis point drop in discount rate
Slide 22: Income Statement Impact of U.S. Retirement Plans
EPS Impact (a) Income Statement Impact of U.S. Retirement Plans ($ 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 Operating Profit Impact
Slide 23: U.S. Retirement Plans - Funded Status and Payments
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
Slide 24: Non-GAAP Reconciliations - 1Q11 to 3Q11
Non-GAAP Reconciliations - 1Q11 to 3Q11 See page 26 for notes.
Slide 25: Non-GAAP Reconciliations - 4Q11 and FY 2011
Non-GAAP Reconciliations - 4Q11 and FY 2011 Amounts may not add due to rounding. See page 26 for notes.
Slide 26: Non-GAAP Reconciliations - 2011 Footnotes
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.
Slide 27: Non-GAAP Reconciliations - 1Q10 to 3Q10
Non-GAAP Reconciliations - 1Q10 to 3Q10 See page 29 for notes.
Slide 28: Non-GAAP Reconciliations - 4Q10 and FY 2010
Non-GAAP Reconciliations - 4Q10 and FY 2010 Amounts may not add due to rounding. See page 29 for notes.
Slide 29: Non-GAAP Reconciliations - 2010 Footnotes
Non-GAAP Reconciliations - 2010 Footnotes
Slide 30: Non-GAAP Reconciliations - FY 2009
Non-GAAP Reconciliations - FY 2009
Slide 31: Non-GAAP Reconciliations - Cash Flows
Non-GAAP Reconciliations - Cash Flows
Slide 32: Net Debt Reconciled to GAAP
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 c
Slide 33: Discounted Cash Flows at Plan Discount Rates Reconciled to GAAP
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 asse