Exhibit 99.2

Almacenes Éxito S.A.

Interim separate financial statements

At June 30, 2023 and at December 31, 2022

Almacenes Éxito S.A.

Interim separate statements of financial position

At June 30, 2023 and at December 31, 2022

(Amounts expressed in millions of Colombian pesos)

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

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

2

Almacenes Éxito S.A.

Interim separate statements of profit or loss

For the quarters ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

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

(*) Amounts expressed in Colombian pesos.

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

3

Almacenes Éxito S.A.

Interim separate statements of other comprehensive income

For the quarters ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

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

(*) Amounts expressed in Colombian pesos.

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

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

4

Almacenes Éxito S.A.

Interim separate statements of changes in equity

At June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

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

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

5

Almacenes Éxito S.A.

Interim separate statements of cash flows

For the periods ended June 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

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

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

6

Note 1. General information

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

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

The Company´s corporate purpose is to:

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

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

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

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

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

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

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

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

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

Note 2. Basis of preparation and other significant accounting policies

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

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

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

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

Note 2.1. Voluntary correction

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

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

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Note 3. Significant accounting policies

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

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

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

Note 4.1. New and amended standards and interpretations

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

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

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

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

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

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Note 5. Relevant facts

No relevant facts have occurred nor registered during the period.

Note 6. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

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

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

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

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

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

Note 7. Trade receivables and other account receivables

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

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

Note 7.1. Trade receivables

The balance of trade receivables is shown below:

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

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

10

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

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

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

Note 7.2. Other account receivables

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

Note 8. Prepayments

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

Note 9. Related parties

Note 9.1. Significant agreements

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

- Casino Group:

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

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

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

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

11

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

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

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

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

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

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

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

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

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

Note 9.2. Transactions with related parties

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

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

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

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

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

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

12

The amount of revenue with each subsidiary is as follows:

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

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

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

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

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

Revenue:

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

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

13

Costs and expenses:

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

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

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

Revenue by each company is as follows:

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

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

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

Costs and expenses by each company are as follows:

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

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

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

Note 9.3. Other information on related party transactions

Financial assets measured at fair value through other comprehensive income

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

14

Note 9.4. Receivable from related parties

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

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

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

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

- Other non-financial assets:

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

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

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

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

(a) Includes $496 of dividend declared.

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

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

15

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

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

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

Note 9.5. Payables to related parties

The balance of payables to related parties is shown below:

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

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

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

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

- The balance payable to subsidiaries relates to:

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

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

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

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

16

Note 9.6. Lease liabilities with related parties

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

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

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

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

Note 9.7. Other financial liabilities with related parties

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

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

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

Note 9.8. Key management personnel compensation

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

Compensation of key management personnel is as follows:

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

Note 10. Inventories, net and cost of sales

Note 10.1. Inventories, net

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

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

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

17

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

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

Note 10.2. Cost of sales

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

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

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

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

Note 11. Financial assets

The balance of financial assets is shown below:

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

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

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

18

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Note 12. Property, plant and equipment, net

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

19

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

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

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

20

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

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

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

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

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

Note 13. Investment properties, net

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

The net balance of investment properties is shown below:

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

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

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

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

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

No impairment was identified at June 30, 2023.

Note 14. Leases

Note 14.1 Right of use asset, net

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

21

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

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

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

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

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

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

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

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

Depreciation expense by class of underlying asset is shown below:

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

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

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Note 14.2 Lease liability

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

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

The movement in lease liabilities is as shown:

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

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

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

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

Note 15. Intangible, net

The net balance of intangible, net is shown below:

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

23

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

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

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

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

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

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

Note 16. Goodwill

The balance of goodwill is as follows:

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

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

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Note 17. Investments accounted for using the equity method

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

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

Note 18. Non-cash transactions

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

Note 19. Loans and borrowing

The balance of loans and borrowing is shown below:

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

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

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

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

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

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

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

25

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

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

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

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

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

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

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

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

Note 19.1. Covenants

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

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

Note 20. Employee benefits

The balance of employee benefits is shown below:

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

Note 21. Provisions

The balance of provisions is shown below:

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

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

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

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

26

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

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

Note 22. Trade payables and other payable

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

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

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

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

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

Note 23. Income tax

Note 23.1. Tax regulations applicable to the Company

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

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

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

27

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

Tax credits

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

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

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

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

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

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

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

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

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

Note 23.2. Current tax assets and liabilities

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

Current tax assets:

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

Current tax liabilities

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

Note 23.3. Income tax

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

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

28

Note 23.4. Deferred tax

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

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

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

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

Note 23.5. Income tax consequences related to payments of dividends

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

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

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

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

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

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

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

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

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

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

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

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

29

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

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

Note 25. Other liabilities

The balance of other liabilities is shown below:

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

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

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

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

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

Note 26. Shareholders’ equity

Capital and premium on placement of shares

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

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

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

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

Reserves

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

30

Other accumulated comprehensive income

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

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

Note 27. Revenue from contracts with customers

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

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

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

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

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

31

(2) Revenues from services and rental income comprise:

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

(3) Other revenue relates to:

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

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

(b) Represents revenue from the following collaboration agreements:

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

(a) Collaboration agreements started at December, 2022.

32

Note 28. Distribution, administrative and selling expenses

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

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

Note 29. Employee benefit expenses

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

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

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

33

Note 30. Other operating profit, net

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

Note 31. Financial income and cost

The amount of financial income and cost is as follows:

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

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

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

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

34

Note 33. Earnings per share

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

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

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

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

In total comprehensive income for the period:

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

Note 34. Impairment of assets

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

Note 35. Fair value measurement

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

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

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

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

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

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

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

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

Note 36. Contingencies

Note 36.1. Contingent Assets

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

Note 36.2. Contingent Liabilities

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

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

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

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

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

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

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

(b) Guarantees:

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

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

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

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

Note 37. Dividends declared and paid

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

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

Note 38. Seasonality of transactions

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

Note 39. Assets held for sale and discontinued operations

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

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

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

Note 40. Subsequent events

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

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

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

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

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

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

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

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