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Brink's Reports Fourth-Quarter Results, Restructures European Operations

   Brink's Reports Fourth-Quarter Results, Restructures European Operations

GAAP EPS $.67 vs. $.48; Non-GAAP EPS $.60 vs. $.67

Improvement in Europe, North America Offset by Lower Profits in Latin America

2013 Segment Margin Expected to be 6.0% to 6.5%

PR Newswire

RICHMOND, Va., Feb. 1, 2013

RICHMOND, Va., Feb. 1, 2013 /PRNewswire/ --The Brink's Company (NYSE: BCO), a
global leader in security-related services, today reported fourth-quarter
earnings. The company also announced its intent to divest its cash-in-transit
(CIT) operations in Germany, and that it has completed the divestitures of
guarding operations in France and Morocco. The divestiture of its CIT
business in Poland is expected to be completed by March 31.

In 2012, these businesses generated $104 million of revenue and an operating
loss of $18 million or $.36 per share. Brink's will continue to operate its
Global Services business in each of these countries. Results from these
businesses are now reported in discontinued operations (see table below).

 Quarterly Amounts Reclassified as Discontinued Operations^(a)
 (In
 millions,
 except for   2011                                     2012
 per share
 amounts)
 GAAP Basis   1Q      2Q      3Q       4Q      Full    1Q      2Q      3Q      4Q      Full
                                               Year                                    Year
 Revenue    $ 29      32      30       29      119     26      26      26      27      104
 Operating    (7)     (13)    (4)      (4)     (28)    (4)     (4)     (6)     (4)     (18)
 loss
 Income       2       4       -        (2)     5       -       1       -       (1)     1
 taxes
 Net loss     (5)     (9)     (4)      (6)     (24)    (4)     (3)     (6)     (4)     (18)
 Diluted      (0.10)  (0.18)  (0.08)   (0.13)  (0.49)  (0.08)  (0.07)  (0.12)  (0.09)  (0.36)
 EPS
 Non-GAAP
 Basis
 Revenue    $ 29      32      30       29      119     26      26      26      27      104
 Operating    (7)     (3)     (4)      (4)     (18)    (4)     (4)     (3)     (4)     (16)
 loss
 Income       2       1       -        (2)     1       -       1       -       (1)     1
 taxes
 Net loss     (5)     (2)     (4)      (6)     (17)    (4)     (3)     (3)     (4)     (15)
 Diluted      (0.10)  (0.05)  (0.08)   (0.13)  (0.36)  (0.08)  (0.07)  (0.06)  (0.09)  (0.31)
 EPS
     Amounts in the table represent the results of the European operations reclassified to
     Discontinued Operations in the fourth quarter of 2012. The consolidated income statement
 (a) also includes amounts related to operations divested in prior years including the
     company's former coal operations. Non-GAAP results are reconciled to the applicable GAAP
     resultson page 21.

Page 1

Tom Schievelbein, chairman, president and chief executive officer, said:
"Eliminating the operating losses from these businesses improves the overall
earnings power of Brink's by 31 cents per share on a non-GAAP basis, and
enables our new leadership team to focus on achieving sustainable returns in
our remaining markets, which continue to be very challenging.

"Fourth-quarter earnings from continuing operations declined due primarily to
lower operating results in Latin America, partially offset by improvement in
Europe and North America. In 2013, it will be very difficult to match 2012
earnings due to an increase in productivity investments and our assumption of
currency devaluation in Venezuela. We expect our first-quarter year-over-year
comparison to be particularly challenging given the strong Latin America
performance last year. In light of these factors, we expect our 2013 segment
margin rate to be between 6% and 6.5% on organic revenue growth of 5% to 8%.
Our long-term margin goal of 10% is still in place, although it's clear that
achieving it will take longer than originally planned.

"Our recent results are far from satisfactory, and we continue to face
challenges on several fronts, but I'm confident that we are making steady
progress in our efforts to position Brink's for strong profit growth in 2014
and beyond.

"In 2013, we will continue to take decisive action to accelerate the execution
of our strategy. Eliminating the operating losses in Europe is an important
step in our plan to maximize profits in mature, slow-growth CIT markets.
Despite recent challenges in Latin America, we are optimistic about that
region's long-term growth prospects and will continue to invest aggressively
there. We will also continue to seek opportunities to invest in adjacent
markets. Our recent introduction of the Brink's Money™ card and the
acquisition of a payments service company in Brazil are the latest additions
to our small but growing payments business.

"I can assure you that, with our new leadership team in place, we will
continue to be aggressive in our efforts to improve productivity, deliver
solutions to our customers and build value for shareholders."

Fourth-Quarter Highlights

GAAP:

  oRevenue up 4% (6% organic growth), EPS $.67 vs. $.48
  oSegment profit down 6% (4% organic decline), margin 7.2% vs. 7.9%
  oInternational profit down 9% (6% organic decline), margin 8.4% vs. 9.8%
  oNorth America margin 3.0% vs. 2.3%

Non-GAAP:

  oRevenue up 4% (6% organic growth), EPS $.60 vs. $.67
  oSegment profit down 6% (4% organic decline), margin 7.4% vs. 8.1%
  oInternational profit down 10% (8% organic decline), margin 8.4% vs. 10.0%;
    EMEA improvement more than offset by lower profit in Latin America and
    Asia-Pacific
  oNorth America cost reductions drive profit improvement; margin 3.9% vs.
    2.6%

Other:

  oFull-year GAAP EPS $2.20 vs. $2.01; Non-GAAP EPS $2.31 vs. $2.32
  oFull-year non-GAAP segment margin 7.0% vs. 7.1%; organic revenue growth 7%
  oNegative currency impact on a GAAP basis: $17 million on revenue, $2
    million on profit in fourth quarter; $196 million on revenue, $15 million
    on profit in 2012
  oFull-year capital spending down $32 million to $203 million

Page 2

Summary Reconciliation of Fourth-Quarter GAAP to Non-GAAP EPS*
                                         Fourth Quarter    Full Year
                                           2012      2011    2012      2011
 GAAP EPS                                $ 0.67    $ 0.48  $ 2.20    $ 2.01
  Exclude U.S. retirement plan expenses    0.16      0.09    0.70      0.37
  Exclude employee benefit settlement,     0.01      0.06    0.06      0.08
  CEO retirement costs and other
  Exclude additional European operations   0.01      0.01    0.08      0.06
  to be exited
  Exclude gains and losses on              (0.18)    -       (0.29)    (0.20)
  acquisitions and asset dispositions
  Exclude tax benefit from change in       -         -       (0.43)    -
  retiree health care funding strategy
  Adjust quarterly tax rate to full-year   (0.06)    0.02    -         -
  average rate
 Non-GAAP EPS*                           $ 0.60    $ 0.67  $ 2.31    $ 2.32

Summary of Fourth-Quarter and Full-Year Results*
                              Fourth Quarter           Full Year
                                           %                         %
 (In millions, except for   2012     2011  Change    2012     2011   Change
 per share amounts)
 GAAP
 Revenues                   $ 1,007  968   4      %  $ 3,842  3,766  2      %
                Segment
                operating     72     77    (6)         260    259    -
                profit (a)
                Non-segment   (21)   (21)  1           (89)   (60)   49
                expense
                Operating     51     56    (9)         171    200    (14)
                profit
 Income from continuing       33     23    40          107    97     11
 operations (b)
 Diluted EPS from             0.67   0.48  40          2.20   2.01   9
 continuing operations (b)
 Non-GAAP
 Revenues                   $ 1,004  966   4      %  $ 3,833  3,756  2      %
                Segment
                operating     74     79    (6)         268    267    -
                profit (a)
                Non-segment   (11)   (11)  (1)         (42)   (41)   4
                expense
                Operating     63     68    (7)         226    227    -
                profit
 Income from continuing       29     32    (9)         112    112    1
 operations (b)
 Diluted EPS from             0.60   0.67  (10)        2.31   2.32   -
 continuing operations (b)
      Segment operating profit is a non-GAAP measure. Disclosure of segment
 (a)  operating profit enables investors to assess operating performance
      excluding non-segment income and expense.
 (b)  Amounts reported are attributable to shareholders of The Brink's Company
      and exclude earnings related to noncontrolling interests.
*Non-GAAP results are reconciled to the applicable GAAP results on pages 13 -
19. Amounts may not add due to rounding.

Page 3



The Brink's Company and subsidiaries
Fourth Quarter 2012 vs. 2011 (Unaudited)
(In millions)
Segment Results – GAAP
                          Organic  Acquisitions  Currency         % Change
                                   /
                    4Q    Change   Dispositions  (c)       4Q     Total  Organic
                    '11            (b)                     '12
 Revenues:
  Latin America   $ 393   47       1             (9)       432    10     12
  EMEA              292   13       -             (10)      294    1      4
  Asia Pacific      40    4        -             -         44     9      10
   International    724   63       1             (19)      770    6      9
   North America    244   (9)      -             2         237    (3)    (4)
      Total       $ 968   54       1             (17)      1,007  4      6
 Operating
 profit:
  International   $ 71    (4)      -             (2)       65     (9)    (6)
  North America     6     1        -             -         7      27     24
   Segment
   operating        77    (3)      -             (2)       72     (6)    (4)
   profit
   Non-segment      (21)  -        -             -         (21)   1      1
   (a)
      Total       $ 56    (3)      -             (2)       51     (9)    (6)
 Segment
 operating
 margin:
 International      9.8%                                   8.4%
 North America      2.3%                                   3.0%
 Segment
 operating          7.9%                                   7.2%
 margin



Segment Results - Non-GAAP
                                  Organic  Acquisitions  Currency         % Change
                                           /
                           4Q     Change   Dispositions   (c)     4Q     Total  Organic
                           '11             (b)                     '12
 Revenues:
         Latin America   $ 393    47       1             (9)       432    10     12
         EMEA              289    13       -             (10)      292    1      4
         Asia Pacific      40     4        -             -         44     9      10
          International    722    64       1             (19)      767    6      9
          North America    244    (9)      -             2         237    (3)    (4)
              Total      $ 966    55       1             (17)      1,004  4      6
 Operating profit:
         International   $ 72     (6)      1             (2)       65     (10)   (8)
         North America     6      3        -             -         9      44     41
          Segment
          operating        79     (4)      1             (2)       74     (6)    (4)
          profit
          Non-segment      (11)   -        -             -         (11)   (1)    (1)
          (a)
              Total      $ 68     (3)      1             (2)       63     (7)    (5)
 Segment operating
 margin:
 International             10.0%                                   8.4%
 North America             2.6%                                    3.9%
 Segment operating         8.1%                                    7.4%
 margin
 (a) Includes income and expense not allocated to segments.
 (b) Includes operating results and gains/losses on acquisitions, sales and exits of
     businesses.
     Revenue and Segment Operating Profit: The "Currency" amount in the table is the
     summation of the monthly currency changes, plus (minus) the U.S. dollar amount of
     remeasurement currency gains (losses) of bolivar fuerte-denominated net monetary
     assets recorded under highly inflationary accounting rules related to the Venezuelan
     operations. The monthly currency change is equal to the Revenue or Operating Profit
     for the month in local currency, on a country-by-country basis, multiplied by the
     difference in rates used to translate the current period amounts to U.S. dollars
 (c) versus the translation rates used in the year-ago month. The functional currency in
     Venezuela is the U.S. dollar under highly inflationary accounting rules.
     Remeasurement gains and losses under these rules are recorded in U.S. dollars but
     these gains and losses are not recorded in local currency. Local currency Revenue and
     Operating Profit used in the calculation of monthly currency change for Venezuela
     have been derived from the U.S. dollar results of the Venezuelan operations under
     U.S. GAAP (excluding remeasurement gains and losses) using current period currency
     exchange rates.
 Amounts may not add due to rounding.

Page 4

The Brink's Company and subsidiaries
Full Year 2012 vs. 2011 (Unaudited)
(In millions)
Segment Results – GAAP
                           Organic  Acquisitions  Currency         % Change
                                    /
                    2011   Change   Dispositions   (c)     2012   Total  Organic
                                    (b)
 Revenues:
  Latin America   $ 1,461  215      2             (98)      1,579  8      15
  EMEA              1,178  70       -             (90)      1,158  (2)    6
  Asia Pacific      154    10       -             (5)       159    3      7
   International    2,792  296      2             (193)     2,897  4      11
   North America    974    (24)     (3)           (3)       945    (3)    (2)
      Total       $ 3,766  272      (1)           (196)     3,842  2      7
 Operating
 profit:
  International   $ 228    17       (2)           (15)      228    -      7
  North America     31     1        -             -         33     4      3
   Segment
   operating        259    18       (2)           (15)      260    -      7
   profit
   Non-segment      (60)   (21)     (8)           -         (89)   49     35
   (a)
      Total       $ 200    (3)      (11)          (15)      171    (14)   (1)
 Segment
 operating
 margin:
 International      8.2%                                    7.9%
 North America      3.2%                                    3.4%
 Segment
 operating          6.9%                                    6.8%
 margin



Segment Results – Non-GAAP
                           Organic  Acquisitions  Currency         % Change
                                    /
                    2011   Change   Dispositions  (c)       2012   Total  Organic
                                    (b)
 Revenues:
  Latin America   $ 1,461  215      2             (98)      1,579  8      15
  EMEA              1,167  71       -             (89)      1,149  (2)    6
  Asia Pacific      154    10       -             (5)       159    3      7
   International    2,781  296      2             (192)     2,888  4      11
   North America    974    (24)     (3)           (3)       945    (3)    (2)
      Total       $ 3,756  273      (1)           (194)     3,833  2      7
 Operating
 profit:
  International   $ 233    8        1             (15)      227    (3)    4
  North America     35     7        -             -         41     19     19
   Segment
   operating        267    15       1             (15)      268    -      6
   profit
   Non-segment      (41)   (2)      -             -         (42)   4      4
   (a)
      Total       $ 227    13       1             (15)      226    -      6
 Segment
 operating
 margin:
 International      8.4%                                    7.8%
 North America      3.6%                                    4.4%
 Segment
 operating          7.1%                                    7.0%
 margin
Amounts may not add due to rounding. See page 4 for footnote explanations.

Page 5

Non-Segment Expenses
On a GAAP basis, non-segment expenses remained flat versus the year-ago
quarter at $21 million as higher retirement plan expenses ($5 million) were
offset primarily by the inclusion in last year's results of the former CEO's
retirement costs ($4 million). On a non-GAAP basis, non-segment expenses were
flat.

Capital Expenditures and Capital Leases
Full-year capital expenditures and capital lease additions were $203 million
versus $235 million in 2011, reflecting reductions of $17 million in North
America and $15 million in International.

Income Taxes
On a GAAP basis, fourth-quarter tax expense was $5 million (10% effective
rate) versus $20 million in 2011 (38% effective rate). The full-year 2012 tax
expense was $27 million (17% effective rate) versus $64 million in 2011 (35%
effective rate). The full-year 2012 effective rate was favorably affected by a
$21 million non-cash tax benefit related to a change in retiree health care
funding strategy and a $7.5 million tax benefit related to a change in
judgment of an income tax accrual, partially offset by tax expense resulting
from repatriation and the mix of earnings. The full-year 2011 effective rate
was favorably affected by an $8 million valuation allowance release in the
U.S., partially offset by tax expense resulting from repatriation and the mix
of earnings. On a non-GAAP basis, the full-year rate for 2012 was 37% versus
35% in 2011.

2013 Outlook
See page 9 for a summary of selected 2012 results and 2013 outlook items
including guidance on revenue, segment margin, non-segment expense, interest
expense, tax rate, non-controlling interest expense, capital expenditures,
capital leases and depreciation and amortization.

Recent Events
On December 31, Mel Parker joined Brink's as president of Brink's North
America. Parker most recently served as vice president and general manager of
Dell's North American consumer, small business and member loyalty division.
Prior to his tenure at Dell, Parker served in a variety of leadership
positions at Newell Rubbermaid, Staples and Pepsico.

On January 7, Patty Watson joined Brink's as chief information officer.
Before joining Brink's, Watson served as the senior technology executive for
the treasury, credit and payments division of Bank of America. Prior to her
tenure at Bank of America, Watson was an officer in the United States Air
Force, where she last served as director of operations.

On January 28, Brink's announced that Darren McCue will join the company as
the chief commercial strategy officer on February 19. McCue will join Brink's
from Aetna, where he served as executive vice president of strategy and
business development for consumer financial solutions. Before Aetna, McCue
held leadership roles at Payflex and FlexAmerica and spent eight years with
Booz Allen Hamilton and Manugistics in their management and supply chain
optimization consulting practices.

Page 6

On January 8, Brink's announced that it has entered into an agreement with
NetSpend Holdings, Inc. (NASDAQ: NTSP), to sell its Brink's Money prepaid
payroll card to U.S. employers. The initial rollout of Brink's Money is
scheduled for the first quarter of 2013.

On January 10, Brink's acquired the remaining 26% ownership interest in our
cash logistics business in Chile for $18 million and now owns 100% of the
business.

On January 31, Brink's acquired Brazil-based Rede Transacoes Eletronicas Ltda.
(Redetrel). Redetrel distributes electronic prepaid products, including
mobile phone airtime, via a network of approximately 20,000 retail locations
across Brazil. Redetrel's strong distribution network supplements Brink's
existing payments business, ePago, which has operations in Brazil, Mexico,
Colombia and Panama.

On January 17, Brink's declared a quarterly dividend of 10 cents per share on
its common stock. The dividend is payable on March 1, 2013, to shareholders
of record on February 1, 2013.

Conference Call
Brink's will host a conference call on February 1 at 11:00 a.m. Eastern Time
to review fourth-quarter results. Interested parties can listen by calling
(800) 860-2442 (domestic), (412) 858-4600 (international) and (866) 605-3852
in Canada, or via live webcast at www.Brinks.com. Please call in at least
five minutes prior to the start of the call. A replay will be available
through February 15, 2013, by calling (877) 344-7529 (domestic) or + (412)
317-0088 (international). The conference account number is 10023432. A
webcast replay will also be available at www.Brinks.com.

About The Brink's Company
The Brink's Company (NYSE:BCO) is the world's premier provider of secure
transportation and cash management services. For more information, please
visit The Brink's Company website at www.Brinks.com or call 804-289-9709.

Non-GAAP Results
Non-GAAP results described in this earnings release are financial measures
that are not required by, or presented in accordance with U.S. generally
accepted accounting principles ("GAAP"). The purpose of the non-GAAP results
is to report financial information without certain income and expense items
and adjust the quarterly non-GAAP tax rates so that the non-GAAP tax rate in
each of the quarters is equal to the full-year non-GAAP tax rate. The full
year non-GAAP tax rate in both years excludes certain pretax and tax income
and expense amounts. The non-GAAP information provides information to assist
comparability and estimates of future performance. Brink's believes these
measures are helpful in assessing operations and estimating future results and
enable period-to-period comparability of financial performance. In addition,
Brink's believes the measures will help investors assess the ongoing operation
and provides an alternative for valuing our legacy liabilities. Non-GAAP
results should not be considered as an alternative to revenue, income or
earnings per share amounts determined in accordance with GAAP and should be
read in conjunction with their GAAP counterparts.

Page 7

Forward-Looking Statements
Financial information for the fourth quarter and full year 2012 included in
this release is unaudited and remains subject to the completion of the
external audit. This release contains both historical and forward-looking
information. Words such as "anticipates," "assumes," "estimates," "expects,"
"projects," "predicts," "intends," "plans," "believes," "potential," "may,"
"should" and similar expressions may identify forward-looking information.
Forward-looking information in this release includes, but is not limited to,
anticipated revenue, segment profit, segment margin, non-segment expense,
interest expense, tax rate, non-controlling interest expense, capital
expenditures, productivity investments and improvement, capital leases and
depreciation and amortization for 2013, as well as long-term profit growth and
margin rate results and the execution of the Company's strategy, including
planned divestitures. Forward-looking information in this document is subject
to known and unknown risks, uncertainties and contingencies, which are
difficult to predict or quantify, and which could cause actual results,
performance or achievements to differ materially from those that are
anticipated.

These risks, uncertainties and contingencies, many of which are beyond our
control, include, but are not limited to:

  ocontinuing market volatility and commodity price fluctuations and their
    impact on the demand for our services,
  oour ability to continue profit growth in Latin America,
  oour ability to maintain or improve volumes at favorable pricing levels and
    increase cost efficiencies in the United States and Europe,
  oinvestments in information technology and value-added services and their
    impact on revenue and profit growth,
  oour ability to implement high-value solutions,
  orisks customarily associated with operating in foreign countries including
    changing labor and economic conditions, currency devaluations, safety and
    security issues, political instability, restrictions on repatriation of
    earnings and capital, nationalization, expropriation and other forms of
    restrictive government actions,
  othe strength of the U.S. dollar relative to foreign currencies and foreign
    currency exchange rates,
  othe stability of the Venezuelan economy, changes in Venezuelan policy
    regarding foreign-owned businesses, and changes in exchange rates,
  ofluctuations in value of the Venezuelan bolivar fuerte,
  oregulatory and labor issues in many of our global operations, including
    negotiations with organized labor,
  oour ability to identify and execute further cost and operational
    improvements and efficiencies in our core businesses,
  oour ability to integrate successfully recently acquired companies and
    improve their operating profit margins,
  othe actions of competitors, our ability to identify acquisitions and other
    strategic opportunities in emerging markets,
  othe willingness of our customers to absorb fuel surcharges and other
    future price increases,
  othe impact of turnaround actions responding to current conditions in
    Europe and our productivity and cost control efforts in that region,
  oour ability to obtain necessary information technology and other services
    at favorable pricing levels from third party service providers,
  ovariations in costs or expenses and performance delays of any public or
    private sector supplier, service provider or customer,
  oour ability to obtain appropriate insurance coverage, positions taken by
    insurers with respect to claims made and the financial condition of
    insurers, safety and security performance, our loss experience, changes in
    insurance costs,
  osecurity threats worldwide and losses of customer valuables,
  ocosts associated with the purchase and implementation of cash processing
    and security equipment, employee and environmental liabilities in
    connection with our former coal operations, black lung claims incidence,
  othe impact of the Patient Protection and Affordable Care Act on black lung
    liability and the Company's ongoing operations,
  ochanges to estimated liabilities and assets in actuarial assumptions due
    to payments made, investment returns, interest rates and annual actuarial
    revaluations, the funding requirements, accounting treatment, investment
    performance and costs and expenses of our pension plans, the VEBA and
    other employee benefits, mandatory or voluntary pension plan
    contributions, the nature of our hedging relationships,
  ochanges in estimates and assumptions underlying our critical accounting
    policies,
  othe outcome of pending and future claims and litigation,
  oaccess to the capital and credit markets,
  oseasonality, pricing and other competitive industry factors.

This list of risks, uncertainties and contingencies is not intended to be
exhaustive. Additional factors that could cause our results to differ
materially from those described in the forward-looking statements can be found
under "Risk Factors" in Item 1A of our Annual Report on Form 10-K for the
period ended December 31, 2011, and in our other public filings with the
Securities and Exchange Commission. The forward looking information included
in this document is representative only as of the date of this document and
The Brink's Company undertakes no obligation to update any information
contained in this document.

Page 8



The Brink's Company and subsidiaries
Outlook Summary (Unaudited)
(In millions)
                                       GAAP                  Non-GAAP
                                                 2013                2013
                                          2012   Estimate      2012  Estimate
Organic revenue growth
                  International           11%    7% - 9%       11%   7% - 9%
                  North America           (2)%   0% - 2%       (2)%  0% - 2%
                          Total           7%     5% - 8%       7%    5% - 8%
Currency impact on revenue
                                                                     
                  International           (7)%   (2%) –        (7)%
                                                 (4%)                (2%) –
                                                                     (4%)
                  North America           flat   flat          flat  flat
                          Total           (5)%   (1%) –        (5)%  (1%) –
                                                 (3%)                (3%)
Segment margin
                  International (a)       7.9%   6.0% -        7.8%  7.0% -
                                                 6.5%                7.5%
                  North America (b)       3.4%   2.8% -        4.4%  4.0% -
                                                 3.3%                4.5%
                          Total           6.8%   5.0% -        7.0%  6.0% -
                                                 5.5%                6.5%
Non-segment expense:
                  General and          $  44     45          $ 44    45
                  administrative
                  Retirement plans        47     42            -     -
                  (b)
                  Royalty income          (2)    (2)           (2)   (2)
                          Total        $  89     85          $ 42    43
Effective income tax rate (a)             17%    44% - 47%     37%   36% - 39%
Interest expense                       $  24     27 – 29     $ 24    27 – 29
Net income attributable to
                  noncontrolling       $  21     8 – 10      $ 19    17 – 20
                  interests (a)
Fixed assets acquired:
                  Capital              $  185    195         $ 185   195
                  expenditures
                  Capital leases (c)      18     10            18    10
                          Total        $  203    205         $ 203   205
Depreciation and amortization          $  166    180 – 190   $ 166   180 – 190
     Projected remeasurement losses on net monetary assets in Venezuela in the
(a)  2013 estimate, and the related effect on income tax rates and net income
     attributable to noncontrolling interest, have been excluded from non-GAAP
     results.
     Costs related to U.S. retirement plans have been excluded from non-GAAP
(b)  results including $9 million in 2012 and $12 million in 2013 related to
     North America, and $47 million in 2012 and $42 million in 2013 related to
     Non-segment.
(c)  Includes capital leases for newly acquired assets only.
Amounts may not add due to rounding.



Page 9



The Brink's Company and subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
(In millions, except for per share amounts)
                                             Fourth Quarter   Full Year
                                           2012       2011    2012     2011
 Revenues                                  $ 1,006.5  968.3   3,842.1  3,766.3
 Costs and expenses:
 Cost of revenues                            811.7    773.4   3,118.5  3,057.8
 Selling, general and administrative         145.2    139.3   561.7    526.6
 expenses
  Total costs and expenses                   956.9    912.7   3,680.2  3,584.4
 Other operating income (expense)            1.1      0.2     9.3      17.6
  Operating profit                           50.7     55.8    171.2    199.5
 Interest expense                            (6.5)    (5.9)   (23.8)   (24.0)
 Interest and other income (expense)         0.8      2.1     7.1      8.9
  Income from continuing operations          45.0     52.0    154.5    184.4
  before tax
 Provision for income taxes                  4.7      19.6    26.9     63.9
  Income from continuing operations          40.3     32.4    127.6    120.5
 Loss from discontinued operations, net      (4.7)    (7.5)   (17.9)   (22.0)
 of tax
  Net income                                 35.6     24.9    109.7    98.5
        Less net income attributable to      (7.7)    (9.1)   (20.8)   (24.0)
        noncontrolling interests
  Net income attributable to Brink's       $ 27.9     15.8    88.9     74.5
 Amounts attributable to Brink's:
 Income from continuing operations         $ 32.6     23.3    106.8    96.5
 Loss from discontinued operations           (4.7)    (7.5)   (17.9)   (22.0)
  Net income attributable to Brink's       $ 27.9     15.8    88.9     74.5
 Earnings (loss) per share attributable to Brink's common shareholders (a):
  Basic:
        Continuing operations              $ 0.67     0.49    2.21     2.02
        Discontinued operations              (0.10)   (0.16)  (0.37)   (0.46)
        Net income                         $ 0.58     0.33    1.84     1.56
  Diluted:
        Continuing operations              $ 0.67     0.48    2.20     2.01
        Discontinued operations              (0.10)   (0.16)  (0.37)   (0.46)
        Net income                         $ 0.57     0.33    1.83     1.55
   (a)  Earnings per share may not add
        due to rounding.
 Weighted-average shares
  Basic                                      48.5     48.0    48.4     47.8
  Diluted                                    48.8     48.2    48.6     48.1



Page 10



The Brink's Company and subsidiaries
Supplemental Financial Information (Unaudited)
(In millions)
                                   Fourth Quarter          Full Year
                                   2012         2011       2012        2011
DISCONTINUED OPERATIONS
Discontinued European
Operations:
    Loss from operations       $   (3.7)        (4.2)      (18.3)      (28.0)
    before tax (a)
Adjustments to contingencies
of former operations (b):
    Workers' compensation          (0.4)        (2.2)      (0.2)       (1.4)
    Gain from Federal Black        -            -          -           4.2
    Lung Excise Tax refunds
    Other                          (0.2)        (0.4)      (0.3)       (0.6)
Loss from discontinued             (4.3)        (6.8)      (18.8)      (25.8)
operations before income taxes
Provision (credit) for income      0.4          0.7        (0.9)       (3.8)
taxes
Loss from discontinued         $   (4.7)        (7.5)      (17.9)      (22.0)
operations, net of tax
    Discontinued operations include cash-in-transit operations in Germany and
    Poland, and guarding operation in France and Morocco. Revenues from these
(a) European operations were $27.1 million in the fourth quarter of 2012,
    $28.8 million in the fourth quarter of 2011, $104.4 million in 2012, and
    $119.2 million in 2011.
(b) Primarily relates to former coal businesses





                                                         Full Year
     SELECTED CASH FLOW INFORMATION                      2012         2011
Property and Equipment Acquired During the Period
     Capital expenditures
              International                         $    130.3        140.6
              North America                              54.2         51.4
                       Capital expenditures              184.5        192.0
     Capital Leases (a)
              International                              2.7          7.6
              North America                              15.4         35.4
                       Capital leases                    18.1         43.0
     Total
              International                              133.0        148.2
              North America                              69.6         86.8
                       Total                        $    202.6        235.0
Depreciation and amortization
              International                         $    102.3        100.0
              North America                              63.2         56.6
                       Depreciation and             $    165.5        156.6
                       amortization
     Represents the amount of property and equipment acquired using capital
     leases. Since these assets are acquired without using cash, the
(a)  acquisitions are not reflected in the consolidated cash flow statement.
     Amounts are provided here to assist in the comparison of assets acquired
     in the current year versus prior years. Sales leaseback transactions are
     excluded from "Capital leases" in this table.



Page 11



The Brink's Company and subsidiaries
GAAP and Non-GAAP Results (Unaudited)
(In millions, except for per share amounts)
                  2011                                      2012
                  1Q      2Q      3Q     4Q      Full       1Q      2Q      3Q      4Q       Full
                                                 Year                                        Year
                GAAP Basis
Revenue:
 Latin America  $ 332.3   360.5   375.1  392.8   1,460.7  $ 386.3   375.9   385.2   432.0    1,579.4
 EMEA             278.5   302.0   305.6  291.6   1,177.7    280.4   289.4   294.6   294.0    1,158.4
 Asia Pacific     34.9    38.5    40.3   40.0    153.7      37.6    38.5    39.1    43.7     158.9
  International   645.7   701.0   721.0  724.4   2,792.1    704.3   703.8   718.9   769.7    2,896.7
 North America    239.0   246.8   244.5  243.9   974.2      236.4   237.6   234.6   236.8    945.4
  Revenues      $ 884.7   947.8   965.5  968.3   3,766.3  $ 940.7   941.4   953.5   1,006.5  3,842.1
Operating
profit:
 International  $ 51.7    39.4    65.5   71.3    227.9    $ 65.2    40.5    56.9    65.0     227.6
 North America    6.8     10.4    8.7    5.5     31.4       5.8     11.4    8.3     7.0      32.5
  Segment
  operating       58.5    49.8    74.2   76.8    259.3      71.0    51.9    65.2    72.0     260.1
  profit
 Non-segment      (15.0)  (16.2)  (7.6)  (21.0)  (59.8)     (24.3)  (21.3)  (22.0)  (21.3)   (88.9)
  Operating     $ 43.5    33.6    66.6   55.8    199.5    $ 46.7    30.6    43.2    50.7     171.2
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 23.6    14.0    35.6   23.3    96.5     $ 20.9    33.8    19.5    32.6     106.8
operations
Diluted EPS –
continuing        0.49    0.29    0.74   0.48    2.01       0.43    0.69    0.40    0.67     2.20
operations

                       Non-GAAP Basis
Revenue:
        Latin America  $ 332.3  360.5   375.1   392.8   1,460.7  $ 386.3  375.9   385.2   432.0    1,579.4
        EMEA             276.0  299.3   302.7   288.9   1,166.9    278.0  287.2   292.3   291.7    1,149.2
        Asia Pacific     34.9   38.5    40.3    40.0    153.7      37.6   38.5    39.1    43.7     158.9
         International   643.2  698.3   718.1   721.7   2,781.3    701.9  701.6   716.6   767.4    2,887.5
        North America    239.0  246.8   244.5   243.9   974.2      236.4  237.6   234.6   236.8    945.4
         Revenues      $ 882.2  945.1   962.6   965.6   3,755.5  $ 938.3  939.2   951.2   1,004.2  3,832.9
Operating profit:
        International  $ 52.6   41.2    66.7    72.1    232.6    $ 66.6   41.5    53.8    64.7     226.6
        North America    7.5    11.2    9.5     6.4     34.6       8.0    13.6    10.5    9.2      41.3
         Segment
         operating       60.1   52.4    76.2    78.5    267.2      74.6   55.1    64.3    73.9     267.9
         profit
        Non-segment      (9.2)  (10.0)  (10.7)  (10.7)  (40.6)     (9.6)  (11.7)  (10.4)  (10.6)   (42.3)
         Operating     $ 50.9   42.4    65.5    67.8    226.6    $ 65.0   43.4    53.9    63.3     225.6
         profit
Amounts attributable
to Brink's:
Income from continuing $ 25.0   20.7    33.8    32.1    111.6    $ 32.0   22.9    28.0    29.3     112.2
operations
Diluted EPS –            0.52   0.43    0.70    0.67    2.32       0.66   0.47    0.58    0.60     2.31
continuing operations
Amounts may not add due to rounding. Non-GAAP results are reconciled to applicableGAAP resultson pages
13-19.



Page 12



The Brink's Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
                                                                            Tax

                                                                            Benefit
                                                                            on
                                                    Employee
                          Additional  Gains and     Benefit     U.S.        Change   Adjust
                          European    Losses on     Settlement  Retirement  in        Income
                  GAAP    Operations  Acquisitions  and         Plans                 Tax     Non-GAAP
                  Basis   to be       and           Severance               Health    Rate    Basis
                          Exited      Dispositions  Losses      (d)
                          (a)         (b)                                   Care      (f)
                                                    (c)
                                                                            Funding

                                                                            Strategy
                                                                            (e)
                First Quarter 2012
Revenue:
 Latin America  $ 386.3   -           -             -           -           -         -       386.3
 EMEA             280.4   (2.4)       -             -           -           -         -       278.0
 Asia Pacific     37.6    -           -             -           -           -         -       37.6
  International   704.3   (2.4)       -             -           -           -         -       701.9
 North America    236.4   -           -             -           -           -         -       236.4
  Revenues      $ 940.7   (2.4)       -             -           -           -         -       938.3
Operating
profit:
 International  $ 65.2    0.6         -             0.8         -           -         -       66.6
 North America    5.8     -           -             -           2.2         -         -       8.0
  Segment
  operating       71.0    0.6         -             0.8         2.2         -         -       74.6
  profit
 Non-segment      (24.3)  -           -             -           14.7        -         -       (9.6)
  Operating     $ 46.7    0.6         -             0.8         16.9        -         -       65.0
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 20.9    0.7         (1.2)         0.6         10.2        -         0.8     32.0
operations
Diluted EPS –
continuing        0.43    0.01        (0.02)        0.01        0.21        -         0.02    0.66
operations
                Second Quarter 2012
Revenue:
 Latin America  $ 375.9   -           -             -           -           -         -       375.9
 EMEA             289.4   (2.2)       -             -           -           -         -       287.2
 Asia Pacific     38.5    -           -             -           -           -         -       38.5
  International   703.8   (2.2)       -             -           -           -         -       701.6
 North America    237.6   -           -             -           -           -         -       237.6
  Revenues      $ 941.4   (2.2)       -             -           -           -         -       939.2
Operating
profit:
 International  $ 40.5    0.7         -             0.3         -           -         -       41.5
 North America    11.4    -           -             -           2.2         -         -       13.6
  Segment
  operating       51.9    0.7         -             0.3         2.2         -         -       55.1
  profit
 Non-segment      (21.3)  -           (0.9)         -           10.5        -         -       (11.7)
  Operating     $ 30.6    0.7         (0.9)         0.3         12.7        -         -       43.4
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 33.8    0.7         (0.9)         0.2         7.6         (20.9)    2.4     22.9
operations
Diluted EPS –
continuing        0.69    0.01        (0.02)        -           0.16        (0.43)    0.05    0.47
operations
See page 15 for notes.



Page 13



The Brink's Company and subsidiaries

Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
                                                                             Tax

                                                                             Benefit
                                                                             on
                           Additional                Employee
                                       Gains and     Benefit     U.S.        Change   Adjust
                           European    Losses on     Settlement  Retirement  in        Income
                  GAAP     Operations  Acquisitions  and         Plans                 Tax     Non-GAAP
                  Basis    to be       and           Severance               Health   Rate    Basis
                           Exited      Dispositions  Losses      (d)
                           (a)         (b)                                   Care      (f)
                                                     (c)
                                                                             Funding

                                                                             Strategy
                                                                             (e)
                Third Quarter 2012
Revenue:
 Latin America  $ 385.2    -           -             -           -           -         -       385.2
 EMEA             294.6    (2.3)       -             -           -           -         -       292.3
 Asia Pacific     39.1     -           -             -           -           -         -       39.1
  International   718.9    (2.3)       -             -           -           -         -       716.6
 North America    234.6    -           -             -           -           -         -       234.6
  Revenues      $ 953.5    (2.3)       -             -           -           -         -       951.2
Operating
profit:
 International  $ 56.9     2.1         (7.2)         2.0         -           -         -       53.8
 North America    8.3      -           -             -           2.2         -         -       10.5
  Segment
  operating       65.2     2.1         (7.2)         2.0         2.2         -         -       64.3
  profit
 Non-segment      (22.0)   -           0.1           -           11.5        -         -       (10.4)
  Operating     $ 43.2     2.1         (7.1)         2.0         13.7        -         -       53.9
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 19.5     2.2         (3.0)         1.4         8.2         -         (0.3)   28.0
operations
Diluted EPS –
continuing        0.40     0.04        (0.06)        0.03        0.17        -         (0.01)  0.58
operations
                Fourth Quarter 2012
Revenue:
 Latin America  $ 432.0    -           -             -           -           -         -       432.0
 EMEA             294.0    (2.3)       -             -           -           -         -       291.7
 Asia Pacific     43.7     -           -             -           -           -         -       43.7
  International   769.7    (2.3)       -             -           -           -         -       767.4
 North America    236.8    -           -             -           -           -         -       236.8
  Revenues      $ 1,006.5  (2.3)       -             -           -           -         -       1,004.2
Operating
profit:
 International  $ 65.0     0.2         (1.3)         0.8         -           -         -       64.7
 North America    7.0      -           -             -           2.2         -         -       9.2
  Segment
  operating       72.0     0.2         (1.3)         0.8         2.2         -         -       73.9
  profit
 Non-segment      (21.3)   -           -             -           10.7        -         -       (10.6)
  Operating     $ 50.7     0.2         (1.3)         0.8         12.9        -         -       63.3
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 32.6     0.3         (8.9)         0.6         7.8         (0.2)     (2.9)   29.3
operations
Diluted EPS –
continuing        0.67     0.01        (0.18)        0.01        0.16        -         (0.06)  0.60
operations
See page 15 for notes.



Page 14



The Brink's Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
                                                                                Tax

                                                                                Benefit
                                                                                on
                                                        Employee
                              Additional  Gains and     Benefit     U.S.        Change   Adjust
                              European    Losses on     Settlement  Retirement  in        Income
                     GAAP     Operations  Acquisitions  and         Plans                 Tax     Non-GAAP
                     Basis    to be       and           Severance               Health    Rate    Basis
                              Exited      Dispositions  Losses      (d)
                              (a)         (b)                                   Care      (f)
                                                        (c)
                                                                                Funding

                                                                                Strategy
                                                                                (e)
                   Full Year 2012
Revenue:
    Latin America  $ 1,579.4  -           -             -           -           -         -       1,579.4
    EMEA             1,158.4  (9.2)       -             -           -           -         -       1,149.2
    Asia Pacific     158.9    -           -             -           -           -         -       158.9
     International   2,896.7  (9.2)       -             -           -           -         -       2,887.5
    North America    945.4    -           -             -           -           -         -       945.4
     Revenues      $ 3,842.1  (9.2)       -             -           -           -         -       3,832.9
Operating profit:
    International  $ 227.6    3.6         (8.5)         3.9         -           -         -       226.6
    North America    32.5     -           -             -           8.8         -         -       41.3
     Segment
     operating       260.1    3.6         (8.5)         3.9         8.8         -         -       267.9
     profit
    Non-segment      (88.9)   -           (0.8)         -           47.4        -         -       (42.3)
     Operating     $ 171.2    3.6         (9.3)         3.9         56.2        -         -       225.6
     profit
Amounts
attributable to
Brink's:
Income from
continuing         $ 106.8    3.9         (14.0)        2.8         33.8        (21.1)    -       112.2
operations
Diluted EPS –
continuing           2.20     0.08        (0.29)        0.06        0.70        (0.43)    -       2.31
operations
Amounts may not add due to rounding.
(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.
    To eliminate:

      oGains 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 chief
        administrative officer.
      oGains and losses related to business acquisitions and dispositions. A $0.9 million gain was
(b)     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.
      oThird quarter gain on the sale of real estate in Venezuela ($7.2 million).
      oSelling 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.
    To eliminate employee benefit settlement and acquisition-related severance losses (Mexico and
(c) 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 is 36.6%.



Page 15



The Brink's Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
                          Additional                Mexico                              Adjust
                          European    Gains on      Employee    CEO         U.S.        Income
                  GAAP    Operations  Acquisitions  Benefit     Retirement  Retirement  Tax     Non-GAAP
                  Basis   to be       and Asset     Settlement  Costs       Plans       Rate    Basis
                          Exited      Dispositions  Losses
                          (a)         (b)                       (d)         (e)         (f)
                                                    (c)
                First Quarter 2011
Revenue:
 Latin America  $ 332.3   -           -             -           -           -           -       332.3
 EMEA             278.5   (2.5)       -             -           -           -           -       276.0
 Asia Pacific     34.9    -           -             -           -           -           -       34.9
  International   645.7   (2.5)       -             -           -           -           -       643.2
 North America    239.0   -           -             -           -           -           -       239.0
  Revenues      $ 884.7   (2.5)       -             -           -           -           -       882.2
Operating
profit:
 International  $ 51.7    0.9         -             -           -           -           -       52.6
 North America    6.8     -           -             -           -           0.7         -       7.5
  Segment
  operating       58.5    0.9         -             -           -           0.7         -       60.1
  profit
 Non-segment      (15.0)  -           (0.4)         -           -           6.2         -       (9.2)
  Operating     $ 43.5    0.9         (0.4)         -           -           6.9         -       50.9
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 23.6    0.9         (3.0)         -           -           4.4         (0.8)   25.0
operations
Diluted EPS –
continuing        0.49    0.02        (0.06)        -           -           0.09        (0.02)  0.52
operations
                Second Quarter 2011
Revenue:
 Latin America  $ 360.5   -           -             -           -           -           -       360.5
 EMEA             302.0   (2.7)       -             -           -           -           -       299.3
 Asia Pacific     38.5    -           -             -           -           -           -       38.5
  International   701.0   (2.7)       -             -           -           -           -       698.3
 North America    246.8   -           -             -           -           -           -       246.8
  Revenues      $ 947.8   (2.7)       -             -           -           -           -       945.1
Operating
profit:
 International  $ 39.4    0.8         -             1.0         -           -           -       41.2
 North America    10.4    -           -             -           -           0.8         -       11.2
  Segment
  operating       49.8    0.8         -             1.0         -           0.8         -       52.4
  profit
 Non-segment      (16.2)  -           -             -           -           6.2         -       (10.0)
  Operating     $ 33.6    0.8         -             1.0         -           7.0         -       42.4
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 14.0    1.0         -             0.7         -           4.4         0.5     20.7
operations
Diluted EPS –
continuing        0.29    0.02        -             0.01        -           0.09        0.01    0.43
operations
See page 18 for notes.



Page 16



The Brink's Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
                          Additional                Mexico                              Adjust
                          European    Gains on      Employee    CEO         U.S.        Income
                  GAAP    Operations  Acquisitions  Benefit     Retirement  Retirement  Tax     Non-GAAP
                  Basis   to be       and Asset     Settlement  Costs       Plans       Rate    Basis
                          Exited      Dispositions  Losses
                          (a)         (b)                       (d)         (e)         (f)
                                                    (c)
                Third Quarter 2011
Revenue:
 Latin America  $ 375.1   -           -             -           -           -           -       375.1
 EMEA             305.6   (2.9)       -             -           -           -           -       302.7
 Asia Pacific     40.3    -           -             -           -           -           -       40.3
  International   721.0   (2.9)       -             -           -           -           -       718.1
 North America    244.5   -           -             -           -           -           -       244.5
  Revenues      $ 965.5   (2.9)       -             -           -           -           -       962.6
Operating
profit:
 International  $ 65.5    0.5         -             0.7         -           -           -       66.7
 North America    8.7     -           -             -           -           0.8         -       9.5
  Segment
  operating       74.2    0.5         -             0.7         -           0.8         -       76.2
  profit
 Non-segment      (7.6)   -           (9.3)         -           -           6.2         -       (10.7)
  Operating     $ 66.6    0.5         (9.3)         0.7         -           7.0         -       65.5
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 35.6    0.5         (6.6)         0.5         -           4.4         (0.6)   33.8
operations
Diluted EPS –
continuing        0.74    0.01        (0.14)        0.01        -           0.09        (0.01)  0.70
operations
                Fourth Quarter 2011
Revenue:
 Latin America  $ 392.8   -           -             -           -           -           -       392.8
 EMEA             291.6   (2.7)       -             -           -           -           -       288.9
 Asia Pacific     40.0    -           -             -           -           -           -       40.0
  International   724.4   (2.7)       -             -           -           -           -       721.7
 North America    243.9   -           -             -           -           -           -       243.9
  Revenues      $ 968.3   (2.7)       -             -           -           -           -       965.6
Operating
profit:
 International  $ 71.3    0.4         -             0.4         -           -           -       72.1
 North America    5.5     -           -             -           -           0.9         -       6.4
  Segment
  operating       76.8    0.4         -             0.4         -           0.9         -       78.5
  profit
 Non-segment      (21.0)  -           -             -           4.1         6.2         -       (10.7)
  Operating     $ 55.8    0.4         -             0.4         4.1         7.1         -       67.8
  profit
Amounts
attributable to
Brink's:
Income from
continuing      $ 23.3    0.5         -             0.3         2.6         4.5         0.9     32.1
operations
Diluted EPS –
continuing        0.48    0.01        -             0.01        0.05        0.09        0.02    0.67
operations
See page 18 for notes.



Page 17



The Brink's Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
                                   Additional                Mexico                              Adjust
                                   European    Gains on      Employee    CEO         U.S.        Income
                          GAAP     Operations  Acquisitions  Benefit     Retirement  Retirement  Tax     Non-GAAP
                          Basis    to be       and Asset     Settlement  Costs       Plans       Rate    Basis
                                   Exited      Dispositions  Losses
                                   (a)         (b)                       (d)         (e)         (f)
                                                             (c)
                        Full Year 2011
Revenue:
         Latin America  $ 1,460.7  -           -             -           -           -           -       1,460.7
         EMEA             1,177.7  (10.8)      -             -           -           -           -       1,166.9
         Asia Pacific     153.7    -           -             -           -           -           -       153.7
          International   2,792.1  (10.8)      -             -           -           -           -       2,781.3
         North America    974.2    -           -             -           -           -           -       974.2
          Revenues      $ 3,766.3  (10.8)      -             -           -           -           -       3,755.5
Operating profit:
         International  $ 227.9    2.6         -             2.1         -           -           -       232.6
         North America    31.4     -           -             -           -           3.2         -       34.6
          Segment
          operating       259.3    2.6         -             2.1         -           3.2         -       267.2
          profit
         Non-segment      (59.8)   -           (9.7)         -           4.1         24.8        -       (40.6)
          Operating     $ 199.5    2.6         (9.7)         2.1         4.1         28.0        -       226.6
          profit
Amounts attributable to
Brink's:
Income from continuing  $ 96.5     2.9         (9.6)         1.5         2.6         17.7        -       111.6
operations
Diluted EPS –             2.01     0.06        (0.20)        0.03        0.05        0.37        -       2.32
continuing operations
Amounts may not add due to rounding.
(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 as follows:



                         First Quarter      Third Quarter      Full Year 2011
                         2011               2011
                         Operating          Operating          Operating
                         Profit     EPS     Profit     EPS                EPS
                                                               Profit
    Sale of U.S.
    Document           $ -          -       (6.7)      (0.09)  (6.7)      (0.09)
    Destruction
    business
    Gains on
    available-for-sale   -          (0.05)  -          -       -          (0.05)
    equity and debt
    securities
    Acquisition of
    controlling          (0.4)      (0.01)  (2.1)      (0.04)  (2.5)      (0.05)
    interests
    Sale of former       -          -       (0.5)      (0.01)  (0.5)      (0.01)
    operating assets
                       $ (0.4)      (0.06)  (9.3)      (0.14)  (9.7)      (0.20)
    To eliminate employee benefit settlement loss related to Mexico. Portions of
    Brink's Mexican subsidiaries' accrued employee termination benefit were paid
(c) 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 chief
    executive officer.
(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 35.1%.



Page 18







The Brink's Company and subsidiaries
Non-GAAP Results Reconciled to GAAP (Unaudited)
(In millions, except for per share amounts)
                                   Additional
                                                                      Remeasure
                                   European    Gains and              Venezuelan  U.S.        U.S.
                                               Losses on              Net         Retirement  Healthcare
                          GAAP     Operations  Acquisitions  Royalty  Monetary    Plans       Legislation  Non-GAAP
                          Basis                and           (c)      Assets                  Tax Charge   Basis
                                   to be       Dispositions                       (e)         (f)
                                   Exited      (b)                    (d)

                                   (a)
                        Full Year 2010
Revenue:
         Latin America  $ 877.4    -           -             -        -           -           -            877.4
         EMEA             1,054.5  (9.9)       -             -        -           -           -            1,044.6
         Asia Pacific     126.5    -           -             -        -           -           -            126.5
          International   2,058.4  (9.9)       -             -        -           -           -            2,048.5
         North America    917.8    -           -             -        -           -           -            917.8
          Revenues      $ 2,976.2  (9.9)       -             -        -           -           -            2,966.3
Operating profit:
         International  $ 195.0    2.2         -             -        3.2         -           -            200.4
         North America    44.1     -           -             -        -           (1.0)       -            43.1
          Segment
          operating       239.1    2.2         -             -        3.2         (1.0)       -            243.5
          profit
         Non-segment      (62.6)   -           8.6           (4.9)    -           22.7        -            (36.2)
          Operating     $ 176.5    2.2         8.6           (4.9)    3.2         21.7        -            207.3
          profit
Amounts attributable to
Brink's:
Income from continuing  $ 81.6     2.3         5.6           (3.0)    2.0         13.5        13.7         115.7
operations
Diluted EPS –             1.69     0.05        0.12          (0.06)   0.04        0.28        0.29         2.39
continuing operations
Amounts may not add due to rounding.
(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.
    To eliminate

(b)   oLoss recognized related to acquisition of controlling interest in subsidiary previously accounted for as
        cost method investment and bargain purchase gain in Mexico.
      oExchange of marketable equity securities.
(c) To eliminate royalty income from former home security business.
    To reverse remeasurement gains and losses in Venezuela. For accounting purposes, Venezuela is considered a
(d) highly inflationary economy. Under U.S. GAAP, subsidiaries that operate in Venezuela record gains and losses in
    earnings for the remeasurement of bolivar fuerte-denominated net monetary assets.
(e) To eliminate expenses related to U.S. retirement liabilities.
(f) To eliminate $13.7 million of tax expense related to the reversal of a deferred tax asset as a result of U.S.
    healthcare legislation.



Page 19





The Brink's Company and subsidiaries
Other Reconciliations to GAAP (Unaudited)
(In millions)
NON-GAAP CASH FLOWS FROM OPERATING ACTIVITIES – RECONCILED TO U.S. GAAP
                                               2012                2011
Cash flows from operating activities – $       250.5               247.0
GAAP
Decrease (increase) in certain                 (15.7)              11.7
customer obligations (a)
Cash outflows (inflows) related to             11.3                11.4
discontinued operations (b)
         Cash flows from operating     $       246.1               270.1
         activities – Non-GAAP
         To eliminate the change in the balance of customer obligations
         related to cash received and processed in certain of our secure cash
         logistics operations. The title to this cash transfers to us for a
(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 are supplemental financial
measures that are 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 logistics 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.



NET DEBT – RECONCILED TO U.S. GAAP                       December 31,
                                                         2012         2011
Debt:
      Short-term debt                               $    26.7         25.4
      Long-term debt                                     362.6        364.0
               Total Debt                                389.3        389.4
Less:
      Cash and cash equivalents                          201.7        182.9
      Amounts held by certain cash logistics             (44.0)       (25.1)
      operations (a)
                       Cash and cash
                       equivalents available             157.7        157.8
                       for general corporate
                       purposes
               Net Debt                             $    231.6        231.6
      Title to cash received and processed in certain of our secure cash
      logistics operations transfers to us for a short period of time. The
(a)   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 $280 million at December 31, 2012, and $242 million
at December 31, 2011.



Page 20



The Brink's Company and subsidiaries
Other Reconciliations to GAAP (Unaudited)
(In millions)
DISCOUNTED CASH FLOWS AT PLAN DISCOUNT RATES – RECONCILED TO U.S. GAAP
                           December 31, 2012
                              Primary U.S.       UMWA     Other
                              pension plan (b)   plans    unfunded      Total
                                                 (c)      U.S. plans
  Funded status of U.S.       $      263         257      65            585
  retirement plans – GAAP
  Present value of
  projected earnings of              (65)        (15)     -             (80)
  plan assets (a)
        Discounted cash
        flows at plan         $      198         242      65            505
        discount rates –
        Non-GAAP
        Plan discount rate           4.20%       3.90%
        Expected return of           8.00%       8.25%
        assets
        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
  (a)   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.
        For the primary U.S. pension plan, we are required by ERISA
        regulations to maintain minimum funding levels, and as a result, we
  (b)   estimate we will be required to make minimum required contributions
        from 2012 to 2021. We have estimated that we will achieve the required
        funded ratio after the 2021 contribution.
        There are no minimum funding requirements for the UMWA plans because
        they are not covered by ERISA funding regulations. Using assumptions
  (c)   at the end of 2012, we project that the plan assets plus expected
        earnings on those investments will cover the benefit payments for
        these plans until 2022. We project that Brink's will be required to
        contribute cash to the plan beginning in 2022 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, 2012, as determined in accordance with GAAP and should
be read in conjunction with our consolidated balance sheets.





NON-GAAP DISCONTINUED OPERATIONS − RECONCILED TO U.S. GAAP
                               2011                    2012
                               2Q         Full       3Q         Full
                                           Year                    Year
    GAAP Basis
    Operating loss        $   (13)        (28)        (6)         (18)
    Income taxes              4           5           -           1
    Net loss                  (9)         (24)        (6)         (18)
    Diluted EPS               (0.18)      (0.49)      (0.12)      (0.36)
    Amounts excluded
    from Non-GAAP (a)
    Operating loss        $   10          10          3           3
    Income taxes              (4)         (4)         -           -
    Net loss                  6           6           3           3
    Diluted EPS               0.13        0.13        0.06        0.06
    Non-GAAP Basis
    Operating loss        $   (3)         (18)        (3)         (16)
    Income taxes              1           1           -           1
    Net loss                  (2)         (17)        (3)         (15)
    Diluted EPS               (0.05)      (0.36)      (0.06)      (0.31)
Amounts may not add due to rounding.
    Amounts excluded from Non-GAAP basis of Discontinued Operations including
(a) a settlement loss in Belgium in second quarter of 2011 and an impairment
    loss in Poland in third quarter of 2012. These amounts had previously been
    excluded from Non-GAAP continuing operations.

Contact:
Investor Relations
804.289.9709

Page 21



SOURCE The Brink's Company

Website: http://www.Brinks.com
 
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