Central Puerto S.A 6-K, filed Aug 8, 2022

Central Puerto S.A. (CEPU)

6-K 2022-08-08 For: 2022-08-05

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Added on April 11, 2026

About this 6-K

Central Puerto S.A filed this 6-K on August 8, 2022.

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	2Q2022	1Q2022	2Q2021	Var % (2Q/2Q)	1H2022	1H2021	Var% (1H/1H)
Installed capacity (MW; EoP¹)	42,882	42,871	42,453	1%	42,871	42,453	1%
Thermal (MW)	25,274	25,274	25,295	0%	25,274	25,295	0%
Hydro (MW)	10,834	10,834	10,834	0%	10,834	10,834	0%
Nuclear (MW)	1,755	1,755	1,755	0%	1,755	1,755	0%
Renewable (MW)	5,018	5,008	4,569	10%	5,008	4,569	10%
Installed capacity (%)	100%	100%	100%	n.a.	100%	100%	n.a.
Thermal	59%	59%	60%	-1 p.p.	59%	60%	-1 p.p.
Hydro	25%	25%	26%	0 p.p.	25%	26%	0 p.p.
Nuclear	4%	4%	4%	0 p.p.	4%	4%	0 p.p.
Renewable	12%	12%	11%	1 p.p.	12%	11%	1 p.p.
Energy Generation (GWh)	34,486	35,719	33,872	1.8%	70,205	69,204	1%
Thermal (GWh)	20,524	23,271	22,255	-8%	43,795	45,049	-3%
Hydro (GWh)	7,512	4,954	5,314	41%	12,466	11,991	4%
Nuclear (GWh)	1,964	2,622	2,311	-15%	4,586	4,228	8%
Renewable (GWh)	4,485	4,872	3,992	12%	9,357	7,936	18%

Energy Generation (%)	100%	100%	100%	N/A	100%	100%	n.a.
Thermal	60%	65%	66%	-6 p.p.	62%	65%	-3 p.p.
Hydro	22%	14%	16%	6 p.p.	18%	17%	0 p.p.
Nuclear	6%	7%	7%	-1 p.p.	7%	6%	0 p.p.
Renewable	13%	14%	12%	1 p.p.	13%	11%	2 p.p.
Energy Demand (GWh)	34,948	34,520	32,858	6%	69,468	65,945	15%
Residential	16,068	15,551	14,973	7%	31,619	29,716	6%
Commercial	9,401	9,907	8,786	7%	19,308	18,084	7%
Great Demand Industrial/Commercial	9,480	9,062	9,099	4%	18,542	18,145	2%
Energy Demand (%)	100%	100%	100%	n.a.	100%	100%	n.a.
Residential	46%	45%	46%	0 p.p.	46%	45%	0 p.p.
Commercial	27%	29%	27%	0 p.p.	28%	27%	0 p.p.
Great Demand Industrial/Commercial	27%	26%	28%	-1 p.p.	27%	28%	-1 p.p.

*Key Metrics*	2Q2022	1Q2022	2Q2021	Variation %	1H2022	1H2021	Variation %
Continuing Operations
Energy Generation (GWh)	4,280	4,585	3,740	14%	8,865	7,218	23%
-Electric Energy Generation -Thermal	3,406	3,403	2,447	39%	6,809	4,953	37%
-Electric Energy Generation - Hydro	496	782	899	-45%	1,278	1,522	-16%
-Electric Energy Generation - Wind	378	400	394	-4%	777	744	5%
Installed capacity (MW; EoP¹)	4,809	4,809	4,709	2%	4,809	4,709	2%
-Installed capacity -Thermal (MW)	2,995	2,995	2,895	3%	2,995	2,895	3%
-Installed capacity - Hydro (MW)	1,441	1,441	1,441	0%	1,441	1,441	0%
-Installed capacity - Wind (MW)	374	374	374	0%	374	374	0%
Availability - Thermal²	83%	84%	89%	-6 p.p.	83%	89%	-6 p.p.
Steam production (thousand Tons)	586	461	287	104%	1,046	550	90%

Million Ps.	2Q2022	1Q2022	2Q2021	Var % (2Q/2Q)	1H 2022	1H 2021	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	19,149	20,127	20,095	(5%)	39,276	38,588	2%
Cost of sales	(10,491)	(8,906)	(11,023)	(5%)	(19,396)	(20,467)	(5%)
Gross profit	8,658	11,222	9,072	(5%)	19,880	18,121	10%
Administrative and selling expenses	(1,325)	(1,165)	(1,231)	8%	(2,490)	(2,675)	(7%)
Operating income before other operating results	7,333	10,056	7,841	(6%)	17,390	15,446	13%
Other operating results, net	5,261	5,115	(3,972)	(232%)	10,376	2,554	306%
Operating income	12,594	15,171	3,869	225%	27,765	17,999	54%
Depreciations and Amortizations	3,966	3,306	3,764	5%	7,272	7,245	0%
Adjusted EBITDA	16,560	18,477	7,633	117%	35,037	25,244	39%
Includes, among others, the following concepts:
• Foreign Exchange Difference and interests related to FONI trade receivables	4,582	3,390	2,718	69%	7,972	8,412	(5%)
• Impairment on property, plant, and equipment	-	-	(6,393)	(100%)	-	(6,393)	(100%)
Adjusted EBITDA excluding FX difference and interests related to FONI trade receivables and Impairment on property, plant, and equipment	11,978	15,087	11,307	6%	27,065	23,223	17%

Million Ps.	2Q2022	1Q2022	2Q2021	Var % (2Q/2Q)	1H 2022	1H 2021	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	2,359	5,615	(7,237)	(133%)	7,974	(6,073)	(231%)
Loss on net monetary position	4,779	3,699	(44)	(11021%)	8,479	(373)	(2374%)
Financial expenses	6,925	5,521	4,712	47%	12,445	17,469	(29%)
Financial income	(2,243)	(2,015)	258	(969%)	(4,259)	(509)	736%
Share of the profit of an associate	(310)	232	661	(147%)	(78)	1,147	(107%)
Income tax expenses	1,084	2,120	5,519	(80%)	3,203	6,338	(49%)
Depreciation and amortization	3,966	3,306	3,764	5%	7,272	7,245	0%
Adjusted EBITDA	16,560	18,477	7,633	117%	35,037	25,244	39%
1. Includes, among others, the following concepts:
• Foreign Exchange Difference and interests related to FONI trade receivables	4,582	3,390	2,718	69%	7,972	8,412	(5%)
• Impairment on property, plant, and equipment	-	-	(6,393)	(100%)	-	(6,393)	(100%)
Adjusted EBITDA excluding Foreign Exchange Difference and interests related to FONI trade receivables and Impairment on property, plant, and equipment	11,978	15,087	11,307	6%	27,065	23,223	17%

	(ii)	a 79% increase in the Steam Sales, which totaled Ps. 1.1 billion in the 2Q2022, compared to Ps. 0.6 billion in the 2Q2021, due to a 104% production increase.
	(iii)	a 26% increase in Sales under contracts, which amounted to Ps. 11.1 billion during the 2Q2022, as compared to Ps. 8.8 billion in the 2Q2021, due to a higher generation of Terminal 6 and better performance of wind plants despite a higher inflation´s adjustment over the peso´s depreciation in the period.

(i)	the above-mentioned drop in revenues,
(ii)	8% increase in administrative and selling expenses that totaled Ps. 1.3 billion in the 2Q2022, as compared to Ps. 1.2 billion in the 2Q2021,mainly driven by a Ps. 0.1 billion increase in taxes among other expenses, which was partially offset by:
(iii)	5% decrease in the costs of sales that totaled Ps. 10.5 billion, compared to Ps. 11.0 billion in the 2Q2021, primarily driven by 11% decrease in costs of production, which totaled Ps. 8.1 billion in the 2Q2022, as compared to Ps. 9.1 billion in the 2Q2021 mainly due to i) a decrease in maintenance expenses of Ps. 0.8 billion, ii) a decrease in amortization charge of Ps. 0.2 billion and, iii) a decrease in insurance costs of Ps. 0.1 billion.

	(i)	the above-mentioned variations, partially offset by:
	(ii)	A 155% increase in foreign exchange difference on operating assets, mainly related to FONI trade receivables, that generated a Ps. 4.6 billion gain during the 2Q2022, compared to Ps. 1,8 billion gains during the 2Q2021 due to a higher depreciation of the Argentine peso during the quarter.
	(iii)	a 51% decrease in interest from clients which totaled Ps. 0.7 billion during the 2Q2022, compared to Ps. 1.5 billion in 2Q2021, mainly related to a reduction in CAMMESA payments delay. As of June 30th the delay was 20 days.

	(i)	A 100% decrease in Impairment of property, plant and equipment and intangible assets, which totaled Ps. 6.4 billion during the 2Q2021.
	(ii)	an increase in financial expenses which amounted to Ps. 6.9 billion during the 2Q2022, compared to Ps. 4,7 billion in the 2Q2021 mainly due to an increase in foreign exchange difference from Ps. 3.4 billion in 2Q2021 to Ps. 5.8 billion for 2Q2022, mainly due to a higher depreciation of the Argentine peso during the quarter, partially offset by Ps. 0.7 billion during the 2Q2022 financial swap gain.
	(iii)	an increase of net monetary position loss which amounted to Ps. 4.8 billion during the 2Q2022 due to a higher inflation during 2Q2022 and higher balance of monetary assets.

	(i)	an increase in financial income that amounted to Ps. 2.2 billion in the 2Q2022, compared to financial loss Ps. -0.3 billion in the 2Q2021, mainly due to higher financial assets results in 2Q2022 of Ps 1.5 billion.
	(ii)	lower income tax expenses that amounted to Ps. 1.1 billion in the 2Q2022, compared to Ps. 5.5 billion in the 2Q2021.

	(i)	a 16% increase in Sales under contracts, which amounted to Ps. 21.7 billion during the 1H2022, as compared to Ps. 18.7 billion in the 1H2021, mainly due to Terminal 6 commissioning and better wind resource in our wind farms.
	(ii)	an 85% increase in the Steam Sales, which totaled Ps. 2.1 billion in the 1H2022, compared to Ps. 1.1 billion in the 1H2021, as the steam production increased 90% in the period.

*Million Ps.*			*As of* *June 30, 2022*
Cash and cash equivalents (stand-alone)				156
Other financial assets (stand-alone)				17,163
Financial Debt (stand-alone)				(20,475	)
Composed of: Financial Debt (current) (Central Puerto S.A. stand-alone)	(9,918	)
Financial Debt (non-current) (Central Puerto S.A. stand-alone)	(10,557	)
Subtotal Central Puerto stand-alone Net Debt Position				(3,156	)
Cash and cash equivalents of subsidiaries				342
Other financial assets of subsidiaries				18,890
Financial Debt of subsidiaries Composed of:				(31,353	)
Financial Debt of subsidiaries (current)⁴	(3,997	)
Financial Debt of subsidiaries (non-current)⁴	(27,356	)
Subtotal Subsidiaries Net Debt Position				(12,121	)
Consolidated Net Debt Position				(15,276	)

*Million Ps.*	1H 2022 ended on June 30, 2022
Cash and Cash equivalents at the beginning		384
Net cash flows provided by operating activities		16,930
Net cash flows used in investing activities		(16,648	)
Net cash flows used in financing activities		(96	)
Exchange difference and other financial results		123
Loss on net monetary position by cash and cash equivalents		(196	)
Cash and Cash equivalents at the end		498

	2Q 2022			2Q 2021
	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		19,148,741			20,095,118
Cost of sales		(10,490,515	)		(11,022,771	)
Gross income		8,658,226			9,072,347

Administrative and selling expenses		(1,324,789	)		(1,230,881	)
Other operating income		5,394,470			3,347,244
Other operating expenses		(133,644	)		(926,567	)
Property, plant, and equipment and intangible assets impairment		-			(6,392,779	)
Operating income		12,594,263			3,869,364

Gain (loss) on net monetary position		(4,779,453	)		43,765
Finance income		2,243,240			(258,122	)
Finance expenses		(6,924,518	)		(4,711,838	)
Share of the profit of associates		309,697			(660,791	)
Income (loss) before income tax		3,443,229			(1,717,622	)
Income tax for the period		(1,083,754	)		(5,519,450	)
Net income (loss) for the period		2,359,475			(7,237,072	)
Net total comprehensive income (loss) for the period		2,359,475			(7,237,072	)

Attributable to:
-Equity holders of the parent		2,309,604			(7,277,801	)
-Non-controlling interests		49,871			40,729
		2,359,475			(7,237,072	)

Earnings per share:
Basic and diluted (Ps.)		1.53			(4.84	)

	1H 2022			1H 2021
	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		39,275,885			38,587,607
Cost of sales		(19,396,063	)		(20,466,943	)
Gross income		19,879,822			18,120,664

Administrative and selling expenses		(2,490,243	)		(2,675,107	)
Other operating income		10,519,336			9,883,712
Other operating expenses		(143,691	)		(937,431	)
Property plant and equipment and intangible assets impairment		-			(6,392,779	)
Operating income		27,765,224			17,999,059

Gain on net monetary position		(8,478,856	)		372,831
Finance income		4,258,576			509,371
Finance expenses		(12,445,183	)		(17,469,401	)
Share of the profit of associates		77,811			(1,146,845	)
Income before income tax		11,177,572			265,015
Income tax for the period		(3,203,260	)		(6,338,056	)
Net (loss) income for the period		7,974,312			(6,073,041	)
Net total comprehensive (loss) income for the period		7,974,312			(6,073,041	)

Attributable to:
-Equity holders of the parent		7,928,463			(6,124,618	)
-Non-controlling interests		45,849			51,577
		7,974,312			(6,073,041	)

Earnings per share:
Basic and diluted (Ps.)		5.27			(4.07	)

	As of June 30, 2022			As of December 31, 2021
	Unaudited, subject to limited review according to rule ISRE 2410			Audited
	Thousand Ps.			Thousand Ps.
Assets
Non-current assets
Property, plant, and equipment		145,488,142			150,615,919
Intangible assets		6,409,891			8,223,021
Investment in associates		8,606,813			8,578,084
Other financial assets		477,860			47,490
Trade and other receivables		33,879,253			41,428,200
Other non-financial assets		283,876			468,671
Inventories		276,515			519,706
Deferred tax asset		186,913			179,116
		195,609,263			210,060,207
Current assets
Inventories		3,116,243			1,970,368
Other non-financial assets		1,050,245			3,204,055
Trade and other receivables		34,527,852			30,979,136
Other financial assets		36,053,651			27,012,287
Cash and cash equivalents		497,802			383,578
		75,245,793			63,549,424
Total assets		270,855,056			273,609,631

Equity and liabilities
Equity
Capital stock		1,514,022			1,514,022
Adjustment to capital stock		54,248,860			54,248,860
Legal reserve		8,595,748			8,595,748
Voluntary reserve		112,087,661			113,086,359
Other equity accounts		(4,040,634	)		(4,040,634	)
Retained earnings		7,928,463			(998,698	)
Equity attributable to shareholders of the parent		180,334,120			172,405,657
Non-controlling interests		158,048			231,614
Total Equity		180,492,168			172,637,271

Non-current liabilities
Other non-financial liabilities		5,969,846			7,375,351
Other loans and borrowings		37,912,792			49,262,864
Compensation and employee benefits liabilities		433,590			465,415
Provisions		59,374			65,596
Deferred income tax liabilities		18,606,670			20,660,626
		62,982,272			77,829,852

Current liabilities
Trade and other payables		4,326,514			3,705,463
Other non-financial liabilities		4,670,227			4,571,485
Other loans and borrowings		13,914,848			9,277,949
Compensation and employee benefits liabilities		1,678,619			2,222,249
Income tax payable		2,711,414			3,243,253
Provisions		78,994			122,109
		27,380,616			23,142,508
Total liabilities		90,362,888			100,972,360
Total equity and liabilities		270,855,056			273,609,631

	·	http://investors.centralpuerto.com/
	·	www.sec.gov
	·	www.cnv.gob.ar

	·	“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.

	·	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.