—EBITDA increases 28% to Ps.3,842 million during the period—
—Solid performance in both commercial and financial businesses generates
increase of 16% in consolidated revenues, to Ps.23,092 million—
—Consolidated gross portfolio grows 18%, to Ps.87,874 million—
—Grupo Elektra starts its omnichannel strategy,
with the successful launch of its online store www.elektra.com.mx—
MEXICO CITY, Oct. 24, 2017 (GLOBE NEWSWIRE) -- 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, announced today its financial results for the third quarter of 2017.
Consolidated third quarter results
Consolidated revenue was Ps.23,092 million in the period, 16% above the Ps.19,971 million for the same quarter of previous year. Costs and operating expenses were Ps.19,249 million, compared to Ps.16,975 million for the same period of 2016.
As a result, Grupo Elektra reported EBITDA of Ps.3,842 million, 28% higher than the Ps.2,996 million of the previous year’s quarter; EBITDA margin was 17% this period, two percentage points above the previous year.
Operating profit grew 43% to Ps.3,269 million during the quarter, from Ps.2,285 million in same period of 2016.
The company reported net income of Ps.2,858 million, compared to net income of Ps.1,330 million a year ago.
| 3Q 2016 | 3Q 2017 | Change | |||||||||
| Ps. | % | ||||||||||
| Consolidated revenue | $19,971 | $23,092 | $3,121 | 16 | % | ||||||
| EBITDA | $2,996 | $3,842 | $846 | 28 | % | ||||||
| Operating profit | $2,285 | $3,269 | $984 | 43 | % | ||||||
| Net result | $1,330 | $2,858 | $1,527 | 115 | % | ||||||
| Net result per share | $5.61 | $12.33 | $6.72 | 119 | % | ||||||
| Figures in millions of pesos | |||||||||||
| EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization. | |||||||||||
| As of September 30, 2016, Elektra* outstanding shares were 237.1 million and as of September 30, 2017, were 231.8 million. | |||||||||||
Revenue
Consolidated revenue increased 16%, as a result of 18% and 11% growth in both financial revenues and commercial sales, respectively.
The increase in commercial division sales ̶ to Ps.8,260 million compared to Ps.7,426 million last year ̶ reflects strategies that focus on generating optimum value propositions for the customers, through lines of merchandise that best meet their needs, with world-class service and under the most competitive market conditions. As of this year, these strategies have an additional boost with the launch of a new, larger store format, which includes a greater offer of goods and services to satisfy a growing number of families.
The increase in financial revenue ̶ to Ps.14,831 million from Ps.12,545 million from the previous year ̶ reflect mainly a 27% growth in revenue of Banco Azteca Mexico.
Costs and expenses
Consolidated costs for the quarter increased 21% to Ps.8,957 million, from Ps.7,410 million in the previous year, as a result of a 15% increase in commercial costs, in line with the increase in commercial revenue, and 32% growth in financial cost. The increase in the financial cost results from the creation of loan-loss provisions and higher interest payments, in line with higher market interest rates, as well as increased deposits at Banco Azteca.
Sales, administration and promotion expenses increased 8% to Ps.10,292 million, as a result of higher personnel expenses due to higher compensation plans that encourage productivity; an increase in advertising, which achieves a better positioning of Grupo Elektra brands, and an increase in operating expenses. The expenses grow to a lesser extent than consolidated revenues, reflecting strong strategies that drive the company's operating efficiency.
EBITDA and net result
The Company´s EBITDA grew 28% to Ps.3,842 million this quarter. Operating income increased 43% to Ps.3,269 million, from Ps.2,285 million for the same quarter of 2016.
The most significant change below EBITDA was a positive variation of Ps.1,334 million in other financial results, as a consequence of a larger gain this period in the market value of the underlying assets of financial instruments owned by the company –which does not imply cash flow– compared to the previous year.
Grupo Elektra reported net income of Ps.2,858 million, compared to a net income of Ps.1,330 million a year ago.
Consolidated balance sheet
Loan portfolio and deposits
Banco Azteca Mexico, Advance America and Banco Azteca Latin America’s consolidated gross portfolio as of September 30, 2017 grew 18% to Ps.87,874 million, from Ps.74,341 million for the previous year. Consolidated delinquency rate was 4% at the end of the period, compared to 3.7% in the previous year.
The gross portfolio of Banco Azteca Mexico grew 20% to Ps.71,906 million, from Ps.59,903 million a year ago.
The delinquency rate for the bank at the end of the quarter was 3.4%, from 2.7% of the previous year. Past-due loan portfolio is reserved 2.6 times, which reflects a past-due portfolio of Ps.2,431 million, in comparison to allowance for credit risks of Ps.6,242 million in balance, as of September 30, 2017.
The average term of the credit portfolio for principal credit lines – consumer, personal loans and Tarjeta Azteca – was 63 weeks at the end of the third quarter.
Grupo Elektra consolidated deposits were Ps.104,814 million, from Ps.101,786 million a year ago. Deposits of Banco Azteca Mexico were Ps.104,180 million, 6% higher than the Ps.97,984 million a year ago.
As of September 30, 2017, the estimated capitalization index of Banco Azteca Mexico was 16.8%.
Debt
Consolidated debt with cost as of September 30, 2017, was Ps.14,098 million, 25% less than the Ps.18,703 million for the prior year.
Consolidated debt was comprised of Ps.13,063 million for the commercial business, and Ps.1,035 million for the financial business. The total balance of cash, cash equivalents and marketable securities for the commercial business was Ps.12,874 million at the end of the period; as a result, the net debt of the commercial business, recorded an amount of Ps.189 million.
As previously announced, during the last twelve months, Grupo Elektra paid in advance its senior notes of US$550 million due in 2018.
To cover the payments, Grupo Elektra issued three certificates in local currency for a total of Ps.6,000 million, and used cash generated by the company, within the framework of solid financial performance.
Through these amortizations, the company ceased to hold dollar-denominated bonds, and the debt transactions reflect Grupo Elektra's firm strategy to further strengthen its strong capital structure.
Infrastructure
Grupo Elektra currently has 7,247 points of contact, compared to 7,391 units a year ago. The reduction is a result of strategies to focus on maximizing profitability of such units.
The company has 4,539 points of contact in Mexico, 2,072 in the United States, and 636 in Central and South America. The extensive distribution network allows the company to maintain close contact with clients, granting superior market positioning in the countries where it operates.
Omnichannel startegy
In October, Grupo Elektra launched its omnichannel strategy, with its online store www.elektra.com.mx, through which hundreds of thousands of products are commercialized, at unparalleled prices, from any device and at all times. Through the online store, the customer can receive the merchandise, safely and expeditiously in a maximum of five days, at any point of delivery.
Elektra.com.mx has an extended catalog of merchandise, access to credit, a new exclusive distribution center for e-commerce, strategically located, and more than 1,000 stores in Mexico as customer service centers, payment points and product delivery.
Grupo Elektra offers a world-class online shopping experience to a growing market, and positions itself optimally in the preference of millions of consumers for cutting-edge forms of merchandise purchase.
Nine months consolidated results
Total consolidated revenue in the first nine months of the year grew 18% to Ps.67,892 million, from Ps.57,734 million for the same period of 2016, boosted by 19% and 15% growth in both financial and commercial businesses, respectively.
EBITDA was Ps.12,470 million, 23% higher than the Ps.10,101 million for the same period a year ago; the EBITDA margin in the first nine months of 2017 was 18%, one percentage point above the prior year. Operating profit grew 31% to Ps.10,760 million during the period.
The company reported net income of Ps.14,496 million, compared to Ps.2,410 million a year ago, mainly due an appreciation this quarter in the market value of underlying financial instruments that the company holds, which doesn’t imply cash flow, compared to depreciation the prior year.
| 9M 2016 | 9M 2017 | Change | ||||||||
| Ps. | % | |||||||||
| Consolidated revenue | $57,734 | $67,892 | $10,158 | 18 | % | |||||
| EBITDA | $10,101 | $12,470 | $2,369 | 23 | % | |||||
| Operating profit | $8,215 | $10,760 | $2,545 | 31 | % | |||||
| Net result | $2,410 | $14,496 | $12,086 | ---- | ||||||
| Net result per share | $10.16 | $62.54 | $52.38 | ---- | ||||||
| Figures in millions of pesos | ||||||||||
| EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization. | ||||||||||
| As of September 30, 2016, Elektra* outstanding shares were 237.1 million and as of September 30, 2017, were 231.8 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 7,000 points of contact in Mexico, the United States, Guatemala, Honduras, Peru, Panama and El Salvador.
Grupo Elektra is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to building the middle class of the countries in which they operate and improving society through excellence. 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. The companies include TV Azteca (www.tvazteca.com; www.irtvazteca.com), Azteca America (us.azteca.com), Grupo Elektra (www.elektra.com.mx: www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Advance America (www.advanceamerica.net), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx), Totalplay (www.totalplay.com.mx) and Enlace TP (enlacetp.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, the member companies share 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 forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Other risks that may affect Grupo Elektra and its subsidiaries are identified in documents sent to securities authorities.
| Investor Relations: | ||
| Bruno Rangel Grupo Salinas Tel. +52 (55) 1720-9167 jrangelk@gruposalinas.com.mx | Rolando Villarreal Grupo Elektra S.A.B. de C.V. Tel. +52 (55) 1720-9167 rvillarreal@elektra.com.mx | |
| Press Relations: | ||
| Luciano Pascoe Grupo Salinas Tel. +52 (55) 1720-1313 ext. 36553 lpascoe@gruposalinas.com.mx | Daniel McCosh Grupo Salinas Tel. +52 (55) 1720-0059 dmccosh@gruposalinas.com.mx | |
| GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED INCOME STATEMENTS | |||||||||||||||||
| MILLIONS OF MEXICAN PESOS | |||||||||||||||||
| 3T16 | 3T17 | Change | |||||||||||||||
| Financial income | 12,545 | 63 | % | 14,831 | 64 | % | 2,286 | 18 | % | ||||||||
| Commercial income | 7,426 | 37 | % | 8,260 | 36 | % | 834 | 11 | % | ||||||||
| Income | 19,971 | 100 | % | 23,092 | 100 | % | 3,121 | 16 | % | ||||||||
| Financial cost | 2,596 | 13 | % | 3,434 | 15 | % | 838 | 32 | % | ||||||||
| Commercial cost | 4,814 | 24 | % | 5,524 | 24 | % | 710 | 15 | % | ||||||||
| Costs | 7,410 | 37 | % | 8,957 | 39 | % | 1,548 | 21 | % | ||||||||
| Gross income | 12,561 | 63 | % | 14,134 | 61 | % | 1,573 | 13 | % | ||||||||
| Sales, administration and promotion expenses | 9,565 | 48 | % | 10,292 | 45 | % | 727 | 8 | % | ||||||||
| EBITDA | 2,996 | 15 | % | 3,842 | 17 | % | 846 | 28 | % | ||||||||
| Depreciation and amortization | 692 | 3 | % | 570 | 2 | % | (122 | ) | -18 | % | |||||||
| Other expense, net | 19 | 0 | % | 3 | 0 | % | (16 | ) | -86 | % | |||||||
| Operating income | 2,285 | 11 | % | 3,269 | 14 | % | 984 | 43 | % | ||||||||
| Comprehensive financial result: | |||||||||||||||||
| Interest income | 251 | 1 | % | 154 | 1 | % | (97 | ) | -39 | % | |||||||
| Interest expense | (345 | ) | -2 | % | (346 | ) | -1 | % | (1 | ) | 0 | % | |||||
| Foreign exchange gain (loss), net | 154 | 1 | % | 117 | 1 | % | (38 | ) | -24 | % | |||||||
| Other financial results, net | 37 | 0 | % | 1,372 | 6 | % | 1,334 | ---- | |||||||||
| 98 | 0 | % | 1,297 | 6 | % | 1,198 | ---- | ||||||||||
| Participation in the net income of | |||||||||||||||||
| CASA and other associated companies | (402 | ) | -2 | % | (78 | ) | 0 | % | 324 | 81 | % | ||||||
| (Loss) income before income tax | 1,981 | 10 | % | 4,488 | 19 | % | 2,507 | ---- | |||||||||
| Income tax | (682 | ) | -3 | % | (1,470 | ) | -6 | % | (788 | ) | -116 | % | |||||
| (Loss) income before discontinued operations | 1,299 | 7 | % | 3,018 | 13 | % | 1,719 | -132 | % | ||||||||
| Result from discontinued operations | 31 | 0 | % | (160 | ) | -1 | % | (191 | ) | ---- | |||||||
| Impairment of intangible assets | - | 0 | % | - | 0 | % | - | ---- | |||||||||
| Consolidated net (loss) income | 1,330 | 7 | % | 2,858 | 12 | % | 1,527 | 115 | % | ||||||||
| GRUPO ELEKTRA, S.A.B. DE C.V. AND SUBSIDIARIES | |||||||||||||||||
| CONSOLIDATED INCOME STATEMENTS | |||||||||||||||||
| MILLIONS OF MEXICAN PESOS | |||||||||||||||||
| 9M16 | 9M17 | Change | |||||||||||||||
| Financial income | 36,501 | 63 | % | 43,397 | 64 | % | 6,897 | 19 | % | ||||||||
| Commercial income | 21,234 | 37 | % | 24,495 | 36 | % | 3,261 | 15 | % | ||||||||
| Income | 57,734 | 100 | % | 67,892 | 100 | % | 10,158 | 18 | % | ||||||||
| Financial cost | 7,564 | 13 | % | 8,961 | 13 | % | 1,397 | 18 | % | ||||||||
| Commercial cost | 13,788 | 24 | % | 16,317 | 24 | % | 2,530 | 18 | % | ||||||||
| Costs | 21,351 | 37 | % | 25,278 | 37 | % | 3,927 | 18 | % | ||||||||
| Gross income | 36,383 | 63 | % | 42,614 | 63 | % | 6,231 | 17 | % | ||||||||
| Sales, administration and promotion expenses | 26,282 | 46 | % | 30,144 | 44 | % | 3,862 | 15 | % | ||||||||
| EBITDA | 10,101 | 17 | % | 12,470 | 18 | % | 2,369 | 23 | % | ||||||||
| Depreciation and amortization | 1,875 | 3 | % | 1,644 | 2 | % | (231 | ) | -12 | % | |||||||
| Other (income) expense, net | 11 | 0 | % | 66 | 0 | % | 55 | ---- | |||||||||
| Operating Income | 8,215 | 14 | % | 10,760 | 16 | % | 2,545 | 31 | % | ||||||||
| Comprehensive financial result: | |||||||||||||||||
| Interest income | 647 | 1 | % | 431 | 1 | % | (216 | ) | -33 | % | |||||||
| Interest expense | (1,007 | ) | -2 | % | (1,142 | ) | -2 | % | (135 | ) | -13 | % | |||||
| Foreign exchange gain (loss), net | 327 | 1 | % | (1,214 | ) | -2 | % | (1,541 | ) | ---- | |||||||
| Other financial results, net | (3,967 | ) | -7 | % | 11,852 | 17 | % | 15,819 | ---- | ||||||||
| (4,000 | ) | -7 | % | 9,927 | 15 | % | 13,927 | ---- | |||||||||
| Participation in the net income of | |||||||||||||||||
| CASA and other associated companies | (618 | ) | -1 | % | (21 | ) | 0 | % | 597 | 97 | % | ||||||
| Income before income tax | 3,597 | 6 | % | 20,666 | 30 | % | 17,069 | ---- | |||||||||
| Income tax | (1,119 | ) | -2 | % | (5,958 | ) | -9 | % | (4,839 | ) | ---- | ||||||
| Income before discontinued operations | 2,478 | 4 | % | 14,708 | 22 | % | 12,230 | ---- | |||||||||
| Result from discontinued operations | (68 | ) | 0 | % | (204 | ) | 0 | % | (136 | ) | -199 | % | |||||
| Impairment of intangible assets | - | 0 | % | (8 | ) | 0 | % | (8 | ) | ---- | |||||||
| Consolidated net income | 2,410 | 4 | % | 14,496 | 21 | % | 12,086 | ---- | |||||||||
| 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 September 30, 2016 | At September 30, 2017 | ||||||||||||||||
| Cash and cash equivalents | 2,719 | 19,494 | 22,214 | 2,577 | 17,879 | 20,456 | (1,757 | ) | -8 | % | |||||||
| Marketable financial instruments | 12,489 | 52,001 | 64,490 | 10,297 | 47,062 | 57,359 | (7,131 | ) | -11 | % | |||||||
| Performing loan portfolio | - | 51,188 | 51,188 | - | 58,599 | 58,599 | 7,411 | 14 | % | ||||||||
| Total past-due loans | - | 2,663 | 2,663 | - | 3,344 | 3,344 | 681 | 26 | % | ||||||||
| Gross loan portfolio | - | 53,852 | 53,852 | - | 61,943 | 61,943 | 8,091 | 15 | % | ||||||||
| Allowance for credit risks | - | 6,693 | 6,693 | - | 7,806 | 7,806 | 1,113 | 17 | % | ||||||||
| Loan portfolio, net | - | 47,159 | 47,159 | - | 54,137 | 54,137 | 6,978 | 15 | % | ||||||||
| Inventories | 7,705 | - | 7,705 | 8,879 | - | 8,879 | 1,173 | 15 | % | ||||||||
| Other current assets | 6,440 | 8,995 | 15,434 | 8,027 | 8,072 | 16,099 | 665 | 4 | % | ||||||||
| Total current assets | 29,354 | 127,648 | 157,002 | 29,780 | 127,150 | 156,930 | (72 | ) | 0 | % | |||||||
| Financial instruments | 17,672 | 306 | 17,978 | 16,283 | 288 | 16,571 | (1,407 | ) | -8 | % | |||||||
| Performing loan portfolio | - | 20,406 | 20,406 | - | 25,779 | 25,779 | 5,373 | 26 | % | ||||||||
| Total past-due loans | - | 84 | 84 | - | 153 | 153 | 69 | 83 | % | ||||||||
| Loan portfolio | - | 20,489 | 20,489 | - | 25,931 | 25,931 | 5,442 | 27 | % | ||||||||
| Other non-current assets | - | 567 | 567 | 8,437 | 672 | 9,109 | 8,542 | ---- | |||||||||
| Investment in shares | 2,736 | - | 2,736 | 2,632 | - | 2,632 | (104 | ) | -4 | % | |||||||
| Property, furniture, equipment and | |||||||||||||||||
| investment in stores, net | 3,674 | 2,630 | 6,304 | 4,489 | 3,004 | 7,493 | 1,189 | 19 | % | ||||||||
| Intangible assets | 627 | 5,888 | 6,515 | 669 | 6,159 | 6,828 | 313 | 5 | % | ||||||||
| Other assets | 1,005 | 163 | 1,167 | 818 | 412 | 1,231 | 64 | 5 | % | ||||||||
| TOTAL ASSETS | 55,067 | 157,693 | 212,759 | 63,108 | 163,617 | 226,725 | 13,966 | 7 | % | ||||||||
| Demand and term deposits | - | 101,786 | 101,786 | - | 104,814 | 104,814 | 3,028 | 3 | % | ||||||||
| Creditors from repurchase agreements | - | 6,168 | 6,168 | - | 5,367 | 5,367 | (801 | ) | -13 | % | |||||||
| Short-term debt | 55 | 414 | 469 | 3,496 | 58 | 3,554 | 3,085 | ---- | |||||||||
| Short-term liabilities with cost | 55 | 108,367 | 108,423 | 3,496 | 110,239 | 113,735 | 5,312 | 5 | % | ||||||||
| Suppliers and other short-term liabilities | 13,585 | 7,672 | 21,256 | 12,713 | 10,405 | 23,118 | 1,862 | 9 | % | ||||||||
| Short-term liabilities without cost | 13,585 | 7,672 | 21,256 | 12,713 | 10,405 | 23,118 | 1,862 | 9 | % | ||||||||
| Total short-term liabilities | 13,640 | 116,039 | 129,679 | 16,210 | 120,644 | 136,853 | 7,174 | 6 | % | ||||||||
| Long-term debt | 16,219 | 2,042 | 18,261 | 9,567 | 977 | 10,544 | (7,717 | ) | -42 | % | |||||||
| Long-term liabilities with cost | 16,219 | 2,042 | 18,261 | 9,567 | 977 | 10,544 | (7,717 | ) | -42 | % | |||||||
| Long-term liabilities without cost | 5,839 | 3,823 | 9,662 | 6,326 | 3,323 | 9,649 | (13 | ) | 0 | % | |||||||
| Total long-term liabilities | 22,057 | 5,865 | 27,922 | 15,893 | 4,300 | 20,193 | (7,730 | ) | -28 | % | |||||||
| TOTAL LIABILITIES | 35,697 | 121,904 | 157,601 | 32,103 | 124,943 | 157,046 | (555 | ) | 0 | % | |||||||
| TOTAL STOCKHOLDERS' EQUITY | 19,369 | 35,789 | 55,158 | 31,006 | 38,674 | 69,680 | 14,522 | 26 | % | ||||||||
| LIABILITIES + EQUITY | 55,067 | 157,693 | 212,759 | 63,108 | 163,617 | 226,725 | 13,966 | 7 | % | ||||||||
| INFRASTRUCTURE | ||||||||||||||||
| 3Q16 | 3Q17 | Change | ||||||||||||||
| Points of sale in Mexico | ||||||||||||||||
| Elektra | 978 | 13 | % | 1,020 | 14 | % | 42 | 4 | % | |||||||
| Salinas y Rocha | 50 | 1 | % | 48 | 1 | % | (2 | ) | -4 | % | ||||||
| Banco Azteca | 1,228 | 17 | % | 1,259 | 17 | % | 31 | 3 | % | |||||||
| Freestanding branches | 2,290 | 31 | % | 2,212 | 31 | % | (78 | ) | -3 | % | ||||||
| Total | 4,546 | 62 | % | 4,539 | 63 | % | (7 | ) | 0 | % | ||||||
| Points of sale in Central and South America | ||||||||||||||||
| Elektra | 167 | 2 | % | 163 | 2 | % | (4 | ) | -2 | % | ||||||
| Banco Azteca | 167 | 2 | % | 163 | 2 | % | (4 | ) | -2 | % | ||||||
| Freestanding branches | 346 | 5 | % | 310 | 4 | % | (36 | ) | -10 | % | ||||||
| Total | 680 | 9 | % | 636 | 9 | % | (44 | ) | -6 | % | ||||||
| Points of sale in North America | ||||||||||||||||
| Advance America | 2,165 | 29 | % | 2,072 | 29 | % | (93 | ) | -4 | % | ||||||
| Total | 2,165 | 29 | % | 2,072 | 29 | % | (93 | ) | -4 | % | ||||||
| TOTAL | 7,391 | 100 | % | 7,247 | 100 | % | (144 | ) | -2 | % | ||||||
| Floor space (m²) | 1,484 | 100 | % | 1,527 | 100 | % | 43 | 3 | % | |||||||
| Employees | ||||||||||||||||
| Mexico | 49,353 | 77 | % | 53,755 | 79 | % | 4,402 | 9 | % | |||||||
| Central and South America | 8,784 | 14 | % | 8,707 | 13 | % | (77 | ) | -1 | % | ||||||
| North America | 6,007 | 9 | % | 5,754 | 8 | % | (253 | ) | -4 | % | ||||||
| Total employees | 64,144 | 100 | % | 68,216 | 100 | % | 4,072 | 6 | % | |||||||