6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

For the month of August 2023

Commission File Number: 001-41736

Almacenes Éxito S.A.

(Exact Name as Specified in its Charter)

N/A

(Translation of registrant’s name into English)

Carrera 48 No. 32B Sur - 139

Avenida Las Vegas

Envigado, Colombia

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F: ☒      Form 40-F: ☐

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 1, 2023
	Almacenes Éxito S.A.
	By:	/s/ Ivonne Windmueller Palacio
	Name:	Ivonne Windmueller Palacio
	Title:	Chief Financial Officer

FORWARD-LOOKING STATEMENTS

This document may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

1

EXHIBIT INDEX

Exhibit  Number	Description of Document
99.1	Interim consolidated financial statements of Almacenes Éxito S.A. (English translation).
99.2	Interim separate financial statements of Almacenes Éxito S.A. (English translation).
99.3	Press release (English translation).
99.4	Earnings release (English translation).
99.5	Earnings presentation (English translation).

2

EX-99.1

Exhibit 99.1

Almacenes Éxito S.A.

Interim consolidated financial statements

At June 30, 2023 and at December 31, 2022

Almacenes Éxito S.A.

Interim consolidated statements of financial position

At June 30, 2023 and at December 31, 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	At June 30, 2023		At December 31, 2022
Current assets
Cash and cash equivalents	7		1,393,950		1,733,673
Trade receivables and other receivables	8		642,228		779,355
Prepayments	9		22,153		39,774
Receivables from related parties	10		58,212		47,122
Inventories, net	11		2,765,708		2,770,443
Financial assets	12		6,087		45,812
Tax assets	24		610,556		509,884
Assets held for sale	40		20,436		21,800
Total current assets			5,519,330		5,947,863
Non-current assets
Trade receivables and other receivables	8		45,854		50,521
Prepayments	9		5,539		6,365
Receivables from related parties	10		-		35,000
Financial assets	12		28,003		32,572
Deferred tax assets	24		176,779		142,589
Property, plant and equipment, net	13		4,332,950		4,474,280
Investment property, net	14		1,810,138		1,841,228
Rights of use asset, net	15		1,411,428		1,443,469
Intangible, net	16		408,101		424,680
Goodwill	17		3,355,987		3,484,303
Investments accounted for using the equity method	18		285,016		300,021
Other assets			398		398
Total non-current assets			11,860,193		12,235,426
Total assets			17,379,523		18,183,289
Current liabilities
Loans, borrowings, and other financial liability	20		2,065,206		915,604
Employee benefits	21		5,190		4,555
Provisions	22		30,292		27,123
Payables to related parties	10		71,642		79,189
Trade payables and other payable	23		4,469,187		5,651,303
Lease liabilities	15		274,606		263,175
Tax liabilities	24		75,150		109,726
Derivative instruments and collections on behalf of third parties	25		102,542		136,223
Other liabilities	26		191,265		228,496
Total current liabilities			7,285,080		7,415,394
Non-current liabilities
Loans, borrowings, and other financial liability	20		348,756		539,980
Employee benefits	21		30,822		32,090
Provisions	22		11,872		15,254
Trade payables and other payable	23		40,823		70,472
Lease liabilities	15		1,343,846		1,392,780
Deferred tax liabilities	24		274,115		277,713
Tax liabilities	24		6,591		2,749
Other liabilities	26		2,382		2,411
Total non-current liabilities			2,059,207		2,333,449
Total liabilities			9,344,287		9,748,843
Shareholders’ equity
Share capital			4,482		4,482
Reserves			1,421,158		1,541,586
Other equity components			5,282,497		5,592,920
Equity attributable to non-controlling interest			1,327,099		1,295,458
Total shareholders’ equity			8,035,236		8,434,446
Total liabilities and shareholders’ equity			17,379,523		18,183,289

The accompanying notes are an integral part of the interim consolidated financial statements.

2

Almacenes Éxito S.A.

Interim consolidated statements of profit or loss

For the quarters ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Continuing operations
Revenue from contracts with customers	28		10,575,274			9,319,182			5,119,120			4,717,215
Cost of sales	11		(7,802,927	)		(6,957,812	)		(3,779,692	)		(3,530,343	)
Gross profit			2,772,347			2,361,370			1,339,428			1,186,872
Distribution, administrative and selling expenses	29		(2,344,410	)		(1,952,574	)		(1,118,761	)		(977,878	)
Other operating (expenses) revenues, net	31		(15,231	)		36,547			(21,346	)		28,266
Operating profit			412,706			445,343			199,321			237,260
Financial income	32		241,721			82,058			71,243			29,338
Financial cost	32		(439,843	)		(224,594	)		(202,543	)		(122,075	)
Share of profit in associates and joint ventures			(50,105	)		(16,763	)		(23,313	)		1,056
Profit before income tax from continuing operations			164,479			286,044			44,708			145,579
Income tax (expense) gain	24		(37,868	)		(99,774	)		2,840			(44,934	)
Profit for the period			126,611			186,270			47,548			100,645
Net profit attributable to:
Equity holders of the Parent			38,934			126,803			(6,184	)		62,264
Non-controlling interests			87,677			59,467			53,732			38,381
Profit for the period			126,611			186,270			47,548			100,645
Earnings per share (*)
Basic and diluted earnings per share (*):
Basic and diluted earnings per share attributable to the shareholders of the Parent	33		30.00			97.70			(4.76	)		47.97
Basic and diluted earnings per share from continuing operations attributable to the shareholders of the Parent	33		30.00			97.70			(4.76	)		47.97

(*) Amounts expressed in Colombian pesos.

The accompanying notes are an integral part of the interim consolidated financial statements.

3

Almacenes Éxito S.A.

Interim consolidated statements of other comprehensive income

For the quarters ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Profit for the period			126,611			186,270			47,548			100,645
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
(Loss) gain from financial instruments designated at fair value through other comprehensive income	27		(273	)		(3,637	)		14			(2,080	)
Total other comprehensive income (loss) that will not be reclassified to period results, net of taxes			(273	)		(3,637	)		14			(2,080	)
Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
Translation exchange differences (1)	27		(640,851	)		196,291			(415,352	)		286,985
Translation exchange differences put option (2)			47,556			(83,595	)		56,651			(96,436	)
Net gain on hedge of a net investment in a foreign operation	27		-			2,327			-			21
(Loss) from cash flow hedge	27		(1,316	)		4,475			4,130			776
Total other comprehensive income that may be reclassified to profit or loss, net of taxes			(594,611	)		119,498			(354,571	)		191,346
Total other comprehensive income (loss)			(594,884	)		115,861			(354,557	)		189,266
Total comprehensive income (loss)			(468,273	)		302,131			(307,009	)		289,911
Comprehensive income (loss) attributable to:
Equity holders of the Parent			(553,925	)		246,469			(358,835	)		254,117
Non-controlling interests			85,652			55,662			51,826			35,794

(1) Translation of assets, liabilities, equity and results of foreign operations into the reporting currency.

(2) Translation of Put option on the subsidiary Grupo Disco del Uruguay S.A. into the reporting currency.

The accompanying notes are an integral part of the interim consolidated financial statements.

4

Almacenes Éxito S.A.

Interim consolidated statements of changes in equity

At June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Attributable to the equity holders of the parent
	Issued share capital		Premium on the issue of shares		Treasury shares			Legal reserve		Occasional reserve			Reserves for acquisition of treasury shares		Reserve for future dividends distribution		Other reserves		Total reserves			Other comprehensive income			Retained earnings			Hyperinflation and other equity components			Total			Non-controlling interests			Total shareholders’ equity
	Note 27		Note 27		Note 27			Note 27		Note 27			Note 27		Note 27		Note 27		Note 27			Note 27			Note 27
Balance at December 31, 2021		4,482		4,843,466		(2,734	)		7,857		791,647			22,000		155,412		329,529		1,306,445			(1,240,157	)		888,645			954,867			6,755,014			1,273,463			8,028,477
Declared dividend (Note 37)		-		-		-			-		(12,330	)		-		-		-		(12,330	)		-			(225,348	)		-			(237,678	)		(35,015	)		(272,693	)
Profit for the period		-		-		-			-		-			-		-		-		-			-			126,803			-			126,803			59,467			186,270
Other comprehensive income (loss)																							203,261									203,261			(3,805	)		199,456
Reacquisition of shares		-		-		(316,756	)		-		-			-		-		-		-			-			-			-			(316,756	)		-			(316,756	)
Appropriation to reserves		-		-		-			-		(147,108	)		396,442		-		-		249,334			-			(249,334	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in loss of control		-		-		-			-		-			-		-		-		-			-			-			11			11			(2,481	)		(2,470	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-		-			-			-			274,370			274,370						274,370
Changes in fair value of put option on non-controlling interests, including related translation adjustments (Note 2.1)		-		-		-			-		-			-		-		-		-			(83,595	)		-			4,745			(78,850	)		(4,745	)		(83,595	)
Other movements		-		-		-			-		(1,863	)		-		-		11,919		10,056			-			(12,555	)		(5	)		(2,504	)		(184	)		(2,688	)
Balance at June 30, 2022		4,482		4,843,466		(319,490	)		7,857		630,346			418,442		155,412		341,448		1,553,505			(1,120,491	)		528,211			1,233,988			6,723,671			1,286,700			8,010,371
Balance at December 31, 2022		4,482		4,843,466		(319,490	)		7,857		630,346			418,442		155,412		329,529		1,541,586			(966,902	)		515,564			1,520,282			7,138,988			1,295,458			8,434,446
Declared dividend (Note 37)		-		-		-			-		(217,392	)		-		-		-		(217,392	)		-			-			-			(217,392	)		(64,060	)		(281,452	)
Profit for the period		-		-		-			-		-			-		-		-		-			-			38,934			-			38,934			87,677			126,611
Other comprehensive income (loss)		-		-		-			-		-			-		-		-		-			(640,415	)		-			-			(640,415	)		(2,025	)		(642,440	)
Appropriation to reserves		-		-		-			-		99,072			-		-		-		99,072			-			(99,072	)		-			-			-			-
Changes in interest in the ownership of subsidiaries that do not result in loss of control		-		-		-			-		-			-		-		-		-			-			-			6			6			(199	)		(193	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-		-			-			-			354,590			354,590			-			354,590
Changes in fair value of put option on non-controlling interests, including related translation adjustments (Note 2.1)		-		-		-			-		-			-		-		-		-			47,556			-			(10,490	)		37,066			10,490			47,556
Other movements		-		-		-			-		(2,108	)		-		-		-		(2,108	)		-			(1,713	)		181			(3,640	)		(242	)		(3,882	)
Balance at June 30, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		329,529		1,421,158			(1,559,761	)		453,713			1,864,569			6,708,137			1,327,099			8,035,236

The accompanying notes are an integral part of the interim consolidated financial statements. 

5

Almacenes Éxito S.A.

Interim consolidated statements of cash flows

For the periods ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	January 1 to June 30, 2023			January 1 to June 30, 2022
Operating activities
Profit for the period			126,611			186,270
Adjustments to reconcile profit for the period
Current income tax	24		55,191			64,104
Deferred income tax	24		(17,323	)		35,670
Interest, loans and lease expenses	32		168,045			82,265
Loss (gain) from changes in fair value of derivative financial instruments	32		38,057			(6,889	)
Expected credit loss, net	8.1		1,743			4,162
Impairment of inventories, net	11.1		4,494			1,063
(Reversal) impairment of property, plant and equipment	13		(79	)		(1,054	)
Employee benefit provisions	21		1,131			846
Provisions and reversals	22		18,016			14,103
Depreciation of property, plant and equipment, right of use asset and investment property and	13; 14; 15		306,067			269,331
Amortization of intangible assets	16		15,570			13,131
Share of profit in associates and joint ventures accounted for using the equity method			50,105			16,763
Loss from the disposal of non-current assets			2,370			(16,130	)
Loss from reclassification of non-current assets						230
Interest income	32		(24,442	)		(13,244	)
Other adjustments from items other than cash			(1,562	)		35,029
Cash generated from operating activities before changes in working capital			743,994			685,650
Decrease in trade receivables and other receivables			94,397			89,683
Decrease in prepayments			14,478			14,869
(Increase) decrease in receivables from related parties			(11,681	)		530
Increase in inventories			(107,195	)		(483,953	)
Decrease in tax assets			26,180			18,703
Decrease in employee benefits			(375	)		-
Payments and decease in other provisions	22		(16,632	)		(9,754	)
Decrease in trade payables and other accounts payable			(929,983	)		(787,936	)
(Decrease) increase in accounts payable to related parties			(2,745	)		6,228
Decrease in tax liabilities			(28,094	)		(27,981	)
Decrease in other liabilities			(29,885	)		(79,952	)
Income tax paid			(166,913	)		(192,396	)
Net cash flows used in operating activities			(414,454	)		(766,309	)
Investing activities
Advances to joint ventures			(100	)		(20,000	)
Acquisition of property, plant and equipment	13.1		(230,869	)		(113,319	)
Acquisition of investment property	14		(25,324	)		(23,647	)
Acquisition of intangible assets	16		(16,827	)		(9,979	)
Proceeds of the sale of property, plant and equipment and intangible assets.			4,106			19,780
Net cash flows used in investing activities			(269,014	)		(147,165	)
Financing activities
Proceeds from financial assets			4,604			8,347
Payments from payments of derivative instruments and other liabilities with third parties			(49,073	)		2,764
Proceeds from loans and borrowings	20		1,086,703			476,241
Repayment of loans and borrowings	20		(105,224	)		(107,725	)
Payments of interest of loans and borrowings	20		(81,593	)		(28,173	)
Lease liabilities paid	15.2		(138,740	)		(130,817	)
Interest on lease liabilities paid	15.2		(59,838	)		(45,051	)
Dividends paid	37		(283,936	)		(286,536	)
Interest received	32		24,442			13,244
Payments on the reacquisition of shares			-			(316,755	)
Payment to non-controlling interest			(193	)		(2,508	)
Net cash flows provided by (used in) financing activities			397,152			(416,969	)
Net decrease in cash and cash equivalents			(286,316	)		(1,330,443	)
Effects of the variation in exchange rates			(53,407	)		32,753
Cash and cash equivalents at the beginning of period	7		1,733,673			2,541,579
Cash and cash equivalents at the end of period	7		1,393,950			1,243,889

The accompanying notes are an integral part of the interim consolidated financial statements.

6

Note 1. General information

Almacenes Éxito S.A. was incorporated pursuant to Colombian laws on March 24, 1950; its headquarter is located Carrera 48 No. 32B Sur - 139, Envigado, Colombia. Here and after Almacenes Éxito S.A. and its subsidiaries are referred to as the “Éxito Group”.

Almacenes Éxito S.A. is listed on the Colombia Stock Exchange (BVC) since 1994 and is under the supervision of the Financial Superintendence of Colombia. In April, 2023, the Company obtained registration as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM).

Éxito Group´s corporate purpose is to:

- Acquire, store, transform and, in general, distribute and sell under any trading figure, including funding thereof, all kinds of goods and products, produced either locally or abroad, on a wholesale or retail basis, physically or online.

- Provide ancillary services, namely grant credit facilities for the acquisition of goods, grant insurance coverage, carry out money transfers and remittances, provide mobile phone services, trade tourist package trips and tickets, repair and maintain furnishings, complete paperwork and energy trade.

- Give or receive in lease trade premises, receive or give, in lease or under occupancy, spaces or points of sale or commerce within its trade establishments intended for the exploitation of businesses of distribution of goods or products, and the provision of ancillary services.

- Incorporate, fund or promote with other individuals or legal entities, enterprises or businesses intended for the manufacturing of objects, goods, articles or the provision of services related with the exploitation of trade establishments.

- Acquire property, build commercial premises intended for establishing stores, malls or other locations suitable for the distribution of goods, without prejudice to the possibility of disposing of entire floors or commercial premises, give them in lease or use them in any convenient manner with a rational exploitation of land approach, as well as invest in property, promote and develop all kinds of real estate projects.

- Invest resources to acquire shares, bonds, trade papers and other securities of free movement in the market to take advantage of tax incentives established by law, as well as make temporary investments in highly liquid securities with a purpose of short-term productive exploitation; enter into firm factoring agreements using its own resources; encumber its chattels or property and enter into financial transactions that enable it to acquire funds or other assets.

- In the capacity as wholesaler and retailer, distribute oil-based liquid fuels through service stations, alcohols, biofuels, natural gas for vehicles and any other fuels used in the automotive, industrial, fluvial, maritime and air transport sectors, of all kinds.

The immediate holding company, or controlling entity of Almacenes Éxito S.A. is Companhia Brasileira de Distribuição (hereinafter CBD), which owns 91.52% at June 30, 2023 (at December 31, 2022 - 91.52%) of its ordinary shares. CBD is controlled by Casino, Guichard-Perrachon S.A., which is ultimately controlled by Mr. Jean-Charles Henri Naouri.

7

Almacenes Éxito S.A. is registered in the Camara de Comercio Aburrá Sur.

Note 1.1. Stock ownership in subsidiaries included in the consolidated financial statements

Below is a detail of the stock ownership in subsidiaries included in the interim consolidated financial statements at June 30, 2023, which was the same at December 31, 2022:

Name	Direct controlling entity	Segment	Country	Stock ownership of direct controlling entity 2023			Stock ownership in the direct parent			Total direct and indirect ownership			Total Non-controlling interest
Directly owned entities
Almacenes Éxito Inversiones S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		0.00	%		100.00	%		0.00	%
Logística, Transporte y Servicios Asociados S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		0.00	%		100.00	%		0.00	%
Marketplace Internacional Éxito y Servicios S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		0.00	%		100.00	%		0.00	%
Depósitos y Soluciones Logísticas S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		0.00	%		100.00	%		0.00	%
Marketplace Internacional Éxito S.L.	Almacenes Éxito S.A.	Colombia	Spain		100.00	%		0.00	%		100.00	%		0.00	%
Fideicomiso Lote Girardot	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		0.00	%		100.00	%		0.00	%
Transacciones Energéticas S.A.S. E.S.P.	Almacenes Éxito S.A.	Colombia	Colombia		100.00	%		0.00	%		100.00	%		0.00	%
Éxito Industrias S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		97.95	%		0.00	%		97.95	%		2.05	%
Éxito Viajes y Turismo S.A.S.	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		0.00	%		51.00	%		49.00	%
Gestión Logística S.A.	Almacenes Éxito S.A.	Colombia	Panama		100.00	%		0.00	%		100.00	%		0.00	%
Patrimonio Autónomo Viva Malls	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		0.00	%		51.00	%		49.00	%
Spice Investment Mercosur S.A.	Almacenes Éxito S.A.	Uruguay	Uruguay		100.00	%		0.00	%		100.00	%		0.00	%
Onper Investment 2015 S.L.	Almacenes Éxito S.A.	Argentina	Spain		100.00	%		0.00	%		100.00	%		0.00	%
Patrimonio Autónomo Iwana	Almacenes Éxito S.A.	Colombia	Colombia		51.00	%		0.00	%		51.00	%		49.00	%
Indirectly owned entities
Patrimonio Autónomo Centro Comercial Viva Barranquilla	Patrimonio Autónomo Viva Malls	Colombia	Colombia		90.00	%		51.00	%		45.90	%		54.10	%
Patrimonio Autónomo Viva Laureles	Patrimonio Autónomo Viva Malls	Colombia	Colombia		80.00	%		51.00	%		40.80	%		59.20	%
Patrimonio Autónomo Viva Sincelejo	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Viva Villavicencio	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo San Pedro Etapa I	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Centro Comercial	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Patrimonio Autónomo Viva Palmas	Patrimonio Autónomo Viva Malls	Colombia	Colombia		51.00	%		51.00	%		26.01	%		73.99	%
Geant Inversiones S.A.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Larenco S.A.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Lanin S.A.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Grupo Disco del Uruguay S.A.	Spice Investment Mercosur S.A.	Uruguay	Uruguay		62.49	%		100.00	%		62.49	%		37.51	%
Devoto Hermanos S.A.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Mercados Devoto S.A.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
5 Hermanos Ltda.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%
Sumelar S.A.	Lanin S.A.	Uruguay	Uruguay		100.00	%		100.00	%		100.00	%		0.00	%

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Name	Direct controlling entity	Segment	Country	Stock ownership of direct controlling entity 2023		Stock ownership in the direct parent		Total direct and indirect ownership		Total Non-controlling interest
Tipsel S.A.	Lanin S.A.	Uruguay	Uruguay	100.00	%	100.00	%	100.00	%	0.00	%
Tedocan S.A.	Mercados Devoto S.A.	Uruguay	Uruguay	100.00	%	100.00	%	100.00	%	0.00	%
Supermercados Disco del Uruguay S.A.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Ameluz S.A.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Fandale S.A.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Odaler S.A.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
La Cabaña S.R.L.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Ludi S.A.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Hiper Ahorro S.R.L.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Maostar S.A.	Grupo Disco del Uruguay S.A.	Uruguay	Uruguay	50.01	%	62.49	%	31.25	%	68.75	%
Semin S.A.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Randicor S.A.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Ciudad del Ferrol S.C.	Supermercados Disco del Uruguay S.A.	Uruguay	Uruguay	98.00	%	62.49	%	61.24	%	38.76	%
Setara S.A.	Odaler S.A.	Uruguay	Uruguay	100.00	%	62.49	%	62.49	%	37.51	%
Mablicor S.A.	Fandale S.A.	Uruguay	Uruguay	51.00	%	62.49	%	31.87	%	68.13	%
Vía Artika S. A.	Onper Investment 2015 S.L.	Argentina	Uruguay	100.00	%	100.00	%	100.00	%	0.00	%
Gelase S. A.	Onper Investment 2015 S.L.	Argentina	Belgium	100.00	%	100.00	%	100.00	%	0.00	%
Libertad S.A.	Onper Investment 2015 S.L.	Argentina	Argentina	100.00	%	100.00	%	100.00	%	0.00	%
Spice España de Valores Americanos S.L.	Vía Artika S. A.	Argentina	Spain	100.00	%	100.00	%	100.00	%	0.00	%

Note 1.2. Subsidiaries with material non-controlling interests

At June 30, 2023 and at December 31, 2022 the following subsidiaries have material non-controlling interests:

		Percentage of equity interest held by non-controlling interests
	Country	June 30, 2023			December 31, 2022
Patrimonio Autónomo Viva Palmas	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Viva Sincelejo	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Viva Villavicencio	Colombia		73.99	%		73.99	%
Patrimonio Autónomo San Pedro Etapa I	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Centro Comercial	Colombia		73.99	%		73.99	%
Patrimonio Autónomo Viva Laureles	Colombia		59.20	%		59.20	%
Patrimonio Autónomo Centro Comercial Viva Barranquilla	Colombia		54.10	%		54.10	%
Patrimonio Autónomo Iwana	Colombia		49.00	%		49.00	%
Éxito Viajes y Turismo S.A.S.	Colombia		49.00	%		49.00	%
Patrimonio Autónomo Viva Malls	Colombia		49.00	%		49.00	%
Grupo Disco del Uruguay S.A.	Uruguay		37.51	%		37.51	%

Note 2. Basis of preparation and other significant accounting policies

The interim consolidated financial statements for the six and three months ended June 30, 2023 and 2022 and for the year ended December 31, 2022 have been prepared in accordance with International Financial Reporting Standard issued by the International Accounting Standards Board (IASB).

The consolidated financial statements for the interim periods are disclosure in accordance with IAS34 and should be read in conjunction with the consolidated financial statements as of December 31, 2022 and do not include all the information required for a consolidated financial statement disclosure in accordance with IAS 1. However, some notes have been included to explain events and transactions that are relevant to understanding the changes in Grupo Éxito’s financial situation, as well as the operating performance since December 31, 2022.

The interim consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and financial instruments measured at fair value.

The Exito Group has prepared the interim consolidated financial statements on the basis that it will continue to operate as a going concern. 

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Note 2.1. Voluntary correction

During the preparation of the financial statements for 2022, Exito Group identified an immaterial error in relation to the non-controlling interest of subsidiary Grupo Disco Uruguay S.A., part of which is subject to the put option. Although the error was not material, Exito Group has voluntarily elected to correct prior periods 2022 and 2021. This correction resulted in a decrease to equity attributable to the equity holders of the parent and an increase to non-controlling interest of $87,093 at December 31, 2022 and $126,391 at December 31, 2021. As a result, the consolidated statement of changes in equity has been corrected to present all the impacts in equity of the accounting for the put option, including the related foreign currency translation adjustment of the put option liability, in one single line item: “changes in fair value of put option on non-controlling interests, including related translation adjustments”. In addition, the difference between the carrying amount of the non-controlling interest subject to the put option and the put option financial liability amount at the end of the reporting period has been included in the “Hyperinflation and other equity components” column within equity attributable to the equity holders of the parent.

Such immaterial correction did not impact consolidated assets, liabilities or total shareholder’s equity as of December 31, 2022 and 2021, or profit for the year, comprehensive income or cash flows for the years ended December 31, 2022 and 2021.

Note 3. Basis for consolidation

All significant transactions and material balances among subsidiaries have been eliminated upon consolidation; non-controlling interests represented by third parties’ ownership interests in subsidiaries have been recognized and separately included in the consolidated shareholders’ equity.

These interim consolidated financial statements include the financial statements of Almacenes Éxito S.A. and all of its subsidiaries. Subsidiaries (including special-purpose vehicles) are entities over which Almacenes Éxito has direct or indirect control. Special-purpose vehicles are stand-alone trust funds (Patrimonios Autónomos, in Spanish) established with a defined purpose or limited term. A listing of subsidiaries is included in Note 1.

“Control” is the power to govern relevant activities, such as the financial and operating policies of a controlled company (subsidiary). Control is when Éxito has power over an investee, is exposed to variable returns from its involvement and has the ability to use its power over the investee to affect its returns. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Exito Group has less than a majority of the voting or similar rights of an investee, the Exito Group considers all relevant facts and circumstances in assessing whether it has power over an investee.

At the time of assessing whether Éxito has control over a subsidiary, analysis is made of the existence and effect of currently exercisable potential voting rights. Subsidiaries are consolidated as of the date on which control is gained until Éxito ceases to control of the subsidiary.

Transactions involving a change in ownership percentage without loss of control are recognized in shareholders’ equity. Cash flows provided or paid to non-controlling interests which represent a change in ownership interests not resulting in a loss of control are classified as financing activities in the statement of cash flows.

In transactions involving a loss of control, the entire ownership interest in the subsidiary is derecognized, including the relevant items of the other comprehensive income, and the retained interest is recognized at fair value. Any gain or loss arising from the transaction is recognized in profit or loss. Cash flows from the acquisition or loss of control over a subsidiary are classified as investing activities in the statement of cash flows.

Whenever a subsidiary is made available for sale or its operation is discontinued, but control over it is still maintained, its assets and liabilities are classified as assets held for sale and presented in a single line item in the statement of financial position. Results from discontinued operations are presented separately in the consolidated statement of profit or loss.

Income for the period and each component in other comprehensive income are attributed to the owners of the parent and to non-controlling interests.

In consolidating the financial statements, all subsidiaries apply the same policies and accounting principles implemented by Almacenes Éxito S.A.

Subsidiaries’ assets and liabilities, revenue and expenses, as well as Almacenes Éxito S.A’s. revenue and expenses in foreign currency have been translated into Colombian pesos at observable market exchange rates on each reporting date and at period average, as follows:

	Closing rates (*)				Average rates (*)
	June 30, 2023		December 31, 2022		June 30, 2023		June 30, 2022		December 31, 2022
US Dollar		4,191.28		4,810.20		4,595.11		3,914.46		4,255.44
Uruguayan peso		112.14		120.97		117.98		93.42		103.69
Argentine peso		16.33		27.16		22.00		34.99		32.99
Euro		4,572.69		5,133.73		4,963.36		4,280.09		4,471.09

(*) Expressed in Colombian pesos.

Note 4. Significant accounting policies

The accompanying interim consolidated financial statements at June 30, 2023 have been prepared using the same accounting policies, measurements and bases used to present the consolidated financial statements for the year ended December 31, 2022, except for new and modified standards and interpretations applied starting January 1, 2023.

The adoption of the new standards in force as of January 1, 2023 mentioned in Note 5.1. did not result in significant changes in these accounting policies as compared to those applied in preparing the consolidated financial statements at December 31, 2022 and no significant effect resulted from adoption thereof.

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Note 5. Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB.

Note 5.1. New and amended standards and interpretations.

Éxito Group applied amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2023. The main new standards adopted are as follows:

Statement	Description	Impact
Amendment to IAS 1 - Disclosure of accounting policies and practice statement	This Amendment, which amends IAS 1 - Presentation of financial statements, guides companies in deciding what information about accounting policies should be disclosed to provide more useful information to investors and other primary users of financial statements. The Amendment requires companies to disclose material information about accounting policies by applying the concept of materiality in their disclosures.	These changes did not have any impact in the consolidated financial statements.
Amendment to IAS 8 - Definition of accounting estimates	This Amendment, which amends IAS 8 - Accounting policies, changes in accounting estimates and errors, modified the definition of accounting estimates and included other amendments to assist entities in distinguishing changes in accounting estimates from changes in accounting policies. This distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events but changes in accounting policies are applied retrospectively to past transactions and other past events.	These changes did not have any impact in the consolidated financial statements.
Amendment to IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction	This Amendment, which amends IAS 12 Income tax, details how companies must recognize deferred tax on transactions such as leases and decommissioning liabilities.	These changes did not have any impact in the consolidated financial statements.
Amendment to IFRS 17 - Initial application of IFRS 17 and IFRS 9 – Comparative information	This Amendment, which modifies IFRS 17 - Insurance contracts, applies to entities that apply IFRS 17 and IFRS 9 simultaneously.  Considering that these standards have different transition requirements, it is possible that temporary accounting imbalances arise between financial assets and liabilities related with the insurance contract in the comparative information shown in the financial statements upon applying such standards for the first time.  The Amendment will help insurance companies to avoid such imbalances, and, consequently, will improve the usefulness of comparative information for investors. For this purpose, it provides insurance companies with an option to present comparative information regarding financial assets.	These changes did not have any impact in the consolidated financial statements.

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Note 5.2. New and revised standards and interpretations issued and not yet effective.

Exito Group has not early adopted the following new and revised IFRSs, which have already been issued but not yet in effect, up to the date of the issuance of the Group’s consolidated financial statements:

Statement	Description	Applicable to annual periods starting in or after
Amendment to IAS 1 – Non-current Liabilities with Covenants	This amendment, which amends IAS 1– Presentation of Financial Statements, aims to improve the information companies provide on long-term covenanted debt by enabling investors to understand the risk of early repayment of debt. IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt within 12 months of the reporting date. However, a company’s ability to do so is often contingent on compliance with covenants. For example, a business might have long-term debt that could be repayable within 12 months if the business defaults in that 12-month period. The amendment requires a company to disclose information about these covenants in the notes to the financial statements.	January 1, 2024, with early adoption permitted
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback	This Amendment, which amends IFRS 16 – Leases, guides at the subsequent measurement that a company must apply when it sells an asset and subsequently leases the same asset to the new owner for a period. IFRS 16 includes requirements on how to account for a sale with leaseback on the date the transaction takes place. However, this standard had not specified how to measure the transaction after that date. These amendments will not change the accounting for leases other than those arising in a sale-leaseback transaction.	January 1, 2024
Amendment to IAS 7 and IFRS 17 - Supplier finance arrangements	This Amendment, which amends IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures, aims to enhance the disclosure requirements regarding supplier financing agreements. It enables users of financial statements to assess the effects of such agreements on the entity’s liabilities and cash flows, as well as the entity’s exposure to liquidity risk. The Amendment requires the disclosure of the amount of liabilities that are part of the agreements, disaggregating the amounts for which financing providers have already received payments from the suppliers, and indicating where the liabilities are presented in the balance sheet. Additionally, it mandates the disclosure of terms and conditions, payment maturity date ranges, and liquidity risk information. Supplier financing agreements are characterized by one or more financing providers offering to pay amounts owed by an entity to its suppliers, according to the terms and conditions agreed upon between the entity and its supplier.	January 1, 2024
Amendment to IAS 12 - International Tax Reform: Pillar Two Model Rules	This Amendment, which amends IAS 12 - Income Taxes, applies to income taxes arising from tax legislation enacted to implement the rules of Model Pillar Two published by the Organisation for Economic Co-operation and Development (OECD). The rules of this model aim to ensure that large multinational enterprises are subject to a minimum tax rate of 15%. The minimum tax is calculated based on financial accounting standards and is based on two main components: profits and taxes paid. The Amendment provides companies with temporary relief from the accounting for deferred taxes arising from the international tax reform by the Organisation for Economic Co-operation and Development (OECD).	Is applicable for annual reporting periods beginning on or after January 2023, but not for interim periods ending on or before December 31, 2023

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Note 6. Relevant facts

No relevant facts have occurred nor registered during the period.

Note 7. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

	June 30, 2023		December 31, 2022
Cash at banks and on hand (1)		1,362,036		1,700,987
Fiduciary rights – money market like		29,943		30,652
Funds (2)		1,232		1,139
Term deposit certificates		718		870
Other cash equivalents		21		25
Total cash and cash equivalents		1,393,950		1,733,673

(1) The decrease is mainly due to the utilization of resources for the payment of creditors and suppliers (Trade accounts payable and other accounts payable) at the beginning of 2023.

(2) Collective investment fund with Fiduciaria Corficolombiana created to guarantee the payment of a lease rent for the properties Éxito Poblado and Cedi Avenida 68.

At June 30, 2023, the Éxito Group recognized interest income from cash at banks and cash equivalents in the amount of $24,442 (June 30, 2022 - $13,244), which were recognized as financial income as detailed in Note 32.

At June 30, 2023 and December 31, 2022, cash and cash equivalents were not restricted or levied in any way as to limit availability thereof.

Note 8. Trade receivables and other receivables

The balance of trade receivables and other receivables is shown below:

	June 30, 2023		December 31, 2022
Trade receivables (Note 8.1)		418,573		506,342
Other receivables (Note 8.2)		269,509		323,534
Total trade receivables and other receivables		688,082		829,876
Current		642,228		779,355
Non-Current		45,854		50,521

Note 8.1. Trade receivables

The balance of trade receivables is shown below:

	June 30, 2023			December 31, 2022
Trade accounts		308,453			385,766
Sale of real-estate project inventories		68,133			66,831
Rentals and dealers		44,119			64,260
Employee funds and lending		12,243			12,367
Allowance for expected credit loss		(14,375	)		(22,882	)
Trade receivables		418,573			506,342

The allowance for expected credit loss is recognized as expense in profit or loss. During the period of sixth months ended June 30, 2023, the net effect of the allowance for expected credit loss on the statement of profit or loss represents expense of $1,743 ($4,162 - expense for the period ended June 30, 2022).

13

The movement in the allowance for expected credit losses during the periods was as follows:

Balance at December 31, 2021	25,268
Additions	16,575
Reversal of allowance for expected credit losses	(12,413	)
Write-off of receivables	(2,165	)
Effect of exchange difference from translation into reporting currency	(1,051	)
Balance at June 30, 2022	26,214
Balance at December 31, 2022	22,882
Additions	11,236
Reversal of allowance for expected credit losses	(9,493	)
Write-off of receivables	(7,236	)
Effect of exchange difference from translation into presentation currency	(3,014	)
Balance at June 30, 2023	14,375

An analysis is performed at each reporting date to estimate expected credit losses. The allowance rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., product type and customer rating). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events and current conditions. Generally, trade receivables and other receivables are written-off if past due for more than one year.

Note 8.2. Other receivables

	June 30, 2023		December 31, 2022
Recoverable taxes		104,560		106,631
Business agreements		70,141		57,989
Loans or advances to employees		60,234		84,885
Money remittances		4,280		16,347
Maintenance fees		3,098		4,074
Long-term receivable		1,584		2,895
Money transfer services		948		20,370
Factoring of trade receivables		236		272
Sale of fixed assets, intangible assets and other assets		159		6,278
Other		24,269		23,793
Total other account receivables		269,509		323,534

Note 9. Prepayments

	June 30, 2023		December 31, 2022
Maintenance		7,521		5,811
Lease payments made before commencement date		7,338		9,645
Advertising		4,814		6,060
Insurance		4,307		20,161
Other prepayments		3,712		4,462
Total prepayments		27,692		46,139
Current		22,153		39,774
Non-current		5,539		6,365

Note 10. Related parties

Note 10.1. Significant agreements

Transactions with related parties refer mainly to transactions between the Exito Group. its subsidiaries, joint ventures and other related entities and were substantially accounted for in accordance with the prices, terms and conditions agreed upon between the parties. The agreements are detailed as follows:

Casino Group:

(a) Casino international, International Retail Trade and Services IG and Distribution Casino France: Commercial agreement to regulate the terms pursuant to which Casino International renders international retail and trade services to Éxito Group (e.g., negotiation of commercial services with international suppliers, prospecting global suppliers and intermediating the purchases provided by Casino, purchase and importation of products and reimbursement for promotions realized in stores).

(b) Insurance agreements for the intermediation of renewals of certain insurance policies.

(c) Euris, Casino Services y Casino Guichard Perrachon S.A: Cost reimbursement agreements to encourage the exchange of knowledge and experience in certain areas of operation, as well as the reimbursement of expenses related to expatriates.

14

Greenyellow Energía de Colombia S.A.S.: service agreement oversight and monitoring services relating to energy efficiency. Since October, 2022 this company is not related party.

Puntos Colombia S.A.S.: Agreement providing for the terms and conditions for the redemption of points collected under their loyalty program, among other services.

Compañía de Financiamiento Tuya S.A.: Partnership agreements to promote (i) the sale of products and services offered by the Exito Group through credit cards, (ii) the use of these credit cards in and out of the Exito Group stores and (iii) the use of other financial services agreed between the parties inside the Exito Group stores.

Companhia Brasileira de Distribuição (CBD): Cost reimbursement agreement related to the sharing of know-how and experience of CBD on certain areas (strategy, finance, human resources, legal, communication and investors relations). The Exito Group also entered into an agreement for the reimbursement of expenses related to the relocation of employees among the Exito Group.

Note 10.2. Transactions with related parties

Transactions with related parties relate to revenue from retail sales and other services, as well as to costs and expenses related to risk management and technical assistance support, purchase of goods and services received.

The amount of revenue, costs and expenses arising from transactions with related parties is as follows:

	Revenue
	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Joint ventures (1)		32,035		39,464		14,427		9,852
Casino Group companies (2)		1,432		2,617		767		(635	)
Total revenue		33,467		42,081		15,194		9,217

	Costs and expenses
		January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Joint ventures (1)			54,327		49,555		25,921		25,409
Casino Group companies (2)			14,338		34,803		7,240		16,644
Members of the Board (3)			1,649		1,242		924		619
Controlling entity (4)			549		5,989		544		3,325
Total costs and expenses			70,863		91,589		34,629		45,997

(1) The amount of revenue and costs and expenses with each joint venture is as follows:

Revenue:

	Compañía de Financiamiento Tuya S.A.
Description	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Commercial activation recovery		24,935		29,136		10,420		13,103
Yield on bonus, coupons and energy		3,624		6,789		2,138		3,388
Lease of real estate		2,053		2,144		1,057		955
Services		494		796		200		439
Corporate collaboration agreement		-		-		-		(8,352	)
Total revenue		31,106		38,865		13,815		9,533

	Puntos Colombia S.A.S.
Description	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Services		929		599		612		319
Total revenue		929		599		612		319

15

Costs and expenses:

	Compañía de Financiamiento Tuya S.A.
Description		January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Commissions on means of payment			6,724		3,903		3,102		1,973
Total costs and expenses			6,724		3,903		3,102		1,973

	Puntos Colombia S.A.S.
Description	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Cost of customer loyalty program		47,603		45,652		22,819		23,436
Total costs and expenses		47,603		45,652		22,819		23,436

(2) Revenue mainly relates to the provision of services and rebates from suppliers. Costs and expenses accrued mainly arise from energy optimization services received and intermediation in the import of goods, purchase of goods and consultancy services.

Revenue by each company is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Relevan C Colombia S.A.S.		1,127		-		629		-
Casino International		188		822		61		(761	)
Casino Services		77		-		77		-
Distribution Casino France		40		228		-		-
Greenyellow Energía de Colombia S.A.S. (Note 10.1)		-		1,567		-		126
Total revenue		1,432		2,617		767		(635	)

Costs and expenses by each company are as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Casino Guichard Perrachon S.A.		7,940		6,432		3,887		3,176
Distribution Casino France		2,941		4,916		1,188		2,246
Casino Services		1,093		113		1,016		12
International Retail and Trade Services IG.		1,036		-		437		(533	)
Euris		965		794		464		794
Relevan C Colombia S.A.S.		363		-		248		-
Greenyellow Energía de Colombia S.A.S. (Note 10.1)		-		22,540		-		10,949
Cdiscount S.A.		-		8		-		-
Total costs and expenses		14,338		34,803		7,240		16,644

(3) Costs and expenses with members of the board related to meetings and committees’ services.

(4) Costs and expenses related to consulting services provided by Companhia Brasileira de Distribuição – CBD.

Note 10.3. Other information on related party transactions

Financial assets measured at fair value through other comprehensive income

Éxito Group has 659,383 shares in Cnova NV in the amount of $9,222 (December 31, 2022 - $9,222)

16

Note 10.4. Receivables from related parties

	Receivable				Other non-financial assets
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Joint ventures (1)		52,666		41,909		-		35,000
Casino Group companies (2)		5,258		4,925		-		-
Controlling entity (3)		288		288		-		-
Total		58,212		47,122		-		35,000
Current		58,212		47,122		-		-
Non-Current		-		-		-		35,000

(1) Balances relate to the following joint ventures and the following detail:

- The balance of receivables by joint ventures is shown below:

	Compañía de Financiamiento Tuya S.A.				Puntos Colombia S.A.S.				Sara ANV S.A.
Description	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Reimbursement of shared expenses, collection of coupons and other		5,096		5,407		-		-		-		-
Redemption of points		-		-		43,693		33,805		-		-
Other services		3,869		2,329		-		-		8		368
Total receivable		8,965		7,736		43,693		33,805		8		368

- Other non-financial assets:

The balance of $35,000 at December 31, 2022, relates to payments made to Compañía de Financiamiento Tuya S.A. for the future subscription of shares. Compañía de Financiamiento Tuya S.A. had not received authorization from the Colombian Financial Superintendence to register a capital increase, amounts disbursed were not recognized as an investment in such company. During the period for six months ended June 30, 2023, Compañía de Financiamiento Tuya S.A effectively subscribed and issued shares for the amount of $35,000 representing an increase in such investment during 2023.

(2) Receivable from Casino Group companies represents reimbursement for payments to expats, supplier agreements and energy efficiency solutions.

	June 30, 2023		December 31, 2022
Casino International		4,555		3,893
Relevan C Colombia S.A.S.		377		193
International Retail and Trade Services		319		344
Casino Services		7		7
Distribution Casino France		-		232
Greenyellow Energía de Colombia S.A.S.		-		2
Other		-		254
Total Casino Group companies		5,258		4,925

(3) Represents the balance of personnel expenses receivable from Companhia Brasileira de Distribuição - CBD.

Note 10.5. Payables to related parties

The balance of payables to related parties is shown below:

	June 30, 2023		December 31, 2022
Joint ventures (1)		54,927		62,772
Casino Group companies (2)		16,715		16,374
Members of the Board		-		43
Total		71,642		79,189

(1) Mainly represents the balance outstanding in favor of Puntos Colombia S.A.S. arising from points (accumulations) issued.

(2) Payables to Casino Group companies such as energy efficiency solutions received, intermediation in the import of goods, and consulting and technical assistance services.

	June 30, 2023		December 31, 2022
Casino Guichard Perrachon S.A.		13,733		14,659
Distribution Casino France		2,119		934
Casino Services		817		100
Relevan C Colombia S.A.S.		-		508
Greenyellow Energía de Colombia S.A.S.		-		125
Other		46		48
Total Casino Group companies		16,715		16,374

17

Note 10.6. Other financial liabilities with related parties

	June 30, 2023		December 31, 2022
Joint ventures (1)		13,691		26,218

(1) Mainly represents collections received from customers related to the Tarjeta Éxito cards owned by Tuya. (Note 25).

Note 10.7. Key management personnel compensation

Transactions between the Éxito Group and key management personnel, including legal representatives and/or administrators, mainly relate to labor agreements executed by and between the parties.

Compensation of key management personnel is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Short-term employee benefits		59,309		55,164		28,530		26,032
Post-employment benefits		1,373		1,240		765		595
Total key management personnel compensation		60,682		56,404		29,295		26,627

Note 11. Inventories, net and cost of sales

Note 11.1. Inventories, net

	June 30, 2023		December 31, 2022
Inventories (1)		2,651,810		2,640,995
Inventories in transit		74,893		73,066
Raw materials		21,747		29,105
Materials, spares, accessories and consumable packaging		16,380		18,941
Real estate project inventories (2)		776		3,213
Production in process		102		5,123
Total inventories		2,765,708		2,770,443

(1) The movement of the losses on inventory obsolescence and damages during the reporting periods is shown below:

Balance at December 31, 2021	12,359
Loss recognized during the period (Note 11.2)	3,375
Loss reversal (Note 11.2)	(2,312	)
Effect of exchange difference from translation into presentation currency	(511	)
Balance at June 30, 2022	12,911
Balance at December 31, 2022	13,150
Loss recognized during the period (Note 11.2)	4,539
Loss reversal (Note 11.2)	(45	)
Effect of exchange difference from translation into presentation currency	(1,199	)
Balance at June 30, 2023	16,445

(2) For 2023 corresponds to the López de Galarza real estate project. For 2022 it corresponded to the López de Galarza real estate project for $776 and the Galería La 33 real estate project for $2,437.

At June 30, 2023 and at December 31, 2022, there are no restrictions or liens on the sale of inventories.

18

Note 11.2. Cost of sales

The following is the information related with the cost of sales, allowance for losses on inventory obsolescence and damages, and allowance reversal on inventories:

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Cost of goods sold (1)		8,709,272			7,643,781			4,215,054			3,885,723
Logistics costs (2)		311,483			274,307			152,089			139,510
Damage and loss		128,745			101,567			62,774			56,056
(Reversal) allowance for inventory losses, net		4,494			1,063			3,031			398
Trade discounts and purchase rebates		(1,351,067	)		(1,062,906	)		(653,256	)		(551,344	)
Total cost of sales		7,802,927			6,957,812			3,779,692			3,530,343

(1) The period ended June 30, 2023 includes $15,014 of depreciation and amortization cost (June 30, 2022 - $13,898).

(2) The period ended June 30, 2023 includes $171,908 of employee benefits (June 30, 2022 - $145,950) and $37,851 of depreciation and amortization cost (June 30, 2022 - $34,820).

Note 12. Financial assets

The balance of financial assets is shown below:

	June 30, 2023		December 31, 2022
Financial assets measured at fair value through other comprehensive income		26,223		29,043
Derivative financial instruments designated as hedge instruments (1)		6,044		14,480
Financial assets measured at amortized cost (2)		1,274		6,939
Financial assets measured at fair value through profit or loss		546		622
Derivative financial instruments (3)		3		27,300
Total financial assets		34,090		78,384
Current		6,087		45,812
Non-current		28,003		32,572

(1) Derivative instruments designated as hedging instrument relates to interest and exchange rate swaps. The fair value of these instruments is determined based on valuation models.

19

At June 30, 2023, relates to the following transactions:

	Nature of risk hedged	Hedged item	Range of rates for hedged item	Range of rates for hedge instruments	Fair value
Swap	Interest rate	Loans and borrowings	IBR 3M e IBR 1M	9.0120% y 3.9%		6,044

The detail of maturities of these hedge instruments at June 30, 2023 is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Swap		-		3,533		1,157		1,266		88		6,044

At December 31, 2022, relates to the following transactions:

	Nature of risk hedged	Hedged item	Range of rates for hedged item	Range of rates for hedge instruments	Fair value
Swap	Interest rate	Loans and borrowings	IBR 3M e IBR 1M	9.0120% y 3.9%		14,480

The detail of maturities of these hedge instruments at December 31, 2022 is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Swap		-		3,980		4,725		4,149		1,626		14,480

(2) Financial assets measured at amortized cost represented:

	June 30, 2023		December 31, 2022
Term deposit		-		5,461
National Treasury bonds		1,274		1,478
Total financial assets measured at amortized cost		1,274		6,939

(3) Relates to forward contracts used to hedge the variation in the exchange rates.The fair value of these instruments is estimated based on valuation models who use variables other than quoted prices, directly or indirectly observable for financial assets or liabilities.

20

The detail of maturities of these instruments at June 30, 2023 was as follows:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		-		-		3		-		-		3

The detail of maturities of these instruments at December 31, 2022 was as follows:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		-		24,382		2,918		-		-		27,300

At June 30, 2023 and at December 31, 2022, there are no restrictions or liens on financial assets that restrict their sale, except for judicial deposits relevant to the subsidiary Libertad S.A. for $128 (December 31, 2022 - $196), include in Financial assets measured at fair value through profit or loss.

None of the assets were impaired at June 30, 2023 and at December 31, 2022.

Note 13. Property, plant and equipment, net

	June 30, 2023			December 31, 2022
Land		1,236,175			1,278,822
Buildings		2,301,178			2,348,627
Machinery and equipment		1,177,070			1,176,246
Furniture and fixtures		771,551			789,622
Assets under construction		76,682			50,305
Installations		184,952			197,097
Improvements to third-party properties		781,215			776,293
Vehicles		30,372			28,712
Computers		411,541			404,938
Other property, plant and equipment		16,050			16,050
Total property, plant and equipment, gross		6,986,786			7,066,712
Accumulated depreciation		(2,649,900	)		(2,587,996	)
Impairment		(3,936	)		(4,436	)
Total property, plant and equipment, net		4,332,950			4,474,280

21

The movement of the cost of property, plant and equipment, accumulated depreciation and impairment loss during the reporting periods is shown below:

Cost	Land			Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction			Installations			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2021		1,137,865			2,115,633			1,033,499			655,019			45,009			132,928			635,377			23,873			346,091			16,050		6,141,344
Additions		2,120			7,021			23,996			18,604			20,874			443			20,355			307			9,795			-		103,515
Increase (decrease) from movements between property, plant and equipment accounts		-			-			772			2,661			(3,455	)		51			(29	)		-			-			-		-
(Decrease) from transfers to investment property		-			-			-			-			(12,471	)		-			-			-			-			-		(12,471	)
Disposals and derecognition		-			(43	)		(18,659	)		(7,805	)		(23	)		(146	)		(4,023	)		(93	)		(820	)		-		(31,612	)
Effect of exchange differences on translation into presentation currency		(235	)		13,079			11,755			15,802			1,963			21,833			40,438			(1,327	)		1,707			-		105,015
(Decrease) increase from transfers to (from) other balance sheet accounts		(930	)		(633	)		(2,674	)		(2,392	)		32			-			(1,007	)		-			(313	)		-		(7,917	)
Hyperinflation adjustments		64,682			80,222			9,747			8,147			2,422			-			-			3,528			11,985			-		180,733
Balance at June 30, 2022		1,203,502			2,215,279			1,058,436			690,036			54,351			155,109			691,111			26,288			368,445			16,050		6,478,607
Balance at December 31, 2022		1,278,822			2,348,627			1,176,246			789,622			50,305			197,097			776,293			28,712			404,938			16,050		7,066,712
Additions		40			12,494			40,224			19,809			37,572			1,543			14,445			530			21,431			-		148,088
(Decrease) increase from movements between property, plant and equipment accounts		-			(23	)		1,081			(15,314	)		(8,368	)		2,078			19,346			921			279			-		-
(Decrease) from transfers to investment property		-			-			-			-			(323	)		-			-			-			-			-		(323	)
Disposals and derecognition		-			(2	)		(20,071	)		(4,767	)		(361	)		(1,273	)		(2,627	)		(1,013	)		(4,799	)		-		(34,913	)
Effect of exchange differences on translation into presentation Currency		(128,761	)		(172,860	)		(30,743	)		(31,599	)		(5,181	)		(14,493	)		(25,847	)		(5,394	)		(26,858	)		-		(441,736	)
(Decrease) Increase from transfers to (from) other balance sheet Accounts		(2,478	)		10,056			(5,439	)		(2,226	)		(317	)		-			(395	)		134			(2,210	)		-		(2,875	)
Increase from transfers from other balance sheet accounts – intangibles		-			-			-			-			-			-			-			-			1,259			-		1,259
Hyperinflation adjustments		88,552			102,886			15,772			16,026			3,355			-			-			6,482			17,501			-		250,574
Balance at June 30, 2023		1,236,175			2,301,178			1,177,070			771,551			76,682			184,952			781,215			30,372			411,541			16,050		6,986,786

22

 

Accumulated depreciation	Land	Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction	Installations			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2021			480,074			565,845			443,602				78,509			308,308			17,977			212,008			5,585		2,111,908
Depreciation			26,065			43,835			28,641				4,473			17,498			859			17,120			394		138,885
Disposals and derecognition			(507	)		(14,295	)		(6,161	)			(43	)		(2,045	)		(64	)		(756	)		-		(23,871	)
Effect of exchange differences on translation into presentation currency			1,410			7,831			14,356				13,357			15,632			(1,178	)		1,200			-		52,608
Other			406			25			-				-			-			-			-			-		431
Hyperinflation adjustments			31,230			7,513			6,617				-			-			2,680			11,207			-		59,247
Balance at June 30, 2022			538,678			610,754			487,055				96,296			339,393			20,274			240,779			5,979		2,339,208
Balance at December 31, 2022			604,747			667,593			541,405				117,623			362,411			22,794			265,050			6,373		2,587,996
Depreciation			26,585			46,660			31,954				6,210			21,433			899			18,635			394		152,770
Disposals and derecognition			-			(14,808	)		(4,079	)			(693	)		(211	)		(943	)		(4,226	)		-		(24,960	)
Effect of exchange differences on translation into presentation currency			(62,638	)		(23,520	)		(24,834	)			(8,853	)		(9,786	)		(4,607	)		(24,263	)		-		(158,501	)
Other			3,200			(109	)		-				-			-			(101	)		150			-		3,140
Hyperinflation adjustments			42,980			13,595			11,437				-			-			4,748			16,695			-		89,455
Balance at June 30, 2023			614,874			689,411			555,883				114,287			373,847			22,790			272,041			6,767		2,649,900

Impairment	Land		Buildings			Machinery and equipment		Furniture and fixtures		Assets under construction		Installations		Improvements to third party properties			Vehicles		Computers		Other property, plant and equipment		Total
Balance at December 31, 2021		-		127			-		-				-		4,612			-		-		-		4,739
Reversal of Impairment losses		-		-			-		-				-		(1,054	)		-		-		-		(1,054	)
Impairment derecognition				-			-		-		-		-		(239	)		-		-		-		(239	)
Effect of exchange differences on translation into presentation currency		-		-			-		-		-		-		602			-		-		-		602
Balance at June 30, 2022		-		127			-		-				-		3,921			-		-		-		4,048
Balance at December 31, 2022		-		110			-		-		-		-		4,326			-		-		-		4,436
Reversal of Impairment losses		-		-			-		-				-		(79	)		-		-		-		(79	)
Impairment derecognition				(110	)		-		-		-		-		-			-		-		-		(110	)
Effect of exchange differences on translation into presentation currency		-		-			-		-		-		-		(311	)		-		-		-		(311	)
Balance at June 30, 2023		-		-			-		-		-		-		3,936			-		-		-		3,936

23

Assets under construction are represented by those assets in process of construction and process of assembly not ready for their intended use as expected by Éxito Group management, and on which costs directly attributable to the construction process continue to be capitalized if they are qualifying assets.

The cost of property, plant and equipment does not include the balance of estimated dismantling and similar costs, based on the assessment and analysis made by the Éxito Group which concluded that there are no contractual or legal obligations at acquisition.

At June 30, 2023, no restrictions or liens have been imposed on items of property, plant and equipment that limit their sale, and there are no commitments to acquire, build or develop property, plant and equipment.

Note 13.1 Additions to property, plant and equipment for cash flow presentation purposes

	January 1 to June 30, 2023			January 1 to June 30, 2022
Additions		148,088			103,515
Additions to trade payables for deferred purchases of property, plant and equipment		(198,889	)		(154,328	)
Payments for deferred purchases of property, plant and equipment		281,670			164,132
Acquisition of property, plant and equipment in cash		230,869			113,319

Note 14. Investment property, net

Éxito Group’s investment properties are business premises and land held to generate income from operating leases or future appreciation of their value.

The net balance of investment properties is shown below:

	June 30, 2023			December 31, 2022
Land		304,215			312,399
Buildings		1,719,093			1,744,190
Constructions in progress		122,104			109,563
Total cost of investment properties		2,145,412			2,166,152
Accumulated depreciation		(328,015	)		(317,665	)
Impairment		(7,259	)		(7,259	)
Total investment properties, net		1,810,138			1,841,228

The movement of the cost of investment properties, accumulated depreciation and impairment loss during the reporting periods is shown below:

Cost	Land			Buildings			Constructions in progress			Total
Balance at December 31, 2021		281,119			1,597,106			29,059			1,907,284
Additions		11			446			23,190			23,647
Increase from transfers from property, plant and equipment		-			6,803			5,668			12,471
Increase from transfers from non-current assets held for sale		1,229			1,844			-			3,073
Increase (decrease) from movements between investment properties accounts		-			2,200			(2,200	)		-
Disposals and derecognition		-			(40	)		-			(40	)
Effect of exchange differences on the translation into presentation currency		3,661			(44,820	)		(119	)		(41,278	)
Hyperinflation adjustments		9,583			104,701			270			114,554
Other		(580	)		(387	)		(127	)		(1,094	)
Balance at June 30, 2022		295,023			1,667,853			55,741			2,018,617

	Land			Buildings			Constructions in progress			Total
Balance at December 31, 2022		312,399			1,744,190			109,563			2,166,152
Additions		-			1,143			24,181			25,324
Increase (decrease) from transfers from (to) property, plant and equipment		-			715			(392	)		323
Increase (decrease) from movements between investment properties accounts		-			11,143			(11,143	)		-
Effect of exchange differences on the translation into presentation currency		(21,651	)		(185,524	)		(485	)		(207,660	)
Hyperinflation adjustments		13,486			160,109			405			174,000
Other		(19	)		(12,683	)		(25	)		(12,727	)
Balance at June 30, 2023		304,215			1,719,093			122,104			2,145,412

24

Accumulated depreciation	Buildings
Balance at December 31, 2021		241,348
Depreciation expenses		15,362
Disposals and derecognition		(2	)
Effect of exchange differences on the translation into presentation currency		(10,904	)
Increase from transfers from non-current assets held for sale		434
Hyperinflation adjustments		31,003
Other		(513	)
Balance at June 30, 2022		276,728
Balance at December 31, 2022		317,665
Depreciation expenses		15,643
Effect of exchange differences on the translation into presentation currency		(51,386	)
Hyperinflation adjustments		49,911
Other		(3,818	)
Balance at June 30, 2023		328,015

At June 30, 2023 and at December 31, 2022, there are no limitations or liens imposed on investment property that restrict realization or tradability thereof.

At June 30, 2023 and at December 31, 2022, the Éxito Group is not committed to acquire, build or develop new investment property.

No impairment was identified at June 30, 2023.

Note 15. Leases

Note 15.1 Right of use asset, net

	June 30, 2023			December 31, 2022
Right of use asset		2,932,537			2,826,607
Accumulated depreciation		(1,515,446	)		(1,377,029	)
Impairment		(5,663	)		(6,109	)
Total right of use asset, net		1,411,428			1,443,469

The movement of right of use asset and depreciation thereof, during the reporting periods, is shown below:

Cost
Balance at December 31, 2021	2,553,975
Increase from new contracts	50,995
Remeasurements from existing contracts (1)	130,417
Derecognition, reversal and disposal (2)	(110,494	)
Effect of exchange differences on the translation into presentation currency	52,667
Balance at June 30, 2022	2,677,560
Balance at December 31, 2022	2,826,607
Increase from new contracts	17,020
Remeasurements from existing contracts (1)	111,104
Derecognition, reversal and disposal (2)	(23,512	)
Effect of exchange differences on the translation into presentation currency	(37,082	)
Other changes	38,400
Balance at June 30, 2023	2,932,537
Accumulated depreciation
Balance at December 31, 2021	1,183,463
Depreciation	115,084
Remeasurements from existing contracts (1)	(218	)
Derecognition and disposal (2)	(68,660	)
Effect of exchange differences on the translation into presentation currency	25,522
Other changes	417
Balance at June 30, 2022	1,255,608
Balance at December 31, 2022	1,377,029
Depreciation	137,654
Derecognition and disposal (2)	(21,029	)
Effect of exchange differences on the translation into presentation currency	(18,732	)
Other changes	40,524
Balance at June 30, 2023	1,515,446

Impairment (3)
Balance at December 31, 2022	6,109
Effect of exchange differences on the translation into presentation currency	(446	)
Balance at June 30, 2023	5,663

(1) Mainly results from the extension of contract terms, indexation or lease modifications.

(2) Mainly results from the early termination of lease contracts.

(3) Mainly results from impairment lease contract from subsidiary Grupo Disco del Uruguay S.A.

25

The cost of right of use asset by class of underlying asset is shown below:

	June 30, 2023		December 31, 2022
Buildings		2,895,052		2,782,432
Vehicles		21,324		24,771
Lands		8,518		9,128
Equipment		7,643		10,276
Total		2,932,537		2,826,607

Accumulated of depreciation of right of use assets by class of underlying asset is shown below:

	June 30, 2023		December 31, 2022
Buildings		1,497,961		1,357,351
Vehicles		7,573		10,182
Lands		4,768		4,754
Equipment		5,144		4,742
Total		1,515,446		1,377,029

Depreciation expense by class of underlying asset is shown below:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Buildings		133,936		111,608		68,664		57,745
Vehicles		2,840		2,513		1,579		1,185
Lands		380		276		187		144
Equipment		498		687		78		284
Total depreciation expense		137,654		115,084		70,508		59,358

As at June 30, 2023, the average remaining term of lease contracts is 11.90 years (8.80 years as at December 31, 2022), which is also the average remaining period over which the right of use asset is depreciated.

Note 15.2 Lease liabilities.

	June 30, 2023		December 31, 2022
Lease liabilities		1,618,452		1,655,955
Current		274,606		263,175
Non-current		1,343,846		1,392,780

The movement in lease liabilities is as shown:

Balance at December 31, 2021	1,594,643
Additions	50,995
Accrued interest	44,760
Remeasurements	130,635
Terminations	(47,401	)
Payments of lease liabilities including interests	(175,868	)
Effect of exchange differences on the translation into presentation currency	34,316
Balance at June 30, 2022	1,632,080

Balance at December 31, 2022	1,655,955
Additions	17,020
Accrued interest	61,148
Remeasurements	111,104
Terminations	(6,110	)
Payments of lease liabilities including interests	(198,578	)
Effect of exchange differences on the translation into presentation currency	(22,087	)
Balance at June 30, 2023	1,618,452

26

Below are the future lease liability payments at June 30, 2023:

Up to one year	362,968
From 1 to 5 years	960,299
More than 5 years	789,466
Minimum lease liability payments	2,112,733
Future financing (expenses)	(494,281	)
Total minimum net lease liability payments	1,618,452

The Éxito Group is not exposed to the future cash outflows for extension options or termination options. Additionally, there are no residual value guarantees, and there are no restrictions nor covenants imposed by leases.

Note 16. Intangible, net

The net balance of other intangible assets, net is shown below:

	June 30, 2023			December 31, 2022
Trademarks		288,738			299,688
Computer software		282,201			274,480
Rights		24,910			24,703
Other		138			147
Total cost of other intangible assets		595,987			599,018
Accumulated amortization		(187,886	)		(174,338	)
Total other intangible assets, net		408,101			424,680

The movement of the cost of other intangible assets and of accumulated depreciation is shown below:

Cost	Trademarks (1)			Computer software			Rights			Other			Total
Balance at December 31, 2021		242,170			249,324			22,538			114			514,146
Additions		-			9,979			-			-			9,979
Disposals and derecognition		-			(539	)		-			-			(539	)
Effect of exchange differences on the translation into presentation currency		5,473			3,604			(306	)		(14	)		8,757
Hyperinflation adjustments		20,763			-			658			29			21,450
Transfers		-			(364	)		-			-			(364	)
Other		-			(33	)		-			-			(33	)
Balance at June 30, 2022		268,406			261,971			22,890			129			553,396
Balance at December 31, 2022		299,688			274,480			24,703			147			599,018
Additions		5,296			11,531			-			-			16,827
Effect of exchange differences on translation into presentation currency		(45,425	)		(2,558	)		(1,680	)		(49	)		(49,712	)
Hyperinflation adjustments		29,179			-			1,887			40			31,106
Transfers to other balance sheet accounts – Computers		-			(1,259	)		-			-			(1,259	)
Other		-			7			-			-			7
Balance at June 30, 2023		288,738			282,201			24,910			138			595,987

27

Accumulated amortization	Trademarks (1)	Computer software			Rights			Other			Total
Balance at December 31, 2021			149,391			680			88			150,159
Amortization			13,131			-			-			13,131
Effect of exchange differences on translation into presentation currency			2,982			(101	)		(13	)		2,868
Hyperinflation adjustments			-			460			29			489
Disposals and derecognition			(538	)		-			-			(538	)
Balance at June 30, 2022			164,966			1,039			104			166,109
Balance at December 31, 2022			172,630			1,582			126			174,338
Amortization			15,339			231			-			15,570
Effect of exchange differences on translation into presentation currency			(2,054	)		(631	)		(50	)		(2,735	)
Hyperinflation adjustments			-			673			40			713
Balance at June 30, 2023			185,915			1,855			116			187,886

(1) The balance relates to the following trademarks:

Operating segment	Brand	Useful life	June 30, 2023		December 31, 2022
Uruguay	Miscellaneous	Indefinite		118,757		128,103
Low cost and other (Colombia)	Súper Ínter	Indefinite		63,704		63,704
Argentina	Libertad	Indefinite		83,554		90,454
Low cost and other (Colombia)	Surtimax	Indefinite		17,427		17,427
Colombia	Taeq	Indefinite		5,296		-
				288,738		299,688

The trademarks have an indefinite useful life. The Éxito Group estimates that there is no foreseeable time limit over which these assets are expected to generate net cash inflows, and consequently they are not amortized.

At June 30, 2023 and at December 31, 2022, other intangible assets are not limited or subject to lien that would restrict their sale. In addition, there are no commitments to acquire or develop other intangible assets.

Note 17. Goodwill

The balance of goodwill is as follows:

	June 30, 2023			December 31, 2022
Spice Investment Mercosur S.A.		1,588,028			1,690,339
Carulla Vivero S.A.		827,420			827,420
Súper Ínter		453,649			453,649
Libertad S.A.		314,882			340,887
Cafam		122,219			122,219
Other		50,806			50,806
Total goodwill		3,357,004			3,485,320
Impairment loss		(1,017	)		(1,017	)
Total goodwill, net		3,355,987			3,484,303

Changes in goodwill are shown below:

	Cost			Impairment			Net
Balance at December 31, 2021		3,026,000			(1,017	)		3,024,983
Effect of exchange differences on the translation into presentation currency		131,649			-			131,649
Hyperinflation adjustments		78,249			-			78,249
Balance at June 30, 2022		3,235,898			(1,017	)		3,234,881
Balance at December 31, 2022		3,485,320			(1,017	)		3,484,303
Effect of exchange differences on the translation into presentation currency		(238,281	)		-			(238,281	)
Hyperinflation adjustments		109,965			-			109,965
Balance at June 30, 2023		3,357,004			(1,017	)		3,355,987

Goodwill was not impaired at June 30, 2023 and at December 31, 2022.

28

Note 18. Investments accounted for using the equity method

The balance of investments accounted for using the equity method includes:

Company	Classification	June 30, 2023		December 31, 2022
Compañía de Financiamiento Tuya S.A.	Joint venture		270,938		287,657
Puntos Colombia S.A.S.	Joint venture		13,170		11,514
Sara ANV S.A-	Joint venture		908		850
Total investments accounted for using the equity method			285,016		300,021

Note 19. Non-cash transactions

During the six month periods ended at June 30, 2023 and 2022, the Éxito Group had non-cash additions to property, plant and equipment, and to right of use assets, that were not included in the statement of cash flow, presented in Note 13.1 and 15, respectively.

Note 20. Loans, borrowing and other financial liability

The balance of loans, borrowing and other financial liability is shown below:

	June 30, 2023		December 31, 2022
Bank loans		1,799,291		791,098
Put option on non-controlling interests (1)		604,343		651,899
Letters of credit		10,328		12,587
Total loans, borrowing and other financial liability		2,413,962		1,455,584
Current		2,065,206		915,604
Non-current		348,756		539,980

(1) The Éxito Group has an exercisable put option on the shares held by the non-controlling shareholders of Group Disco del Uruguay S.A. Such put option is exercisable at any time, based on a formula that uses data such as net income, EBITDA - earnings before interest, taxes, depreciation and amortization - and net debt. The put option’s term is on June 30, 2025.

The movement in loans and borrowing during the reporting periods is shown below:

Balance at December 31, 2021	1,417,011
Proceeds from loans and borrowings	476,241
Changes in the fair value of the put option recognized in equity	83,595
Interest accrued	37,511
Translation difference	1,192
Repayments of loans and borrowings	(107,725	)
Repayments of interest on loans and borrowings	(28,173	)
Balance at June 30, 2022	1,879,652
Balance at December 31, 2022	1,455,584
Proceeds from loans and borrowings	1,086,703
Changes in the fair value of the put option recognized in equity	(47,556	)
Interest accrued	106,897
Translation difference	(849	)
Repayments of loans and borrowings	(105,224	)
Repayments of interest on loans and borrowings	(81,593	)
Balance at June 30, 2023	2,413,962

Below is a detail of maturities for non-current loans and borrowings outstanding at June 30, 2023, discounted at present value:

Year	Total
2024		189,348
2025		89,783
2026		40,381
>2027		29,244
		348,756

As of June 30, 2023, Grupo Éxito has no unused lines of credit.

29

Covenants

Under loans and borrowing contracts, the Éxito Group is subject to comply with the following financial covenants: as long as the Company has payment obligations arising from the contracts executed on March 27, 2020 maintain a leverage financial ratio, defined as adjusted recurring EBITDA to gross financial liabilities of less than 2.8x. Such ratio will be measured annually on April 30 or the following business day, based on the audited separate financial statements of Éxito.

As of December 31, 2022, Éxito Group complied with its covenants.

Note 21. Employee benefits

The balance of employee benefits is shown below:

	June 30, 2023		December 31, 2022
Defined benefit plans		34,330		35,091
Long-term benefit plan		1,682		1,554
Total employee benefits		36,012		36,645
Current		5,190		4,555
Non-Current		30,822		32,090

Note 22. Provisions

The balance of provisions is shown below:

	June 30, 2023		December 31, 2022
Legal proceedings (1)		19,445		19,101
Restructuring		15,424		10,517
Taxes other than income tax		436		4,473
Other		6,859		8,286
Total provisions		42,164		42,377
Current		30,292		27,123
Non-current		11,872		15,254

At June 30, 2023 and at December 31, 2022, there are no provisions for onerous contracts.

(1) Provisions for legal proceedings are recognized to cover estimated potential losses arising from lawsuits brought against the Éxito Group, related to labor, civil, administrative and regulatory matters, which are assessed based on the best estimation of cash outflows required to settle a liability on the date of preparation of the financial statements. The balance is comprised of:

	June 30, 2023		December 31, 2022
Labor legal proceedings		10,674		10,902
Civil legal proceedings		6,202		5,516
Administrative and regulatory proceedings		2,569		2,683
Total legal proceedings		19,445		19,101

30

Balances and movement of provisions during the reporting periods are as follows:

	Legal proceedings			Taxes other than income tax			Restructuring			Other			Total
Balance at December 31, 2021		17,595			3,549			2,708			11,409			35,261
Increase		4,468			-			6,753			4,968			16,189
Uses		(62	)		(8	)		-			-			(70	)
Payments		(1,174	)		-			(2,469	)		(6,041	)		(9,684	)
Reversals (not used)		(1,436	)		-			-			(650	)		(2,086	)
Other reclassifications		328			-			(1,556	)		-			(1,228	)
Effect of exchange differences on the translation into presentation currency		204			(22	)		(273	)		(132	)		(223	)
Balance at June 30, 2022		19,923			3,519			5,163			9,554			38,159
Balance at December 31, 2022		19,101			4,473			10,517			8,286			42,377
Increase		5,286			157			16,309			2,897			24,649
Uses		(749	)		(343	)		-			-			(1,092	)
Payments		(1,140	)		-			(10,605	)		(3,795	)		(15,540	)
Reversals (not used)		(1,837	)		(3,337	)		(1,095	)		(364	)		(6,633	)
Other reclassifications		-			(157	)		300			116			259
Effect of exchange differences on the translation into presentation currency		(1,216	)		(357	)		(2	)		(281	)		(1,856	)
Balance at June 30, 2023		19,445			436			15,424			6,859			42,164

Note 23. Trade payables and other payable

	June 30, 2023		December 31, 2022
Payables to suppliers of goods		2,468,404		3,080,264
Payables and other payable - agreements (1)		1,065,009		1,485,905
Employee benefits		308,645		354,431
Tax payable		285,734		149,557
Payables to other suppliers		251,103		406,595
Purchase of assets		95,908		186,421
Dividends payable		9,238		10,886
Other		25,969		47,716
Total trade payables and other payable		4,510,010		5,721,775
Current		4,469,187		5,651,303
Non-current		40,823		70,472

(1) The detail of payables and other payable - agreements is shown below:

	June 30, 2023		December 31, 2022
Payables to suppliers of goods		966,750		1,439,118
Payables to other suppliers		98,259		46,787
Total payables and other payable - agreements		1,065,009		1,485,905

In Colombia, receivable anticipation transactions are initiated by suppliers who, at their sole discretion, choose the banks that will advance financial resources before invoice due dates, according to terms and conditions negotiated with the Éxito Group. The Group cannot direct a preferred or financially related bank to the supplier or refuse to carry out transactions, as local legislation ensures the supplier’s right to freely transfer the title/receivable to any bank through endorsement. Therefore, there is no direct agreement between the Company and a bank or financial agent with the objective of structuring operations involving purchases or payments with its suppliers.

The Éxito Group has entered into agreements with some financial institutions in Colombia, which grant an additional payment period, without interest charges, so that the Company can reconcile information on receivables anticipated by suppliers and process other operational and administrative aspects given the significant volume of transactions, as well as allowing its Colombian suppliers to use lines of credit and anticipate their receivables arising from the sale of goods and services to the Exito Group. The terms under such agreements are not unique to the Exito Group but are based on market practices in Colombia applicable to other players in the market.

31

Note 24. Income tax

Note 24.1. Tax regulations applicable to Almacenes Éxito S.A. and to its Colombian subsidiaries

Income tax rate applicable to Almacenes Éxito S.A. and its Colombian subsidiaries

a. For taxable 2023 and 2022 the income tax rate for corporates is 35%.

From taxable 2023, the minimum tax rate calculated on financial profit may not be less than 15%.

b. From 2021, the base to assess the income tax under the presumptive income model is 0% of the net equity held on the last day of the immediately preceding taxable period.

c. From taxable 2023, the tax on dividends distributed to natural persons residing in Colombia is 7.5%, for national companies it is 10% and for natural persons not residing in Colombia and foreign companies it is 20%, when such dividends have been taxed. at the head of the companies that distribute it.

Tax credits of Almacenes Éxito S.A. and its Colombian subsidiaries

Pursuant to tax regulations in force as of 2017, the time limit to offset tax losses is 12 years following the year in which the loss was incurred.

Excess presumptive income over ordinary income may be offset against ordinary net income assessed within the following five years.

Company losses are not transferrable to shareholders. In no event of tax losses arising from revenue other than income and occasional gains, and from costs and deductions not related with the generation of taxable income, it will be offset against the taxpayer’s net income.

(a) Tax credits of Almacenes Éxito S.A.

At June 30, 2023 Almacenes Éxito S.A. has accrued $211,190 (at December 31, 2022 - $211,190) excess presumptive income over net income.

The movement of Almacenes Éxito S.A’s. excess presumptive income over net income during the reporting period is shown below:

Balance at December 31, 2021	346,559
Offsetting of presumptive income against net income for the period	(135,369	)
Balance at December 31, 2022	211,190
Movements of excess presumptive income	-
Balance at June 30, 2023	211,190

At June 30, 2023, Almacenes Éxito S.A. has accrued tax losses amounting to $897,111 (at December 31, 2022 - $740,337).

The movement of tax losses at Almacenes Éxito S.A. during the reporting year is shown below:

Balance at December 31, 2021	738,261
Adjustment to tax losses from prior periods	2,076
Balance at December 31, 2022	740,337
Tax losses generated during the period	156,774
Balance at June 30, 2023	897,111

(b) Movement of tax losses for Colombian subsidiaries for the reporting periods is shown below

Balance at December 31, 2021	33,624
Transacciones Energéticas S.A.S. E.S.P. (i)	158
Depósitos y Soluciones Logísticas S.A.S.	(220	)
Balance at December 31, 2022	33,562
Marketplace Internacional Éxito y Servicios S.A.S	144
Transacciones Energéticas S.A.S. E.S.P. (i)	79
Balance at June 30, 2023	33,785

(i) No deferred tax has been calculated for these tax losses because of the uncertainty on the recoverability with future taxable income.

Note 24.2. Tax rates applicable to foreign subsidiaries

Income tax rates applicable to foreign subsidiaries are:

- Uruguay applies a 25% income tax rate in 2023 (25% in 2022);

- Argentina applies a 30% income tax rate in 2023 (35% in 2022).

32

Note 24.3. Current tax assets and liabilities

The balances of current tax assets and liabilities recognized in the statement of financial position are:

Current tax assets:

	June 30, 2023		December 31, 2022
Income tax credit receivable by Almacenes Éxito S.A. and its Colombian subsidiaries		392,587		282,659
Tax discounts applied by Almacenes Éxito S.A. and its Colombian subsidiaries		122,622		111,440
Industry and trade tax advances and withholdings of Almacenes Éxito S.A. and its Colombian subsidiaries		31,787		63,408
Tax discounts of Éxito from taxes paid abroad		23,942		24,631
Other current tax assets of subsidiary Spice Investment Mercosur S.A.		22,318		18,268
Current income tax assets of subsidiary Onper Investment 2015 S.L.		17,250		1,024
Other current tax assets of subsidiary Onper Investment 2015 S.L.		50		447
Current income tax assets of subsidiary Spice Investments Mercosur S.A.		-		8,007
Total current tax assets		610,556		509,884

Current tax liabilities

	June 30, 2023		December 31, 2022
Industry and trade tax payable of Almacenes Éxito S.A. and its Colombian subsidiaries		45,739		92,815
Current income tax liabilities of subsidiary Spice Investments Mercosur S.A.		16,185		-
Tax on real estate of Almacenes Éxito S.A. and its Colombian subsidiaries		7,046		1,762
Taxes of subsidiary Onper Investment 2015 S.L. other than income tax		6,032		3,743
Taxes of subsidiary Spice Investments Mercosur S.A. other than income tax		148		430
Current income tax liabilities of some Colombian subsidiaries		-		10,976
Total current tax liabilities		75,150		109,726

Note 24.4. Income tax

The components of the income tax expense recognized in the statement of profit or loss were:

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Current income tax (expense)		(55,191	)		(64,104	)		(20,248	)		(43,507	)
Profit (expense) deferred income tax (Note 24.5)		17,323			(35,670	)		23,198			(1,427	)
Adjustment in respect of current income tax of prior periods		-			-			(110	)		-
Total income tax (expense) gain		(37,868	)		(99,774	)		2,840			(44,934	)

Note 24.5. Deferred tax

	June 30, 2023					December 31, 2022
	Deferred tax assets		Deferred tax liabilities			Deferred tax assets		Deferred tax liabilities
Tax losses		313,990		-			259,118		-
Excess presumptive income		73,917		-			73,917		-
Tax credits		61,896		-			62,943		-
Other provisions		135		-			10,893		-
Investment property		-		(168,134	)		-		(148,031	)
Goodwill		-		(217,673	)		-		(218,308	)
Property, plant and equipment		55.198		(303,819	)		59,162		(341,631	)
Leases		655,304		(479	)		641,886		(553,947	)
Other		92,917		(660.588	)		103,215		(84,341	)
Total		1,253,357		(1,350,693	)		1,211,134		(1,346,258	)

The breakdown of deferred tax assets and liabilities for the three jurisdictions in which the Éxito Group operates are grouped as follows:

	June 30, 2023					December 31, 2022
	Deferred tax assets		Deferred tax liabilities			Deferred tax assets		Deferred tax liabilities
Colombia		81,800		-			98,372		-
Uruguay		94,979		-			44,217		-
Argentina		-		(274,115	)		-		(277,713	)
Total		176,779		(274,115	)		142,589		(277,713	)

33

The reconciliation of the movement of net deferred tax to the statement of profit or loss and the statement of comprehensive income is shown below:

	January 1 to June 30, 2023		January 1 to June 30, 2022
Profit (expense) benefit from deferred tax recognized in income		17,323		(35,670	)
Expense from deferred tax recognized in other comprehensive income		4,643		729
Effect of the translation of the deferred tax recognized in other comprehensive income (1)		15,822		(17,791	)
Total movement of net deferred tax		37,788		(52,732	)

(1) Such effect resulting from the translation at the closing rate of deferred tax assets and liabilities of foreign subsidiaries is included in the line item “Exchange difference from translation” in Other comprehensive income (Note 27).

Temporary differences related to investments in associates and joint ventures, for which no deferred tax liabilities have been recognized at June 30, 2023 amounted to $6,571 (at December 31, 2022 - $32,279).

Note 24.6. Effects of the distribution of dividends on the income tax

There are no income tax consequences attached to the payment of dividends in either 2023 or 2022 by the Éxito Group to its shareholders.

Note 24.7. Non-Current tax liabilities

The $6,591 balance at June 30, 2023 (at December 31, 2022 - $2,749) relates to taxes payable of subsidiary Libertad S.A. for federal taxes and incentive program by instalments.

Note 25. Derivative instruments and collections on behalf of third parties

The balance of derivative instruments and collections on behalf of third parties is shown below:

	June 30, 2023		December 31, 2022
Collections on behalf of third parties (1)		81,550		130,819
Derivative financial instruments (2)		16,971		5,404
Derivative financial instruments designated as hedge instruments (3)		4,021		-
Total derivative instruments and collections on behalf of third parties		102,542		136,223

(1) Collections on behalf of third parties includes amounts received for services where the Éxito Group acts as an agent, such as travel agency sales, and payments and banking services provided to customers. Include $13,691 (at December 31, 2022 - $26,218) with third parties (Note 10.6).

(2) The detail of maturities of these instruments at June 30, 2023 is shown below:

Derivative	Less than 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		4,084		12,887		-		-		16,971

The detail of maturities of these instruments at December 31, 2022 is shown below:

Derivative	Less than 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		3,149		2,255		-		-		5,404

(3) Derivative instruments designated as hedging instrument relates to the fair value of these instruments is determined based on valuation models.

At June 30, 2023, relates to the following transactions:

	Nature of risk hedged	Hedged item	Rate of hedged item	Average rates for hedge instruments		Fair value
Forward	Tasa de cambio	Cuentas por pagar	USD/COP		1 USD / $4,473.63		4,021

The detail of maturities of these hedge instruments at June 30, 2023 is shown below:

	Less than 1 month		From 1 to 3 months		From 3 to 6 months		From 6 to 12 months		More than 12 months		Total
Forward		2,284		1,737		-		-		-		4,021

34

Note 26. Other liabilities

The balance of other liabilities is shown below:

	June 30, 2023		December 31, 2022
Deferred revenues (1)		136,430		154,265
Customer loyalty programs		52,087		56,165
Advance payments under lease agreements and other projects		4,375		4,891
Repurchase coupon		531		942
Instalments received under “plan resérvalo”		224		284
Advance on contract covering assets held for sale (2)		-		14,360
Total other liabilities		193,647		230,907
Current		191,265		228,496
Non-Current		2,382		2,411

(1) Mainly relates to payments received for the future sale of products through means of payment, property leases and strategic alliances.

(2) Corresponds to the advance received for the sale of the real estate project “Galería la 33”, legalized in 2023.

Éxito Group considers Customer Loyalty Programs and Deferred revenues as contractual liabilities. The movement of deferred revenue and customer loyalty programs, and the related revenue recognized during the reporting periods, is shown below:

	Deferred revenue			Customer loyalty programs
Balance at December 31, 2021		174,395			37,015
Additions		623,166			7,202
Revenue recognized		(702,211	)		(6,042	)
Others		(736	)		6,140
Balance at June 30, 2022		94,614			44,315
Balance at December 31, 2022		154,265			56,165
Additions		802,432			9,059
Revenue recognized		(817,571	)		(8,518	)
Effect of exchange difference from translation into presentation currency		(2,696	)		(4,619	)
Balance at June 30, 2023		136,430			52,087

Note 27. Shareholders’ equity

Capital and premium on placement of shares

At June 30, 2023 and at December 31, 2022, Éxito’s. authorized capital is represented by 1.590,000,000 common shares with a nominal value of $3.3333 Colombian pesos.

At June 30, 2023 and at December 31, 2022 the number of outstanding shares is 1.344.720.453 and the number of treasury shares is 46.856.094.

The rights attached to the shares are speaking and voting rights per each share. No privileges have been granted on the shares, nor are the shares restricted in any way. Further, there are no option contracts on the Almacenes Exito shares.

The premium on the issue of shares represents the surplus paid over the par value of the shares. Pursuant to Colombian legal regulations, this balance may be distributed upon liquidation of the company or capitalized. Capitalization means the transfer of a portion of such premium to a capital account as the result of a distribution of dividends paid in shares of Almacenes Exito.

Reserves

Reserves are appropriations made by Almacenes Éxito’s S.A. General Meeting of Shareholders on the results of prior periods. In addition to the legal reserve, there is an occasional reserve, a reserve for acquisition of treasury shares and a reserve for future dividend distribution.

35

Other comprehensive income

The tax effect on the components of other comprehensive income is shown below:

	June 30, 2023								June 30, 2022									December 31, 2022
	Gross value			Tax effect		Net value			Gross value			Tax effect			Net value			Gross value			Tax effect			Net value
Loss from financial instruments designated at fair value through other comprehensive income		(16.475	)		-		(16.475	)		(15,837	)		-			(15,837	)		(16,202	)		-			(16,202	)
Remeasurement loss on defined benefit plans		(536	)		334		(202	)		(3,583	)		1,258			(2,325	)		(536	)		334			(202	)
Translation exchange differences		(1,590,740	)		-		(1,590,740	)		(1,151,556	)		-			(1,151,556	)		(997,445	)		-			(997,445	)
Gain (loss) from cash-flow hedge		6,979			115		7,094			12,908			(4,518	)		8,390			12,938			(4,528	)		8,410
Loss on hedge of net investment in foreign operations		(18,977	)		-		(18,977	)		(19,123	)		-			(19,123	)		(18,977	)		-			(18,977	)
Total other comprehensive income		(1,619,749	)		449		(1,619,300	)		(1,177,191	)		(3,260	)		(1,180,451	)		(1,020,222	)		(4,194	)		(1,024,416	)
Other comprehensive income of non- controlling interests							59,539									59,960									57,514
Other comprehensive income of the parent							(1,559,761	)								(1,120,491	)								(966,902	)

Note 28. Revenue from contracts with customers

The amount of revenue from contracts with customers is as shown:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Retail sales (1) (Note 39)		10,138,593		8,905,386		4,901,361		4,530,238
Service revenue (2) (Note 39)		396,087		332,354		195,003		168,444
Other revenue (3) (Note 39)		40,594		81,442		22,756		18,533
Total revenue from contracts with customers		10,575,274		9,319,182		5,119,120		4,717,215

(1) Retail sales represent the sale of goods and real estate projects net of returns and sales rebates. This amount includes the following items:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Retail sales, net of sales returns and rebates		10,091,385		8,879,126		4,883,361		4,530,238
Sale of real estate project inventories (a)		47,208		26,260		18,000		-
Total retail sales		10,138,593		8,905,386		4,901,361		4,530,238

(a) At June 30, 2023, corresponds to the sale of the inventory of the Galería la 33 real estate project for $29,208 and inventory of Carulla Calle 100 real estate project for $18,000; at June 30, 2022 represents the sale of the inventory of a percentage of the Montevideo real estate project for $26,260.

(2) Revenues from services and rental income comprise:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Leases and real estate related income		225,128		181,405		111,443		92,422
Distributors		49,231		43,983		22,244		21,062
Advertising		40,564		35,866		20,843		19,244
Telephone services		19,218		16,142		9,741		7,819
Transport		16,829		14,026		8,610		7,287
Commissions		16,734		14,226		8,286		7,215
Banking services		10,527		8,597		5,423		4,604
Other		17,856		18,109		8,413		8,791
Total service revenue		396,087		332,354		195,003		168,444

36

(3) Other revenue relates to:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Marketing events		9,859		8,493		4,479		3,578
Real estate projects (a)		7,909		57,706		4,927		13,079
Collaboration agreements (b)		5,687		3,605		4,004		(5,764	)
Royalty revenue		1,132		2,226		903		952
Other		16,007		9,412		8,443		6,688
Total other revenue		40,594		81,442		22,756		18,533

(a) For 2023, it corresponds mainly to expense reimbursements for $149, the bonus received for operating results for $388 and various uses for $3,715. For 2022, it corresponds mainly to the bonus received for the operating results generated in real estate projects for $38.294, to the bonus to obtain permanence in a property lease by $6,000; and income from strategic alliances goals for $4,620.

(b) Represents revenue from the following collaboration agreements:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Alianza Sura		2,602		1,494		2,413		1,494
Sara ANV S.A.		1,902		1,586		917		792
Éxito Media		1,122		525		645		302
Moviired S.A.S. (i)		61		-		29		-
Compañía de Financiamiento Tuya S.A.		-		-		-		(8,352	)
Total participación en acuerdos de colaboración		5,687		3,605		4,004		(5,764	)

(i) Collaboration agreement started in December 2022.

Note 29. Distribution, administrative and selling expenses.

The amount of distribution, administrative and selling expenses by nature is:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Employee benefits (Note 30)		866,948		702,542		435,647		366,602
Depreciation and amortization		283,427		239,537		141,235		119,179
Taxes other than income tax		235,518		185,004		79,335		68,725
Services		161,273		138,021		73,639		65,334
Fuels and power		139,855		121,074		68,451		61,230
Repairs and maintenance		126,086		104,706		62,357		58,174
Commissions on debit and credit cards		81,891		61,253		38,925		31,265
Advertising		78,213		71,789		36,905		36,924
Professional fees		45,842		44,874		22,503		21,635
Leases		31,664		27,128		13,520		14,073
Packaging and marking materials		28,946		23,938		14,103		12,098
Outsourced employees		26,600		24,223		13,237		12,203
Administration of trade premises		24,818		21,333		12,237		10,654
Insurance		24,322		22,755		12,347		11,705
Transport		22,457		21,302		10,839		10,841
Other		166,550		143,095		83,481		77,236
Total distribution, administrative and selling expenses		2,344,410		1,952,574		1,118,761		977,878
Distribution expenses		1,263,234		1,043,565		595,364		520,554
Administrative and selling expenses		214,228		206,467		87,750		90,722
Employee benefit expenses		866,948		702,542		435,647		366,602

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Note 30. Employee benefit expenses

The amount of employee benefit expenses incurred by each significant category is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Wages and salaries		708,729		575,458		353,257		297,978
Contributions to the social security system		25,857		21,217		12,185		11,075
Other short-term employee benefits		28,721		26,129		14,907		14,289
Total short-term employee benefit expenses		763,307		622,804		380,349		323,342
Post-employment benefit expenses, defined contribution plans		72,067		59,861		36,216		31,542
Post-employment benefit expenses, defined benefit plans		1,320		1,194		750		688
Total post-employment benefit expenses		73,387		61,055		36,966		32,230
Termination benefit expenses		14,339		5,489		9,398		3,121
Other personnel expenses		15,858		13,090		8,911		7,860
Other long-term employee benefits		57		104		23		49
Total employee benefit expenses		866,948		702,542		435,647		366,602

The cost of employee benefit include in cost of sales is shown in Note 11.2.

Note 31. Other operating (expenses) profit, net

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Recovery of expected credit loss		9,493			12,413			4,362			6,362
Gain from the early termination of lease contracts		3,367			5,566			3,378			4,905
Recovery of costs and expenses from taxes other than income tax		3,337			-			-			-
Tax on wealth expense		1,631			(567	)		1,631			(545	)
Recovery of restructuring expenses		1,560			-			194			-
Indemnification received  (1)		1,377			11,885			125			11,885
(Loss) gain from the sale of assets (2)		710			17,267			735			17,029
Impairment loss on assets		79			1,054			79			36
Write-off of assets		(5,594	)		(6,265	)		(3,938	)		(3,039	)
Restructuring expenses, net		(16,776	)		(6,753	)		(16,153	)		(6,511	)
Other (3)		(14,415	)		1,947			(11,759	)		(1,856	)
Total other operating (expenses) profit, net		(15,231	)		36,547			(21,346	)		28,266

(1) Corresponds to the compensation paid by Rappi for the losses of the Turbo operation.

(2) As of June 2022, it corresponds mainly to the profit obtained by the subsidiary Libertad S.A. in the sale of the local Villa Maria.

(3) Corresponds to fees for registration process in the New York and Sao Paulo stock exchanges.

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Note 32. Financial income and cost

The amount of financial income and cost is as follows:

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Gain (loss) from foreign exchange differences		126,036			25,691			35,008			(6,299	)
Net monetary position results, effect of the statement of profit or loss (1)		47,975			-			16,425			-
Gain from derivative financial instruments		32,162			10,797			6,590			5,142
Interest income on cash and cash equivalents (Note 7)		24,442			13,244			8,330			5,142
Gains from valuation of derivative financial instruments		299			17,784			299			17,784
Other financial income		10,807			14,542			4,591			7,569
Total financial income		241,721			82,058			71,243			29,338
Interest expense on loan and borrowings		(106,897	)		(37,511	)		(68,166	)		(23,501	)
Loss from foreign exchange differences		(84,405	)		(52,244	)		(12,316	)		(41,428	)
Factoring expenses		(81,370	)		(15,168	)		(39,703	)		(8,247	)
Interest expense on lease liabilities		(61,148	)		(44,754	)		(31,333	)		(22,813	)
Loss from fair value changes in derivative financial instruments		(38,356	)		(10,895	)		(9,198	)		18,065
Loss from derivative financial instruments		(38,017	)		(10,038	)		(29,395	)		(6,184	)
Net monetary position expense, effect of the statement of financial position		(19,643	)		(36,137	)		(9,445	)		(26,423	)
Commission expenses		(4,141	)		(2,743	)		(1,216	)		(1,179	)
Net monetary position results, effect of the statement of profit or loss (1)		-			(9,716	)		-			(7,761	)
Other financial expenses		(5,866	)		(5,388	)		(1,771	)		(2,604	)
Total financial cost		(439,843	)		(224,594	)		(202,543	)		(122,075	)
Net financial result		(198,122	)		(142,536	)		(131,300	)		(92,737	)

(1) The indicator used to adjust for inflation in the financial statements of Libertad S.A. is the Internal Wholesales Price Index (IPIM) published by the Instituto Nacional de Estadística y Censos de la República Argentina (INDEC). The price index and corresponding changes are presented below:

	Price index		Change during the year
December 31, 2015		100.00		-
January 1, 2020		446.28		-
December 31, 2020		595.19		33.4	%
December 31, 2021		900.78		51.3	%
June 30, 2022		1,214.82		34.9	%
December 31, 2022		1,754.58		94.8	%
June 30, 2023		2,585.67		47.4	%

Note 33. Earnings per share

Basic earnings per share are calculated based on the weighted average number of outstanding shares of each category during the period.

There were no dilutive potential ordinary shares outstanding at the periods ended June 30, 2023 and June 30, 2022.

The calculation of basic and diluted earnings per share for all periods presented is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023			April 1 to June 30, 2022
Net profit (loss) attributable to equity holders of the parent (Basic and diluted)		38,934		126,803		(6,184	)		62,264
Ordinary shares attributable to basic earnings per share (basic and diluted)		1.297.864.359		1.297.864.359		1.297.864.359			1.297.864.359
Basic and diluted earnings (loss) per share attributable to the equity holders of the parent (in Colombian pesos)		30.00		97.70		(4.76	)		47.97

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023			April 1 to June 30, 2022
Net profit from continuing operations (Basic and diluted)		126,611		186,270		47,548			100,645
Less: net income from continuing operations attributable to non-controlling interests		87,677		59,467		53,732			38,381
Net profit (loss) from continuing operations attributable to the equity holders of the parent (Basic and diluted)		38,934		126,803		(6,184	)		62,264
Ordinary shares attributable to basic earnings per share (basic and diluted)		1.297.864.359		1.297.864.359		1.297.864.359			1.297.864.359
Basic and diluted earnings (loss) per share from continuing operations attributable to the equity holders of the parent (in Colombian pesos)		30.00		97.70		(4.76	)		47.97

39

Note 34. Impairment of assets

No impairment on financial assets were identified at June 30, 2023 and at December 31, 2022, except on trade receivables and other account receivables (Note 8).

Note 35. Fair value measurement

Below is a comparison, by class, of the carrying amounts and fair values of investment property, property, plant and equipment and financial instruments, other than those with carrying amounts that are a reasonable approximation of fair values.

	June 30, 2023				December 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets
Investments in private equity funds		418		418		426		426
Forward contracts measured at fair value through income (Note 12)		3		3		27,300		27,300
Derivative swap contracts denominated as hedge instruments (Note 12)		6,044		6,044		14,480		14,480
Investment in bonds (Note 12)		1,274		1,274		6,939		6,939
Investment in bonds through other comprehensive income (Note 12)		15,547		15,547		18,367		18,367
Equity investments (Note 12)		10,676		10,676		10,676		10,676
Non-financial assets
Investment property (Note 14)		1,810,138		3,751,040		1,841,228		3,968,389
Property, plant and equipment, and investment property held for sale (Note 40)		20,436		20,259		21,800		29,261
Financial liabilities
Loans and borrowings (Note 20)		1,809,619		1,791,508		803,685		793,624
Put option (Note 20)		604,343		604,343		651,899		651,899
Swap contracts denominated as hedge instruments (Note 25)		4,021		4,021		-		-
Forward contracts measured at fair value through income (Note 25)		16,971		16,971		5,404		5,404
Non-financial liabilities
Customer loyalty liability (Note 26)		52,087		52,087		56,165		56,165

40

The following methods and assumptions were used to estimate the fair values:

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Assets
Loans at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.	Commercial rate of banking institutions for consumption receivables without credit card for similar term horizons. Commercial rate for housing loans for similar term horizons.
Investments in private equity funds	Level 2	Unit value	The value of the fund unit is given by the preclosing value for the day, divided by the total number of fund units at the closing of operations for the day. The fund administrator appraises the assets daily.	N/A
Forward contracts measured at fair value through income	Level 2	Colombian Peso-US Dollar forward	The difference is measured between the forward agreed- upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate.  The forward rate is based on the average price quoted for the two-way closing price (“bid” and “ask”).	Peso/US Dollar exchange rate set out in the forward contract. Market representative exchange rate on the date of valuation. Forward points of the Peso-US Dollar forward market on the date of valuation. Number of days between valuation date and maturity date. Zero-coupon interest rate.
Swap contracts measured at fair value through income	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country.   The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI
Derivative swap contracts denominated as hedge instruments	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country. The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI
Investment in bonds	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for investments under similar conditions on the date of measurement in accordance with maturity days.	CPI 12 months + Basis points negotiated
Investment property	Level 2	Comparison or market method	This technique involves establishing the fair value of goods from a survey of recent offers or transactions for goods that are similar and comparable to those being appraised.	N/A
Investment property	Level 3	Discounted cash flows method	This technique provides the opportunity to identify the increase in revenue over a previously defined period of the investment. Property value is equivalent to the discounted value of future benefits. Such benefits represent annual cash flows (both, positive and negative) over a period, plus the net gain arising from the hypothetical sale of the property at the end of the investment period.	Discount rate (10% - 14%) Vacancy rate (0% - 54.45%) Terminal capitalization rate (7.5% - 8.5%)
Investment property	Level 3	Realizable-value method	This technique is used whenever the property is suitable for urban movement, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable value
Investment property	Level 3	Replacement cost method	The valuation method consists in calculating the value of a brand-new property, built at the date of the report, having the same quality and comforts as that under evaluation. Such value is called replacement value; then an analysis is made of property impairment arising from the passing of time and the careful or careless maintenance the property has received, which is called depreciation.	Physical value of building and land.
Non-current assets classified as held for trading	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban development, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable Value

41

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Liabilities
Financial liabilities measured at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.	Reference Banking Index (RBI) + Negotiated basis points. LIBOR rate + Negotiated basis points.
Swap contracts measured at fair value through income	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country.   The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI
Derivative instruments measured at fair value through income	Level 2	Colombian Peso-US Dollar forward	The difference is measured between the forward agreed upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate.  The forward rate is based on the average price quoted for the two-way closing price (“bid” and “ask”).	Peso/US Dollar exchange rate set out in the forward contract. Market representative exchange rate on the date of valuation. Forward points of the Peso-US Dollar forward market on the date of valuation. Number of days between valuation date and maturity date. Zero-coupon interest rate.
Derivative swap contracts denominated as hedge instruments	Level 2	Discounted cash flows method	The fair value is calculated based on forecasted future cash flows provided by the operation upon market curves and discounting them at present value, using swap market rates.	Swap curves calculated by Forex Finance Market Representative Exchange Rate (TRM)
Customer loyalty liability (refer to footnote 26)	Level 3	Market value	The customer loyalty liability is updated in accordance with the point average market value for the last 12 months and the effect of the expected redemption rate, determined on each customer transaction.	Number of points redeemed, expired and issued. Point value. Expected redemption rate.
Bonds issued	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for bonds in similar conditions on the date of measurement in accordance with maturity days.	12-month CPI
Lease liabilities	Level 2	Discounted cash flows method	Future cash flows of lease contracts are discounted using the market rate for loans in similar conditions on contract start date in accordance with the non-cancellable minimum term.	Reference Banking Index (RBI) + basis points in accordance with risk profile.
Put option (refer to footnote 20)	Level 3	Given formula	Measured at fair value using a given formula under an agreement executed with non-controlling interests of Grupo Disco, using level 3 input data.	Net income of Supermercados Disco del Uruguay S.A. at December 31, 2022 and 2021. US Dollar-Uruguayan peso exchange rate on the date of valuation US Dollar-Colombian peso exchange rate on the date of valuation Total shares Supermercados Disco del Uruguay S.A.

42

	Hierarchy level	Valuation technique	Description of the valuation technique			Significant input data
Material non-observable input data and a valuation sensitivity analysis on the valuation of the “put option contract” refer to:
		Material non-observable input data	Range (weighted average)			Sensitivity of the input data on the estimation of the fair value
Put option		Net income of Supermercados Disco del Uruguay S.A. at December 31, 2022	$	168,684		The Put option value is defined as the greater of (i) the fixed price of the contract in US dollars updated at 5% per year, (ii) a multiple of EBITDA minus the net debt of the Disco Group, or (iii) a multiple of the net income of the Disco Group.
		Ebitda of Supermercados Disco del Uruguay S.A., consolidated over 12 months	$	265,114
		Net financial debt of Supermercados Disco del Uruguay S.A., consolidated over 6 months	$	(196,684	)
		Fixed contract price	$	672,638
		US Dollar-Uruguayan peso exchange rate on the date of valuation	$	40.07
		US Dollar-Colombian peso exchange rate on the date of valuation	$	4,810.20
		Total shares Supermercados Disco del Uruguay S.A.		443,071,575
						On December 31, 2022, the value of the put option is recognized based on the fixed contract price.
						Grupo Disco’s EBITDA should increase by approx. 27% to arrive at a value greater than the recognized value.
						Grupo Disco’s net income should increase by approx. 9% to reach a value greater than the recognized value.
						An exchange rate appreciation of 15% would increase the value of the put option by $96,421.

43

Changes in hierarchies may occur if new information is available, certain information used for valuation is no longer available, there are changes resulting in the improvement of valuation techniques or changes in market conditions.

There were no transfers between level 1 and level 2 hierarchies during the period ended June 30, 2023.

Note 36. Contingencies

Note 36.1 Contingent assets

The Company have not recognized material contingent assets at June 30, 2023 and at December 31, 2022

Note 36.2 Contingent liabilities

Contingent liabilities at June 30, 2023 and at December 31, 2022 are:

(a) The following proceedings are underway, seeking that the Éxito Group be exempted from paying the amounts claimed by the complainant entity:

- Administrative discussion with DIAN (Colombia national directorate of customs) amounting $39,055 (December 31, 2022 - $35,705) relating to Éxito’s S.A. 2015 income tax return.

- Resolutions issued by the District Tax Direction of Bogotá to Éxito, relating to alleged inaccuracy in payments made in 2011, in the amount of $11,830 (December 31, 2022 - $11,830).

- Nullity of resolution-fine dated September 2020 ordering reimbursement of the balance receivable assessed in the income tax for taxable 2015 in amount of $2,211 (December 31, 2022 - $2,211).

- Claim on the grounds of failure to comply with contract conditions, asking for damages arising from the purchase-sale of a property in the amount of $- (December 31, 2022 - $2,600).

- Administrative discussion with the Cali Municipality regarding the notice of special requirement 4275 of April 8, 2021 whereby the Company is invited to correct the codes and rates reported in the Industry and Trade Tax for 2018 in amount of $2,130 (December 31, 2022 - $2,535).

(b) Guarantees:

- Since June 1, 2017, the Company granted a collateral on behalf its subsidiary Almacenes Éxito Inversiones S.A.S. to cover a potential default of its obligations. On August 11, 2021 the amount was updated to $2,935.

- Subsidiary Éxito Viajes y Turismo S.A.S. granted a collateral in favor of Aerovías de Integración Regional Aires S.A. in the amount $284 (december 31, 2022 -$264) to ensure compliance with the payments associated with the contract for the sale of airline tickets.”.

- Subsidiary Éxito Viajes y Turismo S.A.S. is defendant in a consumer protection action under Section 4 of Decree 557 of the Ministry of Commerce, Industry and Tourism, with scope from the state of sanitary emergency declared on March 12, 2020 in the amount of $1,321 (december 31,2022 -$1,113) covering 295 proceedings

- As required by some insurance companies and as a requirement for the issuance of compliance bonds, during 2023 some subsidiaries and Almacenes Éxito S.A., as joint and several debtor of some of its subsidiaries, have granted certain guarantees to these third parties. Below a detail of guarantees granted:

Type of guarantee	Description and detail of the guarantee	Insurance company
Unlimited promissory note	Compliance bond Éxito acts as joint and several debtors of Patrimonio Autónomo Viva Barranquilla	Seguros Generales Suramericana S.A.
Unlimited promissory note	Compliance bond granted by Éxito Industrias S.A.S.	Seguros Generales Suramericana S.A.
Unlimited promissory note	Compliance bond granted by Éxito Viajes y Turismo S.A.	Berkley International Seguros Colombia S.A.
Unlimited promissory note	Compliance bond granted by Éxito Viajes y Turismo S.A.	Seguros Generales Suramericana S.A.

44

Note 37. Dividends declared and paid.

Éxito’s General Meeting of Shareholders held on March 23, 2023, declared a dividend of $217,392, equivalent to an annual dividend of $167.50 Colombian pesos per share. During the period for six months ended at June 30, 2023 the amount paid was $217,255.

Dividends declared and paid to the owners of non-controlling interests in subsidiaries during the period ended June 30, 2023 are as follows:

	Dividends Declared		Dividends Paid
Patrimonio Autónomo Viva Malls		36,252		36,252
Grupo Disco del Uruguay S.A.		16,381		17,195
Patrimonio Autónomo Viva Villavicencio		3,915		4,634
Éxito Viajes y Turismo S.A.S.		2,517		2,517
Patrimonio Autónomo Centro Comercial		1,827		2,299
Patrimonio Autónomo Viva Laureles		1,104		1,131
Patrimonio Autónomo Centro Comercial Viva Barranquilla		812		962
Patrimonio Autónomo San Pedro Etapa I		610		763
Patrimonio Autónomo Viva Sincelejo		485		874
Patrimonio Autónomo Viva Palmas		157		54
Total		64,060		66,681

Éxito’s General Meeting of Shareholders held on March 24, 2022, declared a dividend of $237,678, equivalent to an annual dividend of $531 Colombian pesos per share. During the annual period ended at December 31, 2022 the amount paid was $237,580.

Dividends declared and paid to the owners of non-controlling interests in subsidiaries during the year ended December 31, 2022 are as follows:

	Dividends declared		Dividends Paid
Grupo Disco del Uruguay S.A.		98,278		87,528
Patrimonio Autónomo Viva Malls		34,988		48,799
Patrimonio Autónomo Viva Villavicencio		8,706		8,491
Patrimonio Autónomo Centro Comercial		4,506		4,371
Éxito Viajes y Turismo S.A.S.		3,565		3,565
Patrimonio Autónomo Viva Laureles		2,138		2,102
Patrimonio Autónomo Centro Comercial Viva Barranquilla		1,860		1,772
Patrimonio Autónomo San Pedro Etapa I		1,403		1,329
Patrimonio Autónomo Viva Sincelejo		1,364		1,485
Total		156,808		159,442

Note 38. Seasonality of transactions

Exito Group’s operation cycles indicate certain seasonality in operating and financial results once there is a concentration during the last quarter of the year, mainly because of Christmas and “Special Price Days”, which is the second most important promotional event of the year.

Note 39. Operating segments

The Éxito Group’s three reportable segments all meet the definition of operating segments, are as follows:

Colombia:

- Éxito: Revenues from retailing activities, with stores under the banner Éxito.

- Carulla: Revenues from retailing activities, with stores under the banner Carulla.

- Low cost and other: Revenues from retailing and other activities, with stores under the banners Surtimax, Súper Inter, Surti Mayorista and B2B format.

Argentina:

- Revenues and services from retailing activities in Argentina, with stores under the banners Libertad and Mini Libertad.

Uruguay:

- Revenues and services from retailing activities in Uruguay, with stores under the banners Disco, Devoto and Géant.

Éxito Group discloses information by segment pursuant to IFRS 8 - Operating segments, which are defined as a component of an entity whose operating results are regularly reviewed by the chief operating decision maker (Board of Directors) for decision making purposes about resources to be allocated.

45

Retail sales by each of the segments are as follows:

Operating segment	Banner	January 1 to June 30, 2023			January 1 to June 30, 2022
Colombia	Éxito		4,839,478			4,672,698
	Carulla		1,144,173			975,720
	Low cost and other		1,152,149			1,055,274
Argentina			805,347			668,596
Uruguay			2,198,053			1,533,098
Total consolidated			10,139,200			8,905,386
Eliminations			(607	)		-
Total consolidated			10,138,593			8,905,386

Below is additional information by operating segment:

	Quarter ended June 30, 2023
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		7,135,800			805,347			2,198,053			10,139,200			(607	)		10,138,593
Service revenue		351,249			30,693			14,145			396,087			-			396,087
Other revenue		36,469			10			4,202			40,681			(87	)		40,594
Gross profit		1,701,125			283,404			787,818			2,772,347			-			2,772,347
Operating profit		192,244			4,856			215,606			412,706			-			412,706
Depreciation and amortization		275,599			16,874			43,819			336,292			-			336,292
Net finance expenses		(180,773	)		(13,154	)		(4,195	)		(198,122	)		-			(198,122	)
Income tax		21,168			(17,637	)		(41,399	)		(37,868	)		-			(37,868	)

	Quarter ended June 30, 2022
	Colombia			Argentina (1)			Uruguay (1)			Total			Eliminations (2)			Total
Retail sales		6,703,692			668,596			1,533,098			8,905,386			-			8,905,386
Service revenue		294,910			26,353			11,091			332,354			-			332,354
Other revenue		78,777			238			2,636			81,651			(209	)		81,442
Gross profit		1,594,187			235,471			531,620			2,361,278			92			2,361,370
Operating profit		296,797			21,035			127,419			445,251			92			445,343
Depreciation and amortization		247,842			8,466			31,947			288,255			-			288,255
Net finance expenses		(94,223	)		(36,629	)		(11,592	)		(142,444	)		(92	)		(142,536	)
Income tax		(64,497	)		(9,198	)		(26,079	)		(99,774	)		-			(99,774	)

(1) For information reporting purposes, non-operating companies (holding companies that hold interests in the operating companies) are allocated by segments to the geographic area to which the operating companies belong. Should the holding company hold interests in various operating companies, it is allocated to the most significant operating company.

(2) Relates to the balances of transactions carried out between segments, which are eliminated in the process of consolidation of financial statements.

Total assets and liabilities by segment are not reported internally for management purposes and consequently they are not disclosed.

Note 40. Assets held for sale

Assets held for sale

Éxito Group management started a plan to sell certain property seeking to structure projects that allow using such real estate property, increase the potential future selling price and generate resources to Éxito Group. Consequently, certain property, plant and equipment and certain investment property were classified as assets held for sale.

The balance of assets held for sale, included in the statement of financial position, is shown below:

	June 30, 2023		December 31, 2022
Property, plant and equipment		16,511		17,875
Investment property		3,925		3,925
Total		20,436		21,800

46

Note 41. Subsequent Events

No events have occurred subsequent to the date of the reporting period that entail significant changes in the financial position and the operations of Éxito Group due to their relevance, are required to be disclosed in the financial statements:

Nota 42. Interim separate statements of cash flows for six months ended June 30, 2022

Éxito Group identified that certain items in the statement of cash flows for the six-month period ended June 30, 2022, need to be reclassified for the purpose of presentation and comparability with the statement of cash flows for the six-month period ended June 30, 2023. As a result of these reclassifications, the operating, investing, and financing activities have been restated. The following table summarizes the reclassifications, which have no impact on the other financial statements, the period’s results, or any of the measurement indicators used by the Éxito Group.

	January 1 to June 30, 2022 restated			Adjustments and reclassifications			January 1 to June 30, 2022
Operating activities
Profit for the period		186,270						186,270
Adjustments to reconcile profit for the period
Current income tax		64,104						64,104
Deferred income tax		35,670						35,670
Interest, loans and lease expenses		82,265			(65	)(2)		82,200
Loss (gain) from changes in fair value of derivative financial instruments		(6,889	)		6,889	(1)		-
Expected credit losses, net		4,162			12,413	(2)		16,575
Reversal expected credit losses					(12,413	)(2)		(12,413	)
Impairment of inventories, net		1,063			2,312	(2)		3,375
Reversal impairment of inventories, net					(2,312	)(2)		(2,312	)
(Reversal) impairment of property, plant and equipment, investment properties, intangible assets and right of use asset		(1,054	)					(1,054	)
Employee benefit provisions		846						846
Provisions and reversals		14,103			2,086	(2)		16,189
Reversals of provisions					(2,086	)(2)		(2,086	)
Depreciation of property, plant and equipment, right of use asset and investment property and		269,331						269,331
Amortization of intangible assets		13,131						13,131
Share of profit in associates and joint ventures accounted for using the equity method		16,763						16,763
Loss from the disposal of non-current assets		(16,130	)					(16,130	)
Loss from reclassification of non-current assets		230						230
Interest income		(13,244	)					(13,244	)
Other adjustments from items other than cash		35,029			65	(2)		35,094

47

	January 1 to June 30, 2022 restated			Adjustments and reclassifications			January 1 to June 30, 2022
Cash generated from operating activities before changes in working capital		685,650			6,889			692,539
Decrease in trade receivables and other receivables		89,683						89,683
Decrease in prepayments		14,869						14,869
(Increase) decrease in receivables from related parties		530						530
Increase in inventories		(483,953	)					(483,953	)
Decrease in tax assets		18,703			(192,396	)(2)		(173,693	)
Payments and decease in other provisions		(9,754	)					(9,754	)
Decrease in trade payables and other accounts payable		(787,936	)		(9,804	)(3)		(797,740	)
(Decrease) increase in accounts payable to related parties		6,228						6,228
Decrease in tax liabilities		(27,981	)					(27,981	)
Decrease in other liabilities		(79,952	)					(79,952	)
Income tax paid		(192,396	)		192,396	(2)		-
Net cash flows used in operating activities		(766,309	)		(2,915	)		(769,224	)
Investing activities
Advances to joint ventures		(20,000	)					(20,000	)
Acquisition of property, plant and equipment		(113,319	)		9,804	(3)		(103,515	)
Acquisition of investment property		(23,647	)					(23,647	)
Acquisition of intangible assets		(9,979	)					(9,979	)
Proceeds of the sale of property, plant and equipment and intangible assets.		19,780						19,780
Net cash flows used in investing activities		(147,165	)		9,804			(137,361	)
Financing activities
Proceeds from financial assets		8,347			(13,629	)(1)		(5,282	)
Payments from payments of derivative instruments and other liabilities with third parties		2,764			6,740	(1)		9,504
Proceeds from loans and borrowings		476,241						476,241
Repayment of loans and borrowings		(107,725	)					(107,725	)
Payments of interest of loans and borrowings		(28,173	)					(28,173	)
Lease liabilities paid		(130,817	)					(130,817	)
Interest on lease liabilities paid		(45,051	)					(45,051	)
Dividends paid		(286,536	)					(286,536	)
Interest received		13,244						13,244
Payments on the reacquisition of shares		(316,755	)					(316,755	)
(Payment) proceeds from transactions with non-controlling interest		(2,508	)					(2,508	)
Net cash flows provided by (used in) financing activities		(416,969	)		(6,889	)		(423,858	)
Net decrease in cash and cash equivalents		(1,330,443	)					(1,330,443	)
Effects of the variation in exchange rates		32,753						32,753
Cash and cash equivalents at the beginning of period		2,541,579						2,541,579
Cash and cash equivalents at the end of period		1,243,889						1,243,889

1) Reclassification of year-end profit impacts due to fair value measurement of derivative financial instruments, in accordance with IAS 7.20(b).

2) Internal reclassifications with no impact between activities for net presentation of asset impairments, passive provisions, their respective reversals, interest, loans and lease expenses, other adjustments from items other than cash and movements of payments related to income tax.

3) Reclassification of non-monetary additions for the acquisition of property, plant, and equipment from investing activities to operating activities.

47

EX-99.2

Exhibit 99.2

Almacenes Éxito S.A.

Interim separate financial statements

At June 30, 2023 and at December 31, 2022

Almacenes Éxito S.A.

Interim separate statements of financial position

At June 30, 2023 and at December 31, 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	At June 30 2023		At December 31 2022
Current assets
Cash and cash equivalents	6		920,148		1,250,398
Trade receivables and other receivables	7		424,795		477,912
Prepayments	8		6,475		17,166
Related parties	9		68,950		59,416
Inventories, net	10		2,144,902		2,105,200
Financial assets	11		5,959		40,154
Tax assets	23		570,371		478,476
Assets held for sale	39		3,925		3,925
Total current assets			4,145,525		4,432,647
Non-current assets
Trade receivables and other receivables	7		50,091		54,155
Prepayments	8		3,330		3,235
Receivables with related parties and other non-financial assets	9		280		35,273
Financial assets	11		11,182		12,728
Deferred tax assets	23		98,613		60,160
Property, plant and equipment, net	12		2,021,427		2,059,079
Investment property, net	13		82,987		83,420
Rights of use asset, net	14		1,631,148		1,587,943
Intangible, net	15		191,617		191,204
Goodwill	16		1,453,077		1,453,077
Investments accounted for using the equity method	17		4,605,552		4,788,226
Other assets			398		398
Total non-current assets			10,149,702		10,328,898
Total assets			14,295,227		14,761,545
Current liabilities
Loans and borrowings	19		1,416,331		251,118
Employee benefits	20		3,820		2,692
Provisions	21		24,161		19,870
Payable to related parties	9		221,939		225,234
Trade payables and other payable	22		3,397,699		4,319,342
Lease liabilities	14		281,124		261,824
Tax liabilities	23		48,597		92,846
Derivative instruments and collections on behalf of third parties	24		89,899		123,446
Other liabilities	25		129,968		159,191
Total current liabilities			5,613,538		5,455,563
Non-current liabilities
Loans and borrowings	19		348,756		539,980
Employee benefits	20		14,645		14,646
Provisions	21		11,603		14,311
Trade payables and other payable	22		40,823		70,374
Lease liabilities	14		1,555,343		1,525,272
Other liabilities	25		2,382		2,411
Total non-current liabilities			1,973,552		2,166,994
Total liabilities			7,587,090		7,622,557
Shareholders’ equity
Share capital			4,482		4,482
Reserves			1,421,158		1,541,586
Other equity components			5,282,497		5,592,920
Total shareholders’ equity			6,708,137		7,138,988
Total liabilities and shareholders’ equity			14,295,227		14,761,545

The accompanying notes are an integral part of the interim separate financial statements.

2

Almacenes Éxito S.A.

Interim separate statements of profit or loss

For the quarters ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Continuing operations
Revenue from contracts with customers	27		7,349,052			6,928,227			3,610,748			3,476,262
Cost of sales	10		(5,803,868	)		(5,473,241	)		(2,853,350	)		(2,756,373	)
Gross profit			1,545,184			1,454,986			757,398			719,889
Distribution, administrative and selling expenses	28		(1,421,175	)		(1,251,657	)		(698,078	)		(626,498	)
Other operating (expense) profit, net	30		(23,295	)		14,067			(28,654	)		7,733
Operating profit			100,714			217,396			30,666			101,124
Financial income	31		166,415			70,517			44,616			18,729
Financial cost	31		(368,541	)		(180,736	)		(163,101	)		(84,240	)
Share of profit in subsidiaries, associates and joint ventures	32		109,825			73,044			59,393			47,892
Profit (loss) before income tax from continuing operations			8,413			180,221			(28,426	)		83,505
Income tax profit (expense)	23		30,521			(53,418	)		22,242			(21,241	)
Profit (loss) profit for the period			38,934			126,803			(6,184	)		62,264
Earnings per share (*)
Basic and diluted earnings per share (*):
Basic and diluted profit (loss) per share from continuing operations	33		30.00			97.70			(4.76	)		47.97

(*) Amounts expressed in Colombian pesos.

The accompanying notes are an integral part of the interim separate financial statements.

3

Almacenes Éxito S.A.

Interim separate statements of other comprehensive income

For the quarters ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Profit (loss) for the period			38,934			126,803			(6,184	)		62,264
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
Remeasurement loss on defined benefit plans			84			-			84			-
(Loss) from financial instruments designated at fair value through other comprehensive income			(139	)		(2,273	)		40			(1,300	)
Total other comprehensive income that will not be reclassified to period results, net of taxes			(55	)		(2,273	)		124			(1,300	)
Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
(Loss), gain from translation exchange differences (1)	26		(591,487	)		115,137			(356,904	)		192,356
Net gain on hedge of a net investment in a foreign operation	26		-			2,327			-			21
(Loss), gain from cash flow hedge	26		(1,317	)		4,475			4,129			776
Total other comprehensive income that may be reclassified to profit or loss, net of taxes			(592,804	)		121,939			(352,775	)		193,153
Total other comprehensive income			(592,859	)		119,666			(352,651	)		191,853
Total comprehensive income			(553,925	)		246,469			(358,835	)		254,117
Earnings per basic share:
Earning per basic and diluted share (*):
(Loss) profit per basic and diluted share from continuing operations	33		(426.80	)		189.90			(276.48	)		195.80

(*) Amounts expressed in Colombian pesos.

(1) Represents exchange differences arising from the translation of assets, liabilities, equity and results of foreign operations into the reporting currency.

The accompanying notes are an integral part of the interim separate financial statements.

4

Almacenes Éxito S.A.

Interim separate statements of changes in equity

At June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Issued share capital		Premium on the issue of shares		Treasury shares			Legal reserve		Occasional reserve			Reserves for acquisition of treasury shares		Reserve for future dividends distribution		Other reserves		Total reserves			Other comprehensive income			Retained earnings			Other equity components			Total shareholders’ equity
	Note 26		Note 26		Note 26			Note 26		Note 26			Note 26		Note 26		Note 26		Note 26			Note 26			Note 26
Balance at December 31, 2021		4,482		4,843,466		(2,734	)		7,857		791,647			22,000		155,412		329,529		1,306,445			(1,240,157	)		888,645			954,867			6,755,014
Declared dividend (Note 37)		-		-		-			-		(12,330	)		-		-		-		(12,330	)		-			(225,348	)		-			(237,678	)
Net income		-		-		-			-		-			-		-		-		-			-			126,803			-			126,803
Other comprehensive income		-		-		-			-		-			-		-		-		-			203,261			-			-			203,261
Reacquisition of shares		-		-		(316,756	)		-		-			-		-		-		-			-			-			-			(316,756	)
Appropriation to reserves		-		-		-			-		(147,108	)		396,442		-		-		249,334			-			(249,334	)		-			-
Changes in interest in the ownership of subsidiaries that do not result in loss of control		-		-		-			-		-			-		-		-		-			-			-			11			11
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-		-			-			-			274,370			274,370
Equity impact on the valuation put effect of subsidiary Grupo Disco del Uruguay S.A.																							(83,595	)		-			4,745			(78,850	)
Other net increase (decrease) in shareholders’ equity		-		-		-			-		(1,863	)		-		-		11,919		10,056			-			(12,555	)		(5	)		(2,504	)
Balance at June 30, 2022		4,482		4,843,466		(319,490	)		7,857		630,346			418,442		155,412		341,448		1,553,505			(1,120,491	)		528,211			1,233,988			6,723,671
Balance at December 31, 2022		4,482		4,843,466		(319,490	)		7,857		630,346			418,442		155,412		329,529		1,541,586			(966,902	)		515,564			1,520,282			7,138,988
Declared dividend (Note 37)		-		-		-			-		(217,392	)		-		-		-		(217,392	)		-			-			-			(217,392	)
Net income		-		-		-			-		-			-		-		-		-			-			38,934			-			38,934
Other comprehensive income		-		-		-			-		-			-		-		-		-			(640,415	)		-			-			(640,415	)
Appropriation to reserves		-		-		-			-		99,072			-		-		-		99,072			-			(99,072	)		-			-
Changes in interest in the ownership of subsidiaries that do not result in loss of control		-		-		-			-		-			-		-		-		-			-			-			6			6
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-		-			-			-			354,590			354,590
Equity impact on the valuation put effect of subsidiary Grupo Disco del Uruguay S.A.																							47,556			-			(10,490	)		37,066
Other net increase (decrease) in shareholders’ equity		-		-		-			-		(2,108	)		-		-		-		(2,108	)		-			(1,713	)		181			(3,640	)
Balance at June 30, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		329,529		1,421,158			(1,559,761	)		453,713			1,864,569			6,708,137

The accompanying notes are an integral part of the separate financial statements.

5

Almacenes Éxito S.A.

Interim separate statements of cash flows

For the periods ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	January 1 to June 30, 2023			January 1 to June 30, 2022
Operating activities
Profit for the period			38,934			126,803
Adjustments to reconcile profit for the period
Current income tax	23		3,289			11,787
Deferred income tax	23		(33,810	)		41,631
Interest, loans and lease expenses	31		161,284			85,980
Loss (gain) from changes in fair value of derivative financial instruments	31		38,057			(6,889	)
Impairment of receivables, net	7.1		538			393
Impairment of inventories, net	10.1		3,437			922
Employee benefit provisions	20		1,127			846
Provisions and reversals	21		16,138			10,774
Depreciation of property, plant and equipment, investment property and right of use asset	12; 13; 14		253,411			224,953
Amortization of intangible assets	15		12,577			11,242
Share of profit in associates and joint ventures accounted for using the equity method	32		(109,825	)		(73,044	)
Loss from the disposal of non-current assets			5,178			1,980
Loss from reclassification of non-current assets			-			230
Other adjustments from items other than cash			-			(80	)
Interest income	31		(7,307	)		(4,585	)
Operating income before changes in working capital			383,028			432,943
Decrease in trade receivables and other accounts receivable			56,700			46,568
Decrease in prepayments			10,596			8,436
(Increase) decrease in receivables from related parties			(9,133	)		2,244
Increase in inventories			(39,136	)		(416,689	)
Decrease in tax assets			31,364			23,165
Decrease in other provisions	21		(14,555	)		(9,169	)
Decrease in trade payables and other accounts payable			(870,338	)		(770,144	)
(Decrease) increase in accounts payable to related parties			(3,296	)		5,013
Decrease in tax liabilities			(44,249	)		(29,920	)
Decrease in other liabilities			(29,253	)		(77,884	)
Income tax paid			(115,636	)		(153,649	)
Net cash flows used in operating activities			(643,908	)		(939,086	)
Investing activities
Advances to subsidiaries and joint ventures			(81	)		(21,040	)
Acquisition of property, plant and equipment	12.1		(168,636	)		(84,165	)
Acquisition of investment property			-			(611	)
Acquisition of intangible assets	15		(14,316	)		(8,348	)
Proceeds of the sale of property, plant and equipment and intangible assets.			50			1,000
Dividends received			78,591			63,928
Net cash flows used in investing activities			(104,392	)		(49,236	)
Financing activities
Cash flows provided by changes in interests in subsidiaries that do not result in loss of control			13			(16	)
Proceeds from financial assets			8			6,080
Payments of derivative instruments and collections on behalf of third parties			(49,136	)		(148	)
Proceeds from loans and borrowings	19		1,000,000			440,000
Repayment of loans and borrowings	19		(49,763	)		(49,763	)
Payments of interest of loans and borrowings	19		(74,402	)		(27,487	)
Lease liabilities paid	14.2		(137,081	)		(129,159	)
Interest on lease liabilities paid	14.2		(61,641	)		(49,640	)
Dividends paid	37		(217,255	)		(237,551	)
Interest received	31		7,307			4,585
Payments on the reacquisition of shares			-			(316,755	)
Net cash flows provided by (used in) financing activities			418,050			(359,854	)
Net decrease in cash and cash equivalents			(330,250	)		(1,348,176	)
Cash and cash equivalents at the beginning of period	6		1,250,398			2,063,528
Cash and cash equivalents at the end of period	6		920,148			715,352

The accompanying notes are an integral part of the interim separate financial statements.

6

Note 1. General information

Almacenes Éxito S.A., (hereinafter the Company) was incorporated pursuant to Colombian laws on March 24, 1950; its headquarter is located Carrera 48 No. 32B Sur - 139, Envigado, Colombia. The life span of the Company goes to December 31, 2150.

The Company is listed on the Colombia Stock Exchange (BVC) since 1994 and is under the supervision of the Financial Superintendence of Colombia. On April, 2023, the Company obtained registration as a foreign issuer with the Brazilian Securities and Exchange Commission (CVM).

The Company´s corporate purpose is to:

- Acquire, store, transform and, in general, distribute and sell under any trading figure, including funding thereof, all kinds of goods and products, produced either locally or abroad, on a wholesale or retail basis, physically or online.

- Provide ancillary services, namely grant credit facilities for the acquisition of goods, grant insurance coverage, carry out money transfers and remittances, provide mobile phone services, trade tourist package trips and tickets, repair and maintain furnishings, complete paperwork and energy trade.

- Give or receive in lease trade premises, receive or give, in lease or under occupancy, spaces or points of sale or commerce within its trade establishments intended for the exploitation of businesses of distribution of goods or products, and the provision of ancillary services.

- Incorporate, fund or promote with other individuals or legal entities, enterprises or businesses intended for the manufacturing of objects, goods, articles or the provision of services related with the exploitation of trade establishments.

- Acquire property, build commercial premises intended for establishing stores, malls or other locations suitable for the distribution of goods, without prejudice to the possibility of disposing of entire floors or commercial premises, give them in lease or use them in any convenient manner with a rational exploitation of land approach, as well as invest in property, promote and develop all kinds of real estate projects.

- Invest resources to acquire shares, bonds, trade papers and other securities of free movement in the market to take advantage of tax incentives established by law, as well as make temporary investments in highly liquid securities with a purpose of short-term productive exploitation; enter into firm factoring agreements using its own resources; encumber its chattels or property and enter into financial transactions that enable it to acquire funds or other assets.

- In the capacity as wholesaler and retailer, distribute oil-based liquid fuels through service stations, alcohols, biofuels, natural gas for vehicles and any other fuels used in the automotive, industrial, fluvial, maritime and air transport sectors, of all kinds.

The immediate holding company, or controlling entity of the Company is Companhia Brasileira de Distribuição (hereinafter CBD), which owns 91.52% at June 30, 2023 (at December 31, 2022 - 91.52%) of its ordinary shares. CBD is controlled by Casino, Guichard-Perrachon S.A., which is ultimately controlled by Mr. Jean-Charles Henri Naouri.

The Company is registered in the Camara de Comercio Aburrá Sur.

Note 2. Basis of preparation and other significant accounting policies

The interim separate financial statements for the six and three months ended June 30, 2023 and 2022 and for the year ended December 31, 2022 have been prepared in accordance with International Financial Reporting Standard issued by the International Accounting Standards Board (IASB).

The separate financial statements for the interim periods are disclosure in accordance with IAS34 and should be read in conjunction with the separate financial statements as of December 31, 2022 and do not include all the information required for a separate financial statement disclosure in accordance with IAS 1. However, some notes have been included to explain events and transactions that are relevant to understanding the changes in the Company’s financial situation, as well as the operating performance since December 31, 2022.

The interim separate financial statements have been prepared on a historical cost basis, except for derivative financial instruments and financial instruments measured at fair value.

The Company has prepared the interim separate financial statements on the basis that it will continue to operate as a going concern.

Note 2.1. Voluntary correction

During the preparation of the financial statements for 2022, the Company identified an immaterial error in relation to the non-controlling interest of subsidiary Grupo Disco Uruguay S.A., part of which is subject to put option. Although the error was not material, the Company has voluntarily elected to correct prior periods 2022 and 2021. This correction resulted in a decrease in Other equity components of $87,093 at December 31, 2022 and $126,391 at December 31, 2021 and in the Investments of $87,093 at December 31, 2022 as a result of the impact that the put´s valuation has in the equity of the subsidiary Disco Uruguay S.A. and in the investment that the Company has in this subsidiary.

Such immaterial correction did not impact, liabilities, profit for the year, comprehensive income or cash flows for the years ended December 31, 2022 and 2021.

7

Note 3. Significant accounting policies

The accompanying interim separate financial statements at June 30, 2023 have been prepared using the same accounting policies, measurements and bases used to present the separate financial statements for the year ended December 31, 2022, except for new and modified standards and interpretations applied starting January 1, 2023.

The adoption of the new standards in force as of January 1, 2023 mentioned in Note 4.2. did not result in significant changes in these accounting policies as compared to those applied in preparing the consolidated financial statements at December 31, 2022 and no significant effect resulted from adoption thereof.

Note 4. Adoption of new standards, amendments to and interpretations of existing standards issued by the IASB

Note 4.1. New and amended standards and interpretations

The Company applied amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2023. The main new standards adopted are as follows:

Statement	Description	Impact
Amendment to IAS 1 - Disclosure of Accounting Policies and Practice Statement.	This Amendment, which amends IAS 1 - Presentation of Financial Statements, guides companies in deciding what information about accounting policies should be disclosed to provide more useful information to investors and other primary users of financial statements. The Amendment requires companies to disclose material information about accounting policies by applying the concept of materiality in their disclosures.	These changes did not have any impact in the consolidated financial statements.
Amendment to IAS 8 - Definition of Accounting Estimates.	This Amendment, which amends IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, modified the definition of accounting estimates and included other amendments to assist entities in distinguishing changes in accounting estimates from changes in accounting policies. This distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are applied retrospectively to past transactions and other past events.	These changes did not have any impact in the consolidated financial statements.
Amendment to IAS 12 - Deferred Tax Related to Assets and Liabilities arising from a Single Transaction.	This Amendment, which amends IAS 12 Income Tax, details how companies must recognize deferred tax on transactions such as leases and decommissioning liabilities.	These changes did not have any impact in the consolidated financial statements.
Amendment to IFRS 17 - Initial Application of IFRS 17 and IFRS 9 – Comparative Information.	This Amendment, which modifies IFRS 17 - Insurance contracts, applies to entities that apply IFRS 17 and IFRS 9 simultaneously.  Considering that these standards have different transition requirements, it is possible that temporary accounting imbalances arise between financial assets and liabilities related with the insurance contract in the comparative information shown in the financial statements upon applying such standards for the first time.  The Amendment will help insurance companies to avoid such imbalances, and, consequently, will improve the usefulness of comparative information for investors. For this purpose, it provides insurance companies with an option to present comparative information regarding financial assets.	These changes did not have any impact in the consolidated financial statements.

8

Note 4.2. New and revised standards and interpretations issued and not yet effective

The Company has not early adopted the following new and revised IFRSs, which have already been issued but not yet in effect, up to the date of the issuance of the Group’s consolidated financial statements:

Statement	Description	Applicable to annual periods starting in or after
Amendment to IAS 1 – Non-current Liabilities with Covenants	This amendment, which amends IAS 1– Presentation of Financial Statements, aims to improve the information companies provide on long-term covenanted debt by enabling investors to understand the risk of early repayment of debt. IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt within 12 months of the reporting date. However, a company’s ability to do so is often contingent on compliance with covenants. For example, a business might have long-term debt that could be repayable within 12 months if the business defaults in that 12-month period. The amendment requires a company to disclose information about these covenants in the notes to the financial statements.	January 1, 2024, with early adoption permitted
Amendment to IFRS 16 – Lease Liability in a Sale and Leaseback.	This Amendment, which amends IFRS 16 – Leases, guides at the subsequent measurement that a company must apply when it sells an asset and subsequently leases the same asset to the new owner for a period. IFRS 16 includes requirements on how to account for a sale with leaseback on the date the transaction takes place. However, this standard had not specified how to measure the transaction after that date. These amendments will not change the accounting for leases other than those arising in a sale-leaseback transaction.	January 1, 2024
Amendment to IAS 7 and IFRS 17 - Supplier finance arrangements.	This Amendment, which amends IAS 7 - Statement of Cash Flows and IFRS 7 - Financial Instruments: Disclosures, aims to enhance the disclosure requirements regarding supplier financing agreements. It enables users of financial statements to assess the effects of such agreements on the entity’s liabilities and cash flows, as well as the entity’s exposure to liquidity risk. The Amendment requires the disclosure of the amount of liabilities that are part of the agreements, disaggregating the amounts for which financing providers have already received payments from the suppliers, and indicating where the liabilities are presented in the balance sheet. Additionally, it mandates the disclosure of terms and conditions, payment maturity date ranges, and liquidity risk information. Supplier financing agreements are characterized by one or more financing providers offering to pay amounts owed by an entity to its suppliers, according to the terms and conditions agreed upon between the entity and its supplier.	January 1, 2024.
Amendment to IAS 12 - International Tax Reform: Pillar Two Model Rules.	This Amendment, which amends IAS 12 - Income Taxes, applies to income taxes arising from tax legislation enacted to implement the rules of Model Pillar Two published by the Organisation for Economic Co-operation and Development (OECD). The rules of this model aim to ensure that large multinational enterprises are subject to a minimum tax rate of 15%. The minimum tax is calculated based on financial accounting standards and is based on two main components: profits and taxes paid. The Amendment provides companies with temporary relief from the accounting for deferred taxes arising from the international tax reform by the Organisation for Economic Co-operation and Development (OECD).	Is applicable for annual reporting periods beginning on or after January 2023, but not for interim periods ending on or before December 31, 2023.

9

Note 5. Relevant facts

No relevant facts have occurred nor registered during the period.

Note 6. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

	June 30, 2023		December 31, 2022
Cash at banks and on hand (1)		902,583		1,232,403
Fiduciary rights – money market like		16,333		16,856
Funds (2)		1,232		1,139
Total cash and cash equivalents		920,148		1,250,398

(1) The decrease is mainly due to the use of resources to pay off creditors and suppliers (trade payables and other payable) at the beginning of 2023.

(2) Represents the Collective Investment Fund with Fiduciaria Corficolombiana created by the Parent to guarantee the payment of the lease fee on the Éxito Poblado and Cedi Avenida 68 properties.

At June 30, 2023, the Company recognized interest income from cash at banks and cash equivalents in the amount of $7,307 (June 30, 2022 - $4,585), which were recognized as financial income as detailed in Note 31.

At June 30, 2023 and at December 31, 2022, cash and cash equivalents were not restricted or levied in any way as to limit availability thereof.

Note 7. Trade receivables and other account receivables

The balance of trade receivables and other account receivables is shown below:

	June 30, 2023		December 31, 2022
Trade receivables (Note 7.1)		247,380		245,782
Other account receivables (Note 7.2)		227,506		286,285
Total trade receivables and other account receivables		474,886		532,067
Current		424,795		477,912
Non-Current		50,091		54,155

Note 7.1. Trade receivables

The balance of trade receivables is shown below:

	June 30, 2023			December 31, 2022
Trade accounts		158,288			156,582
Sale of real-estate project inventories		68,133			66,831
Rentals and dealers		11,602			13,322
Net investment in leases		8,498			7,870
Employee funds and lending		6,326			6,270
Allowance for expected credit loss		(5,467	)		(5,093	)
Trade receivables		247,380			245,782

The allowance for expected credit loss is recognized as expense in profit or loss. During the period ended June 30, 2023, the net effect of the allowance for expected credit loss on the statement of profit or loss represents expense of $538 ($393 - expense for the period ended June 30, 2022).

10

The movement in the allowance for expected credit losses during the sixth month periods was as follows:

Balance at December 31, 2021	7,285
Additions (Note 28)	7,886
Reversal of allowance for expected credit losses (Note 30)	(7,493	)
Write-off of receivables	(497	)
Balance at June 30, 2022	7,181
Balance at December 31, 2022	5,093
Additions (Note 28)	7,210
Reversal of allowance for expected credit losses (Note 30)	(6,672	)
Write-off of receivables	(164	)
Balance at June 30, 2023	5,467

An analysis is performed at each reporting date to estimate expected credit losses. The allowance rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., product type and customer rating). The calculation reflects the probability-weighted outcome and reasonable and supportable information that is available at the reporting date about past events and current conditions. Generally, trade receivables and other accounts receivable are written-off if past due for more than one year.

Note 7.2. Other account receivables

	June 30, 2023		December 31, 2022
Recoverable taxes		91,811		103,336
Business agreements		66,468		54,466
Other loans or advances to employees		57,950		82,525
Money remittances		4,280		16,347
Money transfer services		949		20,370
Sale of fixed assets, intangible assets and other assets		117		405
Other		5,931		8,836
Total other account receivables		227,506		286,285

Note 8. Prepayments

	June 30, 2023		December 31, 2022
Lease payments made before commencement date		4,012		4,697
Insurance		3,806		15,247
Maintenance		1,303		-
Advertising		439		-
Other prepayments		245		457
Total prepayments		9,805		20,401
Current		6,475		17,166
Non-current		3,330		3,235

Note 9. Related parties

Note 9.1. Significant agreements

Transactions with related parties refer mainly to transactions between the Company and its subsidiaries, associates, joint ventures and other related entities and were substantially accounted for in accordance with the prices, terms and conditions agreed upon between the parties. The agreements are detailed as follows:

- Casino Group:

(a) Casino international, International Retail Trade and Services IG and Distribution Casino France: Commercial agreement to regulate the terms pursuant to which Casino International renders international retail and trade services to the Company (e.g., negotiation of commercial services with international suppliers, prospecting global suppliers and intermediating the purchases provided by Casino, purchase and importation of products and reimbursement for promotions realized in stores).

(b) Insurance agreement for the intermediation of renewals of certain insurance policies

(c) Euris, Casino Services y Casino Guichard Perrachon S.A: Cost reimbursement agreements to encourage the exchange of knowledge and experience in certain areas of operation, as well as the reimbursement of expenses related to expatriates.

- Greenyellow Energía de Colombia S.A.S.: Service agreement to provide oversight and monitoring services relating to energy efficiency. Since October, 2022 this company is not related party.

11

- Puntos Colombia S.A.S.: Agreement providing for the terms and conditions for the redemption of points collected under their loyalty program, among other services.

- Compañía de financiamiento Tuya S.A.: Partnership agreements to promote (i) the sale of products and services offered by the Company through credit cards, (ii) the use of these credit cards in and out of the Company stores and (iii) the use of other financial services agreed between the parties inside the Company stores.

- Companhia Brasileira de Distribuição (CBD): Cost reimbursement agreement related to the sharing of know-how and experience of CBD on certain areas (strategy, finance, human resources, legal, communication and investors relations). The Company also entered into an agreement for the reimbursement of expenses related to the relocation of employees among the Company.

- Almacenes Éxito Inversiones S.A.S. Acquisition agreement of telephone plans, provision of administrative services.

- Logística Transporte y Servicios Asociados S.A.S. Agreement to receive transportation services, contracts for the sale of merchandise, administrative services and reimbursement of expenses.

- Transacciones Energéticas S.A.S. E.S.P. Contracts of energy trading services.

- Éxito Industrias S.A.S. Contracts for the lease of real estate and provision of services.

- Éxito Viajes y Turismo S.A.S. Contract for reimbursement of expenses and administrative services.

- Patrimonio Autónomo Viva Malls. Real estate lease, administrative services and reimbursement of expenses.

Note 9.2. Transactions with related parties

Transactions with related parties relate to revenue from retail sales and other services, as well as to costs and expenses related to risk management and technical assistance support, purchase of goods and services received.

The amount of revenue, costs and expenses arising from transactions with related parties is as follows:

	Revenue
	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Joint ventures (2)		31,773		39,020		14,293		9,550
Subsidiaries (1)		26,154		38,152		12,253		26,187
Casino Group companies (3)		1,432		1,314		767		(640	)
Total revenue		59,359		78,486		27,313		35,097

	Costs and expenses
	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Subsidiaries (1)		181,572		202,335		94,633		112,251
Joint ventures (2)		53,635		48,724		25,631		24,924
Casino Group companies (3)		13,247		33,261		6,713		15,874
Members of the Board (4)		1,649		1,242		924		619
Controlling entity (5)		549		5,989		544		3,325
Total cost and expenses		250,652		291,551		128,445		156,993

(1) Revenue relates to the provision of administration services to Éxito Industria S.A.S., to Almacenes Éxito Inversiones S.A.S., to Transacciones Energéticas S.A.S. E.S.P., to Logística, Transporte y Servicios Asociados S.A.S. and to Patrimonios Autónomos (stand-alone trust funds); and to the lease of property to Patrimonios Autónomos and to Éxito Viajes y Turismo S.A.S.

Costs and expenses mainly refer to the purchase of goods for trading from Éxito Industrias S.A.S.; transportation services provided by Logística, Transporte y Servicios Asociados S.A.S.; leases and real estate management activities with Patrimonios Autónomos; purchase of corporate plans from Almacenes Éxito Inversiones S.A.S.; and services received, purchase of goods and reimbursements with other subsidiaries.

12

The amount of revenue with each subsidiary is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Patrimonios Autónomos		13,739		24,390		5,995		18,724
Almacenes Éxito Inversiones S.A.S.		9,581		8,918		4,848		4,618
Logística, Transporte y Servicios Asociados S.A.S.		1,396		1,714		645		1,087
Éxito Viajes y Turismo S.A.S.		853		750		434		382
Éxito Industrias S.A.S.		516		1,618		298		1,343
Transacciones Energéticas S.A.S. E.S.P.		69		63		33		33
Libertad S.A.		-		699		-		-
Total		26,154		38,152		12,253		26,187

The amount of costs and expenses with each subsidiary is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Logística, Transporte y Servicios Asociados S.A.S.		84,360		80,948		42,903		42,096
Patrimonios Autónomos		55,248		57,524		29,772		34,713
Éxito Industrias S.A.S. (a)		32,038		54,193		16,828		30,504
Almacenes Éxito Inversiones S.A.S.		8,314		7,853		4,191		4,077
Marketplace Internacional Exito y Servicios S.A.S.		1,027		1,318		639		627
Transacciones Energéticas S.A.S. E.S.P.		485		417		246		188
Éxito Viajes y Turismo S.A.S.		100		79		54		43
Libertad S.A.		-		2		-		2
Spice Investment Mercosur S.A.		-		1		-		1
Total costs and expenses		181,572		202,335		94,633		112,251

(a) Includes $6,618 of variable lease expense (June 30, 2022 - $7,065), amortization of right of use assets and interest on lease liability $- (June 30, 2022 - $2,607), branding royalty expenses $17,972 (June 30, 2022 - $20,196) and $7,448 of other operating transactions (June 30, 2022 - $24,325).

(2) The amount of revenue and costs and expenses with each joint venture is as follows:

Revenue:

	Compañía de Financiamiento Tuya S.A.
Description	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Commercial activation recovery		24,935		29,136		10,420		13,103
Yield on bonus, coupons and energy		3,624		6,789		2,138		3,388
Lease of real estate		2,053		2,144		1,057		955
Services		493		580		199		249
Corporate collaboration agreement		-		-		-		(8,352	)
Total revenue		31,105		38,649		13,814		9,343

	Puntos Colombia S.A.S.
Description	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Services		668		371		479		207
Total revenue		668		371		479		207

13

Costs and expenses:

	Compañía de Financiamiento Tuya S.A.
Description	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Commissions on means of payment		6,716		3,880		3,100		1,950
Total costs and expenses		6,716		3,880		3,100		1,950

	Puntos Colombia S.A.S.
Description	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Cost of customer loyalty program		46,919		44,844		22,531		22,974
Total costs and expenses		46,919		44,844		22,531		22,974

(3) Revenue mainly relates to the provision of services and rebates from suppliers. Costs and expenses accrued mainly arise from intermediation in the import of goods, purchase of goods and consultancy services.

Revenue by each company is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Relevan C Colombia S.A.S. (a)		1,127		-		629		-
Casino International (b)		188		822		61		(761	)
Casino Services		77				77
Distribution Casino France		40		228		-		-
Greenyellow Energía de Colombia S.A.S.		-		264		-		121
Total revenue		1,432		1,314		767		(640	)

(a) Corresponds to revenue of collaboration agreement with Exito Media.

(b) Mainly decrease corresponds to IRTS discounts that were previously granted to the company and are currently received directly from the supplier.

Costs and expenses by each company are as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Casino Guichard Perrachon S.A.		7,940		6,432		3,887		3,176
Distribution Casino France		1,850		3,988		661		1,780
Casino Services		1,093		113		1,016		12
International Retail and Trade Services IG.		1,036		-		437		(533	)
Euris		965		794		464		794
Relevan C Colombia S.A.S.		363		-		248		-
Greenyellow Energía de Colombia S.A.S. (Note 9.1)		-		21,926		-		10,645
Cdiscount S.A.		-		8		-		-
Total costs and expenses		13,247		33,261		6,713		15,874

(4) Costs and expenses related to Members of the Board provided by services of board and committees meetings.

(5) Costs and expenses related to consulting services provided by Companhia Brasileira de Distribuição – CBD.

Note 9.3. Other information on related party transactions

Financial assets measured at fair value through other comprehensive income

The Company has 659,383 shares in Cnova NV in the amount of $9,222 (December 31, 2022 - $9,222)

14

Note 9.4. Receivable from related parties

	Receivable				Other non-financial assets
	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Joint ventures (1)		52,096		41,464		-		34,993
Subsidiaries (2)		12,477		14,503		280		280
Casino Group companies (3)		4,089		3,161		-		-
Controlling entity (4)		288		288		-		-
Total		68,950		59,416		280		35,273
Current		68,950		59,416		-		-
Non-Current		-		-		280		35,273

(1) Balances relate to the following joint ventures and the following detail:

- The balance of receivables by joint ventures is shown below:

	Compañía de Financiamiento Tuya S.A.				Puntos Colombia S.A.S.				Sara ANV S.A.
Description	June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022		June 30, 2023		December 31, 2022
Reimbursement of shared expenses, collection of coupons and other		5,096		5,298		-		-		-		-
Redemption of points		-		-		43,123		33,469		-		-
Other services		3,869		2,329		-		-		8		368
Total receivable		8,965		7,627		43,123		33,469		8		368

- Other non-financial assets:

The balance of $34,993 at December 31, 2022 related to payments made during the year to Compañía de Financiamiento Tuya S.A. for the subscription of shares. The amounts disbursed were not recognized as an investment in such company due to Compañía de Financiamiento Tuya S.A. had not received authorization from the Colombian Financial Superintendence to register a capital increase. During the period for six months ended June 30, 2023, Compañía de Financiamiento Tuya S.A effectively subscribed and issued shares for the amount of $35,000 representing an increase in such investment.

(2) The balance of receivables by each subsidiary and by each concept:

- The balance of receivables by each subsidiary is as follows:

	June 30, 2023		December 31, 2022
Libertad S.A.		7,950		9,148
Patrimonios Autónomos (a)		3,039		3,117
Éxito Industrias S.A.S.		500		525
Logística, Transporte y Servicios Asociados S.A.S.		468		830
Almacenes Éxito Inversiones S.A.S.		333		477
Transacciones Energéticas S.A.S. E.S.P.		94		39
Éxito Viajes y Turismo S.A.S.		89		317
Marketplace Internacional Exito y Servicios S.A.S.		3		49
Devoto Hermanos S.A.		1		1
Total accounts receivable from subsidiaries		12,477		14,503

(a) Includes $496 of dividend declared.

- The balance of accounts receivable from subsidiaries is made as follows

	June 30, 2023		December 31, 2022
Strategic direction services		7,950		9,148
Administrative services		2,216		644
Charge for dividends declared		496		496
Reimbursement of expenses		181		419
Sale of goods		10		79
Sale of property, plant and equipment		-		1,698
Other services		1,624		2,019
Total accounts receivable from subsidiaries		12,477		14,503

15

(3) Receivable from Casino Group companies represents reimbursement for payments to expats, supplier agreements and energy efficiency solutions.

	June 30, 2023		December 31, 2022
Casino International		3,705		2,730
Relevan C Colombia S.A.S.		377		192
Casino Services		7		7
Distribution Casino France		-		232
Total Casino Group companies		4,089		3,161

(4) Represents the balance of personnel expenses receivable from Companhia Brasileira de Distribuição - CBD.

Note 9.5. Payables to related parties

The balance of payables to related parties is shown below:

	June 30, 2023		December 31, 2022
Subsidiaries (1)		162,203		158,398
Joint ventures (2)		54,802		62,673
Casino Group companies (3)		4,934		4,120
Members of the Board		-		43
Total		221,939		225,234

(1) The balance of accounts payable to related parties and by concept are as follows:

- The balance of payables by each subsidiary is as follows:

	June 30, 2023		December 31, 2022
Éxito Industrias S.A.		143,303		139,205
Logística, Transporte y Servicios Asociados S.A.S.		10,252		8,993
Patrimonios Autónomos		3,289		3,855
Almacenes Éxito Inversiones S.A.S.		3,128		3,241
Transacciones Energéticas S.A.S. E.S.P.		2,011		1,874
Marketplace Internacional Exito y Servicios S.A.S.		216		240
Éxito Viajes y Turismo S.A.S.		4		854
Devoto Hermanos S.A.		-		136
Total accounts payable to subsidiaries		162,203		158,398

- The balance payable to subsidiaries relates to:

	June 30, 2023		December 31, 2022
Purchase of assets and inventories		136,737		137,119
Transportation service		10,250		6,048
Lease of property		3,666		3,428
Mobile recharge collection service		3,093		3,236
Energy service		2,006		1,874
Purchase of tourist trips		4		853
Other services received		6,447		5,840
Total accounts payable to subsidiaries		162,203		158,398

(2) Mainly represents the balance outstanding in favor of Puntos Colombia S.A.S. arising from points (accumulations) issued for $54,791 (December 31, 2022 - $62,304)

(3) Payables to Casino Group companies such as energy efficiency solutions received, intermediation in the import of goods, and consulting and technical assistance services.

	June 30, 2023		December 31, 2022
Casino Guichard Perrachon S.A.		3,005		2,578
Distribution Casino France		1,112		934
Casino Services		817		100
Relevan C Colombia S.A.S.		-		508
Total Casino Group companies		4,934		4,120

16

Note 9.6. Lease liabilities with related parties

The balance of lease liabilities with related parties is as follows:

	June 30, 2023		December 31, 2022
Subsidiaries		508,277		452,556
Total lease liabilities (Note 14.2)		508,277		452,556
Curent		51,915		43,778
Non-Current		456,362		408,778

The balance of lease liabilities relates to lease contracts entered with the following subsidiaries:

	June 30, 2023		December 31, 2022
Patrimonios autónomos (Stand-alone trust funds)		508,277		452,556
Total lease liabilities		508,277		452,556

Note 9.7. Other financial liabilities with related parties

	June 30, 2023		December 31, 2022
Subsidiaries (1)		17,561		17,669
Joint ventures (2)		13,642		26,167
Total		31,203		43,836

(1) Represents cash collected from subsidiaries as part of the in-house cash program (Note 24).

(2) Mainly represents collections received from customers related to the Tarjeta Éxito cards owned by Compañía de Financiamiento Tuya S.A. (Note 24).

Note 9.8. Key management personnel compensation

Transactions between the Company and key management personnel, including legal representatives and/or administrators, mainly relate to labor agreements executed by and between the parties.

Compensation of key management personnel is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Short-term employee benefits		34,131		29,385		17,219		10,781
Post-employment benefits		1,067		943		572		443
Total key management personnel compensation		35,198		30,328		17,791		11,224

Note 10. Inventories, net and cost of sales

Note 10.1. Inventories, net

	June 30, 2023		December 31, 2022
Inventories (1)		2,054,233		1,999,578
Inventories in transit		60,581		58,754
Raw materials		21,730		29,037
Materials, spares, accessories and consumable packaging		7,489		9,537
Real estate project inventories (2)		776		3,213
Production in process		93		5,081
Total inventories		2,144,902		2,105,200

(1) The movement of the losses on inventory obsolescence and damages during the reporting periods is shown below:

Balance at December 31, 2021	8,862
Loss recognized during the period (Note 10.2)	922
Balance at June 30, 2022	9,784
Balance at December 31, 2022	9,969
Loss recognized during the period (Note 10.2)	3,437
Balance at June 30, 2023	13,406

17

(2) For 2023, represents López de Galarza real estate project. For 2022, represented López de Galarza real estate project for $776 and Galeria La 33 real estate projects for $2,437.

At June 30, 2023, and at December 31, 2022, there are no restrictions or liens on the sale of inventories.

Note 10.2. Cost of sales

The following is the information related with the cost of sales, allowance for losses on inventory obsolescence and damages, and allowance reversal on inventories:

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Cost of goods sold (1)		6,524,820			6,023,758			3,189,709			3,035,452
Trade discounts and purchase rebates		(1,059,846	)		(845,754	)		(510,186	)		(431,854	)
Logistics costs (2)		252,460			227,043			128,771			114,314
Damage and loss		82,997			67,272			41,902			37,410
Allowance for inventory losses, net		3,437			922			3,154			1,051
Total cost of sales		5,803,868			5,473,241			2,853,350			2,756,373

(1) The period ended June 30, 2023 includes $15,014 of depreciation and amortization cost (June 30, 2022 - $13,898).

(2) The period ended June 30, 2023 includes $148,390 of employee benefits (June 30, 2022 - $126,219) and $30,674 of depreciation and amortization cost (June 30, 2022 - $27,696).

Note 11. Financial assets

The balance of financial assets is shown below:

	June 30, 2023		December 31, 2022
Financial assets measured at fair value through other comprehensive income (1)		10,676		10,676
Derivative financial instruments designated as hedge instruments (2)		6,044		14,480
Financial assets measured at fair value through profit or loss		418		426
Derivative financial instruments (3)		3		27,300
Total financial assets		17,141		52,882
Current		5,959		40,154
Non-current		11,182		12,728

(1) Financial assets measured at fair value through other comprehensive income are equity investments not held for sale. The detail of these investments is as follows:

	30 de junio de 2023		31 de diciembre de 2022
Cnova N.V.		9,222		9,222
Fideicomiso El Tesoro etapa 4A y 4C 448		1,206		1,206
Associated Grocers of Florida, Inc.		113		113
Central de abastos del Caribe S.A.		71		71
La Promotora S.A.		50		50
Sociedad de acueducto, alcantarillado y aseo de Barranquilla S.A. E.S.P.		14		14
Total financial assets measured at fair value through other comprehensive income		10,676		10,676

18

(2) Derivative instruments designated as hedging instrument relates to interest and exchange rate swaps. The fair value of these instruments is determined based on valuation models.

At June 30, 2023, relates to the following transactions:

	Nature of risk hedged	Hedged item	Range of rates for hedged item	Range of rates for hedge instruments		Fair value
Swap	Interest rate	Loans and borrowings	IBR 3M and IBR 1M	9.0120% and 3.9	%	6,044

The detail of maturities of these hedge instruments at June 30, 2023 is shown below:

	Less than 1 month	From 1 to 3 months	From 3 to 6 months	From 6 to 12 months	More than 12 months	Total
Swap	-	3,533	1,157	1,266	88	6,044

At December 31, 2022, relates to the following transactions:

	Nature of risk hedged	Hedged item	Range of rates for hedged item	Range of rates for hedge Instruments		Fair value
Swap	Interest rate	Loans and borrowings	IBR 3M e IBR 1M	9.0120% y 3.9	%	14,480

The detail of maturities of these hedge instruments at December 31, 2022 is shown below:

	Less than 1 month	From 1 to 3 months	From 3 to 6 months	From 6 to 12 months	More than 12 months	Total
Swap	-	3,980	4,725	4,149	1,626	14,480

(3) Relates to forward contracts used to hedge the variation in the exchange rates. The fair value of these instruments is estimated based on valuation models who use variables other than quoted prices, directly or indirectly observable for financial assets or liabilities.

The detail of maturities of these instruments at June 30, 2023 was as follows:

	Less than 1 month	From 1 to 3 months	From 3 to 6 months	From 6 to 12 months	More than 12 months	Total
Forward	-	-	3	-	-	3

The detail of maturities of these instruments at December 31, 2022 was as follows:

	Less than 1 month	From 1 to 3 months	From 3 to 6 months	From 6 to 12 months	More than 12 months	Total
Forward	-	24,382	2,918	-	-	27,300

At June 30, 2023 and at December 31, 2022, there are no restrictions or liens on financial assets that restrict their sale.

None of the assets were impaired at June 30, 2023 and at December 31, 2022.

Note 12. Property, plant and equipment, net

	June 30, 2023			December 31, 2022
Land		445,269			447,733
Buildings		951,547			944,782
Machinery and equipment		837,530			827,612
Furniture and fixtures		527,389			518,827
Assets under construction		11,438			10,156
Improvements to third-party properties		443,761			429,942
Vehicles		7,809			8,724
Computers		290,954			277,754
Other property, plant and equipment		16,050			16,050
Total property, plant and equipment, gross		3,531,747			3,481,580
Accumulated depreciation		(1,510,320	)		(1,422,501	)
Total property, plant and equipment, net		2,021,427			2,059,079

19

The movement of the cost of property, plant and equipment, accumulated depreciation and impairment loss during the reporting periods is shown below:

Cost	Land			Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction			Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2021		449,842			926,054			749,208			468,105			9,073			366,792			8,892			253,889			16,050		3,247,905
Additions		-			5,795			22,331			16,456			2,274			19,989			40			8,522			-		75,407
Disposals and derecognition		-			-			(16,934	)		(6,699	)		(6	)		(2,289	)		(72	)		(735	)		-		(26,735	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			(94	)		(2,696	)		(2,483	)		(2	)		(1,007	)		-			(489	)		-		(6,771	)
Other minor changes		-			25			135			-			34			-			-			169			-		363
Balance at June 30, 2022		449,842			931,780			752,044			475,379			11,373			383,485			8,860			261,356			16,050		3,290,169
Balance at December 31, 2022		447,733			944,782			827,612			518,827			10,156			429,942			8,724			277,754			16,050		3,481,580
Additions		-			8,963			33,665			14,959			1,562			14,425			-			19,270			-		92,844
Disposals and derecognition		-			-			(18,309	)		(4,306	)		(20	)		(213	)		(915	)		(4,667	)		-		(28,430	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			-			(5,501	)		(2,091	)		(260	)		(393	)		-			(2,673	)		-		(10,918	)
(Decrease) from transfers (to) other balance sheet accounts – inventories		(2,464	)		(2,198	)		-			-			-			-			-			-			-		(4,662	)
Increase from transfers from other balance sheet accounts – intangibles		-			-			63			-			-			-			-			1,270			-		1,333
Balance at June 30, 2023		445,269			951,547			837,530			527,389			11,438			443,761			7,809			290,954			16,050		3,531,747

Accumulated depreciation	Land		Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction		Improvements to third party properties			Vehicles			Computers			Other property, plant and equipment		Total
Balance at December 31, 2021		-		202,080			415,663			297,507			-		203,125			6,895			132,040			5,585		1,262,895
Depreciation		-		13,770			33,887			23,724			-		14,809			449			14,710			394		101,743
Disposals and derecognition		-		-			(13,358	)		(5,326	)		-		(1,833	)		(44	)		(658	)		-		(21,219	)
Balance at June 30, 2022		-		215,850			436,192			315,905			-		216,101			7,300			146,092			5,979		1,343,419
Balance at December 31, 2022				228,805			462,032			337,282					227,500			7,591			152,918			6,373		1,422,501
Depreciation				14,131			35,424			26,130					18,721			389			16,227			394		111,416
Disposals and derecognition				-			(14,063	)		(3,730	)				(195	)		(853	)		(4,097	)		-		(22,938	)
Other minor changes				(659	)		-			-					-			-			-			-		(659	)
Balance at June 30, 2023				242,277			483,393			359,682					246,026			7,127			165,048			6,767		1,510,320

20

Assets under construction are represented by those assets in process of construction and process of assembly not ready for their intended use as expected by the Company management, and on which costs directly attributable to the construction process continue to be capitalized if they are qualifying assets.

The cost of property, plant and equipment does not include the balance of estimated dismantling and similar costs, based on the assessment and analysis made by the Company which concluded that there are no contractual or legal obligations at acquisition.

At June 30, 2023 and at December 31, 2022 no restrictions or liens have been imposed on items of property, plant and equipment that limit their sale, and there are no commitments to acquire, build or develop property, plant and equipment.

Note 12.1 Additions to property, plant and equipment for cash flow presentation purposes

	January 1 to June 30, 2023			January 1 to June 30, 2022
Additions		92,844			75,407
Additions to trade payables for deferred purchases of property, plant and equipment		(145,575	)		(115,671	)
Payments for deferred purchases of property, plant and equipment		221,367			124,429
Acquisition of property, plant and equipment in cash		168,636			84,165

Note 13. Investment properties, net

The Company’s investment properties are business premises and land held to generate income from operating leases or future appreciation of their value.

The net balance of investment properties is shown below:

	June 30, 2023			December 31, 2022
Land		60,314			60,314
Buildings		29,576			29,576
Constructions in progress		850			850
Total cost of investment properties		90,740			90,740
Accumulated depreciation		(7,691	)		(7,258	)
Impairment		(62	)		(62	)
Total investment properties, net		82,987			83,420

The movement of the accumulated depreciation during the reporting periods is shown below:

Accumulated depreciation	Buildings
Balance at December 31, 2021		5,676
Depreciation expenses		363
Increase from transfers from non-current assets held for sale		434
Balance at June 30, 2022		6,473
Balance at December 31, 2022		7,258
Depreciation expenses		433
Balance at June 30, 2023		7,691

At June 30, 2023 and at December 31, 2022, there are no limitations or liens imposed on investment property that restrict realization or tradability thereof.

At June 30, 2023 and at December 31, 2022, the Company is not committed to acquire, build or develop new investment property. Neither there are compensations from third parties arising from the damage or loss of investment property.

No impairment was identified at June 30, 2023.

Note 14. Leases

Note 14.1 Right of use asset, net

	June 30, 2023			December 31, 2022
Right of use asset		3,142,123			2,929,731
Accumulated depreciation		(1,510,975	)		(1,341,788	)
Total right of use asset, net		1,631,148			1,587,943

21

The movement of right of use asset and depreciation thereof, during the reporting periods, is shown below:

Cost
Balance at December 31, 2021	2,798,618
Increase from new contracts	54,586
Remeasurements from existing contracts (1)	158,175
Derecognition, reversal and disposal (2)	(129,216	)
Others	395
Balance at June 30, 2022	2,882,558
Balance at December 31, 2022	2,929,731
Increase from new contracts	9,625
Remeasurements from existing contracts (1)	178,873
Derecognition and disposal (2)	(16,223	)
Other movements	40,117
Balance at June 30, 2023	3,142,123
Accumulated depreciation
Balance at December 31, 2021	1,189,019
Depreciation	122,847
Derecognition and disposal (2)	(65,750	)
Balance at June 30, 2022	1,246,116
Balance at December 31, 2022	1,341,788
Depreciation	141,562
Derecognition and disposal (2)	(13,209	)
Other movements	40,834
Balance at June 30, 2023	1,510,975

(1) Mainly results from the extension of contract terms, indexation or lease modifications.

(2) Mainly results from the early termination of lease contracts.

The cost of right of use asset by class of underlying asset is shown below:

	June 30, 2023		December 31, 2022
Buildings		3,133,548		2,921,013
Equipment		6,163		6,163
Vehicles		2,412		2,555
Total		3,142,123		2,929,731

Accumulated of depreciation of right of use assets by class of underlying asset is shown below:

	June 30, 2023		December 31, 2022
Buildings		1,505,151		1,337,094
Equipment		4,558		3,656
Vehicles		1,266		1,038
Total		1,510,975		1,341,788

Depreciation expense by class of underlying asset is shown below:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023			April 1 to June 30, 2022
Buildings		140,519		121,891		72,875			62,415
Equipment		354		729		(10	)		365
Vehicles		689		227		533			98
Total depreciation		141,562		122,847		73,398			62,878

As at June 30, 2023, the average remaining term of lease contracts is 11.90 years (12.39 years as at December 31, 2022), which is also the average remaining period over which the right of use asset is depreciated.

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Note 14.2 Lease liability

	June 30, 2023		December 31, 2022
Lease liabilities (1)		1,836,467		1,787,096
Current		281,124		261,824
Non-current		1,555,343		1,525,272

(1) Includes $508,277 (December 31, 2022- $452,556) of lease liabilities with related parties (Note 9.6).

The movement in lease liabilities is as shown:

Balance at December 31, 2021	1,820,785
Additions	54,586
Accrued interest	49,229
Remeasurements	158,175
Terminations	(60,295	)
Payments of lease liabilities including interests	(178,799	)
Balance at June 30, 2022	1,843,682
Balance at December 31, 2022	1,787,096
Additions	9,625
Accrued interest	63,130
Remeasurements	178,873
Terminations	(3,535	)
Payments of lease liabilities including interests	(198,722	)
Balance at June 30, 2023	1,836,467

Below are the future lease liability payments at June 30, 2023:

Up to one year	402,734
From 1 to 5 years	1,125,202
More than 5 years	973,361
Minimum lease liability payments	2,501,297
Future financing (expenses)	(664,830	)
Total minimum net lease liability payments	1,836,467

The Company is not exposed to the future cash outflows for extension options or termination options. Additionally, there are no residual value guarantees, and there are no restrictions nor covenants imposed by leases.

Note 15. Intangible, net

The net balance of intangible, net is shown below:

	June 30, 2023			December 31, 2022
Trademarks		86,427			81,131
Computer software		240,092			232,398
Rights		20,491			20,491
Other		22			22
Total cost of other intangible assets		347,032			334,042
Accumulated amortization		(155,415	)		(142,838	)
Total other intangible assets, net		191,617			191,204

23

The movement of the cost of intangible and of accumulated depreciation is shown below:

Cost	Trademarks (1)		Computer software			Rights		Other		Total
Balance at December 31, 2021		81,131		220,442			20,491		22		322,086
Additions		-		8,348			-		-		8,348
Disposals and derecognition		-		(539	)		-		-		(539	)
Other minor movements		-		(396	)		-		-		(396	)
Balance at June 30, 2022		81,131		227,855			20,491		22		329,499
Balance at December 31, 2022		81,131		232,398			20,491		22		334,042
Additions		5,296		9,020			-		-		14,316
Transfers to other balance sheet accounts – Computers		-		(1,333	)		-		-		(1,333	)
Other		-		7			-		-		7
Balance at June 30, 2023		86,427		240,092			20,491		22		347,032

Accumulated amortization	Computer software			Rights		Other		Total
Balance at December 31, 2021		130,527			-		-		130,527
Amortization		11,242					-		11,242
Disposals and derecognition		(538	)				-		(538	)
Balance at June 30, 2022		141,231					-		141,231
Balance at December 31, 2022		142,838					-		142,838
Amortization		12,577					-		12,577
Balance at June 30, 2023		155,415					-		155,415

(1) Represents Surtimax trademark in amount of $17,427 acquired upon the merger with Carulla Vivero S.A., Super Inter trademark acquired upon the business combination with Comercializadora Giraldo Gómez y Cía. S.A. in amount of $63,704 and Taeq trademark acquired in 2023 in amount of $5,296.

The trademarks have an indefinite useful life. The Company estimates that there is no foreseeable time limit over which these assets are expected to generate net cash inflows, and consequently they are not amortized.

At June 30, 2023 and at December 31, 2022, intangible are not limited or subject to lien that would restrict their sale. In addition, there are no commitments to acquire or develop other intangible assets.

Note 16. Goodwill

The balance of goodwill is as follows:

	June 30, 2023		December 31, 2022
Carulla Vivero S.A.		827,420		827,420
Súper Ínter		453,649		453,649
Cafam		122,219		122,219
Otras		49,789		49,789
Total goodwill		1,453,077		1,453,077

Goodwill was not impaired at June 30, 2023 and at December 31, 2022.

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Note 17. Investments accounted for using the equity method

The balance of investments accounted for using the equity method includes:

Company	Classification	June 30, 2023		December 31, 2022
Spice Investment Mercosur S.A. (Note 2.1)	Subsidiary		2,028,961		2,094,228
Patrimonio Autónomo Viva Malls	Subsidiary		1,025,688		1,021,744
Onper Investment 2015 S.L.	Subsidiary		996,163		1,114,211
Compañía de Financiamiento Tuya S.A.	Joint venture		270,886		287,611
Éxito Industrias S.A.S.	Subsidiary		214,300		205,272
Logística, Transporte y Servicios Asociados S.A.S.	Subsidiary		26,577		24,725
Puntos Colombia S.A.S.	Joint venture		13,170		11,514
Marketplace Internacional Éxito y Servicios S.A.S.	Subsidiary		6,314		6,404
Depósito y Soluciones Logísticas S.A.S.	Subsidiary		5,531		5,348
Éxito Viajes y Turismo S.A.S.	Subsidiary		4,863		5,176
Fideicomiso Lote Girardot	Subsidiary		3,850		3,850
Almacenes Éxito Inversiones S.A.S.	Subsidiary		3,546		2,208
Patrimonio Autónomo Iwana	Subsidiary		2,940		3,025
Transacciones Energéticas S.A.S. E.S.P.	Subsidiary		1,777		1,956
Sara ANV S.A.	Joint venture		851		799
Gestión y Logistica S.A.	Subsidiary		135		155
Total investments accounted for using the equity method			4,605,552		4,788,226

Note 18. Non-cash transactions

During the sixth month periods ended at June 2023 and 2022, the Company had non-cash additions to property, plant and equipment, and to right of use assets, that were not included in the statement of cash flow, presented in Note 12.1 and 14, respectively.

Note 19. Loans and borrowing

The balance of loans and borrowing is shown below:

	June 30, 2023		December 31, 2022
Bank loans		1,765,087		791,098
Current		1,416,331		251,118
Non-current		348,756		539,980

The movement in loans and borrowing during the reporting periods is shown below:

Balance at December 31, 2021	878,268
Proceeds from loans and borrowing	440,000
Interest accrued	36,750
Repayments of interest on loans and borrowings	(77,250	)
Balance at June 30, 2022	1,277,768

Balance at December 31, 2022 (1)	791,098
Proceeds from loans and borrowing (2)	1,000,000
Interest accrued	98,154
Repayments of interest on loans and borrowings (3)	(124,165	)
Balance at June 30, 2023	1,765,087

Below is a detail of maturities for non-current loans and borrowings outstanding at June 30, 2023, discounted at present value:

Year	Total
2024		189,348
2025		89,783
2026		40,381
>2027		29,244
		348,756

(1) The balance at December 31, 2022 mainly includes $157,082 of a bilateral credit taken on March 27, 2020, $135,000 of a bilateral credit taken on June 3, 2020 and the extension of a bilateral credit with three new bilateral credits in amounts of $200,000; $155,458 y $125,025 taken on March 26, 2021.

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(2) The Company requested disbursement of $100,000 against one of its outstanding bilateral credits entered February 15, 2019; disbursement of $300,000 and $100,000 against the bilateral revolving credit entered on February 18, 2022 and disbursement of $200,000 against other bilateral revolving credit entered on April 4, 2022.

In April 2023, the Company requested disbursements for $130,000 and $70,000 against the bilateral revolving credit entered on October 20, 2022.

In May 2023, the Company requested disbursements for $100,000 against the bilateral revolving credit entered on October 20, 2022.

(3) In March 2023, the Company repaid $12,083 on the bilateral credit agreement executed on March 27, 2020.

In April 2023, the Company paid $17,271 and $8,325 corresponding to two bilateral credit contracts signed on March 26, 2021.

In June 2023, the Company paid $12,083 corresponding to the bilateral credit agreement signed on March 27, 2020

During the period of sixth month ended at June 30, 2023 the Company paid $74,402 of interest.

As of June 30, 2023, the Company has no available unused credit lines.

Note 19.1. Covenants

Under loans and borrowing contracts, the Company is subject to comply with the following financial covenants, as long as the Company has payment obligations arising from the contracts executed on March 27, 2020, the Company is committed to maintain a leverage financial ratio of less than 2.8x. Such ratio will be measured annually on April 30 or, if not a working day, the next working day, based on the audited separate financial statements for each annual period.

As at December 31, 2022, the Company complied with its covenants.

Note 20. Employee benefits

The balance of employee benefits is shown below:

	June 30, 2023		December 31, 2022
Defined benefit plans		16,811		15,810
Long-term benefit plan		1,654		1,528
Total employee benefits		18,465		17,338
Current		3,820		2,692
Non-Current		14,645		14,646

Note 21. Provisions

The balance of provisions is shown below:

	June 30, 2023		December 31, 2022
Legal proceedings (1)		13,980		12,695
Restructuring		15,400		10,457
Taxes other than income tax		241		3,578
Other		6,143		7,451
Total provisions		35,764		34,181
Current		24,161		19,870
Non-current		11,603		14,311

At June 30, 2023 and at December 31, 2022, there are no provisions for onerous contracts.

(1) Provisions for legal proceedings are recognized to cover estimated potential losses arising from lawsuits brought against the Company, related to labor and civil matters, which are assessed based on the best estimation of cash outflows required to settle a liability on the date of preparation of the financial statements. The balance is comprised of:

	June 30, 2023		December 31, 2022
Labor legal proceedings		8,029		7,414
Civil legal proceedings		5,951		5,281
Total legal proceedings		13,980		12,695

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Balances and movement of provisions during the reporting periods are as follows:

	Legal proceedings			Taxes other than income tax			Restructuring			Other			Total
Balance at December 31, 2021		12,835			3,407			878			10,239			27,359
Increase		3,073			-			4,618			4,862			12,553
Payments		(679	)		-			(2,469	)		(6,021	)		(9,169	)
Reversals (not used)		(1,129	)		-			-			(650	)		(1,779	)
Others		-			-			-			(87	)		(87	)
Balance at June 30, 2022		14,100			3,407			3,027			8,343			28,877
Balance at December 31, 2022		12,695			3,578			10,457			7,451			34,181
Increase		3,115			-			16,012			2,788			21,915
Payments		(521	)		-			(10,272	)		(3,762	)		(14,555	)
Reversals (not used)		(1,309	)		(3,337	)		(797	)		(334	)		(5,777	)
Balance at June 30, 2023		13,980			241			15,400			6,143			35,764

Note 22. Trade payables and other payable

	June 30, 2023		December 31, 2022
Payables to suppliers of goods		1,715,512		2,166,915
Payables and other payable - agreements (1)		1,063,589		1,485,281
Payables to other suppliers		198,035		314,017
Purchase of assets		86,669		169,766
Employee benefits		131,586		150,551
Withholding tax payable		214,190		52,622
Tax payable		4,957		5,757
Dividends payable		2,354		2,217
Other		21,630		42,590
Total trade payables and other payable		3,438,522		4,389,716
Current		3,397,699		4,319,342
Non-current		40,823		70,374

(1) The detail of payables and other payable - agreements is shown below:

	June 30, 2023		December 31, 2022
Payables to suppliers of goods		965,330		1,438,494
Payables to other suppliers		98,259		46,787
Total payables and other payable - agreements		1,063,589		1,485,281

In Colombia, receivable anticipation transactions are initiated by suppliers who, at their sole discretion, choose the banks that will advance financial resources before invoice due dates, according to terms and conditions negotiated with the Company. The Company cannot direct a preferred or financially related bank to the supplier or refuse to carry out transactions, as local legislation ensures the supplier’s right to freely transfer the title/receivable to any bank through endorsement. Therefore, there is no direct agreement between the Company and a bank or financial agent with the objective of structuring operations involving purchases or payments with its suppliers.

The Company has entered into agreements with some financial institutions in Colombia, which grant an additional payment period, without interest charges, so that the Company can reconcile information on receivables anticipated by suppliers and process other operational and administrative aspects given the significant volume of transactions, as well as allowing its Colombian suppliers to use lines of credit and anticipate their receivables arising from the sale of goods and services to the Company. The terms under such agreements are not unique to the Company but are based on market practices in Colombia applicable to other players in the market.

Note 23. Income tax

Note 23.1. Tax regulations applicable to the Company

a. For taxable 2023 and 2022 the income tax rate for corporates is 35%.

For taxable 2023, the minimum tax rate calculated on financial profit may not be less than 15%, if so, it will increase by the percentage points required to reach the indicated effective tax rate;

b. From 2021, the base to assess the income tax under the presumptive income model is 0% of the net equity held on the last day of the immediately preceding taxable period.

27

c. From taxable 2023, the tax on dividends distributed to natural persons residing in Colombia is 7.5%, for national companies it is 10% and for natural persons not residing in Colombia and foreign companies it is 20%, when such dividends have been taxed. at the head of the companies that distribute it.

Tax credits

Pursuant to tax regulations in force as of 2017, the time limit to offset tax losses is 12 years following the year in which the loss was incurred.

Excess presumptive income over ordinary income may be offset against ordinary net income assessed within the following five (5) years.

Company losses are not transferrable to shareholders. In no event of tax losses arising from revenue other than income and occasional gains, and from costs and deductions not related with the generation of taxable income, it will be offset against the taxpayer’s net income.

At June 30, 2023, the Company has accrued $211,190 (at December 31, 2022 - $211,190) excess presumptive income over net income.

The movement of the Company excess presumptive income over net income during the reporting period is shown below:

Balance at December 31, 2021	346,559
Offsetting of presumptive income against net income for the period	(135,369	)
Balance at December 31, 2022	211,190
Movement of excess presumptive income	-
Balance at June 30, 2023	211,190

At June 30, 2023, the Company has accrued tax losses amounting to $897,112 (at December 31, 2022 - $740,337).

The movement of tax losses at the Company during the reporting period is shown below:

Balance at December 31, 2021	738,261
Adjustment from prior periods	2,076
Balance at December 31, 2022	740,337
Tax expense during the period	156,775
Balance at June 30, 2023	897,112

Note 23.2. Current tax assets and liabilities

The balances of current tax assets and liabilities recognized in the statement of financial position are:

Current tax assets:

	June 30, 2023		December 31, 2022
Income tax credit receivable		394,686		281,803
Tax discounts applied		120,317		109,241
Industry and trade tax advances and withholdings		31,436		62,801
Tax discounts from taxes paid abroad		23,932		24,631
Total current tax assets		570,371		478,476

Current tax liabilities

	June 30, 2023		December 31, 2022
Industry and trade tax payable		44,992		91,084
Tax on real estate		3,605		1,762
Total current tax liabilities		48,597		92,846

Note 23.3. Income tax

The components of the income tax profit (expense) recognized in the statement of profit or loss were:

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Deferred income tax (expense) (Note 23.4)		33,810			(41,631	)		24,831			(9,454	)
Adjustment in respect of current income tax of prior periods		(225	)		-			(225	)		-
(Current income tax (expense)		(389	)		(11,787	)		(389	)		(11,787	)
(Expense) tax paid aboad		(2,675	)		-			(1,975	)		-
Total income tax (expense)		30,521			(53,418	)		22,242			(21,241	)

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Note 23.4. Deferred tax

	June 30, 2023								December 31, 2022
	Deferred tax assets		Deferred tax liabilities			Deferred tax, Net			Deferred tax assets		Deferred tax liabilities			Deferred tax, net
Lease liability		642,763		-			642,763			625,484		-			625,484
Tax losses		313,989		-			313,990			259,118		-			259,118
Excess presumptive income		73,917		-			73,917			73,917		-			73,917
Tax credits		61,896		-			61,896			62,943		-			62,943
Trade payables and other payables		7,271		-			7,271			43,797		-			43,797
Investment property		-		(49,294	)		(49,294	)		-		(47,799	)		(47,799	)
Buildings		-		(170,249	)		(170,249	)		-		(168,860	)		(168,860	)
Goodwill		-		(217,673	)		(217,673	)		-		(218,308	)		(218,308	)
Right of use asset		-		(568,705	)		(568,705	)		-		(553,457	)		(553,457	)
Other		53,186		(48,489	)		4,697			36,706		(53,381	)		(16,675	)
Total		1,153,022		(1,054,410	)		98,613			1,101,965		(1,041,805	)		60,160

The movement of net deferred tax to the statement of profit or loss and the statement of comprehensive income is shown below:

	January 1 to June 30, 2023		January 1 to June 30, 2022
Profit (expense) from deferred tax recognized in income		33,810		(41,631	)
Profit from deferred tax recognized in other comprehensive income		4,643		729
Total movement of net deferred tax		38,453		(40,902	)

Temporary differences related to investments in subsidiaries, associates and joint ventures, for which no deferred tax liabilities have been recognized at June 30, 2023 amounted to $1,895,324 (at December 31, 2022 - $1,963,199).

Note 23.5. Income tax consequences related to payments of dividends

There are no income tax consequences related to the payment of dividends in either 2023 or 2022 by the Company to its shareholders.

Note 24. Derivative instruments and collections on behalf of third parties

The balance of derivative instruments and collections on behalf of third parties is shown below:

	June 30, 2023		December 31, 2022
Collections on behalf of third parties (1)		68,907		118,042
Derivative financial instruments (2)		16,971		5,404
Derivative financial instruments designated as hedge instruments (3)		4,021		-
Total derivative instruments and collections on behalf of third parties		89,899		123,446

(1) Collections on behalf of third parties includes amounts received for services where the Company acts as an agent, such as travel agency sales, card collections, money collected for subsidiaries as part of the in-house cash program and payments and banking services provided to customers. Include $31,203 (at December 31, 2022 - $43,836) with third parties (Note 9.7).

(2) The detail of maturities of these instruments at June 30, 2023 is shown below:

Derivative	Less than 3 months	From 3 to 6 months	From 6 to 12 months	More than 12 months	Total
Forward	4,084	12,887	-	-	16,971

The detail of maturities of these instruments at December 31, 2022 is shown below:

Derivative	Less than 3 months	From 3 to 6 months	From 6 to 12 months	More than 12 months	Total
Forward	3,149	2,255	-	-	5,404

(3) Derivative instruments designated as hedging instrument relates to The fair value of these instruments is determined based on valuation models.

At June 30, 2023, relates to the following transactions:

	Nature of risk hedged	Hedged item	Rate of hedged item	Average rates for hedge instruments	Fair value
Forward	Exchange rate	Trade payables	USD/COP	1 USD / $4,473.63	4,021

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The detail of maturities of these hedge instruments at June 30, 2023 is shown below:

	Less than 1 month	From 1 to 3 months	From 3 to 6 months	From 6 to 12 months	More than 12 months	Total
Forward	2,284	1,737	-	-	-	4,021

Note 25. Other liabilities

The balance of other liabilities is shown below:

	June 30, 2023		December 31, 2022
Deferred revenues (1)		128,682		143,074
Advance payments under lease agreements and other projects		2,913		2,942
Repurchase coupon		531		942
Instalments received under “plan resérvalo”		224		284
Advance payments for fixed assets sold (2)		-		14,360
Total other liabilities		132,350		161,602
Current		129,968		159,191
Non-Current		2,382		2,411

(1) Mainly relates to payments received for the future sale of products through means of payment, property leases and strategic alliances.

(2) Corresponds to advance payment received for the sale of “Galería la 33” real estate project, legalized in 2023.

The Company considers deferred revenues as contractual liabilities. The movement of deferred revenue and the related revenue recognized during the reporting periods, is shown below:

	Deferred revenue
Balance at December 31, 2021		165,046
Additions		609,730
Revenue recognized		(687,938	)
Balance at June 30, 2022		86,838
Balance at December 31, 2022		143,074
Additions		788,040
Revenue recognized		(802,432	)
Balance at June 30, 2023		128,682

Note 26. Shareholders’ equity

Capital and premium on placement of shares

At June 30, 2023 and at December 31, 2022, the Company authorized capital is represented in 1.590.000.000 common shares with a nominal value of $3.3333 colombian pesos each.

At June 30, 2023 and at December 31, 2022, the number of outstanding shares is 1.344.720.453 and the number of treasury shares reacquired is 46.856.094.

The rights attached to the shares are speaking and voting rights per each share. No privileges have been granted on the shares, nor are the shares restricted in any way. Further, there are no option contracts on the Company shares.

The premium on placement of shares represents the surplus paid over the par value of the shares. Pursuant to Colombian legal regulations, this balance may be distributed as profits upon winding-up of the company, or upon capitalization of this value. Capitalization means the transfer of a portion of such premium to a capital account as result of the issue of a share-based dividend.

Reserves

Reserves are appropriations made by General Meeting of Shareholders on the results of prior periods. In addition to the legal reserve, there is an occasional reserve, a reserve for acquisition of treasury shares and a reserve for future dividend distribution.

30

Other accumulated comprehensive income

The tax effect on the components of other comprehensive income is shown below:

	June 30, 2023								June 30, 2022									December 31, 2022
	Gross value			Tax effect		Net value			Gross value			Tax effect			Net value			Gross value			Tax effect			Net value
Loss from financial instruments designated at fair value through other comprehensive income		(4,498	)		-		(4,498	)		(4,131	)		-			(4,131	)		(4,359	)		-			(4,359	)
Remeasurement on defined benefit plans		(652	)		334		(318	)		(3,583	)		1,258			(2,325	)		(736	)		334			(402	)
Translation exchange differences		(1,543,061	)		-		(1,543,061	)		(1,103,302	)		-			(1,103,302	)		(951,574	)		-			(951,574	)
Loss on hedge of net investment in foreign operations		(18,977	)		-		(18,977	)		(19,123	)		-			(19,123	)		(18,977	)		-			(18,977	)
Gain (loss) from cash-flow hedge		6,978			115		7,093			12,908			(4,518	)		8,390			12,938			(4,528	)		8,410
Total other accumulated comprehensive income		(1,560,210	)		449		(1,559,761	)		(1,117,231	)		(3,260	)		(1,120,491	)		(962,708	)		(4,194	)		(966,902	)

Note 27. Revenue from contracts with customers

The amount of revenue from contracts with customers is as shown:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Retail sales (1)		7,140,696		6,711,814		3,508,364		3,388,924
Service revenue (2)		175,945		142,546		85,542		73,551
Other revenue (3)		32,411		73,867		16,842		13,787
Total revenue from contracts with customers		7,349,052		6,928,227		3,610,748		3,476,262

(1) Retail sales represent the sale of goods and real estate projects net of returns and sales rebates. This amount includes the following items:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Retail sales, net of sales returns and rebates		7,093,488		6,685,554		3,490,364		3,388,924
Sale of inventories of real estate project (a)		47,208		26,260		18,000		-
Total retail sales		7,140,696		6,711,814		3,508,364		3,388,924

(a) At June 30, 2023, corresponds to the sale of the inventory of the Galería la 33 real estate project for $29,208 and inventory of Carulla Calle 100 real estate project for $18,000; at June 30, 2022 represents the sale of the inventory of a percentage of the Montevideo real estate project for $26,260.

31

(2) Revenues from services and rental income comprise:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Distributors		44,873		39,598		20,042		18,921
Advertising		39,537		33,719		20,334		18,168
Lease of real estate		28,700		17,829		11,937		9,498
Lease of physical space		18,554		12,327		11,099		7,128
Administration of real estate		10,822		8,864		4,755		4,464
Banking services		10,527		8,597		5,423		4,604
Commissions		7,925		9,673		4,375		4,967
Transport		5,806		4,467		2,815		2,192
Money transfers		4,780		3,678		2,517		1,876
Other services		4,421		3,794		2,245		1,733
Total service revenue		175,945		142,546		85,542		73,551

(3) Other revenue relates to:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Marketing events		9,878		8,493		4,492		3,578
Leverages of assets (a)		7,213		55,952		4,444		12,947
Collaboration agreements (b)		5,687		3,605		4,004		(5,764	)
Financial services		1,761		1,004		719		496
Royalty revenue		1,137		2,243		904		965
Use of parking spaces		882		777		445		390
Technical assistance		726		746		380		433
Other		5,127		1,047		1,454		742
Total other revenue		32,411		73,867		16,842		13,787

(a) For 2023, it corresponds mainly to expense reimbursements for $149, the bonus received for operating results for $388 and various uses for $3,715. For 2022, it corresponds mainly to the bonus received for the operating results generated in real estate projects for $38.294, to the bonus to obtain permanence in a property lease by $6,000; and income from strategic alliances goals for $4,620.

(b) Represents revenue from the following collaboration agreements:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Alianza Sura		2,602		1,494		2,413		1,494
Sara ANV S.A.		1,902		1,586		917		792
Éxito Media		1,122		525		645		302
Moviired S.A.S. (a)		61		-		29		-
Compañía de Financiamiento Tuya S.A.		-		-		-		(8,352	)
Total revenue from collaboration agreements		5,687		3,605		4,004		(5,764	)

(a) Collaboration agreements started at December, 2022.

32

Note 28. Distribution, administrative and selling expenses

The amount of distribution, administrative and selling expenses by nature is:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Employee benefits (Note 29)		399,119		348,206		206,291		174,571
Depreciation and amortization		220,300		194,601		113,102		98,707
Taxes other than income tax		120,237		86,329		46,709		33,003
Fuels and power		94,119		84,936		47,644		43,601
Repairs and maintenance		74,571		68,410		36,319		38,231
Services		47,529		44,706		19,328		18,348
Advertising		47,391		45,822		22,989		22,277
Security services		43,662		38,308		20,681		18,844
Commissions on debit and credit cards		40,040		31,192		19,540		15,861
Professional fees		34,619		36,958		17,017		17,482
Leases		29,929		28,142		12,238		14,829
Administration of trade premises		28,341		24,407		14,261		12,259
Cleaning services		25,863		21,601		12,709		10,698
Transport		21,070		20,987		10,242		10,523
Insurance		19,217		17,817		9,830		9,326
Commissions		8,306		5,914		4,110		3,329
Outsourced employees		7,998		6,123		3,894		3,126
Travel expenses		7,032		6,380		3,671		3,872
Expected credit loss expense (Note 7.1)		7,210		7,886		3,902		3,722
Packaging and marking materials		6,769		9,647		3,565		4,768
Other provision expenses		5,903		7,942		3,623		5,072
Cleaning and cafeteria		4,735		4,349		2,203		1,911
Other commissions		4,114		4,047		2,026		2,411
Legal expenses		3,370		5,265		1,461		2,660
Ground transportation		2,170		1,989		925		947
Stationery, supplies and forms		2,643		2,163		1,430		1,194
Autos Éxito collaboration agreement		611		670		108		410
Seguros Éxito collaboration agreement		481		385		-		385
Other		113,826		96,475		58,260		54,131
Total distribution, administrative and selling expenses		1,421,175		1,251,657		698,078		626,498
Distribution expenses		923,206		800,164		444,245		398,393
Administrative and selling expenses		98,850		103,287		47,542		53,534
Employee benefit expenses		399,119		348,206		206,291		174,571

Note 29. Employee benefit expenses

The amount of employee benefit expenses incurred by each significant category is as follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023		April 1 to June 30, 2022
Wages and salaries		336,097		292,471		172,976		146,030
Contributions to the social security system		5,161		4,677		2,617		2,197
Other short-term employee benefits		20,209		17,665		10,915		8,848
Total short-term employee benefit expenses		361,467		314,813		186,508		157,075
Post-employment benefit expenses, defined contribution plans		28,650		24,714		14,413		12,111
Post-employment benefit expenses, defined benefit plans		1,320		1,194		750		688
Total post-employment benefit expenses		29,970		25,908		15,163		12,799
Termination benefit expenses		182		713		43		209
Other long-term employee benefits		57		104		23		49
Other personnel expenses		7,443		6,668		4,554		4,439
Total employee benefit expenses		399,119		348,206		206,291		174,571

The cost of employee benefit include in cost of sales is shown in Note 10.2.

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Note 30. Other operating profit, net

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Recovery of expected credit loss (Note 7.1)		6,672			7,493			2,922			3,912
Recovery of costs and expenses from taxes other than income tax (Note 21)		3,337			-			-			-
Indemnification received		1,377			11,885			125			11,885
Recovery of other provisions related with reorganization processes (Note 21)		797			-			-			-
Indemnification received from third parties		564			1,191			493			(2,285	)
Revenue (expense) from early termination of lease contracts		265			2,299			327			1,638
Derecognition of property, plant and equipment		(4,589	)		(3,883	)		(3,682	)		(2,966	)
Restructuring expenses, net		(16,012	)		(4,618	)		(16,012	)		(4,618	)
Other expenses		(18,665	)		(2,763	)		(14,397	)		(1,187	)
Other		2,959			2,463			1,570			1,354
Total other operating profit, net		(23,295	)		14,067			(28,654	)		7,733

Note 31. Financial income and cost

The amount of financial income and cost is as follows:

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Gain from exchange differences		123,190			34,605			35,043			(6,118	)
Gain from derivative financial instruments		32,161			10,797			6,589			5,142
Interest income on cash and cash equivalents (Note 6)		7,307			4,585			724			846
Gain from fair value changes in derivative financial instruments		299			17,784			299			17,784
Interest from investment in finance leases		216			80			107			63
Other financial income		3,242			2,666			1,854			1,012
Total financial income		166,415			70,517			44,616			18,729
Interest expense on loan and borrowings		(98,154	)		(36,750	)		(59,642	)		(23,126	)
Loss from exchange differences		(84,941	)		(53,544	)		(10,899	)		(37,568	)
Interest expense on lease liabilities		(63,130	)		(49,230	)		(32,662	)		(24,732	)
Factoring expenses		(39,540	)		(15,167	)		(18,900	)		(8,246	)
Loss from fair value changes in derivative financial instruments		(38,356	)		(10,895	)		(9,198	)		18,064
Loss from derivative financial instruments		(38,017	)		(10,038	)		(29,395	)		(6,183	)
Commission expenses		(3,890	)		(2,546	)		(1,106	)		(1,085	)
Other financial expenses		(2,513	)		(2,566	)		(1,299	)		(1,364	)
Total financial cost		(368,541	)		(180,736	)		(163,101	)		(84,240	)
Net financial result		(202,126	)		(110,219	)		(118,485	)		(65,511	)

Note 32. Share of income in subsidiaries and joint ventures that are accounted for using the equity method

The share of income in subsidiaries and joint ventures that are accounted for using the equity method is as follows:

	January 1 to June 30, 2023			January 1 to June 30, 2022			April 1 to June 30, 2023			April 1 to June 30, 2022
Spice Investments Mercosur S.A.		128,192			65,466			61,926			29,437
Patrimonio Autónomo Viva Malls		42,827			29,251			33,023			20,924
Éxito Industrias S.A.S.		9,483			15,055			4,433			10,727
Éxito Viajes y Turismo S.A.S.		2,359			1,748			1,059			1,180
Logística, Transportes y Servicios Asociados S.A.S.		1,853			3,584			1,234			1,975
Puntos Colombia S.A.S.		1,656			3,330			653			1,351
Almacenes Éxito Inversiones S.A.S.		1,338			(322	)		714			(566	)
Depósitos y Soluciones Logísticas S.A.S.		182			(88	)		81			10
Gestión y Logística S.A.		(20	)		(24	)		(15	)		12
Sara ANV S.A.		(42	)		-			(40	)		-
Patrimonio Autónomo Iwana		(79	)		(66	)		(25	)		(21	)
Marketplace Internacional Éxito y Servicios S.A.S.		(90	)		(54	)		147			12
Transacciones Energéticas S.A.S. E.S.P.		(178	)		49			(125	)		(1	)
Onper Investments 2015 S.L.		(25,937	)		(24,792	)		(19,746	)		(16,853	)
Compañía de Financiamiento Tuya S.A.		(51,719	)		(20,093	)		(23,926	)		(295	)
Total		109,825			73,044			59,393			47,892

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Note 33. Earnings per share

Basic earnings per share are calculated based on the weighted average number of outstanding shares of each category during the period.

There were no dilutive potential ordinary shares outstanding at the periods ended June 30, 2023 and June 30, 2022.

The calculation of basic earnings per share for all periods presented is as a follows:

	January 1 to June 30, 2023		January 1 to June 30, 2022		April 1 to June 30, 2023			April 1 to June 30, 2022
Net profit (loss) attributable to shareholders		38,934		126,803		(6,184	)		62,264
Weighted average of the number of ordinary shares attributable to earnings per share (basic and diluted)		1.297.864.359		1.297.864.359		1.297.864.359			1.297.864.359
Basic and diluted profit (loss) per share (in Colombian pesos)		30.00		97.70		(4.76	)		47.97

In total comprehensive income for the period:

	January 1 to June 30, 2023			January 1 to June 30, 2022		April 1 to June 30, 2023			April 1 to June 30, 2022
Net (loss) profit attributable to the shareholders		(553,925	)		246,469		(358,835	)		254,117
Weighted average of the number of ordinary shares attributable to earnings per share (basic and diluted)		1.297.864.359			1.297.864.359		1.297.864.359			1.297.864.359
Basic and diluted (loss) profit per share (in Colombian pesos)		(426.80	)		189.90		(276.48	)		195.80

Note 34. Impairment of assets

No impairment on financial assets were identified at June 30, 2023 and at December 31, 2022, except on trade receivables and other account receivables (Note 7).

Note 35. Fair value measurement

Below is a comparison, by class, of the carrying amounts and fair values of investment property, property, plant and equipment and financial instruments, other than those with carrying amounts that are a reasonable approximation of fair values.

	June 30, 2023				December 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets
Trade receivables and other accounts receivable at amortized cost		13,891		12,235		19,550		18,001
Equity investments (Note 11)		10,676		10,676		10,676		10,676
Forward contracts measured at fair value through income (Note 11)		3		3		27,300		27,300
Derivative swap contracts denominated as hedge instruments (Note 11)		6,044		6,044		14,480		14,480
Investments in private equity funds (Note 11)		418		418		426		426
Non-financial assets
Investment property (Note 13)		82,987		165,477		83,420		165,477
Property, plant and equipment, and investment property held for sale (Note 39)		3,925		6,692		3,925		6,692
Financial liabilities
Loans and borrowings (Note 19)		1,765,087		1,757,211		791,098		780,917
Forward contracts measured at fair value through income (Note 24)		16,971		16,971		5,404		5,404
Swap contracts denominated as hedge instruments (Note 24)		4,021		4,021		-		-

35

The following methods and assumptions were used to estimate the fair values:

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Assets
Loans at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.	Commercial rate of banking institutions for consumption receivables without credit card for similar term horizons. Commercial rate for housing loans for similar term horizons.
Investments in private equity funds	Level 2	Unit value	The value of the fund unit is given by the preclosing value for the day, divided by the total number of fund units at the closing of operations for the day. The fund administrator appraises the assets daily.	N/A
Forward contracts measured at fair value through income	Level 2	Colombian Peso-US Dollar forward	The difference is measured between the forward agreed- upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate.  The forward rate is based on the average price quoted for the two-way closing price (“bid” and “ask”).	Peso/US Dollar exchange rate set out in the forward contract. Market representative exchange rate on the date of valuation. Forward points of the Peso-US Dollar forward market on the date of valuation. Number of days between valuation date and maturity date. Zero-coupon interest rate.
Swap contracts measured at fair value through income	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country.   The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI
Equity investments	Level 2	Market quote prices	The fair value of such investments is determined as reference to the prices listed in active markets if companies are listed; in all other cases, the investments are measured at the deemed cost as reported in the opening balance sheet, considering that the effect is immaterial and that carrying out a measurement using a valuation technique commonly used by market participants may generate costs higher than the value of benefits.	N/A
Investment in bonds	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for investments under similar conditions on the date of measurement in accordance with maturity days.	CPI 12 months + Basis points negotiated

36

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Assets
Investment property	Level 2	Comparison or market method	This technique involves establishing the fair value of goods from a survey of recent offers or transactions for goods that are similar and comparable to those being appraised.	N/A
Investment property	Level 3	Discounted cash flows method	This technique provides the opportunity to identify the increase in revenue over a previously defined period of the investment. Property value is equivalent to the discounted value of future benefits. Such benefits represent annual cash flows (both, positive and negative) over a period, plus the net gain arising from the hypothetical sale of the property at the end of the investment period.	Discount rate (10% - 14%) Vacancy rate (0% - 54.45%) Terminal capitalization rate (7.5% - 8.5%)
Investment property	Level 3	Realizable-value method	This technique is used whenever the property is suitable for urban movement, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable value
Investment property	Level 3	Replacement cost method	The valuation method consists in calculating the value of a brand-new property, built at the date of the report, having the same quality and comforts as that under evaluation. Such value is called replacement value; then an analysis is made of property impairment arising from the passing of time and the careful or careless maintenance the property has received, which is called depreciation.	Physical value of building and land.
Non-current assets classified as held for trading	Level 2	Realizable-value method	This technique is used whenever the property is suitable for urban development, applied from an estimation of total sales of a project under construction, pursuant to urban legal regulations in force and in accordance with the final saleable asset market.	Realizable Value

37

	Hierarchy level	Valuation technique	Description of the valuation technique	Significant input data
Liabilities
Financial liabilities measured at amortized cost	Level 2	Discounted cash flows method	Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.	Reference Banking Index (RBI) + Negotiated basis points. LIBOR rate + Negotiated basis points.
Swap contracts measured at fair value through income	Level 2	Operating cash flows forecast model	The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country.   The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.	Reference Banking Index Curve (RBI) 3 months. Zero-coupon curve. Swap LIBOR curve. Treasury Bond curve. 12-month CPI
Derivative instruments measured at fair value through income	Level 2	Colombian Peso-US Dollar forward	The difference is measured between the forward agreed upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate.  The forward rate is based on the average price quoted for the two-way closing price (“bid” and “ask”).	Peso/US Dollar exchange rate set out in the forward contract. Market representative exchange rate on the date of valuation. Forward points of the Peso-US Dollar forward market on the date of valuation. Number of days between valuation date and maturity date. Zero-coupon interest rate.
Derivative swap contracts denominated as hedge instruments	Level 2	Discounted cash flows method	The fair value is calculated based on forecasted future cash flows provided by the operation upon market curves and discounting them at present value, using swap market rates.	Swap curves calculated by Forex Finance Market Representative Exchange Rate (TRM)
Lease liabilities	Level 2	Discounted cash flows method	Future cash flows of lease contracts are discounted using the market rate for loans in similar conditions on contract start date in accordance with the non-cancellable minimum term.	Reference Banking Index (RBI) + basis points in accordance with risk profile.

38

Changes in hierarchies may occur if new information is available, certain information used for valuation is no longer available, there are changes resulting in the improvement of valuation techniques or changes in market conditions.

There were no transfers between level 1 and level 2 hierarchies during the period ended June 30, 2023.

Note 36. Contingencies

Note 36.1. Contingent Assets

The Company have not recognized material contingent assets at June 30, 2023 and at December 31, 2022.

Note 36.2. Contingent Liabilities

Contingent liabilities at June 30, 2023 and at December 31, 2022 are:

(a) The following proceedings are underway, seeking that the Company be exempted from paying the amounts claimed by the complainant entity:

- Administrative discussion with DIAN amounting to $39,055 (December 31, 2022 - $35,705) regarding notice of special requirement 112382018000126 of September 17, 2018 informing of a proposal to amend the 2015 income tax return. In September 2021, the Company received a new notice from DIAN, confirming their proposal. However, external advisors regard the proceeding as a contingent liability.

- Resolutions issued by the District Tax Direction of Bogotá, relating to alleged inaccuracy in payments made in 2011, in the amount of $11,830 (December 31, 2022 - $11,830).

- Nullity of resolution-fine dated September 2020 ordering reimbursement of the balance receivable assessed in the income tax for taxable 2015 in amount of $2,211 (December 31, 2022 - $2,211).

- Claim on the grounds of failure to comply with contract conditions, asking for damages arising from the purchase-sale of a property in the amount of $- (December 31, 2022 - $2,600).

- Administrative discussion with the Cali Municipality regarding the notice of special requirement 4275 of April 8, 2021 whereby the Company is invited to correct the codes and rates reported in the Industry and Trade Tax for 2018 in amount of $2,130 (December 31, 2022 - $2,535).

(b) Guarantees:

- Since June 1, 2017, the Company granted a collateral on behalf its subsidiary Almacenes Éxito Inversiones S.A.S. to cover a potential default of its obligations. On August 11, 2021 the amount was updated to $2,935.

- As required by some insurance companies and as a requirement for the issuance of compliance bonds, during 2023 the Company, as joint and several debtor of some of its subsidiaries, have granted certain guarantees to these third parties. Below a detail of guarantees granted:

Type of guarantee	Description and detail of the guarantee	Insurance company
Unlimited promissory note	Compliance bond the Company acts as joint and several debtors of Patrimonio Autónomo Viva Barranquilla	Seguros Generales Suramericana S.A.

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These contingent liabilities, whose nature is that of potential liabilities, are not recognized in the statement of financial position; instead, they are disclosed in the notes to the financial statements.

Note 37. Dividends declared and paid

Almacenes Éxito S.A. General Meeting of Shareholders held on March 23, 2023, declared a dividend of $217,392, equivalent to an annual dividend of $167.50 Colombian pesos per share. During the period for six months ended at June 30, 2023 the amount paid was $217,255.

Almacenes Éxito S.A. General Meeting of Shareholders held on March 24, 2022, declared a dividend of $237,678, equivalent to an annual dividend of $531 Colombian pesos per share. During the annual period ended at December 31, 2022 the amount paid was $237,580.

Note 38. Seasonality of transactions

The Company’s operation cycles indicate certain seasonality in operating and financial results once there is a concentration during the last quarter of the year, mainly because of Christmas and “Special Price Days”, which is the second most important promotional event of the year.

Note 39. Assets held for sale and discontinued operations

The Company management started a plan to sell certain property seeking to structure projects that allow using such real estate property, increase the potential future selling price and generate resources to the Company. Consequently, certain investment property was classified as assets held for sale.

The balance of assets held for sale, included in the statement of financial position, is shown below:

	June 30, 2023		December 31, 2022
Investment property		3,925		3,925

Note 40. Subsequent events

No events have occurred subsequent to the date of the reporting period that entail significant changes in the financial position and the operations of the Company due to their relevance, are required to be disclosed in the financial statements.

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Nota 41. Interim separate statements of cash flows for the period ended June 30, 2022

The Company identified that certain items in the statement of cash flows for the six-month period ended June 30, 2022, need to be reclassified for the purpose of presentation and comparability with the statement of cash flows for the six-month period ended June 30, 2023. As a result of these reclassifications, the operating, investing, and financing activities have been restated. The following table summarizes the reclassifications, which have no impact on the other financial statements, the period’s results, or any of the measurement indicators used by the Company.

	January 1 to June 30, 2022 restated			Adjustments and reclassifications			January 1 to June 30, 2022
Operating activities
Profit for the period		126,803						126,803
Adjustments to reconcile profit for the period
Current income tax		11,787						11,787
Deferred income tax		41,631						41,631
Interest, loans and lease expenses		85,980						85,980
Gain from changes in fair value of derivative financial instruments		(6,889	)		6,889	(1)		-
Impairment of receivables, net		393			7,493	(2)		7,886
Reversal impairment losses of receivables					(7,493	)(2)		(7,493	)
Impairment of inventories, net		922						922
Employee benefit provisions		846						846
Provisions and reversals		10,774			1,779	(2)		12,553
Reversals of provisions					(1,779	)(2)		(1,779	)
Depreciation of property, plant and equipment, investment property and right of use asset		224,953						224,953
Amortization of intangible assets		11,242						11,242
Share of profit in associates and joint ventures accounted for using the equity method		(73,044	)					(73,044	)
Loss from the disposal of non-current assets		1,980						1,980
Loss from reclassification of non-current assets		230						230
Other adjustments from items other than cash		(80	)					(80	)
Interest income		(4,585	)					(4,585	)
Operating income before changes in working capital		432,943			6,889			439,832
Decrease in trade receivables and other accounts receivable		46,568			182	(2)		46,750
Decrease in prepayments		8,436						8,436
Decrease in receivables from related parties		2,244			(182	)(2)		2,062
Increase in inventories		(416,689	)					(416,689	)
Decrease (increase) in tax assets		23,165			(153,649	)(2)		(130,484	)
Decrease in other provisions		(9,169	)					(9,169	)
Decrease in trade payables and other accounts payable		(770,144	)		(8,758	)(3)		(778,902	)
Increase in accounts payable to related parties		5,013						5,013
Decrease in tax liabilities		(29,920	)					(29,920	)
Decrease in other liabilities		(77,884	)					(77,884	)
Income tax paid		(153,649	)		153,649	(2)		-
Net cash flows (used in) operating activities		(939,086	)		(1,869	)		(940,955	)
Investing activities
Advances to subsidiaries and joint ventures		(21,040	)					(21,040	)
Acquisition of property, plant and equipment		(84,165	)		8,758	(3)		(75,407	)
Acquisition of investment property		(611	)					(611	)
Acquisition of intangible assets		(8,348	)					(8,348	)
Proceeds of the sale of property, plant and equipment and intangible assets.		1,000						1,000
Dividends received		63,928						63,928
Net cash flows (used in) investing activities		(49,236	)		8,758			(40,478	)
Financing activities
Cash flows provided by changes in interests in subsidiaries that do not result in loss of control		(16	)					(16	)
Proceeds from financial assets		6,080			(13,629	)(1)		(7,549	)
Payments of derivative instruments and collections on behalf of third parties		(147	)		6,740	(1)		6,593
Proceeds from loans and borrowings		440,000						440,000
Repayment of loans and borrowings		(49,763	)					(49,763	)
Payments of interest of loans and borrowings		(27,488	)					(27,488	)
Lease liabilities paid		(129,159	)					(129,159	)
Interest on lease liabilities paid		(49,640	)					(49,640	)
Dividends paid		(237,551	)					(237,551	)
Interest received		4,585						4,585
Payments on the reacquisition of shares		(316,755	)					(316,755	)
Net cash flows provided by (used in) financing activities		(359,854	)		(6,889	)		(366,743	)
Net decrease in cash and cash equivalents		(1,348,176	)					(1,348,176	)
Cash and cash equivalents at the beginning of period		2,063,528						2,063,528
Cash and cash equivalents at the end of period		715,352						715,352

1) Reclassification of year-end profit impacts due to fair value measurement of derivative financial instruments, in accordance with IAS 7.20(b).

2) Internal reclassifications with no impact between activities for net presentation of asset impairments, passive provisions, their respective reversals, trade accounts receivable and other accounts receivable, related party accounts receivable, and movements of payments related to income tax.

3) Reclassification of non-monetary additions for the acquisition of property, plant, and equipment from investing activities to operating activities.

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EX-99.3

Exhibit 99.3

 

Grupo Éxito recorded consolidated revenues of $10.6 billion pesos during the first semester of the year.

Consolidated recurring EBITDA reached $782,676 million pesos, (+7.8%)to a margin of 7.4%, despite inflationary pressures on expenses.

Sales reached $10.1 billion (+13.8%) driven by growth in the operations in Colombia, Uruguay and Argentina. In Colombia, in comparable terms sales grew by 11.2%

Grupo Éxito’s consolidated net profit was $38,934 million pesos in the first semester and reflected a positive operational performance partially affected by the increase in interest rates and inflationary pressures in expenses.

Grupo Éxito continued with its project of listing ADRs on the New York Stock Exchange and BDRs on the São Paulo Stock Exchange, in addition to maintaining its presence on the Colombian Stock Exchange, thus being the only company in Colombia with a presence on the stock markets of the United States, Brazil and Colombia

● E-commerce channels represented 12.5% share on sales in Colombia with 8.9 million orders and a growth of 9.7%.

● In Colombia, the company managed to contain the increase in prices at 4.4 percentual points below the country’s food inflation, to alleviate the inflationary burden on Colombians.

● 89% of the fruit and vegetable purchases sold in Grupo Éxito stores in Colombia were purchased in the country, of which 86% were purchased without intermediaries.

● Sales in Uruguay grew by 13.5% in local currency, and above the inflation index, from the good commercial dynamics and the positive performance of the Freshmarket format, that reached a participation of 59.2% of the country’s total sales. The recurring EBITDA margin was 11.6% derived from a better gross margin and efficiencies at the expense level, growing below the increase in sales.

● The operation in Argentina registered a recurring EBITDA margin of 2.5%, thanks to revenue growth above the inflation level and efficiencies in the cost of merchandise. This growth was driven by a positive performance of the Cash & Carry format and real estate income. The opening of the first FreshMarket in the city of Buenos Aires also stoods out.

● The innovative formats reached a participation in the company’s consolidated sales of 43.3%. Éxito Wow represented 35.3% of the sales of the Éxito brand, Carulla FreshMarket 61.1% of Carulla and 5.5% for Surtimayorista of the company’s sales in Colombia. In Uruguay the Fresh Market format represented 59.2% of the country´s sales and the Cash and Carry format 14.6%, in Argentina.

● Grupo Éxito totaled 639 stores in the 3 countries in which it operates.

● With the distribution of Grupo Pão de Açúcar to its shareholders of approximately 83% of its shares in Éxito, the liquidity of Éxito’s share is expected to increase from a float of 3.5% to a potential level of 53% and adding close to 50 thousand shareholders from GPA, which would facilitate the unlocking of the Company’s share value.

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Consolidated results of Grupo Éxito (Colombia, Uruguay and Argentina)

The consolidated net revenues of Grupo Éxito in the first semester of 2023 reached $10.6 billion pesos and grew by 13.5% compared to the previous year, driven by the 13.8% sales increase from the good commercial dynamics in the operations of the three countries in which the Company has a presence.

The business unit in Colombia represented 71% of Consolidated Net Revenues and grew by 6,3% during the first semester of 2023 compared to the same peirod last year, driven mainly by boosted food sales (+11.5%); a positive outcome, despite the deceleration of consumption in the country. In comparable basis, net sales grew by 11.2%, when excluding the 2 non-VAT days from the base.

International operations reached net revenues of $3.0 billion pesos, boosted by a solid commercial performance that translated into a 36% growth and represented 29% of the company’s consolidated revenues. Both, Uruguay and Argentina increased their sales, in local currency, and above inflation in each country.

The Group’s consolidated recurring EBITDA grew by 7.8%, explained by the stability of the margins in the three countries and the efficiencies in expenses, despite the inflationary pressures in the costs and expense structures.

Likewise, omnichannel share on Colombia sales was 12.5%, the highest in the region; the real estate business continued to outperfom in Colombia and Argentina. Grupo Éxito’s consolidated net profit was $38,934 million pesos and reflected the positive operating performance of the three countries in the middle of an increase in interest rates in Colombia despite the inflationary effect in the structure of costs and expenses of the operation.

“We are at a historic moment for Grupo Éxito, about to conclude the process of listing our shares in New York and São Pablo, and we hope to increase the liquidity on the Colombian Stock Exchange. This project is very important for the company, since will boosts the free float of Éxito share and the number of shareholders which would grow substantially to around 60,000.

We closed the first half of the year with consolidated net revenues of $10.6 billion pesos, thanks to our customer-focused approach, an omnichannel strategy (combination of physical and virtual channels), focus in innovative formats and outcome of international operations.

In Colombia, we focused our efforts on controlling price levels for our clients, which were 4.4 percentual points below food inflation in the country.

We continued to nourish Colombia with opportunities, through activities focused on supporting child nutrition, local and direct purchasing from producers, and our suppliers, especially small and medium-sized companies,” stated Carlos Mario Giraldo Moreno, President of Grupo Éxito.

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Consolidated results figures expressed in million pesos in local currency.

In Colombia, omnichannel and innovative formats boosted sales results.

Net revenue in the country reached $7.5 billion in pesos in the first semester of the year, a 6.3% increase versus the same period last year. Sales grew by 6.4%, boosted by the contribution of innovative formats (+9.2%, 42% share), and omnichannelsales of $900,000 million pesos, a 9.7% growth, despite the effect of 2 non-VAT in the base; ssales grew 11.8%, when excluding the effect.

Recurrent EBITDA reached $503,725 million and showed the commercial strength of the company, partially affected by the slowdown inhousehold consumption, gross margin gains (+9 bps), and the efforts of the company to mitigate the growth in prices and the inflationary pressure on the costs of the products.

1. Innovative formats continued as an axis of growth in the company’s sales:

● Éxito Wow: With 30 stores in the country, it represented 35.3% of the brand’s total sales during the semester.

● Carulla FreshMarket, with 30 stores, represented 61.1% of the brand’s sales during the period. The brand became the first food retailer in Colombia to eliminate plastic bags at checkouts and digital channels.

These actions are added to the different steps that the brand has taken in terms of sustainability, such as being the first Carbon Neutral retailer in Latin America.

● Surtimayorista under the cash and carry format, totaled 59 stores and represented 5.5% of the total sales in Colombia. During the semester, 13 stores opened and added 7,500 m2 of sales area.

2. Digital sales and through direct channels reached more than $901,000 million pesos, a 12.5% share on the company’s sales in Colombia, a growth of 9.7% compared to the same period of the previous year. Omnichannel results were leveraged in:

● The double-digit growth of the food category (+26%, 11.3% share), with purchases made through web sites (exito.com and carulla.com), mobile applications, land lines, WhatsApp chats and digital catalogues.

● Orders through different digital channels increased compared to the previous year and reached 8.9 million orders during the first half of the year (+57% vs 1H22).

● MiSurtii mobile application registered 62,000 orders and contributed to digitize food 27% of Surtimax and Super Inter “Aliados” sales.

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3. The monetization of traffic in stores and real estate assets continued as drivers for the following businesses:

● Tuya financial business issued 114,000 new cards in the semester and reached more than 1.1 million active clients.

● Puntos Colombia, the brand with a presence in one of every three homes, registered 6.5 million active customers, an increase of 11.5% compared to the same period of the previous year and completed 387 allied brands.

● Viajes Éxito mobilized more than 32,000 clients during the second quarter of 2023.

The efforts to improve the productivity and efficiency of the operation in Colombia allowed Grupo Éxito to maintain food prices by 4.4 percentual points below the country’s food inflation. The company carried out in advance purchasing activities to control price increases and developed diverse commercial strategies to strengthen its portfolio of nearly 700 “Unbeatable Price” basic products, highly competitive in quality and with lower prices by region. Likewise, Grupo Éxito reinforced its commitment to the development of farmers and to improve the living conditions by purchasing 92% of fruits and vegetables locally, of which 85% were done directly to more than 943 producer and farmer´s organizations.

We continued to undertake clear actions towards accomplishing our higher purpose “We nourish Colombia with opportunities”. More than a statement, it is a confirmation of our commitment to protect and care for our planet, to foster job creation and the reconstruct the social network.

During the first-half of 2023 the company continued to work in delivering as much as possible:

● Along with Fundación Éxito, Grupo Éxito continued working towards eradicating chronic malnutrition of children in Colombia. During the first semester of the year, 28,706 boys and girls benefited with the delivery of 59,719 food packages.

● Moda Éxito continued to democratize fashion in Colombia: exito.com, the official marketplace of Colombiamoda 2023, become the e-commerce ally for the apparel sector. In addition, through Inexmoda, the Company calls entrepreneurs present at the event to join the initiative.

● Grupo Éxito celebrated 15 years of working jointly with national designers and suppliers to strengthen its commitment to sustainable fashion, not only to less impacting on the environment, but also to rewards copywriters, entrepreneurs, and communities.

● Carulla says goodbye to plastic bags in checkouts and digital channels, to become the first food retailer in Colombia implementing these actions. Within the framework of Grupo Éxito’s climate change strategy, Carulla has been working on reducing and mitigating its impact on the environment.

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The operation in Uruguay continued as the most profitable of the Group.

During the first semester of the year, sales in the country grew by 13.5% compared to the same period in 2022, in local currency, and above local inflation. This growth was boosted by the value proposition of the FreshMarket model, which represented 59.2% of sales.

The recurring EBITDA margin reached 11.6% and remained the highest in the Group, from an increase of 118 bps in gross margin, the constant efforts to control expenses, which grew below the increase in sales, demonstrating efficiencies and the operation’s strength.

In Argentina, net sales grew by 143.2% in local currency during the first semester, a growth above inflation levels in the country.

This result arose from the positive performance of the Cash & Carry format and the real estate operation. To highlight also, the good reception by customers of the opening of the first FreshMarket store in the city of Buenos Aires.

In the first semester of 2023, the company totaled 11 Cash & Carry stores, which reached a 13.6% share on the total sales in the country. The recurring EBITDA margin was 2.5% during the first semester of 2023, a 45.2% growth compared to the first semester of the previous year.

Press Kit

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EX-99.4

Exhibit 99.4

Almacenes Éxito S.A.

Consolidated Financial Results 2Q23

Envigado, Colombia, July 31, 2023 - Almacenes Éxito S.A. (´Grupo Éxito´ or ´the Company´) (BVC: ÉXITO / ADR: ALAXL) announced its results for the second quarter and first half ended June 30, 2023 (2Q23 & 1H23). All figures are expressed in millions (M) or billion (B) of Colombian Pesos (COP) unless otherwise stated and expressed in long scale (COP B represent 1,000,000,000,000). Consolidated data include results from Colombia, Uruguay and Argentina, and eliminations.

Recurring EBITDA grew 6.6% driven by positive top line performance (+8.5%), gross margin gains (100 bps) and internal efficiencies that partially offset the inflationary trend

Key Business Highlights

Financial Highlights

● Consolidated Net Revenue grew by 8.5% in 2Q23 versus 2Q22 to COP $5.1 B, driven by strong double-digit sales growth in local currency from international operations, real estate outcome (+17.8%) and omni-channel growth (7.6%). During 1H23, Net Revenue grew by 13.5% versus 1H22 to COP$ 10.6 B.

● Recurring EBITDA grew by 6.6% to COP$ 395,391 M in 2Q23 versus 2Q22, to a margin of 7.7% (-14 bps) and reflected the solid operational performance in Uruguay and Argentina that offset Colombia results affected by 1 non-VAT day in the base and a higher operating tax after the reform approved last year, as well as inflationary pressures across the region on the expense structure (136 bps). During 1H23, recurring EBITDA grew by 7.8% to a margin of 7.4% and totalled COP $782,676 M.

● Net Group Share Result was a loss of COP -$6,184 M during the second quarter of 2023, related to the positive contribution of international retail operations (in LC) and in Colombia (despite the non-VAT day effect), as well as from the material variation of income tax offset by higher financial expenses via interest rates, non-recurring expenses related to the listing process, TUYA share of profit and improved performance in Uruguay that led to higher minority interest. During 1H23, Net Income reached COP $38,934 M, mainly driven by international operations and income tax variations, partially offset by non-operational items in Colombia and Argentina.

● EPS¹ was COP $-4.8 per common share in 2Q23 (versus COP $48.0 in 2Q22) and was COP $30.0 per common share in 1H23 (versus COP $97.7 in 1HQ22).

● Consolidated CAPEX was of COP 106,419 M, 63% focussed on expansion (retail and real estate), innovation, omni-channel, and digital transformation activities.

Operating Highlights

● Omni-channel grew 7.6% at consolidated level and reached a 9.8% share (Col 12.7%, Uru 2.7%, Arg 4.3%).

● Innovative formats share on consolidated sales reached 43.3% (42% in Colombia, +1.3 p.p vs 2Q22).

● LTM store expansion² was of 87 stores (70 Col, 5 Uru, 12 Arg) for a total of 639 stores in the region and 1.05 M sqm of sales area.

⁽¹⁾ EPS considers the weighted average number of outstanding shares (IFRS 33), corresponding to 1,297,864,359 shares (including the buyback operation completed on June 30, 2022, and the share split 1:3 on November 18, 2022 (2) Expansion from openings, reforms, conversions, and refurbishments.

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I. ESG strategic pillars follow-up

Zero Malnutrition

● In alliance with Fundación Éxito, the Company benefited 28,706 children from nutrition and complementary programs as well as delivered 59,719 food packages to children and their families. In a joint work, there is presence in 23 states in Colombia.

My planet

● 62,516 trees have been donated this year by customers, suppliers, and employees towards reaching the target set of planting two million of native trees jointly with Celsia by 2023. A million trees were already planted last year.

● The Company collected 9,570 tons of material at the operation and 671 tons of recyclable material post-consumption.

● Carulla became the first food retailer in Colombia to eliminate plastic bags at checkouts and on sales purchases made through digital channels.

Sustainable Trade

● 92.1% purchased fruit and vegetables was made locally and 86% bought directly to producers.

● The Company has been collaborating close with suppliers and reached 128 geo-referenced direct suppliers in its supply chain, for commodity products such as avocado, coconut, banana, and tomato.

Governance & Integrity

● The Company advanced with the ´Capital Reduction Project´ presented by GPA, aimed to distribute approximately 83% of its stake on Éxito to its shareholders in the form of ADRs and BDRs.

● On April 4, 2023, the Brazilian Securities Commission (Comissão de Valores Mobiliários) (“CVM”) and the B3 S.A. – Brasil, Bolsa, Balcão (“B3”), approved Éxito’s request to list and trade Brazilian Depositary Receipts (“BDRs”) Level II, each representing four Éxito common shares, in Novo Mercado.

● On April 27, at the extraordinary session of the General Shareholders Meeting held at the Company´s headquarters, the amendment to the following proposals were approved (ii) the Board of Directors election and succession policy, (ii) the Rules of Procedure of the General Shareholders’ Assembly and (iii) the bylaws amendment.  

● On May 16, Ms. Ana María Ibáñez Londoño resigned as member of the Board of Directors, position she held since March 20, 2014. Her resignation was effective as of May 30, 2023.

● On June 26, the Casino Group disclosed that it was working on a non-core asset disposal plan, and later mentioned the following: “GPA and Éxito are assets that may be sold as part of the Group’s three-year plan for sale of assets, and that on this date, there are no milestones and no sale process ongoing for GPA. The only active project at the moment involving these two companies is the segregation of Éxito’s and GPA’s businesses.”

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● On June 28, Grupo Éxito’s controlling shareholder Companhia Brasileira de Distribuição (“GPA”) informed the market that received a non-solicited offer, not previously negotiated with the management, to acquire the total equity interest held by GPA in Almacenes Éxito S.A for USD$ 836 M, payable in cash.

● On June 29, GPA´s Board of Directors unanimously decided, with the recommendation from its advisors, to reject the Offer, considering that the price offer did not reflect adequate parameters of financial reasonability nor met the best interest of GPA and its shareholders.

● MERCO Talento recognized Grupo Éxito as the best retail company to work for.

● In a collaborative work with communities, the Company promoted “Terrazas Verdes” - the hydroponic farming project to benefit single mothers, and expanded to new territories such as Siloé, in Cali.

Our People

● On May 2, Mr. Jacky Yanovich Mizrachi resigned as Chief Operations Officer of Retail in Colombia, to undertake new personal and professional challenges; the Board of Directors appointed Mr. Jose Gabriel Loaiza Herrera, starting from July 1, 2023. Mr. Loaiza has been in the Company for over 17 years in diverse roles: VP of Omni-channel, VP of Business Development and Innovation, VP of International Business and Digital Strategy, VP of Sales and Supply, Director of Financial Planning and Head of the Investor Relations Department. He holds a degree in Administrative Engineering from the National University of Colombia, a Master of Business Administration MBA from Texas A&M University and graduated from the Executive Program of Haute École de Commerce (HEC) in France.

In addition, in line with the structured succession process and career plan, the Board of Directors expanded the scope of the Retail Vice Presidency (Exito and Carulla), led by Mr. Jorge Jaller Jaramillo, and included all retail brands: Éxito, Carulla, Super Inter, Surtimax, Surtimayorista and other sales channels. Moreover, Mr. Sebastián Pérez Arango was appointed as VP of Omnichannel and Innovation, to lead the development and operation of digital channels and the omnichannel strategy of the Company, the management of corporate projects and innovation. Mr. Pérez has worked for over 11 years within the Company in diverse roles: General Director of Digital Commerce, Director of Food E-commerce, Director of E-commerce operations, Head of E-commerce operations, National E-commerce Operations Leader, New Business Analyst and Professional in Training.

Healthy Lifestyle

● Grupo Éxito conducted a pilot with the Consumers Goods Forum aimed to improve the health conditions of employees and conducted a psychosocial survey for employees at stores.

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II. Consolidated Income Statement

 

Note: Consolidated results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (-2.1% and 0.6% at top line in 2Q23 and 1H23, and 2.5% and 4.8% at recurring EBITDA, respectively). CVM EBITDA refers to earnings before interest, taxes, depreciation, and amortization (EBITDA) plus Associates & Joint Ventures Results. 2Q23 EPS considers the weighted average number of outstanding shares (IFRS 33), corresponding to 1,297,864,359 shares (including the buyback operation completed on June 30, 2022, and the share split 1:3 on November 18, 2022.

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III. Top Line Performance

Consolidated Net Revenue grew by 8.5% (10.8% when excluding FX effect) to COP$ 5.1 in 2Q23 and by 13.5% to COP$10.6 B during 1H23 versus the same periods last year. Quarterly Consolidated Net Sales grew by 8.2% (SSS +5.9% including calendar effect) and totalled COP $4.9 B, benefitted by the 13.5% sales growth in Uruguay, 152.8% in Argentina, a growth above inflation in both countries in local currency, the solid outcome of innovative formats (43.3% share) and omni-channel performance (+7.6%, 9.8% share on sales). LTM expansion of 87 stores (70 in Colombia, 5 in Uruguay, 12 in Argentina) also contributed. In Colombia, Net Sales grew by 3.6% boosted by FMGC (+9.7%), omni-channel (+5.8%), and innovation (share +1.3 p.p.), partially offset by 5.4 p.p. when excluding the non-VAT day from the base. Quarterly Consolidated Other Revenue grew by 16.5% driven by higher revenue of real estate from rental and administrative fees (+17.8%) and the sale of assets in Colombia of COP$ 18,000 M.

 

Note: Consolidated results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (2.1% and 0.6% at top line in 2Q23 and 1H23, and 2.5% and 4.8% at recurring EBITDA, respectively). Data in COP includes a 18.3% FX effect in Uruguay at top line and at recurring EBITDA in 2Q23 and 26.3% in 1H23 and -61.9% and -50.5% in Argentina, respectively, calculated with the closing exchange rate.

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Colombia: Net Revenue grew 4.2% driven by net sales that totalled COP$ 3.5 B (+3.6%; SSS +0.7%) in 2Q23, driven by omni-channel (+5.8%, 12.7% share), food sales (+8.7%), the performance of innovative formats that reached a 42% share on sales (+1.3 p.p. vs 2Q22) and the contribution of 70 stores included in the LTM base from openings, reforms, conversions and refurbishments. The Colombia operation represented 72% of Consolidated Net Sales in 2Q23. Top line result was resilient despite a higher basis due to the cancelation of one non-VAT day during the quarter, which had a negative effect of 5.4 p.p. on sales. Last-twelve-month inflation as of June was 12.1%, with the food component as main contributor (14.31% vs. 23.65% in 2022). The Colombian economy showed signs of deceleration in consumption that led to the Consumer Confidence Index to decreased to 14.1 during 2Q23 (vs 2.1 in 2022), due to economic and political uncertainty. Higher other revenue in Colombia (+17.5%) reflected a higher real estate income (rental and administrative fees +18.9%) and the sale of assets by COP$ 18,000 M. During 1H23, Net Revenue grew 6.3% and reached COP$ 7.5 B, driven by net sales growth of 6.4% and other revenue by 3.8%.

 

Note: (1) SSS In local currency, include the effect of conversions and the calendar effect adjustment of 1.5% and 1.4% in Colombia in 2Q23 and 1H23 respectively. (2) Segment includes sales from Surtimax, Super Inter and Surtimayorista brands, allies, institutional and third-party sellers, and the sale of property development projects (inventory) of COP $18 K M in 2Q23 and COP $47.2 K in 1H23.

● The Éxito segment represented approximately 67% of the sales mix in Colombia during 2Q23 and its sales performance reflected the significantly negative impact of having 1 non-VAT day in the base (-9.8 p.p.), which partially offset the performance of the “Megaprima” event (+2.0 p.p.), the growth of the food category (+7.8%) boosted by fresh (+8.1%) and FMGC (+7.7%) products. The thirty Éxito WOW stores also contributed to results and represented a 35.2% share (+192 bps vs 2Q22) on the segment´s sales.

● The Carulla segment represented approximately 17% of the sales mix in Colombia during 2Q23 and posted a solid sales performance benefited mainly by omni-channel performance (65%, 24.9% share), boosted by the 138% growth of the Turbo-Fresh´ service for deliveries below 10 minutes with last miler Rappi. The banner performance was also driven by the double-digit sales growth in Bogotá, Medellin and Cali, the strong high double-digit growth of FMCG products, the “7^th Healthy Lifestyle event” held during the quarter and the performance of the 30 Fresh Market stores (61.2% share on the segment´s sales, +140 bps vs 2Q22).

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● The low-cost & other segment related to Super Inter, Surtimax, Surtimayorista banners, allies, institutional, third-party sellers, and the sale of property development projects (inventory) and other, represented approximately 16% of the sales mix in Colombia during 2Q23. Quarterly Net Sales performance reflected:

(i) The performance of the 59 Surtimayorista stores which grew Net Sales by 13.6% and SSS by 0.4% (5.8% share on Colombia sales), driven by FMCG and expansion (+3 stores in 2Q23).

(ii) The outcome of 76 Surtimax stores (46 remodeled YTD, posted a 16.2% sales growth), which posted a 2.1% sales growth and grew by 1.1% in terms of life-for-like.

(iii) The negative performance of the 59 Super Inter stores (including 35 Vecino, sales +4.5% vs non-reformed), which decreased sales by 2.8% and SSS by 2.7% during the quarter, mainly explained by a higher basis.

(iv) The positive contribution from the sale of property of near to COP$ 18,000 M.

● Omni-channel sales in Colombia (including websites, marketplace, home delivery, Shop&Go, Click&Collect, digital catalogues and B2B virtual), grew by 5.8% versus 2Q22 and reached COP $451K M, a share on sales of 12.7% (vs 12.4% in 2Q22), boosted by the double-digit growth of the food category (+23.2%, 11.8% share on sales) and despite having one additional non-VAT day in the base (that led to a non-food sales decrease of 16%, 14.8% share on sales). During 1H23, omni-channel sales reached COP $901K M, a 9.7% growth vs 1H22 to 12.5% share on sales (vs 12.1% in 1H22), boosted by food sales (+26%, share 11.3%). Non-food sales decreased 10% due to the non-VAT day in the base (+25% growth on a comparable basis) and recorded a 15.1% share on sales.

Main KPI´s during the first half of 2023 were as follows:

o Orders totaled 8.9 M (+57% vs 1HQ22).

o E-commerce: reached COP$ 250 K M in sales, 81 M visits (+3.7%), 425,000 orders.

o Marketplace: sales grew by 20%.

o Apps: reported 981,000 active downloads (+24%), +239,000 orders in Éxito-Carulla app.

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o Mi Surtii: reached COP $28,000 M (+48%) in sales and 62,000 orders.

o Rappi deliveries grew by 72%.

o Turbo orders grew 137% and reached a 71.8% share on sales through Rappi, driven by food sales growth.

Uruguay: Net Sales grew by 13.5% and SSS by 13.3%, in local currency and including the effect of conversions and the calendar effect adjustment of 0.5%, all above inflation (5.98%), boosted by: (i) the positive outcome of commercial activities, (ii) the contribution of the 29 Fresh Market stores (+18.2%, +7 p.p. above regular stores, 58.2% share on sales), and (iii) the solid performance of omni-channel (+7.7%). Uruguay contributed with 21% of consolidated Net Sales during 2Q23. Last-12-month inflation as of June was of 5.98% (vs 7.3% reported as of 1Q23) and the food component continued as main driver and grew BY 10.2% (vs. 10.85% in 2Q22). During the first 6-months-of-the-year, net sales and SSS grew BY 13.5% and 13.0%, respectively versus the same period last year, with a calendar effect adjustment of 0.2%.

(1) Including the calendar effect adjustment of 0.5% in 2Q23 and 0.2 in 1H23.

Argentina: Net Revenue grew by 153%, driven by net sales performance (+152.8%) and SSS (+117.7%), in local currency and including the effect of conversions and the calendar effect adjustment of 0.7%, all above inflation (120.9% as of June vs. 62.1% in 2022) and despite the retail sales index reported by CAME of -1.8% as of 2Q23. The operation in Argentina contributed near to 7.0% in 2Q23 to consolidated sales and results in Colombian Pesos reflected a -61.9% FX effect. Top line was driven by (i) the performance of the Cash and Carry format (11 MiniMayorista stores YTD, 13.9% share on sales), (ii) omni-channel performance (+201.2%, 4.3% share), and (iii) higher real estate income from improved commercial trends and strong occupancy levels (93%). During the first 6-months-of-the-year, net sales and SSS grew by 143.2% and 110.2%, respectively, versus the same period last year, with a calendar effect adjustment of 0.2%.

(1) In local currency and including the calendar effect adjustment of 0.7% in 2Q23 and 0.2% in 1H23.

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IV. Operating Performance

 

Consolidated Gross Profit was 26.2% both during 2Q23 and 1H23 and grew by 12.9% (+100 bps) and 17.4% (+88 bps), respectively, versus the same periods last year. Quarterly performance reflected gains across all operations (+145 bps in Uruguay, +63 bps in Argentina, +42 bps in Colombia), despite price investment and inflationary pressures on costs within the region. Consolidated gross profit performance reflected:

(i) A higher base of COP $12,000 M from the 1 non-VAT day held in 2Q22 (not present in 2Q23) and a total of COP $21,000 M from the 2 non-VAT days held during 1H22.

(ii) Higher contribution from real estate development projects of COP $14,000 M in 2Q23 (flat during 1H23).

(iii) Lower gross profit in Argentina in 2Q23 due to higher share of Cash and Carry format (MiniMayorista), which represented 13.9% over sales.

Consolidated Recurring EBITDA grew by 6.6% during 2Q23 to a margin of 7.7% (-14 bps) and grew by 7.8% to a margin of 7.4% (-39 bps) during 1H23, versus the same periods last year. Performance YTD reflected the solid commercial performance in Uruguay and in Argentina despite inflationary pressures, which drove Recurring EBITDA (+27.6% and +193.2% in LC, respectively) and offset Colombia outcome affected by:

(i) One-offs related to 2 non-VAT days (1 in 1Q23 and 1 in 2Q23).

(ii) A higher operating tax during 2023 due to tax reform approved in Colombia in 2022 (26 bps at consolidated level; 39 bps in Colombia).

The outcome also benefited by the positive FX effect on results in Uruguay offset by the negative FX effect in Argentina.

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Colombia: Recurring EBITDA decreased by 6.7% during 2Q23 and by 8.7% during 1H23 and reached a margin of 7.3% and 6.7% respectively. The quarterly outcome reflected the positive contribution of an income from real estate developments of COP$14,000 million offset by: i) sales affected by lower consumption mainly in non-food categories due to high interest rates for credit cards and a higher basis due to 1 non-VAT day, ii) price investment amidst of inflationary pressures on cost and expenses, and iii) higher operating taxes of COP $14,800 M due to the tax reform approved in 2022.

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Uruguay: Recurring EBITDA grew by 59.6% to a 11.3% margin (+180 bps) in 2Q23 and by 61.1% to a 11.6% margin (+129 bps) during 1H23. Strong commercial performance and internal efficiencies led expenses to grow below top line levels and the positive FX effect. The operation in Uruguay continued as the most profitable business unit of the group.

Argentina: Recurring EBITDA grew by 150.4% in 2Q23 and 193.2% in 1H23 in local currency compared to the same periods last year and margin was 1.8% and 2.5%, respectively. Performance reflected a solid top line growth, in local currency and above inflation; results in Colombian pesos included a negative 50.5% FX effect.

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V. Net Group Share Result

During the 2Q23, the Company reported a Net Loss of COP $6,184 million and a Net Income of COP $38,934 million year-to-date. The outcome reflected the positive contribution of international retail operations (in local currencies) and Colombia (despite the non-VAT day effect), as well as the material variation of income tax.

Negative variations derived from:

(i) Higher financial expenses from higher interest rates (+725 bps vs 2Q22), as the Central Bank increased the repo rate in Colombia to 13.25% during 2Q23 (vs. 6% in 2Q22 and 12% in 4Q22) to control inflation,

(ii) The improved performance in Uruguay that led to higher minority interest,

(iii) TUYA share of profit affected by provisions, and

(iv) Changes in non-recurring expenses related to the listing project.

Earnings per Share (EPS)

● Diluted EPS was COP -$4.8 per common share during 2Q23 compared to the COP $48.0 reported in 2Q22 and COP $30 per common share during 1H23 compared to COP $97.7 the same period last year, considering the weighted average number of outstanding shares (IFRS 33), corresponding to 1,297,864,359 shares (including the buyback operation completed on June 30, 2022, and the share split 1:3 on November 18, 2022.

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VI. CapEx and Expansion

CapEx

● Consolidated Capital Expenditures during 1H23 reached COP $273,020 million, of which 63% was allocated to expansion, innovation, omni-channel and digital transformation activities during the period, and the remainder, to maintenance and support of operational structures, IT systems updates and logistics.

Food Retail Expansion

● During 2Q23, the Company opened 3 Surtimayorista stores in Colombia, 1 additional Cash and Carry store and 1 Fresh Market store in Argentina - an important milestone for our operation as Libertad started to operate in Buenos Aires, the largest retail market in the country. The group implemented all commercial innovation concepts from Fresh Market from Uruguay and Colombia, to offer the best shopping experience to customers.

● In the last-twelve-months, Grupo Éxito totalled 87 stores from openings, reforms, conversions, and refurbishments (70 in Colombia, 5 in Uruguay and 12 in Argentina). The Company reached 639 food retail stores, geographically diversified as follows: 509 stores in Colombia, 94 in Uruguay and 36 in Argentina, and consolidated selling area reached 1.05 million square meters. The store count did not include the 1,729 allies in Colombia.

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VII. Cash and debt at holding¹ level

Note: Numbers expressed in long scale, COP billion represent 1,000,000,000,000. Central Bank repo rate increased in Colombia to 13.25% in 2Q23 (vs 6.0% as of 2Q22 and 13% as of 1Q23 to control inflation). Cash flow in 2022 expressed in line with the statement. (1) Holding: Almacenes Éxito S.A. results without Colombia or international subsidiaries.

Cash and Debt at the holding level

● Dividends from subsidiaries continued to allow the Company’s investment requirements and payments to shareholders.

● Pressures on financial expenses from higher repo rates (+2x higher vs 2Q22).

● Gross debt increased COP$ 532,000 M due to seasonal requirements from RCF.

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VIII. Conclusions

● ADR and BDR spin off completion expected by 3Q23.

● Double-digit consolidated sales growth on comparable basis¹ in local currency in all three countries.

● Recurring EBITDA grew in 2Q and 1H driven by gross margin protection across countries, despite inflationary pressures.

● Net Result YTD driven by positive operational performance and income tax variations, partially offset by temporary and non-operational items in Colombia and Argentina, higher financial expenses, and TUYA share of profit.

● Improved cash generation (COP $92,000 M) to continue consolidating a solid path to develop the Group’s retail and real estate strategy.

● Double-digit sales growth in Colombia on a comparable basis¹, driven by high single digit growth of food sales leveraged on innovation and omni channel.

● Solid performance of real estate business in Colombia (+18.9%).

● Strong performance of Uruguay (and above inflation) consolidates leadership in the market.

● Cash generation in Argentina invested in Cash and Carry stores and to open the first Fresh Market store in Buenos Aires; results in COP impacted by FX.

Note: Consolidated results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (-2.1% and 0.6% at top line in 2Q23 and 1H23, and 2.5% and 4.8% at recurring EBITDA, respectively); Colombia perimeter includes Almacenes Éxito S.A. and its subsidiaries. (1) When excluding 1 non-VAT day effect.

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IX. Appendices

Notes:

● Numbers expressed in long scale, COP billion represent 1,000,000,000,000.

● Growth and variations expressed versus the same period last year, except when stated otherwise.

● Sums and percentages may reflect discrepancies due to rounding of figures.

● All margins are calculated as percentage of Net Revenue.

Glossary:

● Colombia results includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country.

● Consolidated results: includes Almacenes Éxito results, Colombian and international subsidiaries in Uruguay and Argentina.

● EBIT: Recurring Operating Income adjusted for the other non-recurring operational income/expense result.

● EBITDA: Earnings before Interest, Taxes, Depreciation and Amortization.

● CVM EBITDA: refers to earnings before interest, taxes, depreciation, and amortization (EBITDA) plus Associates & Joint Ventures Results.

● EPS: Earnings Per Share calculated on an entirely diluted basis.

● Financial Result: impacts of interests, derivatives, financial assets/liabilities valuation, FX changes and other related to cash, debt, and other financial assets/liabilities.

● GLA: Gross Leasable Area.

● GMV: Gross Merchandise Value.

● Holding: includes Almacenes Éxito results without Colombian and international subsidiaries.

● Net Group Share Result: net result attributable to Grupo Éxito’s shareholders.

● Net Revenue: total revenue related to total net sales and other revenue.

● Other Revenue: revenue related to complementary businesses (real estate, insurance, financial services, travel, etc.) and other revenue.

● Recurring EBITDA: measure of profitability that includes Recurring Operating Income adjusted for Depreciation and Amortization both in cost and expense (D&A).

● Recurring Operating Income (ROI): includes the Gross Profit adjusted by SG&A expense and D&A.

● SSS: same-store-sales levels, including the effect of store conversions.

● Total Net Sales: sales related to the retail business.

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1. P&L by Country

Note: The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country.

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2. P&L and CAPEX by Country

Note: Consolidated results from Colombia, Uruguay and Argentina, eliminations, and the FX effect (-2.1% and 0.6% at top line in 2Q23 and 1H23, and 2.5% and 4.8% at recurring EBITDA, respectively). The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country.

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3. Consolidated Balance Sheet

Note: Consolidated data include figures from Colombia, Uruguay, and Argentina.

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4. Consolidated Cash Flow

Note: Consolidated data include figures from Colombia, Uruguay, and Argentina.

5. Almacenes Éxito¹ P&L

Holding: Almacenes Éxito results without Colombian subsidiaries.

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6. Almacenes Éxito¹ Balance Sheet

(1) Holding: Almacenes Éxito Results without Colombian or international subsidiaries.

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7. Debt by country, currency, and maturity

Note: The Colombia perimeter includes the consolidation of Almacenes Éxito S.A. and its subsidiaries in the country. Holding gross debt issued 100% in Colombian Pesos with an interest rate below IBR3M + 2.0%, debt at the nominal amount. IBR 3M (Indicador Bancario de Referencia) – Market Reference Rate: 12.47%; (1) Debt without contingent warranties and letters of credit (2) Other Collections included and positive hedging valuation not included (3) Debt at the nominal amount.

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8. Stores and Selling Area

Note: The store count does not include the 1,729 allies in Colombia.

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Note on Forward-Looking Statements

This document contains certain forward-looking statements based on data, assumptions, and estimates, that the Company believes are reasonable, however, it is not historical data and should not be interpreted as guarantees of its future occurrence. Grupo Éxito operates in a competitive and rapidly changing environment, therefore, it is not able to predict all the risks, uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk or a combination of risks could have results that are significantly different from those included in any forward-looking statement.

The forward-looking statements contained in this document are made only as of the date hereof. Except as required by any applicable law, rules or regulations, Grupo Éxito expressly disclaims any obligation or undertaking to publicly release any updates of any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions, or circumstances on which any forward-looking statement contained in this press release is based.

´The Issuers Recognition -IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer´.

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X. Upcoming Event

Conference Call Details - Almacenes Éxito S.A. (BVC: ÉXITO)

Cordially invites you to participate in its

Second Quarter 2023 Results Conference Call

Date: Tuesday, August 1, 2023

Time: 10:00 a.m. Eastern Time

9:00 a.m. Colombia Time

Presenting for Grupo Exito:

Carlos Mario Giraldo Moreno, Chief Executive Officer

Ivonne Windmuller, Chief Financial Officer

María Fernanda Moreno, Investor Relations Director

To participate, please click here:

Join Microsoft Teams Meeting

2Q23 results and the webcast presentation will be available on the company’s website at www.grupoexito.com.co under “Shareholders and Investors” on the following link:

https://www.grupoexito.com.co/en/financial-information 

Upcoming Financial Publications

Third Quarter 2023 Earnings Release – November 2023

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IR and PR contacts

María Fernanda Moreno R.

Head of Investor Relations

+(57) 312 796 2298

mmorenor@grupo-exito.com

Éxito Calle 80, Cr 59 A No. 79 – 30, Bogotá, Colombia

Claudia Moreno B.

PR and Communications Director

+(57) 604 96 96 ext. 305174

claudia.moreno@grupo-exito.com

Cr 48 No. 32B Sur – 139 – Envigado, Colombia

Company Description

Grupo Éxito is the leading food retail platform in Colombia and in Uruguay and has a relevant presence in the north-east of Argentina. The Company´s great capacity to innovate, has allowed it to transform and adapt quickly to new consumer trends and increased its competitive advantages supported by the quality of its human talent. 

Grupo Éxito is the unmatchable leader of omni-channel in the region and has developed a comprehensive ecosystem focused on the omni-client, to whom it offers the strength of its brands, multiple formats and a wide range of channels and services to facilitate their shopping experience. 

The diversification of its retail revenue through traffic and asset monetization strategies, has allowed Grupo Éxito to be a pioneer in offering a profitable portfolio of complementary businesses. To highlight, its real estate with shopping centers in Colombia and Argentina and financial services such as credit card, virtual wallet, and payment networking. The Company also offer other businesses in Colombia, such as travel, insurance, mobile and money transfers.

In 2019, Grupo Éxito publicly launched its Digital Transformation strategy and has consolidated a powerful platform with well-recognized websites exito.com and carulla.com in Colombia, devoto.com and geant.com in Uruguay and iperlibertad.com in Argentina. Moreover, the Company offers click and collect services, digital catalogues, home delivery and growing channels such as Apps and Marketplace, through which Grupo Éxito has achieved an impressive digital coverage in the countries where it operates. 

In 2022, consolidated Net Revenue reached COP$20.6 billion driven by strong retail execution, successful omni-channel strategy in the region and innovation in retail models. The Company operated 619 stores through multi-formats and multi-brands: hypermarkets under Éxito, Geant and Libertad brands; premium supermarkets with Carulla, Disco and Devoto; proximity under Carulla and Éxito, Devoto and Libertad Express brands. In low-cost formats, the Company operates banners Surtimax, Super Inter and Surtimayorista in Colombia and Mini Mayorista in Argentina.

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EX-99.5

Exhibit 99.5

2Q23 Financial R esults Grupo Éxito The picture can't be displayed. The picture can't be displayed. “ The Issuers Recognition - IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of t he issuer” .

2 Note on forward looking statements This document contains certain forward - looking statements based on data, assumptions and estimates, that the Company believes are reasonable ; however, it is not historical data and should not be interpreted as guarantee of its future occurrence . Grupo Éxito operates in a competitive and rapidly changing environment, therefore, it is not able to predict all the risks, uncertainties or other factors that may affect its business, their potential impact on its business, or the extent to which the occurrence of a risk or a combination of risks could have results that are significantly different from those included in any forward - looking statement . The forward - looking statements contained in this document are made only as of the date hereof . Except as required by any applicable law, rules or regulations, Grupo Éxito expressly disclaims any obligation or undertaking to publicly release any updates of any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which any forward - looking statement contained in this press release is based . All figures are expressed in millions (M) or billion (B) of Colombian Pesos (COP) unless otherwise stated and expressed in long scale (COP B represent 1 , 000 , 000 , 000 , 000 ) .

The picture can't be displayed. ▪ DR Listing process ▪ ESG strategy ▪ Quarterly highlights ▪ Financial performance ▪ Conclusions and Q&A session Agenda 3

4

Our people Zero Malnutrition • 59 , 719 food packages delivered to children and their families • Presence in 23 states Tons of material collected at the operation of fruit and vegetables are locally purchased and • Recognized by MERCO Talento as the best retail company to work for . • Terrazas Verdes - hydroponic farming projects with communities - expanded to new territories such as Siloé in Cali • 51 % o f female workforce • 42 % of female leadership positions • 1 , 552 employees recognized as diverse population C hildren benefited from nutrition and complementary programs . 62 , 516 trees planted thanks from donations made by c ustomers , employees and allies Tons of recyclable material post - consumption Sales of organic p roducts The picture can't be displayed. The picture can't be displayed. The picture can't be displayed. The picture can't be displayed. Sustainable Trade My Planet Governance & Integrity Healthy lifestyle Follow - up ESG strategy YTD ESG initiatives to generate value: economic growth, social development and environmental protection The picture can't be displayed. Sales of v egan protein Equipares Golden Seal obtained 128 direct suppliers geo - referenced in our supply chain for products such as avocado, coconut, banana and tomato • Plans to improve well - being conditions of 70 % of employee Dz s sample • Psychosocial survey performed by employees at stores The picture can't be displayed. bought directly to producers ​

Recurring EBITDA COP$395,391 M, +6.6%, 7.7% margin Net Revenue COP $ 5.1 B (+8.5% vs 2Q 22, +12.4% 1 ) Notes : ( 1 ) W hen excluding the non - VAT day effect of 390 bps . ( 2 ) Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect ( - 2 . 1 % and 0 . 6 % at top line in 2 Q 23 and 1 H 23 , and 2 . 5 % and 4 . 8 % at recurring EBITDA, respectively) . ( 3 ) Excluding FX and calendar effect . ( 4 ) LTM e xpansion from o penings, reforms, conversions and remodellings . SSS 3 + 5.9 % (+9.8 % 1 ) ▪ Quarterly t op line driven by : x Double - digit sales growth from Uru and Arg (in LC) and solid performance of real estate ▪ Top line YTD grew 13 . 5 % vs 1 H 22 , (+ 17 . 1 % 2 on comparable basis) ▪ Recurring EBITDA grew 6 . 6 % , from solid gross margin gains (+ 100 bps), despite inflationary pressures on the structure across countries ▪ Net Result reflected : x Positive contribution of retail operations and income tax result offset by h igher financial expenses, minority interest and TUYA provisions • Free cash flow reached COP $ 92 K M ▪ A solid performance of omni - channel (+ 7 . 6 % growth ; 9 . 8 % share on consolidated sales, Col 12 . 7 % , Uru 2 . 7 % and Arg 4 . 3 % ) ▪ Innovative formats share on Colombia sales + 42 % ( + 1 . 3 p . p . vs 2 Q 22 ) ; + 43 . 3 % consol . ▪ Real estate posted higher revenue in 2 Q 23 from rents and administrative fees (+ 17 . 8 % consol , + 18 . 9 % Col) ▪ CapEx of COP $ 106 , 419 M, 63 % allocated to expansion ▪ LTM store expansion : x 87 stores 4 (Col 70 , Uru 5 , Arg 12 ) x Store portfolio optimization in Colombia x Opening of the first Fresh Market store in Buenos Aires x Total 639 stores, 1 . 05 M sqm 2Q 23 Consolidated 2 highlights Financial Highlights Investment & expansion Operating Highlights High single - digit top line growth (+12.4% on c omparable basis 1 ) driven by solid sales performance in all three countries The picture can't be displayed. The picture can't be displayed. Net Result COP - $6,184 M ( - 0.1% margin) 9 The picture can't be displayed. Corporate governance ▪ On June 26 th , Casino Group stated that it Dz s working on a non - core asset disposal plan and later mentioned that “ GPA and Éxito are assets that may be sold as part of the Group's three - year plan for sale of assets, and that on this date, there are no milestones and no sale process ongoing for GPA . The only active project at the moment involving these two companies is the segregation of Éxito’s and GPA’s businesses . ” ▪ This announcement does not have any impact in Éxito Dz s listing process The picture can't be displayed.

Financial Performance 10

2Q23 Top Line performance • Net Revenue +4.2%, boosted by real estate performance (+18.9%). • Sales + 3.6 % ( +9.0% 1 and SSS + 0.7 % (+ 6.1 % 1 ) boosted by FMGC (+9.7%), omni - channel (+ 5.8 %), and innovation (share +1.3 p.p.) offset by 5.4 p.p. when excluding the non - VAT day from the base. • Internal food inflation was 4.4 p.p. below the national CPI food index. • Éxito: sales + 0.1 % , SSS - 2.2 %, driven by fresh food (+8.1%) and FMGC (+7.7%) offset by the double - digit sales drop of the digital category from cancelled non - VAT day during 2Q23. • Carulla: sales +15.4% , SSS +15.9%, driven by food (+15.8%) and omni - channel (+65%) • Low - cost & Other 2 : sales +7.7% , SSS - 0.8 % • Surtimayorista: sales +13.6%, SSS 0.4% • Surtimax: sales +2.1%, SSS + 1.1 % , • Super Inter : sales - 2.8 %, SSS - 2.7% Net Revenue + 13 . 5 % in LC . Sales + 13 . 5 % , SSS 13 . 3 % , above inflation ( 5 . 9 % ), boosted by : • Positive outcome of commercial activities • 29 Fresh Market stores (+ 18 . 2 % , + 7 p . p . above regular stores, 58 . 2 % share on sales) • Omni - channel sales (+ 7 . 7 % ) Net Revenue +153% in LC ; r esults in COP impacted by a negative 61.9% FX effect. Sales +152.8%, SSS +117.7%, above inflation (120.9%) d riven by: • Improved commercial trend • Omni - channel sales (+201.2%, 4.3% share) • C&C format (11 MiniMayorista stores YTD, 13.9 % on sales) Other revenue (+159.1% in LC ) from solid occupancy levels (93%) Net Revenue + 8.5 % (+10.8% exc FX) Sales +8.2% driven by: • Solid performance in all three countries (+12.3% 1 in comparable basis) • LTM expansion ( 87 stores) Other revenue + 16.5 % driven by r eal estate i ncome ( rental and administrative fees +17.8%) and the sale of assets in Colombia of COP$ 18,000 M Notes : Data in COP includes a 18 . 3 % FX effect in Uruguay at top line and at recurring EBITDA in 2 Q 23 and 26 . 3 % in 1 H 23 and - 61 . 9 % and - 50 . 5 % in Argentina, respectively, calculated with the closing exchange rate . SSS In local currency, include the effect of conversions and the calendar effect adjustment of - 1 . 5 % in Colombia ( 2 . 0 % in Éxito, and - 0 . 1 % in LC segments), 0 . 5 % in Uruguay and 0 . 7 % in Argentina ( 1 ) In comparable basis when excluding the non - VAT day . ( 2 ) Segment includes sales from Surtimax, Super Inter and Surtimayorista brands, allies, institutional and third - party sellers, and the sale of property development projects (inventory) of COP $ 18 K M in 2 Q 23 and COP $ 47 . 2 in 1 H 23 ) . 11 Consolidated sales grew by 8.2% (+12.3% when excluding the non - VAT day effect) in COP M 2Q23 2Q22 % Var 2Q23 2Q22 % Var 2Q23 2Q22 % Var 2Q23 2Q22 % Var Net Sales 3,505,457 3,384,527 3.6% 1,036,584 771,878 34.3% 359,927 373,833 (3.7%) 4,901,361 4,530,238 8.2% Other Revenue 194,912 165,841 17.5% 8,692 6,931 25.4% 14,159 14,348 (1.3%) 217,759 186,977 16.5% Net Revenue 3,700,369 3,550,368 4.2% 1,045,276 778,809 34.2% 374,086 388,181 (3.6%) 5,119,120 4,717,215 8.5% Colombia Uruguay Argentina Consolidated in COP M 1H23 1H22 % Var 1H23 1H22 % Var 1H23 1H22 % Var 1H23 1H22 % Var Net Sales 7,135,800 6,703,692 6.4% 2,198,053 1,533,098 43.4% 805,347 668,596 20.5% 10,138,593 8,905,386 13.8% Other Revenue 387,718 373,687 3.8% 18,347 13,728 33.6% 30,703 26,591 15.5% 436,681 413,796 5.5% Net Revenue 7,523,518 7,077,379 6.3% 2,216,400 1,546,826 43.3% 836,050 695,187 20.3% 10,575,274 9,319,182 13.5%

1H23 Performance of innovative models in Colombia Increased share on Colombia sales from innovation in models ( 41.8%, +1.4 p.p. YoY) Expansion opportunities with accretive contribution to EBITDA and mid - term returns 35.3% (+203 bps vs 1H22) 61.1% (+40 bps vs 1H22) Share on Éxito Dz s sales Sales increase vs. regular stores 67.9% 19.3% (included in the 209 of the Éxito banner) (included in the 106 of the Carulla banner) ROI 1 Note : ( 1 ) Return on Investment calculated as additional EBITDAR/investment of stores over 13 months of operation after remodelled in 2018 and 2019 ( 17 Wow, 16 Fresh Market) as of 1 H 23 ( 2 ) Certified by ICONTEC +27.2 p. p. after 24 months +14.7 p.p. after 24 months 12 Hypers • Innovative experience • New generation of hypermarkets • Omni - channel experiences Supers • Differentiation and freshness • First Carbon Neutral Food Retailer in LatAm 2 • Green Market (healthy nutrition) • No plastic bags at stores The picture can't be displayed. 30 stores 30 stores Share on Carulla Dz s sales Sales increase vs. regular stores ROI 1

1H23 Performance of innovative models in Colombia Activities to penetrate mom& pops market (share of 33% of the total market*) 32.9% 59 stores Notes : * Source : Nielsen ( 1 ) Return on Investment calculated as additional EBITDAR/investment of stores over 13 months of operation after remodelled in 2018 and 2019 , 21 Surtimayorista stores) as of 2 Q 23 . ( 2 ) Excluding lease expenses . 2.3x after 24 months • Low - cost value proposition • High returns • Focus on institutional and final consumers • Competitive prices per unit and wholesale • Loyalty for institutional clients (~26K registered): 13 Cash & Carry of proximity Share on sales Sales increase vs. regular stores ROI 1 The picture can't be displayed. COP$ 28K M in sales + 48 % App Mi Surtii 5.5% (+48 bps, share on Colombia’s sales YoY) Sales (in M COP)/sqm $19 ( +63.8%) The picture can't be displayed. The picture can't be displayed. The picture can't be displayed. Focused on the traditional channel and mom&pops The picture can't be displayed. Strategic partners +1,700 Sales COP $102 K M +13.9 % vs 1H22 The picture can't be displayed. The picture can't be displayed. Orders The picture can't be displayed. ~ 17,000 active clients (+21%) “ Aliados ” Focused on the traditional channel (~205K mom&pops ) 13 openings YTD (+7.5K sqm) Partners (+462 LTM) +87%

Real estate: a hidden value to the Company Dz s share valuation 1H23 Asset and traffic monetization in Colombia Real Estate Business The most important complementary business and contributor to margins 771 K sqm of GLA (33 assets ) Occupancy rate 96.6% (vs. 96.3% in 2 Q22) The picture can't be displayed. Note : Data as of 2 Q 23 ( 1 ) Viva Malls is a JV with Fondo Inmobiliario Colombia (FIC) in which Grupo Éxito has 51 % stake and consolidates the business . ( 2 ) SPV : Special Purpose Vehicle . 15 Revenues from rental and administrative fees (+21.7% consol , +20.8% Col in 1H23 ) 17 assets for a total of 558 K sqm of GLA 97% occupancy rate In line with construction schedule 95% • 54.3 K sqm of new area • IKEA: 18 K sqm in 2 levels Viva Malls 1 IKEA Viva Envigado Leader as shopping malls operator 35% market share in GLA Secure lease income with stable cash flow (hedge part of the company’s EBITDA against inflation) Innovation as a value proposition First IKEA store in Antioquia progress

Real estate coming project Viva Cartagena 1H23 Asset and traffic monetization in Colombia 16 Viva C artagena • First shopping resort in LatAm, to join activities between a touristic destination and a shopping center • # 1 high income housing development zone in Cartagena • 110 , 000 sqm of total area expected ( 35 , 000 sqm first stage of which 20 , 000 sqm dedicated to entertainment 1 st stage to open by 2026 • The first navigable lagoon of over 2 hectares integrated in a commercial location • The shopping resort includes an amusement park, a gastronomic pier around the lagoon, a theater to hold events, a water sports club, a hotel and the shopping center

The picture can't be displayed. The challenging consumer credit environment led to increased provisions, however, it Dz s showing early signs of improvement The picture can't be displayed. 2.0 M cards in stock #3 in cards issued 3.9 Bn COP loan portfolio The picture can't be displayed. The picture can't be displayed. # 1 Brand power according to Kantar Present in 1 of every 3 household s 387 allied brands (+186% vs 1H22) +6.5 M active clients (+11.5%) +2 M APP downloads ​ Loyalty platform PCO • Puntos Pay • Loyalty as a service • Media services and data monetization 33% in Allies The picture can't be displayed. +18.9 MM points redeemed AAA rating for 13 straight years by 17 The picture can't be displayed. Note : TUYA and Puntos Colombia are 50 / 50 JV ´ s with Bancolombia . 1H23 Asset and traffic monetization in Colombia The l oan portfolio deteriorated of the banking sector, is seeing early signs of improved credit performance and lower delinquency rates Provision levels and risk coverage continue to be significantly better than legal requirements

Top line growth across countries and internally efficiencies partially offset by inflationary pressures on the cost/expense structure 2Q23 Operating performance by country GP : + 6 . 2 % , 22 . 7 % margin (+ 42 bps) reflected solid growth boosted by real estate and despite price investment and the inflationary context . Recurring EBITDA : - 6 . 7 % , 7 . 3 % margin ( - 86 bps) showed i) sales affected by lower consumption, ii) price investment, iii) inflationary pressures on cost/expenses, and iv) higher operating taxes 1 . GP : + 39 . 9 % , 35 . 6 % margin (+ 145 bps), boosted by an improved consumption trend . Recurring EBITDA : + 59 . 6 % , 11 . 3 % margin (+ 180 bps), reflected solid commercial performance and internal efficiencies that led expenses to grow below top line levels . GP : - 1 . 8 % ( 157 . 7 % exc FX), 34 . 5 % margin (+ 63 bps), driven by higher share of C&C format and cost efficiencies despite price investment Recurring EBITDA : - 4 . 7 % , 1 . 8 % margin ( - 2 bps), impacted by the FX effect, offset the solid top line growth (in LC) and operating efficiencies despite CPI effect on wages . Note: Colombia perimeter includes Almacenes Éxito S.A. and its subsidiaries. Data in COP includes a 18.3 % FX effect in Uruguay at top line and at recurring EBITDA in 2Q23 and 26.3% in 1H23 and - 61.9% and - 50.5 % in Argentina, respectively, calculated with the closing exchange rate . (1) Higher operating tax by COP $ 31 M during 2023 due to the tax reform approved in 2022. 18 Colombia Argentina Uruguay in COP M 2Q23 2Q22 % Var Net Revenue 3,700,369 3,550,368 4.2% Gross profit 838,622 789,746 6.2% Gross Margin 22.7% 22.2% 42 bps Total Expense (708,682) (625,731) 13.3% Expense/Net Rev 19.2% 17.6% 153 bps Recurring EBITDA 270,215 289,657 (6.7%) Recurring EBITDA Margin 7.3% 8.2% (86) bps 2Q23 2Q22 % Var 1,045,276 778,809 34.2% 371,859 265,750 39.9% 35.6% 34.1% 145 bps (274,833) (208,098) 32.1% 26.3% 26.7% (43) bps 118,553 74,300 59.6% 11.3% 9.5% 180 bps Colombia Uruguay Argentina

Consolidated Operating Performance Solid gross margin gains across countries and efforts to increase productivity led to recurring EBITDA growth (6.6% in 2Q23; 7.8 % YTD, +12.1% in comparable basis 1 ) » Solid commercial performance in Uruguay and Argentina, despite inflationary pressures, drove Recurring EBITDA (+ 27 . 6 % and + 193 . 2 % in LC, respectively) and offset Colombia outcome affected by : (i) One - offs related to 2 non - VAT days ( 1 in 1 Q 23 and 1 in 2 Q 23 ) (ii) A higher operating tax during 2023 due to tax reform approved in Colombia in 2022 (+ 26 bps at consol ; + 39 bps in Col) » Positive FX effect on results in Uruguay offset by the negative FX effect in Argentina » Recurring EBITDA 3 y CAGR of 11 . 7 % (as of 1 H 23 ) 1H23 Recurring EBITDA highlights Note : Colombia perimeter includes Almacenes Éxito S . A . and its subsidiaries . Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect ( - 2 . 1 % and 0 . 6 % at top line in 2 Q 23 and 1 H 23 , and 2 . 5 % and 4 . 8 % at recurring EBITDA, respectively) . ( 1 ) Excluding non - recurring real estate income from the sale of development of projects and fees (COP $ 1 . 3 K M) and higher operating tax (COP $ 31 M) during 2023 due to the tax reform approved in 2022 . 19

Group share net result • Positive contribution of international retail operations (in LC) and Colombia (despite the non - VAT day effect), as well as the material positive variation of income tax . • Negative variations from : (i) higher financial expenses (interest rates 1 + 725 bps vs 2 Q 22 ), (ii) improved performance in Uruguay that led to higher minority interest, (iii) TUYA share of profit affected by provisions, and (iv) changes in non - recurring expenses related to the listing project . • Net Result in 1 H 23 totaled COP $ 38 , 934 M mainly driven by international operations and income tax variations, partially offset by non - operational items in Colombia and Argentina . Net Result highlights Note : Consolidated data include results from Colombia, Uruguay and Argentina, eliminations and the FX effect ( - 2 . 1 % at top line and 2 . 5 % at recurring EBITDA in 2 Q 23 and 0 . 6 % and 4 . 8 % in 1 H 23 , respectively . ( 1 ) The Central Bank increased the repo rate in Colombia to 13 . 25 % during 2 Q 23 (vs . 6 % in 2 Q 22 and 12 % in 4 Q 22 ) to control inflation . 20 Net income totaled COP$38,934 M as of 1H23 2Q23 1H 23

1H23 Leverage and cash at holding level 1 Free cash flow reached COP $92,000 M, a positive outcome amidst economic slow down and higher investment levels and a comparable basis • Dividends from subsidiaries continued to allow the Company’s investment requirements and payments to shareholders • Pressures on financial expenses from higher repo rates (+ 2 x higher vs 2 Q 22 ) • Gross debt increased COP $ 532 , 000 M mainly due to seasonal requirements from RCF Cash and debt highlights Note : Numbers expressed in long scale, COP billion represent 1 , 000 , 000 , 000 , 000 . Central Bank repo rate increased in Colombia to 13 . 25 % in 2 Q 23 (vs . 6 % as of 2 Q 22 and 13 % as of 1 Q 23 ) to control inflation . Cash flow in 2022 expressed in line with the statement . ( 1 ) Holding : Almacenes Éxito S . A results without Colombia or international subsidiaries . 21 In B COP in thousand million COP 12M 2Q 2023 12M 2Q 2022 Variation EBITDA 939 1,067 -12.0% Lease liabilities amortizations & interests (384) (347) 10.5% Operational results before WK 426 685 -37.8% Change in Tax (81) (101) -19.5% Change in working capital (84) (48) 75.3% CapEx (441) (339) 29.9% Free cash flow before investments (180) 197 -191.2% Dividends received 271 170 59.5% Free cash flow 92 367 -75.0% Shareholders' cash flow (111) 368 -130.3%

Conclusions & Q&A session 22

Conclusions • ADR and BDR spin - off completion expected by 3Q23. • D ouble - digit consolidated sales growth o n comparable basis 1 , in local currency in all three countries • R ecurring EBITDA grew in 2Q and 1H driven by gross margin protection across countries, despite inflationary pressures. • Net Result YTD driven by positive operational performance and income tax variations, partially offset by temporary and non - operational items in Colombia and Argentina, higher financial expenses and TUYA share of profit. • Improved cash generation (COP $92 K M) to continue consolidating a solid path to develop the Group’s retail and real estate strategy. • Double - digit sales growth in Colombia on a comparable basis 1 , driven by high single - digit growth of food sales leveraged on innovation and omni - channel. • Solid performance of real estate business in Colombia (+18.9%) • Strong performance of Uruguay (and above inflation) consolidates leadership in the market. • Cash generation in Argentina invested in Cash and Carry stores and to open the first Fresh Market store in Buenos Aires; results in COP impacted by FX. 23 Note : Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect ( - 2 . 1 % and 0 . 6 % at top line in 2 Q 23 and 1 H 23 , and 2 . 5 % and 4 . 8 % at recurring EBITDA, respectively) ; Colombia perimeter includes Almacenes Éxito S . A . and its subsidiaries . ( 1 ) When excluding non - VAT day effect . Quarterly double - digit top line growth 1 and g ross margin gains droved operational performance

Appendices 24

The picture can't be displayed. Consolidated financial results Note : Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect ( - 0 . 6 % and 1 . 4 % at top line in 2 Q 23 and 1 H 23 , and 3 . 4 % and 5 . 3 % at recurring EBITDA, respectively) . CVM EBITDA refers to earnings b efore interest, taxes, depreciation, and amortization ( EBITDA) plus Associates & Joint Ventures Results . 2 Q 23 EPS considers the weighted average number of outstanding shares (IFRS 33 ), corresponding to 1 , 297 , 864 , 359 shares (including the buyback operation completed on June 30 , 2022 , and the share split 1 : 3 on November 18 , 2022 . 25 in COP M 2Q23 2Q22 % Var 1H23 1H22 % Var Net Sales 4,901,361 4,530,238 8.2% 10,138,593 8,905,386 13.8% Other Revenue 217,759 186,977 16.5% 436,681 413,796 5.5% Net Revenue 5,119,120 4,717,215 8.5% 10,575,274 9,319,182 13.5% Cost of Sales (3,753,325) (3,505,354) 7.1% (7,750,062) (6,909,094) 12.2% Cost D&A (26,367) (24,989) 5.5% (52,865) (48,718) 8.5% Gross Profit 1,339,428 1,186,872 12.9% 2,772,347 2,361,370 17.4% Gross Margin 26.2% 25.2% 100 bps 26.2% 25.3% 88 bps Total Expense (1,111,639) (960,123) 15.8% (2,325,963) (1,923,545) 20.9% Expense/Net Rev 21.7% 20.4% 136 bps 22.0% 20.6% 135 bps Recurring Operating Income (ROI) 227,789 226,749 0.5% 446,384 437,825 2.0% ROI Margin 4.4% 4.8% (36) bps 4.2% 4.7% (48) bps Non-Recurring Income/Expense (28,468) 10,511 (370.8%) (33,678) 7,518 (548.0%) Operating Income (EBIT) 199,321 237,260 (16.0%) 412,706 445,343 (7.3%) EBIT Margin 3.9% 5.0% (114) bps 3.9% 4.8% (88) bps Net Financial Result (131,300) (92,737) 41.6% (198,122) (142,536) 39.0% Associates & Joint Ventures Results (23,313) 1,056 (2307.7%) (50,105) (16,763) 198.9% EBT 44,708 145,579 (69.3%) 164,479 286,044 (42.5%) Income Tax 2,840 (44,934) 106.3% (37,868) (99,774) (62.0%) Net Result 47,548 100,645 (52.8%) 126,611 186,270 (32.0%) Non-Controlling Interests (53,732) (38,381) 40.0% (87,677) (59,467) 47.4% Net Result of Discontinued Operations - - 0.0% - - 0.0% Net Group Share Result (6,184) 62,264 (109.9%) 38,934 126,803 (69.3%) Net Margin (0.1%) 1.3% (144) bps 0.4% 1.4% (99) bps Recurring EBITDA 395,391 370,917 6.6% 782,676 726,080 7.8% Recurring EBITDA Margin 7.7% 7.9% (14) bps 7.4% 7.8% (39) bps CVM EBITDA 343,610 382,484 (10.2%) 698,893 716,835 (2.5%) CVM EBITDA Margin 6.7% 8.1% (140) bps 6.6% 7.7% (108) bps EBITDA 366,923 381,428 (3.8%) 748,998 733,598 2.1% EBITDA Margin 7.2% 8.1% (92) bps 7.1% 7.9% (79) bps Shares 1,297.864 1,297.864 0.0% 1,297.864 1,297.864 0.0% EPS (4.8) 48.0 (109.9%) 30.0 97.7 (69.3%)

The picture can't be displayed. P&L and capex by country Note : Consolidated results from Colombia, Uruguay and Argentina, eliminations and the FX effect ( - 0 . 6 % and 1 . 4 % at top line in 2 Q 23 and 1 H 23 , and 3 . 4 % and 5 . 3 % at recurring, respectively) . The Colombia perimeter includes the consolidation of Almacenes Éxito S . A . and its subsidiaries in the country . 26 Income Statement Colombia Uruguay Argentina Consol in COP M 2Q23 2Q23 2Q23 2Q23 Net Sales 3,505,457 1,036,584 359,927 4,901,361 Other Revenue 194,912 8,692 14,159 217,759 Net Revenue 3,700,369 1,045,276 374,086 5,119,120 Cost of Sales (2,836,991) (671,340) (245,605) (3,753,325) Cost D&A (24,756) (2,077) 466 (26,367) Gross profit 838,622 371,859 128,947 1,339,428 Gross Margin 22.7% 35.6% 34.5% 26.2% SG&A Expense (593,163) (255,383) (121,858) (970,404) Expense D&A (115,519) (19,450) (6,266) (141,235) Total Expense (708,682) (274,833) (128,124) (1,111,639) Expense/Net Rev 19.2% 26.3% 34.2% 21.7% Recurring Operating Income (ROI) 129,940 97,026 823 227,789 ROI Margin 3.5% 9.3% 0.2% 4.4% Non-Recurring Income and Expense (30,711) 1,575 668 (28,468) Operating Income (EBIT) 99,229 98,601 1,491 199,321 EBIT Margin 2.7% 9.4% 0.4% 3.9% Net Financial Result (108,437) (1,849) (21,014) (131,300) Recurring EBITDA 270,215 118,553 6,623 395,391 Recurring EBITDA Margin 7.3% 11.3% 1.8% 7.7% CAPEX in COP M 74,161 25,766 6,492 106,419 in local currency 74,161 225 519

The picture can't be displayed. Consolidated balance sheet Note : Consolidated data include figures from Colombia, Uruguay and Argentina . 27 in COP M Dec 2022 Jun 2023 Var % Assets 18,183,289 17,379,523 (4.4%) Current assets 5,947,863 5,519,330 (7.2%) Cash & Cash Equivalents 1,733,673 1,393,950 (19.6%) Inventories 2,770,443 2,765,708 (0.2%) Accounts receivable 779,355 642,228 (17.6%) Assets for taxes 509,884 610,556 19.7% Assets held for sale 21,800 20,436 (6.3%) Others 132,708 86,452 (34.9%) Non-current assets 12,235,426 11,860,193 (3.1%) Goodwill 3,484,303 3,355,987 (3.7%) Other intangible assets 424,680 408,101 (3.9%) Property, plant and equipment 4,474,280 4,332,950 (3.2%) Investment properties 1,841,228 1,810,138 (1.7%) Right of Use 1,443,469 1,411,428 (2.2%) Investments in associates and JVs 300,021 285,016 (5.0%) Deferred tax asset 142,589 176,779 24.0% Assets for taxes - - 0.0% Others 124,856 79,794 (36.1%) in COP M Dec 2022 Jun 2023 Var % Liabilities 9,748,843 9,344,287 (4.1%) Current liabilities 7,415,394 7,285,080 (1.8%) Trade payables 5,651,303 4,469,187 (20.9%) Lease liabilities 263,175 274,606 4.3% Borrowing-short term 915,604 2,065,206 N/A Other financial liabilities 136,223 102,542 (24.7%) Liabilities held for sale - - 0.0% Liabilities for taxes 109,726 75,150 (31.5%) Others 339,363 298,389 (12.1%) Non-current liabilities 2,333,449 2,059,207 (11.8%) Trade payables 70,472 40,823 (42.1%) Lease liabilities 1,392,780 1,343,846 (3.5%) Borrowing-long Term 539,980 348,756 (35.4%) Other provisions 15,254 11,872 (22.2%) Deferred tax liability 277,713 274,115 (1.3%) Liabilities for taxes 2,749 6,591 N/A Others 34,501 33,204 (3.8%) Shareholder´s equity 8,434,446 8,035,236 (4.7%)

The picture can't be displayed. Consolidated cash flow Note : Consolidated data include figures from Colombia, Uruguay and Argentina . 28 in COP M Jun 2023 Jun 2022 Var % Profit 126,611 186,270 (32.0%) Operating income before changes in working capital 743,994 685,650 8.5% Cash Net (used in) Operating Activities (414,454) (766,309) (45.9%) Cash Net (used in) Investment Activities (269,014) (147,165) 82.8% Cash net provided by Financing Activities 397,152 (416,969) N/A Var of net of cash and cash equivalents before the FX rate (286,316) (1,330,443) (78.5%) Effects on FX changes on cash and cash equivalents (53,407) 32,753 N/A (Decresase) net of cash and cash equivalents (339,723) (1,297,690) (73.8%) Opening balance of cash and cash equivalents 1,733,673 2,541,579 (31.8%) Ending balance of cash and cash equivalents 1,393,950 1,243,889 12.1%

The picture can't be displayed. Holding P&L (1) ( 1 ) Holding : Almacenes Éxito Results without Colombia subsidiaries . 29 in COP M 2Q23 2Q22 % Var 1H23 1H22 % Var Net Sales 3,508,364 3,388,924 3.5% 7,140,696 6,711,814 6.4% Other Revenue 102,384 87,338 17.2% 208,356 216,413 (3.7%) Net Revenue 3,610,748 3,476,262 3.9% 7,349,052 6,928,227 6.1% Cost of Sales (2,830,218) (2,735,369) 3.5% (5,758,180) (5,431,647) 6.0% Cost D&A (23,132) (21,004) 10.1% (45,688) (41,594) 9.8% Gross profit 757,398 719,889 5.2% 1,545,184 1,454,986 6.2% Gross Margin 21.0% 20.7% 27 bps 21.0% 21.0% 2 bps SG&A Expense (579,866) (512,738) 13.1% (1,185,966) (1,033,868) 14.7% Expense D&A (113,102) (98,707) 14.6% (220,300) (194,601) 13.2% Total Expense (692,968) (611,445) 13.3% (1,406,266) (1,228,469) 14.5% Expense/Net Rev (19.2%) (17.6%) (160) bps (19.1%) (17.7%) (140) bps Recurring Operating Income (ROI) 64,430 108,444 (40.6%) 138,918 226,517 (38.7%) ROI Margin 1.8% 3.1% (134) bps 1.9% 3.3% (138) bps Non-Recurring Income and Expense (33,764) (7,320) 361.3% (38,204) (9,121) 318.9% Operating Income 30,666 101,124 (69.7%) 100,714 217,396 (53.7%) EBIT Margin 0.8% 2.9% (206) bps 1.4% 3.1% (177) bps Net Financial Result (118,485) (65,511) 80.9% (202,126) (110,219) 83.4% Net Group Share Result (6,184) 62,264 (109.9%) 38,934 126,803 (69.3%) Net Margin (0.2%) 1.8% (196) bps 0.5% 1.8% (130) bps Recurring EBITDA 200,664 228,155 (12.0%) 404,906 462,712 (12.5%) Recurring EBITDA Margin 5.6% 6.6% (101) bps 5.5% 6.7% (117) bps

The picture can't be displayed. Holding balance sheet (1) ( 1 ) Holding : Almacenes Éxito Results without Colombia subsidiaries . 30 in COP M Dec 2022 Jun 2023 Var % Assets 14,761,545 14,295,227 (3.2%) Current assets 4,432,647 4,145,525 (6.5%) Cash & Cash Equivalents 1,250,398 920,148 (26.4%) Inventories 2,105,200 2,144,902 1.9% Accounts receivable 477,912 424,795 (11.1%) Assets for taxes 478,476 538,934 12.6% Others 120,661 116,746 (3.2%) Non-current assets 10,328,898 10,149,702 (1.7%) Goodwill 1,453,077 1,453,077 0.0% Other intangible assets 191,204 191,617 0.2% Property, plant and equipment 2,059,079 2,021,427 (1.8%) Investment properties 83,420 82,987 (0.5%) Right of Use 1,587,943 1,631,148 2.7% Investments in subsidiaries, associates and JVs 4,788,226 4,605,552 (3.8%) Others 165,949 163,894 (1.2%) in COP M Dec 2022 Jun 2023 Var % Liabilities 7,622,557 7,587,090 (0.5%) Current liabilities 5,455,563 5,613,538 2.9% Trade payables 4,319,342 3,397,699 (21.3%) Lease liabilities 261,824 281,124 7.4% Borrowing-short term 251,118 1,416,331 N/A Other financial liabilities 123,446 89,899 (27.2%) Liabilities for taxes 92,846 48,597 (47.7%) Others 406,987 379,888 (6.7%) Non-current liabilities 2,166,994 1,973,552 (8.9%) Lease liabilities 1,525,272 1,555,343 2.0% Borrowing-long Term 539,980 348,756 (35.4%) Other provisions 14,311 11,603 (18.9%) Deferred tax liability - - 0 Others 87,431 57,850 (33.8%) Shareholder´s equity 7,138,988 6,708,137 (6.0%)

The picture can't be displayed. Debt by country and maturity Note : The Colombia perimeter includes the consolidation of Almacenes Éxito S . A . and its subsidiaries in the country . 1 ) Debt without contingent warranties and letters of credits . ( 2 ) Holding gross debt issued 100 % in Colombian Pesos with an interest rate below IBR 3 M + 2 . 0 % , debt at the nominal amount . IBR 3 M (Indicador Bancario de Referencia) – Market Reference Rate : 12 . 47 % ; other collections included, and positive hedging valuation not included . ( 3 ) Debt at the nominal amount . 31 30 Jun 2023, (millions of COP) Holding (2) Colombia Uruguay Argentina Consolidated Short-term debt 1,506,229 1,516,802 616,741 34,205 2,167,749 Financial liabilities 1,416,330 1,416,330 614,671 34,205 2,065,206 Other financial liabilities 89,899 100,472 2,070 - 102,542 Long-term debt 348,756 348,756 - 0 - 348,756 Financial liabilities 348,756 348,756 - 0 - 348,756 Other financial liabilities - - - - - Total gross debt (1) 1,854,986 1,865,559 616,741 34,205 2,516,505 Cash and cash equivalents 920,148 1,061,532 291,385 41,033 1,393,950 Efectivo y equivalentes al efectivo 920,148 1,061,532 291,385 41,033 1,393,950 Net debt (934,837) (804,027) (325,356) 6,828 (1,122,555) Holding Gross debt by maturity 30 Jun 2023, (millions of COP) Nominal amount Nature of interest rate Maturity Date 30-jun-23 Revolving credit facility - Bilateral 100,000 Floating January 2024 100,000 Mid Term - Bilateral 135,000 Floating April 2024 135,000 Revolving credit facility - Bilateral 400,000 Floating February 2025 400,000 Long Term - Bilateral 200,000 Floating March 2025 200,000 Revolving credit facility - Bilateral 200,000 Floating April 2025 200,000 Revolving credit facility - Bilateral 300,000 Floating June 2025 300,000 Long Term - Bilateral 290,000 Floating March 2026 132,915 Long Term - Bilateral 190,000 Floating March 2027 138,187 Long Term - Bilateral 150,000 Floating March 2030 116,700 Total gross debt (3) 1,965,000 1,722,802

The picture can't be displayed. Store number and sales area Note : The store count does not include the 1 , 729 allies in Colombia . 32 Banner by country Store number Sales area (sqm) Colombia Exito 209 620,572 Carulla 106 88,447 Surtimax 76 30,314 Super Inter 59 56,907 Surtimayorista 59 50,582 Total Colombia 509 846,821 Uruguay Devoto 62 40,544 Disco 30 35,252 Geant 2 16,411 Total Uruguay 94 92,207 Argentina Libertad 15 93,719 Mini Libertad 10 1,796 Mayorista 11 13,529 Total Argentina 36 109,044 TOTAL 639 1,048,072

The picture can't be displayed. Grupo Éxito strategic pillars Leading transformation by focusing on customer and key retail trends 1 . Innovation 3. Digital Transformation 2. Omni - channel 4. Asset / Traffic Monetization 5. ESG Focus on improving Customer Service Relational Marketing HR & Suppliers Relationship IT Development Our people Omni - client ▪ Models & Formats x Premium & Mid: FreshMarket / WOW x Low - cost: Surtimayorista / Super Inter Vecino / Allies ▪ Private Label x Food / Non - food ▪ E - commerce x exito .com / carulla.com x disco.com / geant.com / devoto.com x hiperlibertad.com ▪ Market Place ▪ Digital Catalogues ▪ Home Delivery ▪ Last Milers x Rappi / Turbo 10 minutes ▪ Click & Collect ▪ WhatsApp / Clickcam ▪ Apps x Éxito / Carulla x Disco / Geant / Devoto x Hiperlibertad ▪ Others: x Éxito Media x Éxito Rental x Startups ▪ Developments x Frictionless x Customer Service x Data Analytics x Logistics, Supply Chain, HR Management ▪ Loyalty Coalition x Puntos Colombia ▪ Complementary businesses x Real Estate: VIVA / Paseo x Financial Business: TUYA / TUYA Pay / Kiire / Hipermás / Money transfers x Travel x Insurance x Virtual Mobile Operator ▪ Operational Excellence x Logistics & Supply Chain x Lean Productivity Schemes x Joint Purchasing ▪ Zero malnutrition x Child nutrition ▪ My Planet x Environmental protection ▪ Sustainable trade x Sustainable trade practices ▪ Governance & Integrity x Build trust and transparency ▪ Our people x HR development ▪ Healthy Lifestyle x Habits and healthy living The picture can't be displayed. 33

The picture can't be displayed. ESG strategy Six pillars with clear purposes, strategic focus and contribution, aligned with Sustainable Development Goals Work towards the eradication of chronic child malnutrition in Colombia by 2030 • Communicate and raise awareness • Generate resources and alliances • Influence public policies • Work closely with Fundación Éxito • SDG #2 Zero hunger Zero Malnutrition Sustainable Trade My Planet Healthy Lifestyle Our people Governance & Integrity Promote sustainable trade practices • Promote sustainable supply chains • Develop allies and suppliers • Maintain local and direct procurement • SDG #8 / #12 Decent work and economic growth / Responsible consumption and production Environmental protection • Actions to manage climate change • Enable circular economy for packaging and plastic • Initiatives for sustainable mobility and real estate • Protection of biodiversity • SDG #13 Climate action Encourage healthier and balanced lifestyles • Educate on healthy habits and living • Trade of goods and services encouraging healthy lifestyles • SDG #3 Good health and well - being Promote diversity and inclusion • Promote social dialogue • Develop our people on being and doing • Endorse gender equality • SDG #5 and #8 Gender equality, decent work and economic growth Build trust with stakeholders • Promote best practices in corporate governance • Respect of human rights • Build up ethics and transparency standards • Facilitate diverse and inclusive environments • Promote communication • SDG #16 Peace, justice and strong institutions 34

Grupo Éxito Dz s ecosystem Leading retail through innovation and integration of BU ´ s across a comprehensive ecosystem with strong synergies Unmatched digital penetration in the region Click & collect, digital catalogues, , WhatsApp and Clickam Over 1,000 vendors #1 food retailer, high margins and strong cash flow generation Dual Retail / Real Estate model Multi - banner and multi - format retail structure #1 loyalty coalition in Colombia, +130 allied brands and +5.5 M clients Others Brick & Mortar Omni - channel #6 travel agency in Colombia # 1 card issuer in Colombia +800,000 users of digital accounts Seller of micro insurance in Colombia # 3 real estate player in Argentina #1 shopping mall operator in Colombia Loyalty Coalition Complementary Businesses & Traffic Monetization 1.3 M Tx. Target: #1 ally of money transfer network in Colombia Payment platform, 80M transactions 35 The picture can't be displayed. +500K active lines Note : Data as of 2021 . Omnicliente

María Fernanda Moreno R . Head of Investor Relations +(57) 312 796 2298 mmorenor@grupo - exito.com Éxito Calle 80, Cr 59 A No. 79 – 30 Bogotá, Colombia www.grupoexito.com.co exitoinvestor.relations@grupo - exito.com • “The Issuers Recognition - IR granted by the Colombian Stock Exchange is not a certification about the quality of the securities listed at the BVC nor the solvency of the issuer”. Teresita Alzate Investor Relations Executive +(574) 6049696 Ext 306560 teresita.alzate@grupo - exito.com Cr 48 No. 32B Sur – 139, Av. Las Vegas Envigado, Colombia