2005 Financial Review

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 7 - Acquisitions

The Company acquired security operations in seven countries over the last two years. These operations have all been included in the Company’s Brink’s operating segment.


(In millions)	Acquisition completed in the quarter ended	Purchase price
Greece	March 31, 2004	$	11.9
Other	September 30, 2004		2.9
		$	14.8
Luxembourg, Scotland and Ireland	March 31, 2005	$	41.9
Hungary, Poland and the Czech Republic	June 30, 2005		10.7
Other	December 31, 2005		0.6
		$	53.2

These acquisitions have been accounted for as business combinations. Under the purchase method of accounting, assets acquired and liabilities assumed from these operations are recorded at fair value on the date of acquisition. The consolidated statements of operations include the results of operations for an acquired entity from the date of acquisition. The results of the acquired operations were not material to the Company’s consolidated statements of operation for the periods presented.

Purchase prices for 2005 acquisitions have been preliminarily allocated based on estimates of fair value of assets acquired and liabilities assumed. The final valuation of net assets is expected to be completed as soon as possible, but not later than one year from the acquisition date in accordance with U.S. GAAP.