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 |
- 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 |
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Bolsas y Mercados Argentinos SA published this content on 19 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 21:54:09 UTC.