Central Puerto S.A 6-K, filed Nov 20, 2020

About this 6-K

Central Puerto S.A. (CEPU)

6-K 2020-11-20 For: 2020-11-20

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Added on April 11, 2026

Central Puerto S.A.

Date: November 20, 2020

/s/ Leonardo Marinaro

Leonardo Marinaro

Attorney-in-Fact

Central Puerto S.A filed this 6-K on November 20, 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

		9 months		3 months
		Unaudited		Unaudited
	Notes	01-01-2020 to 09-30-2020	01-01-2019 to 09-30-2019	07-01-2020 to 09-30-2020	07-01-2019 to 09-30-2019
		ARS 000	ARS 000	ARS 000	ARS 000

Revenues	4	25,893,833	30,054,186	9,079,350	10,616,109
Cost of sales	Exhibit F	(11,022,882)	(15,585,851)	(3,616,864)	(4,365,368)
Gross income		14,870,951	14,468,335	5,462,486	6,250,741

Administrative and selling expenses		(1,899,598)	(2,195,597)	(600,114)	(808,125)
Other operating income	5.1	9,266,553	20,177,800	1,616,849	14,118,627
Other operating expenses	5.2	(371,681)	(475,607)	4,589	(366,187)
Impairment of property, plant and equipment	2.4	(1,347,549)	(841,138)	-	(841,138)
Operating income		20,518,676	31,133,793	6,483,810	18,353,918

Loss on net monetary position		844,630	(3,104,644)	322,257	954,204
Finance income	5.3	2,576,132	2,697,255	926,967	1,199,022
Finance expenses	5.4	(14,643,833)	(16,654,133)	(4,421,898)	(13,268,808)
Share of the profit of associates		66,985	1,117,820	101,412	587,592
Income before income tax		9,362,590	15,190,091	3,412,548	7,825,928

Income tax for the period	6	(3,633,877)	(6,225,336)	(1,125,641)	(3,009,103)
Net income for the period		5,728,713	8,964,755	2,286,907	4,816,825
Total comprehensive income for the period		5,728,713	8,964,755	2,286,907	4,816,825

Attributable to:
–Equity holders of the parent		5,692,554	9,593,777	2,272,094	5,692,664
–Non-controlling interests		36,159	(629,022)	14,813	(875,840)
		5,728,713	8,964,755	2,286,907	4,816,824

–Basic and diluted earnings per share (ARS)		3.78	6.37	1.51	3.78

		09-30-2020	12-31-2019
	Notes	Unaudited	Audited
		ARS 000	ARS 000
Assets
Non-current assets
Property, plant and equipment	Exhibit A	73,514,001	69,333,791
Intangible assets	Exhibit B	7,119,272	8,644,335
Investment in associates		4,158,921	4,219,664
Trade and other receivables	7.1	27,494,994	29,654,003
Other non-financial assets	8.1	543,687	842,797
Inventories		173,944	176,303
		113,004,819	112,870,893
Current assets
Inventories		1,032,771	804,164
Other non-financial assets	8.1	1,016,696	1,230,528
Trade and other receivables	7.1	17,061,669	19,127,137
Other financial assets	7.4	11,564,133	9,414,692
Cash and cash equivalents		348,541	1,826,834
		31,023,810	32,403,355
Total assets		144,028,629	145,274,248

Equity and liabilities
Equity
Capital stock		1,514,022	1,514,022
Adjustment to capital stock		22,859,107	22,859,107
Legal reserve		3,447,539	2,908,929
Voluntary reserve		43,547,209	32,420,004
Other equity accounts		(1,766,101)	-
Retained earnings		5,692,554	11,665,815
Equity attributable to holders of the parent		75,294,330	71,367,877
Non-controlling interests		90,570	966,959
Total equity		75,384,900	72,334,836

Non-current liabilities
Other non-financial liabilities	8.2	4,945,542	5,325,274
Other loans and borrowings	7.3	29,816,134	37,527,123
Compensation and employee benefits liabilities	8.3	306,002	280,383
Provisions		32,297	11,432
Deferred income tax liabilities	6	8,111,410	7,716,635
		43,211,385	50,860,847
Current liabilities
Trade and other payables	7.2	2,321,298	7,214,353
Other non-financial liabilities	8.2	2,295,814	2,120,916
Other loans and borrowings	7.3	18,256,814	9,814,772
Compensation and employee benefits liabilities	8.3	738,720	854,443
Income tax payable		1,783,951	2,040,505
Provisions		35,747	33,576
		25,432,344	22,078,565
Total liabilities		68,643,729	72,939,412
Total equity and liabilities		144,028,629	145,274,248

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

As of January 1, 2020	1,514,022	22,859,107	2,908,929	32,420,004	-	11,665,815	71,367,877	966,959	72,334,836

Net income for the period	-	-	-	-	-	5,692,554	5,692,554	36,159	5,728,713
Total comprehensive income for the period	-	-	-	-	-	5,692,554	5,692,554	36,159	5,728,713

Increase in legal reserve	-	-	538,610	-	-	(538,610)	-	-	-
Increase in voluntary reserve	-	-	-	11,127,205	-	(11,127,205)	-	-	-
Dividends in cash distributed by a subsidiary (2)	-	-	-	-	-	-	-	(57,450)	(57,450)
Transaction with non-controlling interest (Note 10)	-	-	-	-	(1,766,101)	-	(1,766,101)	(856,494)	(2,622,595)
Share-based payments	-	-	-	-	-	-	-	1,396	1,396
As of September 30, 2020	1,514,022	22,859,107	3,447,539	43,547,209	(1,766,101)	5,692,554	75,294,330	90,570	75,384,900

Item
1.		English translation of the Consolidated financial statements for the nine-month periods ended September 30, 2020 and 2019, together with the independent auditor’s report dated November 11, 2020, submitted to the Argentine securities regulator (the Comisión Nacional de Valores, or the CNV) on November 11, 2020.

	09-30-2020	09-30-2019
	Unaudited
	ARS 000	ARS 000

Operating activities
Income for the period before income tax	9,362,590	15,190,091

Adjustments to reconcile income for the period before income tax to net cash flows:
Depreciation of property, plant and equipment	2,256,253	1,784,006
Amortization of intangible assets	1,572,430	510,907
Impairment of property, plant and equipment	1,347,549	841,138
Discount of accounts receivables and payables, net	21,538	311,684
Interest earned from customers	(2,183,270)	(7,502,691)
Trade and tax interests lost	334,112	-
Finance income	(2,576,132)	(2,697,255)
Finance expenses	14,643,833	16,654,133
Share of the profit of associates	(66,985)	(1,117,820)
Share-based payments	1,396	27,675
Movements in provisions and long-term employee benefit plan expense	97,249	180,798
Foreign exchange difference for trade receivables	(7,061,912)	(12,672,068)
Loss on net monetary position	(7,556,879)	(10,957,469)

Working capital adjustments:
Decrease in trade and other receivables	9,825,518	15,727,838
Decrease (Increase) in other non-financial assets and inventories	265,156	(342,280)
Decrease in trade and other payables, other non-financial liabilities and liabilities from employee benefits	(6,329,653)	(302,963)
	13,952,793	15,635,724
Interest received from customers	2,018,925	5,256,613
Income tax paid	(3,123,749)	(10,881,862)
Net cash flows provided by operating activities	12,847,969	10,010,475

Investing activities
Purchase of property, plant and equipment	(8,473,728)	(13,652,723)
Acquisition of Thermal Station Brigadier López	-	(10,353,531)
Dividends received	126,639	494,380
Sale of available-for-sale financial assets, net	(4,112,124)	(2,354,121)
Net cash flows used in investing activities	(12,459,213)	(25,865,995)

Financing activities
Bank and investment accounts overdrafts received (paid), net	(2,182,831)	489,638
Long-term loans received	3,711,589	19,207,144
Long-term loans paid	(1,240,342)	(798,376)
Interest and other financial costs paid	(2,169,333)	(2,692,318)
Contributions from non-controlling interests	-	237,131
Dividends paid	(57,450)	(28,408)
Net cash flows (used in) provided by financing activities	(1,938,367)	16,414,811

(Decrease) Increase in cash and cash equivalents	(1,549,611)	559,291
Exchange difference and other financial results	247,764	746,099
Monetary results effect on cash and cash equivalents	(176,446)	444,826
Cash and cash equivalents as of January 1	1,826,834	432,578
Cash and cash equivalents as of September 30	348,541	2,182,794

Hours of maximum thermal	FRPHMRT
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	20,513,900	4,600,089	21,778,383	1,182,323	(22,180,862)	25,893,833
Cost of sales	(9,355,897)	(1,179,328)	(18,018,884)	(939,897)	18,471,124	(11,022,882)
Administrative and selling expenses	(1,659,043)	(240,555)	(4,109,227)	-	4,109,227	(1,899,598)
Other operating income	9,051,686	223,596	510,916	(8,729)	(510,916)	9,266,553
Other operating expenses	(291,707)	(79,224)	(216,114)	(750)	216,114	(371,681)
Impairment of property, plant and equipment	(1,347,549)	-	-	-	-	(1,347,549)
Operating income	16,911,390	3,324,578	(54,926)	232,947	104,687	20,518,676

Other (expenses) income	(11,280,401)	(3,471,980)	(208,260)	(18,552)	189,230	(14,789,963)
Net income (loss) for the segment	5,630,989	(147,402)	(263,186)	214,395	293,917	5,728,713
Share in the net income (loss) for the segment	5,630,989	(147,402)	97,470	147,656	-	5,728,713

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	26,837,537	2,497,012	29,870,098	1,476,486	(30,626,947)	30,054,186
Cost of sales	(14,433,134)	(617,209)	(22,687,320)	(967,336)	23,119,148	(15,585,851)
Administrative and selling expenses	(1,969,587)	(226,010)	(3,382,079)	-	3,382,079	(2,195,597)
Other operating income	19,997,437	159,942	944,391	20,421	(944,391)	20,177,800
Other operating expenses	46,484	(518,884)	(56,364)	(3,206)	56,363	(475,607)
Operating income	(841,138)	-	-	-	-	(841,138)
Impairment of property, plant and equipment	29,637,599	1,294,851	4,688,726	526,365	(5,013,748)	31,133,793

Other (expenses) income	(18,958,028)	(4,311,242)	(1,917,580)	(87,927)	3,105,739	(22,169,038)
Net income (loss) for the segment	10,679,571	(3,016,391)	2,771,146	438,438	(1,908,009)	8,964,755
Share in the net income (loss) for the segment	10,679,571	(3,016,391)	1,060,014	241,561	-	8,964,755

	Consolidated statement of financial position		Consolidated statement of income and comprehensive income
	09-30-2020	12-31-2019	09-30-2020	09-30-2019
	ARS 000	ARS 000	ARS 000	ARS 000

Provisions and others	(187,631)	55,921	(243,552)	54,424
Trade receivables	5,641	4,389	1,252	-
Other financial assets	(72,200)	(336,801)	264,601	200,446
Employee benefit liability	101,786	97,858	3,928	(10,941)
Receivables and other non-financial liabilities	-	-	-	2,204
Investments in associates	(958,712)	(936,495)	(22,217)	(194,419)
Property, plant and equipment - Material & spare parts - Intangible assets	(5,331,490)	(5,594,636)	263,146	(608,034)
Deferred tax income	(2,482,421)	(2,575,437)	93,016	485,709
Tax loss carry-forward	2,133,411	2,022,459	110,952	257,982
Tax inflation adjustment - Asset	261,035	549,253	(288,218)	549,491
Tax inflation adjustment - Liability	(1,580,829)	(1,003,146)	(577,683)	(830,274)
Deferred income tax expense			(394,775)	(93,412)
Deferred income tax liabilities, net	(8,111,410)	(7,716,635)

			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

09-30-20	44,556,663	41,044,420	3,050,895	435,892	-	3,731	21,725
12-31-19	48,781,140	45,087,788	3,666,441	5,239	4,400	-	17,272

		Fair value measurement using:
09-30-2020	Measurement date	Total	Level 1	Level 2	Level 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	09.30.2020	5,249,404	5,249,404	-	-
Public debt securities	09.30.2020	6,075,153	6,075,153	-	-
Stocks and corporate bonds	09.30.2020	239,576	239,576	-	-
Total financial assets measured at fair value		11,564,133	11,564,133	-	-

Liabilities measured at fair value

Derivative financial liabilities not designated as hedging instruments
Interest rate swap	09.30.2020	1,216,661	-	1,216,661	-
Stock options	09.30.2020	80,149	80,149	-	-
Total financial liabilities measured at fair value		1,296,810	80,149	1,216,661	-

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

Associates:

Termoeléctrica José de San Martín S.A.	09-30-2020	395	-	51	-
	09-30-2019	214	-	52	-
	12-31-2019	578	-	329	-

Distribuidora de Gas Cuyana S.A.	09-30-2020	-	258,852	-	27,206
	09-30-2019	-	381,464	-	37,606
	12-31-2019	-	530,419	-	23,597

Energía Sudamericana S.A.	09-30-2020	-	-	-	548
	09-30-2019	-	-	-	749
	12-31-2019	-	-	-	670

Related companies:

RMPE Asociados S.A.	09-30-2020	178	401,051	-	-
	09-30-2019	172	286,164	-	-
	12-31-2019	218	439,361	-	-

Coyserv S.A.	09-30-2020	-	2,658	-	-
	09-30-2019	-	35,415	-	-
	12-31-2019	-	37,833	669	183
Total	09-30-2020	573	662,561	51	27,754
	09-30-2019	386	703,043	52	38,355
	12-31-2019	796	1,007,613	998	24,450

	09-30-2020
	Cost
	At the beginning	Additions	Transfers	Disposals	At the end
	ARS 000	ARS 000	ARS 000	ARS 000	ARS 000

Lands and buildings	7,720,369	3,880	113,121	-	7,837,370
Electric power facilities	53,780,974	93,585	1,294,240	-	55,168,799
Wind turbines	12,077,631	-	5,153,093	-	17,230,724
Gas turbines	5,922,727	-	-	-	5,922,727
Construction in progress	27,859,115	7,637,640	(7,083,414)	-	28,413,341
Other	2,988,846	97,822	475,593	(1,548)	3,560,713
Total 09-30-2020	110,349,662	7,832,927	(47,367) (1)	(1,548)	118,133,674

	09-30-2020					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	1,076,737	293,098	-	1,369,835	6,467,535	6,643,632
Electric power facilities	32,736,765	1,455,942	-	34,192,707	20,976,092	21,044,209
Wind turbines	547,672	551,440	-	1,099,112	16,131,612	11,529,959
Gas turbines	-	-	-	-	5,922,727	5,922,727
Impairment of gas turbines (2)	1,523,283	-	1,347,549	2,870,832	(2,870,832)	(1,523,283)
Impairment of electric power facilities and construction in progress (2)	2,545,976	(49,105)	-	2,496,871	(2,496,871)	(2,545,976)
Construction in progress	-	-	-	-	28,413,341	27,859,115
Other	2,585,438	4,878	-	2,590,316	970,397	403,408
Total 09-30-2020	41,015,871	2,256,253	1,347,549	44,619,673	73,514,001	69,333,791

	09-30-2020					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	12,390,399	3,3	465,001	12,855,400	2,015,003	2,480,004
Transmission lines and electrical substations for wind farms	1,390,700	5,0	44,956	1,435,656	1,070,798	1,068,387
Turbogas and turbosteam supply agreements for thermal station Brigadier López (“BL contracts”)	1,039,916	-	1,337,034	2,376,950	5,075,794	6,412,828
BL contracts impairment (1)	1,316,884	-	(274,561)	1,042,323	(1,042,323)	(1,316,884)
Total 09-30-2020	16,137,899		1,572,430	17,710,329	7,119,272	8,644,335

	vsd09-30-2020				sd12-31-2019
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	360,918	76.1800(2)	27,494,710	USD	404,860	29,653,951
				27,494,710			29,653,951
CURRENT ASSETS

Cash and cash equivalents	USD	7,159	75.9800	543,941	USD	29,834	2,177,709
	EUR	2	88.9700	178	EUR	1	82
Other financial assets	USD	33,447	75.9800	2,541,304	USD	97,220	7,096,476
Trade and other receivables	USD	68,025	76.1800(2)	5,182,109	USD	79,002	5,786,500
	USD	13,301	75.9800	1,010,610	USD	8,837	645,051
				9,278,142			15,705,818
				36,772,852			45,359,769

NON-CURRENT LIABILITIES

Other loans and borrowings	USD	405,098	76.1800	30,860,366	USD	532,441	38,995,341
				30,860,366			38,995,341

CURRENT LIABILITIES

Other loans and borrowings	USD	228,965	76.1800	17,442,554	USD	110,804	8,115,153
Trade and other payables	USD	23,101	76.1800	1,759,834	USD	22,537	1,650,583
	EUR	375	89.3896	33,521	EUR	291	23,923
				19,235,909			9,789,659
				50,096,275			48,785,000

	9 months
	01-01-2020 to 09-30-2020			01-01-2019 to 09-30-2019
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	1,903,144	702,657	2,605,801	2,138,931	717,263	2,856,194
Other long-term employee benefits	75,738	13,327	89,065	39,833	6,746	46,579
Depreciation of property, plant and equipment	2,256,253	-	2,256,253	1,784,006	-	1,784,006
Amortization of intangible assets	1,572,430	-	1,572,430	510,907	-	510,907
Purchase of energy and power	138,073	-	138,073	96,152	-	96,152
Fees and compensation for services	653,493	535,437	1,188,930	519,239	529,696	1,048,935
Maintenance expenses	1,154,660	98,173	1,252,833	1,161,876	161,091	1,322,967
Consumption of materials and spare parts	339,125	-	339,125	383,009	-	383,009
Insurance	490,046	16,942	506,988	265,725	4,388	270,113
Levies and royalties	323,756	-	323,756	338,304	-	338,304
Taxes and assessments	32,971	232,195	265,166	27,290	149,828	177,118
Tax on bank account transactions	4,588	274,220	278,808	4,544	584,638	589,182
Others	3,783	26,647	30,430	31,152	41,947	73,099
Total	8,948,060	1,899,598	10,847,658	7,300,968	2,195,597	9,496,565

	3 months
	07-01-2020 to 09-30-2020			07-01-2019 to 09-30-2019
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	566,910	246,691	813,601	626,493	252,169	878,662
Other long-term employee benefits	23,743	4,178	27,921	11,998	2,029	14,027
Depreciation of property, plant and equipment	673,695	-	673,695	790,000	-	790,000
Amortization of intangible assets	524,146	-	524,146	170,332	-	170,332
Purchase of energy and power	62,521	-	62,521	9,749	-	9,749
Fees and compensation for services	158,761	166,422	325,183	175,484	221,315	396,799
Maintenance expenses	447,095	2,370	449,465	465,180	53,091	518,271
Consumption of materials and spare parts	123,636	-	123,636	187,337	-	187,337
Insurance	156,934	5,971	162,905	83,255	100	83,355
Levies and royalties	123,608	-	123,608	143,375	-	143,375
Taxes and assessments	11,392	85,868	97,260	9,964	44,127	54,091
Tax on bank account transactions	1,568	87,212	88,780	1,422	228,120	229,542
Others	595	1,402	1,997	3,696	7,174	10,870
Total	2,874,604	600,114	3,474,718	2,678,285	808,125	3,486,410

	09-30-2020								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	116,164	60,434	116,164	129,415
CP Renovables S.A.	1 vote	1	5,016,199,569	6,413,574	Unlisted	5,293,268	495,236	4,825,503	1,688,038
Central Aime Paine S.A.	1 vote	1	97,000	97	Unlisted	97	-	97	119
Proener S.A.U.	1 vote	1	282,557	1	Unlisted	23,499	(11,623)	16,835	72,772
Vientos La Genoveva S.A.U.	1 vote	1	1,615,451,861	1,615,452	Unlisted	1,542,823	(855,902)	1,873,791	2,729,693
Vientos La Genoveva II S.A.U.	1 vote	1	498,293,542	498,294	Unlisted	966,020	214,822	1,198,690	1,032,035
							(97,033)	8,031,080	5,652,072

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

INVESTMENT IN SUBSIDIARIES

Central Vuelta de Obligado S.A.	09/30/2020	500	118,775	206,734	56.19%
CP Renovables S.A.	09/30/2020	5,312,977	484,455	5,293,268	100.00%
Central Aime Paine S.A.	09/30/2020	100	-	100	97.00%
Proener S.A.U.	09/30/2020	283	(11,623)	23,499	100.00%
Vientos La Genoveva S.A.U.	09/30/2020	1,615,452	(855,902)	1,542,823	100.00%
Vientos La Genoveva II S.A.U.	09/30/2020	498,294	224,047	966,020	100.00%