Central Puerto S.A 6-K, filed Nov 17, 2021
Central Puerto S.A. (CEPU)
6-K
2021-11-17
For: 2021-11-17
View Original
Added on
April 11, 2026
About this 6-K
Central Puerto S.A filed this 6-K on November 17, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 27a-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
CENTRAL
PUERTO S.A.
TABLE
OF CONTENTS
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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Date:
November 17, 2021
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By:
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/s/
LEONARDO MARINARO
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Name:
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Leonardo
Marinaro
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Title:
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Attorney-in-Fact
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Central
Puerto S.A.
Consolidated
financial statements for the nine-month periods
ended
September 30, 2021 and 2020, together with the
independent
auditor´s
report
| 1 |
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English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
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CENTRAL
PUERTO S.A.
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Registered office:
Av. Edison 2701 - Ciudad Autónoma de Buenos Aires -
República Argentina
FISCAL
YEAR N° 30 BEGINNING JANUARY 1, 2021 CONSOLIDATED CONDENSED
CONSOLIDATED FINANCIAL STATEMENTS
FOR
THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2021
CUIT
(Argentine taxpayer identification number): 33-65030549-9. Date of
registration with the Public Registry of Commerce:
-
Of the articles of
incorporation: March 13, 1992.
-
Of the last
amendment to by-laws: April 28, 2017.
Registration number
with the IGJ (Argentine regulatory agency of business
associations): 1.855, Book 110, Volume A of
Corporations.
Expiration date of
the articles of incorporation: March 13, 2091.
The
Company is not enrolled in the Statutory Optional System for the
Mandatory Acquisition of Public Offerings.
CAPITAL
STRUCTURE
(stated in pesos)
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Class of shares
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Subscribed, paid-in, issued and registered
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1,514,022,256
common, outstanding book-entry shares, with face value of 1 each
and entitled to one vote per share.
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1,514,022,256
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| 2 |
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English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
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CENTRAL
PUERTO S.A.
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CONSOLIDATED
STATEMENT OF INCOME AND COMPREHENSIVE INCOME
for
the nine-month period ended September 30, 2021
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9
months
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3
months
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Unaudited
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Unaudited
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Notes
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01-01-2021
to
09-30-2021
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01-01-2020
to
09-30-2020
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07-01-2021
to
09-30-2021
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07-01-2020
to
09-30-2020
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ARS
000
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ARS
000
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ARS
000
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ARS
000
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Revenues
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4
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39,013,126
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39,480,642
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13,297,222
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13,843,395
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Cost of
sales
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Exhibit
F
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(20,574,804)
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(16,806,722)
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(6,935,038)
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(5,514,677)
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Gross
income
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18,438,322
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22,673,920
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6,362,184
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8,328,718
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Administrative and
selling expenses
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Exhibit
H
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(2,927,776)
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(2,896,340)
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(1,145,007)
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(915,001)
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Other operating
income
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5.1
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8,443,318
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14,128,826
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1,856,525
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2,465,229
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Other operating
expenses
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5.2
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(2,047,517)
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(566,707)
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(1,422,786)
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6,997
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Impairment of
property, plant and equipment and intangible assets
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(4,260,334)
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(2,054,624)
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-
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-
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Operating
income
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17,646,013
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31,285,075
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5,650,916
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9,885,943
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Loss on net
monetary position
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28,912
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1,287,816
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(219,553)
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491,351
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Finance
income
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5.3
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603,740
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3,927,860
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264,280
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1,413,358
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Finance
expenses
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5.4
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(13,744,668)
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(22,327,630)
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(2,102,551)
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(6,742,122)
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Share of the profit
of associates
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(600,613)
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102,133
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163,678
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154,624
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Income
before income tax
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3,933,384
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14,275,254
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3,756,770
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5,203,154
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Income tax for the
period
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6
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(5,291,852)
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(5,540,616)
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(1,067,987)
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(1,716,279)
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Net
(loss) income for the period
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(1,358,468)
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8,734,638
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2,688,783
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3,486,875
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Total
comprehensive (loss) income for the period
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(1,358,468)
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8,734,638
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2,688,783
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3,486,875
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Attributable
to:
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-Equity holders of
the parent
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(1,420,778)
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8,679,506
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2,660,846
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3,464,289
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-Non-controlling
interests
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62,310
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55,132
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27,937
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22,586
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(1,358,468)
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8,734,638
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2,688,783
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3,486,875
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Basic
and diluted (loss) earnings per share (ARS)
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(0.94)
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5.77
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1.77
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2.30
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| 3 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
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CENTRAL
PUERTO S.A.
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CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
as
at September 30, 2021
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09-30-2021
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12-31-2020
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Notes
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Unaudited
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Audited
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ARS 000
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ARS 000
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Assets
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Non-current assets
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Property,
plant and equipment
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Exhibit A
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106,260,194
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108,452,454
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Intangible
assets
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Exhibit B
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6,222,683
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9,236,580
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Investment
in associates
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5,659,014
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6,387,732
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Trade
and other receivables
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7.1
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30,618,698
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40,265,700
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Other
non-financial assets
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8.1
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254,607
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663,035
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Inventories
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546,373
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901,349
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Deferred
tax asset
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6
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1,051,052
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134,739
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150,612,621
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166,041,589
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Current assets
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Inventories
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674,852
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1,101,451
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Other
non-financial assets
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8.1
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1,025,068
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1,233,116
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Trade
and other receivables
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7.1
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23,055,307
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25,659,189
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Other
financial assets
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7.4
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16,663,264
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19,278,621
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Cash
and cash equivalents
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275,593
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381,699
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41,694,084
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47,654,076
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Property,
plant and equipment available for sale
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11.1
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-
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3,231,455
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Total assets
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192,306,705
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216,927,120
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Equity and liabilities
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Equity
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Capital
stock
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1,514,022
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1,514,022
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Adjustment
to capital stock
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35,647,985
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35,647,985
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Legal
reserve
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5,728,456
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5,256,504
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Voluntary
reserve
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75,364,040
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66,396,960
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Other
equity accounts
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(2,692,796)
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(2,692,796)
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Retained
earnings
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(1,413,240)
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9,446,570
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Equity attributable to holders of the parent
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114,148,467
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115,569,245
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Non-controlling
interests
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131,179
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175,743
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Total equity
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114,279,646
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115,744,988
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Non-current liabilities
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Other
non-financial liabilities
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8.2
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5,453,188
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7,196,183
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Other
loans and borrowings
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7.3
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35,628,599
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42,244,490
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Compensation
and employee benefits liabilities
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8.3
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447,528
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430,886
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Provisions
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45,403
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62,184
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Deferred
income tax liabilities
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6
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14,561,687
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12,326,076
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56,136,405
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62,259,819
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Current liabilities
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Trade
and other payables
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7.2
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4,106,810
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3,486,254
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Other
non-financial liabilities
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8.2
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3,839,789
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3,083,194
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Other
loans and borrowings
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7.3
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11,413,986
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27,562,044
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Compensation
and employee benefits liabilities
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8.3
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1,226,463
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1,395,490
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Income
tax payable
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1,274,960
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3,347,594
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Provisions
|
Exhibit E
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28,646
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47,737
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21,890,654
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38,922,313
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Total liabilities
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78,027,059
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101,182,132
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Total equity and liabilities
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192,306,705
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216,927,120
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| 4 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
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CENTRAL
PUERTO S.A.
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CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
for
the nine-month period ended September 30, 2021
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Attributable to holders of the parent
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Non-controlling interests
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Total
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Capital stock
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Retained earnings
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Other
equity
accounts
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Unappropriated retained earnings
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Total
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Face
value (1)
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Adjustment to capital stock
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Legal
reserve
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Voluntary reserve
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||||||||||
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ARS 000
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ARS 000
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ARS 000
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ARS 000
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ARS 000
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ARS 000
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ARS 000
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ARS 000
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ARS 000
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As of January 1, 2021
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1,514,022
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35,647,985
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5,256,504
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66,396,960
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(2,692,796)
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9,446,570
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115,569,245
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175,743
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|
115,744,988
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Net
(loss) income for the period
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-
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-
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-
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-
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-
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(1,420,778)
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(1,420,778)
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62,310
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(1,358,468)
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Total
comprehensive (loss) income for the period
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-
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-
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-
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-
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-
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(1,420,778)
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(1,420,778)
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62,310
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(1,358,468)
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Increase in legal reserve
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-
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-
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|
471,952
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-
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-
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(471,952)
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-
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|
-
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|
-
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Increase in voluntary reserve
|
-
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|
-
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|
-
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|
8,967,080
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|
-
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(8,967,080)
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|
-
|
|
-
|
|
-
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|
DividEnds in cash distributed by a
subsidiary (2)
|
-
|
|
-
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|
-
|
|
-
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|
-
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|
-
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|
-
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|
(106,874)
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(106,874)
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|
As of September 30, 2021
|
1,514,022
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35,647,985
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5,728,456
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|
75,364,040
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|
(2,692,796)
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(1,413,240)
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114,148,467
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|
131,179
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|
114,279,646
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(1)
A subsidiary holds
8,851,848 common shares.
(2)
Distribution of
dividends in cash approved by the Shareholders’ Meeting of
the subsidiary Central Vuelta de Obligado S.A. held on April 28,
2021.
| 5 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY
for
the nine-month period ended September 30, 2020
|
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Attributable to holders of the parent
|
|
Non-controlling interests
|
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Total
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Capital stock
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Retained earnings
|
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Other
equity
accounts
|
|
Unappropriated retained earnings
|
|
Total
|
||||||||
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Face
value (1)
|
|
Adjustment to capital stock
|
Legal
reserve
|
|
Voluntary reserve
|
|||||||||||
|
|
ARS 000
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|
ARS 000
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|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 1, 2020
|
1,514,022
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|
35,647,985
|
|
4,435,279
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|
49,431,175
|
|
-
|
|
17,787,009
|
|
108,815,470
|
|
1,474,334
|
|
110,289,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,679,506
|
|
8,679,506
|
|
55,132
|
|
8,734,638
|
|
Total
comprehensive income for the period
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8,679,506
|
|
8,679,506
|
|
55,132
|
|
8,734,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase
in legal reserve
|
-
|
|
-
|
|
821,225
|
|
-
|
|
-
|
|
(821,225)
|
|
-
|
|
-
|
|
-
|
|
Increase
in voluntary reserve
|
-
|
|
-
|
|
-
|
|
16,965,785
|
|
-
|
|
(16,965,785)
|
|
-
|
|
-
|
|
-
|
|
Dividends in cash distributed by a
subsidiary (2)
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(87,595)
|
|
(87,595)
|
|
Transaction
with non-controlling interest (Note 10)
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,692,796)
|
|
-
|
|
(2,692,796)
|
|
(1,305,907)
|
|
(3,998,703)
|
|
Share-based
payments
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,128
|
|
2,128
|
|
As of September 30, 2020
|
1,514,022
|
|
35,647,985
|
|
5,256,504
|
|
66,396,960
|
|
(2,692,796)
|
|
8,679,505
|
|
114,802,180
|
|
138,092
|
|
114,940,272
|
(1)
A subsidiary holds
8,851,848 common shares.
(2)
Distribution of
dividends in cash approved by the Shareholders’ Meeting of
the subsidiary Central Vuelta de Obligado S.A. held on April 28,
2020.
| 6 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
CONSOLIDATED
STATEMENT OF CASH FLOWS
for
the nine-month period ended September 30, 2021
|
|
09-30-2021
|
|
09-30-2020
|
|
|
Unaudited
|
||
|
|
ARS 000
|
|
ARS 000
|
|
Operating
activities
|
|
|
|
|
Income
for the period before income tax
|
3,933,384
|
|
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
|
|
Impairment of
property, plant and equipment and intangible assets
|
4,260,334
|
|
2,054,624
|
|
Income
from sale of property, plant and equipment
|
(96,324)
|
|
-
|
|
(Recovery) Discount
of tax receivables
|
(187,567)
|
|
32,839
|
|
Interest earned
from customers
|
(2,651,478)
|
|
(3,328,858)
|
|
Trade
and tax interests lost
|
566,226
|
|
509,426
|
|
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)
|
|
Share-based
payments
|
-
|
|
2,128
|
|
Movements in
provisions and long-term employee benefit plan expense
|
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
|
|
Trade
and tax 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
available-for-sale financial assets, net
|
(2,966,148)
|
|
(6,269,806)
|
|
Net
cash flows used in investing activities
|
(4,264,803)
|
|
(18,996,714)
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Bank
and investment accounts overdrafts obtained (paid),
net
|
(319,192)
|
|
(3,328,189)
|
|
Long-term loans
paid
|
(8,669,748)
|
|
(1,891,165)
|
|
Long-term loans
received
|
-
|
|
5,659,105
|
|
Interest and other
financial 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
|
275,593
|
|
531,425
|
| 7 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
NOTES
TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for
the nine-month period ended September 30, 2021
1.
Corporate
information and main business
Central
Puerto S.A. (hereinafter the “Company”,
”we”, “us” or “CEPU”) and the
companies that make up the business group (hereinafter the
“Group”) form an integrated group of companies
pertaining to the energy sector. The Group is mainly engaged in
electric power generation.
CEPU
was incorporated pursuant to Executive Order No. 122/92. We were
formed in connection with privatization process involving Servicios
Eléctricos del Gran Buenos Aires S.A. (“SEGBA”) in
which SEGBA’s electricity generation, transportation,
distribution and sales activities were privatized.
On
April 1, 1992, Central Puerto S.A., the consortium-awardee, took
possession over SEGBA’s Nuevo Puerto and Puerto Nuevo plants,
and we began operations.
Our
shares are listed on the BCBA (“Buenos Aires Stock
Exchange”), and, since February 2, 2018, they are listed on
the NYSE (“New York Stock Exchange”), both under the
symbol “CEPU”.
In
order to carry out its electric energy generation activity the
Group owns the following assets:
-
Our Puerto complex
is composed of two facilities, Central Nuevo Puerto (“Nuevo
Puerto”) and Central Puerto Nuevo (“Puerto
Nuevo”), located in the port of the City of Buenos Aires. Our
Puerto complex’s facilities include steam turbines plants and
a Combined Cycle plant and has a current installed capacity of
1,714 MW.
-
Our Luján de
Cuyo plants are located in Luján de Cuyo, Province of Mendoza
and have an installed capacity of 571 MW and a steam generating
capacity of 125 tons per hour.
-
The Group also owns
the concession right of the Piedra del Águila hydroelectric
power plant located at the edge of Limay river in Neuquén
province. Piedra del Águila has four 360 MW generating
units.
-
The Group is
engaged in the management and operations of the thermal plants
José de San Martín and Manuel Belgrano through its equity
investees Termoeléctrica José de San Martín S.A.
(“TJSM”) and Termoeléctrica General Belgrano S.A.
(“TMB”). Those entities operate the two thermal
generation plants with an installed capacity of 865 MW and 873 MW,
respectively. Additionally, through its subsidiary Central Vuelta
de Obligado S.A. (“CVO”) the Group is engaged in the
operation of the thermal plant Central Vuelta de Obligado, with an
installed capacity of 816 MW.
-
The thermal station
Brigadier López located in Sauce Viejo, Province of Santa Fe,
with an installed power of 280.5 MW (open-cycle
operation).
-
The thermal
cogeneration plant Terminal 6 - San Lorenzo, located in Puerto
General San Martín, Santa Fe Province, with an installed power
of 330 MW and 340 tn/h of steam production. (See Note
11.3).
The
Group is also engaged in the natural gas distribution public sector
service in the Cuyo and Centro regions in Argentina, through its
equity investees belonging to ECOGAS Group.
On July
19, 2018, the National Gas Regulation Entity (Enargas) filed the
Company with the Registry of Traders and Trade Agreements of
Enargas.
| 8 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
Moreover, through
CP Renovables S.A. ("CPR") and its subsidiaries, Vientos La
Genoveva S.A.U. and Vientos La Genoveva II S.A.U. the Group takes
part on the development and performance of energy projects based on
the use of renewable energy sources. In this regard, as of the
issuance date of these financial statements, the Group has a total
installed capacity of 373.8 MW of commercially-authorized power
from sources of renewable energy, which is distributed as follows:
(i) wind farm La Castellana 100.8 MW; (ii) wind farm La Castellana
II 15.2 MW; (iii) wind farm La Genoveva 88.2 MW; (iv) wind farm La
Genoveva II 41.8 MW;
(v)
wind farm Achiras 48 MW; (iv) wind farm Los Olivos 22.8 MW and
(vii) wind farm Manque 57 MW.
The
issuance of Group’s condensed consolidated financial
statements of the nine-month period ended September 30, 2021 was
approved by the Company’s Board of Directors on November 9,
2021.
1.1.
Overview
of Argentine Electricity Market
Transactions among
different participants in the electricity industry take place
through the wholesale electricity market (“WEM”) which
is a market in which generators, distributors and certain large
users of electricity buy and sell electricity at prices determined
by supply and demand (“Term market”) and also, where
prices are established on an hourly basis based on the economic
production cost, represented by the short term marginal cost
measured at the system’s load center (“Spot
market”). CAMMESA (Compañía Administradora del
Mercado Mayorista Eléctrico Sociedad Anónima) is a
quasi-government organization that was established to administer
the WEM and functions as a clearing house for the different market
participants operating in the WEM. Its main functions include the
operation of the WEM and dispatch of generation and price
calculation in the Spot market, the real-time operation of the
electricity system and the administration of the commercial
transactions in the electricity market. Currently, the Term market
has CAMMESA as sole seller, in accordance with Section 9 of SE
Resolution No. 95/2013.
After
the Argentine economic crisis in 2001 and 2002 and the
Convertibility Law, the costs of generators increased as a result
of the Argentine peso devaluation. In addition, the price of fuel
for their generation increased as well. The increasing generation
costs combined with the freezing of rates for the final user
decided by the Secretariat of Energy lead to a permanent deficit in
CAMMESA accounts, which faced difficulties to pay the energy
purchases to generators. Due to this structural deficit, the
Secretariat of Energy issued a series of regulations to keep the
electricity market working despite the deficit. Such regulations
are described in Note 1.2 to the issued consolidated financial
statements for the fiscal year ended December 31,
2020.
Secretariat
of Energy Resolution No. 440/2021
Through
Resolution No. 440 (“Resolution 440”), published in the
Official Gazette on May 21, 2021, the Secretariat of Energy
established a new remuneration scheme for MEM generation agents. In
this regard, Exhibits II, III, IV and V of Resolution No. 31 dated
February 26, 2020 issued by the Secretariat of Energy
(“Resolution 31”) were replaced. Moreover, section 2 of
Resolution 31, which established a system for the automatic
updating of remuneration values, was repealed. In general terms,
Resolution 440 increased the remuneration values of generation
agents by 29% compared to Resolution 31.
It was
established that for what Resolution 440 set forth (collection of
the new values as from February 2021 transactions, among others),
MEM generation agents must submit before CAMMESA a note –to
CAMMESA’s satisfaction– stating full and unconditional
withdrawal of any administrative complaint or ongoing judicial
procedure against the National Government, the Secretariat of
Energy and/or CAMMESA, related to section 2 of Resolution 31. Dated
June 17, 2021, the Company submitted the requested withdrawal
note.
Secretariat
of Energy 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 status of high energy demand in Brazil due droughts in the area,
created an Exports Account where the revenue margins will be
accumulated after such electric power export. Such amounts will be
destined to financing energy infrastructure works.
In
addition, through such Resolution, the Secretariat informed there
will be an additional and temporary recognition in the remuneration
of Generation Agents under the scope of Resolution 440, covering
economic transactions between September 1, 2021 and February 28,
2022. Such will be defined by the Secretariat by way of future
regulatory instructions.
| 9 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
1.2.
TSM
and TMB
The
Group has an interest in TSM and TMB. These companies were created
for managing the purchase of equipment and building the power
plants and currently they operate and maintain such power plants.
TSM and TMB are private, unlisted companies.
After
termination of the supply agreements with TSM and TMB dated
February 2, 2020 and January 7, 2020, respectively, trust
agreements also terminated. As from those dates, a 90-day period
commenced in which TSM and TMB and their shareholders had to
perform all the company acts necessary to allow the Argentine
Government to receive the corresponding shares in the capital of
TSM and TMB that their contributions give them rights
to.
On
January 3, 2020, i.e. before the aforementioned 90-day period
commenced, the Argentine Government (through the Ministry of
Productive Development) served notice to the Company (together with
TSM, TMB and their other shareholders and BICE, among others)
stating that, according to the Final Agreement for the Re-
adaptation of WEM, TSM and TMB shall perform the necessary acts to
incorporate the Argentine Government as shareholder of both
companies, acknowledging the same equity interest rights: 65.006%
in TMB and 68.826% in TSM.
On
January 9, 2020, the Company, together with the other generation
shareholders of TSM and TMB, rejected such act understanding that
the equity interest the Government claims does not correspond with
the contributions made for the construction of power stations and
that gave it right to claim such equity interest.
On
March 4, 2020, the Company was notified on two notes sent by the
Minister of Productive Development whereby he answered the one sent
by the Company on January 9, 2020 - mentioned above -, ratifying
the terms of the note notified to the Company on January 3, 2020.
In March 2020, the Company raised a reconsideration motion, with
higher supplementary appeal, against the Argentine
Government’s order for the acts mentioned above.
On May
4 and 8, 2020, the Company attended the Special Shareholder’s
Meetings of TMB and TSM, respectively, in which the admission of
the Argentine Government as shareholder of TSM and TMB was allowed,
in accordance with the shareholding interest claimed by the
Argentine Government. This with the sole purpose of complying with
the precedent condition established in the respective Trust
Agreements, which stated that for the trusted equity -comprised,
among others, by the power plants- to be transferred to the
companies TSM and TMB in a 90-day period counted as from the end of
the supply agreements, such companies and their shareholders (among
which the Company is included) had to allow the entrance of the
Argentine Government in TSM and TMB, receiving the same amount of
shares representing the contributions made by the Argentine
Government for the construction of the plants and giving it the
right to claim such interest.
In both
cases, when the mentioned Shareholders’ Meetings were held,
through which the Argentine Government was allowed as shareholder
of TMB and TSM due to its interest claim, the Company made the
corresponding reservation of rights so as to continue the
abovementioned claims already commenced.
On
November 19, 2020, BICE (in its capacity as trustee of both trust
agreements) had the condition precedent established in the Trust
Agreements fulfilled since the necessary corporate acts for the
Argentine Government to be allowed as shareholder of TSM and TMB
were performed. Finally, on March 11, 2021, the Argentine
Government has subscribed its shares in TSM and TMB. This way, the
Group´s equity interest in TSM and TMB was changed from
30.8752% to 9.6269% and from 30.9464% to 10.8312%, respectively. As
of the date of these financial statements, the transference of
power stations has not been made to TSM and TMB. Therefore, the
Company has not recorded the equity variation the transference of
such assets would produce.
On the
other hand, the Company, together with the other shareholders of
TSM and TMB (as guarantor within the framework and the limits
stated by the Final Agreement for the Re-adaptation of WEM, Note SE
no. 1368/05 and trust
agreements), BICE, TSM, TMB and SE signed: a) on January 7, 2020 an
amendment addenda of the Operation and Maintenance
(“OMA”) of Thermal Plant Manuel Belgrano and b) on
January 9, 2020 an amendment addenda of the Operation and
Maintenance Agreement (“OMA”) of Thermal Plant San
Martín, to extend the operating period until the effective
transference of the trust’s liquidation
equity.
| 10 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
2.
Basis
of preparation of the consolidated financial
statements
2.1.
Applied
professional accounting standards
The
Company prepares its condensed consolidated financial statements
pursuant to the regulations in force of the Argentine Securities
Commission (CNV) on Chapter III, Title IV of the CNV Regulations
(N.T. 2013 as amended). Under section 1 of such section of the
Regulations, companies issuing negotiable instruments must present
their condensed consolidated financial statements applying
Technical Resolution 26 of the Argentine Federation of Professional
Councils in Economic Sciences (“FACPCE”), which
resolution establishes the application of the International
Financial Reporting Standards (“IFRS”) issued by the
International Accounting Standards Board (“IASB”), its
amendments and adoption circulars of IFRS that FACPCE may establish
in accordance with such Technical Resolution. Interim condensed
financial statements must apply the International Accounting
Standard 34 (“IAS”) “Interim Financial
Reporting”.
2.2.
Basis
of presentation and consolidation
These
condensed consolidated financial statements for the nine-month
period ended September 30, 2021 were prepared applying the
financial information framework prescribed by CNV as mentioned in
Note 2.1.
In
preparing these condensed consolidated financial statements, the
Group applied the significant accounting policies, estimates and
assumptions described in Notes 2.3 and 2.4 of the issued financial
statements for the year ended December 31, 2020.
These
condensed consolidated financial statements include all the
necessary information for a proper understanding by their users of
the relevant facts and transactions subsequent to the issuance of
the last annual financial statements for the year ended December
31, 2020 and up to the date of these interim condensed consolidated
financial statements. However, these condensed consolidated
financial statements include neither all the information nor the
disclosures required for the annual financial statements prepared
in accordance with IAS 1 (Presentation of financial statements).
Therefore, these condensed consolidated financial statements must
be read together with the annual financial statements for the year
ended December 31, 2020.
The
Group’s condensed consolidated financial statements are
presented in Argentine pesos, which is the Group’s functional
currency, and all values have been rounded to the nearest thousand
(ARS 000), except when otherwise indicated.
2.2.1.
Measuring
unit
The
condensed consolidated financial statements as at September 30,
2021, including the figures for the previous period were restated
to consider the changes in the general purchasing power of the
functional currency of the Group (Argentine peso) pursuant to IAS
29 and General Resolution no. 777/2018 of the Argentine Securities
Commission. Consequently, the financial statements are stated in
the current measurement unit at the end of the reported
period.
The
effects caused by the application of IAS 29 are detailed in Note
2.2.2 to the issued consolidated financial statements for the year
ended December 31, 2020.
The
inflation was 36.96% and 22.29% in the nine-month periods ended
September 30, 2021 and 2020, respectively.
| 11 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
2.3.
Changes
in accounting policies
New
standards and interpretations adopted
As from
the fiscal year beginning January 1, 2021, the Group has applied
for the first time certain new and/or amended standards and
interpretations as issued by the IASB.
Below
is a brief description of the new and/or amended standards and
interpretations adopted by the Group and their impact on these
consolidated financial statements.
Interest
Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS
7, IFRS 4 and IFRS 16
The UK
Financial Conduct Authority (FCA), which is the competent authority
for the regulation of benchmarks in the UK, advocated a transition
away from reliance on London Interbank Offered Rate
(“LIBOR”) to alternative reference rates and stated
that it would no longer persuade or compel banks to submit rates
for the calculation of the LIBOR rates after 2021 (the “FCA
Announcement”). The FCA Announcement formed part of ongoing
global efforts to reform LIBOR and other major interest rate
benchmarks. At this time, the nature and overall timeframe of the
transition away from LIBOR is uncertain and no consensus exists as
to what rate or rates may become accepted alternatives to
LIBOR.
In this
sense, the IFRS amendments provide temporary reliefs which address
the financial reporting effects when an interbank offered rate
(IBOR) is replaced with an alternative nearly risk-free interest
rate (RFR).
As of
September 30, 2021, the Group has trade receivables under the CVO
Agreement, described in Note 1.2
a) to
the issued consolidated financial statements for the fiscal year
ended December 31, 2020, as well as loans with due date after 2021,
which were indexed to LIBOR and for which the replacement
alternative interest rate has not been identified.
These
amendments are effective for annual periods beginning on or after 1
January 2021. As of the date of these financial statements, these
amendments had no significant impact.
2.4.
Property,
plant and equipment and intangible assets impairment
At
every period closing date, the Group evaluates if there is any
triggering event of an individual component or group of property,
plant and equipment that may have their value impaired. Should such
event exist, the impairment test for an asset is then required, and
the Group estimates the recoverable amount of such asset. The
recoverable amount of an asset is the highest amount between the
fair value less costs of sale of such asset and its value in use.
Such recoverable amount is determined for an individual asset,
unless the individual asset does not generate cash flows
substantially independent from the other assets or group of assets;
in such case, the cash flows of the group of assets forming the
cash-generation unit to which they belong are considered. When the
book value of an individual asset or a cash-generation unit exceeds
its recoverable amount, the individual asset, or in its case the
cash-generation unit, is considered as impaired and its value is
reduced to its recoverable amount.
During
current fiscal year the Group has identified as signs of potential
impairment of its thermal stations cash- generation units the
repeal of the price update mechanism in the spot market that was
established by Resolution No. 440, as described in Note
1.1.
In
order to measure the recoverability of its property, plant and
equipment and its intangible assets with a limited useful life and
with signs of impairment in its value the Group used their value in
use. As a result of the recoverability analysis, the Group
concluded that the book value of the assets that form the
cash-generating units that correspond to the thermal power stations
Puerto Nuevo and Nuevo Puerto, the cogeneration unit in Luján
de Cuyo, the cogeneration unit Terminal 6 San Lorenzo and the
hydroelectric power station Piedra del Águila, shall not
exceed their recoverable value.
| 12 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
CGUs
Thermal Station Brigadier López and Combined cycle plant in
Luján de Cuyo
During
current fiscal year the Group estimated that the book value of the
assets of the cash-generating unit of the Thermal Station Brigadier
López exceeded its recoverable asset by 3,716,641. Therefore,
an impairment charge was determined and allocated on a pro-rata
basis to property, plant and equipment by 2,849,310 within items
"Electric power facilities", "Lands and buildings", "Construction
in progress" and "Others" and to intangible assets by 867,331 under
the item “Impairment of property, plant and equipment and
intangible assets” of the consolidated income statement for
the nine-month period ended September 30, 2021. After recognizing
this impairment, the book value of the property, plant and
equipment and the intangible assets for the Thermal Station
Brigadier López amounted to 9,620,259 and 2,928,392,
respectively.
In
addition, during current fiscal year the Group estimated that the
book value of the assets of the cash generating unit of the
combined cycle plant located in Luján de Cuyo exceeded its
recoverable value by 543,693. Therefore, an impairment of property,
plant and equipment charge was determined in the items
“Electric power facilities”, “Lands and
buildings” and “Others” and was registered under
the item “Impairment of property, plant and equipment and
intangible assets” of the consolidated income statement for
the nine- month period ended September 30, 2021. After recognizing
such impairment, the book value of the property, plant and
equipment of the Luján de Cuyo combined cycle power plant
amounted to 3,850,159.
The
Group determined the recoverable values, considering the
remuneration scheme introduced by Resolution 440, the estimated
completion date of the works of cycle closing of the Thermal
Station Brigadier López and different alternatives weighted in
relation with the evolution of the macroeconomic variables
regarding exchange rate and inflation, which implied preparing
different scenarios with different estimations of the expected cash
flows, when considering such variables and assigning occurrence
probabilities, based on the experience and expectations of the
Group about the outcome of the uncertainties involved.
The key
assumptions to estimate the value in use are as
follows:
-
Gross margin: the
margin was determined for the budgeted period (5 years) based on
the prices of the sale of energy applied by Resolution 440 and
energy supply agreements subscribed, whereas the costs were
determined over the base of the costs of operation incurred in the
past in both power stations. The highest cost was maintenance,
which was estimated maintaining the conditions of the agreements in
force with the supplier Siemens S.A. No growth rates were used to
extrapolate the inflows of funds after the budgeted period, since
the inflows after the last year of the budgeted period remained
steady, pursuant to IAS 36.
-
Discount rate: it
represents the market evaluation of the specific risks of the
Company, taking into consideration the time-value of money. The
calculation for the discount rate is based on the circumstances of
the market participants and it is derived from the weighted average
cost of capital (WACC). The WACC rate takes into consideration both
the Company’s debt and equity. The cost of equity is derived
from the expected return of the investment, whereas the cost of
debt is based on the conditions of the debt to which the rest of
the market participants could access to. The specific risks of the
operational segment are incorporated by applying individual beta
factors, which are annually assessed from the available public
information of the market.
The
discount rate used for determining the value in use was 12.1%,
after income tax.
Any
increase in the discount rate would entail an additional
depreciation for the cash-generation units Thermal Station
Brigadier López and Combined cycle plant in Luján de
Cuyo.
-
Macroeconomic
variables: the estimated inflation and devaluation rates, as well
as the exchange rates used, were obtained from external sources
being those consulting firms dedicated to the local and global
economic analysis, widely experienced in the market. An increase in
the inflation rates over the devaluation rates regarding the
variables used in the determination of the value in use would
entail an additional depreciation for the cash-generation units
Thermal Station Brigadier López and Combined cycle plant in
Luján de Cuyo.
| 13 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
3.
Operating
segments
The
following provides summarized information about the net income from
continuing operations of the operating segments for the nine-month
periods ended September 30, 2021 and 2020:
|
2021
|
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
|
30,070,156
|
7,963,036
|
23,051,880
|
1,325,477
|
(23,397,423)
|
39,013,126
|
|
Cost of
sales
|
(17,629,084)
|
(2,275,782)
|
(17,946,011)
|
(1,172,543)
|
18,448,616
|
(20,574,804)
|
|
Administrative and
selling expenses
|
(2,528,071)
|
(399,705)
|
(4,673,160)
|
-
|
4,673,160
|
(2,927,776)
|
|
Other operating
income
|
8,004,286
|
423,330
|
715,408
|
15,702
|
(715,408)
|
8,443,318
|
|
Other operating
expenses
|
(2,031,271)
|
(16,246)
|
(180,623)
|
-
|
180,623
|
(2,047,517)
|
|
Impairment of
property, plant and equipment and intangible assets
|
(4,260,334)
|
-
|
-
|
-
|
-
|
(4,260,334)
|
|
Operating
income
|
11,625,682
|
5,694,633
|
967,494
|
168,636
|
(810,432)
|
17,646,013
|
|
|
|
|
|
|
|
|
|
Other (expenses)
income
|
(16,516,430)
|
(1,724,133)
|
(3,586,986)
|
(131,148)
|
2,954,216
|
(19,004,481)
|
|
|
|
|
|
|
|
|
|
Net (loss) income
for the segment
|
(4,890,748)
|
3,970,500
|
(2,619,492)
|
37,488
|
2,143,784
|
(1,358,468)
|
|
Share
in the net (loss) income for the segment
|
(4,890,748)
|
3,970,500
|
(523,242)
|
85,022
|
-
|
(1,358,468)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
31,277,793
|
7,013,812
|
33,205,766
|
1,802,701
|
(33,819,430)
|
39,480,642
|
|
Cost of
sales
|
(14,265,050)
|
(1,798,136)
|
(27,473,612)
|
(1,433,072)
|
28,163,148
|
(16,806,722)
|
|
Administrative and
selling expenses
|
(2,529,563)
|
(366,777)
|
(6,265,388)
|
-
|
6,265,388
|
(2,896,340)
|
|
Other operating
income
|
13,801,216
|
340,920
|
779,000
|
(13,310)
|
(779,000)
|
14,128,826
|
|
Other operating
expenses
|
(444,769)
|
(120,794)
|
(329,512)
|
(1,144)
|
329,512
|
(566,707)
|
|
Impairment of
property, plant and equipment
|
(2,054,624)
|
-
|
-
|
-
|
-
|
(2,054,624)
|
|
Operating
income
|
25,785,003
|
5,069,025
|
(83,746)
|
355,175
|
159,618
|
31,285,075
|
|
|
|
|
|
|
|
|
|
Other (expenses)
income
|
(17,199,365)
|
(5,293,770)
|
(317,537)
|
(28,286)
|
288,521
|
(22,550,437)
|
|
|
|
|
|
|
|
|
|
Net income (loss)
for the segment
|
8,585,638
|
(224,745)
|
(401,283)
|
326,889
|
448,139
|
8,734,638
|
|
Share
in the net income (loss) for the segment
|
8,585,638
|
(224,745)
|
148,614
|
225,131
|
-
|
8,734,638
|
(1)
Includes
information from associates.
(2)
Includes income
(expenses) related to resale of gas transport and distribution
capacity.
| 14 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
4.
Revenues
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Revenues from
Resolution 44, Resolution 1, Resolution 19, SGE Resolution 70/2018
and amendments
|
18,103,152
|
18,485,995
|
6,258,027
|
6,276,213
|
|
Sales under
contracts
|
18,721,540
|
18,677,192
|
6,250,896
|
6,631,476
|
|
Steam
sales
|
1,208,500
|
1,128,417
|
461,783
|
503,849
|
|
Resale of gas
transport and distribution capacity
|
223,314
|
398,958
|
61,078
|
164,526
|
|
Revenues from CVO
thermal plant management
|
756,620
|
790,080
|
265,438
|
267,331
|
|
|
39,013,126
|
39,480,642
|
13,297,222
|
13,843,395
|
| 15 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
5.
Other
income and expenses
5.1.
Other
operating income
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Interest earned
from customers
|
2,651,478(1)
|
3,328,858(1)
|
915,392(3)
|
948,438(3)
|
|
Foreign exchange
difference, net
|
5,601,329(2)
|
10,767,383(2)
|
920,159(4)
|
1,493,326(4)
|
|
Recovery related to
discount tax credits
|
187,567
|
-
|
48,403
|
-
|
|
Others
|
2,944
|
32,585
|
(27,429)
|
23,465
|
|
|
8,443,318
|
14,128,826
|
1,856,525
|
2,465,229
|
(1)
Includes 826
related to receivables under FONINVEMEM I and II Agreements for the
nine-month period ended September 30, 2020. It also includes
1,296,965 y 1,698,696 related to CVO receivables for the nine-month
periods ended September 30, 2021 and 2020,
respectively.
(2)
Includes 27,840
related to receivables under FONINVEMEM I and II Agreements for the
nine-month period ended September 30, 2020. It also includes
5,796,826 and 10,084,864 related to CVO receivables for the
nine-month periods ended September 30, 2021 and 2020,
respectively.
(3)
Includes 394,519
and 499,473 related to CVO receivables for the three-month periods
ended September 30, 2021 and 2020, respectively.
(4)
Includes 1,093,082
and 1,653,675 related to CVO receivables for the three-month
periods ended September 30, 2021 and 2020,
respectively.
5.2.
Other
operating expenses
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Recovery (Charge)
related to the provision for lawsuits and claims (Exhibit
E)
|
6,798
|
(12,478)
|
(523)
|
(12,716)
|
|
Charge related to
the allowance for doubtful accounts and other
receivables
|
(1,215,085)
|
(11,964)
|
(1,217,581)
|
(6,463)
|
|
Trade and tax
interests
|
(566,226)
|
(509,426)
|
(2,266)
|
(24,756)
|
|
Charge related to
discount of tax credits
|
-
|
(32,839)
|
-
|
31,208
|
|
Income from sale of
property, plant and equipment
|
96,324
|
-
|
96,324
|
-
|
|
Others
|
(369,328)
|
-
|
(298,740)
|
19,724
|
|
|
(2,047,517)
|
(566,707)
|
(1,422,786)
|
6,997
|
5.3.
Finance
income
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Interest
earned
|
38,152
|
141,472
|
14,129
|
17,830
|
|
Net income on
financial assets at fair value through profit or loss (1)
|
177,426
|
3,786,388
|
177,426
|
1,395,528
|
|
Interest rate swap
income
|
388,162
|
-
|
72,725
|
-
|
|
|
603,740
|
3,927,860
|
264,280
|
1,413,358
|
(1)
Net of 15,300 and
31,339 corresponding to turnover tax for the nine-month periods
ended September 30, 2021 and 2020, respectively, and net of 15,300
and 10,185 for the three-month periods ended September 30, 2021 and
2020, respectively.
| 16 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
5.4.
Finance
expenses
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Interest on
loans
|
(3,461,468)
|
(3,649,551)
|
(1,047,563)
|
(1,067,100)
|
|
Foreign exchange
differences
|
(9,738,047)
|
(16,730,786)
|
(1,646,782)
|
(5,542,949)
|
|
Net loss on
financial assets at fair value through profit or loss
|
-
|
-
|
692,757
|
-
|
|
Bank commissions
for loans and others
|
(544,661)
|
(373,028)
|
(100,963)
|
(112,201)
|
|
Others
|
(492)
|
(1,574,265)
|
-
|
(19,872)
|
|
|
(13,744,668)
|
(22,327,630)
|
(2,102,551)
|
(6,742,122)
|
6.
Income
tax
The
major components of income tax during the nine-month periods ended
September 30, 2021 and 2020, are the following:
Consolidated
statements of income and comprehensive income
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Current
income tax
|
|
|
|
|
|
|
|
|
|
|
|
Income tax charge
for the period
|
(4,110,080)
|
(5,084,946)
|
(1,651,850)
|
(1,524,549)
|
|
Adjustment related
to current income tax for the prior year
|
137,526
|
146,248
|
-
|
-
|
|
|
|
|
|
|
|
Deferred
income tax
|
|
|
|
|
|
|
|
|
|
|
|
Related to the net
variation in temporary differences
|
(1,319,298)
|
(601,918)
|
583,863
|
(191,730)
|
|
Income
tax
|
(5,291,852)
|
(5,540,616)
|
(1,067,987)
|
(1,716,279)
|
| 17 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
The
reconciliation between income tax in the consolidated statement of
income and the accounting income multiplied by the statutory income
tax rate for the nine-month periods ended September 30, 2021 and
2020, is as follows:
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Income
before income tax
|
3,933,384
|
14,275,254
|
3,756,770
|
5,203,154
|
|
|
|
|
|
|
|
At statutory income
tax rate (1)
|
(1,376,684)
|
(4,282,576)
|
(1,314,869)
|
(1,560,945)
|
|
Share of the profit
of associates
|
16,220
|
(3,479)
|
(5,376)
|
107
|
|
Effect related to
statutory income tax rate change (Note 12)
|
(3,912,884)
|
731,275
|
-
|
(172,776)
|
|
Effect related to
the discount of income tax payable
|
(179,725)
|
317,550
|
(52,944)
|
(66,648)
|
|
Adjustment related
to current income tax for the prior year
|
137,526
|
146,248
|
-
|
-
|
|
Loss on net
monetary position
|
(745,059)
|
(2,631,505)
|
(225,904)
|
355,133
|
|
Others
|
768,754
|
181,871
|
531,106
|
(271,150)
|
|
Income
tax for the period
|
(5,291,852)
|
(5,540,616)
|
(1,067,987)
|
(1,716,279)
|
(1) The
statutory income tax rate used amounts to 35% and 30% as of
September 30, 2021 and 2020, respectively.
Deferred
income tax
Deferred income tax
relates to the following:
|
|
Consolidated statement
of financial position
|
|
Consolidated statement of
income and comprehensive income
|
||||
|
|
09-30-2021
|
|
12-31-2020
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
|
|
|
|
|
|
|
|
|
Trade
receivables
|
3,488
|
|
4,436
|
|
(948)
|
|
1,909
|
|
Other
financial assets
|
(1,969)
|
|
(536)
|
|
(1,433)
|
|
403,440
|
|
Employee benefit
liability
|
208,743
|
|
150,661
|
|
58,082
|
|
5,989
|
|
Provisions and
others
|
(407,067)
|
|
(401,320)
|
|
(5,747)
|
|
(371,347)
|
|
Investments in
associates
|
(1,854,793)
|
|
(1,481,155)
|
|
(373,638)
|
|
(33,875)
|
|
Property, plant and
equipment - Material & spare parts - Intangible
assets
|
(7,504,166)
|
|
(7,371,062)
|
|
(133,104)
|
|
401,222
|
|
Deferred tax
income
|
(3,742,990)
|
|
(3,607,374)
|
|
(135,616)
|
|
141,823
|
|
Tax
loss carry-forward
|
1,843,814
|
|
3,289,549
|
|
(1,445,735)
|
|
169,170
|
|
Tax
inflation adjustment - Asset
|
186,677
|
|
256,059
|
|
(69,382)
|
|
(439,449)
|
|
Tax
inflation adjustment - Liability
|
(2,242,372)
|
|
(3,030,595)
|
|
788,223
|
|
(880,800)
|
|
Deferred
income tax expense
|
|
|
|
|
(1,319,298)
|
|
(601,918)
|
|
Deferred
income tax liabilities, net
|
(13,510,635)
|
|
(12,191,337)
|
|
|
|
|
| 18 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
Deferred
income tax liability, net, disclosed in the consolidated statement
of financial position
|
|
Consolidated statement
of financial position
|
||
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
|
|
|
|
|
Deferred
income tax asset
|
1,051,052
|
|
134,739
|
|
Deferred
income tax liability
|
(14,561,687)
|
|
(12,326,076)
|
|
Deferred income tax liability, net
|
(13,510,635)
|
|
(12,191,337)
|
7.
Financial
assets and liabilities
7.1.
Trade
and other receivables
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
Non-current:
|
|
|
|
|
|
|
|
|
|
Trade
receivables - CAMMESA
|
30,224,472
|
|
40,016,764
|
|
Receivables
from shareholders
|
394,183
|
|
248,877
|
|
Guarantee
deposits
|
43
|
|
59
|
|
|
30,618,698
|
|
40,265,700
|
|
Current:
|
|
|
|
|
|
|
|
|
|
Trade
receivables - CAMMESA
|
16,846,535
|
|
19,205,306
|
|
Trade
receivables - YPF SA and YPF Energía Eléctrica
SA
|
456,872
|
|
362,458
|
|
Trade
receivables - Large users
|
1,380,213
|
|
1,606,066
|
|
Receivables
from associates and other related parties
|
50
|
|
66
|
|
Other
receivables
|
4,381,518
|
|
4,504,285
|
|
|
23,065,188
|
|
25,678,181
|
|
Allowance
for doubtful accounts - Exhibit E
|
(9,881)
|
|
(18,992)
|
|
|
23,055,307
|
|
25,659,189
|
FONINVEMEM I and II: During the
nine-month periods ended September 30, 2021 collections of these
receivables amounted to 459,228. As mentioned in Note 1.2.a) to the
issued consolidated financial statements for the year ended
December 31, 2020, during January and February 2020 we collected
the last installments from the total 120 installments that were
established by TMB and TSM agreements, respectively.
CVO receivables: As described in Note
1.2.a) to the issued consolidated financial statements as of
December 31, 2020, in 2010 the Company approved a new agreement
with the former Energy Secretariat (the “CVO
agreement”) and as from March 20, 2018, CAMMESA granted the
commercial operations as a combined cycle of Central Vuelta de
Obligado thermal power plant (the “Commercial
Approval”).
Receivables under
CVO agreement are disclosed under “Trade receivables -
CAMMESA”. CVO receivables are expressed in USD and they
accrue LIBOR interest at a 5% rate.
As a
consequence of the Commercial Approval and in accordance with the
CVO agreement, the Company collects the CVO receivables converted
in US dollars in 120 equal and consecutive
installments.
During
the nine-month period ended September 30, 2021 and 2020,
collections of CVO receivables amounted to 5,743,940 and 6,566,092,
respectively.
The
information on the Group’s objectives and credit risk
management policies is included in Note 17 to the issued
consolidated financial statements as of December 31,
2020.
| 19 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
The
breakdown by due date of trade and other receivables due as of the
related dates is as follows:
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
09-30-21
|
53,683,886
|
47,530,113
|
6,142,162
|
-
|
-
|
-
|
11,611
|
|
12-31-20
|
65,943,881
|
61,786,947
|
4,119,987
|
3,210
|
17,329
|
37
|
16,371
|
7.2.
Trade
and other payables
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
Current:
|
|
|
|
|
|
|
|
|
|
Trade
and other payables
|
4,040,844
|
|
3,284,878
|
|
Insurance
payable
|
-
|
|
162,744
|
|
Payables
to associates and other related parties
|
65,966
|
|
38,632
|
|
|
4,106,810
|
|
3,486,254
|
Trade
payables are non-interest bearing and are normally settled on
60-day terms.
The
information on the Group’s objectives and financial risk
management policies is included in Note 17 to the issued
consolidated financial statements as of December 31,
2020.
For the
terms and conditions of payables to related parties, refer to Note
10.
7.3.
Other
loans and borrowings
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
Non-current
|
|
|
|
|
|
|
|
|
|
Long-term
loans for project financing (Notes 7.3.1, 7.3.2, 7.3.3, 7.3.4,
7.3.5, 7.3.6 and 7.3.7)
|
31,705,838
|
|
36,917,906
|
|
Corporate
bonds (Note 7.3.8)
|
3,297,406
|
|
4,036,145
|
|
Derivative
financial liabilities not designated as hedging instrument -
Interest rate swap
|
625,355
|
|
1,290,439
|
|
|
35,628,599
|
|
42,244,490
|
|
Current
|
|
|
|
|
|
|
|
|
|
Long-term
loans for project financing (Notes 7.3.1, 7.3.2, 7.3.3, 7.3.4,
7.3.5, 7.3.6 and 7.3.7)
|
10,159,040
|
|
24,208,716
|
|
Corporate
bonds (Note 7.3.8)
|
-
|
|
1,542,939
|
|
Derivative
financial liabilities not designated as hedging instrument - Stock
options
|
170,277
|
|
395,774
|
|
Bank
and investment accounts overdrafts
|
1,084,669
|
|
1,414,615
|
|
|
11,413,986
|
|
27,562,044
|
7.3.1.
Loans
from the IIC-IFC Facility
On
October 20, 2017 and January 17, 2018, CP La Castellana S.A.U. and
CP Achiras S.A.U. (both of which are subsidiaries of CPR),
respectively, agreed on the structuring of a series of loan
agreements in favor of CP La Castellana S.A.U. and CP Achiras
S.A.U., for a total amount of USD 100,050,000 and USD 50,700,000,
respectively, with: (i) International Finance Corporation (IFC) on
its own behalf, as Eligible Hedge Provider and as an implementation
entity of the Intercreditor Agreement Managed Program; (ii)
Inter-American Investment Corporation (“IIC”), as
lender on its behalf, acting as agent for the Inter-American
Development Bank (“IDB”) and on behalf of IDB as
administrator of the Canadian Climate Fund for the Private Sector
in the Americas (“C2F”, and together with IIC and IDB,
“Group IDB”, and together with IFC, “Senior
Creditors”).
| 20 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
As of
the date of these financial statements, the loans disbursements
have been fully received by the Group.
In
accordance with the terms of the agreement subscribed by CP La
Castellana, USD 5 million accrue an interest rate equal to LIBOR
plus 3.5%, and the rest at LIBOR plus 5.25% and the loan is
amortizable quarterly in 52 equal and consecutive installments as
from February 15, 2019.
In
accordance with the terms of the agreement subscribed by CP
Achiras, USD 40.7 million accrue a fixed interest rate equal to
8.05%, and the rest accrue a 6.77% fixed interest rate. The loan is
amortizable quarterly in 52 equal and consecutive installments as
from May 15, 2019.
Other
related agreements and documents, such as the Guarantee and Sponsor
Support Agreement (the “Guarantee Agreement” by which
CPSA completely, unconditionally and irrevocably guarantees, as the
main debtor, all payment obligations undertaken by CP La Castellana
and CP Achiras until the projects reach the commercial operations
date) hedging agreements, guarantee trusts, a mortgage, guarantee
agreements on shares, guarantee agreements on wind turbines, direct
agreements and promissory notes have been signed.
Pursuant to these
agreements, CP Achiras, CP La Castellana and the Company have
undertaken some obligations, which are described in Note 10.3.1 to
the issued financial statements as at December 31, 2020. As of
September 30, 2021, the Group has met such
obligations.
Under
the subscribed trust guarantee agreement, as at September 30, 2021
and as of December 31, 2020, there are trade receivables with
specific assignment for the amounts of 2,803,691 and 3,823,838,
respectively.
As of
September 30, 2021, and as of December 31, 2020, the balance of
these loans amounts to 11,629,551 and 14,619,246,
respectively.
7.3.2.
Borrowing
from Kreditanstalt für Wiederaufbau
(“KfW”)
On
March 26, 2019 the Company entered into a loan agreement with KfW
for an amount of USD 56 million in relation to the acquisition of
two gas turbines, equipment and related services relating to the
Luján de Cuyo project described in Note 11.3.
In
accordance with the terms of the agreement, the loan accrues an
interest equal to LIBOR plus 1.15% and it is amortizable quarterly
in 47 equal and consecutive installments as from the day falling
six months after the commissioning of the gas turbines and
equipment.
Pursuant to the
loan agreement, among other obligations, CPSA has agreed to
maintain a debt ratio of (a) as at December 31, 2020 of no more
than 4.00:1.00 and (b) as from that date, no more than 3.5:1.00. As
at September 30, 2021, the Company has complied with that
requirement.
During
2019 the disbursements for this loan were fully received for a
total amount of USD 55.2 million.
As at
September 30, 2021 and December 31, 2020, the balance of this loan
amounts to 3,695,298 and 4,802,443, respectively.
7.3.3.
Loan
from Citibank N.A., JP Morgan Chase Bank N.A. and Morgan Stanley
Senior Funding INC.
On
September 12, 2019, the Company entered into a loan agreement with
Citibank N.A., JP Morgan Chase Bank N.A. and Morgan Stanley Senior
Funding INC. for USD 180 million to fund the acquisition of the
Thermal Station Brigadier López, as well as to fund future
capital expenses and other expenses.
Pursuant to the
agreement, this loan accrues an adjustable interest rate based on
LIBOR plus a margin.
Pursuant to the
loan agreement, among other obligations, CPSA has agreed to
maintain (i) a debt ratio of no more than 2.25:1.00; (ii) an
interest coverage ratio of no more than 3.50:1.00 and (iii) and a
minimum equity of USD 500 million. As at September 30, 2021, the
Company has complied with such obligations.
| 21 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
On June
14, 2019 the loan funds were fully disbursed.
As
mentioned in Note 12, on September 15, 2020, BCRA issued
Communication “A” 7106, which established certain
access restrictions to the foreign exchange market for the
repayment of the financial debt in which it allows payment of up to
40% of installments higher than USD 1 million becoming due between
October 15, 2020 and March 31, 2021, establishing that a
refinancing plan should be submitted for the outstanding amounts,
which shall fulfill certain conditions established in the
regulation, such as that repayment must have an average life higher
than 2 years. This way, the loan installments becoming due between
December 2020 and March 2021 were under the scope of the provisions
of such regulation.
On
December 22, 2020, the Company signed an amendment to the loan,
modifying, among others, the amortization schedule so as to comply
with the requirements established by Communication “A”
7106, partially postponing installments becoming due in December
2020 and March 2021, extending the final payment term to June 2023,
including monthly amortizations as from January 2021 until January
2022, and keeping the amortizations in the initial schedule for
June, September and December 2021, each of them equal to 20% of
capital. In December 2020, 40% of the installment for such month
was paid, complying with the regulations in force and the
abovementioned amendment. Amongst others, the amendment involves a
two basic points increase in the interest rates as from December
12, 2020.
Other
changes derived from the amendment include: a limitation to make
dividends payment during 2021, and a USD 25 million maximum allowed
for 2022. Moreover, a collateral agreement was signed, which
includes the pledge on turbines of Brigadier López Thermal
Station, a mortgage on the land in which such power station is
located and a LVFDV passive collection collateral
assignment.
On June
15, 2021, the Company signed a new amendment, in accordance with
Communication “A” 7230 issued by BCRA, as described in
Note 12, which changed the amortization schedule, rescheduling 60%
of installments, whose original maturity date operated in June,
September and December 2021, and extending the loan’s final
term up to January 2024. The schedule in force, which includes this
amendment and the one dated December 22, 2020, foresees monthly
amortizations until January 2022, one amortization in June 2023 for
the amount of USD 34.128 million and the last amortization in
January 2024 for the amount of USD 55.1 million. Moreover, the
financial commitments and obligations undertaken in the first
amendment are kept.
This
new amendment also implied a 125 basic-point increase in the
applicable interest rate as from June 12, 2021 and the dividend
payment restriction is maintained until 2021, as well as the USD 25
million limitation for 2022. During 2023, the highest dividend
payment allowed is USD 20 million.
In June
2021, 40% of the installment becoming due in such month was paid;
therefore, the mentioned amendment was fulfilled within the
regulations in force.
As at
September 30, 2021, and as of December 31, 2020, the balance of the
loan amounts to 11,500,523 and 18,928,740,
respectively.
7.3.4.
Loan
from the IFC to the subsidiary Vientos La Genoveva
S.A.U.
On June
21, 2019, Vientos La Genoveva S.A.U., a CPSA subsidiary, entered
into a loan agreement with IFC on its own behalf, as Eligible Hedge
Provider and as an implementation entity of the Managed Co-Lending
Portfolio Program (MCPP) administered by IFC, for an amount of USD
76.1 million.
Pursuant to the
terms of the agreement subscribed with Vientos La Genoveva S.A.U.,
this loan accrues an interest rate equal to LIBOR plus 6.50% and it
is amortizable quarterly in 55 installments as from November 15,
2020.
Other
related agreements and documents, such as the Guarantee and Sponsor
Support Agreement (the “Guarantee Agreement” by which
CPSA completely, unconditionally and irrevocably guarantees, as the
main debtor, all payment obligations undertaken by Vientos La
Genoveva S.A.U until the project reaches the commercial operations
date) hedging agreements, guarantee trusts, guarantee agreements on
shares, guarantee agreements on wind turbines, direct agreements
and promissory notes have been signed.
| 22 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
Pursuant to these
agreements, the Company have undertaken some obligations, which are
described in Note 10.3.4 to the issued financial statements as at
December 31, 2020. As of September 30, 2021, the Group has met such
obligations.
Under
the subscribed trust guarantee agreement, as at September 30, 2021,
and as of December 31, 2020, there are trade receivables with
specific assignment for the amounts of 306,344 and 106,773,
respectively.
On
November 22, 2019 the loan funds were fully disbursed. As at
September 30, 2021 and December 31, 2020, the balance of the loan
amounts to 6,914,716 and 8,398,823, respectively.
7.3.5.
Loan
from Banco de Galicia y Buenos Aires S.A. to CPR Energy Solutions
S.A.U.
On May
24, 2019, CPR Energy Solutions S.A.U. (subsidiary of CPR) entered
into a loan agreement with Banco de Galicia y Buenos Aires S.A. for
an amount of USD 12.5 million to fund the construction of the wind
farm “La Castellana II”.
According to the
executed agreement, this loan accrues a fixed interest rate equal
to 8.5% during the first year and it is amortizable quarterly in 25
installments as from May 24, 2020.
Other
agreements and related documents, like the Collateral (in which
CPSA totally, unconditionally and irrevocably guarantees, as main
debtor, all the payment obligations assumed by CPR Energy Solutions
S.A.U. until total fulfillment of the guaranteed obligations or
until the project reaches the commercial operation date, what it
happens first) -, guarantee agreements on shares, guarantee
agreements on wind turbines, promissory notes and other agreements
have been executed.
Pursuant to these
agreements, the Company have undertaken some obligations, which are
described in Note 10.3.5 to the issued financial statements as at
December 31, 2020. As of September 3, 2021, CPR Energy Solutions
S.A.U. has fulfilled all the requirements and conditions to prove
the occurrence of the project’s compliance date. As a result,
the Collateral posted by the Company was released and CPSA is not
subject any more to the obligations described in Note 10.3.5 to the
issued financial statements as at December 31, 2020.
On May
24, 2019 the loan funds were fully disbursed. As at September 30,
2021 and December 31, 2021, the balance of this loan amounts to
948,015 and 1,251,758, respectively.
7.3.6.
Loan
from Banco Galicia y Buenos Aires S.A. to subsidiary Vientos La
Genoveva II S.A.U.
On July
23, 2019, subsidiary Vientos La Genoveva II S.A.U. entered into a
loan agreement with Banco de Galicia y Buenos Aires S.A. for an
amount of USD 37.5 million.
According to the
executed agreement, this loan accrues LIBOR plus 5.95% and it is
amortizable quarterly in 26 installments starting on the ninth
calendar month counted from the disbursement date.
Other
agreements and related documents, like the Collateral (in which
CPSA totally, unconditionally and irrevocably guarantees, as main
debtor, all the payment obligations assumed by Vientos La Genoveva
II S.A.U. until total fulfillment of the guaranteed obligations or
until the project reaches the commercial operation date, what it
happens first) -, guarantee agreements on shares and promissory
notes have been signed, while guarantee agreements on wind turbines
and direct agreements are in process of being issued, under the
terms defined by the loan agreement.
Pursuant to these
agreements, the Company have undertaken some obligations, which are
described in Note 10.3.6 to the issued financial statements as at
December 31, 2020. As of September 3, 2021, Vientos La Genoveva II
S.A.U. has fulfilled all the requirements and conditions to prove
the occurrence of the project’s compliance date. As a result,
the Collateral posted by the Company was released and CPSA is not
subject any more to the obligations described in Note 10.3.6 to the
issued financial statements as at December 31, 2020.
| 23 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
On July
23, 2019, the loan funds were fully disbursed. As of September 30,
2021 and December 31, 2020, the balance of this loan amounts to
2,752,667 and 3,713,190, respectively.
7.3.7.
Financial
trust corresponding to Thermal Station Brigadier
López
Within
the framework of the acquisition of Thermal Station Brigadier
López, the Company assumed the capacity of trustor in the
financial trust previously entered into by Integración
Energética Argentina S.A., which was the previous holder of
the thermal station. The financial debt balance at the transfer
date of the thermal station was USD 154,662,725.
According to the
provisions of the trust agreement, the financial debt accrues an
interest rate equal to the LIBO rate plus 5% or equal to 6.25%,
whichever is higher, and it is monthly amortizable. As of September
30, 2021, 11 installments are to be amortized and the financial
debt balance amounts to 4,424,108. As of December 31, 2020, the
balance of this loan amounted to 9,412,421.
Under
the subscribed trust guarantee agreement, as at September 30, 2021,
and December 31, 2020, there are trade receivables with specific
assignment for the amounts of 584,534 and 540,583,
respectively.
7.3.8.
CP
Manque S.AU. and CP Los Olivos S.A.U. Program of Corporate
Bonds
On
August 26, 2020, under Resolution No. RESFC-2020 - 20767 -
APN.DIR#CNVM, the public offering of the Global Program for the
Co-Issuance of Simple Corporate Bonds (not convertible into shares)
by CP Manque S.A.U. and CP Los Olivos S.A.U. (both subsidiaries of
CPR, and together the “Co-issuers”) for the amount of
up to USD 80,000,000 was authorized. By virtue of such program, the
Co-Issuers may issue corporate bonds, of different class and/or
series, that may qualify as social, green and sustainable
marketable securities under the criteria established by CNV in that
regard.
Within
the framework of the mentioned program, on September 2, 2020,
Corporate Bonds Class I were issued for an amount of USD 35.160.000
at a fix 0% interest rate expiring on September 2, 2023; and
Corporate Bonds Class II were issued for 1,109,925 at a variable
interest rate equivalent to BADLAR, plus an applicable margin of
0.97% expiring on September 2, 2021. After such maturity date,
Corporate Bonds Class II were fully paid.
On June
24, 2020, the Board of Directors of CPSA decided to guarantee
unconditionally the co-emission of corporate bonds of its
subsidiaries CP Manque S.A.U. and CP Los Olivos S.A.U. (the
“Guarantee”). The Guarantee is an obligation with a
common guarantee, not subordinated and unconditional. And, it shall
have, at all times, the same priority rank regarding the
non-guaranteed and unsubordinated obligations, present and future,
of the Company. The Guarantee was instrumented through the
signature of the Company in its capacity as co-signer of the
permanent global certificates deposited in Caja de Valores S.A., in
which the Corporate Bonds Class I and Corporate Bonds Class II of
CP Manque S.AU. and CP Los Olivos S.AU. are
represented.
7.3.9.
CPSA
Program of Corporate Bonds
On July
31, 2020, the Special Shareholders’ Meeting of the Company
approved the creation of a new global issuance program of corporate
bonds for a maximum amount of up to USD 500,000,000 (or its
equivalent in other currency), which shall be issued at short, mid
or long term, simple, not convertible into shares, under the terms
of the Corporate Bonds Act (the “Program”). Moreover,
the Board of Directors was granted the powers to determine and
establish the conditions of the Program and of the corporate bonds
to be issued under it provided they had not been expressly
determined at the Shareholders’ Meeting. On October 29, 2020,
CNV approved the creation of such program, which shall expire on
October 29, 2025, in accordance with the regulations in
force.
7.4.
Quantitative
and qualitative information on fair values Valuation
techniques
The
fair value reported in connection with the financial assets is the
amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or
liquidation sale.
| 24 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
Fair
value of quoted debt securities, mutual funds and stocks and
corporate bonds is based on price quotations at the end of each
reporting period.
The
fair value of the foreign currency forward contracts is calculated
based on appropriate valuation techniques that use market
observable data.
Fair
value hierarchy
The
following tables provides, by level within the fair value
measurement hierarchy, the Company’s financial assets, that
were measured at fair value on recurring basis as of September 30,
2021 and December 31, 2020:
|
09-30-2021
|
|
Measurement date
|
|
Fair value measurement using:
|
||||||
|
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
|
|
09.30.2021
|
|
1,829,810
|
|
1,829,810
|
|
-
|
|
-
|
|
Public
debt securities
|
|
09.30.2021
|
|
14,343,640
|
|
14,343,640
|
|
-
|
|
-
|
|
Stocks
and corporate bonds
|
|
09.30.2021
|
|
489,814
|
|
489,814
|
|
-
|
|
-
|
|
Total financial assets measured at fair value
|
|
|
|
16,663,264
|
|
16,663,264
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
financial liabilities not designated as hedging
instruments
|
|
|
|
|
|
|
|
|
|
|
|
Interest
rate swap
|
|
09.30.2021
|
|
625,355
|
|
-
|
|
625,355
|
|
-
|
|
Stock
options
|
|
09.30.2021
|
|
170,277
|
|
170,277
|
|
-
|
|
-
|
|
Total financial liabilities measured at fair value
|
|
|
|
795,632
|
|
170,277
|
|
625,355
|
|
-
|
|
12-31-2020
|
|
Measurement date
|
|
Fair value measurement using:
|
||||||
|
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
|
|
12.31.2020
|
|
1,080,997
|
|
1,080,997
|
|
-
|
|
-
|
|
Public
debt securities
|
|
12.31.2020
|
|
16,635,923
|
|
16,635,923
|
|
-
|
|
-
|
|
Stocks
and corporate bonds
|
|
12.31.2020
|
|
1,561,701
|
|
1,561,701
|
|
-
|
|
-
|
|
Total financial assets measured at fair value
|
|
|
|
19,278,621
|
|
19,278,621
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities measured at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
financial liabilities not designated as hedging
instruments
|
|
|
|
|
|
|
|
|
|
|
|
Interest
rate swap
|
|
12.31.2020
|
|
1,290,439
|
|
-
|
|
1,290,439
|
|
-
|
|
Stock
options
|
|
12.31.2020
|
|
395,774
|
|
395,774
|
|
-
|
|
-
|
|
Total financial liabilities measured at fair value
|
|
|
|
1,686,213
|
|
395,774
|
|
1,290,439
|
|
-
|
There
were no transfers between hierarchies and there were not
significant variations in assets values.
| 25 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
The
information on the Group’s objectives and financial risk
management policies is included in Note 17 to the issued financial
statements as at December 31, 2020.
8.
Non-financial
assets and liabilities
8.1.
Other
non-financial assets
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
Non-current:
|
|
|
|
|
|
|
|
|
|
Tax
credits
|
56,814
|
|
392,142
|
|
Income
tax credits
|
193,282
|
|
264,715
|
|
Prepayments
to vendors
|
4,511
|
|
6,178
|
|
|
254,607
|
|
663,035
|
|
|
|
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
Upfront
payments of inventories purchases
|
136,933
|
|
162,112
|
|
Prepayment
insurance
|
113,165
|
|
159,764
|
|
Tax
credits
|
499,838
|
|
861,794
|
|
Other
|
275,132
|
|
49,446
|
|
|
1,025,068
|
|
1,233,116
|
8.2.
Other
non-financial liabilities
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
Non-current:
|
|
|
|
|
|
|
|
|
|
VAT
payable
|
5,252,073
|
|
6,953,966
|
|
Tax
on bank account transactions payable
|
201,115
|
|
242,217
|
|
|
5,453,188
|
|
7,196,183
|
|
|
|
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
VAT
payable
|
3,450,569
|
|
2,569,821
|
|
Turnover
tax payable
|
78,326
|
|
73,745
|
|
Income
tax withholdings payable
|
67,532
|
|
54,489
|
|
Concession
fees and royalties
|
54,284
|
|
86,171
|
|
Tax
on bank account transactions payable
|
178,470
|
|
295,804
|
|
Others
|
10,608
|
|
3,164
|
|
|
3,839,789
|
|
3,083,194
|
8.3.
Compensation
and employee benefits liabilities
|
|
09-30-2021
|
|
12-31-2020
|
|
|
ARS 000
|
|
ARS 000
|
|
Non-current:
|
|
|
|
|
|
|
|
|
|
Employee
long-term benefits
|
447,528
|
|
430,886
|
|
|
|
|
|
|
Current:
|
|
|
|
|
|
|
|
|
|
Vacation
and statutory bonus
|
638,847
|
|
566,050
|
|
Contributions
payable
|
121,195
|
|
176,732
|
|
Bonus
accrual
|
425,430
|
|
609,556
|
|
Other
|
40,991
|
|
43,152
|
|
|
1,226,463
|
|
1,395,490
|
| 26 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
9.
Equity
reserves
On
April 30, 2020, the Shareholders’ Meeting of the Company
approved to increase the legal reserve in the amount of 821,225 and
to allocate the remaining unappropriated earnings as of December
31, 2019 to increase the voluntary reserve by
16,965,785.
On
April 30, 2021, the Shareholders’ Meeting of the Company
approved to increase the legal reserve in the amount of 471,952 and
to allocate the remaining unappropriated earnings as of December
31, 2020 to increase the voluntary reserve by
8,967,080.
10.
Information
on related parties
The
following table provides the transactions performed and the
accounts payable to/receivable from related parties during the
corresponding period/year:
|
|
|
Income
|
Expenses
|
Receivables
|
Payables
|
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
|
Associates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Termoeléctrica
José de San Martín S.A.
|
09-30-2021
|
411
|
-
|
50
|
-
|
|
|
09-30-2020
|
602
|
-
|
78
|
-
|
|
|
12-31-2020
|
774
|
-
|
66
|
-
|
|
|
|
|
|
|
|
|
Distribuidora de
Gas Cuyana S.A.
|
09-30-2021
|
-
|
316,787
|
-
|
65,418
|
|
|
09-30-2020
|
-
|
394,675
|
-
|
41,481
|
|
|
12-31-2020
|
-
|
508,014
|
-
|
37,881
|
|
|
|
|
|
|
|
|
Energía
Sudamericana S.A.
|
09-30-2021
|
-
|
-
|
-
|
548
|
|
|
09-30-2020
|
-
|
-
|
-
|
836
|
|
|
12-31-2020
|
-
|
-
|
-
|
751
|
|
|
|
|
|
|
|
|
Related
companies:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMPE Asociados
S.A.
|
09-30-2021
|
185
|
588,462
|
-
|
-
|
|
|
09-30-2020
|
271
|
611,487
|
-
|
-
|
|
|
12-31-2020
|
348
|
745,617
|
-
|
-
|
|
|
|
|
|
|
|
|
Coyserv
S.A.
|
09-30-2021
|
-
|
-
|
-
|
-
|
|
|
09-30-2020
|
-
|
4,053
|
-
|
-
|
|
|
12-31-2020
|
-
|
4,053
|
-
|
-
|
|
Total
|
09-30-2021
|
596
|
905,249
|
50
|
65,966
|
|
|
09-30-2020
|
873
|
1,010,215
|
78
|
42,317
|
|
|
12-31-2020
|
1,122
|
1,257,684
|
66
|
38,632
|
Balances
and transactions with shareholders
As at
September 30, 2021 and 2020, there is a balance of 394,183 and
277,068 shareholders, respectively, corresponding to the personal
property tax entered by the Company under the substitute decision
maker scheme.
On June
24, 2020, the Board of Directors of the Company authorized the
purchase of 30% of the capital stock of the subsidiary CP
Renovables S.A. to its minority shareholder, representing
993,993,952 shares, at a value of US Dollars 0.034418 per share,
which was completely paid through the transfer of financial assets.
Based on the Audit Committee’s report, the Board of the
Company determined that such transaction is an arm´s length
transaction.
| 27 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
This
transaction was accounted for as a transaction with non-controlling
interest in accordance with IFRS 10. Consequently, the difference
of 2,692,796 between the book value of the non-controlling interest
at the transaction date and the fair value of the consideration
paid was directly recognized in equity and attributed to holders of
the parent.
This
way, CPSA’s interest in the subsidiary CP Renovables S.A.
amounts to 100% of the capital stock as at September 30,
2021.
Terms
and conditions of transactions with related parties
Balances at the
related reporting period-ends are unsecured and interest free.
There have been no guarantees provided or received for any related
party receivables or payables.
For the
nine-month periods ended September 30, 2021 and 2020, the Company
has not recorded any impairment of receivables relating to amounts
owed by related parties. This assessment is undertaken at the end
of each reporting period by examining the financial position of the
related party and the market in which the related party
operates.
11.
Contracts
and agreements
11.1.
Acquisition
of two Siemens gas turbines
On May
27th, 2016, the Company acquired from Siemens two gas turbines for
electric power generation composed by a turbine and a generator
with 298 MW output power, and the proper ancillary equipment and
maintenance and assistance services.
During
September 2021, the Company sold such equipment to UNIPER
KRAFTWERKE GMBH and UNIPER HUNGARY Kft. for the amount of USD
33,750,000.
11.2.
Renewable
Energy generation farms
In 2017
the Group entered into a power purchase agreement with CAMMESA for
La Castellana and Achiras wind farms for a 20-year term as from the
launch of the commercial operations. Likewise, during 2018 the
Group entered into a power purchase agreement with CAMMESA for La
Genoveva wind farm for a 20-year term as from the launch of the
commercial operations.
Regarding wind farm
La Castellana II, the Group entered into supply agreements with
Rayen Cura S.A.I.C. for a 7-year term and approximately 35,000
MWh/year volume, with Metrive S.A. for a 15-year term and 12,000
MWh/year volume, with N. Ferraris for a 10-year term and 6,500
MWh/year volume and with Banco de Galicia y Buenos Aires S.A. for a
10-year term to supply energy demand for approximately 4,700
MWh/year.
Regarding wind farm
La Genoveva II, the Group entered into supply agreements with Aguas
y Saneamiento S.A. (AYSA) for a 10-year term from the beginning of
operations date of the wind farm and approximately 87.6 GWh/year
volume, with PBB Polisur S.R.L. (Dow Chemical) for a term of 6
years and an estimated volume of 80 GWh/year, with Farm Frites for
a 5-year term and 9.5 GWh/year volume and with BBVA for a 5-year
term and 6 GWh/year volume.
Regarding wind farm
Manque, the Group entered into a power purchase agreement with
Cervecería y Maltería Quilmes SAICAyG
(“Quilmes”) for the wind farm Manque for a 20-year term
as from the launch of the commercial operations and for an
estimated volume of 235 GWh per year.
Regarding the wind
farm Los Olivos, the Group entered into power purchase agreements
with S.A. San Miguel A.G.I.C.I. y F., Minera Alumbrera Limited and
SCANIA Argentina S.A.U. for a 10-year term as from the launch of
commercial operations, to supply them 8.7 GWh/year and 27.4
GWh/year and 20.2 GWh/year, respectively.
| 28 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
11.3.
Awarding
of co-generation projects
On
September 25, 2017, the Company was awarded through Resolution SEE
820/2017 with two co-generation projects called “Terminal 6
San Lorenzo” with a capacity of 330 MW and Luján de Cuyo
(within our Luján de Cuyo plant) with a capacity of 93
MW.
On
January 4, 2018, the Company entered into power purchase agreements
with CAMMESA for each of the mentioned projects for a 15-year term
as from the launch of commercial operations. The Group has posted a
guarantee for the fulfillment of the “Terminal 6 San
Lorenzo” cogeneration project.
On
December 15, 2017, we executed a new steam supply contract with YPF
for a 15-year term that began when the new co-generation unit at
our Luján de Cuyo plant started operations.
Also,
on December 27, 2017, we entered into a steam supply agreement with
T6 Industrial S.A. for the new co-generation unit at our Terminal 6
San Lorenzo plant for a 15 year-term counted as from the
commencement of the cogeneration unit’s commercial
operations.
On
October 5, 2019, the commercial operation of the new cogeneration
unit Luján de Cuyo started. On November 21, 2020, the open
cycle commercial operation of cogeneration unit Terminal 6 San
Lorenzo started, while on August 15, 2021, the power station
launched operations at combined cycle. On October 31, 2021,
commencement of the cogeneration unit’s commercial operations
was completed as the steam supply agreement commenced.
12.
Measures
in the Argentine economy
Foreign
exchange market
As from
December 2019, the BCRA issued a series of communications whereby
it extended indefinitely the regulations on Foreign Market and
Foreign Exchange Market issued by BCRA that included regulations on
exports, imports and previous authorization from BCRA to access the
foreign exchange market to transfer profits and dividends abroad,
as well as other restrictions on the operation in the foreign
exchange market.
Particularly, as
from September 16, 2020, Communication “A” 7106
established, among other measures referred to human persons, the
need for refinancing the international financial indebtedness for
those loans from the non-financial private sector with a creditor
not being a related counterparty of the debtor expiring between
October 15, 2020 and March 31, 2021. The affected legal entities
were to submit before the Central Bank a refinancing plan under
certain criteria: that the net amount for which the foreign
exchange market was to be accessed in the original terms did not
exceed 40% of the capital amount due for that period and that the
remaining capital had been, as a minimum, refinanced with a new
external indebtedness with an average life of 2 years. This point
shall not be applicable when indebtedness is taken from
international entities and official credit agencies, among others.
On February 25, 2021, through Communication “A” 7230,
BCRA broadened the regulation scope to all those debt installments
higher than USD 2 million becoming due between April 1 and December
31, 2021. The effects of these regulations for the Company are
described in Note 7.3.3.
On July
10, 2021, new measures issued by BCRA and CNV were released. These
measures established additional restrictions to the operations in
the foreign exchange market, which include the
following:
-
The 90-day term
established by Communication A “7030”, whereby to
access the foreign exchange market an affidavit on the
non-performance of “liquidation cash” operations in the
preceding and following 90 days must be submitted, will apply not
only to operations expressed as securities sale with foreign
currency liquidation or as securities transferences to entities
depositing abroad, but also to the securities in exchange of other
foreign assets as from July 12, 2021.
| 29 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
-
The 90-day term
will apply not only to the operations performed by the company
accessing the foreign exchange market, but also in the case in
which the company delivers Argentine Ps. or liquidated local assets
to a direct controlling shareholder as from July 12, 201, except in
those directly associated to usual operations of goods and/or
services acquisition.
Income
Tax
On June
16, 2021, the Argentine Executive Power passed Law No. 27630, which
established changes in the corporate income tax rate for the fiscal
periods commencing as from January 1, 2021. Such law establishes
payment of the tax based on a structure of staggered rates
regarding the level of accumulated taxable net income. The scale
consists of three segments: 25% up to an accumulated taxable net
income of 5 million Ps.; 30% for the excess of such amount up to 50
million Ps.; and 35% for the excess of such amount. The estimated
amounts in this scale will be annually adjusted as 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 with the same month of the previous
year.
13.
Restrictions
on income distribution
Pursuant to the
General Legal Entities Law and the Bylaws, 5% of the profits made
during the fiscal year must be assigned to the statutory reserve
until such reserve reaches 20% of the Company’s Capital
Stock.
Within
the framework of the amendments to the loan agreement with Citibank
N.A., JP Morgan Chase Bank N.A. and Morgan Stanley Senior Funding
INC described in Note 7.3.3, there is a restriction for the payment
of dividends until 80% of the loan’s principal and interest
are paid. Thus, during 2021 no dividends can be paid while during
2022 and 2023 dividends can be paid up to USD 25 million and USD 20
million, respectively.
14.
COVID-19
On
March 11, 2020, the World Health Organization characterized the
COVID-19 as a pandemic. Hence, several measures have been
undertaken by the Argentine government and other governments around
the globe in order to control the outbreak of this contagious
disease.
In this
regard, on March 20, 2020 the Argentine Government issued Decree
No. 297/2020 establishing a preventive and mandatory social
isolation policy (“the Quarantine” or
“ASPO” -for its acronym in Spanish-, indistinctly) as a
public health measure to contain the effects of the COVID-19
outbreak. Such decree established that persons must refrain from
going to their workplaces, and may not travel along routes, roads
or public spaces. As from the adoption of the Quarantine, the
government has extended it in many opportunities and it has ordered
the preventive and mandatory social distancing (“DISPO”
-for its acronym in Spanish-). Subsequently, the Argentine
Executive Power ordered the “General Prevention
Measures”. The last one of these measures was issued through
Decree No. 678/2021 published in the Official Gazette on October 1,
2021 and it is in force until December 31, 2021.
Moreover, as an
additional measure to control the virus in Argentina, several
restrictions were imposed on the entering of people to the country
and on international flights. As of the issuance date of these
financial statements, these restrictions are in force until
December 31, 2021.
Pursuant to Decree
297/2020, minimum shifts ensuring the operation and maintenance of
electric energy generators were exempted from the Quarantine.
Furthermore, on April 7, 2020, pursuant to Administrative Decision
468/2020 issued by the Presidency of the Cabinet of Ministers, the
construction of private sector energy infrastructure was included
within the activities exempted from the ASPO.
| 30 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
Some of
the main identified impacts that this crisis has and may have in
the future for the Company are the following:
Operations
- Power generation
-
Reduction in the electric energy
dispatched. Due to the Quarantine, most of the businesses in
Argentina, especially in the industrial sector have experienced
difficulties in their normal operations. At the beginning of
Quarantine the total electric energy demand had significantly
declined, and even as of this date the demand has returned to
values similar to the ones previous to the pandemic, this situation
significantly impacted on the Group’s generation of thermal
power in such period and it continuous affecting it to date -but to
a lower extent-, in particular our units with higher heat rate
(less efficient).
-
Increased delays in payments and/or risk of
uncollectability from the Group’s private clients.
Despite the fact that CAMMESA is paying its obligations, the
reduced economic activity due to the Quarantine also affected the
cash flow of CAMMESA and the cash flow of our private clients. Even
if as of this date the situation has considerably improved, there
still exists the risk of delay in the payment of private clients
and, therefore, the risk of uncollectability of private
clients.
-
Personnel safeguard. Multiple measures
to protect the health of all the Group´s operations and
maintenance personnel have been taken. Some of those measures
include: a) the isolation of the teams that operate the
Group’s different units preventing contact between different
teams, b) the avoidance of contact between personnel of different
shifts, c) the use of extra protection, and additional sanitary
measures, d) using virtual meetings, e) identify key personnel in
order to have the necessary back up teams should a contingency
arise, f) drafting and publication of health and safety plans
and/or protocols both for the plants in operation and works in
development. These measures have been effective to protect the
Group’s personnel, and at the date of these financial
statements, a low contagion level has been registered within the
Group’s personnel.
-
Lack of necessary supplies/equipment, or delays
in supplies. The Quarantine may also affect the provision of
essential supplies. Although the provision of the necessary
supplies is also considered an essential activity under the enacted
emergency framework and usually a stock of spare parts is kept as
backup, the Company cannot assure that the provision of the
necessary supplies will not be affected. Furthermore, the measures
taken by foreign countries in which some of the Group’s
supplies and spare parts are produced, may also affect the
Group’s stock of spare parts. Any delay in the provision of
essential equipment or supplies may affect the Group’s
operations.
Projects
under construction/development
COVID-19 outbreak
has had an impact on the projects that were under construction.
Therefore, there have been delays in the completion dates
originally set.
Since
the issuance of Administrative Decision 468/2020 abovementioned,
the project construction activities were resumed. This required the
implementation of health safety measures according to the requests
established and recommended by health authorities. Regard being had
to the foregoing, a procedure and a protocol were drafted, which
have to be complied with by the personnel, contractors and
subcontractors.
Regarding the
construction of the Terminal 6-San Lorenzo thermal plant described
in Note 11.3, once the aforementioned Administrative Decision
468/2020 was issued, construction was resumed on April 27, 2020.
Additionally, as mentioned above, travel restrictions and national
borders lockdown imposed by the government, among others, may delay
the arrival of necessary personnel for the project, some of which
were expected to arrive from countries affected by the outbreak.
The Company notified CAMMESA and the Energy Secretariat on the
situation and requested: (i) the suspension of agreement terms as
from March 20, 2020 and until the situation is normalized, and (ii)
the non-application of sanctions for the case in which the Company
cannot comply with the committed dates on the Wholesale Demand
Agreement entered into with CAMMESA mentioned in Note 11.3, so as
to avoid possible sanctions stemming from a delay in the completion
of the project due to
unforeseen and inevitable reasons. In this sense, on June 10, 2020,
the Secretariat of Energy ordered CAMMESSA to temporarily suspend
the calculation of the terms set forth for those projects that had
not obtained the commercial authorization, among which the
cogeneration station Terminal 6 - San Lorenzo is included, for a
maximum postponement term of six months from March 12 to September
12, 2020. Therefore, the committed commercial authorization of the
thermal plant was extended until March 5, 2021. On July 15, 2020,
the Company communicated the Secretariat of Energy, with copy to
CAMMESA, that the temporary suspension of the terms is not
sufficient to comply with the new terms under the Wholesale Demand
Agreement since the numerous measures adopted due to COVID-19
generated a strong slowdown in all the activities related to the
work of the cogeneration unit Terminal 6 - San Lorenzo. Dated
September 10, 2020, the Undersecretariat of Electrical Energy
granted a new suspension of the terms for the commercial
authorization of the projects between September 12, 2020 and
November 25, 2020, being subject to certain requirements to be
fulfilled before CAMMESA. Then, CAMMESA granted a new extension for
45 days. This way, as of the date of these financial statements,
the calculation of periods has been suspended for a total of 294
days counted as from the originally committed date for the
commercial authorization (September 1, 2020), this is to say until
June 22, 2021. At the time, the Company requested CAMMESA and the
Secretariat of Energy the extension of the commercial authorization
of Terminal 6 -San Lorenzo project for additional 90 days. It is
worth mentioning that on November 21, 2020, open cycle commercial
operation began, while on August 15, 2021, the power station was
authorized to operate commercially at combined cycle. On August 23,
2021, we received a note from CAMMESA whereby it informed that a
penalty for USD 4,444,933 was established on the grounds of the
delay on reaching the commercial authorization. The Company
rejected such penalty and as of the date of the issuance of these
financial statements, the Company is on procedures with the
Secretariat of Energy and CAMMESA to revert such penalty since the
delay was justified by the restrictions derived from the previously
described COVID-19 pandemic.
| 31 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
|
CENTRAL
PUERTO S.A.
|
The
effects of the COVID-19 crisis pose challenges to the beginning of
works for closing of the combined cycle at the Brigadier López
plant, delaying the start of construction of such project, not only
because of the restrictions to the construction mentioned above,
but also due to lower energy demand and difficulties to obtain the
necessary financing for projects in the current market
situation.
In
addition, the COVID-19 crisis may reduce the possibility of new
projects that would enable the use of the gas turbine included
under "Gas turbines" item within property, plant and
equipment.
Access
to Capital Markets
Due to
the outbreak of COVID-19, access to the capital and financial
markets in Argentina and/or in foreign markets may also be
substantially reduced. Although cash flow and liquidity of the
Group is deemed sufficient to meet the working capital, debt
service obligations and capital expenditure requirements, any
further deterioration of the current economic situation may result
in a deterioration of the Company´s finances, in a context of
lack of access or substantial reduction of credit availability in
the financial markets.
Natural
gas distribution operating segment
The
Covid-19 pandemic crisis may affect the natural gas distribution
associate’s income (ECOGAS Group). Although such economic
activity was exempt from the Quarantine, the economic downturn as a
consequence of this measure is expected to reduce the volumes
distributed to the clients. Moreover, some measures adopted by the
Argentine government to mitigate the effects of the Covid-19
outbreak in the economy are also expected to affect ECOGAS Group
financial performance. For example, the government has ruled a
180-day period, starting on March 1, 2020, where the suspension of
the natural gas service is not permitted, upon certain
circumstances and limited to certain users; that period was
subsequently extended until March 31, 2021.
The
Group will continue taking all the available measures to mitigate
the effects that the Covid-19 pandemic crisis has or may have on
the operations, the projects undergoing and the Group´s
financial position.
| 32 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
CENTRAL PUERTO S.A.
PROPERTY,
PLANT AND EQUIPMENT
AS OF SEPTEMBER 30, 2021 AND DECEMBER 31,
2020
EXHIBIT
A
|
|
|
09-30-2021
|
||||||||
|
|
|
Cost
|
||||||||
|
|
|
At the beginning
|
|
Additions
|
|
Transfers
|
|
Disposals
|
|
At
the end
|
|
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lands
and buildings
|
|
13,432,622
|
|
5,877
|
|
154
|
|
-
|
|
13,438,653
|
|
Electric
power facilities
|
|
95,771,580
|
|
-
|
|
16,794,574
|
|
(222,596)
|
|
112,343,558
|
|
Wind
turbines
|
|
31,774,956
|
|
-
|
|
10,160
|
|
-
|
|
31,785,116
|
|
Gas
turbines
|
|
3,496,515
|
|
1,314
|
|
-
|
|
-
|
|
3,497,829
|
|
Construction
in progress
|
|
28,357,127
|
|
6,175,016
|
|
(16,812,326)
|
|
-
|
|
17,719,817
|
|
Other
|
|
5,456,307
|
|
79,751
|
|
7,438
|
|
(105,586)
|
|
5,437,910
|
|
Total 09-30-2021
|
|
178,289,107
|
|
6,261,958
|
|
-
|
|
(328,182)
|
|
184,222,883
|
|
|
|
09-30-2021
|
|
12-31-2020
|
||||||||
|
|
|
Depreciation and impairment
|
|
|
||||||||
|
|
|
At the beginning
|
|
Charges
|
|
Disposals and 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
|
|
1,948,085
|
|
327,886
|
|
-
|
|
2,275,971
|
|
11,162,682
|
|
11,484,537
|
|
Electric
power facilities
|
|
53,291,544
|
|
3,542,116
|
|
(171,783)
|
|
56,661,877
|
|
55,681,681
|
|
42,480,036
|
|
Wind
turbines
|
|
2,078,387
|
|
1,199,313
|
|
-
|
|
3,277,700
|
|
28,507,416
|
|
29,696,569
|
|
Gas
turbines
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3,497,829
|
|
3,496,515
|
|
Impairment of gas turbines (1)
|
|
2,037,653
|
|
-
|
|
-
|
|
2,037,653
|
|
(2,037,653)
|
|
(2,037,653)
|
|
Impairment of electric power facilities, lands and
buildings, construction in progress and others (1)
|
|
6,395,448
|
|
(238,083)
|
|
3,393,003
|
|
9,550,368
|
|
(9,550,368)
|
|
(6,395,448)
|
|
Construction
in progress
|
|
-
|
|
-
|
|
-
|
|
-
|
|
17,719,817
|
|
28,357,127
|
|
Other
|
|
4,085,536
|
|
179,170
|
|
(105,586)
|
|
4,159,120
|
|
1,278,790
|
|
1,370,771
|
|
Total 09-30-2021
|
|
69,836,653
|
|
5,010,402
|
|
3,115,634
|
|
77,962,689
|
|
106,260,194
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108,452,454
|
(1) See
Note 2.4 and 2.3.8. to the issued financial statements as at
December 31, 2020.
| 33 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
EXHIBIT B
INTANGIBLE
ASSETS
AS
OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
|
|
|
09-30-2021
|
|
12-31-2020
|
||||||||||||
|
|
|
Cost
|
|
Amortization and impairment
|
|
|
|
|
||||||||
|
|
|
At the beginning and at
the end
|
|
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
|
|
ARS 000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Concession
right
|
|
22,673,085
|
|
19,837,115
|
|
3,3
|
|
708,992
|
|
-
|
|
20,546,107
|
|
2,126,978
|
|
2,835,970
|
|
Transmission
lines and electrical substations for wind farms
|
|
1,847,771
|
|
236,402
|
|
5,0
|
|
69,436
|
|
-
|
|
305,838
|
|
1,541,933
|
|
1,611,369
|
|
Turbogas
and turbosteam supply agreements for thermal station Brigadier
López (“BL contracts”)
|
|
11,363,290
|
|
4,303,697
|
|
30,8 (2)
|
|
2,145,887
|
|
-
|
|
6,449,584
|
|
4,913,706
|
|
7,059,593
|
|
BL contracts impairment (1)
|
|
-
|
|
2,270,352
|
|
-
|
|
(777,749)
|
|
867,331
|
|
2,359,934
|
|
(2,359,934)
|
|
(2,270,352)
|
|
Total 09-30-2021
|
|
35,884,146
|
|
26,647,566
|
|
|
|
2,146,566
|
|
867,331
|
|
29,661,463
|
|
6,222,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,236,580
|
(1)
See Note 2.4 and
2.3.8. to the issued financial statements as at December 31,
2020.
(2)
Related to turbogas
supply agreement.
| 34 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
EXHIBIT E
CENTRAL
PUERTO S.A.
ALLOWANCES
AND PROVISIONS
AS
OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
|
|
|
09-30-2021
|
|
12-31-2020
|
||||||||
|
Item
|
|
At beginning
|
|
Increases
|
|
Decreases
|
|
Recoveries
|
|
At end
|
|
At end
|
|
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
ARS 000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
228,142
|
|
-
|
|
-
|
|
-
|
|
228,142
|
|
228,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for doubtful accounts - Trade receivables
|
|
18,992
|
|
3,902
|
|
(4,969) (1)
|
|
(8,044)
|
|
9,881
|
|
18,992
|
|
Total 09-30-2021
|
|
247,134
|
|
3,902
|
|
(4,969)
|
|
(8,044)
|
|
238,023
|
|
|
|
Total 12-31-2020
|
|
253,938
|
|
74,643
|
|
(68,972) (1)
|
|
(12,475)
|
|
|
|
247,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision
for lawsuits and claims
|
|
47,737
|
|
9,100
|
|
(12,293) (1)
|
|
(15,898)
|
|
28,646
|
|
47,737
|
|
Total 09-30-2021
|
|
47,737
|
|
9,100
|
|
(12,293)
|
|
(15,898)
|
|
28,646
|
|
|
|
Total 12-31-2020
|
|
51,195
|
|
14,068
|
|
(14,924) (1)
|
|
(2,602)
|
|
|
|
47,737
|
(1)
Income (loss) for exposure to change in purchasing power of
currency for the period.
| 35 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
EXHIBIT F
CENTRAL
PUERTO S.A.
COST
OF SALES
FOR
THE NINE-MONTH AND TRHEE-MONTH PERIODS ENDED AS OF SEPTEMBER 30,
2021 AND 2020
|
|
9
months
|
3
months
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Inventories
at beginning of each period
|
2,002,800
|
1,494,930
|
1,055,300
|
1,706,924
|
|
|
|
|
|
|
|
Purchases
and operating expenses for each period:
|
|
|
|
|
|
|
|
|
|
|
|
- Purchases
|
4,493,412
|
3,508,469
|
1,836,677
|
1,264,702
|
|
- Operating
expenses (Exhibit H)
|
16,249,975
|
13,643,216
|
5,264,286
|
4,382,944
|
|
-
Transfer
to property, plant and equipment
|
(950,158)
|
-
|
-
|
-
|
|
|
19,793,229
|
17,151,685
|
7,100,963
|
5,647,646
|
|
|
|
|
|
|
|
Inventories
at the end of each period
|
(1,221,225)
|
(1,839,893)
|
(1,221,225)
|
(1,839,893)
|
|
Total sales costs
|
20,574,804
|
16,806,722
|
6,935,038
|
5,514,677
|
| 36 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
EXHIBIT G
CENTRAL
PUERTO S.A.
FINANCIAL
ASSETS AND LIABILITIES IN FOREIGN CURRENCY AS OF SEPTEMBER 30, 2021
AND DECEMBER 31, 2020
|
|
|
09-30-2021
|
|
12-31-2020
|
||||||||
|
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
|
306,115
|
|
98.74 (2)
|
|
30,225,795
|
|
USD
|
404,860
|
|
40,016,435
|
|
|
|
|
|
|
|
|
30,225,795
|
|
|
|
|
40,016,435
|
|
CURRENT ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
USD
|
2,488
|
|
98.54
|
|
245,168
|
|
USD
|
29,834
|
|
346,768
|
|
|
|
EUR
|
2
|
|
113.88
|
|
228
|
|
EUR
|
1
|
|
282
|
|
Other
financial assets
|
|
USD
|
88,307
|
|
98.54
|
|
8,701,772
|
|
USD
|
97,220
|
|
3,757,308
|
|
|
|
EUR
|
-
|
|
-
|
|
-
|
|
EUR
|
2,211
|
|
312,122
|
|
Trade
and other receivables
|
|
USD
|
70,882
|
|
98.74 (2)
|
|
6,998,889
|
|
USD
|
79,002
|
|
7,725,677
|
|
|
|
USD
|
41,624
|
|
98.54
|
|
4,101,629
|
|
USD
|
8,837
|
|
1,875,606
|
|
|
|
|
|
|
|
|
20,047,686
|
|
|
|
|
14,017,763
|
|
|
|
|
|
|
|
|
50,273,481
|
|
|
|
|
54,034,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
loans and borrowings
|
|
USD
|
376,420
|
|
98.74
|
|
37,167,711
|
|
USD
|
532,441
|
|
43,407,565
|
|
|
|
|
|
|
|
|
37,167,711
|
|
|
|
|
43,407,565
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
loans and borrowings
|
|
USD
|
106,527
|
|
98.74
|
|
10,518,476
|
|
USD
|
110,804
|
|
24,849,995
|
|
Trade
and other payables
|
|
USD
|
11,442
|
|
98.74
|
|
1,129,783
|
|
USD
|
22,537
|
|
2,211,880
|
|
|
|
EUR
|
265
|
|
114.36
|
|
30,306
|
|
EUR
|
291
|
|
17,157
|
|
|
|
|
|
|
|
|
11,678,565
|
|
|
|
|
27,079,032
|
|
|
|
|
|
|
|
|
48,846,276
|
|
|
|
|
70,486,597
|
USD: US
dollar.
EUR:
Euro.
(1)
At the exchange
rate prevailing as of September 30, 2021 as per the Argentine
National Bank.
(2)
At the exchange
rate according to Communication “A” 3500 (wholesale)
prevailing as of September 30, 2021 as per the Argentine Central
Bank.
| 37 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
EXHIBIT H
1 of 2
CENTRAL
PUERTO S.A.
INFORMATION
REQUIRED BY LAW 19,550, ART. 64, PARAGRAPH I, SUBSECTION b) FOR THE
NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2021 AND 2020
|
|
9
months
|
|||||
|
|
01-01-2021
to 09-30-2021
|
01-01-2020
to 09-30-2020
|
||||
|
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
|
2,946,909
|
1,081,390
|
4,028,299
|
2,901,747
|
1,071,350
|
3,973,097
|
|
Other long-term
employee benefits
|
152,772
|
32,115
|
184,887
|
115,479
|
20,320
|
135,799
|
|
Depreciation of
property, plant and equipment
|
5,010,402
|
-
|
5,010,402
|
3,440,136
|
-
|
3,440,136
|
|
Amortization of
intangible assets
|
2,146,566
|
-
|
2,146,566
|
2,397,503
|
-
|
2,397,503
|
|
Purchase of energy
and power
|
137,017
|
-
|
137,017
|
210,522
|
-
|
210,522
|
|
Fees and
compensation for services
|
1,100,274
|
1,095,021
|
2,195,295
|
996,389
|
816,387
|
1,812,776
|
|
Maintenance
expenses
|
2,721,090
|
81,073
|
2,802,163
|
1,760,524
|
149,686
|
1,910,210
|
|
Consumption of
materials and spare parts
|
819,767
|
-
|
819,767
|
517,068
|
-
|
517,068
|
|
Insurance
|
872,472
|
19,816
|
892,288
|
747,179
|
25,832
|
773,011
|
|
Levies and
royalties
|
272,568
|
-
|
272,568
|
493,635
|
-
|
493,635
|
|
Taxes and
assessments
|
59,727
|
246,808
|
306,535
|
50,271
|
354,031
|
404,302
|
|
Tax on bank account
transactions
|
6,160
|
305,072
|
311,232
|
6,995
|
418,107
|
425,102
|
|
Others
|
4,251
|
66,481
|
70,732
|
5,768
|
40,627
|
46,395
|
|
Total
|
16,249,975
|
2,927,776
|
19,177,751
|
13,643,216
|
2,896,340
|
16,539,556
|
| 38 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
EXHIBIT H
2 of 2
CENTRAL
PUERTO S.A.
INFORMATION REQUIRED BY LAW 19,550, ART. 64, PARAGRAPH I,
SUBSECTION b) FOR THE THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2021
AND 2020
|
|
3
months
|
|||||
|
|
07-01-2021
to 09-30-2021
|
07-01-2020
to 09-30-2020
|
||||
|
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
|
927,628
|
385,139
|
1,312,767
|
864,375
|
376,133
|
1,240,508
|
|
Other long-term
employee benefits
|
46,273
|
9,786
|
56,059
|
36,201
|
6,370
|
42,571
|
|
Depreciation of
property, plant and equipment
|
1,694,869
|
-
|
1,694,869
|
1,027,191
|
-
|
1,027,191
|
|
Amortization of
intangible assets
|
634,094
|
-
|
634,094
|
799,172
|
-
|
799,172
|
|
Purchase of energy
and power
|
45,745
|
-
|
45,745
|
95,327
|
-
|
95,327
|
|
Fees and
compensation for services
|
438,661
|
483,003
|
921,664
|
242,065
|
253,746
|
495,811
|
|
Maintenance
expenses
|
750,657
|
37,526
|
788,183
|
681,691
|
3,614
|
685,305
|
|
Consumption of
materials and spare parts
|
358,777
|
-
|
358,777
|
188,509
|
-
|
188,509
|
|
Insurance
|
273,383
|
6,751
|
280,134
|
239,279
|
9,104
|
248,383
|
|
Levies and
royalties
|
72,370
|
-
|
72,370
|
188,467
|
-
|
188,467
|
|
Taxes and
assessments
|
20,386
|
99,211
|
119,597
|
17,370
|
130,924
|
148,294
|
|
Tax on bank account
transactions
|
2,050
|
108,979
|
111,029
|
2,391
|
132,973
|
135,364
|
|
Others
|
(607)
|
14,612
|
14,005
|
906
|
2,137
|
3,043
|
|
Total
|
5,264,286
|
1,145,007
|
6,409,293
|
4,382,944
|
915,001
|
5,297,945
|
| 39 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
CENTRAL
PUERTO S.A.
SEPARATE
STATEMENT OF INCOME AND COMPREHENSIVE INCOME
for
the nine-month period ended September 30, 2021
|
|
9
months
|
3
months
|
||
|
|
Unaudited
|
Unaudited
|
||
|
|
01-01-2021
to
09-30-2021
|
01-01-2020
to
09-30-2020
|
07-01-2021
to
09-30-2021
|
07-01-2020
to
09-30-2020
|
|
|
ARS
000
|
ARS
000
|
ARS
000
|
ARS
000
|
|
|
|
|
|
|
|
Revenues
|
30,293,470
|
31,723,572
|
10,228,171
|
11,067,870
|
|
Cost
of sales
|
(17,784,988)
|
(14,577,290)
|
(5,997,253)
|
(4,737,509)
|
|
Gross
income
|
12,508,482
|
17,146,282
|
4,230,918
|
6,330,361
|
|
|
|
|
|
|
|
Administrative and
selling expenses
|
(2,538,482)
|
(2,548,072)
|
(988,336)
|
(812,507)
|
|
Other operating
income
|
8,060,715
|
13,927,317
|
1,712,750
|
2,438,166
|
|
Other operating
expenses
|
(2,074,426)
|
(533,872)
|
(1,456,041)
|
(43,935)
|
|
Impairment of
property, plant and equipment and intangible assets
|
(4,260,334)
|
(2,054,624)
|
-
|
-
|
|
Operating
income
|
11,695,955
|
25,937,031
|
3,499,291
|
7,912,085
|
|
|
|
|
|
|
|
Loss on net
monetary position
|
(5,714,732)
|
(4,385,572)
|
(1,424,296)
|
(1,532,664)
|
|
Finance
income
|
995,245
|
3,652,774
|
181,188
|
1,174,500
|
|
Finance
expenses
|
(6,993,352)
|
(12,102,388)
|
(1,328,307)
|
(3,787,621)
|
|
Share of the profit
of associates and subsidiaries
|
1,193,868
|
(45,814)
|
1,704,894
|
1,107,791
|
|
Income
before income tax
|
1,176,984
|
13,056,031
|
2,632,770
|
4,874,091
|
|
|
|
|
|
|
|
Income tax for the
period
|
(2,597,762)
|
(4,376,525)
|
28,076
|
(1,409,802)
|
|
Net
(loss) income for the period
|
(1,420,778)
|
8,679,506
|
2,660,846
|
3,464,289
|
|
Total
comprehensive (loss) income for the period
|
(1,420,778)
|
8,679,506
|
2,660,846
|
3,464,289
|
|
|
|
|
|
|
|
-
Basic
and diluted (loss) earnings per share (ARS)
|
(0.94)
|
5.77
|
1.77
|
2.30
|
| 40 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
CENTRAL
PUERTO S.A.
SEPARATE
STATEMENT OF FINANCIAL POSITION
as
at September 30, 2021
|
|
|
|
09-30-2021
|
|
12-31-2020
|
|
|
Notes
|
|
Unaudited
|
|
Audited
|
|
|
|
|
ARS 000
|
|
ARS 000
|
|
Assets
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
Property,
plant and equipment
|
|
|
68,402,590
|
|
69,043,859
|
|
Intangible
assets
|
|
|
4,680,754
|
|
7,625,220
|
|
Investment
in associates
|
|
|
5,659,014
|
|
6,387,732
|
|
Investment
in subsidiaries
|
Exhibit C
|
|
24,877,559
|
|
13,265,728
|
|
Trade
and other receivables
|
|
|
30,618,698
|
|
40,265,700
|
|
Other
non-financial assets
|
|
|
197,747
|
|
270,827
|
|
Other
financial assets
|
|
|
1,420,028
|
|
619,281
|
|
Inventories
|
|
|
546,375
|
|
901,341
|
|
|
|
|
136,402,765
|
|
138,379,688
|
|
Current assets
|
|
|
|
|
|
|
Inventories
|
|
|
647,838
|
|
1,076,725
|
|
Other
non-financial assets
|
|
|
462,201
|
|
316,328
|
|
Trade
and other receivables
|
|
|
17,213,685
|
|
18,582,270
|
|
Other
financial assets
|
|
|
3,867,769
|
|
16,284,066
|
|
Cash
and cash equivalents
|
|
|
20,513
|
|
26,827
|
|
|
|
|
22,212,006
|
|
36,286,216
|
|
Property,
plant and equipment available for sale
|
|
|
-
|
|
3,231,455
|
|
Total assets
|
|
|
158,614,771
|
|
177,897,359
|
|
|
|
|
|
|
|
|
Equity and liabilities
|
|
|
|
|
|
|
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
|
|
Total equity
|
|
|
114,148,467
|
|
115,569,245
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
Other
non-financial liabilities
|
|
|
5,453,188
|
|
7,196,183
|
|
Other
loans and borrowings
|
|
|
12,085,589
|
|
12,012,288
|
|
Compensation
and employee benefits liabilities
|
|
|
447,528
|
|
430,886
|
|
Deferred
income tax liabilities
|
|
|
8,877,490
|
|
9,631,761
|
|
|
|
|
26,863,795
|
|
29,271,118
|
|
Current liabilities
|
|
|
|
|
|
|
Trade
and other payables
|
|
|
3,893,103
|
|
3,163,549
|
|
Other
non-financial liabilities
|
|
|
3,501,893
|
|
2,796,081
|
|
Other
loans and borrowings
|
|
|
8,368,894
|
|
22,516,965
|
|
Compensation
and employee benefits liabilities
|
|
|
1,077,511
|
|
1,231,968
|
|
Income
tax payable
|
|
|
732,463
|
|
3,300,698
|
|
Provisions
|
|
|
28,645
|
|
47,735
|
|
|
|
|
17,602,509
|
|
33,056,996
|
|
Total liabilities
|
|
|
44,466,304
|
|
62,328,114
|
|
Total equity and liabilities
|
|
|
158,614,771
|
|
177,897,359
|
| 41 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
CENTRAL
PUERTO S.A.
SEPARATE
STATEMENT OF CASH FLOWS
for
the nine-month period ended September 30, 2021
|
|
09-30-2021
|
|
09-30-2020
|
|
|
Unaudited
|
||
|
|
ARS 000
|
|
ARS 000
|
|
Operating
activities
|
|
|
|
|
Income
for the period before income tax
|
1,176,984
|
|
13,056,031
|
|
|
|
|
|
|
Adjustments
to reconcile income for the period before income tax to net cash
flows:
|
|
|
|
|
Depreciation of
property, plant and equipment
|
3,405,118
|
|
2,270,031
|
|
Amortization of
intangible assets
|
2,077,130
|
|
2,328,957
|
|
Impairment of
property, plant and equipment and intangible assets
|
4,260,334
|
|
2,054,624
|
|
Income
from sale of property, plant and equipment
|
(96,324)
|
|
-
|
|
Interest earned
from customers
|
(2,648,274)
|
|
(3,322,301)
|
|
Trade
and tax interests lost
|
564,997
|
|
509,425
|
|
Finance
income
|
(995,245)
|
|
(3,652,774)
|
|
Finance
expenses
|
6,993,352
|
|
12,102,388
|
|
Share
of the profit of associates and subsidiaries
|
(1,193,868)
|
|
45,814
|
|
Movements in
provisions and long-term employee benefit plan expense
|
172,934
|
|
139,031
|
|
Foreign
exchange difference for trade receivables
|
(5,411,147)
|
|
(10,563,081)
|
|
Loss on
net monetary position
|
6,620,225
|
|
(5,892,340)
|
|
|
|
|
|
|
Working
capital adjustments:
|
|
|
|
|
(Increase) Decrease
in trade and other receivables
|
(102,124)
|
|
17,675,792
|
|
(Increase) Decrease
in other non-financial assets and inventories
|
(723,399)
|
|
457,834
|
|
Decrease in trade
and other payables, other non-financial liabilities and liabilities
from employee benefits
|
(3,383,485)
|
|
(9,830,342)
|
|
|
10,717,208
|
|
17,379,089
|
|
Trade
and tax interests paid
|
(564,997)
|
|
-
|
|
Interest
received
|
2,599,253
|
|
3,078,280
|
|
Income
tax paid
|
(3,944,611)
|
|
(4,732,510)
|
|
Net
cash flows provided by operating activities
|
8,806,853
|
|
15,724,859
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
Purchase of
property, plant and equipment
|
(4,597,771)
|
|
(6,199,589)
|
|
Sale of
property, plant and equipment
|
3,307,763
|
|
-
|
|
Loans
collected to subsidiaries, net
|
756,903
|
|
3,816,345
|
|
Interests collected
from granted loans
|
68,468
|
|
63,340
|
|
Dividends
received
|
132,498
|
|
380,504
|
|
Sale
(Acquisition) of other financial assets, net
|
1,363,670
|
|
(7,975,289)
|
|
Capital
contributions to subsidiaries
|
(2,164,641)
|
|
(2,796,179)
|
|
Net
cash flows used in investing activities
|
(1,133,110)
|
|
(12,710,868)
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
Bank
and investment accounts overdrafts paid, net
|
(560,608)
|
|
(2,568,423)
|
|
Long-term loans
paid
|
(5,517,854)
|
|
(417,597)
|
|
Interest and other
financial costs paid
|
(1,605,407)
|
|
(1,921,932)
|
|
Net
cash flows used in financing activities
|
(7,683,869)
|
|
(4,907,952)
|
|
|
|
|
|
|
Decrease
in cash and cash equivalents
|
(10,126)
|
|
(1,893,961)
|
|
Exchange difference
and other financial results
|
32,449
|
|
155,382
|
|
Monetary results
effect on cash and cash equivalents
|
(28,637)
|
|
(96,415)
|
|
Cash
and cash equivalents as of January 1
|
26,827
|
|
1,920,338
|
|
Cash
and cash equivalents as of September 30
|
20,513
|
|
85,344
|
| 42 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
CENTRAL
PUERTO S.A.
1.
Basis
of presentation of the separate financial statements
1.1.
Summary
of the applied accounting policies
The
Company presents its separate financial statements according to CNV
Regulations, which approved General Regulation No. 622. This
regulation establishes that entities issuing shares and/or
corporate bonds, with certain exceptions, must prepare their
financial statements in accordance with Technical Resolution No. 26
(as amended) of FACPCE, which states the adoption of IFRS as issued
by IASB, while other entities will have the option to use IFRS or
IFRS for SME in lieu of NCPA (Argentine Professional Accounting
Standards).
1.2.
Basis
for presentation
These
separate condensed financial statements for the nine-month period
ended September 30, 2021 were prepared by applying the financial
information framework established by CNV as mentioned in Note
1.1.
When
preparing these separate interim condensed financial statements,
the Company applied the presentation bases, accounting policies,
and relevant accounting judgments, estimate and assumptions
described in the attached condensed consolidated financial
statements for the nine-month period ended September 30,
2021.
These
separate interim condensed financial statements are presented in
Argentine pesos, and all values have rounded to the nearest
thousand (ARS 000), unless otherwise stated.
| 43 |
|
English translation of the consolidated financial statements
originally filed in Spanish with the Argentine Securities
Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed
with the CNV prevail over this translation.
|
EXHIBIT
C
CENTRAL
PUERTO S.A.
INVESTMENT
IN SUBSIDIARIES
AS
OF SEPTEMBER 30, 2021 AND DECEMBER 31, 2020
|
|
|
09-30-2021
|
|
12-31-2020
|
||||||||||||||
|
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
|
|
168,249
|
|
79,918
|
|
168,249
|
|
225,407
|
|
CP
Renovables S.A.
|
|
1
vote
|
|
1
|
|
9,636,166,518
|
|
9,636,167
|
|
Unlisted
|
|
11,442,405
|
|
2,096,751
|
|
11,442,405
|
|
8,391,806
|
|
Proener
S.A.U.
|
|
1
vote
|
|
1
|
|
7,462,904,131
|
|
7,462,904
|
|
Unlisted
|
|
6,808,981
|
|
(2,218,879)
|
|
6,808,981
|
|
27,282
|
|
Vientos
La Genoveva S.A.U.
|
|
1
vote
|
|
1
|
|
1,615,451,861
|
|
1,615,452
|
|
Unlisted
|
|
4,005,897
|
|
1,337,348
|
|
4,005,897
|
|
2,668,550
|
|
Vientos
La Genoveva II S.A.U.
|
|
1
vote
|
|
1
|
|
498,293,542
|
|
498,294
|
|
Unlisted
|
|
2,452,027
|
|
499,344
|
|
2,452,027
|
|
1,952,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,794,482
|
|
24,877,559
|
|
13,265,728
|
|
|
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.
|
09/30/2021
|
500
|
141,295
|
299,429
|
56.19%
|
|
CP Renovables
S.A.
|
09/30/2021
|
10,101,498
|
2,105,781
|
12,101,893
|
100.00%
|
|
Proener
S.A.U.
|
09/30/2021
|
7,462,904
|
(2,218,879)
|
6,819,143
|
100.00%
|
|
Vientos La Genoveva
S.A.U.
|
09/30/2021
|
1,615,452
|
1,356,494
|
3,528,922
|
100.00%
|
|
Vientos La Genoveva
II S.A.U.
|
09/30/2021
|
498,294
|
508,226
|
2,126,055
|
100.00%
|