Financial Performance - Total revenue for the first half of 2023 reached 10,575,274 million Colombian pesos, an increase of 13.5% compared to 9,319,182 million in the same period of 2022[4] - Gross profit for the first half of 2023 was 2,772,347 million Colombian pesos, up 17.4% from 2,361,370 million in the first half of 2022[4] - Operating profit decreased to 412,706 million Colombian pesos in the first half of 2023, down 7.3% from 445,343 million in the same period of 2022[4] - Profit for the period was 126,611 million Colombian pesos, a decline of 32.0% compared to 186,270 million in the first half of 2022[6] - Basic and diluted earnings per share attributable to shareholders of the Parent decreased to 30.00 Colombian pesos from 97.70 in the first half of 2022[4] - The company reported a total comprehensive loss of 468,273 million Colombian pesos for the first half of 2023, compared to a comprehensive income of 302,131 million in the first half of 2022[6] Assets and Liabilities - Total current assets decreased to 5,519,330 million Colombian pesos as of June 30, 2023, down from 5,947,863 million at the end of 2022[3] - Total liabilities decreased to 9,344,287 million Colombian pesos as of June 30, 2023, compared to 9,748,843 million at the end of 2022[3] - Total shareholders' equity decreased to 8,035,236 million Colombian pesos as of June 30, 2023, down from 8,434,446 million at the end of 2022[3] - As of June 30, 2023, total equity amounted to 8,035,236 million Colombian pesos, reflecting a decrease from 8,434,446 million Colombian pesos at the end of 2022[10] Cash Flow and Investments - Cash generated from operating activities before changes in working capital increased to COP 743,994 million, up from COP 685,650 million, representing an increase of 8.5%[11] - Net cash flows used in operating activities improved to COP 414,454 million from COP 766,309 million, indicating a reduction of 45.9%[11] - Net cash flows used in investing activities increased to COP 269,014 million from COP 147,165 million, a rise of 82.7%[11] - Proceeds from loans and borrowings surged to COP 1,086,703 million, compared to COP 476,241 million, reflecting a growth of 128.5%[11] - Net decrease in cash and cash equivalents was COP 286,316 million, an improvement from COP 1,330,443 million in the previous period[11] - Cash and cash equivalents at the end of the period stood at COP 1,393,950 million, compared to COP 1,243,889 million, marking an increase of 12.1%[11] Revenue and Expenses - Total service revenue for the period from January 1 to June 30, 2023, was $396,087 million, representing a 19.2% increase from $332,354 million in the same period of 2022[141] - Total distribution, administrative, and selling expenses rose to $2,344,410 million for the period from January 1 to June 30, 2023, up from $1,952,574 million in the same period of 2022, an increase of 20%[144] - Employee benefit expenses increased to $866,948 million for the period from January 1 to June 30, 2023, compared to $702,542 million in the same period of 2022, reflecting a rise of 23.3%[145] Shareholder Information - Declared dividends for the period totaled 217,392 million Colombian pesos, an increase from 12,330 million Colombian pesos in the prior period[10] - The company reacquired shares worth 316,756 million Colombian pesos during the period, impacting the equity structure[10] Financial Ratios and Covenants - The leverage financial ratio must remain below 2.8x, as per the covenants under loans and borrowing contracts[102] - The company complied with its financial covenants as of December 31, 2022, ensuring adherence to its borrowing agreements[103] Related Party Transactions - Total revenue from related party transactions for the first half of 2023 was $33,467 million, a decrease of 20.5% compared to $42,081 million in the same period of 2022[53] - Total costs and expenses from related party transactions for the first half of 2023 were $70,863 million, down 22.7% from $91,589 million in the first half of 2022[53] Inventory and Asset Management - Total inventories as of June 30, 2023, were $2,765,708 million, slightly down from $2,770,443 million as of December 31, 2022[68] - The company recognized a loss on inventory obsolescence of $4,539 million during the first half of 2023, compared to a loss of $3,375 million in the same period of 2022[68] Tax and Deferred Tax - Deferred tax assets increased to $1,253,357 as of June 30, 2023, compared to $1,211,134 at December 31, 2022, indicating a growth of 3.5%[24.5] - The current income tax expense for the period ending June 30, 2023, was $(55,191), compared to $(64,104) for the same period in 2022, reflecting a decrease of 14.9%[123] Goodwill and Intangible Assets - Goodwill decreased to $3,355,987 as of June 30, 2023, from $3,484,303 at December 31, 2022, indicating a reduction of approximately 3.7%[97] - The total cost of other intangible assets decreased slightly to $595,987 as of June 30, 2023, from $599,018 at December 31, 2022[94] Miscellaneous - The company has not recognized material contingent assets as of June 30, 2023, and December 31, 2022[161] - No significant subsequent events have occurred that would impact the financial position of Éxito Group[175]
Almacenes Exito S.A.(EXTO) - 2023 Q2 - Quarterly Report