UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant to
Rule 13a-16 or 15d-16
under the
Securities Exchange Act of 1934
For the month of March, 2019
Commission File Number: 001-38376
Central Puerto
S.A.
(Exact name of
registrant as specified in its charter)
Port Central
S.A.
(Translation of
registrant’s name into English)
Avenida Thomas
Edison 2701
C1104BAB Buenos
Aires
Republic of
Argentina
+54 (11)
4317-5000
(Address of
principal executive offices)
Indicate by
check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F
☐
Indicate by
check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No
☒
Indicate by
check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No
☒
CENTRAL PUERTO
S.A.
Explanatory Note
Central
Puerto S.A. (the “Company”) is filing this Amendment
(the “Form 6-K/A”) solely to furnish a corrected
version of the Company’s Earnings Release in connection with
the consolidated financial results for the Fiscal Year 2019 ended
on December 31, 2019 (the “Earnings Release”),
contained in the Form 6-K furnished with the Securities and
Exchange Commission on March 10, 2020 (the “Form 6-K”).
The revised consolidated financial results for the Fiscal Year 2019
ended on December 31, 2019 is amended by replacing:
●
On Page 11 below,
“(ii): “Ps. 3,357 million non-cash charge related to
the property (…)” with the following “(iv) a Ps.
3,717 million non-cash charge related to the property
(…)”.
●
On Page 11 below,
“Consolidated Net income was Ps. 1,330 million and Net income
for shareholder was Ps. 969 million or Ps. 0.63 per share, in the
4Q2019” with “Consolidated Net income was Ps. 1,330
million and Net income for shareholder was Ps. 964 million or Ps.
0.63 per share, in the 4Q2019”
●
On Page 12 below,
“Finally, the gain on net monetary position totaled Ps. 125
million during the 4Q2019, as compared to a loss on the net
monetary position of Ps. 3,400 million in the 4Q2018” with
the following “Finally, the gain on net monetary position
totaled Ps. 107 million during the 4Q2019, as compared to a loss on
the net monetary position of Ps. 3,400 million in the
4Q2018”.
●
On page 13 below,
(i)“An increase in the purchase of fuel (and related
concepts) used in the units that sell steam, and electricity under
contracts or Energía Base (when applicable), which totaled Ps.
10,928 million during the 2019, as compared to Ps. 3,275 million in
2018, due to the cost of the self-supplied fuel purchased in
accordance to Res. 70/18 described above” with the following
(i)“An increase in the purchase of fuel (and related
concepts) used in the units that sell steam, and electricity under
contracts or Energía Base (when applicable), which totaled Ps.
10, 042 million during the 2019, as compared to Ps. 3,330 million
in 2018, due to the cost of the self-supplied fuel purchased in
accordance to Res. 70/18 described above”;
●
On Page 16 below,
“(ii) Ps. 12,321 million due to a decrease in the stock of
trade receivables, mainly related to the FONI collections,”
with the following “(ii) Ps. 12,769 million due to a decrease
in the stock of trade receivables, mainly related to the FONI
collections”,
●
On Page 17 below,
under “Consolidated Statement of Income”, the figures
from the following captions referring to 4Q 2019
information:
o
Property plant and
equipment impairment: “3,356,612” with the following
“3,716,612”; and
o
Loss (gain) on net
monetary position: “125,200” with the following
“107,026”.
●
On Page 18 below,
under “Consolidated Statement of Income”, the figures
from the following captions referring to 2019
information:
o
Property plant and
equipment impairment: “4,044,422” with the following
“4,404,422”; and
o
Loss (gain) on net
monetary position: “2,413,579” with the following
“2,431,753”.
Other
than as expressly set forth above, this Form 6-K/A does not, and
does not purport to, amend, update or restate the information in
the Form 6-K, or reflect any events that have occurred after the
Form 6-K was originally furnished. The Form 6-K, as amended by this
Form 6-K/A, continues to speak as of the initial date of the
submission of Form 6-K.
For the
convenience of the reader, this Amendment sets forth the original
Earnings Release in its entirety, as modified to reflect the
corrections outlined above.
Central Puerto: Ps. 58.5 per ADR, and commencement of operations of
Luján de Cuyo unit (95 MW) and Manque wind farm (38
MW)
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Stock information:
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Buenos Aires, March 10 - Central Puerto S.A (“Central
Puerto” or the “Company”) (NYSE: CEPU), a leading
power generation company in Argentina, as measured by generated
power, reports its consolidated financial results for the
Fiscal Year 2019 and quarter (“Fourth Quarter” or
“4Q2019”) ended on December 31,
2019.
A conference call to discuss the results of the Fourth Quarter 2019
will be held on March 11, 2020 at 12:00 Eastern Time (see details
below). All information provided is presented on a consolidated
basis, unless otherwise stated.
Financial statements as of and for the fiscal year and quarter
ended on December 31, 2019 include the effects of the inflation
adjustment, applying IAS 29. Accordingly, the financial statements
have been stated in terms of the measuring unit current at the end
of the reporting period, including the corresponding financial
figures for previous periods informed for comparative purposes.
Growth comparisons refer to the same period of the prior
year, measured in the current unit at the end of the period, unless
otherwise stated. Consequently, the
information included in the Financial Statements for the fiscal
year and quarter ended on December 31, 2019, is not comparable to
the Financial Statements previously published by the
company.
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New
York Stock Exchange
Ticker: CEPU
1 ADR =
10 ordinary shares
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Bolsas
y Mercados Argentinos
Ticker: CEPU
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Contact information:
Chief
Financial Officer
Fernando Bonnet
Investor
Relations Officer
Tomás Daghlian
Tel
(+54 11) 4317 5000 ext.2192
inversores@centralpuerto.com
www.centralpuerto.com
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Definitions
and terms used herein are provided in the Glossary at the end of
this document. This release does not contain all the
Company’s financial information. As a result, investors
should read this release in conjunction with Central Puerto’s
consolidated financial statements as of and for fiscal year and
quarter ended on December 31, 2019 and the notes thereto, which
will be available on the Company’s website.
4Q2019 energy generation increased 18% to 4,101 GWh, as compared to 3,471 GWh during the
same period of 2018 (see section C. Main Operating Metrics),
due to a 17% and 46% increase in thermal and renewable generation,
respectively due to the expansion of the installed capacity, and a
17% increase in hydro generation due to higher waterflow
(for more information see
section C. Main Operating Metrics). Thermal units reached 92% availability,
compared to 89% in the 4Q2018, and a market average of 82% for the
4Q2019.
4Q2019 Net income was Ps. 5.85 per ordinary share or Ps. 58.5 per
ADR (for more information
see section D. Financial).
“During the fourth quarter, we were able to continue our
ambitious expansion plan with the COD of the new Luján de Cuyo
cogeneration unit, which adds 95 MW to our portfolio of generation
assets, and the COD of 38 MW of wind farm Manque, increasing our
power available to serve customers directly under the term
market.
Together with the rest of the project developed, we were able to
increase 461 MW our total installed capacity, including 367MW from
thermal sources and 94 MW from renewable sources, representing an
increase of 12% in our installed capacity during
2019.”
Jorge Rauber, CEO of Central Puerto
Luján de Cuyo new cogeneration COD. On October 5, 2019, the new cogeneration of the
Luján de Cuyo plant reached its COD, 7 weeks ahead of the
agreed schedule. This unit will provide electricity through a
15-years PPA with CAMMESA, and steam to YPF during a similar time
period.
Loan facility from KFW. On
March 26, 2019 the Company entered into a loan agreement with
Kreditanstalt für Wiederaufbau (“KfW”) for an
amount of 56 million dollars to finance the Luján de Cuyo
project mentioned above. Under this loan, the company received US$
43.7 million in May 2019, US$ 4.9 million in July, US$ 4.3 million
in November and US$ 2 million in December, totaling US$ 54.9
million, the plant commenced commercial operation on October 5,
2019.
Abrogation of Resolution No. 70/2018. On December 30, 2019, through Resolution No.
12/2019, the Ministry of Productive Development abrogated
Resolution SE No. 70/2018 (Res. 70/18), which allowed generators to
purchase their own fuel, and reinstated effectiveness of section 8
of Resolution No. 95/2013 and section 4 of Resolution No. 529/2014,
centralizing fuel purchases through CAMMESA.
Distribution of cash dividends. A distribution of cash dividends of Ps. 0.71 per
common share, equivalent to US$ 0.118571 per ADR (US
gross amount), was approved at Central Puerto’s ordinary
shareholders’ meeting held on November 22, 2019 and
distributed during December 2019.
Renewable energy
Manque wind farm commenced operation for 38 MW. On December
6, 2019, wind farm Manque commenced commercial operations for 38
MW. This wind farm sell energy directly to large users under the
MATER regulatory framework and have 100% of the power capacity
already contracted. Furthermore, during the 1Q2020, 19 MW of
additional installed capacity commenced operations, reaching now
the total amount of the project of 57 MW.
____________________________
Loan for La Genoveva I project. Vientos La Genoveva I, a
subsidiary of Central Puerto, received on November 22, the full
disbursement, US$ 76 million, of the financing agreed with IFC, a
member of the World Bank, for the construction of La Genoveva I
project, a wind farm awarded under Round 2 of RenovAr program. The
project is in an advance staged of construction and the contracted
COD is on May 21, 2020. However, the company does not discard that
the recent events related to the Covid-19 virus outbreak may affect
the delivery of the equipment related to the project and or
construction.
B. Recent news
Renewable energy
Los Olivos wind farm reached commercial operation date (COD) for
22.8 MW. On February 21, 2020, wind farm Los Olivos
commenced commercial operations for 22.8 MW. This wind farm sells
energy directly to large users under the MATER regulatory
framework.
Term Market form Renewable Energy (MATER). Following the COD
of Manque and Los Olivos, all the wind farms that generate energy
for MATER, under Resolution No.
281-E/17, are as of the date of this report operative and
have already signed long-term PPA contracts, with prices set
in US dollars with private customers for 100% of their capacity.
Thermal energy
New Regulatory framework for Energía Base Units.
On February 27, 2020 the Secretariat
of Energy issued Res. 31/2020, which replaces the tariff scheme for
the Energía Base energy generation units. The main changes
were:
■
Prices are set in argentine pesos, and
adjusted
monthly considering a mix
of 60% of
the Consumer Price Index (IPC) and 40% of the Wholesale Price
Index (IPIM)
■
Initial variable Energy prices
remained almost unchanged, although
denominated in argentine pesos. The implicit foreign exchange rate
between the new price set in argentine pesos and the old price set
in US dollars is Ps 60 per US dollar, which is similar to the
average exchange rate of January 2020 of Ps. 60.01 per US
dollar2.
■
Initial Power prices for thermal
units were reduced ~ 16% (considering the implicit exchange
rate of Ps. 60 per US, as mentioned above) and set in argentine
pesos. Furthermore, the price recution for machines with less than
70% Utilization Factor in the last twelve months was now set in up
to 40% as compared to up to 30% before (see table
below).
■
Initial fixed Power prices for hydro
plants were reduced ~ 45 %
(considering the implicit exchange rate of Ps. 60 per US, as
mentioned above) and set in argentine pesos.
■
A new remuneration for generation
in hours of maximum power demand was established (see table below). The company
estimate that, for 2020, this new remuneration may mitigate around
30% of the reduction in fixed power prices, considering the mix of
equipment that the company has.
The table below shows the details of the main initial prices
effective for February 2020
applicable to Central Puerto’s
units, by source of generation:
____________________________
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Items
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Thermal
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Hydro
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Power capacity payments Res. 31/20201
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Up to Ps. 360,000 per MW per month during Summer and
Winter
(December,
January, February, June, July and August)
Up to Ps. 270,000 per MW per month during Spring and
Autumn
(March,
April, May, September, October and November)
These
prices, are multiplied by a percentage, which depends on the
average Utilization Factor (UF) of each unit during the previous
last twelve months (mobile year):
● If UF >= 70%, the unit receives
100% of the
price
● If the is between 30 and 70%, the
machine receives UF*+0.30 of
the price (lineal proportion)
● If UF<30%, unit receives 60% of the price
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Ps. 99,000 per MW per month
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Energy payments Res. 31/20202
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Ps. 324 per MWh for generation with natural gas
Ps. 504 per MWh for generation with fuel oil/gas oil
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Ps. 294 per MWh
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The machines that generated energy during the 50 hours of higher
power demand will receive a remuneration using the following
formulas, respectively:
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Payment for generation in hours of maximum power
demand
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Potgemhrt1 x PrecPHRT x FRPHRT1 + Potgemhrt2 x PrecPHRT x
FURHRT2
Where:
PrecPHMRT: is Ps. 37,500 / MW
Potgemhrt1 and Potgemhrt2: are the average power generated in the
hours of maximum requirement HMRT-1 and HMRT-2, respectively of the
corresponding month.
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Potopmhrt1 x PrecPOHRT x FRPHRT1 + Potopmhrt2 x PrecPOHRT x
FURHRT2
PrecPOHMRT: is Ps. 27,500 / MW for large hydro plant (> 300
MW)
Potopmhrt1 and Potopmhrt1: are the average power operated in the
hours of maximum requirement HMRT-1 and HMRT-2,
respectively.
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FRPHRT1 and FRPHRT2: are the requirement factor for the first and
second 25 hours, respectively, of highest thermal requirement of
each month in each period according to table below:
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FRPHMRT [p.u.]
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Summer and Winter
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Autumn and Spring
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HMRT-1
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1.2
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0.2
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HMRT-2
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0.6
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0.0
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Adjustment starting in March 2020
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All the prices mentioned above will have an
automatic monthly
adjustment using a mix
of 60% of
the Consumer Price Index (IPC) and 40% of the Wholesale Price
Index (IPIM) accumulated between December 2019 and two months
prior (T-2) to month of each transaction.
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1 Effective prices for capacity payment depended on the
availability of each unit, and the achievement of the Guaranteed
Bid Capacity (DIGO in Spanish) that each generator may send
periodically to CAMMESA.
2 Energy payments above mentioned includes the tariffs for
energy generated and energy operated as defined by Res. SE
31/2020.
A
complete copy of Res. SE 31/2020, can be found on the webpage of
the Official Gazette of the Republic Argentina: https://www.boletinoficial.gob.ar/.
C. Main operating metrics
The table below sets forth key operating metrics for the 4Q2019,
compared to the 3Q2019 and the 4Q2018, and full year 2019, compared
to 2018:
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Key Metrics
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4Q 2019
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3Q 2019
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4Q 2018
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Var % (4Q/4Q)
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2019
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2018
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Var %
(Y-o-Y)
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Continuing Operations
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Energy Generation (GWh)
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4,101
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3,941
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3,471
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18%
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14,848
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14,488
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2%
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-Electric Energy Generation- Thermal*
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2,816
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2,383
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2,413
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17%
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10,190
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10,052
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1%
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-Electric Energy Generation – Hydro
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1,043
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1,373
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893
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17%
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3,927
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4,216
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(7%)
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-Electric Energy Generation – Wind
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241
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185
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165
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46%
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730
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221
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231%
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Installed capacity (MW;
EoP1)
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4,273
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4,139
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3,812
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12%
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4,273
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3,812
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12%
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-Installed capacity -Thermal (MW)
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2,589
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2,493
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2,222
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17%
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2,589
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2,222
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17%
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-Installed capacity - Hydro (MW)
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1,441
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1,441
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1,441
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0%
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1,441
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1,441
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0%
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-Installed capacity - Wind (MW)
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205
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205
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149
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38%
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205
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149
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38%
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Availability -
Thermal2
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92%
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93%
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89%
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3 p.p.
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93%
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88%
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5 p.p.
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Steam production (thousand Tons)
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254
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221
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256
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(1%)
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1,018
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1,122
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(9%)
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Source:
CAMMESA; company data. * Includes generation from Brigadier
López starting on April 2019.
1 EoP refers to
“End of Period”
2 Availability weighted average by power capacity. Off-time
due to scheduled maintenance agreed with CAMMESA is not considered
in the ratio.
In the 4Q2019, energy generation increased 18% to 4,101 GWh,
compared to 3,471 GWh in the 4Q2018, due to: a) a 17%
increase in the thermal generation, which was positively affect by
the commencement of operations of the new cogeneration unit of
Luján de Cuyo and the purchase of Brigadier López during
the 2Q2019) and partially offset by a decrease in the dispatch for
some of the small steam and gas, and b) a 17% increase in energy
generation form the hydro plant Piedra del Águila due to
higher waterflow in the Limay and Collón Curá rivers, and
c) a 46% increase in the electricity generation from wind farms,
due to the operation during the full quarter of La Castellana II (14.4 MW) and Achiras La Genoveva
II (41.8 MW) wind farms that commenced their commercial operations
during the 3Q2019. Additionally, as mentioned above, during the
December 2019, the wind farm Manque reached the COD for 38 MW,
generating 18.5 GWh during the first days of operations to supply
large users under the Term Market regulatory framework (MATER). As
a reference, domestic energy generation remained stable during the
4Q2019, compared to the 4Q2018, according to data from
CAMMESA.
During 4Q2019, machine availability for thermal units reached 92%,
compared to 89% in 4Q2018, showing a sustained level and well above
the market average availability for thermal units for the same
period of 82%, according to data from CAMMESA.
Finally, steam production showed a decrease of 1% totaling 254,000
tons produced during 4Q2019 compared to 256,000 tons during the
4Q2018.
In fiscal year 2019, energy generation increased 2% to 14,848 GWh,
compared to 14,488 GWh in the 2018, mainly due to a) a 1%
increase in thermal generation, due to the positive impact of the
commencement of operations of the new cogeneration unit of
Luján de Cuyo and the purchase of Brigadier López during
the 2Q2019, which was and partially offset by a decrease in the
dispatch for some of the steam and gas turbines due to a
contraction of the energy demand of 3.1% and the increase in the
installed capacity of renewable energy projects, and b) a 231%
increase in the electricity generation from wind farms, due to the
operation during the full period of La
Castellana I (99 MW) and Achiras I (48 MW) wind farms the commenced
their commercial operations during the 3Q2018, the wind farms La
Castellana II (14.4 MW) and La Genoveva II (41.8 MW) that reached
their COD in the 3Q2019, and the wind farm Manque, that commenced
its operation on December 2019, as mentioned above. This was
partially offset by a 7% decrease in the generation of the
hydro plant, due to less waterflow in the Limay and Collón
Curá rivers.
As a reference, domestic energy generation decreased 4.5% during
2019, compared to 2018, according to data from CAMMESA, while
energy demand decreased 3.1%.
During 2019, availability of Central Puerto’s thermal units
reached 93%, compared to 88% in 2018 (which was affected by the
unscheduled extension of the maintenance of combined cycle of the
Puerto Complex), showing a sustained level, and well above the
market average availability for thermal units for the same period
of 82%, according to data from CAMMESA.
Finally, steam production decreased 9% totaling 1,018,000 tons
produced during 2019 compared to 1,122,000 tons during the 2018.
The decrease was related to 17 days of scheduled halt in the
production of the old cogeneration unit of the Luján de Cuyo
plant in order to allow the connection of the new Luján de
Cuyo cogeneration unit to the steam pipeline.
D. Financials
Main financial magnitudes of continuing operations
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Million Ps.
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4Q 2019
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3Q 2019
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4Q 2018
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Var % (4Q/4Q)
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2019
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2018
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Var %
(Y-o-Y)
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Unaudited3
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Unaudited3
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Audited
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Audited
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Revenues
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11,384
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8,681
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7,471
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52%
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35,961
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21,945
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64%
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Cost of
sales
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(6,212)
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(3,570)
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(3,237)
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93%
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(18,957)
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(9,979)
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90%
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Gross profit
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5,173
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5,111
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4,234
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22%
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17,004
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11,966
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42%
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Administrative and selling expenses
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(838)
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(661)
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(701)
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20%
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(2,633)
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(2,137)
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23%
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Operating income before other operating results
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4,335
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4,451
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3,534
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22%
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14,371
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9,829
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46%
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Other operating results, net1
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(1,745)
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10,558
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(1,441)
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(58%)
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13,678
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37,084
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(63%)
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Operating income1
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2,589
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15,009
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2,093
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77%
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28,049
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46,913
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(40%)
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Depreciations
and Amortizations
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1,684
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785
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855
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100%
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3,391
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2,296
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48%
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Adjusted EBITDA1,2
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4,274
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15,794
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2,947
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84%
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31,440
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49,209
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(36%)
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1.
Include, among others, the following concepts:
● CVO
effect
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-
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-
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-
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N/A
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-
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16,948
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N/A
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● Foreign Exchange
Difference and interests related to FONI trade
receivables
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1,550
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7,626
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(1,892)
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N/A
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13,676
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18,347
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(25%)
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See
“CVO effect” below for further
information.
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Average exchange rate of period
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59.35
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50.65
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37.15
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60%
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48.28
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28.18
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71%
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Exchange rate end of period
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59.89
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57.59
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37.70
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59%
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59.89
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37.70
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59%
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NOTE:
Exchange rates quoted by the Banco de la Nación Argentina are
provided only as a reference. The average exchange rate refers to
the average of the daily exchange rates quoted by the Banco de la
Nación Argentina for wire transfers (divisas) for each
period.
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2. See “Disclaimer-Adjusted EBITDA” below for
further information.
3. 4Q2019 and 4Q2018 figures were constructed, as the 2019
and 2018 financial figures, minus the 9M2019 and 9M2018 financial
figures, respectively, informed in the Financial Statements for the
quarter and the nine month period ended on September 30, 2019, in
all cases stated in the measuring unit current at December 31,
2019. The 3Q2019 financial figures were also calculated based on
the information originally published in the 3Q2019 Financial
Statement, stated in terms of the
measuring unit current as of December 31, 2019.
Adjusted EBITDA Reconciliation
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Million Ps.
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4Q 2019
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3Q 2019
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4Q 2018
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Var % (4Q/4Q)
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2019
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2018
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Var %
(Y-o-Y)
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Unaudited4
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Unaudited4
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Audited
|
Audited
|
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Consolidated
Net income for the period2
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1,330
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3,939
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(604)
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N/A
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8,661
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26,437
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(67%)
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Loss on
net monetary position
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(107)
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(780)
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3,400
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N/A
|
2,432
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6,209
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(61%)
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|
Financial
expenses
|
2,306
|
10,850
|
836
|
176%
|
15,925
|
9,693
|
64%
|
|
Financial
income
|
(1,395)
|
(980)
|
(624)
|
124%
|
(3,601)
|
(3,508)
|
3%
|
|
Share
of the profit of an associate
|
(199)
|
(480)
|
(134)
|
49%
|
(1,113)
|
(1,652)
|
(33%)
|
|
Income
tax expenses
|
655
|
2,461
|
(782)
|
(184%)
|
5,745
|
10,160
|
(43%)
|
|
Net
income of discontinued operations
|
-
|
-
|
-
|
N/A
|
-
|
(425)
|
(100%)
|
|
Depreciation
and amortization
|
1,684
|
785
|
855
|
97%
|
3,391
|
2,296
|
48%
|
|
Adjusted EBITDA1,2
|
4,274
|
15,794
|
2,947
|
45%
|
31,440
|
49,209
|
(36%)
|
|
1.
Include, among others, the following concepts:
● CVO
effect
|
-
|
-
|
-
|
N/A
|
-
|
16,948
|
N/A
|
|
● Foreign Exchange
Difference and interests related to FONI trade
receivables
|
1,550
|
7,626
|
(1,892)
|
N/A
|
13,676
|
18,347
|
(25%)
|
See
“CVO effect” below for further
information.
2. See
“Disclaimer-Adjusted EBITDA” below for further
information.
4Q 2019 Results Analysis
Revenues increased 52% to Ps. 11,384 million in the 4Q2019,
as compared to Ps. 7,471 million in the 4Q2018. The increase in
revenues was mainly driven by:
(i)
a 3 percentage
points increase in the availability of the thermal units under
Energía Base, which was 92% during the 4Q2019, as compared to
89% during the 4Q2018,
____________________________
(ii)
a 18% increase in
energy generation, that reached 4,101 GWh during 2019, as compared
to 3,471 GWh as explained above in section “C. Main operating
metrics”,
(iii)
a
higher-than-inflation increase in the exchange rates for the
4Q2019, which impacted tariffs set in US dollars, in terms of argentine pesos current at the end of
the reporting period. As a reference, the average foreign
exchange rate during 4Q2019 increased 60% compared to 4Q2018, while
the inflation rate for the twelve-month period ended on December
31, 2019, was 54%.
(iv)
an increase in Sales under contracts, which
amounted to Ps. 3,121 million during the 4Q2019, as compared to Ps.
801 million in the 4Q2018, mainly due to the revenues
related to the Brigadier López Plant, which was acquired in
June 2019, and the energy generation from wind farms La Castellana
II, La Genoveva II and Manque, which started operations during
June, September and December 2019, respectively;
(v)
an increase in the
fuel remuneration for units under Energía Base regulatory
framework (and other related concepts), which amounted to Ps. 3,643
million during the 4Q2019, mainly because of income in accordance
to Res. 70/18, in some of the units under the Energía Base
regulatory framework (see “—Factors Affecting Our
Results of Operations—Our Revenues—The Energía
Base” in the Company’s latest 20-F filing), compared to
Ps. 2,238 million during the 4Q2018,
This
increase was partially offset by:
(i)
a decrease in
energy and power prices for units under the Energy Base Regulatory
framework established by Res. 1/19, starting on March 1,
2019.
Gross profit increased 22% to Ps. 5,173 million, compared to
Ps. 4,234 million in 4Q2018. This increase was due to (i) the
above-mentioned increase in revenues, which was partially offset by
an increase in costs of sales that totaled Ps. 6,212 million, a 92%
increase as compared to Ps. 3,237 million in the 4Q2018. The
increase in the cost of sales was primarily driven by:
(i)
An increase in the
purchase of fuel (and related concepts) used in the units that sell
steam, and electricity under contracts or Energía Base (when
applicable), which totaled Ps. 3,267 million during the 4Q2019, as
compared to Ps. 1,687 million in the 4Q2018, due to the cost of the
self-supplied fuel purchased mainly in accordance to Res. 70/18 as
described above;
(ii)
a 92% increase in
non-fuel-related costs of production, which totaled Ps. 2,944
million in the 4Q2019, as compared to Ps. 1,550 million in the
4Q2018, mainly due to the increase in our installed capacity
following the acquisition of Brigadier López plant and the COD
of the new thermal and renewable energy plants.
Gross
Profit Margin totaled 45% during the 4Q2019, as compared to 57% in
the 4Q2018. This change was mainly a consequence of the lower gross
profit margin that the operation of purchase of self-supplied fuel,
which started on November 2018 has, as compared to the gross profit
margin of the rest of operations of the company.
Operating income before other operating results, net, increased 23%
to Ps. 4,335 million, compared to Ps. 3,534 million in the
4Q2018. This increase was due to (i) the above-mentioned increase
in gross profits, and (ii) an approximately proportional increase
in administrative and selling expenses that totaled Ps. 838
million, a 20% increase as compared to Ps. 701 million in the
4Q2018. This increase was mainly driven by (i) a Ps. 150 million
increase in professional services, mainly related to the
development and financing of the new projects; (ii) a Ps. 85
million increase in taxes on bank account transactions, due to
increased revenues, costs and financing activities, among others;
and (iii) a Ps. 63 million increase in local and state taxes, which
was partially offset by (iv) a Ps. 205 million reduction in
corporate structure expenditures.
Adjusted EBITDA increased 45% to Ps. 4,274 million in the
4Q2019, compared to Ps. 2,947 million in the 4Q2018. This
increase was mainly due to (i) the increase in operating results
before other operating income, net mentioned above, and (ii) a Ps.
1,550 million gain during the 4Q2019, from the foreign exchange
difference on operating assets (mainly the FONI trade receivables),
compared to a loss of 2,416 million during the 4Q2018; which was
partially offset (by) (iii) a lower gain on interest on trade
receivables clients during the 4Q2019, which amounted to 300
million, as compared to Ps. 867 million in the 4Q2018, including
the ones related to the FONI program due to a lower balance
maintained during the quarter, and (ii) a Ps. 3,717 million
non-cash charge related to the property, plant and equipment
impairment test during 4Q2019, mainly as a consequence of a higher
discount rate and the new regulation for generation units under
Energía Base regulatory framework which reduced the prices for
those units, among other factors.
Consolidated Net income was Ps. 1,330 million and Net income for
shareholder was Ps. 964 million or Ps. 0.63 per share, in the
4Q2019, compared to a loss of Ps. 604 million and 1,093
million, respectively, or a loss of Ps. 0.72 per share, in the
4Q2018. In addition to the above-mentioned factors, net income was
(i) negatively impacted by higher financial expenses that amounted
to Ps. 2,306 million in the 4Q2019, compared to Ps. 836 million in
the 4Q2018, mainly due to the interest accrued on a higher debt
balance during the period, related to the loans obtained for the
thermal and renewable energy expansion projects and the acquisition
of the Brigadier López plant, and the foreign exchange
difference on such loans, which are mostly denominated in US
dollars, and (ii) positively impacted by higher financial income
which amounted to Ps. 1,395 million during the 4Q2019, compared to
Ps. 624 million in the 4Q2018, mainly due to the higher foreign
exchange difference over US dollar denominated financial assets
(which excludes FONI and other trade receivables). Additionally,
the results from the share of profit of associates increased to Ps.
199 million in the 4Q2019, as compared to Ps. 134 million in the
4Q2018, mainly due to higher results from the operations of
Ecogas.
Finally,
the gain on net monetary position totaled Ps. 107 million during
the 4Q2019, as compared to a loss on the net monetary position of
Ps. 3,400 million in the 4Q2018.
FONI collections totaled Ps. 1,640 million in the 4Q2019,
-including VAT- (approximately equivalent to US$ 27 million, at the
exchange rate as of December 31, 2019), associated to the FONI
trade receivables for San Martín, Manuel Belgrano, and Vuelta
de Obligado Plants.
2019 fiscal year Results Analysis
Revenues from continuing operations increased 64% to Ps. 35,961
million in 2019, as compared to Ps. 21,945 million in 2018.
This increase in revenues was mainly driven by:
(i)
a 5 percentage
points increase in the availability of the thermal units under
Energía Base, which was 93% during 2019, as compared to 88%
during the 2018,
(ii)
a 2% increase in
energy generation, that reached 14,848 GWh during 2019, as compared
to 14,488 GWh as explained above in section “C. Main
operating metrics”,
(iii)
an increase in the
exchange rates for 2019, higher than the inflation for the period,
which impacted tariffs set in US dollars, in terms of argentine pesos current at the end of
the reporting period. As a reference, the average foreign
exchange rate during 2019 increased 58.86% compared to 2018, while
the inflation rate for the twelve-month period ended on December
31, 2019 was 53.83%,
(iv)
an increase in the
income related to fuel self-supplied for units under Energía
Base regulatory framework (and other related concepts), which
amounted to Ps. 10,928 million during 2019, mainly due to the
income in accordance to Res. 70/18, in some of the units under the
Energía Base regulatory framework (see “—Factors
Affecting Our Results of Operations—Our Revenues—The
Energía Base”), compared to Ps. 3,275 million during
2018,
(v)
Ps. 7,351 millions in the Sales under contracts,
compared to Ps. 1,380 million in the 2018, mainly due to the revenues related to the
Brigadier López Plant, which was acquired during June 2019,
the new Luján de Cuyo cogeneration unit, the energy generation
from wind farms Achiras and La Castellana I, which started
operations during the 3Q2018 and where fully operational during the
2019, and La Castellana II, La Genoveva II, and Manque wind farms
which started operations during June, September and December 2019,
respectively.
This
was partially offset by the decrease in energy and power prices for
units under the Energy Base Regulatory framework established by
Res. 1/19, starting on March 1, 2019.
Gross profit increased 42% to Ps. 17,004 million, compared
to Ps. 11,966 million in 2018. This increase was due to (i) the
above-mentioned increase in revenues, which was partially offset by
an increase in costs of sales that totaled Ps. 18,957 million, a
90% increase as compared to Ps. 9,979 million in the 2018. The
increase in the cost of sales was primarily driven by:
(i)
An increase in the
purchase of fuel (and related concepts) used in the units that sell
steam, and electricity under contracts or Energía Base (when
applicable), which totaled Ps. 10,042 million during the 2019, as
compared to Ps. 3,330 million in 2018, due to the cost of the
self-supplied fuel purchased in accordance to Res. 70/18 described
above;
(ii)
a 34% increase in
non-fuel-related costs of production, which totaled Ps. 8,915
million in 2019, as compared to Ps. 6,648 million in 2018, mainly
due to (i) a Ps. 883 million increase in the charge amortization of
intangible assets, which totaled Ps. 1421 million in 2019 compared
to Ps. 538 million in 2018, mainly related to the amortization of
the PPA contract from the Brigadier López plant, recognized as
an intangible asset following the purchase of the plant in June
2019, (ii) a Ps. 797 million increase in maintenance costs and
spare parts, mainly related to more maintenance activities
performed to thermal units during the period, (iii) a Ps. 212
million increase in the depreciation of properties, plant and
equipment, due to the addition of the new assets related to the
expansion of the installed capacity for the thermal and renewable
energy projects during the period and (iv) a Ps. 261 million, or
12% increase in compensation to employees, mainly due to the
increase of personnel after the purchase of the Brigadier
López plant on June 2019, and the renewable energy
projects.
Gross
Profit Margin totaled 47% during 2019, as compared to 55% in the
2018. This change was mainly a consequence of the lower gross
profit margin that the operation of purchase of self-supplied fuel,
which started on November 2018 has as compared to the gross profit
margin of the rest of operations of the company.
Operating income before other operating results, net, increased 46%
to Ps. 14,371 million, compared to Ps. 9,829 million in
2018. This increase was due to (i) the above-mentioned increase in
gross profits, and (ii) a less-than-proportional increase in
administrative and selling expenses that totaled Ps. 2,633 million,
a 23% increase as compared to Ps. 2,137 million in the 2018. This
increase was mainly driven by (i) a Ps. 234 million increase in
taxes on bank account transactions, due to increased revenues,
capital expenditures, costs, loan disbursements, and the
acquisition of the Brigadier López Plant, among others, (ii) a
Ps. 215 million increase in professional services, mainly related
to the development and financing of the new projects; and (iii) a
Ps. 126 million increase in local and state taxes, which was
partially offset by (iv) a Ps. 101 million reduction in corporate
structure expenditures.
Adjusted EBITDA was Ps. 31,440 million in the 2019, compared
to Ps. 49,209 million in the 2018 which included a Ps. 16,948
million gain during the 2018 from a one-time-gain from the CVO
Commercial Operation Approval (the “CVO effect”).
Without considering this extraordinary gain, the Adjusted EBITDA
would have decreased 3%. This variation was mainly due to a Ps.
11,912 million gain during 2019, lower than a Ps. 17,542 million
gain during 2018 from the foreign exchange difference on the trade
receivables denominated in US dollars mainly related to the FONI
program, (ii) a Ps. 4,404 million non-cash charge related to the
property, plant and equipment impairment test during 2019, mainly
as a consequence of a higher discount rate and the new regulation
for generation units under Energía Base regulatory framework
which reduced the prices for those units, among other factors,
(iii) the increase in operating results before other operating
income, net mentioned above, (iv) a Ps. 3,912 million one-time-gain
in interests associated to the trade receivables and debt
compensation with CAMMESA.5
Consolidated Net income was Ps. 8,661 million and Net income for
shareholder was Ps. 8,809 million or Ps. 5.85 per share (Ps. 58.5
per ADR), in 2019, compared to Ps. 26,437 million and 26,951
million, respectively, or Ps. 17.91 per share (Ps. 179.1 per ADR),
in 2018, which included a Ps. 16,948 million gain – before
income tax- accrued during 2018 from a one-time-gain from the CVO
Commercial Operation Approval (the “CVO effect”). In
addition to the above-mentioned factors, net income was negatively
impacted by a higher financial expenses that amounted to Ps. 15,925
million in 2019, compared to Ps. 9,693 million in 2018 mainly due
to the interest accrued on a higher debt balance during the period,
related to the loans obtained for the thermal and renewable energy
expansion projects and the acquisition of the Brigadier López
plant, and the foreign exchange difference on such loans, which are
mainly denominated in US dollars, which was partially offset by a
higher financial income which amounted to Ps. 3,601 million during
2019, compared to Ps. 3,508 million in 2018, mainly due to the
lower foreign exchange difference over US dollar denominated
financial assets (which excludes FONI and other trade receivables).
Additionally, the results from the share of profit of associates
decreased to Ps. 1,113 million in 2019, as compared to Ps. 1,652
million in 2018, mainly due to lower results from the operations of
Ecogas.
Finally,
loss from exposure to the change in the purchasing power of the
currency totaled Ps. 2,432 million during 2019, as compared to Ps.
6,209 million in 2018.
FONI collections totaled Ps. 9,573 million in 2019,
-including VAT- (approximately equivalent to US$ 160 million, at
the exchange rate as of December 31, 2019), associated to the FONI
trade receivables for San Martín, Manuel Belgrano, and Vuelta
de Obligado Plants, including related
to the installments corresponding to the March-December 2018 of the
CVO agreement.
____________________________
5 Trade
receivables and debt compensation with CAMMESA. During the 3Q2019, CAMMESA, in
accordance to a general offer maid to all generators, cancelled the
pending trade receivables from CAMMESA accrued between 2013 and
2016, after offsetting the balance of loans and advances granted by
CAMMESA. This agreement included a 18% reduction in the amount of
principal plus accrued interests that CAMMESA owed to the
Company.
Financial Situation
As of
December 31, 2019, the Company and its subsidiaries had Cash and
Cash Equivalents of Ps. 1.5 billion, and Other Current
Financial Assets of Ps. 7.7 billion.
Loans
and borrowings were received to finance the expansion of the
current installed capacity, which includes the construction of the
Luján de Cuyo thermal project, and the wind farms La
Castellana I, Achiras, La Castellana II, La Genoveva I and La
Genoveva II, and the acquisition of the Brigadier López Plant.
The following chart breaks down the Net Debt position of Central
Puerto (on a stand-alone basis) and its subsidiaries:
|
Million Ps.
|
|
As of
December 30, 2019
|
|
Cash and cash equivalents (stand-alone)
|
|
1,030
|
|
Other financial assets (stand-alone)
|
|
3,703
|
|
Financial Debt (stand-alone)
|
|
(22,604)
|
|
Composed of:
Financial Debt (current) (Central
Puerto S.A. stand-alone)
|
(6,757)
|
|
|
Financial Debt (non-current) (Central
Puerto S.A. stand-alone)
|
(15,847)
|
|
|
Subtotal Central Puerto stand-alone Net Debt Position
|
|
(17,871)
|
|
Cash and cash equivalents of subsidiaries
|
|
464
|
|
Other financial assets of subsidiaries
|
|
3,995
|
|
Financial Debt of subsidiaries
Composed of:
|
|
(16,110)
|
|
Financial Debt of subsidiaries
(current)
|
(1,270)
|
|
|
Financial Debt of subsidiaries
(non-current)
|
(14,840)
|
|
|
Subtotal Subsidiaries Net Debt Position
|
|
(11,651)
|
|
Consolidated Net Debt Position
|
|
(29,522)
|
Cash Flows of 2019
|
Million Ps.
|
2019
As of December 31, 2019
|
|
Cash and Cash equivalents at the beginning
|
354
|
|
Net cash flows provided by operating activities
|
11,974
|
|
Net cash flows used in investing activities
|
(27,904)
|
|
Net cash flows provided by financing activities
|
17,132
|
|
Exchange difference and other financial results
|
635
|
|
Loss on net monetary position by cash and cash
equivalents
|
(697)
|
|
Cash and Cash equivalents at the end
|
1.494
|
Net cash provided by operating activities was Ps.
11,974 million during 2019. This cash flow arises from
(i) Ps. 28,049 million from the operating income from continuing
operations obtained during 2019, (ii) Ps. 12,769 million due to a
decrease in the stock of trade receivables, mainly related to the
FONI collections, (iii) Ps. 4,832 million in collection of
interests from clients, including the ones from FONI, during the
period, which was partially offset by (iv) the non-cash items
included in the operating income, including Ps. 11,912 million from foreign exchange
difference on trade receivables; (v) Ps. 9,676 million from income
tax paid, and (vi) a Ps. 11,926 million of non-cash effect of loss
on the net monetary position re-expression.
Net cash used in investing activities was Ps. 27,904 million
in 2019. This amount was mainly due to (i) Ps. 17,505
million in payments for the purchase of property, plant and
equipment for the construction of the renewable and thermal
projects, (ii) Ps. 8,466 million for the purchase of the Brigadier
López Plant, and (i) Ps. 2,670 million invested in de
acquisition of short-term financial assets, net, which was
partially offset by the collection of Ps. 737 million of dividends
mainly from Ecogas Group, and TJSM and TMB (the companies that
operate the FONI plants San Martín and Manuel
Belgrano).
Net cash provided by financing activities was Ps. 17,132 million in
the 2019. This amount was the result of Ps. 19,568 million
in loans received, net of principal repayments, related to the
expansion projects mentioned above (see Section A. Highlights)
mainly related to the acquisition of the Brigadier López
Plant, the Luján de Cuyo new cogeneration unit, and the La
Castellana II, La Genoveva I, and La Genoveva II wind farms, which
was partially offset by (i) Ps. 1,993 million interest and
financial expenses paid, related to the loans received for the
expansion projects, and (ii) Ps. 1,132 million in dividend
distributed in cash to Central Puerto’s
shareholder.
E.
Tables
a.
Consolidated Statement of Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
11,384,396
|
7,471,081
|
|
Cost
of sales
|
(6,211,563)
|
(3,236,804)
|
|
Gross
income
|
5,172,833
|
4,234,277
|
|
|
|
|
|
Administrative and
selling expenses
|
(837,986)
|
(700,650)
|
|
Other operating
income
|
1,853,092
|
(1,583,089)
|
|
Other operating
expenses
|
118,166
|
141,995
|
|
Property plant and
equipment impairment
|
(3,716,612)
|
|
|
CVO receivables
update
|
-
|
(1)
|
|
Operating
income
|
2,589,493
|
2,092,532
|
|
|
|
|
|
Loss (gain) on net
monetary position
|
107,026
|
(3,400,390)
|
|
Finance
income
|
1,395,065
|
623,762
|
|
Finance
expenses
|
(2,306,184)
|
(836,004)
|
|
Share of the profit
of associates
|
199,216
|
133,893
|
|
Income
before income tax form continuing operations
|
1,984,615
|
(1,386,207)
|
|
Income
tax for the period
|
(654,561)
|
782,431
|
|
Net income for the period from continuing operations
|
1,330,054
|
(603,777)
|
|
Discontinued operations
|
|
|
|
Net
income after tax for the period from discontinued
operations
|
-
|
-
|
|
Net income for the period
|
1,330,054
|
(603,779)
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity holders of
the parent
|
963,639
|
(1,093,052)
|
|
-Non-controlling
interests
|
366,415
|
489,273
|
|
1,330,054
|
(603,779)
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
Basic and diluted
(Ps.)
|
0.63
|
(0.72)
|
|
Earnings
per share from continuing operations:
|
|
|
|
Basic and diluted
(ARS)
|
0.63
|
(0.72)
|
____________________________
6 4Q2019 and 4Q2018
figures where constructed, as the difference between the 2019 and
2018 financial figures, and the 9M2019 and 9M2018 financial
figures, respectively, informed in the Financial Statements for the
quarter and the nine month period ended on September 30, 2019,
stated in the measuring unit current at December 31, 2019. The
3Q2019 financial figures were also calculated using the information
published in such Financial Statement and stated in terms of the measuring unit
current at the end of the reporting
period.
|
|
2019
|
9M
|
|
|
Audited
|
Audited
|
|
|
Thousand
Ps.
|
Thousand
Ps.
|
|
|
|
|
|
Revenues
|
35,960,784
|
21,944,761
|
|
Cost
of sales
|
(18,956,674)
|
(9,978,643)
|
|
Gross
income
|
17,004,110
|
11,966,118
|
|
|
|
|
|
Administrative and
selling expenses
|
(2,633,405)
|
(2,137,249)
|
|
Other operating
income
|
18,353,204
|
20,341,015
|
|
Other operating
expenses
|
(270,754)
|
(204,414)
|
|
Property, plant and
equipment impairment
|
(4,404,442)
|
-
|
|
CVO receivables
update
|
-
|
16,947,737
|
|
Operating
income
|
28,048,713
|
46,913,207
|
|
|
|
|
|
Loss on net
monetary position
|
(2,431,753)
|
(6,208,977)
|
|
Finance
income
|
3,600,707
|
3,507,676
|
|
Finance
expenses
|
(15,924,867)
|
(9,692,797)
|
|
Share of the profit
of associates
|
1,113,297
|
1,652,445
|
|
Income
before income tax form continuing operations
|
14,406,097
|
36,171,554
|
|
Income
tax for the period
|
(5,745,242)
|
(10,159,632)
|
|
Net income for the period from continuing operations
|
8,660,855
|
26,011,922
|
|
Discontinued operations
|
|
|
|
Net
income for the period after tax from discontinued
operations
|
-
|
424,850
|
|
Net income for the period
|
8,660,855
|
26,436,772
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity holders of
the parent
|
8,808,815
|
26,950,818
|
|
-Non-controlling
interests
|
(147,960)
|
(514,046)
|
|
|
8,660,855
|
26,436,772
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
Basic and diluted
(Ps.)
|
5.85
|
17.91
|
|
Earnings
per share from continuing operations:
|
|
|
|
Basic and diluted
(ARS)
|
5.85
|
17.62
|
b.
Consolidated Statement of Financial Position
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
Non-current
assets
|
|
|
|
Property, plant and
equipment
|
55,696,733
|
34,715,815
|
|
Intangible
assets
|
7,068,787
|
3,438,508
|
|
Investment in
associates
|
3,450,569
|
3,074,088
|
|
Trade and other
receivables
|
24,249,144
|
25,646,335
|
|
Other non-financial
assets
|
689,185
|
343,163
|
|
Inventories
|
144,169
|
114,893
|
|
|
92,298,587
|
67,332,802
|
|
Current
assets
|
|
|
|
Inventories
|
657,594
|
339,810
|
|
Other non-financial
assets
|
1,006,247
|
761,670
|
|
Trade and other
receivables
|
15,640,947
|
16,273,973
|
|
Other financial
assets
|
7,698,732
|
3,022,238
|
|
Cash and cash
equivalents
|
1,493,868
|
353,735
|
|
|
26,497,388
|
20,751,426
|
|
Total
assets
|
118,795,975
|
88,084,228
|
|
|
|
|
|
Equity
and liabilities
|
|
|
|
Equity
|
|
|
|
Capital
stock
|
1,514,022
|
1,514,022
|
|
Adjustment to
capital stock
|
18,416,762
|
18,416,762
|
|
Legal
reserve
|
2,378,736
|
589,783
|
|
Voluntary
reserve
|
26,511,002
|
6,778,288
|
|
Retained
earnings
|
9,539,556
|
22,636,866
|
|
Equity
attributable to shareholders of the parent
|
58,360,078
|
49,935,721
|
|
Non-controlling
interests
|
790,719
|
719,438
|
|
Total Equity
|
59,150,797
|
50,655,159
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Other
non-financial liabilities
|
4,354,668
|
3,013,397
|
|
Other loans and
borrowings
|
30,687,277
|
8,005,484
|
|
Borrowings
from CAMMESA
|
-
|
1,544,945
|
|
Compensation
and employee benefits liabilities
|
229,279
|
228,395
|
|
Provisions
|
9,348
|
-
|
|
Deferred
income tax liabilities
|
6,310,170
|
7,373,778
|
|
|
41,590,742
|
20,165,999
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Trade and other
payables
|
5,899,436
|
2,661,249
|
|
Other non-financial
liabilities
|
1,734,349
|
2,555,070
|
|
Borrowings from
CAMMESA
|
-
|
2,788,843
|
|
Other loans and
borrowings
|
8,025,892
|
1,034,781
|
|
Compensation and
employee benefits liabilities
|
698,709
|
601,743
|
|
Income tax
payable
|
1,668,594
|
6,794,536
|
|
Provisions
|
27,456
|
826,848
|
|
|
18,054,436
|
17,263,070
|
|
Total
liabilities
|
59,645,178
|
37,429,069
|
|
Total
equity and liabilities
|
118,795,975
|
88,084,228
|
c.
Consolidated Statement of Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
activities
|
|
|
|
Income for the
period before income tax from continuing operations
|
14,406,097
|
36,171,554
|
|
Income for the
period before income tax from
discontinued operations
|
-
|
505,823
|
|
Income for the
period before income tax
|
14,406,097
|
36,677,377
|
|
|
|
|
|
Adjustments
to reconcile income for the period before income tax to net cash
flows:
|
|
|
|
Depreciation of
property, plant and equipment
|
1,969,717
|
1,757,620
|
|
Net results from
replacement or decreases of property plants and
equipment
|
-
|
160,567
|
|
Property, plant and
equipment impairment
|
4,404,442
|
-
|
|
Amortization of
intangible assets
|
1,421,182
|
537,912
|
|
Discount of trade
and other receivables and payables, net
|
223,885
|
-
|
|
CVO receivables
update
|
-
|
(16,947,737)
|
|
Interest earned
from customers
|
(6,435,008)
|
(2,497,175)
|
|
Financial
income
|
(3,600,707)
|
(3,507,676)
|
|
Financial
expenses
|
15,924,867
|
9,692,797
|
|
Share of the profit
of associates
|
(1,113,297)
|
(1,652,445)
|
|
Provision
for loss of value of material
|
31,568
|
(3,780)
|
|
Stock-based
payments
|
48,557
|
20,566
|
|
Movements
in provisions and long-term employee benefit plan
expenses
|
81,098
|
-
|
|
Foreign exchange
difference for trade receivables
|
(11,912,287)
|
(17,542,426)
|
|
Income
from the sale of La Plata plant
|
-
|
(720,705)
|
|
Loss on net
monetary position
|
(11,925,752)
|
(4,533,355)
|
|
|
|
|
|
Working
capital adjustments:
|
|
|
|
Decrease in trade
and other receivables
|
12,768,726
|
7,979,436
|
|
Increase in other
non-financial assets and inventories
|
(1,193,298)
|
(47,303)
|
|
Increase in trade
and other payables, other non-financial liabilities and liabilities
from employee benefits
|
1,717,860
|
2,781,707
|
|
|
16,817,650
|
12,155,380
|
|
Interest received
from customers
|
4,831,912
|
68,237
|
|
Income tax
paid
|
(9,675,737)
|
(6,522,549)
|
|
Net
cash flows provided by operating activities
|
11,973,825
|
5,701,068
|
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of
property, plant and equipment
|
(17,504,542)
|
(10,705,125)
|
|
Acquisition of the
Brigadier López Power Plant
|
(8,466,454)
|
-
|
|
Cash flows
generated from the sale of La Plata plant
|
-
|
962,845
|
|
Dividends
received
|
737,068
|
1,492,304
|
|
(Purchase) Sale of
available-for-sale assets, net
|
(2,670,381)
|
450,174
|
|
Net
cash flows used in investing activities
|
(27,904,309)
|
(7,799,802)
|
|
|
|
|
|
Financing
activities
|
|
|
|
Banks overdrafts
received (paid), net
|
1,468,059
|
(35,595)
|
|
Long term loans
received
|
20,726,175
|
6,730,134
|
|
Long term loans
paid
|
(1,157,931)
|
(3,222,956)
|
|
Financing
fees
|
(972,703)
|
-
|
|
Interests and other
loan costs paid
|
(1,993,077)
|
(709,849)
|
|
Contributions from
non-controlling interests
|
(1,132,143)
|
(2,180,788)
|
|
Dividends
paid
|
193,913
|
476,517
|
|
Net
cash flows provided by financing activities
|
17,132,293
|
1,057,463
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease) in cash and cash equivalents
|
1,201,809
|
(1,041,271)
|
|
Exchange difference
and other financial results
|
634,961
|
2,048,075
|
|
Monetary results
effect on cash and cash equivalents
|
(696,637)
|
(854,379)
|
|
Cash and cash
equivalents as of January 1
|
353,735
|
201,310
|
|
Cash
and cash equivalents as of September 30
|
1,493,868
|
353,735
|
F. Information about the Conference Call
There
will be a conference call to discuss Central Puerto’s Fourth
Quarter 2019 results on March 11, 2019 at 12:00 New York Time /
13:00 Buenos Aires Time.
The
hosts will be Mr. Jorge Rauber, Chief Executive Officer, and
Fernando Bonnet, Chief Financial Officer. To access the conference
call, please dial:
United
States Participants (Toll Free): 1-888-317-6003
Argentina
Participants (Toll Free) : 0800-555-0645
International
Participants : +1-412-317-6061
Passcode
: 0188551
The
Company will also host a live audio webcast of the conference call
on the Investor Relations section of the Company's website at
www.centralpuerto.com. Please
allow extra time prior to the call to visit the website and
download any streaming media software that might be required to
listen to the webcast. The call will be available for replay until
March 10, 2021 at +1-412-317-0088 with access code # 10139645 and
on the Company website under the Investor Relations
section.
You
may find additional information on the Company at:
●
http://investors.centralpuerto.com/
Glossary
In this
release, except where otherwise indicated or where the context
otherwise requires:
●
“CAMMESA”
refers to Compañía
Administradora del Mercado Mayorista Eléctrico Sociedad
Anónima;
●
“COD”
refers to comercial operation date;
●
“CVP”
refers to Variable Cost of Production of producing energy, which
may be declared by the generation companies to
CAMMESA;
●
“CVO
effect” refers to the CVO receivables update, and interests
triggered by the CVO Plant Commercial Operation
Approval;
●
“Ecogas”
refers collectively to Distribuidora de Gas Cuyana
(“DGCU”), and its controlling company Inversora de Gas Cuyana
(“IGCU”) and Distribuidora de Gas del Centro
(“DGCE”), and its controlling company Inversora de Gas del Centro
(“IGCE”);
●
“Energía
Base” (legacy energy) refers to the regulatory framework
established under Resolution SE No. 95/13, as amended, and,
since February 2017, regulated by Resolution SEE
No. 19/17;
●
“FONINVEMEM”
or “FONI”, refers to the Fondo para Inversiones Necesarias que Permitan
Incrementar la Oferta de Energía Eléctrica en el Mercado
Eléctrico Mayorista (the Fund for Investments Required
to Increase the Electric Power Supply) and Similar Programs,
including Central Vuelta de Obligado (CVO) Agreement;
●
“MATER”,
refers to Mercado a Término de Energía Renovable, is the
regulatory framework that allows generators to sell electric energy
from renewable sources directly to large users.
●
“p.p.”,
refers to percentage points;
Disclaimer
Rounding amounts and percentages: Certain amounts and percentages
included in this release have been rounded for ease of
presentation. Percentage figures included in this release have not
in all cases been calculated on the basis of such rounded figures,
but on the basis of such amounts prior to rounding. For this
reason, certain percentage amounts in this release may vary from
those obtained by performing the same calculations using the
figures in the financial statements. In addition, certain other
amounts that appear in this release may not sum due to
rounding.
This release contains certain metrics, including information per
share, operating information, and others, which do not have
standardized meanings or standard methods of calculation and
therefore such measures may not be comparable to similar measures
used by other companies. Such metrics have been included herein to
provide readers with additional measures to evaluate the
Company’s performance; however, such measures are not
reliable indicators of the future performance of the Company and
future performance may not compare to the performance in previous
periods.
OTHER INFORMATION
Central
Puerto routinely posts important information for investors in the
Investor Relations support section on its website,
www.centralpuerto.com. From time to time, Central Puerto may use
its website as a channel of distribution of material Company
information. Accordingly, investors should monitor Central
Puerto’s Investor Support website, in addition to following
the Company’s press releases, SEC filings, public conference
calls and webcasts. The information contained on, or that may be
accessed through, the Company’s website is not incorporated
by reference into, and is not a part of, this release.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING
INFORMATION
This release contains certain forward-looking information and
forward-looking statements as defined in applicable
securities laws (collectively referred to in this Earnings Release
as “forward-looking statements”) that constitute forward-looking statements.
All statements other than statements of historical fact are
forward-looking statements. The words
‘‘anticipate’’,
‘‘believe’’,
‘‘could’’,
‘‘expect’’,
‘‘should’’,
‘‘plan’’,
‘‘intend’’,
‘‘will’’,
‘‘estimate’’ and
‘‘potential’’, and similar
expressions, as they relate to the Company, are intended to
identify forward-looking statements.
Statements regarding possible or assumed future results of
operations, business strategies, financing plans, competitive
position, industry environment, potential growth opportunities, the
effects of future regulation and the effects of competition,
expected power generation and capital expenditures plan, are
examples of forward-looking statements. Forward-looking statements are necessarily based upon a
number of factors and assumptions that, while considered reasonable
by management, are inherently subject to significant business,
economic and competitive uncertainties and contingencies,
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements.
The Company assumes no obligation to update forward-looking
statements except as required under securities laws. Further
information concerning risks and uncertainties associated with
these forward-looking statements and the Company’s business
can be found in the Company’s public disclosures filed on
EDGAR (www.sec.gov).
Adjusted EBITDA
In this release, Adjusted EBITDA, a non-IFRS financial measure, is
defined as net income for the year, plus finance expenses, minus finance income, minus share of the profit of associates, minus
depreciation and amortization, plus income tax expense, plus depreciation and amortization, minus net results of discontinued
operations.
Adjusted EBITDA is believed to provide useful supplemental
information to investors about the Company and its results.
Adjusted EBITDA is among the measures used by the Company’s
management team to evaluate the financial and operating performance
and make day-to-day financial and operating decisions. In addition,
Adjusted EBITDA is frequently used by securities analysts,
investors and other parties to evaluate companies in the industry.
Adjusted EBITDA is believed to be helpful to investors because it
provides additional information about trends in the core operating
performance prior to considering the impact of capital structure,
depreciation, amortization and taxation on the
results.
Adjusted EBITDA should not be considered in isolation or as a
substitute for other measures of financial performance reported in
accordance with IFRS. Adjusted EBITDA has limitations as an
analytical tool, including:
●
Adjusted
EBITDA does not reflect changes in, including cash requirements
for, working capital needs or contractual commitments;
●
Adjusted
EBITDA does not reflect the finance expenses, or the cash
requirements to service interest or principal payments on
indebtedness, or interest income or other finance
income;
●
Adjusted
EBITDA does not reflect income tax expense or the cash requirements
to pay income taxes;
●
although
depreciation and amortization are non-cash charges, the assets
being depreciated or amortized often will need to be replaced in
the future, and Adjusted EBITDA does not reflect any cash
requirements for these replacements;
●
although
share of the profit of associates is a non-cash charge, Adjusted
EBITDA does not consider the potential collection of dividends;
and
●
other
companies may calculate Adjusted EBITDA differently, limiting its
usefulness as a comparative measure.
The Company compensates for the inherent limitations associated
with using Adjusted EBITDA through disclosure of these limitations,
presentation of the Company’s consolidated financial
statements in accordance with IFRS and reconciliation of Adjusted
EBITDA to the most directly comparable IFRS measure, net income.
For a reconciliation of the net income to Adjusted EBITDA, see the
tables included in this release.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
Central Puerto S.A.
|
|
|
|
|
|
|
Date:
March 13, 2020
|
|
|
|
By:
|
|
/s/
FERNANDO BONNET
|
|
|
|
|
|
Name:
|
|
Fernando
Bonnet
|
|
|
|
|
|
Title:
|
|
Attorney-in-Fact
|
Grafico Azioni Central Puerto (NYSE:CEPU)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Central Puerto (NYSE:CEPU)
Storico
Da Gen 2024 a Gen 2025
