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COMPANY PRESENTATION INVESTOR RELATIONS DEPARTMENT 1 DISCLAIMER This presentation contains forward-looking statements and information relating to regulation in countries in which the Company and its subsidiaries do business; [Prosegur


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COMPANY PRESENTATION

INVESTOR RELATIONS DEPARTMENT

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SLIDE 2

DISCLAIMER

COMPANY PRESENTATION 2019 This presentation contains forward-looking statements and information relating to [Prosegur Compañía de Seguridad, S.A.] (the “Company”) and its subsidiaries that are based on the current beliefs of the Company’s management, key expectations and assumptions, as well as information currently available to the Company and projections of future events as well as assumptions made and information currently available to the Company. These forward-looking statements speak only as of the date they are made. These forward-looking statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends,” and similar words or phrases. Other forward-looking statements can be identified in the context in which the statements are made or by the forward- looking nature of discussions of strategy, plans or intentions. Such forward- looking statements, as well as those included in any other material discussed at any management presentation, reflect the current views of the Company with respect to future events and are subject to known and unknown risks, uncertainties and key assumptions about the Company and its subsidiaries and investments, including, among other things, the development of their businesses, trends in their operating industry, and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Many factors could cause the actual results, performance or achievements of the Company and its subsidiaries to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes in general economic, political, governmental and business conditions globally and in the countries in which the Company and its subsidiaries do business; changes in interest rates; changes in inflation rates; changes in prices; trends affecting the Company and its subsidiaries businesses, financial condition, results

  • f
  • perations or cash flows; the impact of current, pending or future legislation and

regulation in countries in which the Company and its subsidiaries do business; acquisitions, investments or divestments which the Company and its subsidiaries may make in the future; the Company and its subsidiaries capital expenditures plans; their estimated availability of funds; their ability to repay debt with estimated future cash flows; security threats worldwide and losses of customer valuables; failure to maintain safe work environments; effects of catastrophes, natural disasters, adverse weather conditions, unexpected geological or other physical conditions, or criminal or terrorist acts; public perception of the Company and its subsidiaries businesses and reputation; insufficient insurance coverage and increases in insurance cost; loss of senior management and key personnel; unauthorized use of the Company’s intellectual property and claims of infringement by the Company or its subsidiaries of others’ intellectual property; changes in business strategy and various other factors. Should one or more of these risks or uncertainties materialize, or should any other unknown risk occur,

  • r should any of the underlying assumptions prove incorrect, actual results may

vary materially from those described herein as anticipated, believed, estimated, expected or targeted. No one intends, or assumes any obligations, to update or revise these forward- looking statements, whether as a result of new information, future events or

  • therwise nor to update the reasons why actual results could differ from those

reflected in the forward-looking statements. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. Not for general release, publication or distribution, directly or indirectly, in

  • r into The United States, Canada, Australia or Japan or any other

Jurisdiction in which the distribution or release would be unlawful. These materials do not constitute an offer to sell, or a solicitation of offers to purchase or subscribe for any securities in the United States or any other

  • jurisdiction. The securities referred to herein have not been, and will not be,

registered under the U.S. Securities Act of 1933, as amended, and may not be

  • ffered or sold in the United States absent registration or an applicable

exemption from registration requirements. There is no intention to register any portion of any offering in the United States or to conduct a public offering of securities in the United States.

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COMPANY PRESENTATION FY 2019

ONE GROUP, THREE BUSINESSES

3

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SLIDE 4

PROSEGUR GROUP Prosegur: a success story Since its foundation in 1976, Prosegur has grown to become one of the undisputable global leaders in the security industry…

COMPANY PRESENTATION FY 2019 4 Expansion in LatAm & Europe and Increase of services portfolio

  • Focus on Security: disposal of

FM and Cleaning businesses

  • 2001: Full entry in LatAm and

France

  • Creation of the Technology

Business Unit

  • 2008: Entry into Mexico and

Colombia

1998 2008

2,052

Foundation and initial Expansion

  • Incorporated in 1976
  • 1980: Entry into Portugal
  • 1987: Publicly Listed on Madrid

Stock Exchange

  • 1995: Initiating activities in LatAm

1976 1997

480

Consolidation of the integrated model and expansion into Asia- Pacific

  • Specialization in Security Solutions

for different client sectors

  • 2011: Entry into Singapore, India

and Germany

  • 2012: Entry into China
  • 2013: Rated BBB Stable by S&P.

Issuance of a € 500 million Bond and Entry into Australia

2009 2014

3,783

Yearly revenues of last year in the period in €Million

Focus on Business Lines Profitability and continual expansion

  • Reorganization of structure

around business lines vs. geographies

  • Initiated Global CyberSecurity

services business unit

  • 2016: Entry in South Africa
  • 2017: Prosegur Cash IPO
  • 2018: Entry in Central America

& Philippines

  • 2019: Entry in the US

2015 2018

3,939

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SLIDE 5

PROSEGUR TODAY

>9,000

ARMORED VEHICLES

>100,000

MANAGED ATMS

+550,000 ALARM

CONNECTIONS OVER 220 FULLY INTEGRATED ACQUISITIONS

25

COUNTRIES

+170,000

EMPLOYEES WORLDWIDE

COMPANY PRESENTATION FY 2019 5

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SLIDE 6

A GLOBAL SECURITY COMPANY WITH A LEADERSHIP POSITION IN FOCUS MARKETS

WE ARE MARKET LEADERS IN 16 OUT OF OUR 25 GEOGRAPHIES

Cash in transit & cash management Guarding and technology Alarm Monitoring Position in the market share ranking

1

Prosegur Intl’ Player 1 Intl’ Player 2 Intl’ Player 3 Intl’ Player 4 #2 #3 #1 #4 #2 #1 #3 COMPANY PRESENTATION FY 2019

Source: DBK, Aproser and internal sources

6

CHINA

5

SINGAPORE

1

INDIA

2

PHILIPPINES

1

AUSTRALIA

2

GERMANY

1

TURKEY

n/a

FRANCE

3

PORTUGAL

1

SPAIN

1

SOUTH AFRICA

n/a

USA

n/a

CHILE

1

PERU

1

COLOMBIA

1

URUGUAY

1

ARGENTINA

1

PARAGUAY

1

BRAZIL

1

MEXICO

3

GUATEMALA HONDURAS COSTA RICA NICARAGUA EL SALVADOR

1

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DELIVERING SUPERIOR GROWTH AND SHAREHOLDER RETURNS

CUMULATIVE DIVIDEND DISTRIBUTED 2004-2017:

€985m

Figures in €m (1) Market Cap as of December 2017 COMPANY PRESENTATION FY 2019 4,291 1,112

+286%

4,042 (1) 894

+352%

Revenue (€m) Market Cap (€m) EBIT (€m)

+270%

2017 2004 2017 2004 2017 2004 392 106

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SLIDE 8

Publicly listed in 2017

ORGANISATIONAL MODEL: “ONE GROUP, THREE BUSINESSES”

COMPANY PRESENTATION FY 2019

B C A

ONE GROUP, THREE BUSINESSES

PROSEGUR

CASH

PGA

(Financial and support functions)

PROSEGUR

SECURITY

RATIONALE

▪ Accelerate growth ▪ Increase specialization and efficiency ▪ Simplify the organisation

IMPLICATIONS / BENEFITS

▪ All businesses have reached the maturity to be managed separately ▪ Different capital needs and KPIs ▪ Customer centric model across regions ▪ Accelerates sharing of best practices across regions

PROSEGUR

ALARMS

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SLIDE 9
  • A. CASH IS A SUCCESS STORY: A GLOBAL LEADER WITH

RESILIENT GROWTH AND STRONG CASH GENERATION

SALES*

€1,732MM

EBIT Margin(%)*

15,5%

Countries / empl.

20 / 60,000

▪ #2 globally with 14% market share (vs. 7% in 2007) ▪ #1 in our focus Cash markets (14/20 countries) ▪ Leading scale, density and market share ▪ Outperforming the market (business has grown x4 in € sales in the last 7 years) ▪ Solid fundamentals → already growing in new products and capturing the next “outsourcing wave”

OUR BUSINESS OUR OBJECTIVES

▪ Continue delivering above-market organic growth at constant currency ▪ Lead industry consolidation player ▪ Lead the third wave of outsourcing (Cash Automation in Client, IAD, Back Office Management, Branch Teller Staff, etc.) ▪ Strong cash generation to fuel Group’s growth

COMPANY PRESENTATION FY 2019 *FY18 business figures 9

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SLIDE 10

▪ #5 global player with a leading position in selected markets ▪ Industry leading technology-based solutions ▪ Differentiated growth strategies for each market based on development stage ▪ Expanding into mature markets with disruptive value proposition. ▪ Main player in LatAm leading the transformation of the industry

  • B. SECURITY IS A BUSINESS TO TRANSFORM AND GROW,

TO BECOME AN “INDUSTRY CHAMPION” AGAIN

SALES

€1,946 MM

EBIT Margin(%)

2.8%

Countries / empl.

15 / 103,000

▪ Continue transformation towards technology-based products ▪ Improve margins → all geographies with profitability in line with peers and Group’s best practices ▪ Grow and expand in US ▪ Complete integration of legacy businesses and operational improvements in Brazil ▪ Build a solid “Cybersecurity” platform

COMPANY PRESENTATION FY 2019

OUR BUSINESS OUR OBJECTIVES

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SLIDE 11
  • C. ALARMS IS A HIGH GROWTH AND HIGH RETURN BUSINESS

WHICH WE WANT TO ACCELERATE WITH ADEQUATE INVESTMENTS

SALES*

€262 MM

Total Connections*

547,000

Countries / empl.

10 / 7,000

  • Unparalleled platform → significant investments undertaken over the

last 5 years to enter and reach critical mass in 10 countries

  • Developed state-of-the-art products and launched next generation

alarm “SMART”

  • Strengthened sales force, tripled from 2011
  • Best in class and improving churn from 12% in 2011
  • Rapid and consistent growth benefiting from low penetration in focus

markets

  • Accelerate customer acquisition through investments in sales &

marketing (e.g., sales team, lead generation)

  • Selective new geographies (big city approach)
  • Continue to grow ARPU through penetration of SMART
  • Roll out SMART product in all geographies
  • Continue to improve churn levels
  • Focus on product innovation to capture “the smart home” opportunity

OUR OBJECTIVES OUR BUSINESS

COMPANY PRESENTATION FY 2019 11

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ONE GROUP

PGA - CENTRALIZED EXTERNAL SUPPORT TO THE THREE BUSINESSES…

COMPANY PRESENTATION FY 2019 ▪ Human Resources ▪ Finance/Tax ▪ Legal ▪ Security ▪ Corporate Development ▪ IT ▪ Real Estate ▪ Brand ▪ Insurance ▪ Purchase ▪ Marketing

CASH

Commercials & Operations Cash Internal Support

SECURITY

Commercials & Operations Security Internal Support

ALARMS

Commercials & Operations Alarm Internal Support

SERVICES OFFERED PGA – External support

5% Mark Up

PROSEGUR HOLDING

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… SUPPORTED BY STABLE INVESTMENT GRADE RATINGS

BBB/A-2

Outlook Stable October 2018

SUSTAINED STRONG LIQUIDITY PROFILE EXCELLENT CASH FLOW GENERATION WITH MODERATE CAPITAL EXPENDITURE AND WORKING CAPITAL REQUIREMENTS MINIMAL TRAPPED CASH ACROSS OPERATIONS MODERATE LEVERAGE

13 COMPANY PRESENTATION FY 2019

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COMPANY PRESENTATION 2019

PROSEGUR

Leading the consolidation process

  • f the Cash industry while fueling

the Group’s growth

CASH

14

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SLIDE 15

436 501 565 628 677 763 806 840 889 913 956 1.0171.083 1.126 1.170 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

690 720 759 784 792 853 888 942 1.035 1.127 1.198 1.299 1.380 1.463 1.517 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 50 61 68 84 101 113 128 147 158 183 199 215 220 270 297 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 36 35 37 38 45 49 50 52 55 58 60 64 68 73 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

CASH, STRONG GROWTH OF THE UNDERLYING DRIVER…

USE OF CASH IN TERMS OF VALUE (MN) COMPANY PRESENTATION FY 2019

+7% +5% +6% +14%

BRL USD EUR GBP

15

Source: Central bank data, IE Economics

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SLIDE 16

…BOOSTS THE GROWTH OF THE CASH SECTOR, ALTHOUGH AT DIFFERENT LEVELS IN EACH REGION

CASH MARKET SIZE (USD BN)

+4,4%

2015 2020 Main characteristics of attractive markets: (i) Growing economies; (ii) Moderated elevated inflation and interest rates; (iii) Certain level of insecurity; (iv) Degree of sophistication of banking sector

EXPECTED GROWTH BY GEOGRAPHY 2015-2020

Africa & Middle East Latam US & Canada Asia Pacific Europe 4 (26%) 4.7 (31%) 2.7 (18%) 2.4 (16%) 1.4 (9%) COMPANY PRESENTATION FY 2019 8,3% 5,6% 4,0% 2,1% 1,6%

15.2 18.8

Source: Freedonia 2017 report

16

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SLIDE 17

37% 22% 7% 13% 17% 4% 40% 20% 14% 13% 9% 5% 40% 20% 14% 13% 9% 4%

2007 2015 2018 20% 14% 13% 9% 4% CASH GLOBAL MARKET SHARES (2018) (1)

COMPETITOR’S MARKET SHARE EVOLUTION

(1) Market share calculated based on companies revenues: Prosegur Cash , Brinks & Loomis are based on 2018 results; G4S and Garda are based on estimations. Prosegur Cash market share includes India.

#2

Local Players

Change in Market Share '07-18 Others 40%

PROSEGUR HAS BECOME A GLOBAL RELEVANT PLAYER IN THE LAST FEW YEARS…

0bps

  • 200bps

+700bps

  • 800bps
  • 100bps

0bps

Intl’ Player 1 Prosegur Intl’ Player 2 Intl’ Player 3 Intl’ Player 4

Intl’ Player 1 Intl’ Player 2 Intl’ Player 3 Intl’ Player 4

COMPANY PRESENTATION FY 2019 17

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2018 MARKET SHARE PROSEGUR

▪ Undisputed market leader in LatAm – leadership position in fastest growing markets ▪ Benefitting from growing security market ▪ Relying on its strong density, reputation, brand and close relationship with clients ▪ Solid presence in key European countries ▪ Expected to be the fastest growing economies in the area ▪ Growing footprint in Asia / Africa ▪ Highest Cash market growth regions globally

Latam Africa & Middle East Europe Asia Pacific US and Canada

PROSEGUR CASH GLOBAL FOOTPRINT

#2 GLOBAL MARKET POSITION

COMPANY PRESENTATION FY 2019

…WITH STRONG POSITIONS IN EACH OF THE LOCAL MARKETS

0% 10% 57% 10% 4% # Market positioning Cash in transit & cash management

Source: Freedonia 2017, DBK, Aproser and internal sources.

18

  • GUATEMALA
  • HONDURAS
  • COSTA RICA
  • NICARAGUA
  • EL SALVADOR

1 MEXICO 3 CHILE 1 PERU 1 ARGENTINA 1 URUGUAY 1 PARAGUAY 1 BRAZIL 1 SPAIN 1 GERMANY 1 PHILIPPINES 1 INDIA 2 AUSTRALIA 2 PORTUGAL 2 FRANCE 3 COLOMBIA 2

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DENSITY & SCALE AND PRODUCTIVITY GAINS: SEARCH FOR CONTINUOUS MARGIN IMPROVEMENT

  • 1. DENSITY & SCALE

COMPANY PRESENTATION FY 2019

Prosegur Cash Market Share in selected markets (%) Prosegur Cash EBIT Margin (%)

19

2015 2016 2017 2018 2015 2016 2017 2018 382 382 428 340 282 314 360 268

21,9% 13,3% 22,2% 14,8% 22,2% 16,0% 19,7% 15,1% 18,0% 7,5% 18,6% 9,1% 18,7% 10,2% 15,5% 10,2%

EBIT EBIT Margin Peers Average

  • 2. EBITDA (€m) and EBITDA margin (%)

Positive correlation between market share and profitability

  • Leadership position in focus regions
  • Footprint optimisation / higher density
  • Profitability programs and best

practices

  • Shift in revenue mix towards more

value added cash services

EBIT (€m) and EBIT margin (%)

EBITDA EBITDA Margin Peers Average

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FOR THE FUTURE: UNPARALLELED POSITIONING TO BENEFIT FROM THREE KEY GROWTH LEVERS

COMPANY PRESENTATION FY 2019 Today Traditional market growth (Organic) Consolidation play (inorganic) Third Wave of Outsourcing Third Wave of Outsourcing

1 2 3

Source: IMF Nominal GDP forecast from 2016 – 2019. Expected growth calculated as a weighted average between our sales and the expected GDP

EXPECTED GROWTH IN OUR FOOTPRINT

1

CAGR 7.7% 2015 2020

> 500 CASH COMPANIES GLOBALLY

2

Room for further consolidation

#14 #7 #16 #13 #6 #9 #10 #11 #8 #15 #12 #3 #4 #5 #2 #17 #18 #19 #20 … #1

Cash automation in clients

OUTSOURCING OPPORTUNITIES

3

Back office management IAD (Independent ATM Deployer) Branch teller staff 20

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SLIDE 21

OUTSOURCING OPPORTUNITIES

Efficiencies Business process outsourcing

BRANCH TELLER STAFF BACK OFFICE MANAGEMENT IAD (INDEPENDENT ATM DEPLOYER) ATM MGMT. ▪ Maintenance ▪ Fixing ▪ Replacement ▪ Full lifecycle CASH PLANNING & FORECASTING ▪ Branch Network ▪ Displaced ATMs COMPANY PRESENTATION FY 2019 CASH LOGISTICS & PROCESSING

  • Bank Branches
  • ATMs
  • Retail Clients
  • Central Bank

Third wave of outsourcing DAILY RECONCILIATION ▪ Incidence Mgmt. ▪ Branch Network ▪ Central Services CASH AUTOMATION IN CLIENTS

21

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PROSEGUR SECURITY

Moving from manned guarding to technological solutions

COMPANY PRESENTATION FY 2019 22

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SLIDE 23

PROSEGUR SECURITY

Moving from manned guarding to technological solutions

2015 2020

SECURITY GLOBAL MARKET EVOLUTION ($BN)

125

SECURITY GLOBAL MARKET SHARES (2018) KEY MARKET TRENDS

Commoditization, due to its low capital intensity and entry barriers. Competitiveness intensification and considerable price pressure impacting margins, even with Facility Management companies Increase in staff turnover, scarcity of qualified personnel. Increasing labor pressure Budgeting restrictions in Public Sector Double market: ▪ Client sophistication. Every time the client knows more and it gets more difficult to add value ▪ Stagnant sector that keeps the same criteria for some years and is into a mature phase

  • 8%

6% 5% 4% 2% Others 75% Player 1 Player 2 Player 3 Player 4 Prosegur Source: Freedonia 2017 report and internal company data

LARGE MARKET WITH TECHNOLOGY AS A CATALYST FOR FUTURE GROWTH

+ + + + +

+6.1%

Increasing outsourcing from Public Sector and higher development of services to companies in emerging countries Design of integral offers that combine electronic systems with traditional guarding services improving revenue mix Intensive use of technology and its combination with human factor Trend towards mobile services (dynamic guarding/patrolling) as an alternative Growing market, with significant potential in emergent countries 168

23 COMPANY PRESENTATION FY 2019

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SLIDE 24

PROSEGUR SECURITY HAS GLOBAL PRESENCE ACROSS LATAM, ASIA AND EUROPE

EMPLOYEES * PROSEGUR SECURITY GLOBAL FOOTPRINT #5 GLOBAL MARKET POSITION

SPAIN BRAZIL MEXICO COLOMBIA CHILE ARGENTINA URUGUAY PORTUGAL FRANCE CHINA PERU PARAGUAY SINGAPORE

COMPANY PRESENTATION FY 2019 Source: internal data 24

USA

0,72% 0,82% 1,39% 1,91% 2,50% 4,15% 4,65% 5,08% 5,93% 7,29% 8,27% 11,37% China Paraguay Uruguay Singapour Mexico Chile France USA Portugal Colombia Peru Argentina

* OPERATIONAL PERSONAL ONLY

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SLIDE 25

27% 18% 17% 12% 9% 9% 7% 6% 6% 4% 4% 1% 0% 1% 17% 40% 16% 22% 11% 9% 3% 9% 3% 17% 15% 28% 23% 56% 42% 67% 66% 80% 82% 90% 85% 91% 79% 81% 99% 100% 49%

Local Players Largest National Player Intl´ Players Prosegur

WITH A LEADING POSITION IN SELECTED MARKETS ENABLING A SIGNIFICANT OPPORTUNITY FOR CONSOLIDATION

GUARDING MARKET SHARES (%)

COMPANY PRESENTATION FY 2019

Source: DBK, Investors presentations, internal estimates

25

Spain

#2

Uruguay

#2

Portugal

#2

Argentina

#4

Colombia

#1

Peru

#2

Brazil

#4

Paraguay

#1

Singapore

N.A

Chile

N.A

France

#4

Mexico

#7

China

#2

EEUU

N.A

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PROSEGUR’S GUARDING BUSINESS MODEL IS BASED ON THREE KEY LEVERS

COMPANY PRESENTATION FY 2019

TECHNOLOGICAL TRANSFORMATION

▪ Value proposition to client; moving towards integrated solutions with technology

HIGHER MARGIN PRODUCTS

▪ Moving towards a high margin product portfolio

STREAMLINING

▪ Size reduction ▪ Efficiency implementation ▪ Growth recovery ▪ Margin expansion 26

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  • 2. KEY DIFFERENTIATING FACTORS – MOVING TOWARDS A HIGH MARGIN PRODUCT PORTFOLIO

GROSS MARGIN (%) PER PRODUCT TYPE FY15 (ALL COUNTRIES) COMPANY PRESENTATION FY 2019

% Gross Margin % of total sales

Other Services Electronic Systems ATM Cyber ARC

(Alarms Reception Center)

Mobile Guarding Maintenance Fire detection

Indirect costs

Increasing focus

  • n products with

higher margins

Traditional Guarding

+

  • 27
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SLIDE 28

US Market Entry

COMPANY PRESENTATION FY 2019

 Guarding  Monitoring / Technology  Systems Integrator  Cybersecurity

  • Activity initiated in December 2018
  • Acquisition of a group of companies

with high specialization in their respective service offerings

  • Creation of a “Pure Player” in

Enterprise Risk Security

  • Focus on Integrated and Advanced

Security Solutions

  • Relevant presence in regions with

the highest growth potential

  • Strategy based on both organic and

inorganic growth

WA OR CA NV ID MT WY UT AZ NM ND SD CO NE KS OK TX LA AR MO IA MN WI MI IL IN OH KY MS AL TN GA FL SC NC VA WV PA NY VT ME NH MA RI CT NJ DE MD

C B V

28

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SLIDE 29

PROSEGUR ALARMS

Betting on growth and shaping the future

COMPANY PRESENTATION FY 2019 29

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ALARMS MARKET: SIGNIFICANTLY UNDERPENETRATED

ALARMS PENETRATION RATES BY COUNTRY (%)

▪ World market is under-penetrated ▪ US is the most penetrated market globally and has only 20% penetration ▪ Prosegur core markets are all <10% penetration ▪ Sales and marketing are the main drivers of penetration → enormous growth potential that requires strong sales force and investment

% of households with a connected alarm

COMPANY PRESENTATION FY 2019 30

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SLIDE 31

ALARMS MARKET: FROM SINGLE DIGIT TO DOUBLE DIGIT GROWTH IN FOCUS REGIONS

COMPANY PRESENTATION FY 2019

PROSEGUR’S FOCUS REGIONS EXPECTED TO LEAD THIS GROWTH GLOBAL ALARM MONITORING MARKET ($BN) EXPECTED TO GROW AT 5.0% P.A.

CAGR: 5.0% 44 58

KEY DRIVERS

  • Increasing role of crimes and

burglaries

  • Rapid implementation of home

automation and security systems

  • Integration of biometric technology in

smartphones Alarm monitoring market 2015-20 CAGR Revenue expected growth by Region

2015 2020 8,35% 5,03% 4,12% 1.93% 1.67% LATAM Asia Pacific World North America Western Europe

Source: Freedonia report 2017

31

2015 2020 75 2025

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SLIDE 32

Installation Revenues Product cost Installation cost Sales cost Marketing cost

ALARMS: A DIFFERENT BUSINESS MODEL, SIGNIFICANT VALUE CREATION

VERY ATTRACTIVE RETURNS WITH UPFRONT CAPITAL REQUIREMENTS

CLIENT CONTRACT CASH FLOW

ARPU Year 0 Operating costs (Including monitoring, customer care, maintenance,...) Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 … Year N Average life-cycle

▪ Payback period over 4 years ▪ Average subscription period of 10 years ▪ Increasing ARPU on local currency basis ▪ Very attractive returns with upfront capital requirements COMPANY PRESENTATION FY 2019 32

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SLIDE 33
  • 1. KEY DIFFERENTIATING FACTORS – PRODUCT (1/2)

B2C

(residential & small business)

PORTFOLIO OF PRODUCTS OFFERING A FULL RANGE OF SOLUTIONS ADAPTED TO CLIENTS’ NEEDS

B2B

(transferred to Security)

▪ Complex CCTV systems ▪ Complex hybrid and wired systems COMPANY PRESENTATION FY 2019 ▪ Anti-theft systems, ▪ Smoke screen 2010 2015 2020 ▪ Wireless System (video-verification) ▪ Professional Hybrid & Wired Solutions ▪ Video in the Cloud ▪ Professional CCTV Solutions

VIDEO

▪ Vehicle Security Systems ▪ Mobile E-Health Solutions ‘Smartlife’ ▪ Internet of Things applied to security

HOME AUTOMATION

33 2018 2012 ▪ SMART solutions for Technology- Security integration

E-HEALTH HAWK EYE INCLUSION LOCATION

▪ Intelligent security services

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SLIDE 34
  • 1. KEY DIFFERENTIATING FACTORS – PRODUCT (2/2)

SMART PLATFORM AS THE CORE TOOL TO INTERACT WITH OUR CLIENTS AND BUILD LOYALTY

SMART PLATFORM

▪ SMART: Platform to interact with our clients which builds loyalty ▪ Launched in 2016 ▪ Productivity increase: Lower service costs ▪ Churn reduction: Connected clients have lower churn rates (empirically proven 2-4% below average) COMPANY PRESENTATION FY 2019 ▪ Protection: In case of need, we send our response teams to provide protection ▪ Police: Critical in those countries where Police does not have the resources to provide reliable response ▪ Even in countries where Police provides a response we provide value added services

RESPONSE

34

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SLIDE 35
  • 2. KEY DIFFERENTIATING FACTORS – SCALE

UNPARALLELED PLATFORM WITH CRITICAL MASS IN 11 COUNTRIES AND OVER 550,000 CONNECTIONS

COMPANY PRESENTATION FY 2019 Close to 7,000 employees Presence in 11 countries with high potential growth 11 monitoring centres duplicated More than 1,100 response professionals Base of over 550,000 connections Commercial Residential 45% 55%

Source: FY 2018 business figures

35

More than 20,000 vehicles tracked INDIA

n/a

TURKEY

n/a

COLOMBIA

2

PORTUGAL

2

SPAIN

2

ARGENTINA

2

SOUTH AFRICA

n/a

URUGUAY

1

PERU

1

PARAGUAY

3

CHILE

3

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SLIDE 36

SOLID FINANCIAL PERFORMANCE BEING THE FASTEST GROWING BUSINESS LINE WITHIN THE GROUP DRIVEN BY OUR FOCUS TO INCREASE OUR CUSTOMER BASE

CUSTOMER BASE EVOLUTION (# CONNECTIONS) AVERAGE REVENUE PER UNIT (ARPU)

2013 2014 2015 2016 2017 36.8 35 38 36 38 Ø 36.5

+11,4% 36 355 389 424 499 547

2014 2015 2016 2017 2018 2018 36

▪ Net additions Increment of 10%

  • ver same period in 2017

▪ Growth still over industry

average despite Argentina slowdown

Recurrent quota remains in line in the long term despite the adverse macro economic environment in Ibero-America

Positive evolution in local currency terms COMPANY PRESENTATION 2019

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SLIDE 37

Strategic Measures in the Alarm Business

Bancarisation of client portfolio

  • Bancarisation level of total BTC (as of Dec-18): 74%
  • Bancarisation level of 4Q18 new additions:

83% Consumer financing of the up-front payment to be

  • ffered to potential clients
  • Initiative already being rolled-out with leading

financial institutions in Spain

  • Customer solvency screening

Back-office automation through Smart platform

  • Smart penetration level of total BTC (as of Dec-18):

15%

  • Smart penetration level of 4Q18 new additions:

58%

COMPANY PRESENTATION 2019

37

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SLIDE 38

Environmental Social Governance

COMPANY PRESENTATION FY 2019 38

slide-39
SLIDE 39

+2 MILLION

HOURS OF TRAINING DELIVERED

+1,000

PROFESSIONALS WITH DISABILITIES

+170,000

PROFESSIONALS

+€12.MM

INVESTED IN TRAINING We ensure the utmost respect for the principle of equal treatment. We take no risks when it comes to safeguarding the physical safety and integrity of our professionals, raising their image and profiles. THE BEST HUMAN TEAM

COMPANY PRESENTATION FY 2019 39

slide-40
SLIDE 40

+200 COLLECTIVE

BARGAING AGREEMENTS

PROSEGUR IS A GLOBAL BENCHMARK IN THE PRIVATE SECURITY INDUSTRY

TRADE-UNION FREEDOM AND FREEDOM OF ASSOCIATION AND COLLECTIVE BARGAINING

+200 UNIONS +2,000

UNION DELEGATES

16%

OF EMPLOYEES ARE MEMBERS OF A TRADE UNION

* OECD average rate (2016): 12%

EUROPEAN WORKS COUNCIL

UGT, CC.OO y USO (ESP) VERDI (GER) CGT (FRA) STAD y SITESE (POR) *Advisor: UNI GLOBAL UNION

69% OF ANNUAL

REVENUES DISTRIBUTED TO EMPLOYEES

27% OF ANNUAL

REVENUES DISTRIBUTED TO SUPPLIERS

2 million HOURS OF

TRAINING

1.6 million hours

OF ONLINE TRAINING THROUGH THE PROSEGUR UNIVERSITY EFFECTIVE TAX RATE IN 2017 FOR PROSEGUR WAS 36,6%

SOCIAL CASH FLOW

COMPANY PRESENTATION FY 2019 40

slide-41
SLIDE 41

PROSEGUR, A RESPONSIBLE COMPANY

COMMITMENT WITH OUR EMPLOYEES AND HSE

PROSEGUR COMPETITOR 1 COMPETITOR 2 Fatality rate per 10.000 employees

0.41 0,43 0.20

Attacks Traffic Others

FATALITIES IN 2017 ADHERENCE TO STANDARDS AND REGULATIONS Priority IN ALL OF

OUR BUSINESSES

“ZERO INJURIES” GOAL,

REGARDLESS OF OUR BUSINESS DIFFICULTIES PREVENTIVE APPROACH WITH

THREE ACTION LEVELS:

Training

Monitoring and follow up

Technological innovation

RISK MANAGEMENT CYCLE

4

MONITOR

3

MANAGE

1

IDENTIFY

2

ANALYZE “PROSEGUR CODE OF ETHICS AND CONDUCT” CODE FROM THE LIGUE INTERNATIONALE DES SOCIÉTÉS DE SURVEILLANCE

Code from the Confederation

  • f European Security

Services (CoESS)

UN GLOBAL COMPACT WHISTLEBLOWER CHANNEL CORPORATE COMPLIANCE PROGRAM APPLICATION OF THE RIGHTS LISTED IN THE UNIVERSAL DECLARATION OF HUMAN RIGHTS (UDHR) TRANSPARENCY We draw up our Annual Reports using the Global Reporting Initiative (GRI) standards COMPANY PRESENTATION FY 2019

41

slide-42
SLIDE 42

PROSEGUR, A RESPONSIBLE COMPANY

COMMITMENT WITH OUR EMPLOYEES AND HSE ADHERENCE TO STANDARDS AND REGULATIONS Priority IN ALL OF

OUR BUSINESSES

“ZERO INJURIES” GOAL,

REGARDLESS OF OUR BUSINESS DIFFICULTIES PREVENTIVE APPROACH WITH

THREE ACTION LEVELS:

Training

Monitoring and follow up

Technological innovation “PROSEGUR CODE OF ETHICS AND CONDUCT” CODE FROM THE LIGUE INTERNATIONALE DES SOCIÉTÉS DE SURVEILLANCE

Code from the Confederation

  • f European Security

Services (CoESS)

UN GLOBAL COMPACT WHISTLEBLOWER CHANNEL CORPORATE COMPLIANCE PROGRAM APPLICATION OF THE RIGHTS LISTED IN THE UNIVERSAL DECLARATION OF HUMAN RIGHTS (UDHR) TRANSPARENCY We draw up our Annual Reports using the Global Reporting Initiative (GRI) standards COMPANY PRESENTATION FY 2019

42

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SLIDE 43

WE ARE COMMITTED TO PEOPLE

COMPANY PRESENTATION FY 2019

Prosegur Foundation channels the company’s social and cultural activities to help build a more giving society while generating

  • pportunities for personal development, thus

making tangible our commitment to contribute to the development of the regions the Group

  • perates in.

Our institution works to educate and improve the job prospects of people with intellectual disabilities and is also involved in corporate volunteering and cultural outreach We develop our own projects that are sustainable, transparent and replicate best practices

F O U N D A T I O N P R O S E G U R

46

PIECITOS COLORADOS SCHOOLS

4

FIELDS OF ACTION

10

COUNTRIES

34

PROJECTS COMPLETED IN 2018

€3MM INVESTED

IN 2018

+43,000

BENEFICIARIES IN 2018

43

slide-44
SLIDE 44

FY 2018 FINANCIAL INFORMATION

COMPANY PRESENTATION FY 2019 44

slide-45
SLIDE 45

Revenues by Business Revenues by Region

P&L

Con

  • nsolidated Re

Results ts FY 2017(1) FY 2018(2)

% Variation

In millions of Euros

Sales es

4,291

3, 3,93 939 (8.2)%

EBITDA

522 522

456 456 (12.6)%

Margin 12.2% 11.6% Depreciation

(104) (129) EBITA

417 417

327 327 (21.7)%

Margin 9.7% 8.3% Amortisation of intangibles and others (25) (26)

EBIT

392 392

301 301 (23.2)%

Margin 9.1% 7.7% Financial Result (45) (21)

Prof rofit be befor

  • re Taxes

347 347

280 280 (19.4)%

Margin 8.1% 7.1% Taxes (127) (100) Tax rate 36.6% 35.7%

Ne Net pr prof

  • fit

220 220

180 180 (18.3)%

Minority Interests

48

48

Ne Net Conso solidated ed Prof rofit

172 172

132 132 (23.2)%

Earnin ings pe per r sha hare re (Eur uros s pe per shar hare)

0.3

0. 0.2

(1) 2017 figures exclude extraordinary non-recurring effects of Prosegur CASH IPO. (2) 2018 figures have been elaborated applying IAS 21 and 29.

159 158

1,665 1,740 Europe 2,467 2,042 IberoAmerica AOA +4.5%

  • 17.2%
  • 0.6%

FY 2017 FY 2018

+4.5% +2.6% +10.7% 251 262

1,924 1,732 Cash 2,116 1,946 Security Alarms

  • 10.0%
  • 8.0%

+4.4%

+12.0% +3.2% +20.6% %

Growth in Local Currency(1) % Growth in Euros

COMPANY PRESENTATION FY 2019

slide-46
SLIDE 46

FY 2017

+8.5%

Org 1,924

+3.4%

Inorg

  • 22.0%

FX(1) FY 2018 1,732

  • 10.0%

360 268

18.7% FY 2017 15.5% FY 2018

  • 25.6%

EBIT Margin EBIT

Margin contraction in Euro-terms deriving mainly from FX, IAS 21&29 and integration costs Acceleration of growth in local currency to 12%, including the adverse effect of France and Australia

Sales EBIT & Margin

In millions of Euros. (1) Includes exchange rate effect and IAS 21 & 29.

COMPANY PRESENTATION FY 2019

PROSEGUR Cash

50

slide-47
SLIDE 47

COMPANY PRESENTATION FY 2019

FY 2017 Org

+3.5%

  • 0.3%

Inorg

  • 11.3%

FX(1) FY 2018 2,116 1,946

  • 8.0%

66 54

3.1% FY 2017 2.8% FY 2018

  • 18.1%

EBIT Margin EBIT

Profitability affected by the slowdown of the Brazilian economy and LatAm FX Client portfolio optimization leads to a temporary deterioration of organic growth

Sales EBIT(2) & Margin

In millions of Euros. (1) Includes exchange rate effect and IAS 21 & 29. (2) Security profitability excluding Overhead Costs.

51

PROSEGUR Security

slide-48
SLIDE 48

355 389 424 499 547 2015 2014 2017 2016 2018

+11.4% 251

FY 2017

+18.9%

Org

+1.7%

Inorg

  • 16.3%

FX(1)

262

FY 2018

+4.4%

Net additions increase of 10% vs. same period in 2017 Growth still above industry average, despite Argentina slowdown Sustained organic growth in revenues close to 20% Strong currency impact

35 38 36 38 36 2015 2014 2016 2017 2018

Ø 36.5

Recurring monthly fee remains in line with historic trend, in spite of the adverse macro environment in Ibero-America Positive evolution in local currency terms

BTC in thousands of connections - Sales in millions of Euros - ARPU in Euros. (1) Includes exchange rate effect and IAS 21 & 29.

Sales BTC ARPU

COMPANY PRESENTATION FY 2019

PROSEGUR Alarms

52

slide-49
SLIDE 49

Consolidated Cash Flow

In millions of Euros

FY 2017(1) FY FY 20 2018 18(2)

EB EBITDA 522 522

456 456

Provisions and other non-cash items 33

14

Tax on profit (ordinary) (124)

(102)

Changes in working capital (67)

(5)

Interests payments (34)

(20) Operating cash flow 330 330

343 343

Acquisition of property, plant & equipment (208)

(214)

Payments for acquisitions of subsidiaries (59)

(83)

Dividend payments (330)

(118)

Other flows 757

(35) Cash flow from investing / financing 160 160

(45 (450) 0)

Total net cash flow 490 490

(10 (107) 7)

Initial net financial position (712)

(25 (252) 2)

Net increase / (decrease) in cash 490

(107)

Exchange rate (30)

(66) Final net financial position (252)

(42 (425) 5)

(1) 2017 figures exclude extraordinary non-recurring effects of Prosegur CASH IPO. (2) 2018 figures have been elaborated applying IAS 21 and 29.

330 343

63.2% 75.2%

FY 2018 FY 2017 +3.9%

Operating Cash Flow Generation Operating Cash Flow % Cash/EBITDA

COMPANY PRESENTATION FY 2019

slide-50
SLIDE 50

Financial Result Breakdown

In millions of Euros

FY 2017 FY FY 20 2018 18

Financial Ex Expenses (57)

(28 (28)

FX FX(1) 12 12

7

Financial Resu esult

(45)

(21 (21)

252 350 391 458 425

  • Dec. 2017

1.71% 2.23%

  • Mar. 2018

1.80% 2.02%

  • Jun. 2018
  • Sep. 2018
  • Dec. 2018

1.65%

Average Cost of Debt Net Financial Debt

  • The Group’s debt optimization process has lead to a

reduction of financial expense of more than 50%

  • Average cost of debt decreases close to 60 bps vs. the

same period in 2017 (1.65% vs. 2.23%)

  • Successful amend and extend exercise of RCFs (February

2019), improving margin and extending tenor

Amounts in millions of Euros. (1) Includes exchange rate effect and IAS 21 & 29.

Net Financial Debt / EBITDA

0.9x

Net Financial Debt / Equity

0.4x

COMPANY PRESENTATION FY 2019

slide-51
SLIDE 51

Balance Sheet

(1) 2018 figures have been elaborated applying IAS 21 and 29.

In millions of Euros

FY FY 2017 2017 FY FY 2018 2018(1)

No Non-cur urrent nt Asset ssets 1,481 481

1, 1,72 721

Tangible fixed assets and real estate investments 587

745

Intangible assets 765

842

Others 128

133 Current nt Asset ssets 2,343 343

2, 2,09 099

Inventory 71

76

Customer and other receivables 1,151

975

Cash and equivalents and other financial assets 1,121

1,048

TOTAL ASSETS

3,824 824

3, 3,82 820

Ne Net Equi uity 1,143 143

1, 1,06 066

Share capital 37

37

Treasury shares (53)

(53)

Retained earnings and other reserves 1,085

1,013

Minority interests 74

69 No Non-current Li Liab abilities es 948 948

1, 1,676 676

Bank borrowings and other financial liabilities 717

1,392

Other non-current liabilities 230

285 Current Li Liab abilities es 1,73 733

1, 1,077 077

Bank borrowings and other financial liabilities 701

151

Trade payables and other current liabilities 1,031

926

TOTAL NET EQUITY AND LIABILITIES

3,82 824

3, 3,820 820

COMPANY PRESENTATION FY 2019 47

slide-52
SLIDE 52

Recent M&A

COMPANY PRESENTATION FY 2019

  • 18 Operations completed (10 in 2018)
  • Across all business lines
  • Cash (CIT, AVOS, ATM)
  • Security (Guarding, Monitoring, Cybersecurity)
  • Alarms
  • Close to €150 million in revenues (± 100 in 2018)

USA Central America Peru Paraguay Colombia Uruguay Brazil Spain Germany South Africa Singapore Philippines Australia

53

slide-53
SLIDE 53

53

Scalable Growth Process Improvement Savings

16 : 1

Reduction of payroll calculation hours in Brazil

100%

Robotization of the employee registration process in Spain +25,000 contracts / year + social security payment Reduces the time of incorporation from 48 to 24 hours

50%

Reduced cost in the monitoring of 2,600 armoured vehicles using IOT

135

Robotized Processes to achieve efficiencies of 120,000 hours/year

Digital Transformation – an ongoing transformational project to reshape the group

Car Sharing

Use of electric and low consumption vehicles in "car sharing" model for Alarms and Security

  • perational fleet

<60 days

Process improvement in “Opportunity 2 Cash” & “Procure 2 Pay” focusing on DSO reduction

COMPANY PRESENTATION FY 2019 55

slide-54
SLIDE 54

www.prosegur.com

THANK

YOU

CONTACT INFORMATION:

Antonio de Cárcer Investor Relations Director Tel: +34 91 589 83 29 antonio.decarcer@prosegur.com Cristina Casado Investor Relations Officer Tel: +34 91 589 83 29 Cristina.casado@prosegur.com