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Yahoo
24-04-2025
- Business
- Yahoo
Former Nebraska lawmaker expresses concern about major changes to school retirement plan
Former State Sen. Mark Kolterman of Seward returns to the Nebraska Legislature for an annual event honoring former state lawmakers. April 16, 2025. (Zach Wendling/Nebraska Examiner) LINCOLN — A bill to reduce contributions to a state teachers retirement plan advanced toward final passage on Thursday despite a stern warning from a former Nebraska lawmaker who once guided state retirement plan policies. The measure, Legislative Bill 645, is designed to help close the state's projected $457 million budget deficit over two years by reducing the state's contributions into teacher retirement plans by about $77 million, thus freeing up that money to help close the budget gap. Former State Sen. Mark Kolterman, who headed the Legislature's Retirement Systems Committee for seven years, said that using retirement plan funds to balance the budget doesn't make financial sense, particularly when it's uncertain if investments will garner enough revenue to maintain retirement funds. 'You don't make reductions in contributions when the economy is moving in the wrong direction,' Kolterman said, noting the recent stock 'market tumble.' A member of the Nebraska Public Employees Retirement Systems Board resigned earlier this week after Gov. Jim Pillen rejected the 'best candidate' to head the agency that oversees state and school retirement plans. Allen Simpson of Lincoln, a long-time PERB member, had headed the board's personnel committee, which had recommended the hiring of the current interim director/deputy director of the agency, Tyler Cummings, to fill the vacancy left when former State Treasurer and State Sen. John Murante resigned in December. 'They're not going to get a better candidate than Tyler Cummings,' said Simpson on Thursday. Simpson said he resigned from the board on Monday feeling that if the governor did not agree with his committees' pick, 'you probably shouldn't stay on.' 'I'm trying to say this in the most politically correct way possible,' said Simpson, who, like Pillen, is a Republican. Pillen's office did not respond immediately to a request for comment Thursday afternoon. The search for a new director reportedly has been reopened. The job paid $205,000-a-year. On Thursday, State Sen. Danielle Conrad said that the 'uncertainty' with the director's job and the vacancy on the PERB board has made it more difficult to decide the best policies when it comes to state retirement plans. Advocates of LB 645, including Lincoln Sen. Beau Ballard, the current chair of the Retirement Committee, dismissed the concern, maintaining that the state can safely lower its contributions to the school retirement plan because that plan is currently nearly 100% funded, and is taking in more contributions — from teachers, local school districts and the state — than needed. Ballard has called the bill a 'win' for the state budget and for teachers, because they will see about $1,000 a year in additional take-home pay by reducing their contributions via the proposal. Kolterman commented after the state lawmakers, on a voice vote, advanced LB 645 to the final stage of debate. Prior to Thursday's debate on the bill, the former senator sent a letter — obtained by the Nebraska Examiner — to the members of the Retirement Committee outlining his objections. In the letter, Kolterman said that major changes in the state's retirement plan contributions are usually not made so hastily, because if a pension plan becomes underfunded, the state has to make up the difference. 'Any changes to retirement benefits in any of the retirement plans must be approached with great caution, study, and examination of the actuarially calculated costs,' he wrote. LB 645, he said, was 'kicking the can down the road' and delivering higher costs for taxpayers later. Kolterman pointed out that during the 2008-09 recession, the state's retirements plans lost 28% of its assets — about $2 billion — and that it took years of work to make them healthy again. He cautioned in his letter that Nebraska doesn't want to find itself in the same situation again — forced to increase funds toward pension plans. It doesn't make sense, he argued, to mess with what's working. Despite that, and despite similar warnings during floor debate on Thursday from Lincoln Sen. Danielle Conrad, the bill advanced to final reading. Ballard said that he was 'reassured' that LB 645 would not require additional state funds. He quoted from a projection that even with a 0% increase in state investment income, no additional state contribution would be needed. On Thursday, he withdrew his amendment that would have changed the state's long standing 'Rule of 85' for teachers that now allows educators, of at least 60 years of age, to retire if they have at least 25 years of service, which adds up to 85. Ballard's amendment would have allowed younger teachers, of at least 55 years of age, to retire with 30 years of service. Education groups, during a public hearing on that amendment on Wednesday, had opposed the idea out of concern that its impact — which some feared would increase retirement fund payouts — had not been studied. Conrad also withdrew a proposed amendment to ensure that the state would not be liable for covering any financial shortages in the Omaha Public Schools retirement plan, a plan that the state recently took over to manage. The senator said it was a 'belt and suspenders' amendment to continue the state's current policy of not being liable for shortages in that plan. She agreed to let fellow senators have more time to consider her proposal, and that she will reintroduce it during final round debate on LB 645. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
13-03-2025
- Business
- Yahoo
‘Not quite there yet': Nebraska teachers union now ‘neutral' on proposed retirement tweaks
Tim Royers, president of the Nebraska State Education Association, leads a news conference highlighting 2025 priorities for teachers statewide. Jan. 28, 2025. (Zach Wendling/Nebraska Examiner) LINCOLN — Nebraska's teachers union will no longer oppose a governor-backed bill to tweak the state's school retirement plan, partly due to an amendment that could also benefit teachers. The Nebraska State Education Association formally shifted its stance this week, two months after urging caution and encouraging teachers statewide to speak out against Legislative Bill 645, which was introduced by State Sen. Beau Ballard of Lincoln at Gov. Jim Pillen's request. The bill would create stepped-down contribution levels from the state to the school retirement plan, depending on its actuarial funding level. As of July 1, the plan was 99.9% funded. If passed, LB 645 would drop the state's annual contributions toward the retirement plan based on statewide school employee payroll. Once the plan reaches 100% funding, the state would no longer automatically contribute year over year. A Feb. 13 amendment from Ballard proposes similar changes to teacher and other employee contributions depending on actuarial funding, which could save teachers money each month, helping lead to the changed NSEA position. 'I think this is a win-win,' Ballard said of the amendment. 'In my opinion, this is the teachers' money. It's a real-world take-home pay increase for teachers.' The amendment would also limit the modified state contribution levels to three tiers, instead of six as in the original LB 645. The teachers union had originally said the bill would 'raid' teacher pensions, which director Kenny Zoeller of the governor's Policy Research Office said was a 'flat-out lie' because LB 645 wouldn't touch 'hard-working dollars.' NSEA President Tim Royers, in a Feb. 20 emailed video to NSEA members addressing the Ballard amendment, credited his members for the change. 'We would not be here delivering this good news without you using your voice the way that you did, to help those lawmakers see that we need to build a better version of this bill that puts the educators of the state at the forefront of what it intends to do,' Royers said at the time. He described the amendment as 'version 2.0 of the bill.' The state currently contributes 2% of school employee payroll statewide to the pension plan, while employees contribute 9.77% of their salaries and school districts contribute 9.88% of their employees' salaries. This means that for the current fiscal year, with an estimated $2.5 billion payroll for school employees statewide, the required contributions would be: State of Nebraska (2%): $50.1 million. School employees (9.77%): $244.8 million. School districts (9.88%): $247.6 million. Zoeller said that the changes for the state would free up funds for education investments and are not designed to help plug a projected budget shortfall of $457 million prior to any legislative action. Royers has said it was OK for the state to reduce its contributions but that school employees and the teachers he represents should also be part of the conversation. Under Ballard's amendment, the plan would require different contributions at three levels of funding: less than 96% actuarially funded, between 96% and once the plan is 100% actuarially funded. When the plan is 96% or more funded, but not 100%, school employee contributions would fall to 7.28% of their salaries, and the state would contribute 0.7% of school employees' payroll. Once the plan reaches 100% funded, the state would pull out of funding. Lawmakers would continue to need to add funding in volatile years in which legally set contribution levels aren't enough to keep the plan afloat. Contribution levels would revert to current levels if the plan drops below 96% funded. Laura Strimple, a spokesperson for Pillen, repeated Pillen's firm stance that efficiencies can be found 'in all aspects of state government,' which she said includes the school retirement plan. 'With a nearly fully funded plan, the Legislature should decide how we can save taxpayer money and directly increase teacher pay,' Strimple said. Such changes to state retirement plans require an actuarial study on possible impacts. The study for LB 645 and its amendment was completed late last week, with actuaries writing that the changes would create more volatility and risk. The study does not specify a 'yes' or 'no' to whether the state could afford the changes. The full actuarial study on Legislative Bill 645 and its amendment is available here. Actuaries predicted the school retirement plan, if Ballard's amended bill became law, would be fully funded about 68% of the time, and at least 96% funded nearly three-fourths of the time. However, the actuaries also gave a 43% chance that the retirement plan could drop below 96% funding before 2035, and a 52% chance before 2045. This would return the 2.5% payroll fee to teachers in a given year, which the actuaries wrote could catch some employees off guard. 'Given the probability of such an event, it might be prudent to ensure members are fully aware of the likelihood of such an adjustment occurring to avoid a surprise on the members' behalf,' the study states. Royers said the study didn't provide all the information his union wanted about the proposal's viability and that a new review methodology left him and his team 'not quite sure, candidly, how to parse the data.' 'That's honestly one of the main reasons why we're coming in neutral,' Royers said Wednesday. 'We want to make sure that what we're doing is going to keep the plan sound for the next 10, 20 years, and we just don't feel that what that study said tells us one way or another.' Royers described the study as asking 'how much oil is in the car,' yet the response was about 'how the brakes are doing.' Ballard's bill and amendment would not decrease contribution levels for school districts, but Royers said there is some 'wiggle room' to bring districts to the table while benefiting the state and teachers. Doing so could lead to property tax relief, repurposing those payroll obligations toward teacher salaries or both, Royers said, and could be a win for communities on tax relief or educators on pay increases. Asked whether the bill could pair with a separate NSEA priority, LB 440, to cover 6 weeks of paid family and medical leave for all teachers during or after significant life events, Royers said it's possible. LB 440, the 2025 priority bill of State Sen. Ashlei Spivey of Omaha, would impose a 0.35% payroll fee on teachers, which school districts would also match, to cover the group benefit. The current estimated payroll this fiscal year for all school employees (not just teachers as under LB 440) would mean the state's 245 school districts, mostly funded through property taxes or state dollars, would need to cover about $8.8 million. This would be less if limited to teachers. 'Synergy is great when you have multiple bills, but we also recognize a bill could fail,' Royers said of the Spivey and Ballard bills. 'We don't want to build our plan around both bills passing.' Royers said he's confident that the NSEA, Ballard and Pillen can find a path forward on school retirement. 'We think ultimately we'll land on a good bill,' Royers said. 'We're just not quite there yet.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
26-02-2025
- Business
- Yahoo
GRUPO ELEKTRA ANNOUNCES 57% GROWTH IN EBITDA, TO Ps.7,441 MILLION IN THE FOURTH QUARTER OF 2024
—Consolidated revenue increased 10% to Ps.57,790 million, driven by strong dynamism in financial income— —Banco Azteca México's gross loan portfolio continuous growth; it increases 11% to Ps.187,645 million— —Growing strength in Banco Azteca Mexico´s asset quality; NPL ratio drops to 3.8% from 4.2% a year ago— MÉXICO CITY, Feb. 26, 2025 /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 2024 and full year 2024 results. Fourth quarter results Consolidated revenue increased 10% to Ps.57,790 million in the period, compared to Ps.52,654 million in the same quarter of the previous year. Operating costs and expenses increased 5% to Ps.50,348 million, from Ps.47,927 million in the same quarter of 2023. As a result, EBITDA was Ps.7,441 million, 57% higher compared to Ps.4,727 million a year ago. Operating income was Ps.4,954 million, more than four times higher than Ps.1,032 million in the same period of 2023. The company reported a net loss of Ps.11,656 million, compared to net income of Ps.773 million a year ago. 4Q 2023 4Q 2024 Change Ps. %Consolidated revenue $52,654 $57,790 $5,135 10 %EBITDA $4,727 $7,441 $2,714 57 %Operating profit $1,032 $4,954 $3,923 380 %Net result $773 $(11,656) $(12,428) ----Net result per share $3.50 $(54.52) $(58.02) ----Figures in millions of Earnings Before Interest, Taxes, Depreciation and Amortization. As of December 31, 2024, Elektra* outstanding shares were 213.8 million and as of December 31, 2023, were 220.9 million. Revenue Consolidated revenue increased by 10% in the period, as a result of a 13% growth in financial income and a 6% increase in commercial sales. The increase in financial income — to Ps.33,243 million, from Ps.29,480 million in the previous year — largely reflects a 10% increase in Banco Azteca México's income, within the framework of continued growth in the gross credit portfolio, which boosts the well-being of millions of families and the development of businesses. The increase in revenue from the commercial business, to Ps.24,547 million, from Ps.23,174 million a year ago, is largely due to growth in sales of motorcycles — which strengthens business productivity and the mobility of millions of people —, white goods — which boost the quality of life of a growing number of families — and telephony, which facilitates efficient connectivity for more and more users. Costs and expenses Consolidated costs for the quarter decreased 5% to Ps.28,058 million from Ps.29,567 million in the previous year. The reduction is explained by a 19% decrease in financial costs derived from a lower creation of preventive credit reserves, in the context of higher asset quality – partially offset by a 5% increase in commercial costs, in line with the growth in merchandise sold. Consolidated cost reduction in the period, together with the higher revenue, generated a 29% increase in the company's gross profit, to Ps.29,731 million, from Ps.23,087 million a year ago. Gross margin increased seven percentage points, to 51% this quarter. Selling, administrative and promotion expenses increased 21% to Ps.22,290 million, from Ps.18,360 million a year ago, as a result of higher operating and advertising expenses in the period. EBITDA and net result EBITDA grew 57% to Ps.7,441 million, from Ps.4,727 million in the previous year. EBITDA margin grew four percentage points to 13% in the period. The company reported an operating income of Ps.4,954 million, compared to Ps.1,032 million in the same quarter of 2023. The relevant variations below EBITDA were the following: A decrease of Ps.1,155 million in other expenses, mainly due to impairment of intangible assets of Purpose Financial a year ago. An exchange loss of Ps.163 million this quarter, compared to an exchange gain of Ps.361 million a year ago, as a result of net liability monetary position, together with exchange depreciation this period, compared to appreciation the previous year. A negative variation of Ps.20,210 million in other financial results, which reflects a 63% loss this quarter in the market value of the underlying financial instruments owned by the company — and which does not imply cash flow — compared to a positive 2% variation a year ago. Consistent with the results of the quarter, a decrease of Ps.4,441 million was recorded in the tax provision for the period. Grupo Elektra reported a net loss of Ps.11,656 million, from a net profit of Ps.773 million a year ago. Unconsolidated balance sheet A proforma balance sheet exercise of Grupo Elektra is presented, which allows knowing the non-consolidated financial situation, excluding the net assets of the financial business, whose investment is valued in this case under the participation method. 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. Also, the pro forma balance sheet does not include the bank's gross loan portfolio. This provides greater clarity about the various businesses that make up the company and enables financial market participants to estimate its value while considering only the relevant debt for such calculations. Consistent with the above, debt with cost as of December 31, 2024, was Ps.39,986 million, compared to Ps.39,016 million of the previous year. The growth reflects the effect of the depreciation of the peso exchange rate against the dollar on the debt denominated in that currency, debt issuance in the period and increase in the value of the UDI in Certificados Bursatiles denominated in that unit. The cash and cash equivalents balance was Ps.10,360 million, from Ps.9,510 million a year ago, and net debt was Ps.29,626 million, compared with Ps.29,506 million a year of December 31,2023 As of December 31,2024 Change Ps. % Cash and cash equivalents $9,510 $10,360 849 9 % Marketable financial instruments 26,953 33,301 6,348 24 % Inventories 16,703 19,123 2,420 14 % Accounts receivables 51,033 32,423 (18,609) (36 %) Other current assets 4,667 4,193 (474) (10 %) Investments in shares 41,711 45,632 3,922 9 % Fixed assets 9,224 8,515 (709) (8 %) Right of use assets 12,004 12,594 590 5 % Other assets 4,134 12,645 8,511 206 %Total assets $175,938 $178,787 $2,849 2 %Debt with cost $39,016 $39,986 970 2 % Suppliers 9,374 10,564 1,191 13 % Other short-term liabilities 20,359 25,584 5,225 26 % Other long-term liabilities 16,137 22,122 5,985 37 %Total liabilities $84,885 $98,256 $13,370 16 %Stakeholder´s equity $91,053 $80,531 ($10,522) (12 %)Liabilities and equity $175,938 $178,787 $2,849 2 % 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 December 31, 2024, grew 12% to Ps.195,314 million, from Ps.174,896 million a year ago. The consolidated non-performing loan ratio was 4.4% at the end of the period, compared to 4.7% a year ago. Banco Azteca México's gross portfolio balance increased 11% to Ps.187,645 million, from Ps.169,557 million a year ago. The Bank's non-performing loan ratio at the end of the period was reduced to 3.8%, compared to 4.2% a year ago, in the context of robust credit origination processes and increasing collection efficiency. Grupo Elektra's consolidated deposits were Ps.233,898 million, 8% higher than Ps.216,880 million a year ago. Banco Azteca México's traditional deposits were Ps.227,640 million, 6% higher than Ps.214,536 million a year ago. Banco Azteca México's traditional deposits to gross portfolio ratio was 1.2 times, allowing for solid growth for the Bank, with optimal funding costs. The Bank's estimated liquidity coverage ratio at the end of the quarter — computable liquid assets / total net cash outflow — was 1,056%, an outstanding figure in the Mexican banking sector. Banco Azteca México's capitalization ratio was 14.67%. Infrastructure Grupo Elektra currently has 6,150 points of contact, compared to 6,174 in the previous year. This decrease reflects strategic efforts to maximize the profitability of the company's contact points. At the end of the period, Grupo Elektra had 4,901 points of contact in Mexico, 815 in the USA, and 434 in Central America. This extensive distribution network enhances customer proximity, strengthens service quality, and reinforces the company's positioning in the countries where it operates Twelve-month consolidated results Consolidated revenue for 2024 grew 9% to Ps.201,296 million from Ps.184,151 million in 2023. This increase was driven by a 10% rise in revenue from the financial business and an 8% growth in sales from the commercial business. EBITDA was Ps.26,995 million, 26% higher than Ps.21,361 million in the previous year. The EBITDA margin grew one percentage point to 13%. The company reported operating income of Ps.17,523 million from Ps.9,288 million a year ago. In 2024, the company reported a net loss of Ps.11,154 million, compared to net income of Ps.5,993 million in the prior year. This change reflects, to a great extent, a loss in the market value of the company's underlying financial instruments — and which does not imply cash flow — compared to a positive variation of the previous year.2023 2024 ChangePs. %Consolidated revenue $184,151 $201,296 $17,145 9 %EBITDA $21,361 $26,995 $5,634 26 %Operating profit $9,288 $17,523 $8,236 89 %Net result $5,993 $(11,154) $(17,147) ----Net result per share $27.13 $(52.17) $(79.30) ----Figures in millions of Earnings Before Interest, Taxes, Depreciation and Amortization. As of December 31, 2024, Elektra* outstanding shares were 213.8 million and as of December 31, 2023, were 220.9 million. 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 6,000 points of contact in México, the United States, Guatemala, Honduras, and Panama. Grupo Elektra is a Grupo Salinas company ( 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 well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas ( Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. These companies include TV Azteca ( Grupo Elektra ( Banco Azteca ( Purpose Financial ( Afore Azteca ( Seguros Azteca ( Punto Casa de Bolsa ( Total Play ( and Total Play Empresarial ( 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. Investor Relations:Bruno Rangel Grupo Salinas Tel. +52 (55) 1720-9167 jrangelk@ Rolando Villarreal Grupo Elektra, S.A.B. de C.V. Tel. +52 (55) 1720-9167 rvillarreal@ Relations:Luciano PascoeTel. +52 (55) 1720 1313 ext. 36553lpascoe@ GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIESCONSOLIDATED INCOME STATEMENTSMILLIONS OF MEXICAN PESOS 4Q234Q24ChangeFinancial income 29,480 56 %33,243 58 %3,762 13 % Commercial income 23,174 44 %24,547 42 %1,373 6 % Income 52,654 100 %57,790 100 %5,135 10 %Financial cost 12,629 24 %10,206 18 %(2,423) -19 % Commercial cost 16,938 32 %17,852 31 %914 5 % Costs 29,567 56 %28,058 49 %(1,509) -5 %Gross income 23,087 44 %29,731 51 %6,644 29 %Sales, administration and promotion expenses 18,360 35 %22,290 39 %3,931 21 %EBITDA 4,727 9 %7,441 13 %2,714 57 %Depreciation and amortization 2,450 5 %2,395 4 %(54) -2 %Other expense, net 1,246 2 %91 0 %(1,155) -93 %Operating income 1,032 2 %4,954 9 %3,923 ----Comprehensive financial result: Interest income 516 1 %627 1 %110 21 % Interest expense (1,480) -3 %(1,657) -3 %(177) -12 % Foreign exchange gain (loss), net 361 1 %(163) 0 %(524) ---- Other financial results, net 838 2 %(19,372) -34 %(20,210) ----236 0 %(20,566) -36 %(20,801) ----Participation in the net income of CASA and other associated companies 163 0 %165 0 %2 1 %Income (loss) before income tax 1,431 3 %(15,446) -27 %(16,877) ----Income tax (649) -1 %3,792 7 %4,441 ----Income (loss) before discontinued operations 782 1 %(11,654) -20 %(12,435) ----Result from discontinued operations (9) 0 %(2) 0 %7 78 %Consolidated net income (loss) 773 1 %(11,656) -20 %(12,428) ---- GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS MILLIONS OF MEXICAN PESOS 12M2312M24ChangeFinancial income 111,292 60 %122,547 61 %11,255 10 % Commercial income 72,858 40 %78,749 39 %5,890 8 % Income 184,151 100 %201,296 100 %17,145 9 %Financial cost 40,852 22 %40,632 20 %(220) -1 % Commercial cost 53,621 29 %56,422 28 %2,801 5 % Costs 94,472 51 %97,053 48 %2,581 3 %Gross income 89,679 49 %104,243 52 %14,564 16 %Sales, administration and promotion expenses 68,317 37 %77,247 38 %8,930 13 %EBITDA 21,361 12 %26,995 13 %5,634 26 %Depreciation and amortization 9,657 5 %9,399 5 %(258) -3 %Other expense, net 2,416 1 %73 0 %(2,343) -97 %Operating income 9,288 5 %17,523 9 %8,236 89 %Comprehensive financial result: Interest income 1,818 1 %2,137 1 %319 18 % Interest expense (5,840) -3 %(6,030) -3 %(190) -3 % Foreign exchange gain (loss), net 711 0 %(1,287) -1 %(1,999) ---- Other financial results, net 2,301 1 %(26,849) -13 %(29,150) ----(1,009) -1 %(32,029) -16 %(31,019) ----Participation in the net income of CASA and other associated companies 553 0 %(170) 0 %(723) ----Income (loss) before income tax 8,832 5 %(14,675) -7 %(23,507) ----Income tax (2,834) -2 %3,526 2 %6,360 ----Income (loss) before discontinued operations 5,998 3 %(11,150) -6 %(17,147) ----Result from discontinued operations (5) 0 %(4) 0 %1 25 %Consolidated net income (loss) 5,993 3 %(11,154) -6 %(17,147) ---- GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETMILLIONS OF MEXICAN PESOS Commercial Business Financial Business Grupo Elektra Commercial Business Financial Business Grupo Elektra Change At December 31, 2023 At December 31, 2024Cash and cash equivalents 9,510 33,471 42,98110,360 36,968 47,3274,346 10 %Marketable financial instruments 5,031 89,115 94,1458,332 102,492 110,82416,679 18 %Performing loan portfolio - 90,803 90,803- 101,967 101,96711,164 12 % Total past-due loans - 5,919 5,919- 6,163 6,163244 4 % Gross loan portfolio - 96,722 96,722- 108,130 108,13011,408 12 %Allowance for credit risks - 13,610 13,610- 18,850 18,8505,241 39 %Loan portfolio, net - 83,113 83,113- 89,280 89,2806,167 7 %Inventories 16,703 0 16,70319,123 - 19,1232,420 14 %Other current assets 20,753 13,346 34,09921,687 14,729 36,4162,317 7 %Total current assets 51,997 219,044 271,04159,502 243,468 302,97031,929 12 %Financial instruments 21,922 2 21,92424,969 2 24,9713,047 14 %Performing loan portfolio - 75,961 75,961- 84,746 84,7468,785 12 % Total past-due loans - 2,213 2,213- 2,438 2,438225 10 % Gross loan portfolio - 78,174 78,174- 87,184 87,1849,010 12 %Allowance for credit risks - 5,700 5,700- 5,995 5,995294 5 %Loan portfolio - 72,474 72,474- 81,190 81,1908,716 12 %Other non-current assets 22,909 634 23,5431,301 410 1,712(21,831) -93 % Investment in shares 2,357 10 2,3672,194 14 2,208(159) -7 % Property, furniture, equipment and investment in stores, net 9,224 10,566 19,7898,515 10,465 18,980(809) -4 % Intangible assets 685 7,230 7,915587 9,145 9,7321,817 23 % Right of use asset 11,841 1,938 13,77912,445 2,325 14,770991 7 % Other assets 3,449 7,942 11,39112,058 11,622 23,68112,289 ---- TOTAL ASSETS 124,384 319,839 444,223121,572 358,642 480,21435,991 8 % Demand and term deposits - 216,880 216,880- 233,898 233,89817,018 8 % Creditors from repurchase agreements - 34,311 34,311- 42,642 42,6428,331 24 % Short-term debt 5,127 34 5,1606,219 40 6,2601,100 21 % Leasing 1,959 819 2,7782,589 869 3,459680 24 % Short-term liabilities with cost 7,086 252,044 259,1298,809 277,450 286,25927,129 10 %Suppliers and other short-term liabilities 27,556 17,579 45,13533,350 24,700 58,05012,915 29 % Short-term liabilities without cost 27,556 17,579 45,13533,350 24,700 58,05012,915 29 %Total short-term liabilities 34,642 269,623 304,26542,159 302,150 344,30940,044 13 %Long-term debt 30,512 1 30,51328,773 0 28,773(1,740) -6 % Leasing 11,026 1,207 12,23311,122 1,537 12,660426 3 % Long-term liabilities with cost 41,538 1,208 42,74639,896 1,537 41,433(1,313) -3 %Long-term liabilities without cost 5,111 1,048 6,15911,000 2,941 13,9417,782 ----Total long-term liabilities 46,650 2,256 48,90650,895 4,478 55,3746,468 13 %TOTAL LIABILITIES 81,291 271,879 353,17093,054 306,628 399,68346,513 13 %TOTAL STOCKHOLDERS' EQUITY 43,093 47,960 91,05328,517 52,014 80,531(10,522) -12 % LIABILITIES + EQUITY 124,384 319,839 444,223121,572 358,642 480,21435,991 8 % INFRASTRUCTURE4Q234Q24ChangePoints of sale in Mexico Elektra 1,225 20 %1,245 20 %20 2 % Salinas y Rocha 33 1 %32 1 %(1) -3 % Banco Azteca 1,919 31 %1,936 31 %17 1 % Freestanding branches 1,743 28 %1,688 27 %(55) -3 % Total 4,920 80 %4,901 80 %(19) 0 %Points of sale in Central America Elektra 120 2 %131 2 %11 9 % Banco Azteca 227 4 %236 4 %9 4 % Freestanding branches 64 1 %67 1 %3 5 % Total 411 7 %434 7 %23 6 %Points of sale in North America Purpose Financial 843 14 %815 13 %(28) -3 % Total 843 14 %815 13 %(28) -3 %TOTAL 6,174 100 %6,150 100 %(24) 0 % Floor space (m²) 1,716 100 %1,731 100 %15 1 %Employees Mexico 62,647 88 %61,928 88 %(719) -1 % Central and South America 6,048 8 %6,139 9 %91 2 % North America 2,583 4 %2,483 4 %(100) -4 % Total employees 71,278 100 %70,550 100 %(728) -1 % View original content: SOURCE Grupo Elektra, S.A.B. de C.V. 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