Bolsas y Mercados Argentinos S A : Financial Statements as of 12/31/23

Bolsas y Mercados Argentinos S.A.

Consolidated Financial Statements

for the fiscal year commenced January 1, 2023 and ended December 31, 2023, presented in comparative format and stated in constant currency

1

Bolsas y Mercados Argentinos S.A.

Consolidated Financial Statements

for the fiscal year commenced January 1, 2023 and ended December 31, 2023, presented in

comparative format and stated in constant currency

Table of Contents

Annual Report

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Report of the Statutory Audit Committee

Independent Auditors' Report

1

ANNUAL REPORT

1

Bolsas y Mercados Argentinos S.A.

Fiscal year No. 7

Consolidated Financial Statements

For the fiscal year commenced January 1, 2023 and

ended December 31, 2023,presented in comparative format and stated in constant currency

Legal address:	25 de mayo 359, 9th floor - City of Buenos
	Aires
Main business activity:	Market
Tax Registration Number:	30-71547195-3

Date of registration with the Public Registry of Commerce:

Of the By-laws or Articles of Incorporation:

Registration number with the Legal Entities Regulator:

Expiration date of By-Laws or Articles of Incorporation:

December 23, 2016 (registration with the Legal Entities Regulator)

25 379

December 23, 2115

CAPITAL STATUS (Note 27 to the separate Financial Statements)

Shares

	Outstanding	Total capital	Type		Number of votes per	Subscribed	Paid-in
	shares	stock			share	In thousands of $	In thousands of $
762,500,000	762,500,000	A			1 vote	762,500	762,500
				EQUITY INTEREST
		Shareholders					Interest
	Buenos Aires Stock Exchange					30.9%
	Remaining shareholders					69.1%

See our report dated
March 7, 2024
PRICE WATERHOUSE & CO. S.R.L.				By the Statutory Audit Committee
(Partner)
		Ernesto Allaria		Andrés Edelstein
C.P.C.E.C.A.B.A. V. 1 F. 17		President

2

Bolsas y Mercados Argentinos S.A.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2023 AND ENDED DECEMBER 31,

2023, PRESENTED IN COMPARATIVE FORMAT

(Amounts stated in thousands of pesos and in constant currency - see Note 2.3)

	NOTE	12/31/2023	12/31/2022
Service revenue
9	18,357,219	16,906,132
Income from rights on transactions and commissions	10	33,580,906	20,519,030
Cost of services	11	(19,470,844)	(16,598,526)
GROSS INCOME/(LOSS)		32,467,281	20,826,636
Net operating financial results	12	32,628,781	14,714,605
Administrative expenses	11	(3,939,086)	(4,638,453)
Selling expenses	11	(3,436,663)	(2,826,315)
OPERATING INCOME/(LOSS)		57,720,313	28,076,473
Non-operating financial results, net, generated by assets	13	235,718,284	70,566,997
Non-operating financial results, net, generated by liabilities	14	(632,150)	(20,064)
Income/(loss) on monetary position		(166,896,419)	(89,535,461)
FINANCIAL AND HOLDING RESULTS		68,189,715	(18,988,528)
Other income/(expenses), net	15	169,161	(36,287)
Income/(loss) from interests in associates		1,783,766	184,471
PRE-TAX PROFIT/(LOSS)		127,862,955	9,236,129
Income tax	16	(22,675,964)	(7,352,318)
NET INCOME/(LOSS) FOR THE YEAR		105,186,991	1,883,811
Net income/(loss) for the year attributable to the parent company's		105,156,802	1,885,791
shareholders
Net income/(loss) for the year attributable to non-controlling interest		30,189	(1,980)
EARNINGS PER SHARE (Note 6)
Numerator:
Net income for the year attributable to the Company's shareholders		105,156,802	1,885,791
Denominator:
Weighted average of common shares for the year		762,500	401,514
Basic earnings per share		137.91	4.70
Diluted earnings per share		137.91	4.70

The accompanying notes are an integral part of these consolidated Financial Statements.

See our report dated
March 7, 2024
PRICE WATERHOUSE & CO. S.R.L.				By the Statutory Audit Committee
(Partner)
		Ernesto Allaria		Andrés Edelstein
C.P.C.E.C.A.B.A. V. 1 F. 17		President
Sebastián Morazzo
Public Accountant (U.M.)
C.P.C.E.C.A.B.A. V. 347 - F. 159

3

Bolsas y Mercados Argentinos S.A.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2023 AND ENDED DECEMBER 31, 2023,

PRESENTED IN COMPARATIVE FORMAT

(Amounts stated in thousands of pesos and in constant currency - see Note 2.3)

			NOTE	12/31/2023		12/31/2022						NOTE		12/31/2023	12/31/2022
ASSETS							LIABILITIES
CURRENT ASSETS							CURRENT LIABILITIES
Cash and cash equivalents		17	333,564,744		189,205,442	Creditors for transactions			26		358,808,540	220,274,556
Other financial assets		18 and	262,720,564		259,892,475	Payables for forward transactions to be settled		27		137,434,999	82,635,173
	37
Receivables for forward transactions to be		19	137,434,999		82,635,173	Stock brokers' balances in settlement accounts		28		80,739,463	31,947,737
settled
Trade receivables		20	3,136,528		1,662,770	Cash guarantees from stock brokers			29		59,037,562	56,061,852
Other receivables		21	3,411,036		1,790,328	Customer claims guarantee fund			30		314,931	215,467
Total current assets			740,267,871		535,186,188	Accounts payable			31		2,362,958	1,183,392
								Payroll and social security contributions payable		32		862,329	1,127,453
								Taxes payable			33		18,565,469	3,376,218
NON-CURRENT ASSETS							Other liabilities			34		25,351,261	15,542,471
Other financial assets		18 and	176,378,674		15,530,655	Total current liabilities					683,477,512	412,364,319
	37
Investments in associates		22	4,901,016		2,791,349
Property, plant and equipment		23	9,021,794		9,662,557	NON-CURRENT LIABILITIES
Intangible Assets		24	42,927,604		42,617,277	Deferred tax liabilities			16		8,397,171	3,555,651
Investment properties		25	1,805,504		1,843,971	Provision for contingencies			35		5,768	17,961
Other receivables		21	39,862		98,000	Total Non-current Liabilities					8,402,939	3,573,612
Total non-current assets			235,074,454		72,543,809	TOTAL LIABILITIES					691,880,451	415,937,931
								EQUITY (as per respective statement)
								Outstanding shares					4,625,330	4,625,330
								Treasury shares					(9,144)	(9,144)
								Premium for trading of treasury shares				(932,182)	(932,182)
								Income appropriated to reserves					77,315,999	88,947,391
								Unappropriated retained earnings					105,156,802	1,885,791
								Other components of Equity					97,222,551	97,222,551
								Non-controlling interest					82,518	52,329
								TOTAL EQUITY					283,461,874	191,792,066
								Attributable to the controlling interest				283,379,356	191,739,737
								Attributable to the non-controlling interest				82,518	52,329
TOTAL ASSETS			975,342,325		607,729,997	TOTAL LIABILITIES AND EQUITY				975,342,325	607,729,997
The accompanying notes are an integral part of these consolidated Financial Statements.
			See our report dated
			March 7, 2024
		PRICE WATERHOUSE & CO. S.R.L.					By the Statutory Audit Committee
				(Partner)
								Ernesto Allaria	Andrés Edelstein
			C.P.C.E.C.A.B.A. V. 1 F. 17			President
			Sebastián Morazzo
			Public Accountant (U.M.)
		C.P.C.E.C.A.B.A. V. 347 - F. 159

4

Bolsas y Mercados Argentinos S.A.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FISCAL YEAR COMMENCED January 1, 2023 AND ENDED December 31, 2023,

PRESENTED IN COMPARATIVE FORMAT

(Amounts stated in thousands of pesos and in constant currency - see Note 2.3)

								Guarantee
				Adjustment to	Premium for			Reserve		Unappropria
			Cost of	Other Equity	Legal	Fund	To optional		Non-
	Outstandin	Capital	the cost of	trading of	ted retained
	treasury	Components	reserve	(Section 45 of	reserve	Total	controlling	Total
	g shares	adjustment	treasury	treasury	earnings
	shares	(1)		Law No.			interest
ITEMS			shares	shares
					26831)
Balances at December 31, 2022	762,500	3,862,830	(275)	(8,869)	(932,182)	97,222,551	507,593	14,608,217	73,831,581	1,885,791	191,739,737	52,329	191,792,066
Distribution of unappropriated retained
earnings/(accumulated losses) as per the decision
of the Ordinary Shareholders' Meeting dated
April 11, 2023
Legal reserve	-	-	-	-	-	-	94,294	-	-	(94,294)	-	-	-
To optional reserve	-	-	-	-	-	-	-	-	1,791,497	(1,791,497)	-	-	-
Partial reversal of optional reserve, as per
Ordinary Shareholders' Meeting held on April
11, 2023
To cash dividends	-	-	-	-	-	-	-	-	(13,215,123)	-	(13,215,123)	-	(13,215,123)
Directors' and Statutory Auditors' fees	-	-	-	-	-	-	-	-	(302,060)	-	(302,060)	-	(302,060)
Guarantee Fund Reserve (Section 45 of Law	-	-	-	-	-	-	-	3,553,161	(3,553,161)	-	-	-	-
No. 26831)
Income/(Loss) for the year	-	-	-	-	-	-	-	-	-	105,156,802	105,156,802	30,189	105,186,991
Balances at December 31, 2023	762,500	3,862,830	(275)	(8,869)	(932,182)	97,222,551	601,887	18,161,378	58,552,734	105,156,802	283,379,356	82,518	283,461,874
								Guarantee
				Adjustment	Premium for			Reserve		Unappropria
			Cost of	Other Equity	Legal	Fund	To optional		Non-
	Outstandin	Capital	to the cost of	trading of	ted retained
	treasury	Components	reserve	(Section 45	reserve	Total	controlling	Total
	g shares	adjustment	treasury	treasury	earnings
	shares	(1)		of Law No.			interest
ITEMS			shares	shares
					26831)
Balances at December 31, 2021	76,250	2,461,781	(275)	(8,869)	(932,182)	97,222,551	507,593	10,956,484	95,641,861	(7,519,648)	198,405,546	54,309	198,459,855
Partial reversal of optional reserve, as per
Ordinary Shareholders' Meeting held on April
20, 2022
Absorption of loss for the year 2021	-	-	-	-	-	-	-	-	(7,519,648)	7,519,648	-	-	-
Stock dividends	344,098	1,743,201	-	-	-	-	-	-	(2,087,299)	-	-	-	-
To cash dividends	-	-	-	-	-	-	-	-	(8,551,600)	-	(8,551,600)	-	(8,551,600)
Guarantee Fund Reserve (Section 45 of Law	-	-	-	-	-	-	-	3,651,733	(3,651,733)	-	-	-	-
No. 26831)
Partial reversal of the Capital adjustment account
for capitalization purposes, as per Ordinary	342,152	(342,152)	-	-	-	-	-	-	-	-	-	-	-
Shareholders' Meeting held on April 20, 2022
Income/(Loss) for the year	-	-	-	-	-	-	-	-	-	1,885,791	1,885,791	(1,980)	1,883,811
Balances at December 31, 2022	762,500	3,862,830	(275)	(8,869)	(932,182)	97,222,551	507,593	14,608,217	73,831,581	1,885,791	191,739,737	52,329	191,792,066

1. Includes the effects from spin-off of Mercado de Valores de Buenos Aires S.A. and contributions from Buenos Aires Stock Exchange (BASE). (See Note 1). The accompanying notes are an integral part of these consolidated Financial Statements.

See our report dated
March 7, 2024
PRICE WATERHOUSE & CO. S.R.L.				By the Statutory Audit Committee
(Partner)
		Ernesto Allaria		Andrés Edelstein
C.P.C.E.C.A.B.A. V. 1 F. 17		President
Sebastián Morazzo
Public Accountant (U.M.)
C.P.C.E.C.A.B.A. V. 347 - F. 159

5

Bolsas y Mercados Argentinos S.A.

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE FISCAL YEAR COMMENCED JANUARY 1, 2023 AND ENDED DECEMBER 31, 2023,

PRESENTED IN COMPARATIVE FORMAT

(Amounts stated in thousands of pesos and in constant currency - see Note 2.3)

Cash and cash equivalents at the beginning of the year

Increase due to exchange difference attributable to cash and cash equivalents Cash and cash equivalents at the end of the year

Net decrease in cash and cash equivalents

Cash flows from operating activities Income/(Loss) for the year

Adjustments to arrive at net cash flows provided by/(used in) operating activities: Income tax

Depreciation of property, plant and equipment

Amortization of intangible assets

Depreciation of investment properties

Bad debts expense

Income/(loss) from interests in associates

Deletion of property, plant and equipment - Residual value

Deletion of intangible assets - Residual value

Net exchange difference

Changes in operating assets and liabilities:

Increase in receivables for services, net

Net decrease/(increase) in other receivables

Net increase/(decrease) in creditors for transactions

Net increase in stock brokers' balances in settlement accounts

Net increase in cash guarantees received from stock brokers

Net increase/(decrease) in customer claims guarantee fund

Net (decrease)/increase in accounts payable

Net decrease in payroll and social security contributions payable

Net decrease in taxes payable

Net increase in other liabilities

Net decrease in allowance for contingencies

Income Tax payments

Payment of Directors' and Statutory Auditors' fees

Net cash flows provided by/(used in) operating activities

Net cash flows from investing activities Net increase in other financial assets Net increase in investments in associates

Net payments for the acquisition of property, plant and equipment Net payments for development of intangible assets

Net cash flows used in investing activities

Net cash flows from financing activities

Payment of dividends in cash

Net cash flows used in financing activities

Net decrease in cash and cash equivalents

12/31/2023	12/31/2022
189,205,442	283,465,673
165,916,824	38,203,495
333,564,744	189,205,442
(21,557,522)	(132,463,726)
105,186,991	1,883,811
22,675,964	7,352,318
1,232,995	893,530
1,396,700	1,354,244
38,467	38,467
346,758	333,519
(1,783,766)	(184,471)
-	(162,418)
-	1,982
(164,198,667)	(38,684,282)
(1,820,517)	(235)
(2,062,878)	3,472,695
138,533,984	(25,818,148)
48,791,726	401,119
2,975,710	6,140,217
99,464	(27,691)
(38,283)	681,994
(265,124)	(305,165)
(1,408,793)	(2,750,178)
9,808,790	14,703,779
(12,194)	(17,026)
(1,236,395)	(2,711,456)
(302,060)	-
157,958,872	(33,403,395)
(163,676,109)	(86,794,248)
(325,903)	(177,731)
(592,232)	(728,086)
(1,707,027)	(2,808,666)
(166,301,271)	(90,508,731)
(13,215,123)	(8,551,600)
(13,215,123)	(8,551,600)
(21,557,522)	(132,463,726)

The accompanying notes are an integral part of these consolidated Financial Statements.

See our report dated
March 7, 2024
PRICE WATERHOUSE & CO. S.R.L.				By the Statutory Audit Committee
(Partner)
		Ernesto Allaria		Andrés Edelstein
C.P.C.E.C.A.B.A. V. 1 F. 17		President
Sebastián Morazzo
Public Accountant (U.M.)
C.P.C.E.C.A.B.A. V. 347 - F. 159

6

Bolsas y Mercados Argentinos S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023

(Amounts stated in thousands of pesos and in constant currency - see Note 2.3)

NOTA 1 - INCORPORATION OF THE COMPANY

On December 27, 2012, Capital Market Law No. 26831 was enacted. This law, effective as from January 28, 2013, provides for a comprehensive reform of the prior public offering regime. The new law reforms capital market regulatory and operative aspects, and it also broadens the regulatory powers of the National Securities Commission (CNV) in the field of public offerings.

In order to channel the needs of the new capital markets contemplated in the above-mentioned legislation, the Shareholders of Mercado de Valores de Buenos Aires S.A. (Merval) and of Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange, BASE, for its acronym in Spanish) signed, on March 1, 2013, a framework agreement for the incorporation of a company named Bolsas y Mercados Argentinos S.A. (BYMA). This Company would be subject to public offering and listing of its shares and its capital stock would be subscribed fifty percent by the Shareholders of Mercado de Valores de Buenos Aires S.A. and the other fifty percent by BCBA, in accordance with the provisions of the above-mentioned framework agreement. Such agreement was confirmed by the Board of Directors of Merval at the meeting held on March 1, 2013, and approved by its Extraordinary Shareholders' Meeting held on April 9, 2013.

On July 23, 2013, the Extraordinary Shareholders' Meeting of Merval approved the spin-off of certain assets relating to its business activity as a market, the reduction of that Company's capital stock and the incorporation of the new spun-off business, BYMA, and its by-laws.

The assets of Mercado de Valores de Buenos Aires S.A. to be spun-off, according to the special spin-off statement of financial position at March 31, 2013, approved by the above-mentioned Shareholders' Meeting, were as follows: (a) 509,791,920 for all shares held by Caja de Valores S.A., measured at their fair value as of the spin-off effective date; (b) 40,000,000 in cash; and (c) 160,000,000 for all elements inherent in the securities market business, measured at their fair value as of such date (according to the above-stated framework agreement). On December 5, 2013, the CNV, by Resolution No. 17242, decided to consent to the partial spin-off of Merval's Equity and the amendment to Article 7 of the Corporate By- laws.

Subsequently, the shareholders of Merval and the BSBA subscribed two Addenda to the framework agreement for the incorporation of BYMA: a) Addendum dated April 4, 2014, whereby it was agreed to reformulate the capital stock increase approved at BYMA for the BSBA to hold a twenty percent (20%) interest in the capital stock of BYMA. This Addendum was approved by the Extraordinary Shareholders' Meeting on June 5, 2014; b) Addendum dated July 7, 2016, whereby it was agreed that the BCBA would transfer to BYMA 100% of its equity interest held in Caja de Valores S.A. This decision was approved by the Annual General and Extraordinary Shareholders' Meeting held on September 14, 2016. The CNV's Issuers Division consented to the amendments made to the framework agreement.

On December 21, 2016, particular Resolution No. 2202 of the Legal Entities Regulator, ordered the registration of BYMA with the Public Registry kept by such entity.

On December 29, 2016, the CNV, through Resolution No. 18424, registered BYMA as market under registration No. 639.

Then, on January 5, 2017, an application was submitted to the CNV for BYMA's admission to public offering regime, which was authorized by the regulatory entity on March 16, 2017 by Resolution No. 18559.

At March 31, 2017, Merval transferred 100% of its equity interest in Caja de Valores S.A., consisting of 116,452,536 book-entry shares with a nominal value of $1 per share, and 100% of its equity interest in Mercado Argentino de Valores S.A., consisting of 1,600,000 registered shares with a nominal value of $1 per share. In addition, the BCBA transferred its equity interests in Caja de Valores S.A. and Tecnología de Valores S.A., consisting of 116,452,536 shares with a nominal value of $1 and 25,000 shares with a nominal value of $1, respectively.

See our report dated
March 7, 2024
PRICE WATERHOUSE & CO. S.R.L.				By the Statutory Audit Committee
(Partner)
		Ernesto Allaria		Andrés Edelstein
C.P.C.E.C.A.B.A. V. 1 F. 17		President

7

Bolsas y Mercados Argentinos S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE FISCAL YEAR ENDED DECEMBER 31, 2023

(Amounts stated in thousands of pesos and in constant currency - see Note 2.3)

During April 2017, the Entity completed the operating migration processes in relation to the activity of market and clearing house. Consequently, as from April 17, 2017, the transfer and automatic registration of the Member Brokers, Issuers and all issues listed in Merval to BYMA was made, with no additional requirements or cost whatsoever.

Consideration of technological risk

The nature of the main operations conducted by Bolsas y Mercados Argentinos S.A. (whether directly or through its subsidiaries and associates) and their interrelation with the generation of financial accounting information require a high level of reliance on technology and information security.

For this purpose, the Company has in place policies and procedures aimed at ensuring an adequate control environment on these aspects, within the framework of what is important to guarantee adequate processing of information.

In addition, current regulations of the CNV define minimum requirements as performance of tasks, security and service continuity, among other aspects, that the IT systems used by Bolsas y Mercados Argentinos S.A. (owing to its activity as a market and clearing house) and Caja de Valores S.A. (owing to its activity as Collective Deposit Agent and Custody, Registration and Payment Agent) must fulfill; these entities are subject to a yearly external systems audit under the terms of Titles VI and VIII, respectively, of CNV regulations, their 2013 restated text and amendments.

NOTA 2 - BASIS FOR PREPARATION

2.1 Accounting policies

These consolidated Financial Statements ("Financial Statements") for the fiscal year ended on December 31, 2023 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as approved by the International Accounting Standards Board (IASB).

The accounting policies adopted for Bolsas y Mercados Argentinos S.A. and its subsidiaries (the Group) are in accordance with those used for the preparation of the annual consolidated Financial Statements for the year ended on December 31, 2022.

2.2 Comparative information

The Consolidated Statements of Financial Position, of Comprehensive Income, of Changes in Equity, and of Cash Flows for the current year are presented in comparative format with those for the fiscal year ended December 31, 2022, as mentioned in Note 2.3.

Certain reclassifications have been included in the consolidated Financial Statement figures presented for comparative purposes to conform them to the current year presentation.

2.3 Measuring unit

International Accounting Standard No. 29 Financial reporting in hyperinflationary economies (IAS 29 ) requires that the financial statements of an entity that reports in the currency of a hyperinflationary economy, whether they are based on a historical cost approach or a current cost approach, be stated in terms of the measuring unit current at the end of the reporting year. To this end, in general terms, the inflation rate should be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information contained in the financial statements.

See our report dated
March 7, 2024
PRICE WATERHOUSE & CO. S.R.L.				By the Statutory Audit Committee
(Partner)
		Ernesto Allaria		Andrés Edelstein
C.P.C.E.C.A.B.A. V. 1 F. 17		President