Central Puerto S.A 6-K, filed Aug 11, 2021
Central Puerto S.A. (CEPU)
6-K
2021-08-11
For: 2021-08-11
View Original
Added on
April 11, 2026
About this 6-K
Central Puerto S.A filed this 6-K on August 11, 2021.
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 August, 2021
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.
Central Puerto: 2Q2021
 |
Buenos Aires, August 11 - Central Puerto S.A (“Central
Puerto” or the “Company”) (NYSE: CEPU), one of
the largest private sector power generation companies in Argentina,
reports its consolidated financial results for the
Second Quarter
2021 (“Second
Quarter” or “2Q2021”, and “First
Half” or “1H2021”, respectively), ended on June
30, 2021.
A conference call to discuss the results of the Second Quarter 2021
will be held on August 12, 2021, at 11:00 AM
Eastern Time (see details
below). All information provided is presented on a consolidated
basis, unless otherwise stated.
Financial statements as of and for quarter and six-month period
ended on June 30, 2021, 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 quarter ended on June 30, 2021,
are not comparable to the Financial
Statements previously published by the company.
|
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 the quarter ended
on June 30,
2021, and the notes thereto, which will be available on the
Company’s website.
Refinancing of debt under the terms of Communication
“A” 7230 of the Central Bank of the Republic of
Argentina (“BCRA”). On February 25, 2021, the
BCRA extended until December 31, 2021, the FX regulatory
restrictions established by Communication “A” 7106,
through the issuance of Communication “A” 7230. The
installments, under the Syndicate loan signed with Citibank N.A.,
JP Morgan Chase Bank N.A. and Morgan Stanley Senior Funding INC,
maturing on June, September and December 2021 were under the scope
of such regulation.
On June
15, 2021, the Company signed a new amendment, which provides for
the modification of the amortization schedule, rescheduling 60% of
the installments maturing in June, September and December 2021 and
extending the final term of the loan to January 2024. The current
schedule, including this amendment and the one dated December 2020,
contemplates monthly repayments until January 2022, an amortization
in June 2023 for USD 34 MM and the last one in January 2024 for USD
55 MM. Dividend restriction for 2021 and limitation of a maximum of
USD 25 million for 2022 is maintained. For 2023, the maximum
allowed is USD 20 million.
Resolution No. 440/2021
Through
Resolution No. 440, published on May 21, 2021 (“Resolution
440”), the Secretary of Energy established a new remuneration
scheme for MEM generating agents under spot market remuneration. As
a result, Annexes II, III, IV and V of Resolution No. 31 dated
February 26, 2020 (“Resolution 31”) were replaced, and
the Article 2 of Resolution 31 (which established a system for the
automatic updating of remuneration values) was repealed. In general
terms, Resolution 440 updated the values to be
collected by the generating agents in a 29% increase compared to
Resolution 31. The application of the new values is
retroactive to the transactions of February 2021.
Impairment of Property, Plant and Equipment and Intangible
assets.
The
Company has identified as signs of potential impairment of its
property, plant, and equipment and/or its intangible assets with
limited useful life, the change in tariffs established for the spot
market by Resolution 440.
Therefore,
it has estimated that the book value of the assets of the
cash-generating unit of the Brigadier López Thermal Plant and
the combined cycle plant located in Luján de Cuyo exceed its
recoverable asset value. So, an impairment charge was determined
and recorded under the item “Impairment of property, plant
and equipment and intangible assets” of the consolidated
income statement for the six-month period ended June 31, 2021, for
an amount of Ps. 3,9 billion.
Income Tax
On June
16, 2021, the Argentine Government issued Law No. 27,630 which
established changes in the corporate income´s tax rate,
effective for fiscal years beginning on January 1, 2021. It
establishes that the tax´s payments should be based on a
rate´s scale related to the level of accumulated taxable net
income. The scale to be applied consists of three segments: 25% up
to an accumulated taxable net profit of Ps. 5 million, 30% for the
excess of such amount up to Ps. 50 million and 35% on the excess of
Ps. 50 million.
The
amounts provided in this scale will be adjusted annually from
January 1, 2022, considering the annual variation of the consumer
price index provided by the INDEC corresponding to October of the
year prior to the adjustment compared to the same month of the
previous year.
B. Main operating metrics
The table below sets forth key operating metrics for 2Q2021,
compared to 1Q2021 and 2Q2020, and 1H2021, compared to
1H 2020:
|
Key Metrics
|
2Q2021
|
1Q2021
|
2Q2020
|
Var %
(2Q/2Q)
|
1H2021
|
1H2020
|
Var% (1H/1H)
|
|
Continuing Operations
|
|
|
|
|
|
|
|
|
Energy Generation (GWh)
|
3.740
|
3.479
|
2.674
|
40%
|
7.218
|
6.582
|
10%
|
|
-Electric
Energy Generation- Thermal
|
2.447
|
2.506
|
1.708
|
43%
|
4.953
|
4.394
|
13%
|
|
-Electric
Energy Generation – Hydro
|
899
|
623
|
661
|
36%
|
1.522
|
1.589
|
(4%)
|
|
-Electric
Energy Generation – Wind
|
394
|
350
|
305
|
29%
|
744
|
599
|
24%
|
|
Installed capacity (MW; EoP1)
|
4.709
|
4.709
|
4.316
|
9%
|
4.709
|
4.316
|
9%
|
|
-Installed
capacity -Thermal (MW)
|
2.895
|
2.895
|
2.589
|
12%
|
2.895
|
2.589
|
12%
|
|
-Installed capacity - Hydro (MW)
|
1.441
|
1.441
|
1.441
|
0%
|
1.441
|
1.441
|
0%
|
|
-Installed capacity - Wind (MW)
|
374
|
374
|
286
|
31%
|
374
|
286
|
31%
|
|
Availability -
Thermal2
|
90%
|
89%
|
82%
|
8 p.p.
|
89%
|
87%
|
2 p.p.
|
|
Steam production (thousand Tons)
|
287
|
262
|
273
|
5%
|
550
|
529
|
4%
|
Source:
CAMMESA; company data.
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 2Q2021, energy
generation increased 40% to 3,740 GWh, compared to 2,674 GWh in the
2Q2020. As a reference,
domestic energy generation grew 12% for the 2Q2021, compared to the
same period of 2020, according to data from CAMMESA. It is
important to highlight that 2Q2020 was fully impacted by
quarantine´s measures established by the government due to the
Covid-19 crisis.
Increase in the energy generated by Central Puerto was due
to:
a)
36% increase in
energy generation from the hydro plant Piedra del Águila, due
to a higher dispatch mainly during May 2021.
b)
an increase of 43%
in the electricity generation from thermal units, due to a higher
generation from the steam turbines, the recovery to average
production of the Siemens branded combined cycle of the Luján
de Cuyo plant due to a failure in 2Q2020 in its main transformer
and Terminal 6´s production as open cycle which started
operations in November 2020 (269.5 MW).
c)
29% increase
in energy generation from renewable units, mainly due to the
operation of La Genoveva I (88MW) that
reached full commissioning in November 2020.
During 2Q2021, machine availability for thermal units reached 90%,
compared to 82% in the same period of 2020, due to certain small
failures in Puerto´s combined cycle during April 2021, and the
unavailability for some steam turbines. Availability in 2Q2020 was
strongly impacted by the failure of the main transformer of the
Siemen´s combined cycle in Lujan de Cuyo. As a reference, the
market average availability for thermal units for the same period
was 82%, according to data from CAMMESA.
Steam production increased 5%, totaling 287,484 tons produced
during 2Q2021, compared to 273,445 tons during the 2Q2020,
due to good performance of Lujan de Cuyo cogeneration
plant.
In the 1H2021, energy generation increased 10% to 7,218GWh,
compared to 6,582 GWh for the same period in 2020. As a reference,
domestic energy generation increased 6% during the 1H2021, compared
to the 1H2020, according to data from CAMMESA.
Increase in the energy generated by Central Puerto was due
to:
a)
an increase of 13%
in the electricity generation from thermal units, due to higher
generation from the steam turbines, the recovery to average
production of the Siemens branded combined cycle of the Luján
de Cuyo as mentioned above and the operation of Terminal 6 as open
cycle which had COD on November 2020.
b)
24% increase
in energy generation from renewable units, which was mainly due to
the operation during the full semester of La Genoveva I (88 MW), Manque (57 MW) and Los
Olivos (22.8MW)
This was partially offset by:
a)
a 4% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower waterflow in the Limay and Collón Curá
rivers.
During 1H2021, machine availability for thermal units reached 89%,
compared to 87% in the same period of 2020, due to certain small
failures in Puerto´s combined cycle and the unavailability for
some steam turbines. As mentioned before, availability in 1H2020
was strongly impacted by the failure of the Siemen´s combined
cycle in Lujan de Cuyo. As a reference, the market average
availability for thermal units for the same period was 82%,
according to data from CAMMESA.
Steam production increased 4%, totaling 549,515 tons produced
during 1H2021, compared to 528,933 tons during the 1H2020,
due to Lujan de Cuyo cogeneration´s good
performance.
C. Financials
Main financial magnitudes of continuing operations
|
Million Ps.
|
2Q2021
|
1Q2021
|
2Q2020
|
Var % (2Q/2Q)
|
1H
2021
|
1H
2020
|
Var % (1H/1H)
|
|
|
Unaudited,
subject to limited review according to rule ISRE 2410
|
Unaudited1
|
Unaudited,
subject to limited review according to rule ISRE 2410
|
|
Unaudited,
subject to limited review according to rule ISRE 2410
|
Unaudited,
subject to limited review according to rule ISRE 2410
|
|
|
Revenues
|
12,254
|
11,277
|
10,790
|
14%
|
23,532
|
23,460
|
0%
|
|
Cost of
sales
|
(6,722)
|
(5,759)
|
(5,070)
|
33%
|
(12,481)
|
(10,322)
|
21%
|
|
Gross profit
|
5,533
|
5,518
|
5,720
|
(3%)
|
11,050
|
13,138
|
(16%)
|
|
Administrative and selling expenses
|
(751)
|
(881)
|
(833)
|
(10%)
|
(1,631)
|
(1,824)
|
(11%)
|
|
Operating income before other operating results
|
4,782
|
4,637
|
4,887
|
(2%)
|
9,419
|
11,314
|
(17%)
|
|
Other operating results, net
|
(2,422)
|
3,979
|
4,687
|
(152%)
|
1,557
|
8,268
|
(81%)
|
|
Operating income
|
2,360
|
8,617
|
9,574
|
(75%)
|
10,976
|
19,581
|
(44%)
|
|
Depreciations
and Amortizations
|
2,295
|
2,123
|
1,832
|
25%
|
4,418
|
3,671
|
20%
|
|
Adjusted EBITDA
|
4,655
|
10,739
|
11,406
|
(59%)
|
15,394
|
23,252
|
(34%)
|
|
Includes,
among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Foreign Exchange
Difference and interests related to FONI trade
receivables
|
1,658
|
3,472
|
4,813
|
(66%)
|
5,130
|
8,839
|
(42%)
|
|
● Impairment on
property, plant and equipment
|
(3,898)
|
-
|
(654)
|
496%
|
(3,898)
|
(1,880)
|
107%
|
|
Adjusted EBITDA excluding FX difference and interests
related to FONI trade receivables and Impairment on property, plant
and equipment
|
6,895
|
7,267
|
7,248
|
(5%)
|
14,163
|
16,293
|
(13%)
|
|
Average exchange rate of period
|
94.12
|
88.58
|
67.71
|
39%
|
91.22
|
64.59
|
41%
|
|
Exchange rate end of period
|
95.72
|
92.00
|
70.46
|
36%
|
95.72
|
70.46
|
36%
|
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.
See
“Disclaimer-Adjusted EBITDA” below for further
information.
Adjusted EBITDA Reconciliation
|
Million Ps.
|
2Q2021
|
1Q2021
|
2Q2020
|
Var % (2Q/2Q)
|
1H
2021
|
1H
2020
|
Var % (1H/1H)
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited2
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Consolidated
Net (loss) income for the period
|
(4,413)
|
710
|
3,288
|
(234%)
|
(3,703)
|
4,802
|
(177%)
|
|
Loss on
net monetary position
|
(27)
|
(201)
|
(232)
|
(89%)
|
(227)
|
(729)
|
(69%)
|
|
Financial
expenses
|
2,873
|
7,780
|
7,547
|
(62%)
|
10,653
|
14,262
|
(25%)
|
|
Financial
income
|
157
|
(468)
|
(2,083)
|
(108%)
|
(311)
|
(2,301)
|
(86%)
|
|
Share
of the profit of an associate
|
403
|
296
|
134
|
201%
|
699
|
48
|
1356%
|
|
Income
tax expenses
|
3,366
|
499
|
920
|
266%
|
3,865
|
3,499
|
10%
|
|
Depreciation
and amortization
|
2,295
|
2,123
|
1,832
|
25%
|
4,418
|
3,671
|
20%
|
|
Adjusted EBITDA
|
4,655
|
10,739
|
11,406
|
(59%)
|
15,394
|
23,252
|
(34%)
|
|
1.
Includes, among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Foreign Exchange
Difference and interests related to FONI trade
receivables
|
1,658
|
3,472
|
4,813
|
(66%)
|
5,130
|
8,839
|
(42%)
|
|
● Impairment on
property, plant and equipment
|
(3,898)
|
-
|
(654)
|
496%
|
(3,898)
|
(1,880)
|
107%
|
|
Adjusted EBITDA excluding Foreign Exchange Difference and
interests related to FONI trade receivables and Impairment on
property, plant and equipment
|
6,895
|
7,267
|
7,248
|
(5%)
|
14,163
|
16,293
|
(13%)
|
2 1Q2021 figures are stated in the measuring unit
current as of June 30, 2021, calculated as the results for the
1H2021 minus the 2Q2021.
2Q 2021 Results Analysis
Revenues increased to Ps. 12,3 billion in the 2Q2021, as
compared to Ps. 10,8 billion in the 2Q2020. This 14% increase was
mainly due to:
(i)
a 39% increase in
Spot Sales/Energia Base (Revenues from Resolution 1, SEE 19, SGE 70
and amendments) which totaled Ps. 6,2 billion in the 2Q2021 as
compared to 4,5 billion in the 2Q2020, due to higher generation
from the hydro plant Piedra del Aguila, the steam turbines, the
recovery to average production of the Siemens branded combined
cycle of the Luján de Cuyo plant and Terminal 6.
(ii)
a
30% increase in the Steam Sales, which totaled Ps. 0,4 billion in
the 2Q2021, compared to Ps. 0,3 billion in the 2Q2020, as the steam
production increased 5% in the quarter.
partially offset by:
(iii)
an
5% decrease in Sales under contracts, which amounted to Ps. 5,4
billion during the 2Q2021, as compared to Ps. 5,7 billion in the
2Q2020.
Gross profit was Ps. 5,5 billion in the 2Q2021, compared to
Ps. 5,7 billion in 2Q2020. This decrease was due to a 33% increase
in the costs of sales that totaled Ps. 6,7 billion, compared to Ps.
5,1 billion in the 2Q2020, which was partially offset by the
above-mentioned variation in revenues.
This
rise in the cost of sales was primarily driven by:
(i)
a 31% increase in
costs of production, which totaled Ps. 5,6 billion in the 2Q2021,
as compared to Ps. 4,2 billion in the 2Q2020 mainly due to i) an
increase in depreciations of Ps. 0,5 billion and ii) an increase in
maintenance expenses of Ps. 0,6 billion.
Gross
Profit Margin was 45% during the 2Q2021, as compared to 53% in the
2Q2020.
Operating income before other operating results, net, was Ps. 4,8
billion, compared to Ps. 4,9 billion in the 2Q2020. This 2%
decrease was due to (i) the above-mentioned drop in gross profits,
which was partially offset by (ii) a 10% decrease (in real terms)
in administrative and selling expenses that totaled Ps. 0,75
billion in the 2Q2021, as compared to Ps. 0,83 billion in the
2Q2020, mainly driven by a Ps. 0,1 billion reduction in taxes among
other expenses.
Adjusted EBITDA was Ps. 4,7 billion in the 2Q2021, compared
to Ps. 11,4 billion in the 2Q2020. This decrease was mainly due
to:
(i)
A Ps. 3.2 billion
or 496% increase in the item “Impairment of property, plant
and equipment and intangible assets as stated above on the
highlight´s section, related to the Brigadier Lopez and Lujan
de Cuyo´s plants.
(ii)
A 76% decrease in
foreign exchange difference on operating assets, mainly related to
trade receivables, that generated a Ps. 1,1 billion gain during the
2Q2021, compared to Ps. 4,6 billion during the 2Q2020 due to a
lower depreciation of the Argentine peso during the quarter
and lower
trade receivables balances maintained . As reference, in the
2Q2021, the Argentine peso depreciated 3.77%, compared to 9.19%
during the 1Q2020.
(iii)
a 6% decrease in
interest from clients which totaled Ps. 0,098 billion during the
2Q2021, compared to Ps. 0,096 billion of 2Q2020, mainly related to
lower receivables balances and lower Libor Rate.
This
was partially offset by:
(iv)
A 25% increase in
depreciations and amortizations that totaled Ps. 2,3 billion during
the 2Q2021, as compared to Ps. 1,8 billion during the
2Q2020.
As a result,
Adjusted EBITDA
excluding FX difference and interests related to FONI trade
receivables and Impairment on property, plant and equipment was Ps.
6,9 billion in the 2Q2021, compared to Ps. 7,2 billion in
2Q2020.
Consolidated Net loss was Ps. 4,4 billion and Net loss for
shareholder was Ps. 4,4 billion or (Ps. 2.95) per share or (Ps.
29.5) per ADR, in the 2Q2021, compared to a Consolidated Net
Income of Ps. 3.3 billion and Net Income for shareholder of Ps. 3,3
billion, respectively, or Ps. 2.19 per share or Ps. 21.9 per ADR,
in the 2Q2020. In addition to the above-mentioned factors, net
income was negatively impacted by:
(i)
higher income tax
expenses that amounted to Ps. 3,4 billion in the 2Q2021, compared
to Ps. 0,9 billion in the 2Q2020, mainly due to the recent changes
in the corporate income´s tax rate explained above in the
highlight´s section.
(ii)
lower financial
income that amounted to Ps. 0,2 billion negative in the 2Q2021,
compared to Ps. 2,1 billion positive in the 2Q2020, mainly due to
interest rate swap´s losses and the net income on financial
assets at fair value in 2Q2020 of Ps 2,1 billion.
and
positively impacted by:
(iii)
lower financial
expenses which amounted to Ps. 2,9 billion during the 2Q2021,
compared to Ps. 7,5 billion in the 2Q2020 as there were less
foreign exchange difference, which decreased from Ps. 6,2 billion
in 2Q2020 to Ps. 2,1 billion for 2Q2021, mainly due to a lower
depreciation of the argentine peso during the quarter and
a lower
debt balance denominated in USD.
Additionally,
the share of profit of associates was a Ps. 0,4 billion loss during
the 2Q2021 compared to loss of Ps. 0,1 billion in the 2Q2020,
mainly due to lower results from the operations of Ecogas due to
lack of tariff adjustments for the natural gas distribution
business.
Finally,
the gain on net monetary position totaled Ps. 0,02 billion during
the 2Q2021, as compared to Ps. 0,2 billion in the
2Q2020.
FONI collections totaled Ps. 2,4 billion in the 2Q2021,
-including VAT, associated to the FONI trade receivables for Vuelta
de Obligado Plant, compared to Ps. 2,0 billion of 2Q2020. The
amounts are being collected on time and according to the signed
contract.
1H 2021 Results Analysis
Revenues were Ps. 23,53 billion in the 1H2021, similar to
Ps. 23,46 billion in the 1H2020. There was :
(i)
a
4% increase in Sales under contracts, which amounted to Ps. 11,4
billion during the 1H2021, as compared to Ps. 11,0 billion in the
1H2020, mainly due to the renewable division, as La Genoveva I,
Manque and Los Olivos operated the full period given their CODs
during 2020.
(ii)
a
20% increase in the Steam Sales, which totaled Ps. 0,7 billion in
the 1H2021, compared to Ps. 0,6 billion in the 1H2020, as the steam
production increased 4% in the period.
partially offset by:
(iii)
a 3% decrease in
Spot Sales/Energia Base (Revenues from Resolution 1, SEE 19, SGE 70
and amendments) which totaled Ps. 10,8 billion in the 1H2021 as
compared to 11,2 billion in the 1H2020, mainly due to the decrease
in energy generation form the hydro plant Piedra del Águila.
This was partially offset by (i) tariff adjustment approved by
Resolution 440 and (ii) higher thermal generation as described
before.
Gross profit was Ps. 11,1 billion in the 1H2021, compared to
Ps. 13,1 billion in 1H2020. This 16% decrease was due to (i) a 21%
increase in the costs of sales that totaled Ps. 12,5 billion,
compared to Ps. 10,3 billion in the 1H2020.
This
rise in the cost of sales was primarily driven by:
(i)
A 24% increase in
purchases of materials and spare parts which totaled Ps. 2,4
billion during the 1H2021, as compared to Ps. 2,1 billion in the
1H2020
(ii)
a 19% increase in
costs of production, which totaled Ps. 10,1 billion in the 1H2021,
as compared to Ps. 8,5 billion in the 1H2020 mainly due to i) an
increase in depreciations of Ps. 0,8 billion and ii) an increase in
maintenance expenses of Ps. 0,8 billion.
Gross
Profit Margin was 47% during the 1H2021, as compared to 56% in the
1H2020.
Operating income before other operating results, net, was Ps. 9,4
billion, compared to Ps. 11,3 billion in the 1H2020. This
17% decrease was due to (i) the above-mentioned drop in gross
profits, which was partially offset by (ii) a 11% decrease (in real
terms) in administrative and selling expenses that totaled Ps. 1,6
billion in the 1H2021, as compared to Ps. 1,8 billion in the
1H2020, mainly driven by a reduction of Ps. 0,2 billion in taxes
and a Ps 0,1 billion in maintenance expenses.
Adjusted EBITDA was Ps. 15,4 billion in the 1H2021, compared
to Ps. 23,3 billion in the 1H2020. This decrease was mainly due
to:
(v)
A Ps. 2,0 billion
or 107% increase in the item “Impairment of property, plant
and equipment and intangible assets as stated above on the
highlight´s section and in the quarter analysis, mainly
related to the Brigadier Lopez and Lujan de Cuyo´s
plants.
(vi)
A 50% decrease in
foreign exchange difference on operating assets, mainly related to
trade receivables, that generated a Ps. 4,3 billion gain during the
1H2021, compared to Ps. 8,5 billion during the 1H2020 due to a
lower depreciation of the argentine peso during the period
and lower
trade receivables balances maintained. As reference, in the 1H2021,
the Argentine peso depreciated 13.75%, compared to 17.79% during
the 1H2020.
(vii)
a 27% decrease in
interest from clients which totaled Ps. 1,6 billion during the
1H2021, compared to Ps. 2,2 billion of the 1H2020.
This
was partially offset by:
(viii)
A 20% increase in
depreciations and amortizations that totaled Ps. 4,4 billion during
the
1H2021,
as compared to Ps. 3,7 billion during the 1H2020.
As a result,
Adjusted EBITDA
excluding FX difference and interests related to FONI trade
receivables and Impairment on property, plant and equipment was Ps.
14,2 billion in the 2H2021, compared to Ps. 16,3 billion in
2H2020.
Consolidated Net loss was Ps. 3,7 billion and Net loss for
shareholder was Ps. 3,7 billion or (Ps. 2.48) per share or (Ps.
24.81) per ADR, in the 1H2021, compared to a Consolidated
Net Income of Ps. 4,8 billion and Net Income for shareholder of Ps.
4,8 billion, respectively, or Ps. 3.17 per share or Ps. 31.7 per
ADR, in the 1H2020. In addition to the above-mentioned factors, net
income was negatively impacted by:
(iv)
higher income tax
expenses that amounted to Ps. 3,9 billion in the 1H2021, compared
to Ps. 3,5 billion in the 1H2020, mainly due to the recent changes
in the corporate income´s tax rate explained above in the
highlight´s section.
(v)
lower financial
income that amounted to Ps. 0,3 billion in the 2Q2021, compared to
Ps. 2,3 billion in the 1H2020, mainly due to a reduction on net
income on financial assets at fair value compared to Ps. 2.2
billion of 1H2020.
and
positively impacted by:
(vi)
lower financial
expenses which amounted to Ps. 10,7 billion during the 1H2021,
compared to Ps. 14,3 billion in the 1H2020 as there were less
foreign exchange difference, which decreased from Ps. 10,2 billion
in 1H2020 to Ps. 7,4 billion for 1H2021, mainly due to a lower debt
balance denominated in USD.
Additionally,
the share of profit of associates was a Ps. 0,7 billion loss during
the 1H2021 compared to a loss of Ps. 0,01 billion in the 1H2020,
mainly due to lower results from the operations of Ecogas due to
lack of tariff adjustments for the natural gas distribution
business.
Finally,
the gain on net monetary position totaled Ps. 0,2 billion during
the 1H2021, as compared to Ps. 0,7 billion in the
2Q2020.
FONI collections totaled Ps. 3,6 billion in the 1H2021,
-including VAT, associated to the FONI trade receivables for Vuelta
de Obligado Plant, compared to Ps. 4,5 billion of 1H2020. The
amounts are being collected on time and according to the signed
contract.
In the
months of January and February 2020, CAMMESA has completed all
scheduled payments of principal and interest in accordance with the
FONI agreement for Termoeléctrica José de San Martín
S.A. (“TJSM”) and Termoeléctrica General Manuel
Belgrano S.A. (“TMB”).
Financial Situation
As of June 30, 2021, the Company and its subsidiaries had Cash and Cash
Equivalents of Ps. 0,3 billion, and Other Current Financial Assets of Ps.
11 billion.
The
following chart breaks down the Net Debt position of Central Puerto
(on a stand-alone basis) and its subsidiaries:
|
Million Ps.
|
|
As of
June 30, 2021
|
|
|
Cash and cash equivalents (stand-alone)
|
|
47
|
|
|
Other financial assets (stand-alone)
|
|
2,233
|
|
|
Financial Debt (stand-alone)
|
|
(24,296)
|
|
|
Composed of:
Financial Debt (current) (Central
Puerto S.A. stand-alone)
|
(11,667)
|
|
|
|
Financial Debt (non-current) (Central
Puerto S.A. stand-alone)
|
(12,628)
|
|
|
|
Subtotal Central Puerto stand-alone Net Debt Position
|
|
(22,016)
|
|
|
Cash and cash equivalents of subsidiaries
|
|
243
|
|
|
Other financial assets of subsidiaries
|
|
8,807
|
|
|
Financial Debt of subsidiaries
Composed of:
|
|
(27,429)
|
|
|
Financial Debt of subsidiaries
(current)4
|
(3,795)
|
|
|
|
Financial Debt of subsidiaries
(non-current) 4
|
(23,634)
|
|
|
|
Subtotal Subsidiaries Net Debt Position
|
|
(18,379)
|
|
|
Consolidated Net Debt Position
|
|
(40,394)
|
|
Cash Flows of the 1H 2021
|
Million Ps.
|
1H 2021
ended on June 30, 2021
|
|
Cash and Cash equivalents at the beginning
|
349
|
|
Net cash flows provided by operating activities
|
6,574
|
|
Net cash flows used in investing activities
|
(589)
|
|
Net cash flows used in financing activities
|
(6,005)
|
|
Exchange difference and other financial results
|
47
|
|
Loss on net monetary position by cash and cash
equivalents
|
(86)
|
|
Cash and Cash equivalents at the end
|
290
|
Net cash provided by operating activities was Ps. 6,6 billion
during the 1H2021. This cash flow arises from (i) Ps. 11
billion from the operating income obtained during the 1H2021, (ii)
Ps. 6,4 billion due to a decrease in the stock of trade
receivables, mainly related to the FONI collections, (iii) Ps. 1,6
billion in collection of interests from clients, including the ones
from FONI, during the period and (iv) a Ps. 3,9 billion non-cash impairment of property,
plant and equipment charge included in the operating income,
which was partially offset by (v) a Ps. 4,4 billion non-cash foreign exchange
difference on trade receivables, (vi) a Ps. 7 billion in net
monetary position loss, (vii) a Ps. 3,6 billion from income tax
paid, and (viii) a Ps. 4,3 billion reduction in trade and other
payables, other non-financial liabilities and liabilities from
employee benefits.
Net cash used in investing activities was Ps. 0,6 billion in 1H
2021. This amount was mainly due to (i) Ps. 2,3 billion in
payments for the purchase of property, plant, and equipment mainly
related to the construction of Terminal 6 thermal project, which
was partially offset by (ii) Ps. 1,6 billion obtained from the sale
of short-term financial assets, net and (iii) Ps. 0,1 billion in
dividends collected from ECOGAS.
Net cash used in financing activities was Ps. 6,0 billion in the 1H
2021. This amount was mainly the result of Ps. 1,0 billion
Bank and investment accounts overdrafts obtained, net, (ii) Ps. 4,7
billion in loans paid, mainly related to the loans received for the
expansion projects, and (iii) Ps. 2,3 billion in interest and
financial expenses paid, mainly related to those
loans.
D. Tables
a.
Consolidated Statement of Income
|
|
2Q 2021
|
|
2Q 2020
|
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
|
Thousand Ps.
|
|
Thousand Ps.
|
|
|
|
|
|
|
|
|
Revenues
|
12,254,422
|
|
10,789,505
|
|
|
Cost of sales
|
(6,721,916)
|
|
(5,069,649)
|
|
|
Gross income
|
5.532,506
|
|
5,719,856
|
|
|
|
|
|
|
|
|
Administrative
and selling expenses
|
(750,617)
|
|
(832,795)
|
|
|
Other
operating income
|
2,041,219
|
|
5,605,048
|
|
|
Other
operating expenses
|
(565,040)
|
|
(263,903)
|
|
|
Property,
plant, and equipment impairment
|
(3,898,450)
|
|
(654,366)
|
|
|
Operating income
|
2,359,618
|
|
9,573,840
|
|
|
|
|
|
|
|
|
Gain
(loss) on net monetary position
|
26,689
|
|
232,308
|
|
|
Finance
income
|
(157,408)
|
|
2,083,176
|
|
|
Finance
expenses
|
(2,873,377)
|
|
(7,547,180)
|
|
|
Share
of the profit of associates
|
(402,964)
|
|
(133,716)
|
|
|
Income before income tax
|
(1,047,442)
|
|
4,208,428
|
|
|
Income tax for the period
|
(3,365,876)
|
|
(919,938)
|
|
|
Net income for the period
|
(4,413,318)
|
|
3,288,490
|
|
|
Net total comprehensive income for the period
|
(4,413,318)
|
|
3,288,490
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
-Equity
holders of the parent
|
(4,438,155)
|
|
3,296,111
|
|
|
-Non-controlling
interests
|
24,837
|
|
(7,621)
|
|
|
|
(4,413,318)
|
|
3.288.490
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
Basic
and diluted (Ps.)
|
(2.95)
|
|
2.19
|
|
|
|
1H 2021
|
|
1H 2020
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Thousand Ps.
|
|
Thousand Ps.
|
|
|
|
|
|
|
Revenues
|
23,531,528
|
|
23,459,552
|
|
Cost of sales
|
(12,481,169)
|
|
(10,321,846)
|
|
Gross income
|
11,050,359
|
|
13,137,706
|
|
|
|
|
|
|
Administrative
and selling expenses
|
(1,631,336)
|
|
(1,824,063)
|
|
Other
operating income
|
6,027,294
|
|
10,672,860
|
|
Other
operating expenses
|
(571,665)
|
|
(524,972)
|
|
Property
plant and equipment and intangible assets impairment
|
(3,898,450)
|
|
(1,880,099)
|
|
Operating income
|
10,976,202
|
|
19,581,432
|
|
|
|
|
|
|
Gain on
net monetary position
|
227,360
|
|
728,811
|
|
Finance
income
|
310,625
|
|
2,300,913
|
|
Finance
expenses
|
(10,653,205)
|
|
(14,261,631)
|
|
Share
of the profit of associates
|
(699,370)
|
|
(48,032)
|
|
Income before income tax
|
161,612
|
|
8,301,493
|
|
Income tax for the period
|
(3,865,079)
|
|
(3,499,489)
|
|
Net (loss) income for the period
|
(3,703,467)
|
|
4,802,004
|
|
Net total comprehensive (loss) income for the period
|
(3,703,467)
|
|
4,802,004
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
-Equity
holders of the parent
|
(3,734,920)
|
|
4,772,223
|
|
-Non-controlling
interests
|
31,453
|
|
29,781
|
|
|
(3,703,467)
|
|
4,802,004
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
Basic
and diluted (Ps.)
|
(2,48)
|
|
3.17
|
b.
Consolidated Statement of Financial Position
|
|
|
As of June 30,
2021
|
|
As of December 31,
2020
|
|
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
Audited
|
|
|
|
|
Thousand Ps.
|
|
Thousand Ps.
|
|
|
Assets
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
96,480,904
|
|
99,240,225
|
|
|
Intangible
assets
|
|
6,274,346
|
|
8,452,000
|
|
|
Investment
in associates
|
|
5,030,003
|
|
5,845,134
|
|
|
Trade
and other receivables
|
|
31,009,895
|
|
36,845,428
|
|
|
Other
non-financial assets
|
|
337,588
|
|
606,715
|
|
|
Inventories
|
|
529,114
|
|
824,786
|
|
|
Deferred
tax asset
|
|
969,480
|
|
123,294
|
|
|
|
|
140,631,330
|
|
151,937,582
|
|
|
Current assets
|
|
|
|
|
|
|
Inventories
|
|
436,546
|
|
1,007,891
|
|
|
Other
non-financial assets
|
|
1,605,900
|
|
1,128,372
|
|
|
Trade
and other receivables
|
|
25,129,437
|
|
23,479,630
|
|
|
Other
financial assets
|
|
11,039,887
|
|
17,641,047
|
|
|
Cash
and cash equivalents
|
|
290,002
|
|
349,276
|
|
|
|
|
38,501,772
|
|
43,606,216
|
|
|
Property, plant and equipment available for sale
|
|
2,956,967
|
|
2,956,967
|
|
|
Total assets
|
|
182,090,069
|
|
198,500,765
|
|
|
|
|
|
|
|
|
|
Equity and liabilities
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
Capital
stock
|
|
1,514,022
|
|
1,514,022
|
|
|
Adjustment
to capital stock
|
|
32,491,347
|
|
32,491,347
|
|
|
Legal
reserve
|
|
5,241,866
|
|
4,810,003
|
|
|
Voluntary
reserve
|
|
68,962,421
|
|
60,757,028
|
|
|
Other
equity accounts
|
|
(2,464,063)
|
|
(2,464,063)
|
|
|
Retained
earnings
|
|
(3,728,022)
|
|
8,644,154
|
|
|
Equity attributable to shareholders of the parent
|
|
102,017,571
|
|
105,752,494
|
|
|
Non-controlling
interests
|
|
94,471
|
|
160,814
|
|
|
Total Equity
|
|
102,112,042
|
|
105,913,305
|
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Other non-financial liabilities
|
|
5,517,976
|
|
6,584,920
|
|
|
Other
loans and borrowings
|
|
36,262,123
|
|
38,656,132
|
|
|
Compensation and employee benefits liabilities
|
|
409,425
|
|
394,285
|
|
|
Provisions
|
|
45,403
|
|
56,901
|
|
|
Deferred income tax liabilities
|
|
13,866,756
|
|
11,279,067
|
|
|
|
|
56,101,683
|
|
56,971,305
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
Trade
and other payables
|
|
3,710,902
|
|
3,190,124
|
|
|
Other
non-financial liabilities
|
|
2,969,515
|
|
2,821,299
|
|
|
Other
loans and borrowings
|
|
15,462,229
|
|
25,220,852
|
|
|
Compensation
and employee benefits liabilities
|
|
976,162
|
|
1,276,954
|
|
|
Income
tax payable
|
|
729,413
|
|
3,063,241
|
|
|
Provisions
|
|
28,123
|
|
43,682
|
|
|
|
|
23,876,344
|
|
35,616,155
|
|
|
Total liabilities
|
|
79,978,027
|
|
92,587,460
|
|
|
Total equity and liabilities
|
|
182,090,069
|
|
198,500,765
|
|
c.
Consolidated Statement of Cash Flow
|
|
1H 2021
|
|
1H 2020
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Thousand Ps.
|
|
Thousand Ps.
|
|
Operating activities
|
|
|
|
|
Income
for the period before income tax
|
161,612
|
|
8,301,493
|
|
|
|
|
|
|
Adjustments to reconcile income for the period before income tax to
net cash flows:
|
|
|
|
|
Depreciation
of property, plant and equipment
|
3,033,902
|
|
2,207,981
|
|
Amortization
of intangible assets
|
1,383,999
|
|
1,462,564
|
|
Property,
plant and equipment and intangible assets impairment
|
3,898,450
|
|
1,880,099
|
|
Discount
of trade and other receivables and payables, net
|
(127,343)
|
|
58,607
|
|
Interest
earned from customers
|
(1,588,618)
|
|
(2,178,221)
|
|
Commercial
and fiscal interests lost
|
516,056
|
|
443,502
|
|
Financial
income
|
(310,625)
|
|
(2,300,913)
|
|
Financial
expenses
|
10,653,205
|
|
14,261,631
|
|
Share
of the profit of associates
|
699,370
|
|
48,032
|
|
Stock-based payments
|
-
|
|
2,097
|
|
Movements in provisions and long-term employee benefit plan
expenses
|
111,186
|
|
85,090
|
|
Foreign
exchange difference for trade receivables
|
(4,283,539)
|
|
(8,486,294)
|
|
Loss on
net monetary position
|
(6,977,265)
|
|
(6,651,696)
|
|
|
|
|
|
|
Working capital adjustments:
|
|
|
|
|
Decrease
in trade and other receivables
|
6,426,430
|
|
12,787,910
|
|
(Increase)
Decrease in other non-financial assets and inventories
|
(161,629)
|
|
304,995
|
|
Decrease
in trade and other payables, other non-financial liabilities and
liabilities from employee benefits
|
(4,281,866)
|
|
(8,485,977)
|
|
|
9,153,325
|
|
13,740,900
|
|
Commercial
and fiscal interests paid
|
(516,056)
|
|
-
|
|
Interest
received from customers
|
1,579,694
|
|
1,926,227
|
|
Income
tax paid
|
(3,643,364)
|
|
(3,342,452)
|
|
Net cash flows provided by operating activities
|
6,573,599
|
|
12,324,675
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
Purchase
of property, plant and equipment
|
(2,286,870)
|
|
(8,906,099)
|
|
Dividends
received
|
115,635
|
|
176,686
|
|
Sale of
available-for-sale assets, net
|
1,581,752
|
|
3,450,226
|
|
Net cash flows used in investing activities
|
(589,483)
|
|
(5,279,187)
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
Banks
and investment accounts overdrafts received (paid),
net
|
1,028,471
|
|
(3,005,289)
|
|
Long
term loans paid
|
(4,654,940)
|
|
(1,079,366)
|
|
Interests
and other loan costs paid
|
(2,280,296)
|
|
(2,163,917)
|
|
Dividends
paid
|
(97,796)
|
|
(78,938)
|
|
Net cash flows used in financing activities
|
(6,004,561)
|
|
(6,327,510)
|
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents
|
(20,445)
|
|
717,978
|
|
Exchange
difference and other financial results
|
46,687
|
|
158,722
|
|
Monetary
results effect on cash and cash equivalents
|
(85,516)
|
|
(222,772)
|
|
Cash
and cash equivalents as of January 1
|
349,276
|
|
2,548,798
|
|
Cash and cash equivalents as of June 30, 2021
|
290,002
|
|
3,202,726
|
E. Information about the Conference Call
There
will be a conference call to discuss Central Puerto’s
Second Quarter 2021 results
on August 12, 2021, at
11.00 AM Eastern
Time.
The
conference will be hosted by Mr. Fernando Bonnet, Chief Executive
Officer, and Enrique Terraneo, Chief Operating Officer. To access
the conference call, please dial:
Participants
(Toll Free): +1-877-407-8035
International
Participants: +1-201-689-8035
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 on the
Company website under the Investor Relations section.
You
may find additional information on the Company at:
●
http://investors.centralpuerto.com/
●
www.sec.gov
●
www.cnv.gob.ar
Glossary
In this
release, except where otherwise indicated or where the context
otherwise requires:
●
“BCRA”
refers to Banco Central de la
República Argentina, Argentina’s Central
Bank,
●
“CAMMESA”
refers to Compañía
Administradora del Mercado Mayorista Eléctrico Sociedad
Anónima;
●
“COD”
refers to Commercial Operation Date, the day in which a generation
unit is authorized by CAMMESA (in Spanish, “Habilitación
Comercial”) to sell electric energy through the grid under
the applicable commercial conditions;
●
“Ecogas”
refers collectively to Distribuidora de Gas Cuyana
(“DGCU”), Distribuidora de Gas del Centro
(“DGCE”), and their 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,
currently regulated by Resolution SE No. 440;
●
“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;
●
“p.p.”,
refers to percentage points;
●
“PPA”
refers to power purchase agreements.
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.
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Central Puerto S.A.
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||||
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Date:
August 11, 2021
|
|
|
|
By:
|
|
/s/
ENRIQUE TERRANEO
|
|
|
|
|
|
Name:
|
|
Enrique
Terraneo
|
|
|
|
|
|
Title:
|
|
Attorney-in-Fact
|