Central Puerto S.A 6-K, filed Nov 9, 2021
Central Puerto S.A. (CEPU)
6-K
2021-11-09
For: 2021-11-09
View Original
Added on
April 11, 2026
About this 6-K
Central Puerto S.A filed this 6-K on November 9, 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 November, 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 ☒
Results for the quarter and nine-month period
ended on September 30, 2021
Central Puerto: 3Q2021
Buenos Aires, November 9 - 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
Third Quarter
2021 (“Third
Quarter” or “3Q2021”, and “nine-months
period” or “9M2021”, respectively), ended on
September 30, 2021.
A conference call to discuss the results of the Third Quarter 2021
will be held on November 10, 2021, at 10:00 AM
Eastern Time (see details
below). All information provided is presented on a consolidated
basis, unless otherwise stated.
Financial statements as of and for the quarter and nine-month period
ended on September 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 September 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 September 30, 2021, and the notes
thereto, which will be available on the Company’s
website.
COD Terminal 6
On
Agust 15, 2021, we finally reach the commercial operation of
Terminal 6 steam turbine which commenced operation as a combined
cycle and started to sell energy under the signed PPA.
Additionally, after the fine tuning of the steam pipe, the steam
supply contract started on October 31, 2021.
Due to
strong impact of COVID-19 and the related restrictions, we suffered
a delay of 53 days in reaching the commercial operation date set in
the PPA. On August 23, 2021, CAMMESA informed that a penalty of USD
4.4 million would apply for the delay of 53 days. The Company
rejected it and sent all the evidence of the COVID-19 extraordinary
Impact to the Secretary of Energy and CAMMESA to reverse such
penalty.
Resolution No. 1037/2021
On
November 2, 2021, Resolution No. 1037/2021 was published in the
Official Gazette whereby the Secretariat of Energy, upon verifying
a state of high energy supply requirement by Brazil due to the
drought in the area, created an export account where the income
margins coming from the electric energy exports will be
accumulated. The aim is to finance energy infrastructure
projects.
In
addition, it was informed that an additional and transitory
recognition will be established in the generating agent´s
remuneration included in Resolution 440, that will cover economic
transactions between September 1, 2021, and February 28, 2022, and
will be defined by that Secretariat through future regulatory
instructions, not published yet.
Sustainability Report
The
Company published its third sustainability report where the
economic, social, and environmental management and actions taken
during 2020 are described. The document is based on the IIRC
guidelines, in accordance with the Global Reporting Initiative
(GRI) Standards and following the materials indicators and
Principles of the United Nations Global Compact.
Guarantee release for La Castellana II and La Genoveva
II.
On
September 3, 2021, Vientos La Genoveva II S.A.U and CPR Energy
Solutions S.A.U. met all the requirements and conditions required
in the financing documents to accomplish the project's completion
date. As a result, the corporate guarantee granted by Central
Puerto to each project was released.
B. Market Overview
The table below sets forth key market data for 3Q2021, compared to
2Q2021 and 3Q2020, and 9M2021, compared to 9M2020:
|
|
3Q2021
|
2Q2021
|
3Q2020
|
Variation
%
|
9M2021
|
9M2020
|
Variation
%
|
|
Installed capacity (MW; EoP1)
|
42,589
|
42,453
|
41,164
|
3%
|
42,589
|
41,164
|
3%
|
|
Thermal
(MW)
|
25,327
|
25,295
|
24,841
|
2%
|
25,327
|
24,841
|
2%
|
|
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)
|
4,673
|
4,569
|
3,734
|
25%
|
4,673
|
3,734
|
25%
|
|
Installed capacity (%)
|
100%
|
100%
|
100%
|
N/A
|
100%
|
100%
|
N/A
|
|
Thermal
|
59%
|
60%
|
60%
|
(1
p.p.)
|
59%
|
60%
|
(1
p.p.)
|
|
Hydro
|
25%
|
26%
|
26%
|
(1
p.p.)
|
25%
|
26%
|
(1
p.p.)
|
|
Nuclear
|
4%
|
4%
|
4%
|
0
p.p.
|
4%
|
4%
|
0
p.p.
|
|
Renewable
|
11%
|
11%
|
9%
|
2
p.p.
|
11%
|
9%
|
2
p.p.
|
|
|
|
|
|
|
|
|
|
|
Energy Generation (GWh)
|
37,058
|
33,872
|
33,518
|
11%
|
106,263
|
99,044
|
7%
|
|
Thermal
(GWh)
|
23,824
|
22,255
|
19,192
|
24%
|
68,873
|
59,627
|
16%
|
|
Hydro
(GWh)
|
5,669
|
5,314
|
8,514
|
(33%)
|
17,660
|
22,716
|
(22%)
|
|
Nuclear
(GWh)
|
2,943
|
2,311
|
2,508
|
17%
|
7,171
|
7,947
|
(10%)
|
|
Renewable
(GWh)
|
4,622
|
3,992
|
3,305
|
40%
|
12,558
|
8,754
|
43%
|
|
Energy Generation (%)
|
100%
|
100%
|
100%
|
N/A
|
100%
|
100%
|
N/A
|
|
Thermal
|
64%
|
66%
|
57%
|
7
p.p.
|
65%
|
60%
|
5
p.p.
|
|
Hydro
|
15%
|
16%
|
25%
|
(10
p.p.)
|
17%
|
23%
|
(6
p.p.)
|
|
Nuclear
|
8%
|
7%
|
7%
|
0
p.p.
|
7%
|
8%
|
(1
p.p.)
|
|
Renewable
|
12%
|
12%
|
10%
|
3
p.p.
|
12%
|
9%
|
3
p.p.
|
|
|
|
|
|
|
|
|
|
|
Energy Demand (GWh)
|
34,446
|
32,851
|
32,957
|
5%
|
100,374
|
95,875
|
5%
|
|
Residential
|
16,304
|
14,982
|
16,481
|
(1%)
|
46,022
|
46,002
|
0%
|
|
Commercial
|
8,961
|
8,770
|
8,581
|
4%
|
27,027
|
26,167
|
3%
|
|
Great
Demand Residential/Commercial
|
9,180
|
9,099
|
7,895
|
16%
|
27,326
|
23,706
|
15%
|
|
Energy Demand (%)
|
100%
|
100%
|
100%
|
N/A
|
100%
|
100%
|
N/A
|
|
Residential
|
47%
|
46%
|
50%
|
(3
p.p.)
|
46%
|
48%
|
(2
p.p.)
|
|
Commercial
|
26%
|
27%
|
26%
|
0
p.p.
|
27%
|
27%
|
0
p.p.
|
|
Great
Demand Residential/Commercial
|
27%
|
28%
|
24%
|
3
p.p.
|
27%
|
25%
|
2
p.p.
|
Source:
CAMMESA; company data.
1 EoP refers to “End of Period”.
Installed Capacity: In 3Q2021,
the installed capacity reached 42,589 MW, compared to 41,164 MW in
3Q2020, resulting in a 3% increase. The installed capacity
from thermal´s sources increased 2% from 24,841 MW in 3Q2020
to 25,327 MW in 3Q2021, while renewable´s capacity rise 25% to
4,673 MW in 3Q2021 compared to 3,734 MW of 3Q2020.
Between
3Q2021 and 3Q2020, almost 1,425 MW commenced operations and
increase the system´s capacity. For thermal sources, nearly
837 MW are related to new combined cycles, partially offset by a
decrease of 347 MW from gas turbines and 4 MW of diesel motors.
There were no new projects for hydro or nuclear machines in this
period. As for renewables, 939 MW were added to the system, where
the two main sources were wind (787 MW) and solar (101 MW), among
others.
During
3Q2021, there were 118.3 MW that reached COD, where almost 100 MW
are represented by the Guañizuil solar project under the
Renovar 2 framework, located in San Juan.
As of
3Q2021, the installed capacity is divided in 59% thermal
(decreasing 1 percentage point from 3Q2020), 25% hydro (decreasing
1 percentage point from 3Q2020), 4% nuclear and 11% renewable
(increasing 2 percentage point from 3Q2020). During September 2021,
renewable energy reached the 14.2% of the installed capacity, the
highest value in a month.
Generation: In 3Q2021, energy
generation increased 11% to 37,058 GWh, compared to 33,518 GWh in
the 3Q2020, mainly due to: (i) a 24% increase in thermal, (ii) a
17% increase in nuclear, (iii) a 40% increase in renewable,
partially offset by: (i) a decrease of 33% in
hydro.
Overall improvement was due to a higher demand and more exports.
Thermal´s rise was due to the new capacity installed in the
period. In case of generation from nuclear´ s source, the
increase was based in a greater production from Atucha I and II. In
contrast, the drop in the hydro´s generation is related
to the droughts that the region has experienced in past
months and consequently, to the river´s lower flows which
impacted the generation.
During
3Q2021, the main sources of energy generation continued to be
thermal and hydro, with a share of 64% and 15%, respectively.
Likewise, thermal generation increased 7 percentage points while
hydro decreased 10 percentage points compared to the same quarter
of 2020, as stated above. Meanwhile, renewables continued to grow
and represented 12%, 3 percentage points more than
3Q2020.
In the 9M2021, energy generation increased 7% to 106,263 GWh,
compared to 99,044 GWh in the 9M2020, mainly due to: (i) a 16%
increase in thermal, (ii) a 43% increase in renewable, partially
offset by: (i) a decrease of 22% in hydro and (ii) a 10% decrease
in nuclear.
Demand: In 3Q2021, energy demand increased 5% up to 34,446
GWh, compared to 32,957 GWh in the 3Q2020 where: (i) great demand
residential/commercial rise 16% and (ii) commercial grew 4%. This
was partially offset by a 1% decreased in residential.
The
increase in commercial and great demand´s segment in 3Q2021 is
attributable to the recovery of the economic activity (particularly
metallurgical, construction and automotive sectors) and lower
restrictions imposed by the government compared to the same period
of the previous year, while the variation in residential´s use
was related to temperature. This same trend can be observed in the
9M2021, where demand grew 5% to 100,374 GWh compared to 95,875 GWh
of the same period in 2020.
As of
3Q2021 and in terms of demand structure, 47% is represented by
residential users, 26% by commercial activity and the remaining 27%
is related to great demand
residential/commercial (increasing 3 percentage point from
3Q2020, as explained above) In the 9M2021, the composition remained
stable with 46% for residential, 25% for commercial and 27% linked
to great demand
residential/commercial.
C. Central Puerto S.A.: Main operating metrics
The table below sets forth key operating metrics for 3Q2021,
compared to 2Q2021 and 3Q2020, and 9M2021, compared to
9M2020:
|
Key
Metrics
|
3Q2021
|
2Q2021
|
3Q2020
|
Var
%
(3Q/3Q)
|
9M2021
|
9M2020
|
Var%
(9M/9M)
|
|
Continuing Operations
|
|
|
|
|
|
|
|
|
Energy Generation (GWh)
|
3,440
|
3,740
|
3,902
|
(12%)
|
10,664
|
10,515
|
1%
|
|
-Electric
Energy Generation- Thermal
|
2,493
|
2,447
|
2,480
|
1%
|
7,455
|
6,905
|
8%
|
|
-Electric
Energy Generation – Hydro
|
509
|
899
|
1,091
|
(53%)
|
2,027
|
2,680
|
(24%)
|
|
-Electric
Energy Generation – Wind
|
438
|
394
|
331
|
32%
|
1,182
|
930
|
27%
|
|
Installed capacity (MW; EoP1)
|
4,709
|
4,709
|
4,366
|
8%
|
4,709
|
4,366
|
8%
|
|
-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
|
336
|
11%
|
374
|
336
|
11%
|
|
Availability - Thermal2
|
90%
|
90%
|
89%
|
1 p.p.
|
90%
|
87%
|
3 p.p.
|
|
Steam production (thousand Tons)
|
299
|
287
|
289
|
4%
|
849
|
817
|
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 3Q2021, energy
generation decreased 12% to 3,440 GWh, compared to 3,902 GWh in the
3Q2020. As a reference,
domestic energy generation grew 11% for the 3Q2021, compared to the
same period of 2020, according to data from CAMMESA. It is
important to highlight that 3Q2020 was partially impacted by
quarantine´s measures established by the government due to the
Covid-19 crisis.
Decrease in the energy generated by Central Puerto was due
to:
a)
a 53% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower water inflow in the Limay and Collón Curá river
and an extraordinary dispatch during May 2021, which affected its
reservoir levels.
This
was partially offset by:
b)
an increase of 1%
in the electricity generation from thermal units due to Terminal
6´s production, which was partially offset by lower generation
from Puerto´s combined cycle and some steam
turbines.
c)
32% increase in
energy generation from renewable units, mainly due to the operation
of La Genoveva I (88 MW). On
November 21, 2020, the wind farm obtained full COD for its
capacity. Previously it had two partial commissioning on September
11 and October 30, 2020, for 50.4 MW and 33.6 MW,
respectively.
During 3Q2021, machine availability for thermal units reached 90%,
compared to 89% in the same period of 2020, due to certain small
failures in Puerto´s combined cycle and the unavailability for
some steam turbines. 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 298,997 tons produced
during 3Q2021, compared to 288,519 tons during the 3Q2020,
due to good performance of Lujan de Cuyo´s cogeneration
plant.
In the 9M2021, energy generation increased 1% to 10,664 GWh,
compared to 10,515 GWh for the same period in 2020. As a reference,
domestic energy generation increased 7% during the 9M2021, compared
to the 9M2020, according to data from CAMMESA.
Increase in the energy generated by Central Puerto was due
to:
a)
an increase of 8%
in the electricity generation from thermal units due to Terminal
6´s generation, the recovery to average production of the
Siemens branded combined cycle of the Luján de Cuyo plant due
to a failure during 2Q2020 in its main transformer and higher
generation from the steam turbines.
b)
27% increase
in energy generation from renewable units, which was mainly due to
the operation during the full period of La Genoveva I (88 MW), Manque (57 MW) and Los
Olivos (22.8MW)
This was partially offset by:
a)
a 24% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower waterflow in the Limay and Collón Curá rivers
and the higher dispatch explained above.
During 9M2021, machine availability for thermal units reached 90%,
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 9M2020
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 848,512 tons produced
during 9M2021, compared to 817,452 tons during the 9M2020,
due to Lujan de Cuyo cogeneration´s good
performance.
D. Financials
Main financial magnitudes of continuing operations
|
|
3Q2021
|
2Q2021
|
3Q2020
|
Var %
(3Q/3Q)
|
9M 2021
|
9M 2020
|
Var %
(9M/9M)
|
|
|
|
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
|
13,297
|
13,392
|
13,843
|
(4%)
|
39,013
|
39,481
|
(1%)
|
|
Cost of
sales
|
(6,935)
|
(7,346)
|
(5,515)
|
26%
|
(20,575)
|
(16,807)
|
22%
|
|
Gross profit
|
6,362
|
6,046
|
8,329
|
(24%)
|
18,438
|
22,674
|
(19%)
|
|
Administrative and selling expenses
|
(1,145)
|
(820)
|
(915)
|
25%
|
(2,928)
|
(2,896)
|
1%
|
|
Operating income before other operating results
|
5,217
|
5,226
|
7,414
|
(30%)
|
15,511
|
19,778
|
(22%)
|
|
Other operating results, net
|
434
|
(2,647)
|
2,472
|
(82%)
|
2,135
|
11,507
|
(81%)
|
|
Operating income
|
5,651
|
2,579
|
9,886
|
(43%)
|
17,646
|
31,285
|
(44%)
|
|
Depreciations
and Amortizations
|
2,329
|
2,508
|
1,827
|
28%
|
7,157
|
5,838
|
23%
|
|
Adjusted EBITDA
|
7,980
|
5,087
|
11,712
|
(32%)
|
24,803
|
37,123
|
(33%)
|
|
Includes,
among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Foreign Exchange
Difference and interests related to FONI trade receivables
|
1,488
|
1,812
|
2,153
|
(31%)
|
7,094
|
11,812
|
(40%)
|
|
|
-
|
(4,260)
|
-
|
N/A
|
(4,260)
|
(2,055)
|
107%
|
|
Adjusted EBITDA excluding FX difference and interests
related to FONI trade receivables and Impairment on property,
plant, and equipment
|
6,492
|
7,535
|
9,560
|
(32%)
|
21,970
|
27,365
|
(20%)
|
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.
|
3Q2021
|
2Q2021
|
3Q2020
|
Var
% (3Q/3Q)
|
9M 2021
|
9M 2020
|
Var
% (9M/9M)
|
|
|
|
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 income (loss) for the period
|
2,689
|
(4,863)
|
3,487
|
(23%)
|
(1,359)
|
8,735
|
(116%)
|
|
Loss on
net monetary position
|
220
|
(29)
|
(491)
|
(145%)
|
(29)
|
(1,288)
|
(98%)
|
|
Financial
expenses
|
2,103
|
3,140
|
6,742
|
(69%)
|
13,745
|
22,328
|
(38%)
|
|
Financial
income
|
(264)
|
172
|
(1,413)
|
(81%)
|
(604)
|
(3,928)
|
(85%)
|
|
Share
of the profit of an associate
|
(164)
|
440
|
(155)
|
6%
|
601
|
(102)
|
(688%)
|
|
Income
tax expenses
|
1,068
|
3,678
|
1,716
|
(38%)
|
5,292
|
5,541
|
(4%)
|
|
Depreciation
and amortization
|
2,329
|
2,508
|
1,827
|
28%
|
7,157
|
5,838
|
23%
|
|
Adjusted EBITDA
|
7,980
|
5,087
|
11,713
|
(32%)
|
24,803
|
37,123
|
(33%)
|
|
1.
Includes, among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Foreign Exchange
Difference and interests related to FONI trade receivables
|
1,488
|
1,812
|
2,153
|
(31%)
|
7,094
|
11,812
|
(40%)
|
|
● Impairment on
property, plant, and equipment
|
-
|
(4,260)
|
-
|
N/A
|
(4,260)
|
(2,055)
|
107%
|
|
Adjusted EBITDA excluding Foreign Exchange Difference and
interests related to FONI trade receivables and Impairment on
property, plant, and equipment
|
6,492
|
7,535
|
9,560
|
(32%)
|
21,969
|
27,365
|
(20%)
|
Key Macroeconomic Figures
|
|
3Q2021
|
2Q2021
|
3Q2020
|
Var % (3Q/3Q)
|
9M 2021
|
9M 2020
|
Var % (9M/9M)
|
|
Depreciation
|
3.11%
|
3.77%
|
8.03%
|
(61%)
|
27.35%
|
16.58%
|
(39%)
|
|
Inflation
|
9.27%
|
10.98%
|
7.58%
|
22%
|
36.93%
|
22.09%
|
67%
|
In the
3Q2021, the argentine peso depreciated 3.11%, compared to 8.03%
during the 3Q2020 while in the 9M2021, the argentine peso
depreciated 16.58%, compared to 27.35% during the
9M2020.
3Q 2021 Results Analysis
Revenues decreased to Ps. 13.3 billion in the 3Q2021, as
compared to Ps. 13.8 billion in the 3Q2020. This 4% decrease was
mainly due to:
(i)
a 6% decrease in
sales under contracts which totaled Ps. 6.3 billion in the 3Q2021
as compared to 6.6 billion in the 3Q2020, due to a higher
inflation´s adjustment over the peso´s depreciation in
the period despite a higher generation due to Terminal 6 and La
Genoveva I.
(ii)
an 8% drop in the Steam Sales, which totaled Ps.
0.5 billion in the 3Q2021 compared to the same period of 2020 due to the
same reason stated above and despite a 4% production´s
increase.
Operating income before other operating results, net, was Ps. 5.2
billion, compared to Ps. 7.4 billion in the 3Q2020. This 30%
decrease was due to:
(i)
26% increase in the
costs of sales that totaled Ps. 6.9 billion, compared to Ps. 5.5
billion in the 3Q2020, primarily driven by: (i) a 45% or 0.6
billion increase in purchases of materials and spare parts which
totaled Ps. 1.8 billion during the 3Q2021 and (ii) a 20% or 0.9
billion increase in costs of production, which totaled Ps. 5.3
billion in the 3Q2021, mainly due to i) an increase in
depreciations, ii) a rise in fees and compensation services and
(iii) an increase in materials and spare parts.
(ii)
a 25% increase in
administrative and selling expenses that totaled Ps. 1.1 billion in
the 3Q2021, as compared to Ps. 0.9 billion in the 3Q2020, mainly
due to an increase in fees and compensation services.
Adjusted EBITDA was Ps. 8 billion in the 3Q2021, compared to
Ps. 11.7 billion in the 3Q2020. This decrease was mainly due to (i)
the above-mentioned variations, (ii) a 38% decrease in foreign
exchange difference on operating assets, mainly related to trade
receivables, that generated a Ps. 0.9 billion gain during the
3Q2021, compared to Ps. 1.5 billion of 3Q2020 due to a lower
depreciation of the Argentine peso in the quarter and lower trade
receivables balances. Furthermore, the negative result of 1.2
billion for provision´s charges which also impacted the
Adjusted EBITDA.
This
was partially offset by a 28% increase in depreciations and
amortizations that totaled Ps. 2.3 billion during the 3Q2021, as
compared to Ps. 1.8 billion during the 3Q2020.
As a result,
Adjusted EBITDA
excluding FX difference and interests related to FONI trade
receivables and Impairment on property, plant and equipment was Ps.
6.5 billion in the 3Q2021, compared to Ps. 9.6 billion in
3Q2020.
Consolidated net income was Ps. 2.69 billion and net income for
shareholder was Ps. 2.66 billion or Ps. 1.77 per share or Ps. 17.68
per ADR, in the 3Q2021, compared to a Consolidated net
income of Ps. 3.49 billion and net income for shareholder of Ps.
3.46 billion, respectively, or Ps. 2.30 per share or Ps. 23.02 per
ADR, in the 3Q2020. In addition to the above-mentioned factors, net
income was negatively impacted by:
(i)
lower financial
income that amounted to Ps. 0.3 billion in the 3Q2021, compared to
Ps. 1.4 billion in the 3Q2020, mainly due to a Ps. 1.2 billion
reduction of net gains on financial assets at fair value the
quarter.
and
positively impacted by:
(ii)
lower financial
expenses which amounted to Ps. 2.1 billion during the 3Q2021,
compared to Ps. 6.7 billion in the 2Q2020 as there were less
foreign exchange difference, which decreased Ps. 3.9 billion,
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. 0.16 billion gain
during the 3Q2021 compared to a gain of Ps. 0.15 billion in the
3Q2020.
FONI collections totaled Ps. 3.2 billion in the 2Q2021,
-including VAT, associated to the FONI trade receivables for Vuelta
de Obligado Plant, compared to Ps. 2.1 billion of 3Q2020. The
amounts are being collected on time and according to the signed
contract.
9M 2021 Results Analysis
Revenues were Ps. 39 billion in the 9M2021, as compared to
Ps. 39.5 billion in the 9M2020. This 1% decrease was mainly due
to:
(i)
a 2% decrease in
Spot Sales/Energia Base (Revenues from Resolution 440, 1, SEE 19,
SGE 70 and amendments) which totaled Ps. 18.1 billion in the 9M2021
as compared to 18.5 billion in the 9M2020, mainly due to the
decrease in energy generation form the hydro plant Piedra del
Águila. This was partially compensated by a higher thermal
generation as described before.
partially offset by:
(ii)
a
7% increase in the Steam Sales, which totaled Ps. 1.2 billion in
the 9M2021, compared to Ps. 1.1 billion in the 9M2020, as the steam
production increased 4% in the period.
Operating income before other operating results, net, was Ps. 15.5
billion, compared to Ps. 19.8 billion in the 9M2020. This
22% decrease was due to:
(i)
22% increase in the
costs of sales that totaled Ps. 20.6 billion, compared to Ps. 16.8
billion in the 9M2020, primarily driven by: (i) a 28% or 1 billion
increase in purchases of materials and spare parts which totaled
Ps. 4.5 billion during the 9M2021 and (ii) a 19% or 2.6 billion
increase in costs of production, which totaled Ps. 16.3 billion in
the 9M2021, mainly due to i) an increase in depreciations ii) a
rise in maintenance expenses and (iii) to a lesser extent due to an
increase in materials and spare parts.
(ii)
a 1% increase in
administrative and selling expenses that totaled Ps. 2.92 billion
in the 9M2021, as compared to Ps. 2.89 billion in the 9M2020,
mainly because a Ps. 0.3 billion increase in fees and compensation
services.
Adjusted EBITDA was Ps. 24.8 billion in the 9M2021, compared
to Ps. 37.1 billion in the 9M2020. This decrease was mainly due
to:
(i)
A Ps. 2.2 billion
or 107% increase in the item “Impairment of property, plant
and equipment and intangible assets”, related to the
Brigadier Lopez and Lujan de Cuyo´s plants.
(ii)
a 48% decrease in
foreign exchange difference on operating assets, mainly related to
trade receivables, that generated a Ps. 5.6 billion gain during the
9M2021, compared to Ps. 10.8 billion during the 9M2020 due to a
lower depreciation of the argentine peso during the period
and lower
trade receivables balances maintained.
(iii)
a 20% decrease in
interest from clients which totaled Ps. 2.7 billion during the
9M2021, compared to Ps. 3.3 billion of the 9M2020.
(iv)
a negative result
of Ps. 1.2 billion for provision´s charges.
This
was partially offset by a 23% increase in depreciations and
amortizations that totaled Ps. 7.2 billion during the 9M2021, as
compared to Ps. 5.8 billion during the 9M2020.
As a result,
Adjusted EBITDA
excluding FX difference and interests related to FONI trade
receivables and Impairment on property, plant and equipment was Ps.
22 billion in the 9M2021, compared to Ps. 27.3 billion in
9M2020.
Consolidated net loss was Ps. 1.36 billion and Net loss for
shareholder was Ps. 1.42 billion or (Ps. 0.94) per share or (Ps.
9.44) per ADR, in the 9M2021, compared to a Consolidated net
Income of Ps. 8.73 billion and Net income for shareholder of Ps.
8.68 billion, respectively, or Ps. 5.77 per share or Ps. 57.66 per
ADR, in the 9M2020. In addition to the above-mentioned factors, net
income was negatively impacted by:
(i)
lower financial
income that amounted to Ps. 0.6 billion in the 9M2021, compared to
Ps. 3.9 billion in the 9M2020, mainly due to a Ps. 3.7 billion
reduction of net gains on financial assets at fair value the
quarter.
and
positively impacted by:
(ii)
lower financial
expenses which amounted to Ps. 13.7 billion during the 9M2021,
compared to Ps. 22.3 billion in the 9M2020 due to less foreign
exchange variation, which decreased from Ps. 16.7 billion in 9M2020
to Ps. 9.7 billion for 9M2021, mainly due to a lower debt balance
denominated in USD and minor depreciation of the argentine
peso.
Additionally,
the share of profit of associates was a Ps. 0,6 billion loss during
the 9M2021 compared to a gain of Ps. 0,1 billion in the 9M2020,
mainly due to lower results from the operations of Ecogas due to
lack of tariff adjustments for the natural gas distribution
business.
FONI collections totaled Ps. 5.7 billion in the 9M021,
-including VAT, associated to the FONI trade receivables for Vuelta
de Obligado Plant, compared to Ps. 7 billion of 9M2020. 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 September 30, 2021, the Company and its subsidiaries had Cash and Cash
Equivalents of Ps. 0,3 billion, and Other Current Financial Assets of Ps.
17 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
September 30, 2021
|
|
Cash
and cash equivalents (stand-alone)
|
|
21
|
|
Other
financial assets (stand-alone)
|
|
3,868
|
|
Financial
Debt (stand-alone)
|
|
(20,454)
|
|
Composed of:
|
|
|
|
Financial Debt (current) (Central Puerto S.A.
stand-alone)
|
(8,369)
|
|
|
Financial
Debt (non-current) (Central Puerto S.A. stand-alone)
|
(12,086)
|
|
|
Subtotal Central Puerto stand-alone Net Debt Position
|
|
(16,566)
|
|
Cash
and cash equivalents of subsidiaries
|
|
255
|
|
Other
financial assets of subsidiaries
|
|
12,795
|
|
Financial
Debt of subsidiaries
|
|
(26,228)
|
|
Composed of:
|
|
|
|
Financial Debt of
subsidiaries (current)4
|
(3,045)
|
|
|
Financial Debt of
subsidiaries (non-current) 4
|
(23,183)
|
|
|
Subtotal Subsidiaries Net Debt Position
|
|
(13,178)
|
|
Consolidated Net Debt Position
|
|
(29,744)
|
Cash Flows of the 9M
2021
|
Million Ps.
|
9M
2021
ended on
September 30, 2021
|
|
Cash and Cash equivalents at the beginning
|
382
|
|
Net
cash flows provided by operating activities
|
16,760
|
|
Net
cash flows used in investing activities
|
(4,265)
|
|
Net
cash flows used in financing activities
|
(12,559)
|
|
Exchange
difference and other financial results
|
81
|
|
Loss
on net monetary position by cash and cash equivalents
|
(124)
|
|
Cash and Cash equivalents at the end
|
276
|
Net cash provided by operating activities was Ps. 16.8 billion
during the 9M2021. This cash flow arises from (i) Ps. 18.4
billion from the gross profit obtained during the 9M2021, (ii) Ps.
1.4 billion due to a decrease in the stock of trade receivables,
mainly related to the FONI collections, (iii) Ps. 2.6 billion in
collection of interests from clients, including the ones from FONI,
during the period and (iv) a Ps. 4.3
billion non-cash impairment of property, plant and equipment and
intangible assets charge included in the operating income,
which was partially offset by (v) a Ps. 5.6 billion non-cash foreign exchange
difference on trade receivables, (vi) a Ps. 0.7 billion in net
monetary position loss, (vii) a Ps. 4 billion from income tax paid,
and (viii) a Ps. 3.3 billion reduction in trade and other payables,
other non-financial liabilities and liabilities from employee
benefits.
Net cash used in investing activities was Ps. 4.3 billion in
9M2021. This amount was mainly due to (i) Ps. 4.7 billion in
payments for the purchase of property, plant, and equipment mainly
related to the construction of Terminal 6 thermal project, (ii) Ps.
3 billion losses from the sale of short-term financial assets, net,
which was partially offset by (iii) Ps. 3.3 billion obtained in the
sale of property, plant, and equipment and (iv) Ps. 0,1 billion in
dividends collected.
Net cash used in financing activities was Ps. 12.6 billion in the
9M2021. This amount was mainly the result of Ps. 0.3 billion
bank and investment accounts overdrafts paid, net, (ii) Ps. 8.7
billion in loans paid, mainly related to the loans received for the
expansion projects, and (iii) Ps. 3.5 billion in interest and
financial expenses paid, mainly related to those
loans.
2 2Q2021 figures are stated in the measuring unit
current as of September 30, 2021, calculated as the results for the
9M2021 minus the 1H2021, measure in such
unit.
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
D. Tables
a.
Consolidated Statement of Income
|
|
3Q 2021
|
3Q 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
|
13,297,222
|
13,843,395
|
|
Cost of sales
|
(6,935,038)
|
(5,514,677)
|
|
Gross income
|
6,362,184
|
8,328,718
|
|
|
|
|
|
Administrative
and selling expenses
|
(1,145,007)
|
(915,001)
|
|
Other
operating income
|
1,856,525
|
2,465,229
|
|
Other
operating expenses
|
(1,422,786)
|
6,997
|
|
Property,
plant, and equipment impairment
|
-
|
-
|
|
Operating income
|
5,650,916
|
9,885,943
|
|
|
|
|
|
(Loss)
Gain on net monetary position
|
(219,553)
|
491,351
|
|
Finance
income
|
264,280
|
1,413,358
|
|
Finance
expenses
|
(2,102,551)
|
(6,742,122)
|
|
Share
of the profit of associates
|
163,678
|
154,624
|
|
Income before income tax
|
3,756,770
|
5,203,154
|
|
Income tax for the period
|
(1,067,987)
|
(1,716,279)
|
|
Net income for the period
|
2,688,783
|
3,486,875
|
|
Net total comprehensive income for the period
|
2,688,783
|
3,486,875
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity
holders of the parent
|
2,660,846
|
3,464,289
|
|
-Non-controlling
interests
|
27,937
|
22,586
|
|
|
2,688,783
|
3,486,875
|
|
|
|
|
|
Earnings per share:
|
|
|
|
Basic
and diluted (Ps.)
|
1,77
|
2,30
|
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
|
|
9M 2021
|
9M 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
|
39,013,126
|
39,480,642
|
|
Cost of sales
|
(20,574,804)
|
(16,806,722)
|
|
Gross income
|
18,438,322
|
22,673,920
|
|
|
|
|
|
Administrative
and selling expenses
|
(2,927,776)
|
(2,896,340)
|
|
Other
operating income
|
8,443,318
|
14,128,826
|
|
Other
operating expenses
|
(2,047,517)
|
(566,707)
|
|
Property
plant and equipment and intangible assets impairment
|
(4,260,334)
|
(2,054,624)
|
|
Operating income
|
17,646,013
|
31,285,075
|
|
|
|
|
|
Gain on
net monetary position
|
28,912
|
1,287,816
|
|
Finance
income
|
603,740
|
3,927,860
|
|
Finance
expenses
|
(13,744,668)
|
(22,327,630)
|
|
Share
of the profit of associates
|
(600,613)
|
102,133
|
|
Income before income tax
|
3,933,384
|
14,275,254
|
|
Income tax for the period
|
(5,291,852)
|
(5,540,616)
|
|
Net (loss) income for the period
|
(1,358,468)
|
8,734,638
|
|
Net total comprehensive (loss) income for the period
|
(1,358,468)
|
8,734,638
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity
holders of the parent
|
(1,420,778)
|
8,679,506
|
|
-Non-controlling
interests
|
62,310
|
55,132
|
|
|
(1,358,468)
|
8,734,638
|
|
|
|
|
|
Earnings per share:
|
|
|
|
Basic
and diluted (Ps.)
|
(0,94)
|
5,77
|
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
b.
Consolidated Statement of Financial Position
|
|
As of September 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
|
106,260,194
|
108,452,454
|
|
Intangible
assets
|
6,222,683
|
9,236,580
|
|
Investment in
associates
|
5,659,014
|
6,387,732
|
|
Trade and other
receivables
|
30,618,698
|
40,265,700
|
|
Other non-financial
assets
|
254,607
|
663,035
|
|
Inventories
|
546,373
|
901,349
|
|
Deferred tax
asset
|
1,051,052
|
134,739
|
|
|
150,612,621
|
166,041,589
|
|
Current
assets
|
|
|
|
Inventories
|
674,852
|
1,101,451
|
|
Other non-financial
assets
|
1,025,068
|
1,233,116
|
|
Trade and other
receivables
|
23,055,307
|
25,659,189
|
|
Other financial
assets
|
16,663,264
|
19,278,621
|
|
Cash and cash
equivalents
|
275,593
|
381,699
|
|
|
41,694,084
|
47,654,076
|
|
Property,
plant, and equipment available for sale
|
-
|
3,231,455
|
|
Total
assets
|
192,306,705
|
216,927,120
|
|
|
|
|
|
Equity
and liabilities
|
|
|
|
Equity
|
|
|
|
Capital
stock
|
1,514,022
|
1,514,022
|
|
Adjustment to
capital stock
|
35,647,985
|
35,647,985
|
|
Legal
reserve
|
5,728,456
|
5,256,504
|
|
Voluntary
reserve
|
75,364,040
|
66,396,960
|
|
Other equity
accounts
|
(2,692,796)
|
(2,692,796)
|
|
Retained
earnings
|
(1,413,240)
|
9,446,570
|
|
Equity
attributable to shareholders of the parent
|
114,148,467
|
115,569,245
|
|
Non-controlling
interests
|
131,179
|
175,743
|
|
Total Equity
|
114,279,646
|
115,744,988
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Other
non-financial liabilities
|
5,453,188
|
7,196,183
|
|
Other loans and
borrowings
|
35,628,599
|
42,244,490
|
|
Compensation
and employee benefits liabilities
|
447,528
|
430,886
|
|
Provisions
|
45,403
|
62,184
|
|
Deferred
income tax liabilities
|
14,561,687
|
12,326,076
|
|
|
56,136,405
|
62,259,819
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Trade and other
payables
|
4,106,810
|
3,486,254
|
|
Other non-financial
liabilities
|
3,839,789
|
3,083,194
|
|
Other loans and
borrowings
|
11,413,986
|
27,562,044
|
|
Compensation and
employee benefits liabilities
|
1,226,463
|
1,395,490
|
|
Income tax
payable
|
1,274,960
|
3,347,594
|
|
Provisions
|
28,646
|
47,737
|
|
|
21,890,654
|
38,922,313
|
|
Total
liabilities
|
78,027,059
|
101,182,132
|
|
Total
equity and liabilities
|
192,306,705
|
216,927,120
|
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
c.
Consolidated Statement of Cash Flow
|
|
9M 2021
|
9M 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
|
3,933,284
|
14,275,254
|
|
|
|
|
|
Adjustments to reconcile income for the period before income tax to
net cash flows:
|
|
|
|
Depreciation
of property, plant, and equipment
|
5,010,402
|
3,440,136
|
|
Amortization
of intangible assets
|
2,146,566
|
2,397,503
|
|
Property,
plant and equipment and intangible assets impairment
|
4,260,334
|
2,054,624
|
|
Sale of
Property, plant and equipment result
|
1,093,669
|
-
|
|
Discount
of trade and other receivables and payables, net
|
(187,567)
|
32,839
|
|
Interest
earned from customers
|
(2,651,478)
|
(3,328,858)
|
|
Commercial
and fiscal interests lost
|
566,226
|
509,426
|
|
Financial
income
|
(603,740)
|
(3,927,860)
|
|
Financial
expenses
|
13,744,668
|
22,327,630
|
|
Share
of the profit of associates
|
600,613
|
(102,133)
|
|
Stock-based payments
|
-
|
2,128
|
|
Movements in provisions and long-term employee benefit plan
expenses
|
178,089
|
148,277
|
|
Foreign
exchange difference for trade receivables
|
(5,601,329)
|
(10,767,383)
|
|
Loss on
net monetary position
|
(738,572)
|
(11,522,065)
|
|
|
|
|
|
Working capital adjustments:
|
|
|
|
Decrease
in trade and other receivables
|
1,355,658
|
14,981,087
|
|
Decrease
in other non-financial assets and inventories
|
151,149
|
404,287
|
|
Decrease
in trade and other payables, other non-financial liabilities, and
liabilities from employee benefits
|
(3,349,205)
|
(9,650,899)
|
|
|
18,718,874
|
21,273,993
|
|
Commercial
and fiscal interests paid
|
(566,226)
|
-
|
|
Interest
received from customers
|
2,599,253
|
3,078,280
|
|
Income
tax paid
|
(3,991,506)
|
(4,762,818)
|
|
Net cash flows provided by operating activities
|
16,760.395
|
19,589,455
|
|
|
|
|
|
Investing activities
|
|
|
|
Purchase
of property, plant, and equipment
|
(4,734,508)
|
(12,919,996)
|
|
Sale of
property, plant, and equipment
|
3,307,763
|
-
|
|
Dividends
received
|
128,090
|
193,088
|
|
Sale of
other financial assets, net
|
(2,966,148)
|
(6,269,806)
|
|
Net cash flows used in investing activities
|
(4,264,803)
|
(18,996,714)
|
|
|
|
|
|
Financing activities
|
|
|
|
Banks
and investment accounts overdrafts received (paid),
net
|
(319,192)
|
(3,328,189)
|
|
Loans
paid
|
(8,669,748)
|
(1,891,165)
|
|
Loans
received
|
-
|
5,659,105
|
|
Interests
and other loan costs paid
|
(3,463,073)
|
(3,307,608)
|
|
Dividends
paid
|
(106,874)
|
(87,595)
|
|
Net cash flows used in financing activities
|
(12,558,887)
|
(2,955,452)
|
|
|
|
|
|
|
|
|
|
(Decrease) in cash and cash equivalents
|
(63,295)
|
(2,362,711)
|
|
Exchange
difference and other financial results
|
80,808
|
377,769
|
|
Monetary
results effect on cash and cash equivalents
|
(123,619)
|
(269,029)
|
|
Cash
and cash equivalents as of January 1
|
381,699
|
2,785,396
|
|
Cash and cash equivalents as of September 30, 2021
|
275,593
|
531,425
|
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
E. Information about the Conference Call
There
will be a conference call to discuss Central Puerto’s
Third Quarter 2021 results
on November 10, 2021, at
10.00 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): +1-888-506-0062
International
Participants: +1-973-528-0011
Participant Access Code: 690294
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
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
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.
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
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.
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |
Results for the quarter and nine-month period
ended on September 30, 2021
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
Central Puerto S.A.
|
||||
|
|
|
|
|
|||
|
Date:
November 9, 2021
|
|
|
|
By:
|
|
/s/
ENRIQUE TERRANEO
|
|
|
|
|
|
Name:
|
|
Enrique
Terraneo
|
|
|
|
|
|
Title:
|
|
Attorney-in-Fact
|
| Av. Thomas Edison 2701 | Tel (+54 11) 4317 5000 ext. 2447 |
| C1104BAB – City of Buenos Aires | inversores@centralpuerto.com |
| Republic of Argentina | www.centralpuerto.com |