NP2020CASH

Madrid, 26 February 2021.- Prosegur Cash reported sales of 1,508 million euros in 2020, representing 16.2% less than the previous year. Billing has been penalised by the reduction in volumes of the services provided, as well as by the translational impact of currencies, especially in emerging markets. Despite this, growth in local currency (including organic and inorganic) has been positive and reached 1.7%, highlighting the company's rapid adaptation to a volatile and complex environment. 
Prosegur Cash's EBITA during the year came to 185 million euros and a margin of 12.3%. EBITA increased to 214 million, not including the costs associated with implementing efficiency plans, which is a margin of 14.2%. 

Prosegur Cash's consolidated net profit was 16 million euros in 2020, affected by a number of non-recurring expenses, which was 90.8% less than the previous year.
In relation to the cash flow performance, Prosegur Cash has achieved an excellent cash generation with 161 million euros of free cash flow, maintaining a conversion rate of 74.4%. In this connection, worth mention is the favourable impact of the spending and investment containment measures and working capital control measures. All this has made it possible for the company to reduce its total net debt by 85 million euros since the start of the pandemic to 672 million euros at the end of the period including IFRS 16, deferred payments and treasury stock. 

Last October, rating agency Standard & Poor's confirmed BBB's credit rating with a stable outlook for Prosegur Cash, highlighting the strength of its balance sheet, its ability to generate cash and the absence of relevant refinancing needs until 2026.

As for the activity performance by geography, the behaviour of operations has varied from region to region:
Ibero-America reported sales of 973 million euros. The region has contributed 65% of the total turnover and maintained positive organic growth despite the incidence of the pandemic and a demanding comparison compared to the second half of the previous year. However, because of the unfavourable currency performance, euro sales fell by 18% compared to 2019. 

Europe accounted for 29% of total turnover with sales of 436 million euros, a decrease of 14% compared to 2019. In the last tranche of the year, and despite new restrictions on markets in this region, there was a gradual decline in sales from previous quarters.

Asia-Pacific contributed 7% of total sales with 99 million euros, 6% less than in 2019. The sequential improvement in sales in Australia is noteworthy in this region.

Finally, the New Products activities maintained the positive dynamics of growth in local currency, reaching 283 million euros. This figure already accounts for 18.8% of total sales and the penetration of new solutions is increasing in almost all markets in which Prosegur Cash operates. The company is also reinforcing its investment in innovation and digital transformation with the aim of facing future challenges in the best possible position. 

By region, the New Products have reported sales in Latin America of 171 million euros and have continued to grow in local currency to reach 17.5% of the region's sales. In Europe, turnover rose by 5% to 99 million euros and its weight in terms of total turnover in the region notably increased to 22.7%. In Asia-Pacific, New Products grew to 13 million euros, doubling turnover by incorporating the ATM business in Australia. As such, they have increased their weight to 13.0% of the income in this geography.