GRUPO ELEKTRA ANNOUNCES REVENUE OF Ps.44,562 MILLION AND EBITDA OF Ps.6,363 MILLION IN THE FIRST QUARTER OF 2024
— Firm dynamism in merchandise sales
generates a 10% increase in commercial revenue, to Ps.17,036 million —
— Operating profit grows 8% in the period, to Ps.4,067 million —
— Increasing quality of Banco Azteca México's portfolio;
delinquency rate drops to 3.7%, from 4.9% a year ago —
First quarter results
Consolidated revenue grew 6%, to Ps.44,562 million in the period, compared to Ps.42,219 million in the same quarter of the previous year. Operating costs and expenses increased 6%, to Ps.38,199 million, from Ps.36,062 million in 2023.
As a result, EBITDA was Ps.6,363 million, 3% higher compared to Ps.6,158 million a year ago. Operating income was Ps.4,067 million, 8% above Ps.3,767 million in the same period of 2023.
The company reported net income of Ps.1,721 million, compared to net income of Ps.459 million a year ago.
|
1Q 2023 |
1Q 2024 |
Change |
|
|
|
|
Ps. |
% |
|
|
|
|
|
Consolidated revenue |
|
|
|
6 % |
|
|
|
|
|
EBITDA |
|
|
|
3 % |
|
|
|
|
|
Operating result |
|
|
|
8 % |
|
|
|
|
|
Net result |
|
|
|
----- |
|
|
|
|
|
Net result per share |
|
|
|
----- |
|
|
|
|
|
Figures in millions of pesos
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization.
As of
Revenue
Consolidated revenue increased 6% during the period, attributable to a 10% growth in commercial sales and a 3% increase in financial income.
The increase in financial income — to Ps.27,526 million, from Ps.26,699 million the previous year — reflects a 3% growth in Banco Azteca México's income. This growth aligns with the ongoing expansion of the gross credit portfolio, contributing to the wellbeing of millions of families and fostering business development.
The increase in income from the commercial business, to Ps.17,036 million, from Ps.15,520 million a year ago, results largely from growth in motorcycle sales — which strengthen business productivity and the mobility of millions of people — telephony — which facilitates efficient connectivity for more and more users — and household appliances, which boost the quality of life of a growing number of families.
Costs and expenses
Consolidated costs for the quarter were Ps.21,534 million, compared to Ps.19,904 million the previous year. This growth is attributed to a 6% increase in the financial cost, resulting from higher interest paid, as well as a 10% rise in the commercial cost, in line with the increase in revenue from the commercial business.
Sales, administration, and promotion expenses grew 3%, to Ps.16,665 million, from Ps.16,158 million a year ago, largely as a result of higher advertising expenses.
The lower growth in expenses in relation to income for the period results from solid strategies that drive
EBITDA and net result
EBITDA was Ps.6,363 million, from Ps.6,158 million the previous year. The company reported operating income of Ps.4,067 million, compared to Ps.3,767 million in the same quarter of 2023.
Below EBITDA, a positive variation of Ps.1,867 million was recorded in other financial results, which reflects a 2% loss this quarter in the market value of the underlying financial instruments that the company owns — and which does not imply cash flow — compared to a 7% loss a year ago.
Unconsolidated balance sheet
A proforma balance sheet exercise of
This presentation shows the debt of the company without considering
This provides greater clarity about the different businesses that make up the company and allows financial market participants to make estimates of the value of the company, considering only the relevant debt for said calculations.
Consistent with this, debt with cost as of
The balance of cash and cash equivalents was Ps.12,267 million, from Ps.10,078 million the previous year. Net debt was Ps.26,301 million, 9% below Ps.28,948 million a year ago.
As of
|
As of March 31 |
As of March 31 |
Change |
|||||
Ps. |
% |
|||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
Cash and cash equivalents |
|
|
2,189 |
22 % |
||||
Marketable financial instruments |
28,059 |
25,717 |
(2,342) |
(8 %) |
||||
Inventories |
17,663 |
17,470 |
(194) |
(1 %) |
||||
Accounts receivables |
43,350 |
52,012 |
8,661 |
20 % |
||||
Other current assets |
5,083 |
3,857 |
(1,227) |
(24 %) |
||||
Investments in shares |
39,692 |
41,575 |
1,883 |
5 % |
||||
Fixed assets |
10,037 |
8,801 |
(1,236) |
(12 %) |
||||
Right of use assets |
12,848 |
12,056 |
(792) |
(6 %) |
||||
Other assets |
3,619 |
4,545 |
926 |
26 % |
||||
|
|
|
|
|
||||
Total assets |
|
|
|
5 % |
||||
|
|
|
|
|
||||
Short-term debt |
|
|
967 |
10 % |
||||
Suppliers |
8,016 |
11,340 |
3,325 |
41 % |
||||
Other short-term liabilities |
17,934 |
20,235 |
2,301 |
13 % |
||||
Long-term debt |
29,640 |
28,214 |
(1,426) |
(5 %) |
||||
Differed taxes |
1,756 |
935 |
(821) |
(47 %) |
||||
Other long-term debt |
14,662 |
15,007 |
345 |
2 % |
||||
|
|
|
|
|
||||
Total liabilities |
|
|
|
6 % |
||||
|
|
|
|
|
||||
Stakeholder´s equity |
|
|
|
4 % |
||||
|
|
|
|
|
||||
Liabilities and equity |
|
|
|
5 % |
Figures in millions of pesos
Consolidated Balance Sheet
Loan Portfolio and Deposits
The consolidated gross portfolio of Banco Azteca México, Purpose Financial and Banco Azteca Latinoamérica as of
Banco Azteca México's gross portfolio balance increased 5% to Ps.169,099 million, from Ps.160,451 million a year ago. The Bank's delinquency rate at the end of the period was 3.7%, compared to 4.9% the previous year.
The ratio of traditional deposits to gross portfolio of Banco Azteca México was 1.27 times, which allows solid growth of the Bank, with optimal funding costs.
The Bank's estimated liquidity coverage ratio at the end of the quarter — countable liquid assets / total net cash outflow — was 902%, an outstanding figure in the Mexican banking sector.
The capitalization ratio of Banco Azteca México was 14.94%.
Infrastructure
At the end of the period,
Company Profile:
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
Investor Relations: |
||
Tel. +52 (55) 1720-9167 |
|
Tel. +52 (55) 1720-9167 |
|
|
|
Press Relations: |
||
|
|
||||||||||
CONSOLIDATED INCOME STATEMENTS |
||||||||||
MILLIONS OF MEXICAN PESOS |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q23 |
|
1Q24 |
|
Change |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
26,699 |
63 % |
|
27,526 |
62 % |
|
827 |
3 % |
|
|
Commercial income |
15,520 |
37 % |
|
17,036 |
38 % |
|
1,516 |
10 % |
|
|
Income |
42,219 |
100 % |
|
44,562 |
100 % |
|
2,343 |
6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial cost |
8,808 |
21 % |
|
9,380 |
21 % |
|
572 |
6 % |
|
|
Commercial cost |
11,095 |
26 % |
|
12,154 |
27 % |
|
1,059 |
10 % |
|
|
Costs |
19,904 |
47 % |
|
21,534 |
48 % |
|
1,631 |
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross income |
22,316 |
53 % |
|
23,028 |
52 % |
|
712 |
3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales, administration and promotion expenses |
16,158 |
38 % |
|
16,665 |
37 % |
|
507 |
3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
6,158 |
15 % |
|
6,363 |
14 % |
|
205 |
3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
2,390 |
6 % |
|
2,308 |
5 % |
|
(82) |
-3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense (income), net |
1 |
0 % |
|
(12) |
0 % |
|
(12) |
---- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
3,767 |
9 % |
|
4,067 |
9 % |
|
300 |
8 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive financial result: |
|
|
|
|
|
|
|
|
|
|
Interest income |
377 |
1 % |
|
445 |
1 % |
|
69 |
18 % |
|
|
Interest expense |
(1,470) |
-3 % |
|
(1,461) |
-3 % |
|
10 |
1 % |
|
|
Foreign exchange gain, net |
436 |
1 % |
|
30 |
0 % |
|
(406) |
-93 % |
|
|
Other financial results, net |
(2,538) |
-6 % |
|
(671) |
-2 % |
|
1,867 |
74 % |
|
|
|
(3,195) |
-8 % |
|
(1,656) |
-4 % |
|
1,539 |
48 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Participation in the net income of |
|
|
|
|
|
|
|
|
|
|
CASA and other associated companies |
56 |
0 % |
|
80 |
0 % |
|
23 |
42 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax |
628 |
1 % |
|
2,491 |
6 % |
|
1,862 |
---- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
(169) |
0 % |
|
(770) |
-2 % |
|
(600) |
---- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before discontinued operations |
459 |
1 % |
|
1,721 |
4 % |
|
1,262 |
---- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Result from discontinued operations |
(0) |
0 % |
|
(0) |
0 % |
|
(0) |
---- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
459 |
1 % |
|
1,721 |
4 % |
|
1,262 |
---- |
|
|
||||||||||
CONSOLIDATED BALANCE SHEET |
||||||||||
MILLIONS OF MEXICAN PESOS |
||||||||||
|
|
|
|
|
|
|||||
|
Commercial |
Financial |
Grupo |
|
Commercial |
Financial |
Grupo |
|
|
|
|
|
|
|
|
||||||
|
|
|
Change |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
10,078 |
31,216 |
41,294 |
|
12,267 |
28,408 |
40,675 |
|
(619) |
-1 % |
|
|
|
|
|
|
|
|
|
|
|
Marketable financial instruments |
5,077 |
94,672 |
99,749 |
|
3,983 |
96,919 |
100,902 |
|
1,153 |
1 % |
|
|
|
|
|
|
|
|
|
|
|
Performing loan portfolio |
- |
85,349 |
85,349 |
|
- |
90,886 |
90,886 |
|
5,537 |
6 % |
Total past-due loans |
- |
7,533 |
7,533 |
|
- |
5,273 |
5,273 |
|
(2,260) |
-30 % |
Gross loan portfolio |
- |
92,882 |
92,882 |
|
- |
96,159 |
96,159 |
|
3,277 |
4 % |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit risks |
- |
14,063 |
14,063 |
|
- |
14,467 |
14,467 |
|
403 |
3 % |
|
|
|
|
|
|
|
|
|
|
|
Loan portfolio, net |
- |
78,819 |
78,819 |
|
- |
81,692 |
81,692 |
|
2,873 |
4 % |
|
|
|
|
|
|
|
|
|
|
|
Inventories |
17,663 |
- |
17,663 |
|
17,470 |
- |
17,470 |
|
(194) |
-1 % |
|
|
|
|
|
|
|
|
|
|
|
Other current assets |
19,676 |
13,699 |
33,376 |
|
23,024 |
10,835 |
33,859 |
|
483 |
1 % |
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
52,495 |
218,407 |
270,901 |
|
56,744 |
217,854 |
274,598 |
|
3,697 |
1 % |
|
|
|
|
|
|
|
|
|
|
|
Financial instruments |
22,981 |
3 |
22,985 |
|
21,734 |
2 |
21,735 |
|
(1,249) |
-5 % |
|
|
|
|
|
|
|
|
|
|
|
Performing loan portfolio |
- |
70,807 |
70,807 |
|
- |
76,352 |
76,352 |
|
5,545 |
8 % |
Total past-due loans |
- |
1,977 |
1,977 |
|
- |
1,973 |
1,973 |
|
(4) |
0 % |
Gross loan portfolio |
- |
72,784 |
72,784 |
|
- |
78,325 |
78,325 |
|
5,541 |
8 % |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit risks |
- |
4,918 |
4,918 |
|
- |
5,408 |
5,408 |
|
490 |
10 % |
|
|
|
|
|
|
|
|
|
|
|
Loan portfolio |
- |
67,865 |
67,865 |
|
- |
72,917 |
72,917 |
|
5,052 |
7 % |
|
|
|
|
|
|
|
|
|
|
|
Other non-current assets |
16,627 |
331 |
16,958 |
|
22,500 |
707 |
23,207 |
|
6,249 |
37 % |
Investment in shares |
2,103 |
- |
2,103 |
|
2,422 |
11 |
2,433 |
|
330 |
16 % |
Property, furniture, equipment and |
|
|
|
|
|
|
|
|
|
|
investment in stores, net |
10,037 |
11,028 |
21,065 |
|
8,801 |
10,361 |
19,162 |
|
(1,903) |
-9 % |
Intangible assets |
780 |
8,134 |
8,914 |
|
697 |
7,242 |
7,938 |
|
(976) |
-11 % |
Right of use asset |
12,675 |
2,189 |
14,864 |
|
11,896 |
1,919 |
13,816 |
|
(1,049) |
-7 % |
Other assets |
2,839 |
7,734 |
10,573 |
|
3,849 |
8,289 |
12,137 |
|
1,565 |
---- |
TOTAL ASSETS |
120,537 |
315,692 |
436,228 |
|
128,642 |
319,301 |
447,943 |
|
11,715 |
3 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand and term deposits |
- |
216,631 |
216,631 |
|
- |
216,897 |
216,897 |
|
266 |
0 % |
Creditors from repurchase agreements |
- |
27,753 |
27,753 |
|
- |
33,204 |
33,204 |
|
5,451 |
20 % |
Short-term debt |
9,281 |
542 |
9,823 |
|
9,832 |
33 |
9,865 |
|
42 |
0 % |
Leasing |
2,317 |
887 |
3,204 |
|
2,017 |
772 |
2,789 |
|
(415) |
-13 % |
Short-term liabilities with cost |
11,598 |
245,813 |
257,411 |
|
11,849 |
250,907 |
262,756 |
|
5,345 |
2 % |
|
|
|
|
|
|
|
|
|
|
|
Suppliers and other short-term liabilities |
23,409 |
20,183 |
43,592 |
|
29,343 |
20,071 |
49,415 |
|
5,822 |
13 % |
Short-term liabilities without cost |
23,409 |
20,183 |
43,592 |
|
29,343 |
20,071 |
49,415 |
|
5,822 |
13 % |
|
|
|
|
|
|
|
|
|
|
|
Total short-term liabilities |
35,006 |
265,997 |
301,003 |
|
41,192 |
270,978 |
312,170 |
|
11,167 |
4 % |
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
26,970 |
0 |
26,970 |
|
25,361 |
- |
25,361 |
|
(1,609) |
-6 % |
Leasing |
11,402 |
1,440 |
12,842 |
|
11,065 |
1,183 |
12,248 |
|
(594) |
-5 % |
Long-term liabilities with cost |
38,372 |
1,440 |
39,812 |
|
36,426 |
1,183 |
37,609 |
|
(2,203) |
-6 % |
|
|
|
|
|
|
|
|
|
|
|
Long-term liabilities without cost |
5,015 |
1,362 |
6,377 |
|
4,877 |
1,073 |
5,951 |
|
(427) |
-7 % |
|
|
|
|
|
|
|
|
|
|
|
Total long-term liabilities |
43,387 |
2,802 |
46,190 |
|
41,303 |
2,257 |
43,559 |
|
(2,630) |
-6 % |
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
78,394 |
268,799 |
347,193 |
|
82,495 |
273,235 |
355,730 |
|
8,537 |
2 % |
|
|
|
|
|
|
|
|
|
|
|
TOTAL STOCKHOLDERS' EQUITY |
42,143 |
46,893 |
89,036 |
|
46,147 |
46,066 |
92,214 |
|
3,178 |
4 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES + EQUITY |
120,537 |
315,692 |
436,228 |
|
128,642 |
319,301 |
447,943 |
|
11,715 |
3 % |
|
INFRASTRUCTURE |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
1Q23 |
|
1Q24 |
|
Change |
|||
|
|
|
|
|
|
|
|
|
Points of sale in |
|
|
|
|
|
|
|
|
Elektra |
1,224 |
19 % |
|
1,227 |
20 % |
|
3 |
0 % |
Salinas y Rocha |
33 |
1 % |
|
32 |
1 % |
|
(1) |
-3 % |
|
1,937 |
31 % |
|
1,920 |
31 % |
|
(17) |
-1 % |
Freestanding branches |
1,787 |
28 % |
|
1,733 |
28 % |
|
(54) |
-3 % |
Total |
4,981 |
79 % |
|
4,912 |
80 % |
|
(69) |
-1 % |
|
|
|
|
|
|
|
|
|
Points of sale in |
|
|
|
|
|
|
|
|
Elektra |
119 |
2 % |
|
126 |
2 % |
|
7 |
6 % |
|
225 |
4 % |
|
233 |
4 % |
|
8 |
4 % |
Freestanding branches |
65 |
1 % |
|
65 |
1 % |
|
- |
0 % |
Total |
409 |
6 % |
|
424 |
7 % |
|
15 |
4 % |
|
|
|
|
|
|
|
|
|
Points of sale in |
|
|
|
|
|
|
|
|
Purpose Financial |
917 |
15 % |
|
834 |
14 % |
|
(83) |
-9 % |
Total |
917 |
15 % |
|
834 |
14 % |
|
(83) |
-9 % |
|
|
|
|
|
|
|
|
|
TOTAL |
6,307 |
100 % |
|
6,170 |
100 % |
|
(137) |
-2 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floor space (m²) |
1,527 |
100 % |
|
1,716 |
100 % |
|
189 |
12 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Employees |
|
|
|
|
|
|
|
|
|
60,897 |
87 % |
|
62,386 |
88 % |
|
1,489 |
2 % |
Central and |
6,082 |
9 % |
|
6,050 |
9 % |
|
(32) |
-1 % |
|
2,673 |
4 % |
|
2,506 |
4 % |
|
(167) |
-6 % |
Total employees |
69,652 |
100 % |
|
70,942 |
100 % |
|
1,290 |
2 % |
View original content:https://www.prnewswire.com/news-releases/grupo-elektra-announces-revenue-of-ps44-562-million-and-ebitda-of-ps6-363-million-in-the-first-quarter-of-2024--302125364.html
SOURCE