Is This Brink’s Company’s Response To Activist Jeff Smith?

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72 Segment Overview:  Brazil  Harsh persistent economic recession and political turmoil  Consolidation of banks and retail contraction  Lower physical volumes and lower value  Delays / challenges in gaining annual price negotiations  Market wage inflation  Revenue decrease due to delay in price increase and lower volumes  OP H1 down $7M and margin deteriorated from 8.5% to 5.8%  Cost and wage inflation outpacing price negotiations and cost reduction actions  Decreasing demand for BGS and higher value retail services (e.g., CompuSafe) $40 $41 $34 $15 $8 11.0% 11.6% 9.4% 8.5% 5.8% 2012 2013 2014 1H14 1H15 $364 $354 $364 $178 $142 17% 8% 12% 15% 3% 2012 2013 2014 1H14 1H15 ($ Millions) Revenue Operating Profit Market Dynamics Overview Organic Growth OP%
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