Prosegur Cash redeems treasury stock equivalent to 1,4% of share capital
With this transaction, the company reinforces its commitment to shareholder remuneration
Madrid, 5th August 2021.- Prosegur Cash has redeemed 21,589,296 treasury shares, equivalent to approximately 1.4% of the share capital, purchased under the Share Buyback Programme announced on 3 June 2020.
With this transaction, in addition to the payment of the dividend agreed by the Board of Directors last December amounting to EUR 59,927,995.99 and payable in four tranches throughout the financial year 2021, the company reinforces its commitment to shareholder remuneration, in line with what was established at the time of its IPO.
After the redemption of treasury shares, Prosegur Cash reduces its share capital by EUR 431,785.92 to EUR 30,458,933.66, corresponding to 1,522,946,683 shares with a par value of EUR 0.02 each. This reduction in share capital shall take effect on 2 July 2021.
Prosegur Cash will request the delisting of the redeemed shares from the corresponding Stock Exchanges and the cancellation of the redeemed shares in the accounting records of "Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A." (Single-member Company) (IBERCLEAR).
Prosegur Cash reported sales of 692 million euros in the first six months of 2021, 10.3% down on the first half of last year. While still showing the translational impact of foreign exchange, there has been a general improvement in revenue growth in local currency in all geographies. Turnover in local currency increased to 3.1% in the second quarter of the year. Prosegur Cash's EBITA reached 91 million euros in the first half of the year, with a margin of 13.1%. If the capital gains generated by the divestments made in the period are excluded, the underlying margins showed gradual improvements during the 6 months, reaching an EBITA of 70 million euros, and a margin of 10.2%. Prosegur Cash's consolidated net profit from January to July improved 41.3% to €31 million. These figures show the company's ability to adapt to the complexity of the environment resulting after the health crisis.
Prosegur Cash maintained its positive development in cash generation with 65 million euros of Free Cash Flow in the period and a conversion ratio of 79%. In addition, the company shown a stable financial leverage ratio, despite the inorganic activity of the period. Thus, the total net debt at the end of these first 6 months was 680 million euros, including IFRS 16, deferred payments and treasury stock. This figure represents a decrease of 57 million euros compared to the end of the first half of 2020.