Financial Performance - Total revenue for the nine months ended September 30, 2024, was COP 15,592,485 million, a slight decrease from COP 15,706,751 million in the same period of 2023, representing a decline of 0.72%[4] - Gross profit for the nine months ended September 30, 2024, was COP 3,908,038 million, compared to COP 4,052,217 million in 2023, indicating a decrease of 3.55%[4] - The net loss attributable to equity holders of the Parent for the nine months ended September 30, 2024, was COP 91,331 million, compared to a profit of COP 7,249 million in 2023[4] - The company reported a profit for the period of COP 34,577 million for the nine months ended September 30, 2024, down from COP 133,798 million in 2023, a decrease of 74.16%[4] - Profit for the period decreased to COP 34,577 million in 2024 from COP 133,798 million in 2023, representing a decline of approximately 74%[13] - Operating income before changes in working capital was COP 913,575 million in 2024, down from COP 1,031,807 million in 2023, a decrease of about 11.4%[13] - The total comprehensive income for the first nine months of 2024 was $(2,368,565), compared to $(1,928,470) in 2023, reflecting a significant decline[171] Assets and Liabilities - Total current assets decreased to COP 5,207,222 million as of September 30, 2024, from COP 5,283,091 million at December 31, 2023, a decline of 1.44%[2] - Total liabilities increased to COP 9,440,762 million as of September 30, 2024, from COP 8,917,952 million at December 31, 2023, an increase of 5.86%[2] - Total non-current assets increased to COP 12,029,011 million as of September 30, 2024, from COP 11,056,670 million at December 31, 2023, an increase of 8.80%[2] - Total equity attributable to the equity holders of the parent decreased to COP 7,421,809 million as of December 31, 2023, from COP 7,842,839 million as of September 30, 2023, a decline of about 5.3%[11] - The company reported a decrease in trade payables and other accounts payable amounting to COP 1,010,957 million in 2024, compared to COP 1,252,719 million in 2023, a decrease of about 19.3%[13] Cash Flow and Investments - Net cash flows used in operating activities increased to COP 824,099 million in 2024 compared to COP 333,713 million in 2023, indicating a significant increase in cash outflow[13] - Cash and cash equivalents at the end of the period were COP 881,278 million in 2024, down from COP 1,098,682 million in 2023, reflecting a decrease of approximately 19.8%[13] - The acquisition of property, plant, and equipment in 2024 was COP 211,466 million, down from COP 357,751 million in 2023, indicating a decrease of about 40.9%[13] - The company made additions to property, plant, and equipment totaling $146,134 million during the reporting period[86] Ownership and Control - As of September 30, 2024, Cama Commercial Group Corp. owns 86.84% of Almacenes Éxito S.A., a significant increase from Casino Guichard-Perrachon S.A.'s 47.29% ownership as of December 31, 2023[19] - The company has 100% ownership in several subsidiaries, including Almacenes Éxito Inversiones S.A.S. and Logística, Transporte y Servicios Asociados S.A.S., indicating strong control over its operations[22] - The ownership structure reflects a strategic shift towards greater control by Cama Commercial Group Corp., which may influence future business strategies and market positioning[19] Revenue Streams - Retail sales for the first nine months of 2024 amounted to $14,886,333, down from $15,050,693 in 2023, indicating a decrease of about 1.09%[172] - Service revenue increased to $654,800 in the first nine months of 2024, compared to $599,648 in 2023, reflecting a growth of approximately 9.19%[173] - Revenue from transactions with joint ventures for the period January 1 to September 30, 2024, was $40,803, a decrease from $49,061 in the same period of 2023[61] Expenses and Costs - Total costs and expenses increased to $182,987 million in 2024 from $172,580 million in 2023, reflecting a rise of approximately 6.5%[63] - Total distribution, administrative, and selling expenses for the first nine months of 2024 were $3,500,688, an increase from $3,469,534 in 2023, representing a rise of about 0.91%[174] - The total cost of sales for the first nine months of 2024 was $11,684,447 million, compared to $11,654,534 million in 2023, reflecting a slight increase of about 0.3%[77] Taxation and Provisions - Current tax assets rose significantly from $524,027 on December 31, 2023, to $752,217 on September 30, 2024, an increase of approximately 43.5%[152] - Tax losses for Almacenes Éxito S.A. increased from $740,337 on December 31, 2023, to $1,006,444 on September 30, 2024, representing a rise of about 36%[150] - Provisions increased significantly to $59,583 million as of September 30, 2024, compared to $33,675 million at the end of 2023, driven by restructuring costs[135] Financial Reporting and Compliance - The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), ensuring compliance and transparency in financial reporting[25] - Exito Group's interim consolidated financial statements for the periods ended September 30, 2024, and 2023 are prepared in accordance with IAS 34, with no significant updates from the previous consolidated financial statements as of December 31, 2023[26] - The financial statements are based on historical cost, except for certain financial instruments and customer loyalty programs measured at fair value[27] Market and Economic Conditions - The average exchange rate for the US Dollar was 3,978.76 COP for September 30, 2024, compared to 4,325.05 COP for December 31, 2023, reflecting a depreciation of the Colombian peso[38] - The Internal Wholesales Price Index (IPIM) increased by 61.5% from September 30, 2023, to September 30, 2024[36] Employee and Management Costs - Key management personnel compensation rose to $95,955 million in 2024 compared to $68,672 million in 2023, an increase of about 39.7%[64] - Total employee benefit expenses for January 1 to September 30, 2024, amounted to 1,287,279, a decrease of 2.0% from 1,313,536 in the same period of 2023[30]
Almacenes Exito S.A.(EXTO) - 2024 Q3 - Quarterly Report