FY 2017 RESULTS PRESENTATION 1
Highlights of the year T otal Sales Global EBIT Margin € 4, 4,29 291M 1M 9. 9.1% 1% +11% 1% Organic Growth EBIT Growth close to 15% ∽500,000 Connected Alarms +17% Growth IPO Compl plet eted ed Group up PROSEGUR GUR CASH Refinancing inancing Share performance of Financial Cost Reduction +30% during the year 2
Moving into the Digital Transformation Advance Analytics & Robotics • Centre of Excellence in Automatization and Robotization in the area of Advanced Analytics (Alarms, Legal, HR) Increased Efficiencies in Backoffice • Transformation of the Global Financial Shared Service Centers into Multi-Service Centers (HR, Marketing, etc.) Cost-reduction through Centralization of Purchasing • Global hubs of technology purchasing and provisioning • Local insurance policies integrated within a global one More sophisticated Products and Services • Growth in new products across all business units • Globalization of the offering of Technology Integrated Solutions through international competence center • Launch of Tech-Ventures initiative and greater focus on Cybersecurity business FY 2017 RESULTS PRESENTATION 3
P&L In millions of Euros Consolidated Results FY 2016 (*) FY 2017 (*) % Variation Incremental double-digit growth in all P&L lines 4,291 SALES 3,902 +10.0% Excellent improvement of Net Profit of EBITDA 458 522 +13.8% almost 20% Margin 11.7% 12.2% Depreciation (92) (104) 417 EBITA 367 +13.6% Amortization of intangible and other (25) (25) 392 EBIT 342 +14.7% Margin 8.8% 9.1% Financial result (59) (45) 347 Profit before Taxes 283 +22.6% Margin 7.3% 8.1% (127) Taxes (99) Tax rate 34.8% 36.6% 19.3% 220 Net Profit 185 +19.3% 14.7% 13.8% 10.0% Minority interests - 48 172 Net Consolidated Profit 185 (6.7%) EPS 0.3 0.3 Revenues EBITDA EBIT Net Profit (Earnings per share) (*) Figures exclude extraordinary non-recurring costs and taxes related to the CASH IPO FY 2017 RESULTS PRESENTATION 4
Sales and Consolidated Margins In millions of Euros 10.0% 0.5% -1.9% 11.4% 4,291 Strong sales growth with little FX effect Sales 3,902 Profitability increases and recovers pre-recession levels FY 2016 Org Inorg FX FY 2017 +14.7% 392 342 EBIT 9.1% 8.8% FY 2016 FY 2017 FY 2017 RESULTS PRESENTATION EBIT Margin EBIT 5
Sales and EBIT in millions of Euros ARPU in Euros BTC in thousands of connections Results by Business Line Sales EBIT & Margin +12.4% +11.6% CASH 360 320 Homogenous growth in 18.7% 18.6% 1,924 Sales and EBIT 1,724 Slight increase in profitability FY 2016 FY 2017 FY 2016 FY 2017 Sales(*) EBIT(*) & Margin +29.6% SECURITY +10.1% 70 Strong improvement in 54 profitability, mainly fueled by 1,718 4.0% 1,561 3.5% new services Turn-around in Brazil FY 2016 FY 2017 FY 2016 FY 2017 BTC & Churn ARPU ALARMS +17.7% +5.6% Pace of growth more than 499 424 double when compared to 10.4% 10.2% growth in previous years 38 36 Main KPIs remain stable FY 2016 FY 2017 FY 2016 FY 2017 * Prosegur Security - Ex Brazil & ex-overhead costs FY 2017 RESULTS PRESENTATION Sales of CASH in 2016 do not include Courier Chile activity sold in Sept. 2016 6
Sales per Region In millions of Euros +9.5% 1,665 1,521 Very homogenous growth across all regions FY 2016 FY 2017 Europe Headed by Spain, Argentina Area and Portugal +11.7% 159 142 FY 2016 FY 2017 Asia, Oceania & Africa +10.2% 2,467 2,239 FY 2016 FY 2017 Ibero-America FY 2017 RESULTS PRESENTATION 7
FY 2017 RESULTS BY BUSINESS LINE 8
PROSEGUR CASH € 550B LEADING COMPANY IN CASH IN TRANSIT & PROCESSED CASH MANAGEMENT ANNUALLY +100,000 INNOVATION NEW PRODUCTS AND ATMs MANAGED SOLUTIONS IN CASH MGMT. LIFE-CYCLE Sales EBIT& Margin In millions of Euros +12.4% 11.6% 1.4% -2.5% 360 12.7% 1,924 320 1,724 CASH 18.6% 18.7% 45% FY 2016 Org Inorg FX FY 2017 FY 2016 FY 2017 PROSEGUR EBIT Margin EBIT Total Sales FY 2017 RESULTS PRESENTATION CASH 2016 Sales do not include Courier Chile activity sold in Sept. 2016 9
PROSEGUR SECURITY +10,000 INTEGRATED SECURITY SOLUTIONS CAMERAS / YEAR 5,000 CORPORATE +7,000 CORPORATE PROJECTS / YEAR CLIENTS Sales (*) EBIT (*) & Margin In millions of Euros +29.6% +10.1% SECURITY 13.2% 0.0% -3.1% 70 49% 1,718 54 1,561 4.0% 3.5% FY 2016 Org Inorg FX FY 2017 FY 2016 FY 2017 PROSEGUR EBIT Margin EBIT Total Sales FY 2017 RESULTS PRESENTATION * Prosegur Security - Ex Brasil and ex-overhead costs 10
PROSEGUR SECURITY BRAZIL • Positive profitability since Q3 • Break-even reached in operational terms • Good outlook for coming years as economic growth returns EBIT (*) & Margin 2017 Sales, EBIT (*) & Margin Sales by Quarter +1.6% +71.4% 397 391 -0,9% 101.4 99.7 99.6 96.6 -3,6 0.4% 1.3% -0.8 1.2 0.4 -3,5% -0.8% -4.4 -13,8 -4.4% FY 2016 FY 2017 FY 2016 FY 2017 Q1 17 Q2 17 Q3 17 Q4 17 Sales EBIT Margin FY 2017 RESULTS PRESENTATION In millions of Euros * EBIT ex-overheads 11
PROSEGUR Sales in millions of Euros ALARMS ARPU in Euros 6% BTC in thousands of connections ALARMS PROSEGUR Total Sales ∽ 500,000 CONNECTIONS Sales BTC + 18,000 TRACKED AND LOCATED VEHICLES AND +17.7% DEVICES +17.6% 1.8% -3.9% 19.7% 499 ∽ 1,000 424 ELDERLY REMOTE ASSISTANCE AND 389 CARE DEVICES 251 213 355 PRESENT IN 10 COUNTRIES FY 2016 Org Inorg FX FY 2017 2014 2015 2016 2017 ARPU Churn Rate +5.6% 38 38 36 35 10.4% Ø 36.8 10.3% 10.2% 10.2% Ø 10.3 2014 2015 2016 2017 2014 2015 2016 2017 FY 2017 RESULTS PRESENTATION 12
FY 2017 FINANCIAL INFORMATION 13
Consolidated Cash Flow In millions of Euros FY 2016 FY 2017 522 EBITDA 458 Provisions and other non-cash items 55 33 Tax on profit (ordinary) (111) (124) (67) Changes in working capital (53) Interest payments (30) (34) 330 Operating Cash Flow 318 Acquisition of property, plant and equipment (166) (208) Payments for acquisition of subsidiaries (69) (59) (330) Dividend payments (120) Other outflows (*) (50) 757 160 Cash flow from investment / financing (405) 490 Total net cash flow (87) (712) Initial net financial position (616) Net increase / (decrease) in cash (87) 490 (30) Exchange rate (9) (252) Final net financial position (712) (*) Mainly composed by cash outflows deriving from the IPO of Prosegur CASH and its proceeds FY 2017 RESULTS PRESENTATION 14
Total Net Debt • Net Financial Debt has decreased by 460 million Euros vs. In millions of Euros Year-end 2016 • Average cost of debt of 2.2% vs. 2.7% in FY 2016 • Net Financial Debt / EBITDA: 0.5x • Net Financial Debt / Equity: 0.2x 36 712 33 33 252 27 22 51 17 13 -111 -105 -108 -120 -124 Dec. 2016 Mar. 2017 Jun. 2017 Sep. 2017 Dec. 2017 Deferred Payments Net Financial Debt Treasury Stock* *Treasury stock of PROSEGUR and Prosegur CASH at closing market price of the period FY 2017 RESULTS PRESENTATION 15
Snapshot of the Group’s Recent Refinancing • Extend average debt maturity profile, while benefiting from current attractive market conditions 1 • Fund future organic growth, mainly of the Alarms and Security businesses, as well as smaller M&A Rationale Achieve efficiencies in terms of cost of debt • 2 Structure Pre-Refinancing € 1,100m ( € 500m bond Prosegur + € 600m Loan P. Cash) Average cost: 1.7% Average maturity: 2.2 years Refinancing Plan PROSEGUR Group Main Issuer Amount Date Coupon Maturity Rating S&P Debt € 700m PROSEGUR Feb-2018 1.000% Feb-2023 BBB stable Structure € 600m P. CASH (*) Dec-2017 1.375% Feb-2026 BBB stable Structure Post-Refinancing € 1,300m ( € 700m bond Prosegur + € 600m bond P. Cash) Average cost: 1.2% Average maturity: 7.6 years 3 Main Objectives Improvement of financial Optimization of average Pre-funding of future Achieved debt maturity profile cost of debt growth initiatives * EMTN Program with € 1,500m limit FY 2017 RESULTS PRESENTATION 16
Balance Sheet In millions of Euros FY 2016 FY 2017 1,481 Non-current Assets 1,489 587 Tangible fixed assets 558 765 Intangible assets 785 Others 146 128 2,343 Current Assets 2,066 Inventory 87 71 Customer and other receivables 1,155 1,151 Cash and equivalents and other financial assets 825 1,121 3,824 TOTAL ASSETS 3,555 751 1,143 Net Equity 37 Share capital 37 (53) Treasury Shares (53) Retained earnings and other reserves 767 1,085 Minority interest 1 74 948 Non-Current Liabilities 1,491 Bank borrowings and other financial liabilities 1,224 717 230 Other non-current liabilities 267 1,313 1,733 Current Liabilities 701 Bank borrowings and other financial liabilities 358 1,031 Trade payables and other current liabilities 955 TOTAL NET EQUITY AND LIABILITIES 3,824 3,555 17
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