Exhibit 99.2

Almacenes Éxito S.A.

Interim separate financial statements

At September 30, 2023 and at December 31, 2022

Almacenes Éxito S.A.

Interim separate statements of financial position

At September 30, 2023 and at December 31, 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	At September 30 2023		At December 31 2022
Current assets
Cash and cash equivalents	6		674,950		1,250,398
Trade receivables and other receivables	7		404,708		477,912
Prepayments	8		7,481		17,166
Related parties	9		61,121		59,416
Inventories, net	10		2,156,345		2,105,200
Financial assets	11		4,372		40,154
Tax assets	23		403,102		478,476
Assets held for sale	39		3,925		3,925
Total current assets			3,716,004		4,432,647
Non-current assets
Trade receivables and other receivables	7		45,998		54,155
Prepayments	8		3,273		3,235
Receivables with related parties and other non-financial assets	9		10,876		35,273
Financial assets	11		11,091		12,728
Deferred tax assets	23		123,116		60,160
Property, plant and equipment, net	12		2,021,058		2,059,079
Investment property, net	13		82,771		83,420
Rights of use asset, net	14		1,587,729		1,587,943
Other intangible, net	15		192,322		191,204
Goodwill	16		1,453,077		1,453,077
Investments accounted for using the equity method	17		4,569,091		4,788,226
Other assets			398		398
Total non-current assets			10,100,800		10,328,898
Total assets			13,816,804		14,761,545
Current liabilities
Loans and borrowings	19		1,601,970		251,118
Employee benefits	20		4,385		2,692
Provisions	21		11,819		19,870
Payable to related parties	9		225,569		225,234
Trade payables and other payable	22		3,042,535		4,319,342
Lease liabilities	14		284,426		261,824
Tax liabilities	23		68,497		92,846
Derivative instruments and collections on behalf of third parties	24		90,718		123,446
Other liabilities	25		108,776		159,191
Total current liabilities			5,438,695		5,455,563
Non-current liabilities
Loans and borrowings	19		293,938		539,980
Employee benefits	20		14,646		14,646
Provisions	21		11,375		14,311
Trade payables and other payable	22		39,613		70,374
Lease liabilities	14		1,513,717		1,525,272
Other liabilities	25		2,367		2,411
Total non-current liabilities			1,875,656		2,166,994
Total liabilities			7,314,351		7,622,557
Shareholders’ equity
Share capital			4,482		4,482
Reserves			1,421,158		1,541,586
Other equity components			5,076,813		5,592,920
Total shareholders’ equity			6,502,453		7,138,988
Total liabilities and shareholders’ equity			13,816,804		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

Nine months ended September 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Continuing operations
Revenue from contracts with customers	27		11,067,542			10,552,057			3,718,490			3,623,830
Cost of sales	10		(8,783,409	)		(8,356,490	)		(2,979,541	)		(2,883,249	)
Gross profit			2,284,133			2,195,567			738,949			740,581
Distribution, administrative and selling expenses	28		(2,144,628	)		(1,906,531	)		(723,453	)		(654,874	)
Other operating revenue	30		22,638			31,343			6,932			8,124
Other operating expenses	30		(59,054	)		(12,157	)		(24,377	)		(4,546	)
Other (losses) net income	30		(4,866	)		(1,412	)		(542	)		129
Operating profit (loss)			98,223			306,810			(2,491	)		89,414
Financial income	31		182,627			121,446			16,212			50,929
Financial cost	31		(493,405	)		(315,445	)		(124,864	)		(134,709	)
Share of profit in subsidiaries, associates and joint ventures	32		164,153			129,319			54,328			56,275
(Loss) profit before income tax from continuing operations			(48,402	)		242,130			(56,815	)		61,909
Income tax gain (expense)	23		55,651			(65,390	)		25,130			(11,972	)
Profit (loss) for the period			7,249			176,740			(31,685	)		49,937
Earnings per share (*)
Basic and diluted earnings per share (*):
Basic and diluted profit (loss) per share from continuing operations	33		5.59			136.18			(24.41	)		38.48

(*) 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

Nine months ended September 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Profit (loss) for the period			7,249			176,740			(31,685	)		49,937
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
Remeasurement profit on defined benefit plans			84			-			-			-
(Loss) from financial instruments designated at fair value			(1,042	)		(2,889	)		(903	)		(616	)
Total other comprehensive income that will not be reclassified to period results, net of taxes			(958	)		(2,889	)		(903	)		(616	)
Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
(Loss) gain from translation exchange differences (1)	26		(911,221	)		153,002			(319,734	)		37,865
Gain on hedge of a net investment in a foreign operation	26		-			2,382			-			55
Gain from cash flow hedge	26		1,169			5,653			2,486			1,178
Total other comprehensive income that may be reclassified to profit or loss, net of taxes			(910,052	)		161,037			(317,248	)		39,098
Total other comprehensive income			(911,010	)		158,148			(318,151	)		38,482
Total comprehensive income			(903,761	)		334,888			(349,836	)		88,419
Earnings per share:
Basic and diluted earnings per share (*):
Basic and diluted (loss) profit per share from continuing operations	33		(696.35	)		258.03			(269.55	)		68.13

(*) 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 September 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		-		-		-			-		-			-		-		-		-			-			176,740			-			176,740
Other comprehensive income		-		-		-			-		-			-		-		-		-			271,358			-			-			271,358
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		-		-		-			-		-			-		-		-		-			-			5			(908	)		(903	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-		-			-			-			473,133			473,133
Equity impact on the valuation put effect of subsidiary Grupo Disco del Uruguay S.A.		-		-		-			-		-			-		-		-		-			(113,210	)		-			17,893			(95,317	)
Other net decrease (increase) in shareholders’ equity		-		-		-			-		(1,863	)		-		-		15,734		13,871			-			(14,351	)		(192	)		(672	)
Balance at September 30, 2022		4,482		4,843,466		(319,490	)		7,857		630,346			418,442		155,412		345,263		1,557,320			(1,082,009	)		576,357			1,444,793			7,024,919
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		-		-		-			-		-			-		-		-		-			-			7,249			-			7,249
Other comprehensive income		-		-		-			-		-			-		-		-		-			(984,823	)		-			-			(984,823	)
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		-		-		-			-		-			-		-		-		-			-			-			(65,389	)		(65,389	)
Equity impact on the inflationary effect of subsidiary Libertad S.A.		-		-		-			-		-			-		-		-		-			-			-			488,728			488,728
Equity impact on the valuation put effect of subsidiary Grupo Disco del Uruguay S.A.																				-			73,813			-			72,412			146,225
Other net (decrease) in shareholders’ equity		-		-		-			-		(2,108	)		-		-		-		(2,108	)		-			(1,478	)		(7,547	)		(11,133	)
Balance at September 30, 2023		4,482		4,843,466		(319,490	)		7,857		509,918			418,442		155,412		329,529		1,421,158			(1,877,912	)		422,263			2,008,486			6,502,453

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

5

Almacenes Éxito S.A.

Interim separate statements of cash flows

Nine months ended September 30, 2023 and 2022

(Amounts expressed in millions of Colombian pesos)

	Notes	Nine months ended September 30, 2023			Nine months ended September 30, 2022 restated
Operating activities
Profit for the period			7,249			176,740
Adjustments to reconcile profit for the period
Current income tax	23		2,966			13,958
Deferred income tax	23		(58,617	)		51,432
Interest, loans and lease expenses	31		257,534			148,481
Loss (gain) from changes in fair value of derivative financial instruments	31		27,095			(26,666	)
Impairment of receivables, net	7.1		1,159			(160	)
Impairment of inventories, net	10.1		6,477			2,094
Impairment of property, plant and equipment and investment properties			-			785
Employee benefit provisions	20		1,693			1,269
Provisions and reversals	21		22,975			12,058
Depreciation of property, plant and equipment, investment property and right of use asset	12; 13; 14		381,666			340,379
Amortization of intangible assets	15		18,897			16,892
Share of profit in associates and joint ventures accounted for using the equity method	32		(164,153	)		(129,319	)
Loss from the disposal of non-current assets			5,862			1,405
Loss from reclassification of non-current assets			-			230
Other adjustments from items other than cash			-			(80	)
Interest income	31		(10,480	)		(5,658	)
Operating income before changes in working capital			500,323			603,840
Decrease in trade receivables and other accounts receivable			80,152			(36,779	)
Decrease in prepayments			9,647			12,519
(Increase) decrease in receivables from related parties			(1,199	)		17,086
(Increase) in inventories			(53,619	)		(690,923	)
Decrease in tax assets			9,900			8,077
Payments of provisions	21		(33,962	)		(14,105	)
(Decrease) in trade payables and other accounts payable			(1,226,981	)		(884,998	)
Increase in accounts payable to related parties			335			1,018
(Decrease) in tax liabilities			(24,349	)		(12,859	)
(Decrease) in other liabilities			(50,459	)		(69,323	)
Income tax, net			80,895			(27,468	)
Net cash flows used in operating activities			(709,317	)		(1,093,915	)
Investing activities
Advances to subsidiaries and joint ventures			(129,561	)		(32,627	)
Acquisition of property, plant and equipment	12.1		(228,971	)		(166,074	)
Acquisition of investment property			-			(610	)
Acquisition of intangible assets	15		(21,354	)		(19,724	)
Proceeds of the sale of property, plant and equipment			767			1,000
Dividends received			111,793			113,039
Net cash flows used in investing activities			(267,326	)		(104,996	)
Financing activities
Cash flows provided by changes in interests in subsidiaries that do not result in loss of control			-			(11	)
Proceeds from financial assets			11			6,103
Payments of derivative instruments and collections on behalf of third parties			(34,808	)		(20,740	)
Proceeds from loans and borrowings	19		1,125,000			764,374
Repayment of loans and borrowings	19		(49,763	)		(111,278	)
Payments of interest of loans and borrowings	19		(131,027	)		(54,885	)
Lease liabilities paid	14.2		(206,280	)		(198,392	)
Interest on lease liabilities paid	14.2		(95,163	)		(75,178	)
Dividends paid	37		(217,255	)		(237,562	)
Interest received	31		10,480			5,658
Payments on the reacquisition of shares			-			(316,756	)
Net cash flows provided by (used in) financing activities			401,195			(238,667	)
Net decrease in cash and cash equivalents			(575,448	)		(1,437,578	)
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		674,950			625,950

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). On August, 2023, the Company obtained registration as a foreign issuer with the U.S the Securities and Exchange Commission (SEC).

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.

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

On August 8, 2023, the Colombian Superintendency of Finance (Superintendencia Financiera de Colombia – SFC) approved the transfer of the Company common shares that will be the subject of the Spin-Off in CBD. With the Spin-Off, CBD will distribute 1.080.556.276 from the Company common shares (83,26% of outstanding common shares) in the form of Brazilian Depositary Receipts Level II (“Éxito BDRs level II”), and American Depositary Shares Level II (“Éxito ADRs level II”). Following the Spin-Off, CBD retained 13.26% of the outstanding common shares of the Company.

At September 30, 2023, the immediate holding company, or controlling entity of the Company is Casino Guichard-Perrachon S.A., which owns 47.29% of its ordinary shares. Casino, Guichard-Perrachon S.A., is ultimately controlled by Mr. Jean-Charles Henri Naouri.

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

7

Note 2. Basis of preparation and other significant accounting policies

This interim separate financial statements for the nine and three months ended September 30, 2023 and 2022 have been prepared and disclosed in accordance with International Financial Standard (IAS 34) – Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), and must be read in conjunction with the separate financial statements as of December 31, 2022. These interim separate financial statements do not include all the information required for a separate financial statement prepared in accordance with International Financial Standards (IAS 1) – Presentation of Financial Statements. 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 non-controlling interest of the 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, in the equity impact on the valuation put effect, 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 this correction, the separate statements of financial position and the separate statements of changes in equity had been adjusted in the final figures of these accounts and in these dates.

The immaterial correction did not impact, liabilities, profit for the year, comprehensive income or cash flows for the years ended December 31,2022 and 2021 and for the period of nine months ended September 30, 2022.

Note 3. Significant accounting policies

The accompanying interim separate financial statements at September 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 4.1., did not result in significant changes in these accounting policies as compared to those applied in preparing the consolidated financial statements at December 31, 2022 and no significant effect resulted from adoption thereof.

8

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.

9

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.
Amendment to IAS 21 – Lack of Exchangeability	This Amendment, which amends IAS 21 – The Effects of Changes in Foreign Exchange Rates, aims to establish the accounting requirements for when one currency is not exchangeable for another currency, specifying the exchange rate to be used and the information that should be disclosed in the financial statements. The Amendment will allow companies to provide more useful information in their financial statements and will assist investors in addressing an issue not previously covered in the accounting requirements for the effects of exchange rate variations.	January 1, 2025, with early adoption permitted.

10

Note 5. Relevant facts

No relevant facts have occurred nor registered during the period, except for mentioned in Note 1., related to registration as a foreign issuer with the SEC and CVM and for the change in controlling entity after Spin-Off.

Note 6. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

	September 30, 2023		December 31, 2022
Cash at banks and on hand		587,570		1,232,403
Term deposit certificates (1)		84,338		-
Fiduciary rights – money market like		1,774		16,856
Funds (2)		1,268		1,139
Total cash and cash equivalents		674,950		1,250,398

(1) The balance as of September 30, 2023, corresponds to $84,515 tax refund titles (Tidis) received, which are considered as cash equivalents because its high liquidity, solvency due that could be trade without limitations, and they are used for short term and tax payments and to $7,587 of term deposit certificates -CDT.

(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 September 30, 2023, the Company recognized interest income from cash at banks and cash equivalents in the amount of $10,480 (September 30, 2022 - $5,658), which were recognized as financial income as detailed in Note 31.

At September 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:

	September 30, 2023		December 31, 2022
Trade receivables (Note 7.1.)		219,944		245,782
Other account receivables (Note 7.2.)		230,762		286,285
Total trade receivables and other account receivables		450,706		532,067
Current		404,708		477,912
Non-Current		45,998		54,155

Note 7.1. Trade receivables

The balance of trade receivables is shown below:

	September 30, 2023			December 31, 2022
Trade accounts		135,233			156,582
Sale of real-estate project inventories		68,461			66,831
Rentals and dealers		9,951			13,322
Net investment in leases		6,221			6,270
Employee funds and lending		5,754			7,870
Allowance for expected credit loss		(5,676	)		(5,093	)
Trade receivables		219,944			245,782

11

The allowance for expected credit loss is recognized as expense in profit or loss. During the period of nine months ended September 30, 2023, the net effect of the allowance for expected credit loss on the statement of profit or loss represents expense of $1,159 ($160 - expense for the period ended September 30, 2022).

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.)	11,779
Reversal of allowance for expected credit losses (Note 30)	(11,939	)
Write-off of receivables	(631	)
Balance at September 30, 2022	6,494
Balance at December 31, 2022	5,093
Additions (Note 28.)	11,014
Reversal of allowance for expected credit losses (Note 30)	(9,855	)
Write-off of receivables	(576	)
Balance at September 30, 2023	5,676

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

	September 30, 2023		December 31, 2022
Recoverable taxes		92,435		103,336
Business agreements		77,028		54,466
Other loans or advances to employees		44,375		82,525
Money remittances		12,151		16,347
Money transfer services		1,308		20,370
Sale of property, plant, and equipment		116		405
Other		3,349		8,836
Total other account receivables		230,762		286,285

Note 8. Prepayments

	September 30, 2023		December 31, 2022
Insurance		6,784		15,247
Lease payments made before commencement date		3,360		4,697
Maintenance		261		-
Advertising		219		-
Other prepayments		130		457
Total prepayments		10,754		20,401
Current		7,481		17,166
Non-current		3,273		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.

12

(d) 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.

- Greenyellow Energía de Colombia S.A.S.: Service agreement to provide oversight and monitoring services relating to energy efficiency. As of October 2022 this company has not been a related party.

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

- Compañía de Financiamiento Tuya S.A.: Partnership agreements to promote (i) the sale of products and services offered by the 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.

- 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.

As September 30, 2023, as result of the Spin-Off mentioned in Note 1., Companhia Brasileira de Distribuição S.A. - CBD ceased as the controlling entity to become a company of the Casino Group and (b) Casino Guichard-Perrachon S.A. become a controlling entity.

Some reclassifications in the amounts of Casino Group companies and Controlling Entity´s transactions from 2022, where done for comparability effects consequently for the last paragraph.

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

	Revenue
	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Joint ventures (2)		48,356		57,228		16,583		18,208
Subsidiaries (1)		38,690		53,022		12,536		14,870
Casino Group companies (4)		2,767		2,657		1,335		1,343
Total revenue		89,813		112,907		30,454		34,421

	Costs and expenses
	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Subsidiaries (1)		275,799		300,712		94,227		98,377
Joint ventures (2)		81,453		74,845		27,818		26,121
Controlling entity (3)		10,849		10,049		2,909		3,616
Casino Group companies (4)		6,568		49,046		713		16,229
Members of the Board		2,434		1,495		785		253
Total cost and expenses		377,103		436,147		126,452		144,596

(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.

13

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 and Éxito Industrias S.A.S.; branding royalty expenses with Éxito Industrias S.A.S., purchase of corporate plans from Almacenes Éxito Inversiones S.A.S.; and services received, purchase of goods and reimbursements with other subsidiaries.

The amount of revenue with each subsidiary is as follows:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Patrimonios Autónomos		19,780		31,312		6,041		6,922
Almacenes Éxito Inversiones S.A.S.		14,629		13,815		5,048		4,897
Logística, Transporte y Servicios Asociados S.A.S.		2,007		2,465		611		751
Éxito Viajes y Turismo S.A.S.		1,270		1,126		417		376
Éxito Industrias S.A.S.		899		3,507		383		1,889
Transacciones Energéticas S.A.S. E.S.P.		105		98		36		35
Libertad S.A.		-		699		-		-
Total		38,690		53,022		12,536		14,870

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

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Logística, Transporte y Servicios Asociados S.A.S.		130,329		123,736		45,969		42,788
Patrimonios Autónomos		80,305		79,990		25,057		22,466
Éxito Industrias S.A.S.		49,841		82,398		17,803		28,205
Almacenes Éxito Inversiones S.A.S.		12,683		12,184		4,369		4,331
Marketplace Internacional Exito y Servicios S.A.S.		1,686		1,699		659		381
Transacciones Energéticas S.A.S. E.S.P.		736		581		251		164
Éxito Viajes y Turismo S.A.S.		219		121		119		42
Libertad S.A.		-		2		-		-
Spice Investment Mercosur S.A.		-		1		-		-
Total costs and expenses		275,799		300,712		94,227		98,377

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

Revenue:

	Compañía de Financiamiento Tuya S.A.
Description	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Commercial activation recovery		37,686		43,775		12,751		14,639
Yield on bonus, coupons and energy		5,737		8,686		2,113		1,897
Lease of real estate		3,019		3,393		966		1,249
Services		784		837		291		257
Total revenue		47,226		56,691		16,121		18,042

	Puntos Colombia S.A.S.
Description	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Services		909		537		241		166
Total revenue		909		537		241		166

	Sara ANV S.A.
Description	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Employee salary recovery		221		-		221		-
Total revenue		221		-		221		-

14

Costs and expenses:

	Compañía de Financiamiento Tuya S.A.
Description	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Commissions on means of payment		9,996		6,119		3,280		2,239
Total costs and expenses		9,996		6,119		3,280		2,239

	Puntos Colombia S.A.S.
Description	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Cost of customer loyalty program		71,457		68,726		24,538		23,882
Total costs and expenses		71,457		68,726		24,538		23,882

(3) Costs and expenses related to consulting services provided by Casino Guichard Perrachon S.A.

(4) Revenue mainly relates to the various services provided. 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:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Relevan C Colombia S.A.S. (a)		1,935		-		808		-
Casino International		715		1,950		527		1,128
Casino Services		77		-		-		-
Distribution Casino France		40		303		-		75
Greenyellow Energía de Colombia S.A.S.		-		404		-		140
Total revenue		2,767		2,657		1,335		1,343

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

Costs and expenses by each company are as follows:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Distribution Casino France		1,850		4,642		-		654
Euris		1,393		1,226		428		432
International Retail and Trade Services IG.		1,195		-		159		-
Casino Services		1,166		153		73		40
Companhia Brasileira de Distribuição – CBD S.A.		549		8,960		-		2,971
Relevan C Colombia S.A.S.		404		-		41		-
Cdiscount S.A.		11		14		11		6
Greenyellow Energía de Colombia S.A.S. (Note 9.1.)		-		34,051		-		12,125
Total costs and expenses		6,568		49,046		712		16,228

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.

15

Note 9.4. Receivable from related parties

	Receivable				Other non-financial assets
	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Joint ventures (1)		43,469		41,464		10,596		34,993
Subsidiaries (2)		12,825		14,503		280		280
Casino Group companies (3)		3,024		3,449		-		-
Controlling entity (4)		1,803		-		-		-
Total		61,121		59,416		10,876		35,273
Current		61,121		59,416		-		-
Non-Current		-		-		10,876		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	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Reimbursement of shared expenses, collection of coupons and other		4,823		5,298		-		-		-		-
Redemption of points		-		-		30,119		33,469		-		-
Other services		8,284		2,329		-		-		243		368
Total receivable		13,107		7,627		30,119		33,469		243		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; during 2023, obtained authorization to recognize the capital increase. Likewise, during the period of nine months ended September 30, 2023, Compañía de Financiamiento Tuya S.A. received payments of $9,998 for the subscription of shares that have not been recognized in the equity because authorization has not been obtained by the Financial Superintendence of Colombia.

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

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

	September 30, 2023		December 31, 2022
Libertad S.A.		7,716		9,148
Patrimonios Autónomos (a)		3,172		3,117
Éxito Industrias S.A.S.		902		525
Logística, Transporte y Servicios Asociados S.A.S.		306		830
Almacenes Éxito Inversiones S.A.S.		485		477
Transacciones Energéticas S.A.S. E.S.P.		163		39
Éxito Viajes y Turismo S.A.S.		78		317
Marketplace Internacional Exito y Servicios S.A.S.		2		49
Devoto Hermanos S.A.		1		1
Total accounts receivable from subsidiaries		12,825		14,503

(a) Includes $496 of dividend declared.

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

	September 30, 2023		December 31, 2022
Strategic direction services		7,716		9,148
Administrative services		1,852		644
Charge for dividends declared		496		496
Reimbursement of expenses		258		419
Sale of goods		-		79
Sale of property, plant and equipment		-		1,698
Other services		2,503		2,019
Total accounts receivable from subsidiaries		12,825		14,503

16

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

	September 30, 2023		December 31, 2022
Casino International		1,773		2,730
Relevan C Colombia S.A.S.		956		192
Companhia Brasileira de Distribuição S.A. – CBD		288		288
Casino Services		7		7
Distribution Casino France		-		232
Total Casino Group companies		3,024		3,449

(4) Represents the balance of personnel expenses receivable from Casino Guichard Perrachon S.A.

Note 9.5. Payables to related parties

The balance of payables to related parties is shown below:

	September 30, 2023		December 31, 2022
Subsidiaries (1)		171,427		158,398
Joint ventures (2)		50,894		62,673
Controlling entity (3)		2,291		2,578
Casino Group companies (4)		860		1,542
Members of the Board		97		43
Total		225,569		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:

	September 30, 2023		December 31, 2022
Éxito Industrias S.A.		152,638		139,205
Logística, Transporte y Servicios Asociados S.A.S.		9,667		8,993
Patrimonios Autónomos		3,648		3,855
Almacenes Éxito Inversiones S.A.S.		3,112		3,241
Transacciones Energéticas S.A.S. E.S.P.		2,138		1,874
Marketplace Internacional Exito y Servicios S.A.S.		197		240
Éxito Viajes y Turismo S.A.S.		27		854
Devoto Hermanos S.A.		-		136
Total accounts payable to subsidiaries		171,427		158,398

- The balance payable to subsidiaries relates to:

	September 30, 2023		December 31, 2022
Purchase of assets and inventories		149,418		137,119
Transportation service		6,810		6,048
Mobile recharge collection service		3,081		3,236
Energy service		2,127		1,874
Lease of property		1,602		3,428
Purchase of tourist trips		27		853
Other services received		8,362		5,840
Total accounts payable to subsidiaries		171,427		158,398

(2) The balance of payables by each joint venture is as follows:

	September 30, 2023		December 31, 2022
Puntos Colombia S.A.S. (a)		38,486		62,304
Compañía de Financiamiento Tuya S.A. (b)		12,408		369
Total accounts payable to joint ventures		50,894		62,673

(a) Represents the balance arising from points (accumulations) issued.

(b) Represents collections on behalf.

17

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

(4) Represents the balance of personnel expenses receivable from Casino Guichard Perrachon S.A.

	September 30, 2023		December 31, 2022
Casino Services		849		100
CDiscount S.A.		11		-
Distribution Casino France		-		934
Relevan C Colombia S.A.S.		-		508
Total Casino Group companies		860		1,542

Note 9.6. Lease liabilities with related parties

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

	September 30, 2023		December 31, 2022
Subsidiaries		495,631		452,556
Total lease liabilities (Note 14.2)		495,631		452,556
Current		52,361		43,778
Non-Current		443,270		408,778

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

	September 30, 2023		December 31, 2022
Patrimonios autónomos (Stand-alone trust funds)		495,631		452,556
Total lease liabilities		495,631		452,556

Note 9.7. Other financial liabilities with related parties

	September 30, 2023		December 31, 2022
Joint ventures (1)		10,846		26,167
Subsidiaries (2)		8,852		17,669
Total		19,698		43,836

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

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

In September 2023, the Company modified the definition of key management personnel and this month in after it only includes levels 1 and 2 of the organizational structure.

Compensation of key management personnel is as follows:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Short-term employee benefits		27,860		38,808		7,680		9,423
Post-employment benefits		2,206		1,415		2,206		472
Termination benefits		674		-		185		-
Total key management personnel compensation		30,740		40,223		10,071		9,895

18

Note 10. Inventories, net and cost of sales

Note 10.1. Inventories, net

	September 30, 2023		December 31, 2022
Inventories (1)		2,079,008		1,999,578
Inventories in transit		40,722		58,754
Raw materials		28,498		29,037
Materials, spares, accessories and consumable packaging		7,248		9,537
Real estate project inventories (2)		776		3,213
Production in process		93		5,081
Total inventories		2,156,345		2,105,200

(1) The movement of the losses on inventory obsolescence and damages, included as lower value in inventories, during the reporting periods is shown below:

Balance at December 31, 2021	8,862
Loss recognized during the period (Note 10.2.)	2,094
Balance at September 30, 2022	10,956
Balance at December 31, 2022	9,969
Loss recognized during the period (Note 10.2.)	6,477
Balance at September 30, 2023	16,446

(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 September 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:

	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Cost of goods sold (1)		9,878,967			9,243,097			3,354,147			3,219,339
Trade discounts and purchase rebates		(1,620,061	)		(1,340,366	)		(560,215	)		(494,612	)
Logistics costs (2)		388,785			345,316			136,325			118,273
Damage and loss		129,241			106,349			46,244			39,077
Allowance for inventory losses, net		6,477			2,094			3,040			1,172
Total cost of sales		8,783,409			8,356,490			2,979,541			2,883,249

(1) The period of nine months ended September 30, 2023 includes $22,013 of depreciation and amortization cost (September 30, 2022 - $20,964).

(2) The period of nine months ended September 30, 2023 includes $225,853 of employee benefits (September 30, 2022 - $195,537) and $46,560 of depreciation and amortization cost (September 30, 2022 - $42,055).

Note 11. Financial assets

The balance of financial assets is shown below:

	September 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)		3,344		14,480
Derivative financial instruments (3)		1,028		27,300
Financial assets measured at fair value through profit or loss		415		426
Total financial assets		15,463		52,882
Current		4,372		40,154
Non-current		11,091		12,728

19

(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:

	September 30, 2023		December 31, 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

(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 September 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		9.0120	%		3,344

The detail of maturities of these hedge instruments at September 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		-		1,194		968		1,182		-		3,344

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		9.0% 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 September 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		143		101		784		-		-		1,028

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 September 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 on September 30, 2023 and at December 31, 2022.

20

Note 12. Property, plant and equipment, net

	September 30, 2023			December 31, 2022
Land		445,269			447,733
Buildings		958,207			944,782
Machinery and equipment		861,204			827,612
Furniture and fixtures		535,214			518,827
Assets under construction		9,639			10,156
Improvements to third-party properties		451,974			429,942
Vehicles		7,588			8,724
Computers		292,455			277,754
Other property, plant and equipment		16,050			16,050
Total property, plant and equipment, gross		3,577,600			3,481,580
Accumulated depreciation		(1,556,542	)		(1,422,501	)
Total property, plant and equipment, net		2,021,058			2,059,079

21

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

Cost	Land			Buildings			Machinery and equipment			Furniture and fixtures			Assets under construction			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		-			14,540			65,671			48,718			2,724			47,768			40			20,670			-		200,131
Disposals and derecognition		-			(2,383	)		(21,685	)		(8,683	)		(9	)		(6,641	)		(152	)		(2,488	)		-		(42,041	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			(201	)		(9,299	)		(6,929	)		(34	)		(1,766	)		-			(2,123	)		-		(20,352	)
Other minor changes		-			25			134			57			34			-			-			170			-		420
Balance at September 30, 2022		449,842			938,035			784,029			501,268			11,788			406,153			8,780			270,118			16,050		3,386,063
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		-			15,623			66,448			27,742			269			23,458			-			21,822			-		155,362
Disposals and derecognition		-			-			(22,024	)		(7,747	)		(395	)		(873	)		(1,136	)		(5,458	)		-		(37,633	)
(Decrease) from transfers (to) other balance sheet accounts - tax assets		-			-			(10,895	)		(3,608	)		(391	)		(553	)		-			(2,946	)		-		(18,393	)
(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			-			-			-			-			1,283			-		1,346
Balance at September 30, 2023		445,269			958,207			861,204			535,214			9,639			451,974			7,588			292,455			16,050		3,577,600

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		-		20,722			50,593			35,631			-		22,383			666			22,341			591		152,927
Disposals and derecognition		-		(601	)		(17,529	)		(6,898	)		-		(5,915	)		(119	)		(2,450	)		-		(33,512	)
Balance at September 30, 2022		-		222,201			448,727			326,240			-		219,593			7,442			151,931			6,176		1,382,310
Balance at December 31, 2022				228,805			462,032			337,282					227,500			7,591			152,918			6,373		1,422,501
Depreciation				21,249			53,206			38,974					25,814			474			25,009			591		165,317
Disposals and derecognition				-			(17,213	)		(6,695	)				(806	)		(1,016	)		(4,886	)		-		(30,616	)
Decrease) from transfers (to) other balance sheet accounts – inventories				(660	)		-			-					-			-			-			-		(660	)
Balance at September 30, 2023				249,394			498,025			369,561					252,508			7,049			173,041			6,964		1,556,542

22

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 September 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

	Nine months ended September 30, 2023			Nine months ended September 30, 2022
Additions		155,362			200,131
Additions to trade payables for deferred purchases of property, plant and equipment		(217,320	)		(248,211	)
Payments for deferred purchases of property, plant and equipment		290,929			214,154
Acquisition of property, plant and equipment in cash		228,971			166,074

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:

	September 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		(7,907	)		(7,258	)
Impairment		(62	)		(62	)
Total investment properties, net		82,771			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		557
Disposals and derecognition		(39	)
Increase from transfers from non-current assets held for sale		434
Balance at September 30, 2022		6,628
Balance at December 31, 2022		7,258
Depreciation expenses		649
Balance at September 30, 2023		7,907

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

At September 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 September 30, 2023.

23

Note 14. Leases

Note 14.1 Right of use asset, net

	September 30, 2023			December 31, 2022
Right of use asset		3,166,516			2,929,731
Accumulated depreciation		(1,578,787	)		(1,341,788	)
Total right of use asset, net		1,587,729			1,587,943

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	117,481
Remeasurements from existing contracts (1)	162,240
Derecognition, reversal and disposal (2)	(168,927	)
Others	(6,789	)
Balance at September 30, 2022	2,902,623
Balance at December 31, 2022	2,929,731
Increase from new contracts	27,333
Remeasurements from existing contracts (1)	193,285
Derecognition and disposal (2)	(14,467	)
Others	30,634
Balance at September 30, 2023	3,166,516
Accumulated depreciation
Balance at December 31, 2021	1,189,019
Depreciation	186,895
Derecognition and disposal (2)	(89,197	)
Balance at September 30, 2022	1,286,717
Balance at December 31, 2022	1,341,788
Depreciation	215,700
Derecognition and disposal (2)	(13,513	)
Others	34,812
Balance at September 30, 2023	1,578,787

(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:

	September 30, 2023		December 31, 2022
Buildings		3,158,925		2,921,013
Equipment		5,206		6,163
Vehicles		2,385		2,555
Total		3,166,516		2,929,731

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

	September 30, 2023		December 31, 2022
Buildings		1,573,156		1,337,094
Equipment		4,359		3,656
Vehicles		1,272		1,038
Total		1,578,787		1,341,788

Depreciation expense by class of underlying asset is shown below:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023			Three months ended September 30, 2022
Buildings		214,154		185,377		73,635			63,486
Equipment		1,400		1,094		1,046			365
Vehicles		146		424		(543	)		197
Total depreciation		215,700		186,895		74,138			64,048

At September 30, 2023, the average remaining term of lease contracts is 12.00 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.

24

Note 14.2 Lease liability

	September 30, 2023		December 31, 2022
Lease liabilities (1)		1,798,143		1,787,096
Current		284,426		261,824
Non-current		1,513,717		1,525,272

(1) Includes $495,631 (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	117,481
Accrued interest	76,192
Remeasurements	162,240
Terminations	(85,545	)
Payments of lease liabilities including interests	(273,570	)
Balance at September 30, 2022	1,817,583
Balance at December 31, 2022	1,787,096
Additions	27,333
Accrued interest	96,934
Remeasurements	193,285
Terminations	(5,062	)
Payments of lease liabilities including interests	(301,443	)
Balance at September 30, 2023	1,798,143

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

Up to one year	407,394
From 1 to 5 years	1,108,238
More than 5 years	944,910
Minimum lease liability payments	2,460,542
Future financing (expenses)	(662,399	)
Total minimum net lease liability payments	1,798,143

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. Other intangible assets, net

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

	September 30, 2023			December 31, 2022
Trademarks		86,427			81,131
Computer software		247,117			232,398
Rights		20,491			20,491
Other		22			22
Total cost of other intangible assets		354,057			334,042
Accumulated amortization		(161,735	)		(142,838	)
Total other intangible assets, net		192,322			191,204

25

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		-		19,724			-		-		19,724
Disposals and derecognition		-		(9,459	)		-		-		(9,459	)
Other minor movements		-		(459	)		-		-		(459	)
Balance at September 30, 2022		81,131		230,248			20,491		22		331,892
Balance at December 31, 2022		81,131		232,398			20,491		22		334,042
Additions		5,296		16,058			-		-		21,354
Transfers to other balance sheet accounts – Property, plant and Equipment		-		(1,346	)		-		-		(1,346	)
Other		-		7			-		-		7
Balance at September 30, 2023		86,427		247,117			20,491		22		354,057

Accumulated amortization	Computer software			Rights		Other		Total
Balance at December 31, 2021		130,527			-		-		130,527
Amortization		16,892					-		16,892
Disposals and derecognition		(9,459	)				-		(9,459	)
Balance at September 30, 2022		137,960					-		137,960
Balance at December 31, 2022		142,838					-		142,838
Amortization		18,897					-		18,897
Balance at September 30, 2023		161,735					-		161,735

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

Note 16. Goodwill

The balance of goodwill is as follows:

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

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

26

Note 17. Investments accounted for using the equity method

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

Company	Classification	September 30, 2023		December 31, 2022
Spice Investment Mercosur S.A. (Note 2.1.) (a)	Subsidiary		2,076,510		2,094,228
Patrimonio Autónomo Viva Malls	Subsidiary		1,031,405		1,021,744
Onper Investment 2015 S.L.	Subsidiary		938,931		1,114,211
Compañía de Financiamiento Tuya S.A.	Joint venture		247,040		287,611
Éxito Industrias S.A.S.	Subsidiary		218,913		205,272
Logística, Transporte y Servicios Asociados S.A.S.	Subsidiary		17,562		24,725
Puntos Colombia S.A.S.	Joint venture		12,772		11,514
Marketplace Internacional Éxito y Servicios S.A.S.	Subsidiary		6,340		6,404
Éxito Viajes y Turismo S.A.S.	Subsidiary		5,572		5,176
Almacenes Éxito Inversiones S.A.S.	Subsidiary		4,495		2,208
Fideicomiso Lote Girardot	Subsidiary		3,850		3,850
Patrimonio Autónomo Iwana	Subsidiary		2,850		3,025
Transacciones Energéticas S.A.S. E.S.P.	Subsidiary		1,653		1,956
Sara ANV S.A.	Joint venture		671		799
Depósito y Soluciones Logísticas S.A.S.	Subsidiary		396		5,348
Gestión y Logistica S.A.	Subsidiary		131		155
Total investments accounted for using the equity method			4,569,091		4,788,226

(a) At September, 2023, was acquired additional 6.66% of the subsidiaries equity.

Note 18. Non-cash transactions

During the nine months periods ended at September 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:

	September 30, 2023		December 31, 2022
Bank loans		1,895,908		791,098
Current		1,601,970		251,118
Non-current		293,938		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	764,374
Interest accrued	72,289
Repayments of interest on loans and borrowings	(166,163	)
Balance at September 30, 2022	1,548,768
Balance at December 31, 2022 (1)	791,098
Proceeds from loans and borrowing (2)	1,125,000
Interest accrued	160,600
Repayments of interest on loans and borrowings (3)	(180,790	)
Balance at September 30, 2023	1,895,908

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

Year	Total
2024		143,912
2025		80,235
2026		40,429
>2027		29,362
		293,938

(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.

27

(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.

In August 2023, the Company requested disbursements for $100,000 and $25,000 of new bilateral credit entered on August 28, 2023, used according to literal (a) Note 17.

(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 nine months ended at September 30, 2023 the Company paid $131,027 of interest.

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

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 of the Company for each annual period.

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

Additionally, from the same loans and borrowing contracts the Company is subject to comply with some non-financial covenant, which at September 30, 2023 and December 31, 2022 were complied.

Note 20. Employee benefits

The balance of employee benefits is shown below:

	September 30, 2023		December 31, 2022
Defined benefit plans		17,315		15,810
Long-term benefit plan		1,716		1,528
Total employee benefits		19,031		17,338
Current		4,385		2,692
Non-Current		14,646		14,646

Note 21. Provisions

The balance of provisions is shown below:

	September 30, 2023		December 31, 2022
Legal proceedings (1)		14,505		12,695
Restructuring		2,377		10,457
Taxes other than income tax		242		3,578
Other		6,070		7,451
Total provisions		23,194		34,181
Current		11,819		19,870
Non-current		11,375		14,311

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

28

(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:

	September 30, 2023		December 31, 2022
Labor legal proceedings		8,141		7,414
Civil legal proceedings		6,364		5,281
Total legal proceedings		14,505		12,695

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		4,156			171			4,618			5,801			14,746
Payments		(1,223	)		-			(3,819	)		(9,063	)		(14,105	)
Reversals (not used)		(1,786	)		-			(124	)		(778	)		(2,688	)
Others		-			-			-			(87	)		(87	)
Balance at September 30, 2022		13,982			3,578			1,553			6,112			25,225
Balance at December 31, 2022		12,695			3,578			10,457			7,451			34,181
Increase		5,271			-			21,024			3,756			30,051
Payments		(1,358	)		-			(27,839	)		(4,765	)		(33,962	)
Reversals (not used)		(2,103	)		(3,336	)		(1,265	)		(372	)		(7,076	)
Balance at September 30, 2023		14,505			242			2,377			6,070			23,194

Note 22. Trade payables and other payable

	September 30, 2023		December 31, 2022
Payables to suppliers of goods		1,879,729		2,166,915
Payables and other payable - agreements (1)		638,207		1,485,281
Payables to other suppliers		232,354		314,017
Purchase of assets		86,931		169,766
Employee benefits		186,078		150,551
Withholding tax payable		35,212		52,622
Tax payable		2,656		5,757
Dividends payable		2,354		2,217
Other		18,627		42,590
Total trade payables and other payable		3,082,148		4,389,716
Current		3,042,535		4,319,342
Non-current		39,613		70,374

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

	September 30, 2023		December 31, 2022
Payables to suppliers of goods		558,154		1,438,494
Payables to other suppliers		80,053		46,787
Total payables and other payable - agreements		638,207		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.

Additionally, the Company enter into agreements with some financial institutions in Colombia, which grant an additional payment period for these anticipated receivables of the suppliers. 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 that don’t legally modify the nature of the commercial transactions.

29

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.

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 September 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 September 30, 2023	211,190

At September 30, 2023, the Company has accrued tax losses amounting to $964,565 (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	224,228
Balance at September 30, 2023	964,565

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:

	September 30, 2023		December 31, 2022
Income tax credit receivable		198,155		281,803
Tax discounts applied		128,114		109,241
Industry and trade tax advances and withholdings		52,901		62,801
Tax discounts from taxes paid abroad		23,932		24,631
Total current tax assets		403,102		478,476

30

Current tax liabilities

	September 30, 2023		December 31, 2022
Industry and trade tax payable		64,891		91,084
Tax on real estate		3,606		1,762
Total current tax liabilities		68,497		92,846

Note 23.3. Income tax

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

	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Deferred income tax gain (expense) (Note 23.4)		58,617			(51,432	)		24,807			(9,801	)
Adjustment in respect of current income tax of prior periods		100			(9,082	)		325			-
Current income tax (expense)		(389	)		(16	)		-			(16	)
(Expense) tax paid abroad		(2,677	)		(4,860	)		(2	)		(2,155	)
Total income tax gain (expense)		55,651			(65,390	)		25,130			(11,972	)

Note 23.4. Deferred tax

	September 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		629,350		-			629,350			625,484		-			625,484
Tax losses		337,598		-			337,598			259,118		-			259,118
Excess presumptive income		73,917		-			73,917			73,917		-			73,917
Tax credits		61,849		-			61,849			62,943		-			62,943
Trade payables and other payables		10,231		-			10,231			43,797		-			43,797
Investment property		-		(50,049	)		(50,049	)		-		(47,799	)		(47,799	)
Buildings		-		(171,161	)		(171,161	)		-		(168,860	)		(168,860	)
Goodwill		-		(217,680	)		(217,680	)		-		(218,308	)		(218,308	)
Right of use asset		-		(553,572	)		(553,572	)		-		(553,457	)		(553,457	)
Other		47,002		(44,369	)		2,633			36,706		(53,381	)		(16,675	)
Total		1,159,947		(1,036,831	)		123,116			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:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022
Gain (expense) from deferred tax recognized in income		58,617		(51,432	)
Gain from deferred tax recognized in other comprehensive income		4,339		94
Total movement of net deferred tax		62,956		(51,338	)

Temporary differences related to investments in subsidiaries, associates and joint ventures, for which no deferred tax liabilities have been recognized at September 30, 2023 amounted to $1,395,447 (at December 31, 2022 - $1,963,199).

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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:

	September 30, 2023		December 31, 2022
Collections on behalf of third parties (1)		83,234		118,042
Derivative financial instruments (2)		5,879		5,404
Derivative financial instruments designated as hedge instruments (3)		1,605		-
Total derivative instruments and collections on behalf of third parties		90,718		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 $19,698 (at December 31, 2022 - $43,836) with third parties (Note 9.7).

(2) The detail of maturities of these instruments at September 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		3,626		2,253		-		-		5,879

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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 September 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 / $4,191.76		1,605

The detail of maturities of these hedge instruments at September 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		841		764		-		-		-		1,605

Note 25. Other liabilities

The balance of other liabilities is shown below:

	September 30, 2023		December 31, 2022
Deferred revenues (1)		107,650		143,074
Advance payments under lease agreements and other projects		2,898		2,942
Repurchase coupon		435		942
Instalments received under “plan resérvalo”		160		284
Advance payments for fixed assets sold (2)		-		14,360
Total other liabilities		111,143		161,602
Current		108,776		159,191
Non-current		2,367		2,411

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

(2) Corresponded 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		707,449
Revenue recognized		(777,755	)
Balance at September 30, 2022		94,740
Balance at December 31, 2022		143,074
Additions		1,343,788
Revenue recognized		(1,379,212	)
Balance at September 30, 2023		107,650

Note 26. Shareholders’ equity

Capital and premium on placement of shares

At September 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 September 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´s shares.

33

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 the result of a distribution of dividends paid in shares of the Company.

Reserves

Reserves are appropriations made by the Company´s 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.

Other accumulated comprehensive income

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

	September 30, 2023									September 30, 2022									December 31, 2022
	Gross value			Tax effect			Net value			Gross value			Tax effect			Net value			Gross value			Tax effect			Net value
Measurement from financial instruments designated at fair value through other comprehensive income		(5,401	)		-			(5,401	)		(4,747	)		-			(4,747	)		(4,359	)		-			(4,359	)
Remeasurement on defined benefit plans		(652	)		334			(318	)		(3,583	)		1,258			(2,325	)		(736	)		334			(402	)
Translation exchange differences		(1,862,795	)		-			(1,862,795	)		(1,065,437	)		-			(1,065,437	)		(951,574	)		-			(951,574	)
(Loss) on hedge of net investment in foreign operations		(18,977	)		-			(18,977	)		(19,068	)		-			(19,068	)		(18,977	)		-			(18,977	)
Gain from cash-flow hedge		9,768			(189	)		9,579			14,721			(5,153	)		9,568			12,938			(4,528	)		8,410
Total other accumulated comprehensive income		(1,878,057	)		145			(1,877,912	)		(1,078,114	)		(3,895	)		(1,082,009	)		(962,708	)		(4,194	)		(966,902	)

Note 27. Revenue from contracts with customers

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

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Retail sales (1)		10,759,100		10,247,650		3,618,404		3,535,836
Service revenue (2)		264,018		219,891		88,073		77,345
Other revenue (3)		44,424		84,516		12,013		10,649
Total revenue from contracts with customers		11,067,542		10,552,057		3,718,490		3,623,830

(1) Retail sales represent the sale of goods and real estate projects net of returns and sales rebates.

This amount includes the following items:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Retail sales, net of sales returns and rebates		10,711,892		10,221,390		3,618,404		3,535,836
Sale of inventories of real estate project (a)		47,208		26,260		-		-
Total retail sales		10,759,100		10,247,650		3,618,404		3,535,836

(a) At September 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 September 30, 2022 represents the sale of the inventory of a percentage of the Montevideo real estate project for $26,260.

34

(2) Revenues from services and rental income comprise:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Distributors		64,794		58,613		19,921		19,015
Advertising		61,508		54,722		21,971		21,003
Lease of real estate		41,570		28,872		12,870		11,043
Lease of physical space		29,606		19,436		11,052		7,109
Banking services		16,474		13,516		5,947		4,919
Administration of real estate		15,364		12,566		4,542		3,702
Commissions		12,388		13,454		4,463		3,781
Transport		8,554		6,631		2,748		2,164
Money transfers		6,963		6,096		2,183		2,418
Other services		6,797		5,985		2,376		2,191
Total service revenue		264,018		219,891		88,073		77,345

(3) Other revenue relates to:

	Nine months ended September 30, 2023		Nine months ended September  30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Marketing events		14,384		12,065		4,506		3,572
Leverages of assets (a)		10,257		57,411		3,044		1,459
Collaboration agreements (b)		6,251		6,551		564		2,946
Royalty revenue		2,798		2,983		1,661		740
Financial services		2,502		1,668		741		664
Use of parking spaces		1,327		1,152		445		375
Technical assistance		1,144		1,165		418		419
Other		5,761		1,521		634		474
Total other revenue		44,424		84,516		12,013		10,649

(a) Variation is generated because at 2022 it included mainly the bonus received for the operating results generated in real estate projects for $32,948, to the bonus to obtain permanence in a property lease for $6,000; and income from strategic alliances goals for $4,422.

(b) Represents revenue from the following collaboration agreements:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023			Three months ended September 30, 2022
Sara ANV S.A.		2,795		2,457		893			871
Éxito Media		1,779		615		657			90
Alianza Sura		1,587		3,479		(1,015	)		1,985
Moviired S.A.S. (i)		90		-		29			-
Total revenue from collaboration agreements		6,251		6,551		564			2,946

(i) Collaboration agreements started at December, 2022.

35

Note 28. Distribution, administrative and selling expenses

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

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Employee benefits (Note 29)		616,249		538,564		217,130		190,358
Depreciation and amortization		331,990		294,252		111,690		99,651
Taxes other than income tax		167,044		118,035		46,807		31,706
Fuels and power		141,475		131,067		47,356		46,131
Repairs and maintenance		114,014		101,386		39,443		32,976
Services		72,204		64,758		24,675		20,052
Advertising		73,907		73,522		26,516		27,699
Security services		62,297		57,646		18,635		19,338
Commissions on debit and credit cards		59,785		48,323		19,745		17,131
Professional fees		51,187		55,852		16,568		18,895
Leases		42,370		48,725		12,441		20,583
Administration of trade premises		42,854		37,104		14,513		12,697
Cleaning services		38,110		32,655		12,247		11,054
Transport		31,711		31,892		10,641		10,905
Insurance		29,785		28,033		10,568		10,216
Commissions		12,526		8,903		4,220		2,989
Outsourced employees		11,718		9,742		3,720		3,619
Expected credit loss expense (Note 7.1)		11,014		11,779		3,804		3,893
Packaging and marking materials		10,626		14,327		3,857		4,680
Travel expenses		9,899		10,445		2,867		4,065
Other provision expenses		9,027		10,135		3,124		2,193
Cleaning and cafeteria		6,991		6,710		2,256		2,361
Other commissions		5,788		6,134		1,674		2,087
Legal expenses		5,072		6,386		1,702		1,121
Ground transportation		3,239		3,094		1,069		1,105
Stationery, supplies and forms		4,214		3,663		1,571		1,500
Autos Éxito collaboration agreement		918		1,541		307		486
Seguros Éxito collaboration agreement		481		-		-		-
Other		178,133		151,858		64,307		55,383
Total distribution, administrative and selling expenses		2,144,628		1,906,531		723,453		654,874
Distribution expenses		1,380,698		1,215,654		457,492		415,490
Administrative and selling expenses		147,681		152,313		48,831		49,026
Employee benefit expenses		616,249		538,564		217,130		190,358

Note 29. Employee benefit expenses

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

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023		Three months ended September 30, 2022
Wages and salaries		519,079		453,037		182,982		160,566
Contributions to the social security system		7,850		6,924		2,689		2,247
Other short-term employee benefits		30,890		26,711		10,681		9,046
Total short-term employee benefit expenses		557,819		486,672		196,352		171,859
Post-employment benefit expenses, defined contribution plans		43,913		37,986		15,263		13,272
Post-employment benefit expenses, defined benefit plans		1,875		1,704		555		510
Total post-employment benefit expenses		45,788		39,690		15,818		13,782
Termination benefit expenses		736		1,297		554		584
Other long-term employee benefits		116		146		59		42
Other personnel expenses		11,790		10,759		4,347		4,091
Total employee benefit expenses		616,249		538,564		217,130		190,358

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

36

Note 30. Other operating (expenses) revenue, net

Other operating revenue

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023			Three months ended September 30, 2022
Recovery of impairment of trade receivables (Note 7.1)		9,855		11,939		3,183			4,446
Other indemnification (1)		4,392		15,880		2,451			2,774
Reimbursement of tax-related costs and expenses		3,336		-		(1	)		-
Recovery of other provisions		2,103		1,914		795			784
Recovery of costs and expenses from taxes other than income tax (2)		1,315		836		-			(4	)
Recovery of restructuring expenses		1,265		124		468			124
Others		372		650		36			-
Total other operating revenue		22,638		31,343		6,932			8,124

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

(2) Corresponds to the nullity of the process for the IVA review settlements for bimesters 3, 4 and 6 of 2013 (Note 21).

Other operating expenses

	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Restructuring expenses, net (1)		(21,024	)		(4,618	)		(5,012	)		-
Other (2)		(38,030	)		(7,539	)		(19,365	)		(4,546	)
Total other operating expenses		(59,054	)		(12,157	)		(24,377	)		(4,546	)

(1) Expenses from the restructuring plan provision, which includes operating excellence plan and corporate retirement plan.

(2) Includes mainly $34,469 (2022 - $2,774) to fees for registration process in the New York and Sao Paulo stock exchanges.

Other (losses) net income

	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Gain from the early termination of lease contracts		388			5,814			123			3,515
Gain from the sale of assets		335			207			285			-
Impairment loss on assets		-			(785	)		-			(785	)
Write-off of assets		(5,589	)		(6,742	)		(950	)		(2,652	)
Others		-			94			-			51
Total other (losses) net income		(4,866	)		(1,412	)		(542	)		129

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Note 31. Financial income and cost

The amount of financial income and cost is as follows:

	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Gain from exchange differences		131,044			39,982			7,854			5,377
Gain from liquidated derivative financial instruments		35,730			34,890			3,569			24,093
Interest income on cash and cash equivalents (Note 6)		10,480			5,658			3,173			1,073
Gain from fair value changes in derivative financial instruments		1,131			36,995			832			19,211
Interest from investment in finance leases		3,922			3,733			3,706			3,653
Other financial income		320			188			(2,922	)		(2,478	)
Total financial income		182,627			121,446			16,212			50,929
Interest expense on loan and borrowings		(160,600	)		(72,289	)		(62,446	)		(35,539	)
(Loss) gain from exchange differences		(84,820	)		(113,865	)		121			(60,321	)
Interest expense on lease liabilities		(96,934	)		(76,192	)		(33,804	)		(26,962	)
Loss from liquidated derivative financial instruments		(65,806	)		(11,135	)		(27,789	)		(1,097	)
Factoring expenses		(48,519	)		(24,411	)		(8,979	)		(9,244	)
Loss from fair value changes in derivative financial instruments		(28,226	)		(10,329	)		10,130			566
Commission expenses		(4,767	)		(3,518	)		(877	)		(972	)
Other financial expenses		(3,733	)		(3,706	)		(1,220	)		(1,140	)
Total financial cost		(493,405	)		(315,445	)		(124,864	)		(134,709	)
Net financial result		(310,778	)		(193,999	)		(108,652	)		(83,780	)

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:

	Nine months ended September 30, 2023			Nine months ended September 30, 2022			Three months ended September 30, 2023			Three months ended September 30, 2022
Spice Investments Mercosur S.A.		167,841			107,549			39,649			42,083
Patrimonio Autónomo Viva Malls		71,491			49,857			28,664			20,606
Éxito Industrias S.A.S.		14,096			25,996			4,613			10,941
Éxito Viajes y Turismo S.A.S.		3,067			2,821			708			1,073
Logística, Transportes y Servicios Asociados S.A.S.		2,838			4,624			985			1,040
Almacenes Éxito Inversiones S.A.S.		2,287			(358	)		949			(36	)
Puntos Colombia S.A.S.		1,258			756			(398	)		(2,574	)
Depósitos y Soluciones Logísticas S.A.S.		198			(14	)		16			74
Gestión y Logística S.A.		(24	)		(7	)		(4	)		17
Marketplace Internacional Éxito y Servicios S.A.S.		(64	)		(201	)		26			(147	)
Patrimonio Autónomo Iwana		(86	)		(74	)		(7	)		(8	)
Sara ANV S.A.		(222	)		-			(180	)		-
Transacciones Energéticas S.A.S. E.S.P.		(302	)		96			(124	)		47
Onper Investments 2015 S.L.		(22,660	)		(32,962	)		3,277			(8,170	)
Compañía de Financiamiento Tuya S.A.		(75,565	)		(28,764	)		(23,846	)		(8,671	)
Total		164,153			129,319			54,328			56,275

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 for the nine months ended September 30, 2023 and September 30, 2022.

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

In financial income for the period:

	Nine months ended September 30, 2023		Nine months ended September 30, 2022		Three months ended September 30, 2023			Three months ended September 30, 2022
Net profit (loss) attributable to shareholders		7,249		176,740		(31,685	)		49,937
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)		5.59		136.18		(24.41	)		38.48

In total comprehensive income for the period:

	Nine months ended September 30, 2023			Nine months ended September 30, 2022		Three months ended September 30, 2023			Three months ended September 30, 2022
Net (loss) profit attributable to the shareholders		(903,761	)		334,888		(349,836	)		88,419
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)		(696.35	)		258.03		(269.55	)		68.13

Note 34. Impairment of assets

No impairment on financial assets were identified at September 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.

	September 30, 2023				December 31, 2022
	Carrying amount		Fair value		Carrying amount		Fair value
Financial assets
Trade receivables and other accounts receivable at amortized cost		12,912		11,485		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)		1,028		1,028		27,300		27,300
Derivative swap contracts denominated as hedge instruments (Note 11)		3,344		3,344		14,480		14,480
Investments in private equity funds (Note 11)		415		415		426		426
Non-financial assets
Investment property (Note 13)		82,771		165,477		83,420		165,477
Investment property held for sale (Note 39)		3,925		6,692		3,925		6,692
Financial liabilities
Loans and borrowings (Note 19)		1,895,908		1,885,138		791,098		780,917
Forward contracts measured at fair value through income (Note 24)		5,879		5,879		5,404		5,404
Swap contracts denominated as hedge instruments (Note 24)		1,605		1,605		-		-

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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.

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 nine months ended at September 30, 2023.

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Note 36. Contingencies

Contingent Assets

The Company has not material contingent assets to disclose at September 30, 2023 and at December 31, 2022.

Contingent Liabilities

Contingent liabilities at September 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 $40,027 (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 industry and trade tax for the bimesters 4, 5 and 6 of 2011 for alleged inaccuracy in payments, in the amount of $11,830 (December 31, 2022 - $11,830).

(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, 2023 the amount was updated to $3,967.

- As required by some insurance companies and as a requirement for the issuance of compliance bonds, during 2023 the Company, as joint and several debtors 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.

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

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

The Company´s. General Meeting of Shareholders held on March 24, 2022, declared a dividend of $237,678, equivalent to an annual dividend of $531 Colombian pesos per share. During the year 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

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:

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

Note 40. Subsequent events

At October13, 2023 Casino Group and Companhia Brasileira de Distribuição S.A. – CBD executed of a pre agreement with Grupo Calleja, entity in El Salvador, for the sale of total equity interest in the Company (34.05% and 13.26%, respectively), in tender offers to be launched in Colombia and in United States of America for the acquisition of 100% of the outstanding shares the Company, including shares represented by American Depositary Shares (ADRs) and Brazilian Depositary Receipts (BDRs) and which is subject to the acquisition of at least 51% of the shares of the Company.

The tender offer will be subject to Superintendencia Financiera de Colombia’s approval and the necessary filings in the US Securities and Exchange Commission (SEC) and is expected to close around year end 2023.

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Note 41. Interim separate statements of cash flows for the period ended September 30, 2022

The Company identified that certain items in the statement of cash flows for the nine-months ended September 30, 2022, need to be reclassified for the purpose of presentation and comparability with the statement of cash flows for the nine-months period ended September 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 September 30, 2022 restated			Adjustments and reclassifications			January 1 to September 30, 2022
Operating activities
Profit for the period		176,740						176,740
Adjustments to reconcile profit for the period
Current income tax		13,958						13,958
Deferred income tax		51,432						51,432
Interest, loans and lease expenses		148,481						148,481
Gain from changes in fair value of derivative financial instruments		(26,666	)					(26,666	)
Impairment of receivables, net		(160	)		11,939	(1)		11,779
Reversal impairment losses of receivables		-			(11,939	)(1)		(11,939	)
Impairment of inventories, net		2,094						2,094
Impairment of property, plant and equipment and investment properties		785						785
Employee benefit provisions		1,269						1,269
Provisions and reversals		12,058			2,688	(1)		14,746
Reversals of provisions		-			(2,688	)(1)		(2,688	)
Depreciation of property, plant and equipment, investment property and right of use asset		340,379						340,379
Amortization of intangible assets		16,892						16,892
Share of profit in associates and joint ventures accounted for using the equity method		(129,319	)					(129,319	)
Loss from the disposal of non-current assets		1,405						1,405
Loss from reclassification of non-current assets		230						230
Other adjustments from items other than cash		(80	)					(80	)
Interest income		(5,658	)					(5,658	)
Operating income before changes in working capital		603,840			-			603,840
Increase in trade receivables and other accounts receivable		(36,779	)		(723	)(2)		(37,502	)
Decrease in prepayments		12,519						12,519
Decrease in receivables from related parties		17,086			(349	)(2)		16,737
Increase in inventories		(690,923	)					(690,923	)
Decrease (increase) in tax assets		8,077			(27,468	)(1)		(19,391	)
Provisions paid		(14,105	)					(14,105	)
Decrease in trade payables and other accounts payable		(884,998	)		34,057	(3)		(850,941	)
Increase in accounts payable to related parties		1,018						1,018
Decrease in tax liabilities		(12,859	)					(12,859	)
Decrease in other liabilities		(69,323	)					(69,323	)
Income tax paid		(27,468	)		27,468	(1)		-
Net cash flows (used in) operating activities		(1,093,915	)		32,985			(1,060,930	)
Investing activities
Advances to subsidiaries and joint ventures		(32,627	)					(32,627	)
Acquisition of property, plant and equipment		(166,074	)		(34,057	)(3)		(200,131	)
Acquisition of investment property		(610	)					(610	)
Acquisition of intangible assets		(19,724	)					(19,724	)
Proceeds of the sale of property, plant and equipment and intangible assets.		1,000						1,000
Dividends received		113,039						113,039
Net cash flows (used in) investing activities		(104,996	)		(34,057	)		(139,053	)
Financing activities
Cash flows provided by changes in interests in subsidiaries that do not result in loss of control		(11	)					(11	)
Proceeds from financial assets		6,103						6,103
Payments of derivative instruments and collections on behalf of third parties		(20,740	)					(20,740	)
Proceeds from loans and borrowings		764,374						764,374
Repayment of loans and borrowings		(111,278	)					(111,278	)
Payments of interest of loans and borrowings		(54,885	)					(54,885	)
Lease liabilities paid		(198,392	)					(198,392	)
Interest on lease liabilities paid		(75,178	)					(75,178	)
Dividends paid		(237,562	)					(237,562	)
Interest received		5,658						5,658
Payments on the reacquisition of shares		(316,756	)					(316,756	)
Net cash flows provided by (used in) financing activities		(238,667	)					(238,667	)
Net decrease in cash and cash equivalents		(1,437,578	)		(1,072	)		(1,438,650	)
Cash and cash equivalents at the beginning of period		2,063,528			1,072	(2)		2,064,600
Cash and cash equivalents at the end of period		625,950						625,950

1) Internal reclassifications without effect between activities for net presentation of asset impairments, liability provisions, their respective reversals and payment movements related to income tax.

2) Minor reclassifications.

3) Reclassification of payable accounts for the non-monetary acquisition of property, plant, and equipment.

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