Central Puerto S.A 6-K, filed Jun 8, 2020

About this 6-K

Central Puerto S.A. (CEPU)

6-K 2020-06-08 For: 2020-06-08

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Added on April 11, 2026

Central Puerto S.A.

Date: June 8, 2020

/s/ Leonardo Marinaro

Leonardo Marinaro

Attorney-in-Fact

Central Puerto S.A filed this 6-K on June 8, 2020.

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Class of shares	Subscribed, paid-in, issued and registered
1,514,022,256 common, outstanding book-entry shares, with face value of 1 each and entitled to one vote per share.	1,514,022,256

		03-31-2020	03-31-2019
	Notes	Unaudited
		ARS 000	ARS 000

Revenues	4	8,005,195	9,251,226
Cost of sales	Exhibit F	(3,318,445)	(5,416,137)
Gross income		4,686,750	3,835,089

Administrative and selling expenses	Exhibit H	(626,303)	(674,359)
Other operating income	5.1	3,201,948	4,327,095
Other operating expenses	5.2	(44,798)	(49,901)
Impairment of property, plant and equipment	2.4	(774,443)	-
Operating income		6,443,154	7,437,924

Loss on net monetary position		313,701	(1,978,769)
Finance income	5.3	130,243	567,281
Finance expenses	5.4	(4,355,152)	(2,186,755)
Share of the profit of associates		54,136	143,414
Income before income tax		2,586,082	3,983,095

Income tax for the period	6	(1,629,813)	(2,158,343)
Net income for the period		956,269	1,824,752
Total comprehensive income for the period		956,269	1,824,752

Attributable to:
- Equity holders of the parent		932,638	1,869,375
- Non-controlling interests		23,631	(44,623)
		956,269	1,824,752

- Basic and diluted earnings per share (ARS)		0.62	1.24

		03-31-2020	12-31-2019
	Notes	Unaudited	Unaudited
		ARS 000	ARS 000
Assets
Non-current assets
Property, plant and equipment	Exhibit A	63,293,110	61,118,809
Intangible assets		7,197,049	7,620,117
Investment in associates		3,766,295	3,719,697
Trade and other receivables	7.1	25,623,503	26,140,464
Other non-financial assets	8.1	1,006,935	742,938
Inventories		148,954	155,413
		101,035,846	99,497,438
Current assets
Inventories		725,584	708,883
Other non-financial assets	8.1	984,536	1,084,729
Trade and other receivables	7.1	14,171,258	16,860,867
Other financial assets	7.5	5,426,526	8,299,196
Cash and cash equivalents		1,599,387	1,610,383
		22,907,291	28,564,058
Total assets		123,943,137	128,061,496

Equity and liabilities
Equity
Capital stock		1,514,022	1,514,022
Adjustment to capital stock		19,971,268	19,971,268
Legal reserve		2,564,266	2,564,266
Voluntary reserve		28,578,734	28,578,734
Retained earnings		11,216,235	10,283,597
Equity attributable to holders of the parent		63,844,525	62,911,887
Non-controlling interests		876,718	852,391
Total equity		64,721,243	63,764,278

Non-current liabilities
Other non-financial liabilities	8.2	4,509,232	4,694,311
Other loans and borrowings	7.3	30,318,641	33,080,739
Compensation and employee benefits liabilities	8.3	254,275	247,162
Provisions		9,348	10,077
Deferred income tax liabilities	6	7,309,612	6,802,333
		42,401,108	44,834,622
Current liabilities
Trade and other payables	7.2	2,670,177	6,359,565
Other non-financial liabilities	8.2	1,323,023	1,869,620
Other loans and borrowings	7.3	10,831,668	8,651,873
Compensation and employee benefits liabilities	8.3	554,510	753,205
Income tax payable		1,414,411	1,798,736
Provisions	Exhibit E	26,997	29,597
		16,820,786	19,462,596
Total liabilities		59,221,894	64,297,218
Total equity and liabilities		123,943,137	128,061,496

	Attributable to holders of the parent
	Capital stock		Retained earnings
	Face value (1)	Adjustment to capital stock	Legal reserve	Voluntary reserve	Unappropriated retained earnings	Total	Non-controlling interests	Total
	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000

As of January 1, 2020	1,514,022	19,971,268	2,564,266	28,578,734	10,283,597	62,911,887	852,391	63,764,278

Net income for the period	-	-	-	-	932,638	932,638	23,631	956,269
Total comprehensive income for the period	-	-	-	-	932,638	932,638	23,631	956,269

Share-based payments	-	-	-	-	-	-	696	696
As of March 31, 2020	1,514,022	19,971,268	2,564,266	28,578,734	11,216,235	63,844,525	876,718	64,721,243

Item
1.		English translation of the Consolidated financial statements for the three-month periods ended March 31, 2020 and 2019, together with the independent auditor’s report dated May 27, 2020, submitted to the Argentine securities regulator (the Comisión Nacional de Valores, or the CNV) on May 27, 2020

	FRPHMRT
Hours of maximum thermal requirement	Summer	Autumn	Winter	Spring
HMRT-1	1.2	0.2	1.2	0.2
HMRT-2	0.6	0.0	0.6	0.0

Hidro scale	PowerBasePrice [$/MW-month]

Power > 300 MW	99,000
Power > 120 MW and <= 300 MW	132,000
Power > 50 MW and <= 120 MW	181,500

2020	Electric Power Generation from conventional sources	Electric Power Generation from renewable sources	Natural Gas Transport and Distribution (1) (2)	Others (1)	Adjustments and Eliminations	Total
	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000

Revenues	6,550,012	1,259,172	2,465,794	345,738	(2,615,521)	8,005,195
Cost of sales	(2,880,308)	(287,770)	(2,048,997)	(277,976)	2,176,606	(3,318,445)
Administrative and selling expenses	(546,087)	(80,216)	(460,011)	-	460,011	(626,303)
Other operating income	3,003,654	189,285	101,469	9,009	(101,469)	3,201,948
Other operating expenses	311,951	(356,490)	(5,683)	(259)	5,683	(44,798)
Impairment of property, plant and equipment	(774,443)	-	-	-	-	(774,443)
Operating income	5,664,779	723,981	52,572	76,512	(74,690)	6,443,154

Other (expenses) income	(4,422,048)	(1,093,399)	(19,015)	(46,743)	94,320	(5,486,885)
Net income (loss) for the segment	1,242,731	(369,418)	33,557	29,769	19,630	956,269
Share in the net income (loss) for the segment	1,242,731	(369,418)	59,221	23,735	-	956,269

2019	Electric Power Generation from conventional sources	Electric Power Generation from renewable sources	Natural Gas Transport and Distribution (1) (2)	Others (1)	Adjustments and Eliminations	Total
	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000

Revenues	8,362,427	690,203	4,502,926	448,306	(4,752,636)	9,251,226
Cost of sales	(5,103,492)	(153,745)	(3,277,191)	(276,215)	3,394,506	(5,416,137)
Administrative and selling expenses	(612,409)	(61,950)	(807,607)	-	807,607	(674,359)
Other operating income	4,307,695	18,801	230,119	599	(230,119)	4,327,095
Other operating expenses	(1,681)	(39,848)	(19,457)	(8,372)	19,457	(49,901)
Operating income	6,952,540	453,461	628,790	164,318	(761,185)	7,437,924

Other (expenses) income	(5,105,577)	(634,075)	(358,159)	(18,077)	502,716	(5,613,172)
Net income (loss) for the segment	1,846,963	(180,614)	270,631	146,241	(258,469)	1,824,752
Share in the net income (loss) for the segment	1,846,963	(180,614)	107,263	51,140	-	1,824,752

	31-03-2020	31-03-2019
	ARS 000	ARS 000

Interest earned	61,189	26,606
Net income on financial assets at fair value through profit or loss (1)	69,054	369,375
Foreign exchange differences	-	171,300
	130,243	567,281

	Consolidated statement of financial position		Consolidated statement of income and comprehensive income
	03-31-2020	12-31-2019	03-31-2020	03-31-2019
	ARS 000	ARS 000	ARS 000	ARS 000

Provisions and others	(139,250)	(158,544)	19,294	8,238
Trade receivables	3,246	3,869	(623)	-
Other financial assets	(23,069)	(296,895)	273,826	47,832
Employee benefit liability	71,534	86,263	(14,729)	(4,721)
Receivables and other non-financial liabilities	-	-	-	128
Investments in associates	(765,806)	(825,535)	59,729	(35,058)
Property, plant and equipment - Material & spare parts	(5,288,281)	(4,024,173)	(1,264,108)	(242,948)
Intangible assets	(316,305)	(699,745)	383,440	35,511
Deferred tax income	(2,173,565)	(2,270,287)	96,722	56,131
Tax loss carry-forward	1,734,935	1,782,828	(47,893)	147,665
Tax inflation adjustment	(413,051)	(400,114)	(12,937)	-
Deferred income tax (expense) income			(507,279)	12,778
Deferred income tax liabilities, net	(7,309,612)	(6,802,333)

			Past due
	Total	To due	90 days	90-180 days	180-270 days	270-360 days	More than 360 days
	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000

03-31-20	39,794,761	35,072,796	4,685,806	14,577	3,610	4,057	13,915
12-31-19	43,001,331	39,745,583	3,232,025	4,618	3,879	-	15,226

	30-31-2020	12-31-2019
	ARS 000	ARS 000
Non-current

Long-term loans for project financing (Notes 7.3.1, 7.3.2, 7.3.3, 7.3.4, 7.3.5, 7.3.6 and 7.3.8)	29,270,776	32,759,287
Derivative financial liabilities not designated as hedging instrument - Interest rate swap	1,047,865	321,452
	30,318,641	33,080,739
Current

Long-term loans for project financing (Notes 7.3.1, 7.3.2, 7.3.3, 7.3.4, 7.3.5, 7.3.6 and 7.3.8)	9,671,232	7,052,206
Short-term loans - Banco Macro S.A. (Note 7.3.7)	1,083,353	1,205,119
Bank and investment accounts overdrafts	77,083	394,548
	10,831,668	8,651,873

		Fair value measurement using:
03-31-2020	Measurement date	Total	Nivel 1	Nivel 2	Nivel 3
		ARS 000	ARS 000	ARS 000	ARS 000
Assets measured at fair value

Financial assets at fair value through profit or loss
Mutual funds	03.31.2020	1,951,281	1,951,281	-	-
Public debt securities	03.31.2020	2,391,171	2,391,171	-	-
Stocks and private debt securities	03.31.2020	1,084,074	1,084,074	-	-
Total financial assets measured at fair value		5,426,526	5,426,526	-	-

Liabilities measured at fair value

Derivative financial liabilities not designated as hedging instruments
Interest rate swap	03.31.2020	1,047,865	-	1,047,865	-
Total financial liabilities measured at fair value		1,047,865	-	1,047,865	-

	03-31-2020	03-31-2019
	ARS 000	ARS 000

Revenues from Resolution 1, Resolution 31, Resolution 19, SGE Resolution 70/2018 and amendments	4,240,911	8,211,413
Sales under contracts	3,387,751	768,012
Steam sales	180,522	73,204
Resale of gas transport and distribution capacity	60,927	75,029
Revenues from CVO thermal plant management	135,084	123,568
	8,005,195	9,251,226

	03-31-2020	03-31-2019
	ARS 000	ARS 000

Charge related to discount of tax credits	(45,467)	-
(Charge) Recovery related to the provision for lawsuits and claims	460	(35,000)
(Charge) Recovery related to the allowance for doubtful accounts	209	(148)
Others	-	(14,753)
	(44,798)	(49,901)

	03-31-2020	12-31-2019
	ARS 000	ARS 000

Non-current:
Trade receivables - CAMMESA	25,623,460	26,140,418
Guarantee deposits	43	46
	25,623,503	26,140,464

Current:
Trade receivables - CAMMESA	11,927,701	14,873,774
Trade receivables - YPF SA and YPF Energía Eléctrica SA	261,707	340,856
Trade receivables - Large users	1,050,660	430,474
Receivables from associates and other related parties	51	880
Other receivables	943,478	1,228,410
	14,183,597	16,874,394

Allowance for doubtful accounts - Exhibit E	(12,339)	(13,527)
	14,171,258	16,860,867

	03-31-2020	12-31-2019
	ARS 000	ARS 000
Non-current:
Tax credits	875,080	600,798
Income tax credits	127,441	137,381
Prepayments to vendors	4,414	4,759
	1,006,935	742,938
Current:
Upfront payments of inventories purchases	216,272	229,453
Prepayment insurance	358,781	470,333
Tax credits	244,514	311,846
Other	164,969	73,097
	984,536	1,084,729

		Income	Expenses	Receivables	Payables
		ARS 000	ARS 000	ARS 000	ARS 000

Associates:

Termoeléctrica José de San Martín S.A.	03-31-2020	124	-	51	-
	03-31-2019	70	-	56	-
	12-31-2019	510	-	290	-

Distribuidora de Gas Cuyana S.A.	03-31-2020	-	95,755	-	30,297
	03-31-2019	-	120,987	-	77,122
	12-31-2019	-	467,573	-	20,801

Energía Sudamericana S.A.	03-31-2020	-	-	-	548
	03-31-2019	-	-	-	813
	12-31-2019	-	-	-	591

Transportadora de Gas del Mercosur S.A.	03-31-2020	-	-	-	-
	03-31-2019	6	-	40	-
	12-31-2019	-	-	-	-

Related companies:

RMPE Asociados S.A.	03-31-2020	56	137,235	-	-
	03-31-2019	56	87,551	-	83,835
	12-31-2019	192	387,303	-	-

Coyserv S.A.	03-31-2020	-	2,343	-	-
	03-31-2019	-	6,114	-	-
	12-31-2019	-	33,350	590	162
Total	03-31-2020	180	235,333	51	30,845
	03-31-2019	132	214,652	96	161,770
	12-31-2019	702	888,226	880	21,554

	03-31-2020
	Cost
	At the beginning	Additions	Transfers	At the end
	ARS 000	ARS 000	ARS 000	ARS 000

Lands and buildings	6,805,626	14,332	(208,932)	6,611,026
Electric power facilities	47,408,764	83,774	1,308,501	48,801,039
Wind turbines	10,646,932	375,848	2,242,553	13,265,333
Gas turbines	5,220,976	-	-	5,220,976
Construction progress	24,575,449	3,185,826	(3,384,682)	24,376,593
Other	2,617,187	27,157	3,806	2,648,150
Total 03-31-2020	97,274,934	3,686,937	(38,754) (1)	100,923,117

	03-31-2020					12-31-2019
	Depreciation and impairment
	At the beginning	Charges	Impairment	At the end	Net book value	Net book value
	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000

Lands and buildings	949,159	62,206	-	1,011,365	5,599,661	5,856,467
Electric power facilities	28,857,966	491,271	-	29,349,237	19,451,802	18,550,798
Wind turbines	482,781	151,073	-	633,854	12,631,479	10,164,151
Gas turbines	-	-	-	-	5,220,976	5,220,976
Impairment of gas turbines (2)	1,342,797	-	774,443	2,117,240	(2,117,240)	(1,342,797)
Impairment of electric power facilities and construction progress (2)	2,244,320	(17,110)	-	2,227,210	(2,227,210)	(2,244,320)
Construction progress	-	-	-	-	24,376,593	24,575,449
Other	2,279,102	11,999	-	2,291,101	357,049	338,085
Total 03-31-2020	36,156,125	699,439	774,443	37,630,007	63,293,110
						61,118,809

	03-31-2020					12-31-2019
	Amortization and impairment
	At the beginning	%	Charges	At the end	Net book value	Net book value
	ARS 000		ARS 000	ARS 000	ARS 000	ARS 000

Concession right	10,922,328	3,3	136,635	11,058,963	2,049,527	2,186,162
Transmission lines and electrical substations for wind farms	83,641	5	12,992	96,633	967,562	941,800
Turbogas and turbosteam supply agreements for thermal station Brigadier López (“BL contracts”)	916,701		392,872	1,309,573	5,260,136	5,653,008
BL contracts impairment (1)	1,160,853		(80,677)	1,080,176	(1,080,176)	(1,160,853)
	13,083,523		461,822	13,545,345	7,197,049
Total 03-31-2020						7,620,117

	03-31-2020				12-31-2019
Account	Currency and amount (in thousands)		Effective exchange rate (1)	Book value	Currency and amount (in thousands)		Book value
				ARS 000			ARS 000
NON-CURRENT ASSETS

Trade and other receivables	USD	397,448	64.470(2)	25,623,460	USD	404,860	26,140,418
				25,623,460			26,140,418
CURRENT ASSETS

Cash and cash equivalents	USD	13,559	64.269	871,423	USD	29,834	1,919,684
	EUR	2	70.767	142	EUR	1	72
Other financial assets	USD	52,820	64.269	3,394,689	USD	97,220	6,255,653
Trade and other receivables	USD	71,007	64.470(2)	4,577,800	USD	79,002	5,100,889
	USD	13,157	64.269	845,587	USD	8,837	568,622
				9,689,641			13,844,920
				35,313,101			39,985,338

NON-CURRENT LIABILITIES

Other loans and borrowings	USD	486,214	64.469	31,345,730	USD	532,441	34,374,995
				31,345,730			34,374,995

CURRENT LIABILITIES

Other loans and borrowings	USD	152,534	64.469	9,833,714	USD	110,804	7,153,633
Trade and other payables	USD	9,084	64.469	585,636	USD	22,537	1,455,014
	EUR	815	71.148	57,986	EUR	291	21,089
				10,477,336			8,629,736
				41,823,066			43,004,731

	03-31-2020			03-31-2019
Accounts	Operating expenses	Administrative and selling expenses	Total	Operating expenses	Administrative and selling expenses	Total
	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000

Compensation to employees	619,963	202,382	822,345	657,630	278,237	935,867
Other long-term employee benefits	23,544	4,063	27,607	12,919	2,200	15,119
Depreciation of property, plant and equipment	696,677	2,762	699,439	556,528	-	556,528
Amortization of intangible assets	461,657	165	461,822	144,233	-	144,233
Purchase of energy and power	22,837	-	22,837	30,851	2,237	33,088
Fees and compensation for services	224,887	188,328	413,215	140,050	162,528	302,578
Maintenance expenses	280,104	56,178	336,282	250,538	84,601	335,139
Consumption of materials and spare parts	67,748	-	67,748	71,744	-	71,744
Insurance	151,183	5,079	156,262	84,341	981	85,322
Levies and royalties	106,575	-	106,575	100,579	-	100,579
Taxes and assessments	7,736	64,484	72,220	8,979	15,018	23,997
Tax on bank account transactions	1,037	95,290	96,327	1,346	107,771	109,117
Others	4,336	7,572	11,908	8,802	20,786	29,588
Total 03-31-2020	2,668,284	626,303	3,294,587
Total 03-31-2019				2,068,540	674,359	2,742,899

	03-31-2020								12-31-2019
Name and characteristics of securities and issuers	Class	Face value	Number	Cost value	Listed price	Value obtained by the equity method	Share of profit of subsidiaries	Book value	Book value

INVESTMENT IN SUBSIDIARIES

Central Vuelta de Obligado S.A.	1 vote	1	280,950	281	Unlisted	120,870	6,788	120,870	114,081
CP Renovables S.A.	1 vote	1	3,313,313,169	3,313,313,169	Unlisted	1,531,420	43,389	1,531,420	1,488,031
Central Aime Paine S.A.	1 vote	1	97,000	97	Unlisted	97	-	97	105
Proener S.A.U.	1 vote	1	282,557	1	Unlisted	68,386	4,237	68,386	64,149
Vientos La Genoveva S.A.U.	1 vote	1	1,615,451,861	1,615,451,861	Unlisted	1,968,237	(438,029)	1,968,237	2,406,266
Vientos La Genoveva II S.A.U.	1 vote	1	498,293,542	498,293,542	Unlisted	913,672	3,916	913,672	909,756
							(379,699)	4,602,682	4,982,388

	Latest available financial information
Name and characteristics of securities and issuers	Date	Capital stock	(Loss) Income	Equity	Equity interest %

INVESTMENT IN SUBSIDIARIES

Central Vuelta de Obligado S.A.	03/31/2020	500	21,974	215,109	56%
CP Renovables S.A.	03/31/2020	3,313,313	61,985	2,414,817	70%
Central Aime Paine S.A.	03/31/2020	100	-	-	97%
Proener S.A.U.	03/31/2020	283	4,237	74,262	100%
Vientos La Genoveva S.A.U.	03/31/2020	1,615,452	(438,029)	1,676,484	100%
Vientos La Genoveva II S.A.U.	03/31/2020	498,294	6,627	703,148	100%