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MEXICO CITY, April 28, 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 first quarter 2021 financial results. First Quarter Results Consolidated revenue grew 4%, to Ps.31,385 million in the period, compared to Ps.30,282 million in the same quarter of the previous year. Costs and operating expenses were Ps.25,951 million, from Ps.29,445 million in the same period of 2020. As a result, EBITDA was Ps.5,435 million, compared to Ps.837 million a year ago. Operating income was Ps.3,493 million this quarter, from an operating loss of Ps.1,117 million in the same period of 2020. The company reported net income of Ps.3,048 million, compared to net income of Ps.142 million a year ago. 1Q 2020 1Q 2021 Change Ps. % Consolidated revenue $30,282 $31,385 $1,103 4% EBITDA $837 $5,435 $4,598 ---- Operating profit $(1,117) $3,493 $4,610 ---- Net result $142 $3,048 $2,906 ---- Net result per share $0.62 $13.39 $12.77 ---- Figures in millions of pesos EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization.As of March 31, 2020, Elektra* outstanding shares were 228.7 million and as of March 31, 2021, were 227.7 million. Revenue Consolidated revenue increased 4%, as a result of a 28% growth in commercial sales, partially offset by a 9% decrease in financial income. The growth in sales of the commercial business to Ps.13,383 million, from Ps.10,435 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 an increasing 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 format that offers an optimal mix of products and services, and allows the customer to maximize the purchase experience. 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. The reduction in financial income to Ps.18,002 million, from Ps.19,847 million in the previous year reflects lower interest earned by Purpose Financial in the period, derived from the effects of the health contingency in the company's target market in the US. Costs and Expenses Consolidated costs for the quarter decreased 21%, to Ps.13,601 million, from Ps.17,233 million in the previous year. The lower costs are explained, to a large extent, by a 58% reduction in the financial cost, to Ps.4,359 million, from Ps.10,361 million the previous year, which largely reflects the creation of lower loan loss reserves this period. As previously announced, a year ago an important creditor of Banco Azteca initiated a bankruptcy process (Chapter 11) in the United States, for which the institution decided, prudently, to reserve 100% of the credit of Ps.7,243 million, in the first quarter of 2020. Commercial business costs grew 34%, to Ps.9,242 million, from Ps.6,872 million, in line with the increase in commercial revenue. Selling, administrative and promotional expenses grew 1% to Ps.12,350 million as a result, mainly, of higher operating and advertising expenses, partially offset by lower personnel expenses. EBITDA and net result EBITDA was Ps.5,435 million, from Ps.837 million in the previous year. The company reported operating income of Ps.3,493 million, compared to an operating loss of Ps.1,117 million in the same quarter of 2020. The main variations below EBITDA were the following: A reduction of Ps.2,213 million in foreign exchange gains, due to the company's net asset monetary position in dollars, together with a lower depreciation of the peso this quarter compared to the previous year. An increase of Ps.1,055 million in other financial results, which reflects a 4% gain 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% gain a year ago. Consistent with the results for the quarter, there was an increase of Ps.1,077 million in the provision for taxes in the period. Grupo Elektra reported net income of Ps.3,048 million, from a net income of Ps.142 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.34,802 million as of March 31, 2021, compared to Ps.22,632 million in the previous year. The balance of cash and cash equivalents was Ps.17,230 million, from Ps.4,789 million from the previous year. As a result, net debt as of March 31, 2021 was Ps.17,572 million, compared to Ps.17,843 million a year ago. As previously announced, during the quarter, Grupo Elektra's subsidiary, Nueva Elektra del Milenio, S.A. de C.V., as originator, placed through a special purpose vehicle established under Luxembourg law, Senior Notes for US$500 million, for seven years, at a 4.875% rate, in international markets. The Senior Notes are used to fund reserve accounts for the payment of obligations under the Senior Notes and strengthen the liquidity of the company, which allows to further boost the financial soundness of Grupo Elektra. As of March 31, 2021, the company's stockholders 'equity was Ps.97,118 million, and the stockholders' equity to total liabilities ratio was 1.2 times. As of March 31, 2020 As of March 31, 2021 Change Ps. % Cash and cash equivalents $ 4,789 $ 17,230 12,441 260% Marketable financial instruments 38,697 32,562 (6,135) (16%) Inventories 13,980 17,060 3,080 22% Accounts receivables 51,969 49,912 (2,057) (4%) Other current assets 3,843 2,678 (1,165) (30%) Investments in shares 40,010 36,848 (3,162) (8%) Fixed assets 8,133 7,119 (1,014) (12%) Right of use assets 8,807 8,550 (257) (3%) Other assets 1,377 3,248 1,871 136% Total assets $ 171,606 $ 175,208 $ 3,602 2% Short-term debt $ 11,516 $ 18,978 7,463 65% Suppliers 8,565 8,008 (557) (7%) Other short-term liabilities 14,964 14,723 (241) (2%) Long-term debt 11,116 15,824 4,708 42% Differed taxes 11,658 9,777 (1,881) (16%) Other long-term debt 9,781 10,778 998 10% Total liabilities $ 67,600 $ 78,089 $ 10,489 16% Stakeholders equity $ 104,006 $ 97,118 ($ 6,887) (7%) Liabilities and equity $ 171,606 $ 175,208 $ 3,602 2% 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 March 31, 2021, grew 5%, to Ps.122,091 million, from Ps.116,381 million the previous year. The consolidated delinquency rate was 3.4% at the end of this period, compared to 10.9% the previous year. The gross portfolio of Banco Azteca Mexico increased 11% to Ps.105,396 million, from Ps.95,361 million a year ago. The Bank's delinquency rate at the end of the quarter was 3.4%, compared to 11.9% the previous year. The reduction is mainly derived from the credit of Ps.7,243 million that entered the past-due portfolio a year ago, and which at the time was fully reserved. 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 first quarter. Grupo Elektra's consolidated deposits were Ps.189,105 million, 17% higher than the Ps.160,959 million a year ago. Deposits of Banco Azteca Mexico were Ps.190,614 million, 23% higher than the Ps.155,443 million a year ago. The ratio of deposits to gross portfolio of Banco Azteca Mexico of 1.8 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 626%, an outstanding figure in the Mexican banking sector. The capitalization index of Banco Azteca Mexico was 14.25%. Infrastructure Grupo Elektra currently has 6,736 points of contact, compared to 7,238 units the previous year. The decrease results from the closure of 383 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 318 contact points in Latin America derived, to a large extent, from the sale of Banco Azteca del Peru in the previous quarter. In Mexico, in the last twelve months, 32 new Elektra stores were opened in strategic locations, with a format that offers an optimal mix of products and services, and allows the customer to maximize the purchase experience. The company has 4,960 storefronts in Mexico at the end of the quarter, 1,398 in the United States, and 378 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. 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 (irtotalplay.mx; www.totalplay.com.mx) and Totalplay Empresarial (totalplayempresarial.com.mx). TV Azteca and Grupo Elektra trade shares on the Mexican Stock Market and in Spains' 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. Investor Relations: Bruno Rangel Rolando Villarreal Grupo Salinas Grupo Elektra, S.A.B. de C.V. Tel. +52 (55) 1720-9167 Tel. +52 (55) 1720-9167 [emailprotected] [emailprotected] Press Relations: Luciano Pascoe Tel. +52 (55) 1720 1313 ext. 36553 [emailprotected] GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS MILLIONS OF MEXICAN PESOS 1Q20 1Q21 Change Financial income 19,847 66% 18,002 57% (1,845) -9% Commercial income 10,435 34% 13,383 43% 2,948 28% Income 30,282 100% 31,385 100% 1,103 4% Financial cost 10,361 34% 4,359 14% (6,003) -58% Commercial cost 6,872 23% 9,242 29% 2,370 34% Costs 17,233 57% 13,601 43% (3,632) -21% Gross income 13,049 43% 17,784 57% 4,736 36% Sales, administration and promotion expenses 12,212 40% 12,350 39% 138 1% EBITDA 837 3% 5,435 17% 4,598 100% Depreciation and amortization 1,961 6% 2,029 6% 67 3% Depreciation right of use asset 0% 0% - 0% Other expense (income), net (8) 0% (87) 0% (79) -100% Operating income (1,117) -4% 3,493 11% 4,610 ---- Comprehensive financial result: Interest income 272 1% 220 1% (52) -19% Interest expense (902) -3% (987) -3% (85) -9% Foreign exchange loss, net 2,458 8% 244 1% (2,213) -90% Monetary loss - 0% - 0% - 0% Other financial results, net 479 2% 1,534 5% 1,055 100% 2,307 8% 1,011 3% (1,295) -56% Participation in the net income of CASA and other associated companies (621) -2% (51) 0% 570 92% Income before income tax 569 2% 4,454 14% 3,884 100% Income tax (238) -1% (1,315) -4% (1,077) -100% Income before discontinued operations 332 1% 3,139 10% 2,807 100% Result from discontinued operations (190) -1% (90) 0% 99 52% Impairment of intangible assets 0% 0% - ---- Consolidated net income 142 0% 3,048 10% 2,906 100% GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET MILLIONS OF MEXICAN PESOS Commercial Business Financial Business Grupo Elektra Commercial Business Financial Business Grupo Elektra Change At March 31, 2020 At March 31, 2021 Cash and cash equivalents 4,789 41,994 46,783 17,230 32,129 49,359 2,576 6% Marketable financial instruments 8,305 70,180 78,485 5,183 91,709 96,891 18,407 23% Performing loan portfolio - 67,611 67,611 - 70,809 70,809 3,198 5% Total past-due loans - 6,664 6,664 - 3,428 3,428 (3,235) -49% Gross loan portfolio - 74,275 74,275 - 74,237 74,237 (37) 0% Allowance for credit risks - 9,316 9,316 - 8,577 8,577 (738) -8% Loan portfolio, net - 64,959 64,959 - 65,660 65,660 701 1% Inventories 13,980 - 13,980 17,060 0 17,060 3,080 22% Other current assets 15,619 28,053 43,672 13,342 14,064 27,407 (16,265) -37% Total current assets 42,692 205,186 247,878 52,815 203,562 256,377 8,499 3% Financial instruments 30,392 313 30,706 27,379 96 27,475 (3,231) -11% Performing loan portfolio - 36,134 36,134 - 47,087 47,087 10,953 30% Total past-due loans - 5,972 5,972 - 767 767 (5,205) -87% Gross loan portfolio - 42,106 42,106 - 47,854 47,854 5,748 14% Allowance for credit risks - 6,697 6,697 - 1,682 1,682 (5,015) -75% Loan portfolio - 35,409 35,409 - 46,172 46,172 10,763 30% Other non-current assets 25,781 189 25,970 26,360 358 26,719 748 3% Investment in shares 1,429 - 1,429 1,629 - 1,629 200 14% Property, furniture, equipment and investment in stores, net 8,133 7,817 15,951 7,119 7,768 14,887 (1,064) -7% Intangible assets 658 8,157 8,815 519 7,189 7,708 (1,107) -13% Right of use asset 8,807 2,262 11,069 8,349 2,470 10,820 (249) -2% Other assets 719 683 1,402 2,729 5,857 8,586 7,184 ---- TOTAL ASSETS 118,611 260,017 378,628 126,899 273,472 400,372 21,744 6% Demand and term deposits - 160,959 160,959 - 189,105 189,105 28,146 17% Creditors from repurchase agreements - 16,002 16,002 - 18,409 18,409 2,407 15% Short-term debt 11,303 943 12,246 18,744 103 18,847 6,602 54% Leasing 1,727 1,099 2,826 1,331 1,119 2,450 (375) -13% Short-term liabilities with cost 13,030 179,002 192,032 20,076 208,736 228,812 36,780 19% Suppliers and other short-term liabilities 19,090 26,172 45,263 21,154 13,766 34,920 (10,342) -23% Short-term liabilities without cost 19,090 26,172 45,263 21,154 13,766 34,920 (10,342) -23% Total short-term liabilities 32,120 205,174 237,294 41,229 222,503 263,732 26,438 11% Long-term debt 11,062 1,951 13,013 15,804 15 15,820 2,807 22% Leasing 7,653 1,202 8,855 7,817 1,332 9,149 294 3% Long-term liabilities with cost 18,715 3,153 21,867 23,621 1,347 24,968 3,101 14% Long-term liabilities without cost 13,786 1,674 15,460 12,739 1,814 14,553 (908) -6% Total long-term liabilities 32,501 4,827 37,328 36,360 3,161 39,521 2,193 6% TOTAL LIABILITIES 64,621 210,001 274,622 77,589 225,664 303,253 28,631 10% TOTAL STOCKHOLDERS' EQUITY 53,991 50,015 104,006 49,310 47,808 97,118 (6,887) -7% LIABILITIES + EQUITY 118,611 260,017 378,628 126,899 273,472 400,372 21,744 6% INFRASTRUCTURE 1Q20 1Q21 Change Points of sale in Mexico Elektra 1,135 16% 1,142 17% 7 1% Salinas y Rocha 38 1% 36 1% (2) -5% Banco Azteca 1,834 25% 1,848 27% 14 1% Freestanding branches 1,754 24% 1,934 29% 180 10% Total 4,761 66% 4,960 74% 199 4% Points of sale in Central and South America Elektra 198 3% 107 2% (91) -46% Banco Azteca 402 6% 205 3% (197) -49% Freestanding branches 96 1% 66 1% (30) -31% Total 696 10% 378 6% (318) -46% Points of sale in North America Purpose Financial 1,781 25% 1,398 21% (383) -22% Total 1,781 25% 1,398 21% (383) -22% TOTAL 7,238 100% 6,736 100% (502) -7% Floor space (m) 1,771 100% 1,544 100% (227) -13% Employees Mexico 71,560 83% 61,697 88% (9,863) -14% Central and South America 9,646 11% 5,090 7% (4,556) -47% North America 4,812 6% 3,186 5% (1,626) -34% Total employees 86,018 100% 69,973 100% (16,045) -19% SOURCE Grupo Elektra, S.A.B. de C.V. Related Links http://www.grupoelektra.com.mx

Answer: Grupo Elektra Announces Revenue Of Ps.31,385 Million And EBITDA Of Ps.5,435 Million In The First Quarter Of 2021