Financial Performance - Total revenue for Q1 2024 was COP 5,275,139 million, a decrease of 3.3% compared to COP 5,456,154 million in Q1 2023[4] - Gross profit for Q1 2024 was COP 1,321,953 million, down from COP 1,432,919 million in Q1 2023, reflecting a decline of 7.8%[4] - Operating profit decreased significantly to COP 95,228 million in Q1 2024 from COP 213,385 million in Q1 2023, a drop of 55.3%[4] - The company reported a net loss of COP 7,980 million for Q1 2024, compared to a profit of COP 79,063 million in Q1 2023[4] - Basic loss per share from continuing operations was COP (29.17) in Q1 2024, compared to earnings of COP 34.76 in Q1 2023[4] - The profit for the period was 45,118 million Colombian pesos, compared to a profit of 79,063 million Colombian pesos in the same period last year, indicating a decline of approximately 43%[11] - The company reported a total comprehensive income of COP 42,614 million for Q1 2024, compared to a loss of COP 161,264 million in Q1 2023[7] - The net financial result for Q1 2024 was a loss of $82,711 million, worsening from a loss of $66,822 million in Q1 2023[167] - The company reported a net loss attributable to equity holders of the parent of $37,863 million in Q1 2024, down from a profit of $45,118 million in Q1 2023[171] Assets and Liabilities - Total assets increased to COP 17,291,241 million as of March 31, 2024, up from COP 16,339,761 million at the end of 2023, representing a growth of 5.8%[3] - Current liabilities rose to COP 7,358,067 million in Q1 2024, compared to COP 7,144,623 million at the end of 2023, an increase of 3.0%[3] - Total shareholders' equity increased to COP 7,694,015 million as of March 31, 2024, up from COP 7,421,809 million at the end of 2023, reflecting a growth of 3.7%[3] - As of March 31, 2024, total equity amounted to 7,694,015 million Colombian pesos, reflecting a decrease from 8,226,102 million Colombian pesos at the end of Q1 2023[11] - Total loans, borrowing, and other financial liabilities increased to $2,262,671 as of March 31, 2024, from $1,266,205 as of December 31, 2023, representing a growth of 78.8%[107] - The total cash and cash equivalents included term deposit certificates of 20,415 as of March 31, 2024, compared to 7,244 as of December 31, 2023, showing an increase of approximately 182.5%[44] Cash Flow and Investments - Net cash flows used in operating activities were 749,879 million Colombian pesos, an improvement from 844,472 million Colombian pesos in the previous year[12] - The company invested 97,224 million Colombian pesos in property, plant, and equipment, a decrease from 150,041 million Colombian pesos in the same quarter of 2023[12] - Additions to property, plant, and equipment for cash flow purposes were $29,529 for the quarter ended March 31, 2024, down from $70,185 in the same quarter of 2023[81] Dividends and Shareholder Returns - Declared dividends for the period were 65,529 million Colombian pesos, down from 217,392 million Colombian pesos in the previous year[11] - Almacenes Éxito S.A. declared a dividend of $65,529, equivalent to an annual dividend of $50.49 Colombian pesos per share[184] - Total dividends declared to non-controlling interests in subsidiaries during Q1 2024 amounted to $28,593, while $28,956 was paid out[185] Financial Costs and Income - Financial costs decreased to COP 185,487 million in Q1 2024 from COP 237,300 million in Q1 2023, a reduction of 21.8%[4] - Interest expense on loans and borrowings increased to $51,220 million in Q1 2024, compared to $38,731 million in Q1 2023[167] - Financial income decreased to $102,777 million in Q1 2024, down 39.7% from $170,478 million in Q1 2023[167] Operational Metrics - Operating income before changes in working capital decreased to 286,975 million Colombian pesos from 384,260 million Colombian pesos year-over-year, reflecting a decline of approximately 25.4%[12] - Total distribution, administrative, and selling expenses for Q1 2024 were $1,205.139 million, compared to $1,222.564 million in Q1 2023, showing a decrease of 1.4%[160] - Total other operating revenue for Q1 2024 was $11,668 million, a decrease of 8.06% from $12,691 million in Q1 2023[164] Taxation - The income tax rate applicable to the company remains at 35% for both 2024 and 2023[138] - The total current tax expense for the parent and its Colombian subsidiaries was $5,523 for the quarter ended March 31, 2024, compared to $4,913 for the same period in 2023[138] - Tax losses amounting to $878,457 as of March 31, 2024, an increase from $740,337 at December 31, 2023[135] Market and Economic Conditions - The average exchange rate for the US Dollar was 3,914.97 for the quarter ended March 31, 2024, compared to 4,325.05 for the same period in 2023, indicating a strengthening of the Colombian peso[34] - The price index increased by 37% from March 31, 2023, to March 31, 2024, indicating significant inflationary pressures[168] Corporate Governance and Structure - The immediate holding company of Almacenes Éxito S.A. is Cama Commercial Group Corp., which owns 86.84% of its ordinary shares as of March 31, 2024[16] - Non-controlling interests represented by third parties' ownership interests in subsidiaries have been recognized and separately included in the consolidated shareholders' equity[25] - The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB)[21]
Almacenes Exito S.A.(EXTO) - 2024 Q1 - Quarterly Report