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	%

8

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)

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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

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(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

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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.

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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.

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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

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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

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	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