RESULTS PRESENTATION. FIRST QUARTER 2019

Cash in the media

The great return of Sweden to cash.

In 2018, cash in circulation grew by 7.23% compared to the previous year. Among the reasons that could explain this phenomenon we highlight: (i) The change in the recommendation of the authorities, which has been able to encourage consumers to return to cash; (ii) The need for a minimum amount of cash in the society; (iii) Renewal of coins and notes by the Central Bank.

Source: Riksbank

The ECCB performed a pilot test of digital currency but maintained the cash.

The bank has no intention to erase the use of cash noting its convenience and the important role it plays in the economy. ECCB also state that small businesses face real constraints as they are required to pay as much as 3.5% on credit card payments which removes its incentives to offer electronic options.

Source: Eastern Caribbean Central Bank

Venezuela's power outage. Cash to the rescue. In an attempt to improve its economy, the Venezuelan government decided, in February 2018, to move away from paper bills by prioritizing digital payments and, since then, has relied heavily on electronic payments. Unfortunately, during crisis, this mean of payment is not up to the resilience that characterices cash, which resists systems failures and power cuts.

Source: Bloomberg

Amazon says go cash.

Steve Kessel, Senior Vice Presicent of physical stores, announced last April that Amazon Go stores will accept cash alongside its cashier- less technology.

It is a business shift worth celebrating over as it signifies the importance of financial inclusion and the role cash plays in a continuously digitising economy.

Source: CNBC

2

Agenda

1.Highlights of the period

2.Regional dynamics

3.Financial results

4.Conclusions

5.Annex

Main themes

1

Macro

Environment

2

Agility

3

Consolidation

4

Transformation

5

Cash Flow

Generation

1.

Highlights of the period

Strong currency depreciation vs. 1Q 2018

In addition,hyperinflation in Argentina(IAS 21 & 29) since Q3 2018

Local currency growth accelerating to 15.0%(1)

EBIT margin improving in constant currency.In euro terms, EBIT margin was impacted by forex, indirect costs and Australia and France

3 acquisitions made during the year(2 in LatAm and 1 in AOA)

Agreement to divest our French operations(to be closed during 3Q 2019)

New productsreached15.0% of total sales

NNPP sales grew 37% in eurosfueled by Smart Cash, AVOS and ATMS

Free Cash Flow amounted to29 M€

Higher investment in Smart Cashsolutions (+30%).Solid WC performance

(1) Includes organic and inorganic growth

4

Agility

1.

Highlights of the period

Local (1)growth evolution by quarter

13.1%

15.0%

11.3%

12.9%

10.5%

1Q 2018

2Q 2018

3Q 2018

4Q 2018

1Q 2019

Both our growth and our EBIT margin improved in constant currency

(1) Includes organic and inorganic growth

5

Consolidation

1.

Highlights of the period

3 transactions closedin 2019 (2 in

LatAm and 1 in AOA)

Westrengthen our footprint andproduct portfolio

Agreement to sell our operations

in France(expected to be completed during 3Q 2019)

Annual targetof M&A investment for 2019 between 50M€ - 150 M€

6

Transformation

1.

Highlights of the period

New Products sales reached 65

M€ in 1Q 2019(vs. 47 M€ in 1Q

2018)

Growth rate of 37%(>50% at constant currency)

NNPP now representing 15% of total sales(vs. 10.5% in 1Q 2018)

Positive overall performanceof SmartCash solutions, AVOS and ATMs

7

Agenda

1.Highlights of the period

2.Regional dynamics

3.Financial results

4.Conclusions

5.Annex

LatAm

Sales (M€)

-10%

Org:

+10.2%

314

283

Inorg:

+6.7%

FX(2): (26.9)%

1Q 2018

1Q 2019

New Products (M€)

+46%

Over sales:

41

1Q

18:

9.0%

28

1Q

19: 14.6%

1Q 2018

1Q 2019

2.

Regional dynamics

65% of Total Prosegur Cash salesin 1Q 2019(1)(70% in 1Q 2018)

Major countries growth slowed downas a consequence of macroeconomic and political environment

Greater inorganic contribution due tonew geographies andbolt-onacquisitions

Adverse currency impactvs. 1Q 2018(3)

Positive momentum ofSmartCash solutions and AVOS

(1) 2019 figures according to IAS 21 & 29 (hyperinflation accounting); (2) Includes FX and IAS 21 & 29 impact; (3) Includes IAS 21 & 29

9

Europe

Sales (M€)

+7%

116

124

Org:

+4.7%

Inorg:

+2.3%

FX:

0.0%

1Q 2018

1Q 2019

New Products (M€)

+30%

Over sales:

22

1Q 18: 14.7%

17

1Q 19: 17.9%

1Q 2018

1Q 2019

2.

Regional dynamics

29% of Total Prosegur Cash salesin 1Q 2019 (26% in 1Q 2018)

Healthy organic growthimpacted byone-offs

Inorganic growth in new servicescomplementing our traditional business

France exitscheduled for second half 2019 (3Q)

Development ofAVOS and SmartCash solutionson track

10

AOA

Sales (M€)

+30%

25

Org:

(9.8)%

Inorg: +41.9%

20

FX:

(1.7)%

1Q 2018

1Q 2019

New Products (M€)

-37%

Over sales:

2

1Q 18:

10.8%

1

1Q 19:

5.2%

1Q 2018

1Q 2019

2.

Regional dynamics

6% of Total Prosegur Cash salesin 1Q 2019 (4% en 1Q 2018)

Toughcomparison vs. 1Q 2018 in

Australia

Higher inorganic growth coming from thePhilippines

Negative forex impact, although to a lesser extent than in 2018

NNPP lowered by thedecrease in

ATM services

11

Agenda

1.Highlights of the period

2.Regional dynamics

3.Financial results

4.Conclusions

5.Annex

Profit and loss account

Million Euros

1Q 2018

1Q 2019(1)

% VAR

Sales

450

432

-3.9%

EBITDA

105

86

-18.1%

Margin

23.3%

19.9%

Depreciation

(13)

(20)

56.2%

EBITA

92

66

-28.5%

Margin

20.5%

15.2%

Amortization of intangibles

(4)

(4)

11.5%

EBIT

88

61

-30.2%

Margin

19.6%

14.2%

Financial result

6

(10)

-276.0%

EBT

94

51

-45.7%

Margin

20.9%

11.8%

Taxes

(32)

(20)

-37.4%

Tax rate

33.6%

38.7%

Net Profit from

62

31

-49.8%

continuing operations

Margin

13.9%

7.2%

Net Consolidated Profit

62

31

-49.5%

Margin

13.8%

7.2%

3.

Financial results

% EBIT margin evolution

19.6

16.3

1Q 2Q

2018 2018

According to

IAS 21 & 29

(1) 2019 figures according to IAS 21 & 29 (hyperinflation accounting) and IAS 16 (leasings), in force since 3Q 2018 and 1Q 2019, respectively.

13

Cash Flow

Million Euros

1Q 2018

1Q 2019(1)

EBITDA

105

86

Provisions and other non-cash items

17

12

Income tax

(26)

(27)

Acquisition of PP&E

(19)

(18)

Changes in working capital

(30)

(24)

Free Cash Flow

47

29

% Conversion(2)

82%

79%

Interest payments

(6)

(8)

Payments for acquisitions of subsidiaries

(7)

(19)

Dividend payment

(21)

(29)

Restructuring operations

18

-

Others

-

-

Total Net Cash Flow

30

(29)

Net financial position (BoP)

(424)

(491)

Net increase / (decrease) in cash

30

(29)

Exchange rate

(6)

(4)

Net financial position (EoP)

(400)

(524)

3.

Financial results

Provisions and othernon-cash affected by cut-offdates (18M€)

SmartCashcapexincreased +30%

Working capital improvement

Eurobond and RCFinterest expensespayment

M&Ainvestmentin LatAm

Second instalmentof dividenddisbursed (25% vs. 20% in 2018)

(1) 2019 figures according to IAS 21 & 29 (hyperinflation accounting) and IAS 16 (leasings), in force since 3Q 2018 and 1Q 2019, respectively; (2) Conversion ratio: (EBITDA - Capex) / EBITDA

14

Total Net Debt

Total net debt reconciliation (Mar'19)

3.

Financial results

71

699

524

-2

Cost of debt reduction

106

1.80%en 1Q 2019 (2.1% en 1Q 2018)

∆ Debt

Net financial

Deferred

Treasury

Total

IAS 16

position

payments

stock

net debt

Mar'19

Mar'19

Higher leverage ratio

Total net debt variation (Dec'18 vs Mar'19)

Total net debt to LTM EBITDA(4)2.2x

547

8

29

32

4

699

-29

106

∆ Debt

Total

Free Cash

Interest

Dividend

M&A & Others(3)

Total

IAS 16

net debt

Flow

payments

payments

Deferred

net debt

Dec'18

payments(2)

Mar'19

S&P rating unchanged(October 2018)

Rating BBB, outlook stable

(1) 2018 Total net debt (547 M€) include 491 M€ of net financial position, 58 M€ of deferred payments and 2M€ of treasury stock; (2) Include M&A cash outflow and the variation of deferred payments between 2018 and 2019; (3) Include the fx rate

15

impact and the treasury stock variation; (4) Ratio considers (i) Total net debt as of March 2019 (699) and (ii) LTM EBITDA (321) defined as FY 2018 EBITDA (as reported) - 1Q 2018 EBITDA (as reported) + 1Q 2019 EBITDA (as reported)

Balance sheet

3.

Financial results

Million Euros

FY 2018

1Q 2019(1)

Non-current assets

937

1,078

Tangible fixed assets

333

423

Intangible assets

535

569

Others

69

86

Tangible and intangible

Current assets

769

757

asset increase as a result

Inventories

20

22

of M&A and the application

Trade receivables and others

475

470

of IAS 16

Cash and cash equivalents

274

264

Non-current assets held for sale

1

1

TOTAL ASSETS

1,706

1,834

Net Equity

238

240

Non-current liabilities

866

961

Financial liabilities

688

751

Other non-current liabilities

178

209

Higher debtdue to IAS 16

Current liabilities

602

634

Financial liabilities

132

213

Other liabilities

470

421

Liabilities held for sale

0

0

TOTAL EQUITY AND LIABILITIES

1,706

1,834

(1) 2019 figures according to IAS 21 & 29 (hyperinflation accounting) and IAS 16 (leasings), in force since 3Q 2018 and 1Q 2019, respectively.

16

Agenda

1.Highlights of the period

2.Regional dynamics

3.Financial results

4.Conclusions

5.Annex

Final remarks

4.

Conclusions

Agility

Consolidation

Transformation

Cash Flow generation

18

Agenda

1.Highlights of the period

2.Regional dynamics

3.Financial results

4.Conclusions

5.Annex

Accounting Standars

5.

Annex

IAS 21 & 29

IAS 16

Balance:Restatement of non-monetary assets & liabilities (formerly at historical cost)

P&L:(i) Restatement of income statement captions; (ii) Higher D&A due to the restatement of Balance Sheet items; (iii) "Euro" conversion at the end of the period exchange rate (previously at the average exchange rate);

Cash Flow:no impact in cash flow generation

Balance:Restatement of asset and liabilities captions. Higher assets and debt due to the capitalization (at present value) of all the future rents already committed

P&L:(i) Restatement of income statement captions; (ii) The operating lease expense recorded within the EBITDA is replaced by higher depreciation (straight line depreciation of assets) and higher financial expenses (due to the lease interest);

Cash Flow:no impact in cash flow generation

20

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This document has been prepared exclusively by Prosegur Cash for use as part of this presentation.

The information contained in this document is provided by Prosegur Cash solely for information purposes, in order to assist parties that may be interested in undertaking a preliminary analysis of it; the information it contains is limited and may be subject to additions or amendments without prior notice.

This document may contain projections or estimates concerning the future performance and results of Prosegur Cash's business. These estimates derive from expectations and opinions of Prosegur Cash and, therefore, are subject to and qualified by risks, uncertainties, changes in circumstances and other factors that may result in actual results differing significantly from forecasts or estimates. Prosegur Cash assumes no liability nor obligation to update or review its estimates, forecasts, opinions or expectations.

The distribution of this document in other jurisdictions may be prohibited; therefore, the recipients of this document or anybody accessing a copy of it must be warned of said restrictions and comply with them.

This document has been provided for informative purposes only and does not constitute, nor should it be interpreted as an offer to sell, exchange or acquire or a request for proposal to purchase any shares in Prosegur Cash. Any decision to purchase or invest in shares must be taken based on the information contained in the brochures filled out by Prosegur Cash from time to time.

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INVESTOR RELATIONS (pablo.delamorena@prosegur.com)

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Prosegur Cash SA published this content on 07 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 07 May 2019 07:27:16 UTC