PROSEGUR CASH, S.A. Prosegur CASH and subsidiaries
Interim quarterly financial information
Interim financial statements for the first quarter of 2023
Free translation for the original in Spanish language version. In the event of discrepancy, the Spanish-language version prevails).
PROFIT/(LOSS) FIRST QUARTER
Table of contents
2. | Significant events and transactions | 8 |
3. | Consolidated financial information | 8 |
4. | Alternative Performance Measures | 13 |
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PROFIT/(LOSS) FIRST QUARTER
- Profit/(loss) for January to March 2023 and for January to March 2022
CONSOLIDATED RESULTS | 3M 2022 | 3M 2023 | % Var. |
Revenue | 410.6 | 477.0 | 16.2% |
EBITDA | 79.3 | 85.0 | 7.2% |
Margin | 19.3% | 17.8% | |
Depreciation Property, plant and Equipment | (24.6) | (25.2) | 2.6% |
Adjusted EBITA | 54.7 | 59.8 | 9.2% |
Margin | 13.3% | 12.5% | |
Amortization Intangible assets | (5.4) | (6.3) | 16.4% |
EBIT | 49.3 | 53.5 | 8.4% |
Margin | 12.0% | 11.2% | |
Net financial income/(expense) | (15.8) | (24.5) | 55.3% |
EBT | 33.6 | 29.0 | -13.5% |
Margin | 8.2% | 6.1% | |
Income tax | (15.9) | (14.9) | -6.2% |
Net Result from continuing operations | 17.6 | 14.1 | -20.2% |
Net Result | 17.6 | 14.1 | -20.2% |
Non controlling interests | 0.0 | 0.0 | - |
Consolidated Net Result | 17.7 | 14.1 | -20.3% |
Margin | 4.3% | 3.0% | |
Earnings per share (Euros per share) | 0.01 | 0.01 |
- Performance in the period
Prosegur CASH sales in the period from January to March 2023 came to EUR 477.0 million, an increase of 16.2% with respect to the EUR 410.6 million in the same period the previous year. Organic growth and inorganic growth have had a positive impact of 29.7% and 5.1%, respectively. The negative impact of the exchange rate and the result of applying IAS 29 and 21 has been 18.6%.
Likewise the adjusted EBITA for the period of reference reached EUR 59.8 million, a 12.5% margin with regard to sales. The increase in adjusted EBITA compared to the same period the previous year amounts to 9.2%.
The increase in adjusted EBITA from January to March 2023 with respect to the same period the previous year is essentially explained by the following impacts:
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PROFIT/(LOSS) FIRST QUARTER
- The steady growth of the business: the organic growth is consolidated in all regions as a result of the recovery of activity levels, and of the good acceptance of the commercial and operational proposals that the CASH Group is offering its clients.
- Transfer in the commercial flow of impacts arising as a result of inflationary pressures.
- Growth of the New Products: significant growth in New Products, reinforcing the positive trend of this business line.
Consolidated net profit increased by EUR 14.1 million, compared to EUR 17.7 million in 2022.
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PROFIT/(LOSS) FIRST QUARTER
Interim financial statements (January - March 2023)
1. Performance of the business
Details of the business performance of the main consolidated income statement items for the period January-March 2023 and their comparison for the period January-March 2022 is detailed below:
- Sales
Prosegur CASH sales in the period from January to March 2023 amounted to EUR 477.0 million, an increase of 16.2% with respect to the EUR 410.6 million in the same period the previous year. Organic growth and inorganic growth have had a positive impact of 29.7% and 5.1%, respectively. In addition, the negative impact of the exchange rate and the result of applying IAS 29 and 21 has been 18.6%.
The table below shows the breakdown of Prosegur CASH's sales by geographical area and business line:
Million of Euros | |||||||||||||
Revenue 3M | Europe | AOA | LatAm | Prosegur Cash Total | |||||||||
2022 | 2023 | % Var. | 2022 | 2023 | % Var. | 2022 | 2023 | % Var. | 2022 | 2023 | % Var. | ||
Cash in transit | 56.9 | 65.2 | 14.7% | 18.8 | 22.6 | 20.6% | 147.1 | 157.2 | 6.9% | 222.7 | 245.1 | 10.0% | |
% of total | 55.3% | 48.1% | 62.1% | 61.1% | 53.0% | 51.7% | 54.3% | 51.4% | |||||
Cash management | 31.8 | 36.4 | 14.2% | 6.1 | 6.3 | 2.1% | 55.1 | 55.5 | 0.6% | 93.1 | 98.1 | 5.4% | |
% of total | 30.9% | 26.8% | 20.3% | 16.9% | 19.9% | 18.2% | 22.7% | 20.6% | |||||
New products | 14.2 | 34.1 | 140.1% | 5.3 | 8.1 | 52.3% | 75.2 | 91.6 | 21.8% | 94.7 | 133.9 | 41.3% | |
% of total | 13.8% | 25.1% | 17.6% | 21.9% | 27.1% | 30.1% | 23.1% | 28.1% | |||||
Total revenue | 103.0 | 135.7 | 31.9% | 30.2 | 37.0 | 22.4% | 277.4 | 304.3 | 9.7% | 410.6 | 477.0 | 16.2% | |
Million of Euros | |||||||||||||
Revenue 3M | Europe | AOA | LatAm | Prosegur Cash Total | |||||||||
2022 | 2023 | % Var. | 2022 | 2023 | % Var. | 2022 | 2023 | % Var. | 2022 | 2023 | % Var. | ||
Cash in transit | 56.9 | 65.2 | 14.7% | 18.8 | 22.6 | 20.6% | 147.1 | 157.2 | 6.9% | 222.7 | 245.1 | 10.0% | |
% of total | 55.3% | 48.1% | 62.1% | 61.1% | 53.0% | 51.7% | 54.3% | 51.4% | |||||
Cash management | 31.8 | 36.4 | 14.2% | 6.1 | 6.3 | 2.1% | 55.1 | 55.5 | 0.6% | 93.1 | 98.1 | 5.4% | |
% of total | 30.9% | 26.8% | 20.3% | 16.9% | 19.9% | 18.2% | 22.7% | 20.6% | |||||
New products | 14.2 | 34.1 | 140.1% | 5.3 | 8.1 | 52.3% | 75.2 | 91.6 | 21.8% | 94.7 | 133.9 | 41.3% | |
% of total | 13.8% | 25.1% | 17.6% | 21.9% | 27.1% | 30.1% | 23.1% | 28.1% | |||||
Total revenue | 103.0 | 135.7 | 31.9% | 30.2 | 37.0 | 22.4% | 277.4 | 304.3 | 9.7% | 410.6 | 477.0 | 16.2% |
The recovery of activity levels and of the good acceptance of the commercial and operational proposals that the CASH Group offers its clients has led to the steady growth of the business in all regions.
In addition, due to the different performance of local currencies in several regions where the Group operates, currencies have a negative impact during the period from January to March 2023.
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Disclaimer
Prosegur Cash SA published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 08:26:12 UTC.
