Prosegur Compañía de Seguridad S A : obtiene un beneficio de 67 millones de euros, un 35.0% más

Madrid, 4 November 2022. Prosegur posted sales of €3,147 million in the first nine months of 2022. This figure represents a growth of 24.2% compared to the same period of the previous year. The company is thus keeping up the trend of previous quarters with positive dynamics in all business lines and geographies.

Regarding the profitability of operations, the EBITA stands at €208 million, an improvement of 30.7%. The EBITA margin climbed to 6.6%. The Prosegur net profit from January to September stood at €67 million, an increase of 35.0%. Consolidated net profit, excluding minority interests, was €51 million, up 12.2%.

Prosegur posted an operating cash flow of €119 million, a 25% gain on Q3 2021 figures. Net financial debt at the end of September reached €1,133 million, with an average cost of 1.53%. Group debt is 86% fixed-rate, with long-term maturities (2026-2029). The level of indebtedness remains stable at a ratio of 2.4 times net financial debt to EBITDA.

Standard & Poor's confirmed Prosegur's credit rating at BBB with a stable outlook.

Looking at business line development:

Prosegur Security

Prosegur Security, the security guard and technology business, reported sales of €1,515 million in the third quarter of 2022, representing a revenue growth of 19.3%. The unit retained its robust growth momentum in the US, which was again above 50% in the period. Sales of technology-based security solutions continued advancing rapidly.

The business unit is experiencing gradual profit improvement. Excluding the positive effects from the programmes to preserve jobs in the US during the pandemic, recurring EBITA growth was 130.2%, with an underlying EBITA margin of 2.4% in the comparison with the first nine months of the previous year. However, when all factors are taken into account, Prosegur Security's EBITA for the period amounted to €36 million, a decrease of 14.1%.

Prosegur Cash

Prosegur Cash has reported sales of €1,417 million from January to September 2022, 31.0% more than in the same period of the previous year. These figures reflect improved organic growth in all geographies in an inflationary environment, the good performance of the commercial strategy and more favourable currency trends.

Transformation initiatives continue to make progress and New Products grew by 51.5% compared to the first nine months of last year. This figure rises to 62.7% if we exclude divestment. Thus, New Products report sales of €350 million from January to September 2022 and already represent 24.7% of total revenues.

Concerning the profitability of operations, the operating structure continues to absorb the increase in volumes efficiently and this is having a positive impact on the margin recovery. EBITA in the period increased to €195 million, with a margin of 13.7%. Excluding last year's capital gains from divestments, the increase was 61.4% compared to the first nine months of 2021.

Prosegur Alarms

Alarms closed the first half of the year with a total base of connections that already exceeds 786,000, an increase of close to 18% compared to the first nine months of 2021. Of the total number of connections, 431,000 correspond to Movistar Prosegur Alarms and 355,000 to Prosegur Alarms, which groups all operations outside Spain. Prosegur Alarms, in turn, posted sales of €142 million, with a positive organic growth of 23.0%. Deconsolidating Spain.

Prosegur AVOS

Prosegur AVOS, the business line specialising in process outsourcing and digital transformation for the financial and insurance sector, posted a 38.9% growth in Q3 2022, standing at €63 million.

Finally, Cipher, the cybersecurity unit, reported sales in the first nine months of 2022 of €10 million.