1 st Half 2017 RESULTS PRESENTATION
Highlights of the Quarter € 2,129 M + 15.9% REVENUES • ORGANIC SALES GROWTH close to 12% • Continued MARGIN IMPROVEMENT in absolute and 23.7% 8.6% relative terms GLOBAL MARGIN EBIT growth • New SECURITY PRODUCTS gaining penetration • ALARMS business doubling size versus previous year +33,000 NEW GEOGRAPHIES New additions ALARMS EXPANDS during the OPERATIONS INTO INDIA period AND SOUTH AFRICA 1H 2017 RESULTPRESENTATION
P&L Consolidated Results 1H 2016 1H 2017 (*) Million Euros % Change Excellent profitability increase as a result of control measures and 2,129 REVENUES 1,837 +15.9% operating efficiencies implemented in 247 all businesses EBITDA 203 +21.6% 11.6% Margin 11.1% -43 -51 Depreciation EBITA 161 196 +22.0% Amortization of Intangible and Other -12 -12 183 EBIT 148 +23.7% 8.6% Margin 8.1% Financial Result -22 -19 164 Profit before Taxes 126 +30.7% 7.7% Margin 6.8% -45 -59 Taxes 31.1% 35.6% Tax rate 35.8% 23.7% 21.6% 106 Net Profit 81 +31.1% 15.9% - 19 Minority Interest 86 Net Consolidated Profit 81 +7.1% Sales EBITDA EBIT Net Profit EPS 0.1 0.1 (Earnings per share) Business figures 1H 2017 RESULTS PRESENTATION (*) Figures excluding extraordinary non-recurring costs and taxes related to CASH IPO reported in Q1.
Consolidated Sales and Margins Prosegur has enhanced profitability +15.9% in the second quarter of the year, 3.9% 2,129 11.7% 0.3% despite strong seasonality and macro difficulties Sales 1,837 1H 2016 Org Inorg FX 1H 2017 +23.8% 183 148 Profitability Business figures 8.6% 8.1% 1H 2016 1H 2017 EBIT Margin EBIT 1H 2017 RESULTS PRESENTATION Sales and EBIT in Million €
Sales and EBIT in Million € Results by Business Line ARPU in € BTC in ‘000s • CASH sustains sales and Sales (*) EBIT & Margin profitability growth +31.3% • SECURITY improves profitability +21.3% 172 despite of LatAm macro 131 challenges 17.8% 16.6% 964 795 Cash • ALARMS improves all business 1H 2016 1H 2017 1H 2016 1H 2017 indicators and grows at higher rate than previous years EBIT (**) & Margin Sales (**) +15.4% +11.1% 30 26 3.6% 3.4% 839 755 Security 1H 2016 1H 2017 1H 2016 1H 2017 BTC & Churn ARPU +7.8% +8.1% 457 424 10.2% 9.9% 39 36 Alarms FY 2016 1H 2017 FY 2016 1H 2017 1H 2017 RESULTS PRESENTATION * Prosegur Cash 1H 2016 sales include Chile’s Courier activity (sold in September 2016) ** Prosegur Security - Ex Brazil & ex-overhead costs
Sales in Million € Sales by Region +8.0% All regions present strong sales growth, outperforming compound 809 749 GDP growth of the countries where we are present Europe 1H 2016 1H 2017 +22.4% 82 67 Asia, Oceania 1H 2016 1H 2017 & Africa +21.1% 1,238 1,022 LatAm 1H 2016 1H 2017 1H 2017 RESULTS PRESENTATION
1H 2017 RESULTS ANALYSIS BY BUSINESS LINE
PROSEGUR CASH € 550B PURE PLAYER Integral Management and PROCESSED IN CASH IN TRANSIT ANNUALLY Automation of Cash lifecycle in clients 100,000 INNOVATION IN CASH ATM’S UNDER MANAGEMENT MANAGEMENT LIFE-CYCLE 1H 2017 RESULTS PRESENTATION
PROSEGUR CASH Sales EBIT +22.4% +31.3% CASH 4.8% 964 172 1.3% 45% 16.3% 131 788 17.8% 16.6% PROSEGUR 1H 2016 Org Inorg FX 1H 2017 1H 2016 1H 2017 Total sales EBIT Margin EBIT Prosegur Cash sales exclude Chile’s Courier activity (sold in September 2016 ) 1H 2017 RESULTS PRESENTATION
PROSEGUR SECURITY INTEGRATED SECURITY SOLUTIONS 500,000 CAMERAS 5,000 CORPORATE PROJECTS / YEAR +7,000 CORPORATE CLIENTS 1H 2017 RESULTS PRESENTATION
PROSEGUR SECURITY SOLUCIONES INTEGRALES DE SEGURIDAD 10.000 CÁMARAS / AÑO 5.000 INSTALACIONES CORPORATIVAS / AÑO +7.000 CLIENTES CORPORATIVOS Sales (*) EBIT (*) SECURITY 49% +10.8% +15.4% 30 11.2% 0.0% -0.1% 839 26 755 3.6% 3.4% PROSEGUR 1H 2016 Org Inorg FX 1H 2017 1H 2016 1H 2017 Total sales EBIT Margin EBIT * Prosegur Security - Ex Brazil and ex-overhead costs 1H 2017 RESULTS PRESENTATION
PROSEGUR SECURITY SOLUCIONES INTEGRALES DE SEGURIDAD 10.000 CÁMARAS / AÑO 5.000 INSTALACIONES CORPORATIVAS / AÑO +7.000 CLIENTES CORPORATIVOS EBIT (*) & Margin Sales Brazil’s recovery +9.2% 201 184 -2.6% -2.8% -5 -5 1H 2016 1H 2017 1H 2016 1H 2017 * EBIT ex-overhead costs 1H 2017 RESULTS PRESENTATION
PROSEGUR ALARMS + 450,000 CONNECTIONS + 10,000 GEOLOCATED VEHICLES AND DEVICES GLOBAL PRESENCE 10 COUNTRIES IN 4 CONTINENTS + 1,300 IMMEDIATE RESPONSE FORCE 9 ALARM RECEPTION CENTRES WITH GEOGRAPHICAL REDUNDANCY 1H 2017 RESULTS PRESENTATION
ALARMS Sales in Million € 6% ARPU in € PROSEGUR ALARMS BTC in ‘000s PROSEGUR Total sales Alarms Total Contract Base (BTC) growth in this first half of the year has almost reached total Sales BTC growth during full year 2016 +20.1% +8% 0.3% 0% 19.5% 457 424 389 355 124 103 1H 2016 Org Inorg FX 1H 2017 2014 2015 2016 1H 2017 ARPU Churn Rate +8% 38.7 10.3% 38.4 10.2% 10.2% 9.8% 36.0 35.0 Ø 37.0 2014 2015 2016 1H 2017 2014 2015 2016 1H 2017 1H 2017 RESULTS PRESENTATION
1H 2017 FINANCIAL INFORMATION
Consolidated Cash Flow • The reduction of Operating Cash Flow corresponds mainly to seasonality and other non- Million Euros 1H 2016 1H 2017 recurring effects expected to be normalized by the end of the EBITDA 203 247 (3) Provisions and other non-cash items 49 year (89) Tax on profit (ordinary) (52) Changes in working capital (68) (48) (27) Interest payments (20) 81 Operating Cash Flow 112 (86) Acquisition of property, plant and equipment (61) Payments for acquisition of subsidiaries (58) (33) Dividend payment (32) (38) 790 Other - 633 Cash flow from investment / financing (151) Total net cash flow (39) 713 (712) Initial net financial position (616) Net increase / (decrease) in cash (39) 713 Exchange rate (14) (14) (13) Final net financial position (30/06/2016-17) (669) 1H 2017 RESULTS PRESENTATION
Total Net Debt • Compared to year-end 2016, Net Financial Debt has decreased by 699 Million Euros • Ratio Total Net Debt / EBITDA 0.03x • Ratio Total Net Debt / Equity 0.01x Million Euros 36 30 30 706 712 669 27 22 17 13 -102 -116 -111 -105 -108 Jun. 2016 Sep. 2016 Dec. 2016 Mar. 2017 Jun. 2017 Deferred Payments Net Financial Debt Treasury Stock* 1H 2017 RESULTS PRESENTATION *Prosegur and Prosegur Cash Treasury Stock, both at current price
Balance sheet Million Euros FY 2016 1H 2017 1,533 Non-Current Assets 1,568 562 Tangible fixed assets 558 758 Intangible assets 785 213 Other 225 2,499 Current Assets 2,066 Inventories 87 89 1,154 Customer and other receivables 1,155 1,256 Cash and equivalents and other financial assets 825 TOTAL ASSETS 3,635 4,032 751 1,504 Net Equity 37 Share capital 37 (53) Treasury shares (53) 1,434 Retained earnings and other reserves 767 Minority interest 1 86 1,050 Non-Current Liabilities 1,570 715 Bank borrowings and other financial liabilities 1,224 335 Other non-current liabilities 347 1,478 Current Liabilities 1,313 Bank borrowings and other financial liabilities 358 585 Trade payables and other current liabilities 955 893 TOTAL NET EQUITY AND LIABILITIES 3,635 4,032 1H 2017 RESULTS PRESENTATION
CLOSING REMARKS Very good results both in revenues and profitability Evolution of all business indicators in line with our estimations Continued momentum of Brazil Security’s recovery Acceleration of growth in the alarm business without deterioration of main KPIs Sound financial position of the Group Positive outlook regarding cash flow generation during the second half of the year 1H 2017 RESULTS PRESENTATION
DISCLAIMER This document has been prepared Prosegur assumes no liability nor exclusively by Prosegur for use as obligation to update or review its part of this presentation. estimates, forecasts, opinions or expectations. The information contained in this document is provided by Prosegur The distribution of this document in solely for information purposes, in other jurisdictions may be order to assist parties that may be prohibited; therefore, the recipients interested in undertaking a of this document or anybody preliminary analysis of it; the accessing a copy of it must be information it contains is limited warned of said restrictions and and may be subject to additions or comply with them. amendments without prior notice. This document has been provided This document may contain for informative purposes only and projections or estimates concerning does not constitute, nor should it be the future performance and results interpreted as an offer to sell, of Prosegur’s business. exchange or acquire or a request for proposal to purchase any These estimates derive from shares in Prosegur. expectations and opinions of Prosegur and, therefore, are Any decision to purchase or invest subject to and qualified by risks, in shares must be taken based on uncertainties, changes in the information contained in the circumstances and other factors brochures filled out by Prosegur that may result in actual results from time to time. differing significantly from forecasts or estimates. 1H 2017 RESULTS PRESENTATION
Antonio de Cárcer Head of Investor Relations Tel: +34 91 589 83 29 antonio.decarcer@prosegur.com
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