MEXICO CITY, Feb. 24, 2021 /PRNewswire/ -- Grupo Elektra, S.A.B. de C.V. (BMV: ELEKTRA*; Latibex: XEKT), Latin America's leading specialty retailer and financial services company, and the largest non-bank provider of cash advance services in the United States, today announced fourth quarter 2020 and full year 2020 financial results.
Consolidated Fourth Quarter Results
Consolidated revenues grew 4%, to Ps.33,663 million in the period, compared to Ps.32,417 million in the same quarter of the previous year. Operating costs and expenses were Ps.29,537 million, from Ps.26,864 million in the same period of 2019.
As a result, EBITDA was Ps.4,125 million, compared to Ps.5,554 million a year ago. Operating income was Ps.2,338 million this quarter, from Ps.3,698 million in the same period of 2019.
The company reported a net income of Ps.3,118 million, compared to a net income of Ps.1,532 million a year ago.
4Q 2019 | 4Q 2020 | Change | ||
Ps. | % | |||
Consolidated revenue | $32,417 | $33,663 | $1,245 | 4% |
EBITDA | $5,554 | $4,125 | $(1,428) | -26% |
Operating profit | $3,698 | $2,338 | $(1,360) | -37% |
Net result | $1,532 | $3,118 | $1,585 | ---- |
Net result per share | $6.71 | $13.71 | $7.00 | ---- |
Figures in millions of pesos | ||||
Revenue
Consolidated revenues increased 4%, as a result of a 28% growth in commercial sales, partially offset by a 13% decrease in financial revenues.
The growth in sales of the commercial business — to Ps.17,260 million, from Ps.13,479 million a year ago— is largely the result of a solid increase in sales of Italika motorcycles — which boosts business productivity and the mobility of families — telephony — that strengthens the connectivity of a growing number of users — and appliances, that are commercialized with optimal customer service, in the most competitive market conditions.
Sales from the commercial business were further boosted with the development of new stores under a larger surface format, which includes a wide variety of merchandise and services, to satisfy an increasing number of customers. Similarly, Omnichannel operations, with the online store www.elektra.com.mx, which sells thousands of products at unparalleled prices, from any device and at any time, further strengthened business performance, in a context of growing online transactions, given the health contingency.
The reduction in financial income — to Ps.16,403 million, from Ps.18,938 million in the previous year — reflects lower interests earned in the period, within the framework of deterioration in economic performance indicators, as a consequence of the health emergency.
Costs and Expenses
Consolidated costs for the quarter were Ps.16,212 million, from Ps.14,075 million from the previous year. The growth in costs is explained by a 31% increase in the commercial cost, in line with the strong growth in merchandise sales, partially offset by a 13% reduction in the financial cost, largely derived from lower interests paid, in line with decreasing market rates.
Selling, administrative and marketing expenses grew 4% to Ps.13,325 million as a result, mainly, of higher operating expenses — related to the protection of the health of employees and customers — and personnel expenses — in the framework of extraordinary disbursements for operational restructurings in the face of the new economic context — as well as an increase in advertising expenses.
EBITDA and net result
EBITDA was Ps.4,125 million, from Ps.5,554 million from the previous year. The company reported operating income of Ps.2,338 million, compared to Ps.3,698 million in the same quarter of 2019.
The main variations below EBITDA were the following:
An increase of Ps.3,901 million in the other financial results line, which reflect a gain of 10% this quarter in the market value of underlying assets of financial instruments held by the company — which does not imply cash flow — in comparison to a 1% depreciation a year ago.
Congruent with the results for the quarter, there was an increase of Ps.198 million in the tax provision in the period.
Grupo Elektra reported net income of Ps.3,118 million, compared to a net income of Ps.1,532 million a year ago.
Unconsolidated Balance Sheet
In order to allow the visualization of the non-consolidated financial situation, a pro forma exercise of the balance sheet of Grupo Elektra is presented, excluding the net assets of the financial business, whose investment is valued under the equity method, in this case.
This presentation shows the debt of the company without considering Banco Azteca's immediate and term deposits, which do not constitute debt with cost for Grupo Elektra. The pro forma balance sheet also does not include the bank's gross loan portfolio.
This proforma exercise provides greater clarity regarding the businesses that make up the company and allows financial market participants to estimate the value of the company, considering only the relevant debt for such calculations.
Consistent with this, debt with cost was Ps.25,150 million as of December 31, 2020, compared to Ps.24,136 million in the previous year. The balance of cash and cash equivalents was Ps.7,915 million, from Ps.4,379 million from the previous year. As a result, net debt as of December 31, 2020 was Ps.17,235 million, compared to Ps.19,757 million a year ago.
As of December 31, 2020, the company's stockholders 'equity was Ps.93,645 million, and the stockholders' equity to total liabilities ratio was 1.4 times.
As of | As of | Change | |||
2019 | 2020 | Ps. | % | ||
Cash and cash equivalents | $ 4,379 | $ 7,915 | 3,537 | 81% | |
Marketable financial instruments | 41,891 | 32,134 | (9,758) | (23%) | |
Inventories | 11,093 | 14,324 | 3,231 | 29% | |
Accounts receivables | 49,095 | 48,555 | (541) | (1%) | |
Other current assets | 5,478 | 3,119 | (2,359) | (43%) | |
Investments in shares | 34,909 | 36,446 | 1,536 | 4% | |
Fixed assets | 8,180 | 7,422 | (758) | (9%) | |
Right of use assets | 8,763 | 8,358 | (405) | (5%) | |
Other assets | 1,406 | 1,614 | 207 | 15% | |
Total assets | $165,196 | $159,886 | ($5,310) | (3%) | |
Short-term debt | $ 3,268 | $ 10,853 | 7,585 | 232% | |
Suppliers | 6,885 | 6,071 | (813) | (12%) | |
Other short-term liabilities | 16,212 | 14,776 | (1,436) | (9%) | |
Long-term debt | 20,868 | 14,297 | (6,571) | (31%) | |
Differed taxes | 10,646 | 9,515 | (1,131) | (11%) | |
Other long-term debt | 9,521 | 10,729 | 1,208 | 13% | |
Total liabilities | $ 67,399 | $ 66,241 | ($1,158) | (2%) | |
Stakeholder´s equity | $ 97,797 | $ 93,645 | ($4,152) | (4%) | |
Liabilities and equity | $165,196 | $159,886 | ($5,310) | (3%) | |
Figures in millions of pesos. | |||||
Consolidated Balance Sheet
Loan Portfolio and Deposits
Banco Azteca Mexico, Purpose Financial and Banco Azteca Latin America's consolidated gross portfolio as of December 31, 2020 grew 7% to Ps.119,106 million, from Ps.110,898 million for the previous year. The consolidated delinquency rate was 4.7% at the end of the period, compared to 4.2% in the previous year.
The gross portfolio of Banco Azteca Mexico grew 11% to Ps.103,529 million, from Ps.93,253 million a year ago. The default rate for the bank at the end of the quarter was 4.7%, in comparison with 3.7% for the previous year.
The average term of the credit portfolio for principal credit lines — consumer, personal loans, and Tarjeta Azteca — was 64 weeks at the end of the fourth quarter.
Grupo Elektra's consolidated deposits were Ps.172,627 million, 11% higher than the Ps.154,977 million a year ago. Deposits of Banco Azteca Mexico were Ps.172,049 million, 14% higher than the Ps.151,184 million a year ago.
The ratio of deposits to gross portfolio of Banco Azteca Mexico of 1.7 times, consolidates the solid growth prospects of the Bank, with optimal funding cost.
The Bank's liquidity coverage ratio — total of eligible liquid assets / total net cash out — was 662%, an outstanding figure in the Mexican banking sector.
The estimated capitalization index of Banco Azteca Mexico was 14.36%.
Infrastructure
Grupo Elektra currently has 6,601 points of contact, compared to 7,250 units the previous year. The decrease results from the closure of 397 Purpose Financial contact points in the United States — in the context of strategies aimed at boosting online credit operations and strengthening the company's operating efficiency — as well as the closure of 274 contact points in Latin America derived, to a large extent, from the sale of Banco Azteca del Peru.
In Mexico, in the last twelve months, 37 new Elektra stores were opened in strategic locations, with greater surface area, which increases the offer of products and services, and maximizes the customer's shopping experience.
The company has 4,803 storefronts in Mexico at the end of the quarter, 1,429 in the United States, and 369 in Central and South America. The important distribution network allows the company to maintain close contact with customers and grants a superior market positioning in the countries where it operates.
Sale of Banco Azteca del Perú
During the quarter, the sale of all Banco Azteca del Perú shares to a group of Peruvian investors with recognized experience in the financial sector was announced.
The parties announced the implementation of an orderly transition process in order to ensure the continuity of operations and security for its users.
Banco Azteca del Perú's operations represented a non-material proportion in relation to all the activities of Grupo Elektra's financial business. As a result of this operation, the company will concentrate its efforts in Mexico, the United States and Central America, which could further boost its solid prospects.
Issuance of Senior Notes for US$500 million
In January, Grupo Elektra announced that its subsidiary Nueva Elektra del Milenio, S.A. de C.V., as originator, successfully placed, through a special purpose vehicle established under the Luxembourg law, Senior Notes for US$500 million, for seven years, and a 4.875% rate, in international markets. The Senior Notes have a corporate guaranty from the Company.
The issue — which had a credit rating of BBB- by Fitch and BBB+ by HR Ratings — will be used to fund reserve accounts for the payment of obligations under Senior Notes and will strengthen the liquidity of the company, which will allow to further boost Grupo Elektra's financial strength.
Twelve Month Results
Total consolidated revenue in 2020 grew 5% to Ps.120,507 million, from Ps.115,173 million for 2019, as a result of a 21% increase in the commercial business and a 5% reduction in the financial business.
EBITDA was Ps.9,812 million, compared to Ps.19,253 million from the previous year. The decrease is largely due to the credit reserves made by Banco Azteca last March, for 100% of the loan amount of Ps.7,243 million from a borrower that initiated a bankruptcy process (Chapter 11) in the United States, as previously announced.
The company reported an operating income of Ps.2,057 million, from an operating profit of Ps.12,271 million a year ago. During the year, a net loss of Ps.1,914 million was registered, compared to a net income of Ps.16,151 million in 2019.
2019 | 2020 | Change | ||
Ps. | % | |||
Consolidated revenue | $115,173 | $120,507 | $5,334 | 5% |
EBITDA | $19,253 | $9,812 | $(9,441) | -49% |
Operating result | $12,271 | $2,057 | $(10,214) | -83% |
Net result | $16,151 | $(1,914) | $(18,064) | ---- |
Net result per share | $70.71 | $(8.42) | $(79.13) | ---- |
Figures in millions of pesos | ||||
Company Profile:
Grupo Elektra is Latin America's leading financial services company and specialty retailer and the largest non-bank provider of cash advance services in the United States. The group operates more than 6,600 points of contact in Mexico, the United States, Guatemala, Honduras, Panama and Peru.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community wellbeing; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. These companies include TV Azteca (www.TVazteca.com; www.irtvazteca.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Purpose Financial (havepurpose.com), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Punto Casa de Bolsa (www.puntocasadebolsa.mx), Totalplay (www.totalplay.com.mx) and Totalplay Empresarial (totalplayempresarial.com.mx). TV Azteca and Grupo Elektra trade shares on the Mexican Stock Market and in Spain's' Latibex market. Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are presented in documents sent to the securities authorities.
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | ||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||
MILLIONS OF MEXICAN PESOS | ||||||||
4Q19 | 4Q20 | Change | ||||||
Financial income | 18,938 | 58% | 16,403 | 49% | (2,535) | -13% | ||
Commercial income | 13,479 | 42% | 17,260 | 51% | 3,781 | 28% | ||
Income | 32,417 | 100% | 33,663 | 100% | 1,245 | 4% | ||
Financial cost | 5,005 | 15% | 4,370 | 13% | (636) | -13% | ||
Commercial cost | 9,069 | 28% | 11,843 | 35% | 2,774 | 31% | ||
Costs | 14,075 | 43% | 16,212 | 48% | 2,138 | 15% | ||
Gross income | 18,343 | 57% | 17,450 | 52% | (893) | -5% | ||
Sales, administration and promotion expenses | 12,789 | 39% | 13,325 | 40% | 536 | 4% | ||
EBITDA | 5,554 | 17% | 4,125 | 12% | (1,428) | -26% | ||
Depreciation and amortization | 969 | 3% | 1,417 | 4% | 448 | 46% | ||
Depreciation right of use asset | 863 | 3% | 732 | 2% | (131) | -15% | ||
Other expense (income), net | 23 | 0% | (363) | -1% | (386) | ---- | ||
Operating income | 3,698 | 11% | 2,338 | 7% | (1,360) | -37% | ||
Comprehensive financial result: | ||||||||
Interest income | 245 | 1% | 236 | 1% | (9) | -4% | ||
Interest expense | (921) | -3% | (827) | -2% | 94 | 10% | ||
Foreign exchange loss, net | (395) | -1% | (792) | -2% | (398) | -100% | ||
Other financial results, net | (508) | -2% | 3,393 | 10% | 3,901 | ---- | ||
(1,578) | -5% | 2,010 | 6% | 3,588 | ---- | |||
Participation in the net income of | ||||||||
CASA and other associated companies | 305 | 1% | 401 | 1% | 96 | 32% | ||
Income before income tax | 2,425 | 7% | 4,749 | 14% | 2,324 | 96% | ||
Income tax | (775) | -2% | (973) | -3% | (198) | -26% | ||
Income before discontinued operations | 1,650 | 5% | 3,776 | 11% | 2,126 | 100% | ||
Result from discontinued operations | (117) | 0% | (658) | -2% | (541) | -100% | ||
Consolidated net income | 1,532 | 5% | 3,118 | 9% | 1,585 | 100% | ||
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | ||||||||
CONSOLIDATED INCOME STATEMENTS | ||||||||
MILLIONS OF MEXICAN PESOS | ||||||||
12M19 | 12M20 | Change | ||||||
Financial income | 71,958 | 62% | 68,253 | 57% | (3,705) | -5% | ||
Commercial income | 43,215 | 38% | 52,254 | 43% | 9,039 | 21% | ||
Income | 115,173 | 100% | 120,507 | 100% | 5,334 | 5% | ||
Financial cost | 18,631 | 16% | 24,778 | 21% | 6,147 | 33% | ||
Commercial cost | 28,588 | 25% | 34,970 | 29% | 6,382 | 22% | ||
Costs | 47,219 | 41% | 59,749 | 50% | 12,530 | 27% | ||
Gross income | 67,954 | 59% | 60,759 | 50% | (7,195) | -11% | ||
Sales, administration and promotion expenses | 48,700 | 42% | 50,946 | 42% | 2,246 | 5% | ||
EBITDA | 19,253 | 17% | 9,812 | 8% | (9,441) | -49% | ||
Depreciation and amortization | 3,897 | 3% | 5,115 | 4% | 1,218 | 31% | ||
Depreciation right of use asset | 3,033 | 3% | 3,072 | 3% | 39 | 1% | ||
Other expense (income), net | 52 | 0% | (432) | 0% | (484) | ---- | ||
Operating Income | 12,271 | 11% | 2,057 | 2% | (10,214) | -83% | ||
Comprehensive financial result: | ||||||||
Interest income | 1,148 | 1% | 975 | 1% | (173) | -15% | ||
Interest expense | (3,582) | -3% | (3,559) | -3% | 22 | 1% | ||
Foreign exchange (loss) gain, net | (382) | 0% | 1,696 | 1% | 2,078 | ---- | ||
Other financial results, net | 13,364 | 12% | (2,646) | -2% | (16,009) | ---- | ||
10,548 | 9% | (3,534) | -3% | (14,082) | ---- | |||
Participation in the net income of | ||||||||
CASA and other associated companies | 303 | 0% | (296) | 0% | (599) | ---- | ||
Income (loss) before income tax | 23,122 | 20% | (1,772) | -1% | (24,894) | ---- | ||
Income tax | (6,769) | -6% | 1,071 | 1% | 7,840 | ---- | ||
Income (loss) before discontinued operations | 16,353 | 14% | (702) | -1% | (17,054) | ---- | ||
Result from discontinued operations | (202) | 0% | (1,212) | -1% | (1,010) | ---- | ||
Consolidated net income (loss) | 16,151 | 14% | (1,914) | -2% | (18,064) | ---- | ||
GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | ||||||||||
CONSOLIDATED BALANCE SHEET | ||||||||||
MILLIONS OF MEXICAN PESOS | ||||||||||
Commercial | Financial | Grupo | Commercial | Financial | Grupo | |||||
Change | ||||||||||
At December 31, 2019 | At December 31, 2020 | |||||||||
Cash and cash equivalents | 4,379 | 21,635 | 26,014 | 7,915 | 29,744 | 37,659 | 11,645 | 45% | ||
Marketable financial instruments | 16,071 | 79,964 | 96,035 | 5,244 | 84,797 | 90,041 | (5,994) | -6% | ||
Performing loan portfolio | - | 73,150 | 73,150 | - | 67,966 | 67,966 | (5,184) | -7% | ||
Total past-due loans | - | 4,117 | 4,117 | - | 4,688 | 4,688 | 572 | 14% | ||
Gross loan portfolio | - | 77,267 | 77,267 | - | 72,654 | 72,654 | (4,613) | -6% | ||
Allowance for credit risks | - | 8,601 | 8,601 | - | 9,070 | 9,070 | 470 | 5% | ||
Loan portfolio, net | - | 68,666 | 68,666 | - | 63,584 | 63,584 | (5,082) | -7% | ||
Inventories | 11,093 | - | 11,093 | 14,324 | - | 14,324 | 3,231 | 29% | ||
Other current assets | 14,548 | 8,716 | 23,265 | 14,298 | 9,987 | 24,284 | 1,020 | 4% | ||
Total current assets | 46,091 | 178,982 | 225,073 | 41,781 | 188,112 | 229,893 | 4,820 | 2% | ||
Financial instruments | 25,820 | 266 | 26,086 | 26,890 | 99 | 26,988 | 902 | 3% | ||
Performing loan portfolio | - | 33,059 | 33,059 | - | 45,593 | 45,593 | 12,534 | 38% | ||
Total past-due loans | - | 572 | 572 | - | 859 | 859 | 287 | 50% | ||
Gross loan portfolio | - | 33,631 | 33,631 | - | 46,452 | 46,452 | 12,821 | 38% | ||
Allowance for credit risks | - | 1,455 | 1,455 | - | 1,627 | 1,627 | 172 | 12% | ||
Loan portfolio | - | 32,176 | 32,176 | - | 44,825 | 44,825 | 12,649 | 39% | ||
Other non-current assets | 27,598 | 189 | 27,787 | 24,888 | 191 | 25,079 | (2,708) | -10% | ||
Investment in shares | 2,050 | - | 2,050 | 1,693 | - | 1,693 | (357) | -17% | ||
Property, furniture, equipment and | ||||||||||
investment in stores, net | 8,180 | 7,280 | 15,460 | 7,422 | 7,938 | 15,360 | (100) | -1% | ||
Intangible assets | 697 | 6,714 | 7,412 | 520 | 7,065 | 7,584 | 173 | 2% | ||
Right of use asset | 8,763 | 2,014 | 10,777 | 8,154 | 2,045 | 10,199 | (578) | -5% | ||
Other assets | 709 | 578 | 1,286 | 1,094 | 8,182 | 9,275 | 7,989 | ---- | ||
TOTAL ASSETS | 119,908 | 228,198 | 348,106 | 112,441 | 258,456 | 370,897 | 22,790 | 7% | ||
Demand and term deposits | - | 154,977 | 154,977 | - | 172,627 | 172,627 | 17,650 | 11% | ||
Creditors from repurchase agreements | - | 13,536 | 13,536 | - | 21,814 | 21,814 | 8,278 | 61% | ||
Short-term debt | 3,212 | 245 | 3,457 | 10,637 | 203 | 10,840 | 7,382 | 214% | ||
Leasing | 1,557 | 936 | 2,493 | 1,134 | 883 | 2,018 | (475) | -19% | ||
Short-term liabilities with cost | 4,769 | 169,694 | 174,463 | 11,771 | 195,527 | 207,298 | 32,835 | 19% | ||
Suppliers and other short-term liabilities | 17,882 | 13,653 | 31,535 | 19,461 | 13,167 | 32,628 | 1,093 | 3% | ||
Short-term liabilities without cost | 17,882 | 13,653 | 31,535 | 19,461 | 13,167 | 32,628 | 1,093 | 3% | ||
Total short-term liabilities | 22,650 | 183,348 | 205,998 | 31,232 | 208,694 | 239,926 | 33,928 | 16% | ||
Long-term debt | 18,920 | 2,020 | 20,940 | 14,259 | 16 | 14,275 | (6,665) | -32% | ||
Leasing | 7,622 | 1,103 | 8,725 | 7,788 | 1,294 | 9,081 | 357 | 4% | ||
Long-term liabilities with cost | 26,542 | 3,122 | 29,664 | 22,047 | 1,310 | 23,357 | (6,308) | -21% | ||
Long-term liabilities without cost | 12,545 | 2,102 | 14,647 | 12,457 | 1,512 | 13,969 | (678) | -5% | ||
Total long-term liabilities | 39,087 | 5,224 | 44,312 | 34,503 | 2,822 | 37,326 | (6,986) | -16% | ||
TOTAL LIABILITIES | 61,737 | 188,572 | 250,309 | 65,735 | 211,516 | 277,252 | 26,942 | 11% | ||
TOTAL STOCKHOLDERS' EQUITY | 58,171 | 39,626 | 97,797 | 46,706 | 46,939 | 93,645 | (4,152) | -4% | ||
INFRASTRUCTURE | ||||||||
4Q19 | 4Q20 | Change | ||||||
Points of sale in Mexico | ||||||||
Elektra | 1,142 | 16% | 1,143 | 17% | 1 | 0% | ||
Salinas y Rocha | 38 | 1% | 36 | 1% | (2) | -5% | ||
Banco Azteca | 1,838 | 25% | 1,853 | 28% | 15 | 1% | ||
Freestanding branches | 1,763 | 24% | 1,771 | 27% | 8 | 0% | ||
Total | 4,781 | 66% | 4,803 | 73% | 22 | 0% | ||
Points of sale in Central and South America | ||||||||
Elektra | 172 | 2% | 108 | 2% | (64) | -37% | ||
Banco Azteca | 378 | 5% | 213 | 3% | (165) | -44% | ||
Freestanding branches | 93 | 1% | 48 | 1% | (45) | -48% | ||
Total | 643 | 9% | 369 | 6% | (274) | -43% | ||
Points of sale in North America | ||||||||
Purpose Financial | 1,826 | 25% | 1,429 | 22% | (397) | -22% | ||
Total | 1,826 | 25% | 1,429 | 22% | (397) | -22% | ||
TOTAL | 7,250 | 100% | 6,601 | 100% | (649) | -9% | ||
Floor space (m²) | 1,761 | 100% | 1,542 | 100% | (219) | -12% | ||
Employees | ||||||||
Mexico | 74,154 | 83% | 62,994 | 88% | (11,160) | -15% | ||
Central and South America | 9,671 | 11% | 4,965 | 7% | (4,706) | -49% | ||
North America | 5,058 | 6% | 3,319 | 5% | (1,739) | -34% | ||
Total employees | 88,883 | 100% | 71,278 | 100% | (17,605) | -20% | ||
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SOURCE Grupo Elektra, S.A.B. de C.V.
