The following is excerpted from the question-and-answer section of the transcript.
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Question: Manuel Lorente Ortega - Santander - Analyst
: Yes. Hi. Good morning. My first question probably is on Argentina. The lift of some of all of the capital control restrictions, it has been clearly a good
news. So I would like if you can share with us your thoughts regarding whether or not this might have an impact over your -- the technicality of
your dividend repatriation or any update on Argentina will be great.
Question: Manuel Lorente Ortega - Santander - Analyst
: Okay. And then my second question is then on the organic growth rate, that 13%, it will be great if you can share with us some granularity regarding
the moving parts beneath that 13%, maybe which part is pricing driven, which part is volume driven or there is a significant mix between the
different geographies?
Question: Manuel Lorente Ortega - Santander - Analyst
: Okay. But for example, is it fair to say that, that 60%-40% split it's more or less the same between LATAM and Australia, for example. Maybe I was
expecting, I don't know, LATAM to be a little bit more pricing driven because FX headwinds and the other geographies are more volume-driven
or not? It's that 60%-40% holds perfectly for the different regions.
Question: Manuel Lorente Ortega - Santander - Analyst
: Okay. Thank you.
Question: Enrique Yaguez - Bestinver Securities - Analyst
: Good morning, Javier and Miquel. The first one is a follow-up question regarding the organic growth. I don't know if there has been some anticipation
in the tariff pass-through in LATAM, and then also in Asia Pacific, just to understand the sharp increase in the organic growth.
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MAY 05, 2025 / 9:30AM, CASHP.MC - Q1 2025 Prosegur Cash SA Earnings Call
It is -- do you think it's sustainable and it is driven just by one geography? I mean, to have further color about how sustainable these rates are? And
also in Europe, if you could give us some color about how it's performing in April, taking into consideration the calendar effect?
The second question is on the recent joint venture agreement with Euronet. Could you quantify the expected impact in revenues? And the last
question is just a question of the -- regarding the small decline in depreciation expenses, which at the end, expand your margin. It's just a question
of the quarter or if there are any other explanation because I was expecting to remain flat or slightly higher this figure. Thank you very much.
Question: Enrique Yaguez - Bestinver Securities - Analyst
: Thank you, Javier. And regarding the evolution of Europe in April?
Question: Enrique Yaguez - Bestinver Securities - Analyst
: Okay. Thank you.
Question: Alvaro Lenze - Alantra Equities - Analyst
: Hi, thanks for taking my questions. The first one is whether you could explain what the one-offs in Europe have been? Are you still having troubles
with the strikes in Germany? Or is it something else? Because I understand that the one-offs is not related to the calendar effect. Those are separate
things. So if you could clarify that would be helpful because we have seen a slowdown in growth throughout 2024, and it seems to continue into
2025. So just to understand the actual underlying mechanics there.
Second question is going back again to AOA region. The revenue contribution seems very, very high at EUR47 million. It's higher than it was in Q4,
and we are used to Q4 being the strongest. I don't know if there is a different seasonality in this region or if there has been some one-off effect?
And then a clarifying question. If you open a shop, so to speak, of the currency exchange business in, say, Japan, is that accounted for within the
AOA region or within Europe? So just to understand how the change group business is reported. Thank you.
Question: Alvaro Lenze - Alantra Equities - Analyst
: Thank you. That's very helpful. And a follow-up -- well, another question, if I may, just on Argentina. If you eventually get out of the capital controls,
would you consider recurring to some leverage in the country and repatriate some extra cash and leave some debt in local currency there as a
hedge as you used to do in the past because in the past, you used to have a better match of your debt with your revenue and profit exposure. It
now seems that your debt is overexposed to euros.
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MAY 05, 2025 / 9:30AM, CASHP.MC - Q1 2025 Prosegur Cash SA Earnings Call
Question: Alvaro Lenze - Alantra Equities - Analyst
: Okay. Thank you.
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