Interim consolidated financial statements

As of March 31, 2024, and December 31, 2023, and for the Periods ended March 31, 2024, and 2023

Almacenes Éxito S.A.

Interim consolidated statement of financial position

At March 31, 2024 and at December 31, 2023

(Amounts expressed in millions of Colombian pesos)

Notes At
March 31,
2024 		At
December 31,
2023
Current assets
Cash and cash equivalents 7 1,410,742 1,508,205
Trade receivables and other receivables 8 614,940 704,931
Prepayments 9 33,236 41,515
Receivables from related parties 10 59,348 52,145
Inventories, net 11 2,638,962 2,437,403
Financial assets 12 1,596 2,452
Tax assets 24 583,737 524,027
Assets held for sale 41 17,095 12,413
Total current assets 5,359,656 5,283,091
Non-current assets
Trade receivables and other receivables 8 11,273 12,338
Prepayments 9 4,660 4,816
Other non-financial assets from related parties 10 38,750 52,500
Financial assets 12 24,698 25,014
Deferred tax assets 24 239,232 197,692
Property, plant and equipment, net 13 4,197,005 4,069,765
Investment property, net 14 1,746,654 1,653,345
Rights of use asset, net 15 1,790,441 1,361,253
Other intangible assets, net 16 393,921 366,369
Goodwill 17 3,221,555 3,080,622
Investments accounted for using the equity method 18 262,998 232,558
Other assets 398 398
Total non-current assets 11,931,585 11,056,670
Total assets 17,291,241 16,339,761
Current liabilities
Loans, borrowings, and other financial liability 20 2,056,303 1,029,394
Employee benefits 21 5,074 4,703
Provisions 22 35,823 22,045
Payables to related parties 10 60,168 55,617
Trade payables and other payable 23 4,496,384 5,248,777
Lease liabilities 15 281,436 282,180
Tax liabilities 24 115,290 107,331
Derivative instruments and collections on behalf of third parties 25 133,188 139,810
Other liabilities 26 174,401 254,766
Total current liabilities 7,358,067 7,144,623
Non-current liabilities
Loans, borrowings, and other financial liability 20 206,368 236,811
Employee benefits 21 35,980 35,218
Provisions 22 11,613 11,630
Trade payables and other payable 23 19,342 37,349
Lease liabilities 15 1,717,427 1,285,779
Deferred tax liabilities 24 238,421 156,098
Tax liabilities 24 7,670 8,091
Other liabilities 26 2,338 2,353
Total non-current liabilities 2,239,159 1,773,329
Total liabilities 9,597,226 8,917,952
Shareholders' equity
Issued share capital 27 4,482 4,482
Reserves 27 1,507,316 1,431,125
Other equity components 27 4,863,409 4,665,070
Equity attributable to non-controlling interest 1,318,808 1,321,132
Total shareholders' equity 7,694,015 7,421,809
Total liabilities and shareholders' equity 17,291,241 16,339,761

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

2

Almacenes Éxito S.A.

Interim consolidated statement of profit or loss

For the quarters ended March 31, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

Quarters ended March 31,
Notes 2024 2023
Continuing operations
Revenue from contracts with customers 28 5,275,139 5,456,154
Cost of sales 11 (3,953,186 ) (4,023,235 )
Gross profit 1,321,953 1,432,919
Distribution, administrative and selling expenses 29 (1,205,139 ) (1,225,649 )
Other operating revenue 31 11,668 12,691
Other operating expenses 31 (31,340 ) (4,884 )
Other (loss) net 31 (1,914 ) (1,692 )
Operating profit 95,228 213,385
Financial income 32 102,777 170,478
Financial cost 32 (185,487 ) (237,300 )
Share of profit in associates and joint ventures 18 (22,060 ) (26,792 )
(Loss) profit before income tax from continuing operations (9,542 ) 119,771
Income tax gain (expense) 24 1,562 (40,708 )
(Loss) profit for the period (7,980 ) 79,063
Net (loss) profit attributable to:
Equity holders of the Parent (37,863 ) 45,118
Non-controlling interests 29,883 33,945
(Loss) profit for the period (7,980 ) 79,063
Earnings per share (*)
Basic earnings per share (*):
Basic (losses) earnings per share from continuing operations attributable to the shareholders of the Parent 33 (29.17 ) 34.76
(*) Amounts expressed in Colombian pesos.

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

3

Almacenes Éxito S.A.

Interim consolidated statement of other comprehensive income

For the quarters ended March 31, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

Quarters ended March 31,
Notes 2024 2023
(Loss) profit for the period (7,980 ) 79,063
Other comprehensive income
Components of other comprehensive income that will not be reclassified to profit and loss, net of taxes
(Loss) from financial instruments designated at fair value through other comprehensive income 27 (396 ) (287 )
Total other comprehensive income that will not be reclassified to period results, net of taxes (396 ) (287 )
Components of other comprehensive income that may be reclassified to profit and loss, net of taxes
Gain (loss) from translation exchange differences (1) 27 67,872 (243,689 )
(Loss) gain from translation exchange differences to the put option (2) (19,779 ) 9,095
Gain (loss) from cash flow hedge 27 2,897 (5,446 )
Total other comprehensive income that may be reclassified to profit or loss, net of taxes 50,990 (240,040 )
Total other comprehensive income 50,594 (240,327 )
Total comprehensive income 42,614 (161,264 )
Comprehensive income attributable to:
Equity holders of the Parent 7,451 (195,090 )
Non-controlling interests 35,163 33,826
(1) Represents exchange differences arising from the translation of assets, liabilities, equity and results of foreign operations into the reporting currency.
(2) Represent exchange differences arising from the translation of put option on the subsidiary Grupo Disco Uruguay S.A. into the reporting currency.

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

4

Almacenes Éxito S.A.

Interim consolidated statement of changes in equity

At March 31, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

Attributable to the equity holders of the parent
Issued share
capital 		Premium on the
issue of
shares 		Treasury
shares 		Legal
reserve 		Occasional
reserve 		Reserves for
acquisition of
treasury
shares 		Reserve for future
dividends
distribution 		Other
reserves 		Total
reserves 		Other
comprehensive
income 		Retained
earnings 		Hyperinflation
and other equity
components 		Total Non-controlling
interests 		Total
shareholders'
equity
Note 27 Note 27 Note 27 Note 27 Note 27 Note 27 Note 27 Note 27 Note 27 Note 27 Note 27
Balance at December 31, 2022 4,482 4,843,466 (319,490 ) 7,857 630,346 418,442 155,412 329,529 1,541,586 (966,902 ) 515,564 1,520,282 7,138,988 1,295,458 8,434,446
Declared dividend (Note 37) - - - - (217,392 ) - - - (217,392 ) - - - (217,392 ) (21,860 ) (239,252 )
Profit for the period - - - - - - - - - - 45,118 - 45,118 33,945 79,063
Other comprehensive income (loss), excluding translation adjustments to the put option - - - - - - - - - (249,303 ) - - (249,303 ) (119 ) (249,422 )
Appropriation to reserves - - - - 99,072 - - - 99,072 - (99,072 ) - - - -
Changes in interest in the ownership of subsidiaries that do not result in change of control - - - - - - - - - - - 4 4 (441 ) (437 )
Equity impact on the inflationary effect of subsidiary Libertad S.A. - - - - - - - - - - - 195,225 195,225 - 195,225
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20) - - - - - - - - - 9,095 - 16,480 25,575 (16,480 ) 9,095
Other movements - - - - (2,108 ) - - - (2,108 ) - (508 ) - (2,616 ) - (2,616 )
Balance at March 31, 2023 4,482 4,843,466 (319,490 ) 7,857 509,918 418,442 155,412 329,529 1,421,158 (1,207,110 ) 461,102 1,731,991 6,935,599 1,290,503 8,226,102
Balance at December 31, 2023 4,482 4,843,466 (319,490 ) 7,857 509,918 418,442 155,412 339,496 1,431,125 (2,304,046 ) 534,333 1,910,807 6,100,677 1,321,132 7,421,809
Declared dividend (Note 37) - - - - (65,529 ) - - - (65,529 ) - - - (65,529 ) (28,593 ) (94,122 )
Profit for the period - - - - - - - - - - (37,863 ) - (37,863 ) 29,883 (7,980 )
Other comprehensive income (loss), excluding translation adjustments to the put option - - - - - - - - - 65,093 - - 65,093 5,280 70,373
Appropriation to reserves - - - - 125,998 - - - 125,998 - (125,998 ) - - - -
Changes in interest in the ownership of subsidiaries that do not result in change of control - - - - - - - - - - - 4 4 (2,798 ) (2,794 )
Equity impact on the inflationary effect of subsidiary Libertad S.A. - - - - - - - - - - - 324,817 324,817 - 324,817
Changes in the financial liability of the put option on non-controlling interests, and related translation adjustments (Note 20) - - - - - - - - - (19,779 ) - 7,675 (12,104 ) (6,096 ) (18,200 )
Other movements - - - - - - - 15,722 15,722 - (15,610 ) - 112 - 112
Balance at March 31, 2024 4,482 4,843,466 (319,490 ) 7,857 570,387 418,442 155,412 355,218 1,507,316 (2,258,732 ) 354,862 2,243,303 6,375,207 1,318,808 7,694,015

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

5

Almacenes Éxito S.A.

Interim consolidated statement of cash flows

For the quarters ended March 31, 2024 and 2023

(Amounts expressed in millions of Colombian pesos)

Quarters ended March 31,
Notes 2024 2023
Operating activities
(Loss) profit for the period (7,980 ) 79,063
Adjustments to reconcile (loss) profit for the period
Current income tax 24 32,575 34,833
Deferred income tax 24 (34,137 ) 5,875
Interest, loans and lease expenses 32 88,184 68,546
(Gain) loss from changes in fair value of derivative financial instruments 32 (576 ) 29,158
Expected credit loss (gain), net 8.1 3,184 (780 )
Impairment of inventories, net 11.1 3,217 1,462
Employee benefit provisions 21 561 565
Provisions and reversals 22 19,392 (1,492 )
Depreciation of property, plant and equipment, right of use asset and investment property 13; 14; 15 158,767 151,207
Amortization of other intangible assets 16 8,091 7,769
Share of profit in associates and joint ventures accounted for using the equity method 22,060 26,792
Gain from the disposal of non-current assets 3,916 2,530
Interest income 32 (11,917 ) (16,112 )
Other adjustments from items other than cash 1,638 (5,156 )
Operating income before changes in working capital 286,975 384,260
Decrease in trade receivables and other receivables 98,450 64,465
Decrease in prepayments 8,568 6,528
(Increase) decrease in receivables from related parties (13,881 ) 2,862
(Increase) in inventories (174,592 ) (149,520 )
Decrease in tax assets 13,994 24,165
(Decrease) in employee benefits (259 ) (142 )
Payments and decease in other provisions 22 (5,774 ) (9,851 )
(Decrease) in trade payables and other accounts payable (793,783 ) (1,010,844 )
Increase (decrease) increase in accounts payable to related parties 9,527 (18,745 )
(Decrease) in tax liabilities (7,818 ) (1,312 )
(Decrease) in other liabilities (82,417 ) (60,446 )
Income tax, net (88,869 ) (75,892 )
Net cash flows (used in) operating activities (749,879 ) (844,472 )
Investing activities
Advances to joint ventures (38,750 ) -
Acquisition of property, plant and equipment 13.1 (97,224 ) (150,041 )
Acquisition of investment property 14 (5,908 ) (7,026 )
Acquisition of other intangible assets 16 (6,353 ) (9,534 )
Proceeds of the sale of property, plant and equipment 1,343 487
Net cash flows (used in) investing activities (146,892 ) (166,114 )
Financing activities
Proceeds from financial assets 551 1
Payments from collections on behalf of third parties (2,031 ) (57,276 )
Proceeds from loans and borrowings 20 1,034,777 727,266
Repayment of loans and borrowings 20 (80,981 ) (46,118 )
Payments of interest of loans and borrowings 20 (27,119 ) (24,668 )
Lease liabilities paid 15.2 (77,404 ) (68,913 )
Interest on lease liabilities paid 15.2 (37,693 ) (29,514 )
Dividends paid 37 (28,956 ) (238,441 )
Interest received 32 11,917 16,112
Payment to non-controlling interest (2,794 ) (437 )
Net cash flows provided by financing activities 790,267 278,012
Net (decrease) in cash and cash equivalents (106,504 ) (732,574 )
Effects of the variation in exchange rates 9,041 (18,548 )
Cash and cash equivalents at the beginning of period 7 1,508,205 1,733,673
Cash and cash equivalents at the end of period 7 1,410,742 982,551

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

6

Note 1. General information

Almacenes Éxito S.A. was incorporated pursuant to Colombian laws on March 24, 1950; its headquarter is located Carrera 48 No. 32B Sur - 139, Envigado, Colombia. The life span of the Company goes to December 31, 2150. Here and after Almacenes Éxito S.A. and its subsidiaries are referred to as the "Exito Group".

Almacenes Éxito S.A. is listed on the Colombia Stock Exchange (BVC) since 1994 and is under the supervision of the Financial Superintendence of Colombia; is a foreign issuer with the Brazilian Securities and Exchange Commission (CVM) and a foreign issuer with the U.S. Securities and Exchange Commission (SEC).

Interim consolidated financial statements as of March 31, 2024, were authorized for issue in accordance with resolution of directors of Almacenes Éxito S.A. on May 8, 2024.

Exito Group´s corporate purpose is to:

- Acquire, store, transform and, in general, distribute and sell under any trading figure, including funding thereof, all kinds of goods and products, produced either locally or abroad, on a wholesale or retail basis, physically or online.
- Provide ancillary services, namely grant credit facilities for the acquisition of goods, grant insurance coverage, carry out money transfers and remittances, provide mobile phone services, trade tourist package trips and tickets, repair and maintain furnishings, complete paperwork and energy trade.
- Give or receive in lease trade premises, receive or give, in lease or under occupancy, spaces or points of sale or commerce within its trade establishments intended for the exploitation of businesses of distribution of goods or products, and the provision of ancillary services.
- Incorporate, fund or promote with other individuals or legal entities, enterprises or businesses intended for the manufacturing of objects, goods, articles or the provision of services related with the exploitation of trade establishments.
- Acquire property, build commercial premises intended for establishing stores, malls or other locations suitable for the distribution of goods, without prejudice to the possibility of disposing of entire floors or commercial premises, give them in lease or use them in any convenient manner with a rational exploitation of land approach, as well as invest in property, promote and develop all kinds of real estate projects.
- Invest resources to acquire shares, bonds, trade papers and other securities of free movement in the market to take advantage of tax incentives established by law, as well as make temporary investments in highly liquid securities with a purpose of short-term productive exploitation; enter into firm factoring agreements using its own resources; encumber its chattels or property and enter into financial transactions that enable it to acquire funds or other assets.
- In the capacity as wholesaler and retailer, distribute oil-based liquid fuels through service stations, alcohols, biofuels, natural gas for vehicles and any other fuels used in the automotive, industrial, fluvial, maritime and air transport sectors, of all kinds.

At December 31, 2023, the immediate holding company, or controlling entity of Almacenes Éxito S.A. was Casino Guichard-Perrachon S.A., which owned 47.29% (directly and indirectly) of its ordinary shares and control of its board of directors. Casino, Guichard-Perrachon S.A., is ultimately controlled by Mr. Jean-Charles Henri Naouri.

At March 31, 2024 and as a consequence of mentioned in Note 6, the immediate holding company, or controlling entity of the Almacenes Éxito S.A. is Cama Commercial Group Corp., which owns 86.84% (directly and indirectly) of its ordinary shares. Cama Commercial Group Corp. is controlled by Clarendon Worldwide S.A., controlled by Fundación El Salvador del mundo, which is ultimately controlled by Mr. Francisco Javier Calleja Malaina.

A business group situation is registered in the Camara de Comercio de Aburrá Sur, by Almacenes Éxito S.A.

7

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

Below is a detail of the stock ownership in subsidiaries included in the consolidated financial statements at March 31, 2024, which are the same at December 31, 2023:

Name Direct controlling entity Segment Country Stock ownership
of direct
controlling
entity 2023 		Stock
ownership in
the direct
parent 		Total direct and
indirect
ownership 		Total
Non-controlling
interest
Directly owned entities
Almacenes Éxito Inversiones S.A.S. Almacenes Éxito S.A. Colombia Colombia 100.00 % n/a 100.00 % 0.00 %
Logística, Transporte y Servicios Asociados S.A.S. Almacenes Éxito S.A. Colombia Colombia 100.00 % n/a 100.00 % 0.00 %
Marketplace Internacional Éxito y Servicios S.A.S. Almacenes Éxito S.A. Colombia Colombia 100.00 % n/a 100.00 % 0.00 %
Depósitos y Soluciones Logísticas S.A.S. Almacenes Éxito S.A. Colombia Colombia 100.00 % n/a 100.00 % 0.00 %
Fideicomiso Lote Girardot Almacenes Éxito S.A. Colombia Colombia 100.00 % n/a 100.00 % 0.00 %
Transacciones Energéticas S.A.S. E.S.P. Almacenes Éxito S.A. Colombia Colombia 100.00 % n/a 100.00 % 0.00 %
Éxito Industrias S.A.S. Almacenes Éxito S.A. Colombia Colombia 97.95 % n/a 97.95 % 2.05 %
Éxito Viajes y Turismo S.A.S. Almacenes Éxito S.A. Colombia Colombia 51.00 % n/a 51.00 % 49.00 %
Gestión Logística S.A. Almacenes Éxito S.A. Colombia Panama 100.00 % n/a 100.00 % 0.00 %
Patrimonio Autónomo Viva Malls Almacenes Éxito S.A. Colombia Colombia 51.00 % n/a 51.00 % 49.00 %
Spice Investment Mercosur S.A. Almacenes Éxito S.A. Uruguay Uruguay 100.00 % n/a 100.00 % 0.00 %
Onper Investment 2015 S.L. Almacenes Éxito S.A. Argentina Spain 100.00 % n/a 100.00 % 0.00 %
Patrimonio Autónomo Iwana Almacenes Éxito S.A. Colombia Colombia 51.00 % n/a 51.00 % 49.00 %
Indirectly owned entities
Patrimonio Autónomo Centro Comercial Viva Barranquilla Patrimonio Autónomo Viva Malls Colombia Colombia 90.00 % 51.00 % 45.90 % 54.10 %
Patrimonio Autónomo Viva Laureles Patrimonio Autónomo Viva Malls Colombia Colombia 80.00 % 51.00 % 40.80 % 59.20 %
Patrimonio Autónomo Viva Sincelejo Patrimonio Autónomo Viva Malls Colombia Colombia 51.00 % 51.00 % 26.01 % 73.99 %
Patrimonio Autónomo Viva Villavicencio Patrimonio Autónomo Viva Malls Colombia Colombia 51.00 % 51.00 % 26.01 % 73.99 %
Patrimonio Autónomo San Pedro Etapa I Patrimonio Autónomo Viva Malls Colombia Colombia 51.00 % 51.00 % 26.01 % 73.99 %
Patrimonio Autónomo Centro Comercial Patrimonio Autónomo Viva Malls Colombia Colombia 51.00 % 51.00 % 26.01 % 73.99 %
Patrimonio Autónomo Viva Palmas Patrimonio Autónomo Viva Malls Colombia Colombia 51.00 % 51.00 % 26.01 % 73.99 %
Geant Inversiones S.A. Spice Investment Mercosur S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Larenco S.A. Spice Investment Mercosur S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Lanin S.A. Spice Investment Mercosur S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Grupo Disco Uruguay S.A. Spice Investment Mercosur S.A. Uruguay Uruguay 69.15 % 100.00 % 69.15 % 30.85 %
Devoto Hermanos S.A. Lanin S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Mercados Devoto S.A. Lanin S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Costa y Costa S.A. Lanin S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Modasian S.R.L. Lanin S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
5 Hermanos Ltda. Mercados Devoto S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Sumelar S.A. Mercados Devoto S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Tipsel S.A. Mercados Devoto S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Tedocan S.A. Mercados Devoto S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Ardal S.A. Mercados Devoto S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Hipervital S.A.S. Devoto Hermanos S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Lublo Devoto Hermanos S.A. Uruguay Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Supermercados Disco del Uruguay S.A. Grupo Disco Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Ameluz S.A. Grupo Disco Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Fandale S.A. Grupo Disco Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Odaler S.A. Grupo Disco Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
La Cabaña S.R.L. Grupo Disco Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Ludi S.A. Grupo Disco Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Hiper Ahorro S.R.L. Grupo Disco Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Maostar S.A. Grupo Disco Uruguay S.A. Uruguay Uruguay 50.01 % 69.15 % 34.58 % 65.42 %
Semin S.A. Supermercados Disco del Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Randicor S.A. Supermercados Disco del Uruguay S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Ciudad del Ferrol S.C. Supermercados Disco del Uruguay S.A. Uruguay Uruguay 98.00 % 69.15 % 67.77 % 32.23 %
Setara S.A. Odaler S.A. Uruguay Uruguay 100.00 % 69.15 % 69.15 % 30.85 %
Mablicor S.A. Fandale S.A. Uruguay Uruguay 51.00 % 69.15 % 35.27 % 64.73 %
Vía Artika S. A. Onper Investment 2015 S.L. Argentina Uruguay 100.00 % 100.00 % 100.00 % 0.00 %
Gelase S. A. Onper Investment 2015 S.L. Argentina Belgium 100.00 % 100.00 % 100.00 % 0.00 %
Libertad S.A. Onper Investment 2015 S.L. Argentina Argentina 100.00 % 100.00 % 100.00 % 0.00 %
Spice España de Valores Americanos S.L. Vía Artika S.A. Argentina Spain 100.00 % 100.00 % 100.00 % 0.00 %

8

Note 1.2. Subsidiaries with material non-controlling interests

At March 31, 2024 and at December 31, 2023 the following subsidiaries have material non-controlling interests:

Percentage of equity interest
held by non-controlling interests
Country March 31,
2024 		December 31,
2023
Patrimonio Autónomo Viva Palmas Colombia 73.99 % 73.99 %
Patrimonio Autónomo Viva Sincelejo Colombia 73.99 % 73.99 %
Patrimonio Autónomo Viva Villavicencio Colombia 73.99 % 73.99 %
Patrimonio Autónomo San Pedro Etapa I Colombia 73.99 % 73.99 %
Patrimonio Autónomo Centro Comercial Colombia 73.99 % 73.99 %
Patrimonio Autónomo Viva Laureles Colombia 59.20 % 59.20 %
Patrimonio Autónomo Centro Comercial Viva Barranquilla Colombia 54.10 % 54.10 %
Patrimonio Autónomo Iwana Colombia 49.00 % 49.00 %
Éxito Viajes y Turismo S.A.S. Colombia 49.00 % 49.00 %
Patrimonio Autónomo Viva Malls Colombia 49.00 % 49.00 %
Grupo Disco Uruguay S.A. Uruguay 30.85 % 30.85 %

Note 2. Basis of preparation and other significant accounting policies

The consolidated financial statements as of December 31, 2023, and the interim consolidated financial statements as of March 31, 2024, and for the quarters ended March 31, 2024, and 2023 have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).

The interim consolidated financial statements are disclosure in accordance with IAS 34 and should be read in conjunction with the consolidated financial statements as of December 31, 2023, and do not include all the information required for a consolidated financial statement disclosure in accordance with IAS 1. However, some notes have been included to explain events and transactions that are relevant to understanding the changes in Exito Group's financial situation, as well as the operating performance since December 31, 2023.

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

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

Note 3. Basis for consolidation

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

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

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

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

9

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

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

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

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

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

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

Closing rates (*) Average rates (*)
March 31,
2024 		December 31,
2023 		March 31,
2024 		December 31,
2023
US Dollar 3,842.30 3,822.05 3,914.97 4,325.05
Uruguayan peso 102.28 97.90 100.67 111.36
Argentine peso 4.48 4.73 4.69 16.82
Euro 4,149.71 4,222.05 4,250.46 4,675.64
(*) Expressed in Colombian pesos.

Note 4. Accounting policies

The accompanying interim consolidated financial statements at March 31, 2024 have been prepared using the same accounting policies, measurements and bases used to present the consolidated financial statements for the year ended December 31, 2023, except for new and modified standards and interpretations applied starting January 1, 2024 and for mentioned in Note 4.1.

The adoption of the new standards in force as of January 1, 2024, mentioned in Note 5.1., did not result in significant changes in these accounting policies as compared to those applied in preparing the consolidated financial statements at December 31, 2023 and no significant effect resulted from adoption thereof.

Nota 4.1. Voluntary changes in accounting policies

Starting on January 1, 2024, Exito Group made a voluntary change in its inventory valuation policy by changing from the first-in, first-out (FIFO) method to the Average Cost method.

The Average Cost valuation method is practical, concise, and aligns with assertions of integrity and accuracy in inventory valuation balances. The voluntary change is supported by the belief that the Average Cost method provides a more consistent and stable valuation, offering a clearer economic understanding of profitability in current circumstances, this facilitates more informed decisions regarding pricing, purchase volumes, and inventory management. The method promises a more accurate description of the actual cost of goods sold during the period by considering (a) inflation effects on inventory costs, (b) the impact of inventory turnover on the cost of sales, (d) uniform distribution of inventory cost fluctuations over the period, and (d) avoidance of volatile outcomes inherent in the FIFO method during periods of price fluctuations (year-end or anniversary promotional events).

10

The minor impact of this change on (loss) earnings per share and net (loss) income for the quarters ended March 31, 2024, and 2023 and on the inventory and cost of sales accounts at December 31, 2023, is as follows:

Quarters ended March 31,
2024 2023 December 31, 2023

(Loss) per
share
(expressed
in Colombian
pesos)

Net
(loss)

Earnings
per share
(expressed
in Colombian
pesos)

Net
income

 Inventories

Cost of
sales

Adjustment (0,53 ) (693 ) 1,72 2,233 13,568 (2,668 )
Percentage 1.83 % 1.83 % 4.94 % 4.94 % 0.57 % 0.66 %

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

Note 5.1. New and amended standards and interpretations.

Éxito Group applied amendments and new interpretations to IFRS as issued by IASB, which were effective for accounting periods beginning on or after January 1, 2024. The new standards adopted are as follows:

Statement Description Applicable periods / impact
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.

These changes did not have any impact in the financial statements. Before the issuance of this Amendment, Éxito Group reviewed non-financial covenants to disclosure its compliance.

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.

These changes did not have any impact in the financial statements.
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.

These changes did not have any impact in the financial statements. Before the issuance of this Amendment, Exito Group disclosed these liabilities.

11

Statement Description Applicable periods / impact
IFRS S1 - General Requirements for Disclosure of Sustainability-related Financial Information.

The objective of IFRS S1 - General Requirements for the Disclosure of Sustainability-related Financial Information, is to require an entity to disclose information about all risks and opportunities related to sustainability that could reasonably be expected to affect the entity's cash flows, its access to financing, or the cost of capital in the short, medium, or long term. These risks and opportunities are collectively referred to as "sustainability-related risks and opportunities that could reasonably be expected to affect the entity's prospects." The information is expected to be useful for the primary users of general-purpose financial reports when making decisions related to providing resources to the entity.

In the financial statements at December 31, 2024, should be presented the disclosures related of this IFRS S1

IFRS 2 - Climate-related Disclosures

The objective of IFRS S2 - Climate-related Disclosures, is to require an entity to disclose information about all risks and opportunities related to climate that could reasonably be expected to affect the entity's cash flows, its access to financing, or the cost of capital in the short, medium, or long term (collectively referred to as "climate information"). The information is expected to be useful for the primary users of general-purpose financial reports when making decisions related to providing resources to the entity. In the financial statements at December 31, 2024, should be presented the disclosures related of this IFRS S2.

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

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

Statement Description Applicable periods
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. No material effects are expected from the application of this Amendment.

Note 6. Relevant facts

Change in controlling entity

On January 22, 2024, 86.84% of the common shares of Almacenes Éxito S.A. were awarded to Cama Commercial Group Corp. as a result of the completion of the tender offer that this company had signed with Grupo Casino and Companhia Brasileira de Distribuição S.A. - CBD at October 13, 2023. With this award, Cama Commercial Group Corp. became the immediate holding of Almacenes Éxito S.A.

Note 7. Cash and cash equivalents

The balance of cash and cash equivalents is shown below:

March 31,
2024 		December 31,
2023
Cash at banks and on hand 1,371,157 1,477,368
Term deposit certificates 20,415 7,244
Fiduciary rights - money market like (1) 17,813 22,266
Funds 1,354 1,318
Other cash equivalents 3 9
Total cash and cash equivalents 1,410,742 1,508,205

12

(1) The balance is as follows:
March 31,
2024 		December 31,
2023
Fiducolombia S.A. 15,448 18,549
Fiduciaria Bogota S.A. 1,725 2,600
BBVA Asset S.A. 272 165
Fondo de Inversión Colectiva Abierta Occirenta 218 167
Credicorp Capital 80 613
Corredores Davivienda S.A. 70 172
Total fiduciary rights 17,813 22,266

The decrease is due to transfers of fiduciary rights to cash on hand and banks to be used in the operation.

At March 31, 2024, Exito Group recognized interest income from cash at banks and cash equivalents in the amount of $11,917 (March 31, 2023 - $16,112), which were recognized as financial income as detailed in Note 32.

At Mach 31, 2024 and at December 31, 2023, cash and cash equivalents were not restricted or levied in any way as to limit availability thereof.

Note 8. Trade receivables and other account receivables

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

March 31,
2024 		December 31,
2023
Trade receivables (Note 8.1.) 411,068 466,087
Other account receivables (Note 8.2.) 215,145 251,182
Total trade receivables and other account receivables 626,213 717,269
Current 614,940 704,931
Non-Current 11,273 12,338

Note 8.1. Trade receivables

The balance of trade receivables is shown below:

March 31,
2024 		December 31,
2023
Trade accounts 342,444 391,552
Sale of real-estate project inventories 39,586 39,277
Rentals and dealers 36,747 41,122
Employee funds and lending 3,820 3,799
Allowance for expected credit loss (11,529 ) (9,663 )
Trade receivables 411,068 466,087

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 receivables are written-off if past due for more than one year.

The allowance for expected credit loss is recognized as expense in profit or loss. During the quarter ended March 31, 2024, the net effect of the allowance for expected credit loss on the statement of profit or loss represents expense of $3,184 ($780 - income for the quarter ended for March 31, 2023).

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

Balance at December 31, 2022 22,882
Additions (Note 29) 4,352
Reversal of allowance for expected credit losses (Note 31) (5,132 )
Write-off of receivables (1,402 )
Effect of exchange difference from translation into presentation currency (1,391 )
Balance at March 31, 2023 19,309
Balance at December 31, 2023 9,663
Additions (Note 29) 6,379
Reversal of allowance for expected credit losses (Note 31) (3,195 )
Write-off of receivables (1,229 )
Effect of exchange difference from translation into presentation currency (89 )
Balance at March 31, 2024 11,529

13

Note 8.2. Other receivables

March 31,
2024 		December 31,
2023
Business agreements 96,655 123,932
Recoverable taxes (1) 46,131 51,340
Loans or advances to employees 32,464 33,142
Money remittances 15,214 18,892
Maintenance fees 4,023 2,649
Long-term receivable 3,135 3,598
Money transfer services 611 653
Sale of fixed assets, intangible assets and other assets 142 141
Other (2) 16,770 16,835
Total other account receivables 215,145 251,182
(1) The decrease corresponds mainly to compensation of a favorable balance in VAT.
(2) Corresponds to:
March 31,
2024 		December 31,
2023
Accounts receivable from non-controlling interests 6,078 5,655
Administrative fees of shopping malls 4,023 2,649
Airline pre-purchases and commissions 2,288 3,813
Receivable of seizures 1,149 974
Employee's cash imbalances 1,069 958
Deposits in guarantees 965 925
Indemnification of lease contracts - 812
Loans to third parties - 17
Others minor 1,198 1,032
Total 16,770 16,835

Note 9. Prepayments

March 31,
2024 		December 31,
2023
Insurance 15,819 23,457
Lease payments 5,841 6,705
Advertising 5,682 5,770
Maintenance 5,104 2,739
Other prepayments 5,450 7,660
Total prepayments 37,896 46,331
Current 33,236 41,515
Non-Current 4,660 4,816

Note 10. Related parties

As mentioned in the control´s change in Note65, the next companies are considered as related parties, which ones, at the date of this financial statements there were not transactions:

- Fundación Salvador del mundo;
- N1 Investments, Inc.;
- Clarendon Wolrwide S.A.;
- Avelan Enterprise, Ltd.;
- Foresdale Assets, Ltd.;
- Invenergy FSRU Development Spain S.L.;
- Talgarth Trading Inc.;
- Calleja S. A. de C.V.
- Camma Comercial Group. Corp.

14

Note 10.1. Significant agreements

Transactions with related parties refer mainly to transactions between Exito Group and its 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:

- 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 Exito Group through credit cards, (ii) the use of these credit cards in and out of Exito Group stores and (iii) the use of other financial services agreed between the parties inside Exito Group stores.
- Sara ANV S.A.: Agreement providing for the terms and conditions for the sale of services.

Note 10.2. Transactions with related parties

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

As mentioned in Note 1, at March 31, 2024, the controlling entity of Almacenes Éxito S.A. is Cama Commercial Group Corp. At December 31, 2023, the controlling entity of Almacenes Éxito S.A. was Casino Guichard-Perrachon S.A.

The amount of revenue arising from transactions with related parties is as follows:

Quarters ended March 31,
2024 2023
Joint ventures (1) 15,937 17,609
Casino Group Companies - 665
Total 15,937 18,274
(1) The amount of revenue with each joint venture is as follows:
Quarters ended March 31,
2024 2023
Compañía de Financiamiento Tuya S.A.
Commercial activation recovery 12,576 14,515
Yield on bonus, coupons and energy 1,341 1,486
Lease of real estate 1,083 996
Services 296 294
Total 15,296 17,291
Puntos Colombia S.A.S.
Services 406 318
Sara ANV S.A.
Services 235 -
Total 15,937 17,609

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

Quarters ended March 31,
2024 2023
Key management personnel (1) 43,672 31,387
Joint ventures (2) 28,799 28,406
Members of the Board 403 725
Casino Group Companies (3) - 7,098
Controlling entity - 5
Total cost and expenses 72,874 67,621
(1) Transactions between Exito Group and key management personnel, including legal representatives and/or administrators, mainly relate to labor agreements executed by and between the parties.

15

Compensation of key management personnel is as follows:

Quarters ended March 31,
2024 2023
Short-term employee benefits 43,365 30,779
Post-employment benefits 307 608
Total key management personnel compensation 43,672 31,387

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

Quarters ended March 31,
2024 2023
Compañía de Financiamiento Tuya S.A.
Commissions on means of payment 3,257 3,622
Puntos Colombia S.A.S.
Cost of customer loyalty program 25,542 24,784
Total 28,799 28,406
(3) Costs and expenses accrued mainly arise from energy optimization services received and intermediation in the import of goods, purchase of goods and consultancy services.

Costs and expenses by each company are as follows:

Quarters ended March 31,
2024 2023
Casino Guichard Perrachon S.A. - 4,053
Distribution Casino France - 1,753
Euris - 501
International Retail and Trade Services IG. - 599
Relevan C Colombia S.A.S. - 115
Casino Services - 77
Total - 7,098

Note 10.3. Receivable and Other non-financial assets from related parties

Receivable Other non-financial assets
March 31,
2024 		December 31,
2023 		March 31,
2024 		December 31,
2023
Joint ventures (1) 59,348 44,634 38,750 52,500
Casino Group companies (2) - 5,945 - -
Controlling entity - 1,566 - -
Current 59,348 52,145 - -
Non-Current - - 38,750 52,500
(1) Balances relate to the following joint ventures and the following detail:
- Receivables:
March 31,
2024 		December 31,
2023
Compañía de Financiamiento Tuya S.A.
Reimbursement of shared expenses, collection of coupons and other 5,846 4,697
Other services 9,341 1,784
Total 15,187 6,481
Puntos Colombia S.A.S.
Redemption of points 44,059 37,926
Sara ANV S.A.
Other services 102 227
Total receivables 59,348 44,634
- Other non-financial assets:

The amount of $38,750 as of March 31, 2024, corresponds to payments made to Compañía de Financiamiento Tuya S.A. for the subscription of shares that have not been recognized in its equity because authorization has not been obtained from the Superintendencia Financiera de Colombia. The amount of $52,500 as of December 31, 2023, corresponded to payments made to Compañía de Financiamiento Tuya S.A. for the subscription of shares that have not been recognized in its equity because authorization had not been obtained from the Superintendencia Financiera de Colombia; during 2024, authorization was obtained to register the equity increase.

16

(2) Receivable from Casino Group companies represents reimbursement for payments to expats, supplier agreements and energy efficiency solutions.
Quarters ended March 31,
2024 2023
Casino International - 3,224
Relevanc Colombia S.A.S. - 1,082
Companhia Brasileira de Distribuição S.A. - CBD - 822
International Retail and Trade Services - 810
Casino Services - 7
Total - 5,945

Note 10.4. Payables to related parties

The balance of payables to related parties is shown below:

March 31,
2024 		December 31,
2023
Joint ventures (1) 60,168 44,032
Controlling entity (2) - 10,581
Casino Group companies - 1,004
Total 60,168 55,617
(1) The balance of payables by each joint venture is as follows:
March 31,
2024 		December 31,
2023
Puntos Colombia S.A.S (a) 53,587 43,986
Compañía de Financiamiento Tuya S.A. 6,581 44
Sara ANV S.A. - 2
Total accounts payable to joint ventures 60,168 44,032
(a) Represents the balance arising from points (accumulations) issued.
(2) Represents the balance for consulting services from Casino Guichard Perrachon S.A.

Note 10.5. Collections on behalf of third parties with related parties

March 31,
2024 		December 31,
2023
Joint ventures (1) 20,290 26,515
(1) Mainly represents collections received from customers related to the Tarjeta Éxito cards owned by Compañía de Financiamiento Tuya S.A. (Note 25).

Note 11. Inventories, net and Cost of sales

Note 11.1. Inventories, net

The balance of inventories is as follows:

March 31,
2024 		December 31,
2023
Inventories (1) 2,524,429 2,352,735
Inventories in transit 52,736 22,312
Raw materials 29,808 28,367
Materials, spares, accessories and consumable packaging 16,302 15,884
Real estate project inventories (2) 15,585 18,003
Production in process 102 102
Total inventories 2,638,962 2,437,403
(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, 2022 13,150
Loss recognized during the period (Note 11.2.) 1,482
Loss reversal (Note 11.2.) (19 )
Effect of exchange difference from translation into presentation currency (556 )
Balance at March 31, 2023 14,057

17

Balance at December 31, 2023 19,583
Loss recognized during the period (Note 11.2.) 3,217
Effect of exchange difference from translation into presentation currency (66 )
Balance at March 31, 2024 22,734
(2) For 2024, represents López de Galarza real estate project for $776 (December 31, 2023 - $776) and Éxito Occidente real estate project for $14,809 (December 31, 2023 - $17,227).

At March 21, 2024, and at December 31, 2023, there are no restrictions or liens on the sale of inventories.

Note 11.2. Cost of sales

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

Quarters ended March 31,
2024 2023
Cost of goods sold (1) 4,424,523 4,494,218
Trade discounts and purchase rebates (706,281 ) (697,811 )
Logistics costs (2) 173,514 159,394
Damage and loss 58,213 65,971
Loss recognized during the period (Note 11.1) 3,217 1,463
Total cost of sales 3,953,186 4,023,235
(1) For the quarter ended March 31, 2024, includes $7,091 of depreciation and amortization cost (March 31, 2023 - $7,484).
(2) The detail is shown below:
Quarters ended March 31,
2024 2023
Employee benefits 91,699 85,502
Services 55,778 47,564
Depreciations and amortizations 18,745 19,015
Upload and download operators 1,477 1,398
Repairs and maintenance 1,379 2,060
Packaging and marking materials 1,335 1,311
Leases 1,296 931
Fuels 445 457
Insurance 171 185
Other 1,189 971
Total logistics costs 173,514 159,394

Note 12. Financial assets

The balance of financial assets is shown below:

March 31,
2024 		December 31,
2023
Financial assets measured at fair value through other comprehensive income (1) 23,649 23,964
Derivative financial instruments designated as hedge instruments (2) 1,474 2,378
Financial assets measured at amortized cost 579 578
Financial assets measured at fair value through profit or loss 518 546
Derivative financial instruments 74 -
Total financial assets 26,294 27,466
Current 1,596 2,452
Non-Current 24,698 25,014

18

(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:
March 31,
2024 		December 31,
2023
Investments in bonds 12,973 13,288
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 23,649 23,964
(2) Derivative instruments designated as hedging instrument relates to swap of interest rates. The fair value of these instruments is determined based on valuation models.

At March 31, 2024, 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 % 1,474

The detail of maturities of these hedge instruments at March 31, 2024, 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 - 897 577 - - 1,474

At December 31, 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 % 2,378

The detail of maturities of these hedge instruments at December 31, 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 998 - 871 509 - 2,378

At March 31, 2024, and at December 31, 2023, there are no restrictions or liens on financial assets that restrict their sale, except for judicial deposits relevant to the subsidiary Libertad S.A of $48 (December 31, 2023- $74), included within the line item Financial assets measured at fair value through profit or loss.

None of the assets were impaired at March 31, 2024 and at December 31, 2023.

Note 13. Property, plant and equipment, net

March 31,
2024 		December 31,
2023
Land 1,229,232 1,145,625
Buildings 2,263,644 2,149,905
Machinery and equipment 1,227,273 1,204,968
Furniture and fixtures 774,875 751,496
Assets under construction 54,240 48,456
Installations 193,403 183,485
Improvements to third-party properties 779,544 768,322
Vehicles 28,339 23,148
Computers 411,701 389,756
Other property, plant and equipment 289 289
Total property, plant and equipment, gross 6,962,540 6,665,450
Accumulated depreciation (2,760,301 ) (2,590,675 )
Impairment (5,234 ) (5,010 )
Total property, plant and equipment, net 4,197,005 4,069,765

19

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

Cost Land Buildings Machinery and
equipment 		Furniture and
fixtures 		Assets under
construction 		Installations Improvements
to third party
properties 		Vehicles Computers Other
property,
plant and
equipment 		Total
Balance at December 31, 2022 1,278,822 2,348,627 1,176,246 789,622 50,305 197,097 776,293 28,712 404,938 16,050 7,066,712
Additions 20 6,618 21,481 11,136 15,901 960 8,036 1,354 4,679 - 70,185
(Decrease) Increase from movements between property, plant
and equipment accounts 		- (66 ) 737 (14,731 ) (5,650 ) 2,064 17,381 - 265 - -
(Decreases) by transfer (to) other balance sheet accounts -
investment property. 		- - - - (323 ) - - - - - (323 )
Disposals and derecognition - - (6,473 ) (1,916 ) (328 ) (602 ) (16 ) - (1,127 ) - (10,462 )
Effect of exchange differences on translation into presentation
currency 		(54,396 ) (71,494 ) (11,163 ) (10,881 ) (1,528 ) (2,790 ) (5,078 ) (2,479 ) (11,105 ) - (170,914 )
(Decrease) increase from transfers to (from) other balance sheet
accounts - tax assets 		(20 ) 15,515 (3,025 ) (2,477 ) (1,043 ) - 585 1,530 (255 ) - 10,810
Increases by transfer from other balance sheet accounts - intangibles - - 63 - - - - - 1,209 - 1,272
Hyperinflation adjustments 50,098 49,602 8,901 11,094 1,282 - - 3,310 9,664 - 133,951
Balance at March 31, 2023 1,274,524 2,348,802 1,186,767 781,847 58,616 196,729 797,201 32,427 408,268 16,050 7,101,231
Balance at December 31, 2023 1,145,625 2,149,905 1,204,968 751,496 48,456 183,485 768,322 23,148 389,756 289 6,665,450
Additions 157 215 7,426 3,229 7,964 1,530 4,644 1,696 2,668 - 29,529
Increase (Decrease) from movements between property, plant
and equipment accounts 		- - 354 2,508 (3,408 ) 311 230 - 5 - -
Disposals and derecognition - - (5,301 ) (1,884 ) (110 ) (164 ) (7,410 ) (2 ) (276 ) - (15,147 )
Effect of exchange differences on translation into presentation
currency 		3,734 6,028 4,533 5,296 1,465 8,241 13,758 (469 ) 951 - 43,537
(Decrease) increase from transfers to (from) other balance sheet
accounts - tax assets 		- - (730 ) (202 ) (127 ) - - - (82 ) - (1,141 )
Hyperinflation adjustments 79,716 107,496 16,023 14,432 - - - 3,966 18,679 - 240,312
Balance at March 31, 2024 1,229,232 2,263,644 1,227,273 774,875 54,240 193,403 779,544 28,339 411,701 289 6,962,540

20

Accumulated depreciation Buildings Machinery and
equipment 		Furniture and
fixtures 		Installations Improvements
to third party
properties 		Vehicles Computers Other
property,
plant and
equipment 		Total
Balance at December 31, 2022 604,747 667,593 541,405 117,623 362,411 22,794 265,050 6,373 2,587,996
Depreciation 12,704 23,312 16,015 3,173 10,598 511 9,018 197 75,528
Disposals and derecognition - (4,998 ) (1,639 ) (380 ) - - (441 ) - (7,458 )
Effect of exchange differences on translation into presentation
currency 		(26,383 ) (8,754 ) (8,372 ) (1,688 ) (1,870 ) (2,124 ) (10,076 ) - (59,267 )
Other 140 - - - - 21 96 - 257
Hyperinflation adjustments 26,145 7,631 6,423 - - 2,914 9,361 - 52,474
Balance at March 31, 2023 617,353 684,784 553,832 118,728 371,139 24,116 273,008 6,570 2,649,530
Balance at December 31, 2023 575,427 702,416 552,182 105,595 372,997 17,920 264,134 4 2,590,675
Depreciation 13,194 22,962 14,284 3,038 10,099 313 9,530 - 73,420
Disposals and derecognition - (4,815 ) (621 ) (111 ) (4,319 ) (2 ) (274 ) - (10,142 )
Effect of exchange differences on translation into presentation
currency 		933 2,932 4,918 4,774 5,013 (358 ) 710 - 18,922
Other 14 - - - - 134 - - 148
Hyperinflation adjustments 43,625 12,861 10,760 - - 4,285 15,747 - 87,278
Balance at March 31, 2024 633,193 736,356 581,523 113,296 383,790 22,292 289,847 4 2,760,301
Impairment Land Buildings Machinery and
equipment 		Furniture and
fixtures 		Assets under
construction 		Installations Improvements
to third party
properties 		Vehicles Computers Other
property,
plant and
equipment 		Total
Balance at December 31, 2022 - 110 - - - - 4,326 - - - 4,436
Effect of exchange differences on translation into presentation
currency 		- - - - - - (60 ) - - - (60 )
Balance at March 31, 2023 - 110 - - - - 4,266 - - - 4,376
Balance at December 31, 2023 - - - - - - 5,010 - - - 5,010
Effect of exchange differences on translation into presentation
currency 		- - - - - - 224 - - - 224
Balance at March 31, 2024 - - - - - - 5,234 - - - 5,234

21

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 Exito Group management, and on which costs directly attributable to the construction process continue to be capitalized if they are qualifying assets.

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

At March 31, 2024 and at December 31, 2023 no restrictions or liens have been imposed on items of property, plant and equipment that limit their sale, and there are no commitments to acquire, build or develop property, plant and equipment.

At March 31, 2024 and at December 31, 2023, property, plant and equipment have no residual value that affects depreciable amount.

At March 31, 2024 and at December 31, 2023, the Exito Group has insurance for cover the loss 'risk over this property, plant and equipment.

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

Quarters ended March 31,
2024 2023
Additions 29,529 70,185
Additions to trade payables for deferred purchases of property, plant and equipment (100,396 ) (75,444 )
Payments for deferred purchases of property, plant and equipment 168,091 155,300
Acquisition of property, plant and equipment in cash 97,224 150,041

Note 14. Investment property, net

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

The net balance of investment properties is shown below:

March 31,
2024 		December 31,
2023
Land 276,591 263,172
Buildings 1,793,388 1,671,190
Constructions in progress 28,829 22,613
Total cost of investment properties 2,098,808 1,956,975
Accumulated depreciation (344,197 ) (295,673 )
Impairment (7,957 ) (7,957 )
Total investment properties, net 1,746,654 1,653,345

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

Cost Land Buildings Constructions
in progress 		Total
Balance at December 31, 2022 312,399 1,744,190 109,563 2,166,152
Additions - 199 6,827 7,026
Increase (decrease) from transfers from property, plant and equipment - 715 (392 ) 323
Increase (decrease) from movements between investment properties accounts - 11,143 (11,143 ) -
Effect of exchange differences on the translation into presentation currency (8,669 ) (85,014 ) (223 ) (93,906 )
Hyperinflation adjustments 7,643 99,289 249 107,181
Other (26 ) (15,963 ) (34 ) (16,023 )
Balance at March 31, 2023 311,347 1,754,559 104,847 2,170,753
Balance at December 31, 2023 263,172 1,671,190 22,613 1,956,975
Additions - - 5,908 5,908
Effect of exchange differences on the translation into presentation currency 1,293 (11,415 ) (34 ) (10,156 )
Hyperinflation adjustments 12,126 133,613 342 146,081
Balance at March 31, 2024 276,591 1,793,388 28,829 2,098,808

22

Accumulated depreciation Buildings
Balance at December 31, 2022 317,665
Depreciation expenses 8,533
Effect of exchange differences on the translation into presentation currency (23,511 )
Hyperinflation adjustments 30,894
Other (5,006 )
Balance at March 31, 2023 328,575
Balance at December 31, 2023 295,673
Depreciation expenses 8,329
Effect of exchange differences on the translation into presentation currency (3,396 )
Hyperinflation adjustments 43,591
Balance at March 31, 2024 344,197

At March 31, 2024, and at December 31, 2023, there are no limitations or liens imposed on investment property that restrict realization or tradability thereof.

At March 31, 2024, and at December 31, 2023, the Exito Group is not committed to acquire, build or develop new investment property.

In Note 35 discloses the fair value of investment property, based on the appraisal carried out by an independent third party.

Note 15. Leases

Note 15.1 Right of use asset, net

March 31,
2024 		December 31,
2023
Right of use asset 3,492,793 2,980,106
Accumulated depreciation (1,696,248 ) (1,612,996 )
Impairment (6,104 ) (5,857 )
Total right of use asset, net 1,790,441 1,361,253

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

Cost
Balance at December 31, 2022 2,826,607
Increase from new contracts 10,751
Remeasurements from existing contracts (1) 89,135
Derecognition and disposal (2) (14,716 )
Effect of exchange differences on the translation into presentation currency (7,638 )
Other changes (1,753 )
Balance at March 31, 2023 2,902,386
Balance at December 31, 2023 2,980,106
Increase from new contracts 61,975
Remeasurements from existing contracts (1) 430,921
Derecognition and disposal (2) (4,751 )
Effect of exchange differences on the translation into presentation currency 24,923
Other changes (381 )
Balance at March 31, 2024 3,492,793
Accumulated depreciation
Balance at December 31, 2022 1,377,029
Depreciation 67,146
Derecognition and disposal (2) (10,924 )
Effect of exchange differences on the translation into presentation currency (3,734 )
Other changes (421 )
Balance at March 31, 2023 1,429,096
Balance at December 31, 2023 1,612,996
Depreciation 77,018
Derecognition and disposal (2) (3,778 )
Effect of exchange differences on the translation into presentation currency 10,156
Other changes (144 )
Balance at March 31, 2024 1,696,248
Impairment
Balance at December 31, 2022 6,109
Effect of exchange differences on the translation into presentation currency (85 )
Balance at March 31, 2023 6,024
Balance at December 31, 2023 5,857
Derecognition and disposal (2) (15 )
Effect of exchange differences on the translation into presentation currency 262
Balance at March 31, 2024 6,104
(1) Mainly results from the extension of contract terms, indexation or lease modifications.
(2) Mainly results from the early termination of lease contracts.

23

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

March 31,
2024 		December 31,
2023
Buildings 3,457,582 2,948,056
Vehicles 17,525 18,950
Lands 12,480 7,540
Equipment 5,206 5,560
Total 3,492,793 2,980,106

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

March 31,
2024 		December 31,
2023
Buildings 1,676,943 1,594,867
Vehicles 9,452 8,845
Equipment 4,970 4,796
Lands 4,883 4,488
Total 1,696,248 1,612,996

Depreciation expense by class of underlying asset is shown below:

Quarters ended March 31,
2024 2023
Buildings 75,449 65,272
Vehicles 1,073 1,261
Equipment 305 420
Lands 191 193
Total depreciation 77,018 67,146

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

At March 31, 2024, the average remaining term of lease contracts is 11.6 years (11.7 years as at December 31, 2023), which is also the average remaining period over which the right of use asset is depreciated.

Note 15.2 Lease liabilities

March 31,
2024 		December 31,
2023
Lease liabilities 1,998,863 1,567,959
Current 281,436 282,180
Non-Current 1,717,427 1,285,779

24

The movement in lease liabilities is as shown:

Balance at December 31, 2022 1,655,955
Additions 10,751
Accrued interest 29,815
Remeasurements 89,135
Terminations (3,781 )
Payments of lease liabilities including interests (98,427 )
Effect of exchange differences on the translation into presentation currency (4,248 )
Balance at March 31, 2023 1,679,200
Balance at December 31, 2023 1,567,959
Additions 61,975
Accrued interest 36,964
Remeasurements 430,921
Terminations (1,089 )
Payments of lease liabilities including interests (115,097 )
Effect of exchange differences on the translation into presentation currency 17,230
Balance at March 31, 2024 1,998,863

Below are the future lease liability payments at March 31, 2023:

Up to one year 382,912
From 1 to 5 years 1,001,869
More than 5 years 1,154,250
Minimum lease liability payments 2,539,031
Future financing (expenses) (540,168 )
Total minimum net lease liability payments 1,998,863

Note 16. Other intangible assets, net

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

March 31,
2024 		December 31,
2023
Trademarks 279,726 250,879
Computer software 280,612 278,893
Rights 24,772 23,385
Other 123 90
Total cost of other intangible assets 585,233 553,247
Accumulated amortization (191,312 ) (186,878 )
Total other intangible assets, net 393,921 366,369

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

Cost Trademarks (1) Computer
software 		Rights Other Total
Balance at December 31, 2022 299,688 274,480 24,703 147 599,018
Additions 5,296 4,238 - - 9,534
Transfers to other balance sheet accounts - Property, plant, and equipment - (1,272 ) - - (1,272 )
Effect of exchange differences on the translation into presentation currency (18,499 ) (483 ) (779 ) (23 ) (19,784 )
Hyperinflation adjustments 16,504 - 1,159 23 17,686
Other minor movements - 84 - - 84
Balance at March 31, 2023 302,989 277,047 25,083 147 605,266
Balance at December 31, 2023 250,879 278,893 23,385 90 553,247
Additions 4 6,349 - - 6,353
Disposals and derecognition - (6,055 ) - - (6,055 )
Effect of exchange differences on the translation into presentation currency 2,571 1,425 (151 ) (4 ) 3,841
Hyperinflation adjustments 26,272 - 1,538 37 27,847
Balance at March 31, 2024 279,726 280,612 24,772 123 585,233

25

Accumulated amortization Computer
software 		Rights Other Total
Balance at December 31, 2022 172,630 1,582 126 174,338
Amortization 7,673 96 - 7,769
Effect of exchange differences on the translation into presentation currency (391 ) (292 ) (23 ) (706 )
Hyperinflation adjustments - 492 23 515
Other minor movements - (96 ) - (96 )
Balance at March 31, 2023 179,912 1,782 126 181,820
Balance at December 31, 2023 185,455 1,354 69 186,878
Amortization 8,091 - - 8,091
Effect of exchange differences on the translation into presentation currency 1,133 (68 ) (4 ) 1,061
Hyperinflation adjustments - 920 36 956
Disposals and derecognition (5,674 ) - - (5,674 )
Balance at March 31, 2024 189,005 2,206 101 191,312
(1) The balance of trademarks, is shown below:
Operating segment Brand Useful life March 31,
2024 		December 31, 2023
Uruguay Miscellaneous Indefinite 120,170 115,020
Argentina Libertad Indefinite 73,125 49,432
Low cost and other (Colombia) Súper Ínter Indefinite 63,704 63,704
Low cost and other (Colombia) Surtimax Indefinite 17,427 17,427
Colombia Taeq Indefinite 5,296 5,296
Colombia Finlandek Indefinite 4 -
279,726 250,879

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

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

At March 31, 2024 and at December 31, 2023, other intangible assets are not limited or subject to lien that would restrict their sale. In addition, there are no commitments to acquire or develop other intangible assets.

Note 17. Goodwill

The balance of goodwill is as follows:

March 31,
2024 		December 31,
2023
Spice Investment Mercosur S.A. 1,492,896 1,441,256
Carulla Vivero S.A. 827,420 827,420
Súper Ínter 453,649 453,649
Libertad S.A. 275,582 186,289
Cafam 122,219 122,219
Other 50,806 50,806
Total goodwill 3,222,572 3,081,639
Impairment loss (1,017 ) (1,017 )
Total goodwill, net 3,221,555 3,080,622

The movement in goodwill are shown below:

Cost Impairment Net
Balance at December 31, 2022 3,485,320 (1,017 ) 3,484,303
Effect of exchange differences on the translation into presentation currency (82,549 ) - (82,549 )
Hyperinflation adjustments 62,199 - 62,199
Balance at March 31, 2023 3,464,970 (1,017 ) 3,463,953
Balance at December 31, 2023 3,081,639 (1,017 ) 3,080,622
Effect of exchange differences on the translation into presentation currency 41,923 - 41,923
Hyperinflation adjustments 99,010 - 99,010
Balance at March 31, 2024 3,222,572 (1,017 ) 3,221,555

Goodwill has indefinite useful life on the grounds of the Exito Group's considerations thereon, and consequently it is not amortized.

26

17.1. Business combinations

Related to business combinations from 2023, at March 31, 2024, Exito Group is currently advancing the allocation of the purchase price. The consideration transferred, the fair values of identifiable assets and liabilities from the business acquired at acquisition date and the adjustments of measurement at closing period are as follows:

Book values at the date
of acquisition 		Measurement
period adjustments 		Fair values at
the date of acquisition
Hipervital Costa y Modasian Hipervital Costa y Modasian Hipervital Costa y Modasian
S.A.S. Costa S.A. S.R.L. S.A.S. Costa S.A. S.R.L. S.A.S. Costa S.A. S.R.L.
Cash - - - - 411 - - 411 -
Trade receivables - - - - 1,309 - - 1,309 -
Inventories 680 - - (17 ) 1,230 - 663 1,230 -
Tax assets - - - - 334 - - 334 -
Property, plant and equipment, net 2,614 92 1,758 (66 ) 314 - 2,548 406 1,758
Rights of use - 7,543 - - (7,543 ) - - - -
Brands - - - 12,904 - - 12,904 - -
Total identifiable assets 3,294 7,635 1,758 12,821 (3,945 ) - 16,115 3,690 1,758
Financial liabilities - - 235 - - - - - 235
Trade payables 689 110 846 (18 ) 2,099 - 671 2,209 846
Leases liabilities - 7,525 - - (7,525 ) - - - -
Total liabilities take on 689 7,635 1,081 (18 ) (5,426 ) - 671 2,209 1,081
Net assets and liabilities measured at fair value 2,605 - 677 12,839 1,481 - 15,444 1,481 677
Consideration transferred 20,126 17,032 1,558 (865 ) 606 - 19,261 17,638 1,558
Goodwill from the acquisition 17,521 17,032 881 (13,704 ) (875 ) - 3,817 16,157 881

The goodwill and variations from the time of acquisition at March 31, 2024, shown the following:

Hipervital Costa y Modasian
S.A.S. Costa S.A. S.R.L. Total
Goodwill from the acquisition 3,817 16,157 881 20,855
Effect of exchange difference (462 ) (1,953 ) (106 ) (2,521 )
Saldo al 31 de diciembre de 2023 3,355 14,204 775 18,334
Effect of exchange difference 150 636 35 821
Saldo al 31 de marzo de 2024 3,505 14,840 810 19,155

27

The revenues and profit or loss of this business acquired, corresponding to the quarter ended at March 31, 2024, included in the consolidated statements of profit or loss at March 31, 2024, shown the following:

Hipervital Costa y Modasian
S.A.S. Costa S.A. S.R.L.
Revenues 8,286 5,895 -
Profit (loss) for the period 21 (155 ) 13

This companies acquired are ongoing business that are consider attractive, located in strategic places coinciding with the expansion plan of the Exito Group.

Goodwill was fully allocated to the Uruguay segment and is attributable to the synergies expected from the integration of the operation of stores acquired in this country.

Note 18. Investments accounted for using the equity method

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

Company Classification March 31,
2024 		December 31,
2023
Compañía de Financiamiento Tuya S.A. Joint venture 248,860 220,134
Puntos Colombia S.A.S. Joint venture 12,082 9,986
Sara ANV S.A. Joint venture 2,056 2,438
Total investments accounted for using the equity method 262,998 232,558

There are no restrictions on the capability of joint ventures to transfer funds in the form of cash dividends, or loan repayments or advance payments.

There are not contingent liabilities incurred related to its participation therein.

Exito Group has no constructive obligations acquired on behalf of investments accounted for using the equity method arising from losses exceeding the interest held in them.

These investments have no restrictions or liens that affect the interest held in them.

Nota 18.1. Participation of the profits from investments accounted for using the equity method

The result for the participation of the profits from investments accounted for using the equity method is as follows:

Quarters ended March 31,
2024 2023
Compañía de Financiamiento Tuya S.A. (23,774 ) (27,793 )
Sara ANV S.A. (381 ) (2 )
Puntos Colombia S.A.S. 2,095 1,003
Total (22,060 ) (26,792 )

Note 19. Non-cash transactions

During the quarters ended March 31, 2024, and March 31, 2023, Exito Group had non-cash additions to property, plant and equipment, and to right of use assets, that were not included in the statement of cash flow, presented in Note 13 and 15, respectively.

28

Note 20. Loans, borrowing and other financial liabilities

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

March 31,
2024 		December 31,
2023
Bank loans 1,793,666 815,674
Put option on non-controlling interests (1) 460,542 442,342
Letters of credit 8,463 8,189
Total loans, borrowing and other financial liabilities 2,262,671 1,266,205
Current 2,056,303 1,029,394
Non-Current 206,368 236,811
(1) Represents the put option liability on part of the non-controlling interest in Grupo Disco Uruguay S.A. Exito Group has a non-controlling interest in Grupo Disco Uruguay S.A. of 30.85%, (December 31, 2023 - 30.85%) of which 23.16% (December 31, 2023 - 23.16%) is subject to a put option held by non-controlling shareholders. Such put option is exercisable by the holders at any time until expiry on June 30, 2025. The put option exercise price is the greater of following three measures: (i) a fixed price per share of $0.30 in US dollars as stated in the put option contract adjusted at a rate of 5% per year, (ii) a multiple of 6 times the average EBITDA of the last two years minus the net debt of Grupo Disco Uruguay S.A. as of the exercise date, or (iii) a multiple of 12 times the average net income of the past two years of the Grupo Disco Uruguay S.A. On March 31, 2024, the greater of these three measures was the multiple of 12 times the average net income of the past two years.

During 2023, Grupo Casino negotiated with the non-controlling interest of Grupo Disco Uruguay S.A. the assignment of this put option to Exito Group. Once this assignment was completed, making Exito Group the direct holder of the put option liability, the put-call contract between Exito Group and Grupo Casino was finished.

To guarantee compliance with the obligation assumed by Exito Group in this assignment, a non-possessory pledge was constituted over the series B shares in Grupo Disco Uruguay S.A., which are property of Spice Investment Mercosur S.A., which are related in the title number 1 shareholding and representing 25% of the voting capital of Grupo Disco Uruguay S.A. This guarantee does not transfer the right to vote or receive dividends that the pledged shares have, which are held by Spice Investment Mercosur S.A. This guarantee replaces the last given in previous years on the same shareholding title.

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

Balance at December 31, 2022 1,455,584
Proceeds from loans and borrowings 727,266
Changes in the fair value of the put option recognized in equity (9,095 )
Interest accrued 38,731
Translation difference (60 )
Repayments of loans and borrowings (46,118 )
Payments of interest on loans and borrowings (24,668 )
Balance at March 31, 2023 2,141,640
Balance at December 31, 2023 (1) 1,266,205
Proceeds from loans and borrowings (2) 1,034,777
Changes in the fair value of the put option recognized in equity 18,200
Interest accrued 51,220
Translation difference 369
Repayments of loans and borrowings (3) (80,981 )
Payments of interest on loans and borrowings (27,119 )
Balance at March 31, 2024 2,262,671
(1) At December 31, 2023, the balance included:

$108,969 corresponding of a bilateral credit taken on March 27, 2020, $136,727 of a bilateral credit taken on June 3, 2020 and the extension of a bilateral credit with three new bilateral credits in amounts of $202,663; $126,478 y $114,053 taken on March 26, 2021 as well as $101,280 and $25,348 of anew bilateral credits taken on August 28, 2023, for the Parent Company.

The put option contract of Spice Investments Mercosur S.A. for $442,342 with the non-controlling interest owners of the subsidiary Grupo Disco Uruguay S.A.

Letters of credit from the subsidiary Spice Investments Mercosur S.A. and its subsidiaries for $8,189.

29

(2) The Parent Company requested disbursement of $30,000; $70,000 y $230,000 against one of its outstanding bilateral revolving credits entered February 18, 2022; disbursement of $300,000 against the bilateral revolving credit entered on October 10, 2022, and disbursement of $200,000 against other bilateral revolving credit entered on April 4, 2022.

In February 2024, the Parent Company requested disbursements for $70,000 against the bilateral revolving credit entered on February 18, 2022 and for $100,000 against the bilateral revolving credit entered on February 12, 2024.

During the quarter ended March 31, 2024, the subsidiary Spice Investments Mercosur S.A. and its subsidiaries requested letters of credit totaling $30,729.

(3) During the quarter ended March 31, 2024, the Parent Company paid $50,000 corresponding on the renewal on the bilateral credit contract signed on March 26, 2021.

During the quarter ended March 31, 2024, subsidiary Spice Investments Mercosur S.A. and its subsidiaries repaid letters of credit in amount of $30,819.

These loans are measured at amortized cost using the effective interest rate method; transaction costs are not included in the measurement, since they were not incurred.

Below is a detail of maturities for non-current loans and borrowings outstanding at March 31, 2024, discounted at present value (amortized cost):

Year Total
2025 94,185
2026 58,867
2027 27,892
>2028 25,424
206,368

As of March 31, 2024, Exito Group has no unused lines of credit.

Covenants

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

As of December 31, 2023, Exito Group complied with its covenants.

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

Note 21. Employee benefits

The balance of employee benefits is shown below:

March 31,
2024 		December 31,
2023
Defined benefit plans 39,179 38,106
Long-term benefit plan 1,875 1,815
Total employee benefits 41,054 39,921
Current 5,074 4,703
Non-Current 35,980 35,218

30

Note 22. Provisions

The balance of provisions is shown below:

March 31,
2024 		December 31,
2023
Legal proceedings (1) 19,472 19,736
Restructuring 17,767 5,180
Taxes other than income tax 294 297
Other provisions 9,903 8,462
Total provisions 47,436 33,675
Current 35,823 22,045
Non-Current 11,613 11,630

At March 31, 2024 and at December 31, 2023, there are no provisions for onerous contracts.

(1) Provisions for legal proceedings are recognized to cover estimated probable losses arising from lawsuits brought against Exito Group, related to labor, civil, administrative and regulatory matters, which are assessed based on the best estimation of cash outflows required to settle a liability on the date of preparation of the financial statements. There is no individual material process included in these provisions. The balance is comprised of:
March 31,
2024 		December 31,
2023
Labor legal proceedings 10,174 10,211
Civil legal proceedings 6,873 7,250
Administrative and regulatory proceedings 2,425 2,275
Total legal proceedings 19,472 19,736
(2) The balance of other provisions corresponds to:
31 de marzo 31 de diciembre
de 2024 de 2023
Store close 3,496 61
Urbanistic improvements 2,215 2,215
Reduction for merchandises VMI 401 296
Others minor in Libertad S.A. 154 163
Montevideo real estate project - 3,500
Others minor in Colombian subsidiaries 3,637 2,227
Total others provisions 9,903 8,462

31

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

Legal Taxes other
than
proceedings income tax Restructuring Other Total
Balance at December 31, 2022 19,101 4,473 10,517 8,286 42,377
Increase 1,747 - 297 1,697 3,741
Uses - (465 ) (127 ) - (592 )
Payments (836 ) - (6,590 ) (1,833 ) (9,259 )
Reversals (not used) (493 ) (3,337 ) (1,039 ) (364 ) (5,233 )
Other reclassifications (556 ) - 243 (12 ) (325 )
Effect of exchange differences on the translation into presentation currency (488 ) (165 ) (2 ) (130 ) (785 )
Balance at March 31, 2023 18,475 506 3,299 7,644 29,924
Balance at December 31, 2023 19,736 297 5,180 8,462 33,675
Increase 1,275 - 16,144 6,482 23,901
Payments (685 ) - (3,557 ) (1,532 ) (5,774 )
Reversals (not used) (1,009 ) - - (3,500 ) (4,509 )
Other reclassifications (1 ) - - - (1 )
Effect of exchange differences on the translation into presentation currency 156 (3 ) - (9 ) 144
Balance at March 31, 2024 19,472 294 17,767 9,903 47,436

Note 23. Trade payables and other payable

March 31,
2024 		December 31,
2023
Payables to suppliers of goods 2,829,080 2,725,532
Payables and other payable - agreements (1) 714,678 1,562,246
Payables to other suppliers 299,733 325,447
Employee benefits 277,513 335,989
Withholding tax payable (2) 160,331 72,146
Dividends payable (3) 93,851 32,691
Purchase of assets (4) 53,585 121,554
Tax Payable 42,291 72,346
Other 44,664 38,175
Total trade payables and other payable 4,515,726 5,286,126
Current 4,496,384 5,248,777
Non-Current 19,342 37,349
(1) The detail of payables and other payable - agreements is shown below:
March 31,
2024 		December 31,
2023
Payables to suppliers of goods 661,927 1,429,006
Payables to other suppliers 52,751 133,240
Total payables and other payable - agreements 714,678 1,562,246
(2) It corresponds to declarations of withholding taxes and other taxes that are pending payment, and which will be offset with the balance in favor of the income tax return for the year 2023.
(3) The increase corresponds to the dividends declared on 2024.
(4) The reduction is basically because a payment for $20,530 from Clearpath contract and $17,595 from others contracts.

32

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 Exito Group.

Exito Group cannot direct a preferred or financially related bank to the supplier or refuse to carry out transactions, as local legislation ensures the supplier's right to freely transfer the title/receivable to any bank through endorsement.

Additionally, Exito Group has entered into agreements with some financial institutions in Colombia, that provide an additional payment period for these discounted supplier invoices. The terms under such agreements are not unique to Exito Group but are based on market practices in Colombia applicable to other players in the market that legally do not change the nature of the business transaction.

Note 24. Income tax

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

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

a. For taxable 2024 and 2023 the income tax rate for corporates is 35%. For taxable 2023 and onwards, 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. 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. The tax on occasional payable by legal entities on total occasional gains obtained during the taxable year. For 2024 and 2023 the rate is 15%.
d. A tax on dividends paid to individual residents in Colombia was established at a rate of 10%, triggered when the amount distributed is higher than 300 UVT (equivalent to $14 in 2024) when such dividends have been taxed upon the distributing companies. For domestic companies, the tax rate is 7.5% when such dividends have been taxed upon the distributing companies. For individuals not residents of Colombia and for foreign companies, the tax rate is 10% when such dividends have been taxed upon the distributing companies. When the earnings that give rise to dividends have not been taxed upon the distributing company, the tax rate applicable to shareholders is 35% for 2024 and 2023.
e. Taxes, levies and contributions actually paid during the taxable year or period are 100% deductible as long as they are related with proceeds of company's economic activity accrued during the same taxable year or period, including affiliation fees paid to business associations. VAT on the acquisition, formation, construction or import of productive real fixed assets may be discounted from the income tax. The tax on financial transactions is a permanent tax. 50% of such tax is deductible, provided that the tax paid is duly supported.
f. The income withholding tax on payments abroad is 20% on consultancy services, technical services, technical assistance, professional fees, royalties, leases and compensations and 35% for management or administration services. The income tax withholding rate on payments abroad is 0% for services such as consultancy, technical services or technical assistance provided by third parties with physical residence in countries that have entered double-taxation agreements.
g. The annual adjustment applicable at December 31, 2023 to the cost of furniture and real estate deemed fixed assets is 12.40%.
h. The tax base adopted is the accounting according to the International Financial Reporting Standards (IFRS) authorized by the International Accounting Standards Board (IASB) with certain exceptions regarding the realization of revenue, recognition of costs and expenses and the merely accounting effects of the opening balance upon adoption of these standards.

33

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

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

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

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

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

At March 31, 2024 Almacenes Éxito S.A. has accrued $61,415 (at December 31, 2023 - $61,415) excess presumptive income over net income.

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

Balance at December 31, 2022 211,190
Offsetting of presumptive income against net income for the period (149,775 )
Balance at December 31, 2023 61,415
Movements of excess presumptive income -
Balance at March 31, 2024 61,415

At March 31, 2024, Almacenes Éxito S.A. has accrued tax losses amounting to $878,457 (at December 31, 2023 - $740,337).

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

Balance at December 31, 2022 740,337
Tax expense during the period -
Balance at December 31, 2023 740,337
Tax expense during the period 138,120
Balance at March 31, 2024 878,457
(b) Movement of tax losses for Colombian subsidiaries for the reporting period is shown below
Balance at December 31, 2022 33,562
Marketplace Internacional Éxito y Servicios S.A.S 105
Transacciones Energéticas S.A.S. E.S.P. (i) 126
Depósitos y Soluciones Logísticas S.A.S. (24 )
Balance at December 31, 2023 33,769
Marketplace Internacional Éxito y Servicios S.A.S 214
Transacciones Energéticas S.A.S. E.S.P. (i) (618 )
Balance at March 31, 2024 33,365
(i) No deferred tax has been calculated for these tax losses because of the uncertainty on the recoverability with future taxable income.

Note 24.2. Tax rates applicable to foreign subsidiaries

Income tax rates applicable to foreign subsidiaries are:

- Uruguay applies a 25% income tax rate in 2024 (25% in 2023);
- Argentina applies a 30% income tax rate in 2024 (35% in 2023).

Note 24.3. Current tax assets and liabilities

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

Current tax assets:

March 31,
2024 		December 31,
2023
Income tax credit receivable by Almacenes Éxito S.A. and its Colombian subsidiaries 340,807 267,236
Tax discounts applied by Almacenes Éxito S.A. and its Colombian subsidiaries 137,955 137,000
Industry and trade tax advances and withholdings of Almacenes Éxito S.A. and its Colombian subsidiaries 56,430 71,450
Other current tax assets of subsidiary Spice Investment Mercosur S.A. 22,286 20,339
Tax discounts of Éxito from taxes paid abroad 17,404 17,258
Current income tax assets of subsidiary Onper Investment 2015 S.L. 8,820 10,715
Other current tax assets of subsidiary Onper Investment 2015 S.L. 35 29
Total current tax assets 583,737 524,027

34

Current tax liabilities

March 31,
2024 		December 31,
2023
Industry and trade tax payable of Almacenes Éxito S.A. and its Colombian subsidiaries 70,870 98,391
Tax on real estate of Almacenes Éxito S.A. and its Colombian subsidiaries 23,513 3,621
Income tax payable from some Colombian subsidiaries 8,099 -
Current income tax liabilities of subsidiary Spice Investments Mercosur S.A. 7,976 47
Taxes of subsidiary Onper Investment 2015 S.L. other than income tax 4,778 4,979
Taxes of subsidiary Spice Investments Mercosur S.A. other than income tax 54 293
Total current tax liabilities 115,290 107,331

Note 24.4. Income tax

The reconciliation between accounting (loss) income and net income and the calculation of the tax expense are as follows:

Quarters ended March 31,
2024 2023
(Loss) gain before income tax (9,542 ) 119,771
Add
Non-deductible expenses 11,565 7,424
Tax on financial transactions 3,616 3,376
Reversal of expected credit losses 2,010 -
Fines, penalties and litigation 233 161
Taxes taken on and revaluation 69 250
Reimbursement of deduction for income-generating assets arising from the sale of assets 50
Selling price of fixed assets held less than two years - 2
Less
IFRS adjustments with no tax effects (1) (72,019 ) (133,255 )
Effect of accounting results of foreign subsidiaries (51,837 ) (69,789 )
Tax-exempt dividends received from subsidiaries (4,242 ) (2,620 )
Recovery of costs and expenses (2,543 ) (2,238 )
Deduction from hiring of handicapped employees (637 ) (619 )
Non-deductible taxes (270 ) (344 )
Derecognition of gain from the sale of assets reported as occasional gain (50 ) (4,958 )
Receivables written-off - (1,033 )
30% additional deduction on salaries paid to apprentices - (18 )
Net (loss) before offsetting (123,597 ) (83,890 )
Offsetting (618 ) (24 )
Net (loss) after offsetting (124,215 ) (83,914 )
Net (loss) of the Parent and its Colombian subsidiaries (138,334 ) (96,242 )
Net income of certain Colombian subsidiaries 14,737 12,352
Total net taxable income 14,119 12,352
Income tax rate 35 % 35 %
Subtotal tax (expense) (4,941 ) (4,323 )
Adjustment in respect of current income tax of prior periods (578 ) 110
Other minor adjustments (4 ) -
(Expense) tax paid abroad - (700 )
Total tax (expense) of the Parent and its Colombian subsidiaries (5,523 ) (4,913 )
Total current tax (expense) of foreign subsidiaries (27,051 ) (29,919 )
Total current tax (expense) (32,574 ) (34,832 )

35

(1) IFRS adjustments with no tax effects are:
Quarters ended March 31,
2024 2023
Other accounting expenses with no tax effects 119,018 1,610
Accounting provisions 17,682 4,724
Untaxed dividends of subsidiaries 4,242 2,620
Exchange difference, net 379 (50,993 )
Taxed actuarial estimation 215 548
Taxed leases (69,090 ) 30,964
Net results using the equity method (60,017 ) (50,432 )
Non-accounting costs for tax purposes (34,370 ) (15,959 )
Excess personnel expenses for tax purposes over accounting personnel expenses (29,015 ) (8,793 )
Excess tax depreciation over accounting depreciation (11,558 ) (12,358 )
Recovery of provisions (5,722 ) (13,352 )
Other accounting not for tax purposes (revenue), net (3,783 ) (21,830 )
Non-deductible taxes - (4 )
Total (72,019 ) (133,255 )

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

Quarters ended March 31,
2024 2023
Current income tax (expense) (31,996 ) (34,943 )
Adjustment in respect of current income tax of prior periods (578 ) 110
Deferred income tax gain income (expense) (Note 24.6) 34,136 (5,875 )
Total income tax income (expense) 1,562 (40,708 )

Note 24.5. Deferred tax

March 31, 2024 December 31, 2023
Deferred tax Deferred tax Deferred tax Deferred tax
assets liabilities assets liabilities
Tax losses 307,460 - 259,118 -
Tax credits 61,449 - 61,449 -
Excess presumptive income 21,496 - 21,495 -
Other provisions 14,826 - 9,926 -
Investment property - (62,111 ) - (120,144 )
Property, plant, and equipment 47,324 (139,387 ) 93,660 (221,364 )
Goodwill - (217,694 ) - (217,687 )
Leases 642,803 (559,777 ) 634,180 (545,661 )
Other 143,071 (258,649 ) 100,045 (33,423 )
Total 1,238,429 (1,237,618 ) 1,179,873 (1,138,279 )

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

March 31, 2024 December 31, 2023
Deferred tax Deferred tax Deferred tax Deferred tax
assets liabilities assets liabilities
Colombia 151,145 - 113,373 -
Uruguay 88,087 - 84,319 -
Argentina - (238,421 ) - (156,098 )
Total 239,232 (238,421 ) 197,692 (156,098 )

36

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

Quarters ended March 31,
2024 2023
Profit (expense) benefit from deferred tax recognized in income 34,136 (5,875 )
Adjustment related current income tax previous periods (578 ) 110
(Expense) profit from deferred tax recognized in other comprehensive income (1,559 ) 2,958
Effect of the translation of the deferred tax recognized in other comprehensive income (1) (72,782 ) 463
Total movement of net deferred tax (40,783 ) (2,344 )
(1) Such effect resulting from the translation at the closing rate of deferred tax assets and liabilities of foreign subsidiaries is included in the line item "Exchange difference from translation" in Other comprehensive income (Note 27).

Temporary differences related to investments in associates and joint ventures, for which no deferred tax liabilities have been recognized at March 31, 2024 amounted to $103,833 (at December 31, 2022 - $81,773).

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

There are no income tax consequences attached to the payment of dividends in either 2024 or 2023 by Exito Group to its shareholders.

Note 24.7. Non-Current tax liabilities

The $7,670 balance at March 31, 2024 (at December 31, 2023 - $8,091) relates to taxes payable of subsidiary Libertad S.A. for federal taxes and incentive program by instalments.

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

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

March 31,
2024 		December 31,
2023
Collections on behalf of third parties (1) 121,100 123,023
Derivative financial instruments (2) 10,696 11,299
Derivative financial instruments designated as hedge instruments (3) 1,392 5,488
Total derivative instruments and collections on behalf of third parties 117,095 139,810
(1) Collections on behalf of third parties includes amounts received for services where Exito Group acts as an agent, such as travel agency sales, and payments and banking services provided to customers. Include $20,290 (December 31, 2023 - $26,515) with third parties (Note 10.5).
(2) The detail of maturities of these instruments at March 31, 2024 is shown below:
Derivative Less than 3
months 		From 3 to 6
months 		From 6 to 12
months 		More than 12
months 		Total
Forward 9,536 1,160 - - 10,696

The detail of maturities of these instruments at December 31, 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 6,938 4,361 - - 11,299

37

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

At March 31, 2024, 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 / $$3,991.19 1,392

The detail of maturities of these hedge instruments at March 31, 2024 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 817 575 - - - 1,392

At December 31, 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 / $4,204.54 5,488

The detail of maturities of these hedge instruments at December 31, 2023 is shown below:

Less than 1
month 		From 1 to 3
months 		From 3 to 6
months 		From 6 to 12
months 		More than 12
months 		Total
Forward 2,621 2,867 - - - 5,488

Note 26. Other liabilities

The balance of other liabilities is shown below:

March 31,
2024 		December 31,
2023
Deferred revenues (1) 124,546 208,126
Customer loyalty programs 46,898 43,990
Advance payments under lease agreements and other projects 4,939 4,604
Repurchase coupon 196 239
Instalments received under "plan resérvalo" 160 160
Total other liabilities 176,739 257,119
Current 174,401 254,766
Non-Current 2,338 2,353
(1) Mainly relates to payments received for the future sale of products through means of payment, property leases and strategic alliances.

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

Deferred Customer
loyalty
revenue programs
Balance at December 31, 2022 154,265 56,165
Additions 374,871 4,925
Revenue recognized (421,248 ) (4,155 )
Effect of exchange difference from translation into presentation currency (1,225 ) (1,040 )
Balance at March 31, 2023 106,663 55,895
Balance at December 31, 2023 208,126 43,990
Additions 1,248 4,317
Revenue recognized (84,932 ) (3,345 )
Effect of exchange difference from translation into presentation currency 104 1,936
Balance at March 31, 2024 124,546 46,898

38

Note 27. Shareholders' equity

Capital and premium on placement of shares

At March 31, 2024, and at December 31, 2023, Almacenes Exito's authorized capital is represented by 1.590,000,000 common shares with a nominal value of $3.3333 Colombian pesos.

At March 31, 2024, and at December 31, 2023 the number of subscribed shares is 1.344.720.453 and the number of treasury shares is 46.856.094.

The rights granted on the shares correspond to voice and vote for 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 Almacenes Exito's shares.

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

Reserves

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

Other comprehensive income

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

March 31, 2024 March 31, 2023 December 31, 2023
Gross Tax Gross Tax Gross Tax
value effect Net value value effect Net value Value effect Net value
Measurement from financial instruments designated at fair value through other comprehensive income (16,829 ) - (16,829 ) (16,489 ) - (16,489 ) (16,433 ) - (16,433 )
Remeasurement loss on defined benefit plans (5,052 ) 1,844 (3,208 ) (536 ) 334 (202 ) (5,052 ) 1,844 (3,208 )
Translation exchange differences (2,275,290 ) - (2,275,290 ) (1,232,039 ) - (1,232,039 ) (2,323,383 ) - (2,323,383 )
Gain from cash-flow hedge 13,213 1,051 14,264 4,535 (1,571 ) 2,964 8,757 2,610 11,367
(Loss) on hedge of net investment in foreign operations (18,977 ) - (18,977 ) (18,977 ) - (18,977 ) (18,977 ) - (18,977 )
Total other comprehensive income (2,302,935 ) 2,895 (2,300,040 ) (1,263,506 ) (1,237 ) (1,264,743 ) (2,355,088 ) 4,454 (2,350,634 )
Other comprehensive income of non - controlling interests (41,308 ) 57,633 (46,588 )
Other comprehensive income of the parent (2,258,732 ) (1,207,110 ) (2,304,046 )

39

Note 28. Revenue from contracts with customers

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

Quarters ended March 31,
2024 2023
Retail sales (1) (Note 39) 5,036,104 5,237,232
Service revenue (2) (Note 39) 206,181 201,084
Other revenue (3) (Note 39) 32,854 17,838
Total revenue from contracts with customers 5,275,139 5,456,154
(1) Retail sales represent the sale of goods and real estate projects net of returns and sales rebates.

This amount includes the following items:

Quarters ended March 31,
2024 2023
Retail sales, net of sales returns and rebates 5,033,254 5,208,024
Sale of real estate project inventories (a) 2,850 29,208
Total retail sales 5,036,104 5,237,232
(a) As of March 31, 2024, it corresponds to the sale of 14.04% of Exito Occidente real estate project. As of March 31, 2023, it corresponds to the sale of the Galería La 33 real estate project.
(2) Revenues from services and rental income comprise:
Quarters ended March 31,
2024 2023
Leases and real estate related income 76,414 76,710
Distributors 23,054 26,987
Lease of physical space 21,703 24,987
Commissions 19,608 8,448
Advertising 18,237 19,721
Administration of real estate 14,862 12,619
Telephone 11,322 9,477
Transport 9,576 8,219
Banking services 5,047 5,104
Money transfers 2,519 2,263
Other 3,839 7,180
Total service revenue 206,181 201,084
(3) Other revenue relates to:
Quarters ended March 31,
2024 2023
Recovery employee liabilities 7,498 -
Leverages of assets 6,274 2,982
Marketing events 4,028 5,380
Collaboration agreements (a) 3,744 1,683
Recovery of provisions 3,500 -
Recovery of other liabilities 1,778 -
Royalty revenue 1,158 229
Financial services 1,099 1,042
Use of parking spaces 155 468
Technical assistance 27 17
Other 3,593 6,037
Total other revenue 32,854 17,838
(a) Represents revenue from the following collaboration agreements:

40

Quarters ended March 31,
2024 2023
Redeban S.A. 1,448 884
Renting Colombia S.A. 1,400 -
Éxito Media 590 767
Alianza Sura 292 -
Moviired S.A.S. 14 32
Total collaboration agreement 3,744 1,683

Note 29. Distribution, administrative and selling expenses.

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

Quarters ended March 31,
2024 2023
Employee benefits (Note 30) 429,461 431,301
Depreciation and amortization 147,795 142,192
Taxes other than income tax 145,097 156,183
Services 85,047 87,634
Fuels and power 70,519 71,404
Repairs and maintenance 65,641 63,729
Commissions on debit and credit cards 38,863 42,966
Advertising 35,119 41,308
Professional fees 20,458 23,339
Leases 18,617 18,144
Insurance 13,489 12,581
Packaging and marking materials 12,698 11,975
Administration of trade premises 12,419 14,843
Outsourced employees 9,774 13,363
Transport 9,726 11,618
Credit loss expense (a) 6,484 6,296
Commissions 3,858 4,225
Other commissions 2,672 2,586
Cleaning and cafeteria 2,597 2,785
Legal expenses 2,279 2,843
Other provision expenses 2,093 3,419
Travel expenses 2,037 4,971
Stationery, supplies and forms 1,529 1,379
Ground transportation 1,177 1,253
Seguros Éxito collaboration agreement 758 481
Autos Éxito collaboration agreement 166 503
Other 64,766 52,328
Total distribution, administrative and selling expenses 1,205,139 1,225,649
Distribution expenses 653,667 667,870
Administrative and selling expenses 122,011 126,478
Employee benefit expenses 429,461 431,301
(a) This amount includes the following items:

41

Quarters ended March 31,
2024 2023
Allowance for expected credit losses (Note 8.1) 6,379 4,352
Hyperinflationary adjustments 60 98
Write-off of receivables 45 1,846
Total 6,484 6,296

Note 30. Employee benefit expenses

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

Quarters ended March 31,
2024 2023
Wages and salaries 353,717 355,472
Contributions to the social security system 13,362 13,672
Other short-term employee benefits 15,462 13,814
Total short-term employee benefit expenses 382,541 382,958
Post-employment benefit expenses, defined contribution plans 35,719 35,851
Post-employment benefit expenses, defined benefit plans 614 570
Total post-employment benefit expenses 36,333 36,421
Termination benefit expenses 3,809 4,941
Other personnel expenses 6,750 6,947
Other long-term employee benefits 28 34
Total employee benefit expenses 429,461 431,301

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

Note 31. Other operating (expenses) revenue, net

Other operating revenue

Quarters ended March 31,
2024 2023
Recovery of liabilities 6,266 -
Reversal of allowance for expected credit losses (Note 8.1) 3,195 5,132
Other indemnification 812 1,252
Recovery of other provisions 511 576
Insurance indemnification 424 185
Recovery of costs and expenses from taxes other than income tax 371 589
Recovery of other provisions for civil proceedings 89 254
Reimbursement of tax-related costs and expenses - 3,337
Recovery of restructuring expenses - 1,366
Total other operating revenue 11,668 12,691

42

Other operating expenses

Quarters ended March 31,
2024 2023
Restructuring expenses (16,144 ) (623 )
Other (1) (15,196 ) (4,261 )
Total other operating expenses (31,340 ) (4,884 )
(1) Corresponds:
Quarters ended March 31,
2024 2023
Fees for the registration process in the New York and Sao Paulo stock exchanges (8,842 ) (3,077 )
Store and shops close plan (5,195 ) -
Fees for the projects for the implementation of norms and laws (1,135 ) (1,184 )
Others (24 ) -
Total others (15,196 ) (4,261 )

Other net income (losses)

Quarters ended March 31,
2024 2023
Write-off of property, plant and equipment (4,010 ) (1,656 )
Gain from the sale of assets 1,930 -
Gain (loss) from the early termination of lease contracts 130 (11 )
Gain (loss) from sale of property, plant and equipment 36 (25 )
Total other net (loss) (1,914 ) (1,692 )

Note 32. Financial income and cost

The amount of financial income and cost is as follows:

Quarters ended March 31,
2024 2023
Gain from foreign exchange differences 46,180 91,028
Net monetary position results, effect of the statement of profit or loss (1) 26,414 31,550
Interest income on cash and cash equivalents (Note 7) 11,917 16,112
Gains from valuation of derivative financial instruments 11,272 -
Gain from liquidated derivative financial instruments 1,053 25,572
Other financial income 5,941 6,216
Total financial income 102,777 170,478
Interest expense on loan and borrowings (51,220 ) (38,731 )
Interest expense on lease liabilities (36,964 ) (29,815 )
Factoring expenses (28,926 ) (41,667 )
(Loss) gain from foreign exchange differences (35,988 ) (72,089 )
Loss from liquidated derivative financial instruments (8,979 ) (8,622 )
Loss from fair value changes in derivative financial instruments (10,696 ) (29,158 )
Net monetary position expense, effect of the statement of financial position (6,713 ) (10,198 )
Commission expenses (2,369 ) (2,925 )
Other financial expenses (3,633 ) (4,095 )
Total financial cost (185,488 ) (237,300 )
Net financial result (82,711 ) (66,822 )
(1) The indicator used to adjust for inflation in the financial statements of Libertad S.A. is the Internal Wholesales Price Index (IPIM) published by the Instituto Nacional de Estadística y Censos de la República Argentina (INDEC). The price index and corresponding changes are presented below:

43

Price index Change
during
the year
December 31, 2015 100.00 -
January 1, 2020 446.28 -
December 31, 2020 595.19 33.4 %
December 31, 2021 900.78 51.3 %
December 31, 2022 1,754.58 94.8 %
March 31, 2023 2,099.58 19.7 %
December 31, 2023 6,603.36 276.4 %
March 31, 2024 9,044.90 37 %

Note 33. Earnings per share

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

There were no dilutive potential ordinary shares outstanding at the quarters ended March 31, 2024 and 2023.

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

In profit for the period:

Quarters ended March 31,
2024 2023
Net (loss) profit attributable to equity holders of the parent (basic) (37,863 ) 45,118
Weighted average of the number of ordinary shares attributable to earnings per share (basic) 1.297.864.359 1.297.864.359
Basic (losses) earnings per share to equity holders of the parent (in Colombian pesos) (29.17 ) 34.76

In continuing operations:

Quarters ended March 31,
2024 2023
Net (loss) profit from continuing operations (basic) (7,980 ) 79,063
Less: net income from continuing operations attributable to non-controlling interests 29,883 33,945
Net (loss) profit from continuing operations attributable to the equity holders of the parent (basic) (37,863 ) 45,118
Weighted average of the number of ordinary shares attributable to earnings per share (basic) 1.297.864.359 1.297.864.359
Basic (losses) earnings per share from continuing operations attributable to the equity holders of the parent (in Colombian pesos) (29.17 ) 34.76

44

Note 34. Impairment of assets

No impairment on financial assets were identified at March 31, 2024 and at December 31, 2023, except on trade receivables and other account receivables (Note 8).

Note 35. Fair value measurement

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

March 31, 2024 December 31, 2023
Carrying
amount 		Fair value Carrying
amount 		Fair value
Financial assets
Investments in private equity funds 470 470 472 472
Forward contracts measured at fair value through income (Note 12) 74 74 - -
Derivative swap contracts denominated as hedge instruments (Note 12) 1,474 1,474 2,378 2,378
Investment in bonds (Note 12) 579 579 578 578
Investment in bonds through other comprehensive income (Note 12) 12,973 12,973 13,288 13,288
Equity investments (Note 12) 10,676 10,676 10,676 10,676
Non-financial assets
Investment property (Note 14) 1,746,654 4,190,493 1,653,345 4,174,798
Property, plant and equipment, and investment property held for sale (Note 40) 17,095 22,564 12,413 22,469
Financial liabilities
Loans and borrowings (Note 20) 1,802,129 1,798,146 823,863 824,054
Put option (Note 20) 460,542 460,542 442,342 442,342
Forwards contracts denominated as hedge instruments (Note 25) 1,392 1,392 5,488 5,488
Forward contracts measured at fair value through income (Note 25) 10,696 10,696 11,299 11,299
Non-financial liabilities
Customer loyalty liability (Note 26) 46,898 46,898 43,990 43,990

45

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

Hierarchy
level

Valuation
technique

Description of the valuation technique Significant input data
Assets
Loans at amortized cost Level 2 Discounted cash flows method Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.

Commercial rate of banking institutions for consumption receivables without credit card for similar term horizons.

Commercial rate for housing loans for similar term horizons.

Investments in private equity funds Level 2 Unit value The value of the fund unit is given by the preclosing value for the day, divided by the total number of fund units at the closing of operations for the day. The fund administrator appraises the assets daily. N/A
Forward contracts measured at fair value through income Level 2 Colombian Peso-US Dollar forward The difference is measured between the forward agreed- upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate. The forward rate is based on the average price quoted for the two-way closing price ("bid" and "ask").

Peso/US Dollar exchange rate set out in the forward contract.

Market representative exchange rate on the date of valuation.

Forward points of the Peso-US Dollar forward market on the date of valuation.

Number of days between valuation date and maturity date.

Zero-coupon interest rate.

Swap contracts measured at fair value through income Level 2 Operating cash flows forecast model The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country. The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.

Reference Banking Index Curve (RBI) 3 months.

Zero-coupon curve.

Swap LIBOR curve.

Treasury Bond curve.

12-month CPI

Derivative swap contracts denominated as hedge instruments Level 2 Operating cash flows forecast model

The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country. The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.

Reference Banking Index Curve (RBI) 3 months.

Zero-coupon curve.

Swap LIBOR curve.

Treasury Bond curve.

12-month CPI

Investment in bonds Level 2 Discounted cash flows method

Future cash flows are discounted at present value using the market rate for investments under similar conditions on the date of measurement in accordance with maturity days.

CPI 12 months + Basis points negotiated
Investment property Level 3 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

46

Hierarchy
level

Valuation
technique

Description of the valuation technique Significant input data
Assets
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 (12-17%)

Vacancy rate (0% - 58,94%)

Terminal capitalization rate (8,25% - 9,50%)

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

47

Hierarchy
level

Valuation
technique

Description of the valuation technique Significant input data
Liabilities
Financial liabilities measured at amortized cost Level 2 Discounted cash flows method Future cash flows are discounted at present value using the market rate for loans under similar conditions on the date of measurement in accordance with maturity days.

Reference Banking Index (RBI) + Negotiated basis points.

LIBOR rate + Negotiated basis points.

Swap contracts measured at fair value through income Level 2 Operating cash flows forecast model The method uses swap cash flows, forecasted using treasury security curves of the State that issues the currency in which each flow has been expressed, for further discount at present value, using swap market rates disclosed by the relevant authorities of each country. The difference between cash inflows and cash outflows represents the swap net value at the closing under analysis.

Reference Banking Index Curve (RBI) 3 months.

Zero-coupon curve.

Swap LIBOR curve.

Treasury Bond curve.

12-month CPI

Derivative instruments measured at fair value through income Level 2 Colombian Peso-US Dollar forward The difference is measured between the forward agreed upon rate and the forward rate on the date of valuation relevant to the remaining term of the derivative financial instrument and discounted at present value using a zero-coupon interest rate. The forward rate is based on the average price quoted for the two-way closing price ("bid" and "ask").

Peso/US Dollar exchange rate set out in the forward contract.

Market representative exchange rate on the date of valuation.

Forward points of the Peso-US Dollar forward market on the date of valuation.

Number of days between valuation date and maturity date.

Zero-coupon interest rate.

Derivative swap contracts denominated as hedge instruments Level 2 Discounted cash flows method

The fair value is calculated based on forecasted future cash flows provided by the operation upon market curves and discounting them at present value, using swap market rates.

Swap curves calculated by Forex Finance

Market Representative Exchange Rate (TRM)

Customer loyalty liability (refer to footnote 26) Level 3 Market value

The customer loyalty liability is updated in accordance with the point average market value for the last 12 months and the effect of the expected redemption rate, determined on each customer transaction.

Number of points redeemed, expired and issued.

Point value.

Expected redemption rate.

Bonds issued Level 2 Discounted cash flows method

Future cash flows are discounted at present value using the market rate for bonds in similar conditions on the date of measurement in accordance with maturity days.

12-month CPI
Lease liabilities Level 2 Discounted cash flows method Future cash flows of lease contracts are discounted using the market rate for loans in similar conditions on contract start date in accordance with the non-cancellable minimum term. Reference Banking Index (RBI) + basis points in accordance with risk profile.
Put option (refer to footnote 20) Level 3 Given formula Measured at fair value using a given formula under an agreement executed with non-controlling interests of Grupo Disco, using level 3 input data.

Net income of Supermercados Disco del Uruguay S.A. since April 2022 to March 2023 and since April 2023 to March 2024.

US Dollar-Uruguayan peso exchange rate on the date of valuation

US Dollar-Colombian peso exchange rate on the date of valuation

Total shares Supermercados Disco del Uruguay S.A.

48

Material non-observable input data and a valuation sensitivity analysis on the valuation of the "put option contract" refer to:

Material non-observable input data

Range (weighted average)

Sensitivity of the input data on the estimation of the fair value

Put option Net income of Supermercados Disco del Uruguay S.A. since April 2023 to March 2024. $ 175,875 The Put option value is defined as the greater of (i) the fixed price of the contract in US dollars updated at 5% per year, (ii) a multiple of EBITDA minus the net debt of Grupo Disco Uruguay S.A., or (iii) a multiple of the net income of Grupo Disco Uruguay S.A.
Ebitda of Supermercados Disco del Uruguay S.A., consolidated Over 12 months $ 250,300
Net financial debt of Supermercados Disco del Uruguay S.A., consolidated over 6 months $ (156,640)
Multiple of the net income $ 460,542
US Dollar-Uruguayan peso exchange rate on the date of valuation $ 37.57
US Dollar-Colombian peso exchange rate on the date of valuation $ 3,842.30
Total shares Supermercados Disco del Uruguay S.A. 344,166,018 On March 31, 2024, the value of the put option is recognized based on multiple of the net income.
Grupo Disco Uruguay S.A.'s Ebitda should increase by approx. 23.32% to arrive at a value greater than the recognized value.
The Fixed contract price should increase by approx. 58.71% to reach a value greater than the recognized value.
An exchange rate appreciation of 15% would increase the value of the put option by $69,081.

49

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, level 2 and level 3 hierarchies during the quarter ended March 31, 2024.

Note 36. Contingencies

Contingent assets

Éxito Grupo has not material contingent assets to disclose at March 31, 2024 and at December 31, 2023.

Contingent liabilities

Contingent liabilities at March 31, 2024 and at December 31, 2023 are:

(a) The following proceedings are underway, seeking that Exito Group be exempted from paying the amounts claimed by the complainant entity:
- Administrative discussion with DIAN (Colombia National Directorate of Customs) amounting $42,210 (December 31, 2023 - $40,780) relating to 2015 income tax return of Almacenes Éxito S.A.
- 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, 2023 - $11,830).
- Nullity of resolution-fine dated September 2020 ordering reimbursement of the balance receivable assessed in the income tax for taxable 2015 in amount of $2,734 (December 31, 2023 - $2,211).
- Administrative discussion with the Cali Municipality regarding the notice of special requirement 4279 of April 8, 2021 whereby the Almacenes Éxito S.A. is invited to correct the codes and rates reported in the Industry and Trade Tax for 2018 in amount of $2,130 (December 31, 2023 - $2,130).
- Nullity of the Official Assessment Settlement 00019-TS-0019-2021 of February 24, 2021, whereby the Department of Atlántico settles the Security and Citizen Coexistence Tax for the taxable period of February 2015 to November 2019, and the nullity of Resolution 5-3041-TS0019-2021 of November 10, 2021, whereby an appeal for reconsideration is resolved for $1,226 (December 31, 2023 - $1,226).
- Labor liability process for $80 (December 31, 2023 - $80) in the subsidiary Exito Industrias S.A.S.
(b) Guarantees:
- Almacenes Éxito S.A. granted a collateral on behalf its subsidiary Almacenes Éxito Inversiones S.A.S. to cover a potential default of its obligations. At March 31, 2024, the balance es $3,967 (December 31, 2023 $3,967).
- Subsidiary Éxito Viajes y Turismo S.A.S. granted a collateral in favor of Aerovías de Integración Regional Aires S.A in the amount of $284 (December 31, 2023 - $284) to ensure compliance with the payments associated with the contract for the sale of airline tickets.
- Subsidiary Éxito Viajes y Turismo S.A.S. is defendant in a consumer protection action under Section 4 of Decree 557 of the Ministry of Commerce, Industry and Tourism, with scope from the state of sanitary emergency declared on March 12,2020 in the amount of $1,303 (December 31, 2023- $1,228) covering 275 proceedings.
- Almacenes Éxito S.A. granted its subsidiary Transacciones Energéticas S.A.S. E.S.P. a financial guarantee for $3,000 (December 31, 2023 - $3,000) to cover possible defaults of its obligations for the charges for the use of local distribution and regional transmission systems before the market and before the agents where the service is rendered.

50

- As required by some insurance companies and as a requirement for the issuance of compliance bonds, during 2024 some subsidiaries and Almacenes Éxito S.A., 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 Éxito acts as joint and several debtors of Patrimonio Autónomo Viva Barranquilla

Seguros Generales Suramericana S.A.
Unlimited promissory note Compliance bond granted by Éxito Industrias S.A.S. Seguros Generales Suramericana S.A.
Unlimited promissory note Compliance bond granted by Éxito Viajes y Turismo S.A. Berkley International Seguros Colombia S.A.
Unlimited promissory note Compliance bond granted by Éxito Viajes y Turismo S.A. Seguros Generales Suramericana S.A.
Unlimited promissory note Compliance bond granted by Transacciones Energéticas S.A.S. E.S.P. Seguros Generales Suramericana S.A.
Unlimited promissory note

Compliance bond granted by Logística, Transporte y Servicios Asociados S.A.S.

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.

Almacenes Éxito S.A.'s General Meeting of Shareholders held on March 21, 2024, declared a dividend of $65,529, equivalent to an annual dividend of $50.49 Colombian pesos per share. During the quarter ended March 31, 2024, there is no paid for dividends.

Dividends declared and paid to the owners of non-controlling interests in subsidiaries during the quarter ended March 31, 2024 are as follows:

Dividends Dividends
declared paid
Patrimonio Autónomo Viva Malls 20,020 23,002
Éxito Viajes y Turismo S.A.S. 4,075 -
Patrimonio Autónomo Viva Villavicencio 1,945 2,266
Patrimonio Autónomo Centro Comercial 1,067 1,547
Grupo Disco Uruguay S.A. 581 572
Patrimonio Autónomo Viva Laureles 539 624
Patrimonio Autónomo San Pedro Etapa I 306 291
Patrimonio Autónomo Viva Sincelejo 60 342
Patrimonio Autónomo Centro Comercial Viva Barranquilla - 212
Patrimonio Autónomo Viva Palmas - 100
Total 28,593 28,956

Almacenes Éxito S.A.'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 year ended at December 31, 2023 the amount paid was $217,293.

51

Dividends declared and paid to the owners of non-controlling interests in subsidiaries during the year ended December 31, 2023 are as follows:

Dividends Dividends
declared paid
Patrimonio Autónomo Viva Malls 104,623 81,621
Grupo Disco Uruguay S.A. 27,544 31,108
Patrimonio Autónomo Viva Villavicencio 10,131 9,334
Patrimonio Autónomo Centro Comercial 4,906 4,827
Patrimonio Autónomo Centro Comercial Viva Barranquilla 2,830 2,684
Patrimonio Autónomo Viva Laureles 2,687 2,611
Éxito Viajes y Turismo S.A.S. 2,517 2,517
Patrimonio Autónomo San Pedro Etapa I 1,796 1,837
Patrimonio Autónomo Viva Sincelejo 1,476 2,081
Patrimonio Autónomo Viva Palmas 768 1,115
Total 159,278 139,735

Note 38. Seasonality of transactions

Exito Group's operation and cash flow cycles indicate certain seasonality in operating and financial results, as well as financial indicators associated with liquidity and working capital, once there is a concentration during the first and 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. The administration manages these indicators in order to control that risks do not materialize and for those that could materialize it implements action plans in timely; additionally, it monitors the same indicators in order to keep them within industry standards.

Note 39. Operating segments

Exito Group's three reportable segments all meet the definition of operating segments, are as follows:

Colombia:

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

Argentina:

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

Uruguay:

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

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

52

Retail sales by each of the segments are as follows:

Quarter ended March 31,
Operating segment Banner 2024 2023 (a)
Colombia Éxito 2,520,385 2,482,685
Carulla 606,986 568,511
Low cost and other 575,974 579,147
Argentina 295,716 445,420
Uruguay 1,037,043 1,161,469
Total consolidated 5,036,104 5,237,232
(a) As a consequence of the store conversions carried out during 2024, the sales of the brands of the Colombian operating segment for the quarter ended March 31, 2023, have been reclassified for comparative purposes using the same store allocation presented during the quarter ended March 31, 2024.

Below is additional information by operating segment:

For the quarter ended March 31, 2024
Colombia Argentina (1) Uruguay (1) Total Eliminations (2) Total
Retail sales 3,703,345 295,716 1,037,043 5,036,104 - 5,036,104
Service revenue 189,458 9,809 6,914 206,181 - 206,181
Other revenue 31,255 1 1,598 32,854 - 32,854
Gross profit 843,260 100,301 378,392 1,321,953 - 1,321,953
Operating profit (1,048 ) (2,850 ) 99,126 95,228 - 95,228
Depreciation and amortization 143,066 7,378 23,187 173,631 - 173,631
Net finance expenses (94,714 ) 14,576 (2,572 ) (82,710 ) - (82,710 )
Profit before income tax (117,822 ) 11,726 96,554 (9,542 ) - (9,542 )
Income tax 33,809 (10,613 ) (21,634 ) 1,562 - 1,562
For the quarter ended March 31, 2023
Colombia Argentina (1) Uruguay (1) Total Eliminations (2) Total
Retail sales 3,630,343 445,420 1,161,469 5,237,232 - 5,237,232
Service revenue 177,207 16,538 7,339 201,084 - 201,084
Other revenue 15,599 6 2,316 17,921 (83 ) 17,838
Gross profit 862,503 154,457 415,959 1,432,919 - 1,432,919
Operating profit 93,015 3,365 117,005 213,385 - 213,385
Depreciation and amortization 135,324 11,075 22,292 168,691 - 168,691
Net finance expenses (72,336 ) 7,860 (2,346 ) (66,822 ) - (66,822 )
Profit before income taxc (6,113 ) 11,225 114,659 119,771 - 119,771
Income tax 3,622 (17,419 ) (26,911 ) (40,708 ) - (40,708 )
(1) Non-operating companies (holding companies that hold interests in the operating companies) are allocated by segments to the geographic area to which the operating companies belong. Should the holding company hold interests in various operating companies, it is allocated to the most significant operating company.
(2) Relates to the balances of transactions carried out between segments, which are eliminated in the process of consolidation of financial statements.

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

53

Note 40. Assets held for sale

Assets held for sale

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

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

March 31,
2024 		December 31,
2023
Property, plant, and equipment (1) 14,450 9,768
Investment property (2) 2,645 2,645
Total 17,095 12,413
(1) Corresponds to the Local Paraná of the Argentinian subsidiary. As of March 31, 2024, the increase corresponds to the conversion effect.
(2) It corresponds to the La Secreta land negotiated with the buyer during 2019. As of March 31, 2024, 57.93% of the payment for the property has been delivered and received. The rest of the asset will be delivered coincidentally with the asset payments that will be received with the following scheme: 1.19% in 2024 and 40.88% in 2025. The deed of contribution to the trust was signed on December 1, 2020 and was registered on December 30, 2020.

No accrued income or expenses have been recognized in profit or loss or other comprehensive income in relation to the use of these assets.

Note 41. Subsequent Events

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

54

Almacenes Éxito S.A.

Certification by the Parent Companie's Legal Representative and Head Accountant

Envigado, May 8, 2024

We, the undersigned Legal Representative and Head Accountant of Almacenes Éxito S.A. Parent Company, each of us duly empowered and under whose responsibility the accompanying financial statements have been prepared, do hereby certify that regarding the interim consolidated financial statements, the following assertions therein contained have been verified prior to making them available to you and to third parties:

1. All assets and liabilities included in the interim consolidated financial statements, exist, and all transactions included in said interim consolidated financial statements have been carried out during the quarter ended March 31, 2024 and March 31, 2023.
2. All economic events achieved by the Company during the quarter ended March 31, 2024 and march 31, 2023, have been recognized in the interim consolidated financial statements.
3. Assets represent likely future economic benefits (rights), and liabilities represent likely future economic sacrifice (obligations) obtained by or in charge of the Company at March 31, 2021 and at December 31, 2023.
4. All items have been recognized at proper values.
5. All economic events affecting the Company have been properly classified, described and disclosed in the interim consolidated financial statements.

We do certify the above assertions pursuant to section 37 of Law 222 of 1995.

Further, the undersigned legal representative of Almacenes Éxito S.A., Parent Company, does hereby certify that the interim consolidated financial statements and the operations of the Company and its subsidiaries at March 31, 2024 and at December 31, 2023, are free of fault, inaccuracy or misstatement that prevent users from having a true view of its financial position.

This certification is issued pursuant to section 46 of Law 964 of 2005.

Finally, we inform that these accompanying consolidated financial statements for the quarters ended March 31, 2024 and March 31, 2023 were subjected to a limited review under the International Standard for Review Engagements NITR 2410 (ISRE 2410) - Review of interim financial information, carried out by the Parent Company's statutory auditor. The report of the statutory auditor for the quarter ended March 31, 2024 is an integral part of these financial statements.

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Almacenes Éxito SA published this content on 09 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2024 10:19:42 UTC.