Central Puerto S.A 6-K, filed Nov 12, 2020
Central Puerto S.A. (CEPU)
6-K
2020-11-12
For: 2020-11-12
View Original
Added on
April 11, 2026
About this 6-K
Central Puerto S.A filed this 6-K on November 12, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November, 2020
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.
Results for the Quarter and nine-month period
Ended on September 30, 2020
Central Puerto: 3Q2020 Results
 |
Buenos Aires, November 11 - Central Puerto S.A (“Central
Puerto” or the “Company”) (NYSE: CEPU), a leading
power generation company in Argentina, reports its consolidated
financial results for the Third Quarter 2020
(“Third Quarter” or
“3Q2020”, and “nine-months period” or
“9M2020”, respectively).
A conference call to discuss the results of the Third Quarter 2020
will be held on November 12, 2020 at 9:00
Eastern Time (see details
below). All information provided is presented on a consolidated
basis, unless otherwise stated.
Financial statements as of and for the quarter and nine-months period
ended on September 30, 2020 include the effects of the inflation adjustment,
applying IAS 29. Accordingly, the financial statements have been
stated in terms of the measuring unit current at the end of the
reporting period, including the corresponding financial figures for
previous periods informed for comparative purposes. Growth
comparisons refer to the same period of the prior year,
measured in the current unit at the end of the period, unless
otherwise stated. Consequently, the
information here included for the quarter and the nine-months
period ended on September 30,
2019, is not comparable to the
Financial Statements previously published by the
company.
|
Definitions
and terms used herein are provided in the Glossary at the end of
this document. This release does not contain all the
Company’s financial information. As a result, investors
should read this release in conjunction with Central Puerto’s
consolidated financial statements as of and for the quarter and
nine-months period ended on September 30, 2020 and the notes
thereto, which will be available on the Company’s
website.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
3Q2020 energy generation decreased 1% to 3,902 GWh, as compared to 3,938 GWh during the
same period of 2019. Energy generation was positively
impacted by the new renewable wind farms La Castellana II, La
Genoveva I and II, Manque and Los Olivos, and the new Luján de
Cuyo cogeneration unit, and negatively impacted by lower water
availability for the Piedra del Águila hydro plant
(for more information see
section B. Main Operating Metrics).
Thermal units’ availability during the quarter was
89%, compared to 94% in the 3Q2019, and a market average of
84% for the 3Q2020, mainly due to the unavailability of unit
LDCUCC25 (which came online again on July 2020), and some of the
steam turbines of the Puerto and Luján de Cuyo
plants.
|
“During the third quarter, we continued with our expansion
plans. As a result, La Genoveva I wind farm is expected to commence
operations this month, adding 88 MW to our renewable energy
portfolio.
We’ve made good advances in our Terminal 6 cogeneration
project too, which will contribute to improve the efficiency of the
electric system”.
Jorge Rauber, CEO of Central Puerto
|
Effects of the Quarantine measures due to the Covid-19
crisis. On March
20, 2020 the Argentine Government issued Decree No. 297/2020
establishing a preventive and mandatory social isolation policy
(“the Quarantine”) as a public health measure to
contain the effects of the COVID-19 outbreak. Consequently,
electric energy demand decreased 2.2% during the 3Q2020, as
compared to the same period of 2019.
Renewable Energy
Green bond issuance. On August 31, 2020, the subsidiaries of
Central Puerto CP Manque and CP Los Olivos issued two Green Bonds
in the local securities market (“the Co-issuance”) for
the equivalent of US$ 50 million, replacing outstanding bridge
loans that had been received to finance the construction of the
wind farms that these renewable energy companies
operate.
The
placement consisted in a dollar-link series (Class 1), integrated
in Argentine pesos, for US$ 35 million (ticker BYMA: OMC1) with a
maturity of three years, and a series in Argentine pesos (Class 2)
with a maturity of one year for the equivalent in argentine pesos
of US$ 15 million (ticker BYMA: OMC2).
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
The
issuance was recognized by Fix Ratings, an affiliate of Fitch
Ratings, with the Green Bond rating BV1 as it is aligned with the
four main components of the 2018 Green Bond Principles (GBP) of the
International Capital Market Association (ICMA).
Additionally,
they were included in the Panel of Social, Green and Sustainable
Bonds (SVS) at Bolsa y Mercados Argentinos (BYMA), being the first
to be included in this Panel since the instruments’
issuance.
La Genoveva I. On
September 11, 2020 and October 30, 2020 CAMMESA authorized the
partial commissioning of 50.4 MW and 33.6 MW of the wind farm La
Genoveva I, starting the energy generation form this plant. After
the project completion date, expected in November 2020, the plant
will have a total power output of 88.2 MW, selling its energy under
a 20-years PPA under the RenovAr regulatory framework.
Advances in new Terminal 6-San Lorenzo cogeneration plant (391
MW). During the quarter the company continued with the
construction of the new Terminal 6-San Lorenzo cogeneration plant.
Furthermore, a commissioning of the gas turbine (284 MW) in an open
cycle configuration is projected in November 2020 for operations
with natural gas, and in January 2021 for dual fuel operations
(natural gas or liquid fuels), which will allow selling energy
under the spot market regulation (Res. 31/2020). Once the
commissioning of the steam turbine and the COD for the full project
is achieved, which is expected for the first half of 2021, the
plant will be remunerated under a 15-years PPA on the energy side
and also sell steam under another 15 year contract to a private off
taker.
FX controls by the Central Bank of Argentina (BCRA). On
September 15, 2020, the BCRA established a new regulation to access
to the foreign exchange market for the repayment of international
financial debt. This regulation establishes that companies who have
principal installments due between October 15, 2020 and March 31,
2020, are enabled to access to the official FX Market for the 40%
of such installments, and for the remaining 60%, they have to agree
on a refinancing plan with the Lenders. This refinancing plan has
to meet certain conditions, including that it has to have an
average maturity of at least 2 years.
The
rule affects the installments due in December 2020 and March 2021
(US$ 36 million each one) of the Syndicate Loan obtained to fund
the acquisition of the Brigadier López Thermal Plant. As of
the date of this releases, the Company is in negotiations with the
Lenders regarding this new regulation.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
B. Main operating metrics
The table below sets forth key operating metrics for 3Q2020,
compared to 2Q2019 and 3Q2019, and 9M2020, compared to
9M2019:
|
Key Metrics
|
3Q 2020
|
2Q 2020
|
3Q 2019
|
Var % (3Q/3Q)
|
9M
2020
|
9M
2019
|
Var % (9M/9M)
|
|
Continuing Operations
|
|
|
|
|
|
|
|
|
Energy Generation (GWh)
|
3,902
|
2,674
|
3,938
|
(1%)
|
10,515
|
10,744
|
(2%)
|
|
-Electric Energy Generation- Thermal*
|
2,480
|
1,708
|
2,381
|
4%
|
6,905
|
7,371
|
(6%)
|
|
-Electric Energy Generation – Hydro
|
1,091
|
661
|
1,372
|
(21%)
|
2,680
|
2,884
|
(7%)
|
|
-Electric Energy Generation – Wind
|
331
|
305
|
185
|
79%
|
930
|
489
|
90%
|
|
Installed capacity (MW;
EoP1)
|
4,366
|
4,316
|
4,140
|
5%
|
4,366
|
4,140
|
5%
|
|
-Installed capacity -Thermal (MW)
|
2,589
|
2,589
|
2,493
|
4%
|
2,589
|
2,493
|
4%
|
|
-Installed capacity - Hydro (MW)
|
1,441
|
1,441
|
1,441
|
0%
|
1,441
|
1,441
|
0%
|
|
-Installed capacity - Wind (MW)
|
336
|
286
|
206
|
63%
|
336
|
206
|
63%
|
|
Availability -
Thermal2
|
89%
|
83%
|
94%
|
(5 p.p.)
|
87%
|
93%
|
(6 p.p.)
|
|
Steam production (thousand Tons)
|
289
|
273
|
221
|
31%
|
817
|
764
|
7%
|
Source:
CAMMESA; company data. * Includes generation from Brigadier
López starting on April 2019.
1 EoP refers to “End of Period”.
2 Availability weighted average by power capacity. Off-time
due to scheduled maintenance agreed with CAMMESA is not considered
in the ratio.
In the 3Q2020, energy generation decreased 1% to 3,902 GWh,
compared to 3,938 GWh in the 3Q2019, As a reference, domestic energy generation
decreased 2.9% during the 3Q2020, compared to the 3Q2019, according
to data from CAMMESA.
The decrease in the energy generated by Central Puerto was
due to:
a)
a 21% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower waterflow in the Limay and Collón Curá
rivers,
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
This
was partially offset by,
b)
a 79% increase in
energy generation from renewable units, which increased mainly the
due to the operation during the full quarter of La Castellana II (15.2 MW) and La Genoveva II
(41.8 MW) wind farms that commenced their commercial operations
during the 3Q2019, Manque (57 MW) and Los Olivos (22.8 MW), which
started operations during December 2019 and February 2020, and the
partial commissioning of the La Genoveva which started operations
during September 2020, as described above, and,
c)
a 4% increase in
the electricity generation from thermal units, mainly due to the
new Luján de Cuyo cogeneration unit.
During 3Q2020, machine availability for thermal units reached 89%,
compared to 94% in 3Q2019, mainly because of the
significative failure in the main transformer of the Siemens
branded combined cycle of the Luján de Cuyo plant (unit
LDCUCC25) occurred in April 12, 2020, which returned to service on
July 16, 2020, and to a lesser extent, to smaller events in some of
the steam turbines of the Puerto and Luján de Cuyo plants.
As a reference, the market average
availability for thermal units for the same period of 84%,
according to data from CAMMESA.
Steam generation during the 3Q2020, which was generated from the
new Luján de Cuyo cogeneration unit, reached its expected
capacity. During the third quarter of 2019, the production had a
decrease due to the scheduled halt in the old cogeneration unit of
the Luján de Cuyo plant in order to allow the necessary civil
works in the steam pipeline for the connection of the new
cogeneration unit, which started operations on October 5, 2019.
Therefore, due to this effect, the output for the third quarter
2020 was 31% higher than the third quarter of 2019, reaching normal
levels.
In the
9M2020, energy generation decreased 2% to 10,515 GWh, compared to 10,744 GWh in the
9M2019. As a reference, domestic energy generation increased 0.6%
during the 9M2020, compared to the 9M2019, according to data from
CAMMESA.
The decrease in the energy generated by Central Puerto was
due to:
a)
a 6% decrease in
the electricity generation from thermal units, due to i) the
unavailability of the unit LDCUCC25 (306.4 MW) mainly during the
2Q2020, ii) lower energy demand due to the effects of the
Quarantine measures related to the Covid-19 crisis, which was
partially offset by iii) the generations from the new Luján de
Cuyo cogeneration unit, and
b)
a 7% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower waterflow in the Limay and Collón Curá
rivers,
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
This
was partially offset by,
c)
a 97% increase in
energy generation from renewable units, which increased mainly due
to the operation during the full period of La Castellana II (15.2 MW), La Genoveva II (41.8
MW) wind farms that commenced their commercial operations during
the 3Q2019, and Manque (57 MW) and Los Olivos (22.8 MW), which
started operations during December 2019 and February 2020,
respectively.
During the 9M2020, machine availability for thermal units reached
87%, compared to 93% in 9M2019, mainly due to the
unavailability of the Siemens branded combined cycle mentioned
before. As a reference, the market
average availability for thermal units for the same period of 84%,
according to data from CAMMESA.
Finally, steam production showed an increased 7%, totaling 817,000
tons produced during 9M2020 compared to 764,000 tons during the
9M2019, when it was affected by the necessary civil works to
connect the new Luján de Cuyo cogeneration unit to the steam
pipeline mentioned above.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
C. Financials
Main financial magnitudes of continuing operations
|
Million Ps.
|
3Q 2020
|
2Q 2020
|
3Q
2019
|
Var % (3Q/3Q)
|
9M
2020
|
9M
2019
|
Var % (9M/9M)
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited1
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Revenues
|
9,079
|
7,733
|
10,616
|
(14%)
|
25,894
|
30,054
|
(14%)
|
|
Cost of
sales
|
(3,617)
|
(3,634)
|
(4,365)
|
(17%)
|
(11,023)
|
(15,586)
|
(29%)
|
|
Gross profit
|
5,462
|
4,100
|
6,251
|
(13%)
|
14,871
|
14,468
|
3%
|
|
Administrative and selling expenses
|
(600)
|
(597)
|
(808)
|
(26%)
|
(1,900)
|
(2,196)
|
(13%)
|
|
Operating income before other operating results
|
4,862
|
3,503
|
5,443
|
(11%)
|
12,971
|
12,273
|
6%
|
|
Other operating results, net
|
1,621
|
3,359
|
12,9112
|
(87%)
|
7,547
|
18,861
|
(60%)
|
|
Operating income
|
6,484
|
6,862
|
18,354
|
(65%)
|
20,519
|
31,134
|
(34%)
|
|
Depreciations
and Amortizations
|
1,198
|
1,313
|
960
|
25%
|
3,829
|
2,295
|
67%
|
|
Adjusted EBITDA
|
7,682
|
8,175
|
19,314
|
(60%)
|
24,347
|
33,429
|
(27%)
|
|
1.
Includes, among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Impairment on
property, plant and equipment
|
-
|
(469)
|
(841)
|
N/A
|
(1,348)
|
(841)
|
60%
|
|
● Foreign Exchange
Difference and interests related to FONI trade
receivables
|
1,412
|
3,449
|
9,326
|
(85%)
|
7,747
|
14,828
|
(48%)
|
|
Adjusted EBITDA excluding FX difference and interests
related to FONI trade receivables and Impairment on property, plant
and equipment
|
6,269
|
5,195
|
10,829
|
(42%)
|
17,948
|
19,442
|
(8%)
|
|
Average exchange rate of period
|
73.32
|
67.74
|
50.65
|
45%
|
73.32
|
44.59
|
64%
|
|
Exchange rate end of period
|
76.18
|
70.46
|
57.59
|
32%
|
76.18
|
57.59
|
32%
|
NOTE:
Exchange rates quoted by the Banco de la Nación Argentina are
provided only as a reference. The average exchange rate refers to
the average of the daily exchange rates quoted by the Banco de la
Nación Argentina for wire transfers (divisas) for each
period.
See
“Disclaimer-Adjusted EBITDA” below for further
information.
2 Includes a one-time-gain in interests on CAMMESA
trade receivables and an extraordinary FX difference charge due to
the high depreciation of the Argentine peso during the 3Q2019
following the presidential primary elections. See the complete
explanation in the section 3Q 2020 Results Analysis –
Adjusted EBITDA.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
Adjusted EBITDA Reconciliation
|
Million Ps.
|
3Q 2020
|
2Q 2020
|
3Q 2019
|
Var % (3Q/3Q)
|
9M
2020
|
9M
2019
|
Var % (9M/9M)
|
|
|
Unaudited subject to limited review according to rule ISRE
2410
|
Unaudited3
|
Unaudited subject to limited review according to rule ISRE
2410
|
|
Unauditedsubject to limited review according to rule ISRE
2410
|
Unauditedsubject to limited review according to rule ISRE
2410
|
|
|
Consolidated
Net income for the period
|
2,287
|
2,357
|
4,817
|
(53%)
|
5,729
|
8,965
|
(36%)
|
|
Loss on
net monetary position
|
(322)
|
(167)
|
(954)
|
(66%)
|
(845)
|
3,105
|
(127%)
|
|
Financial
expenses
|
4,422
|
5,409
|
13,269
|
(67%)
|
14,644
|
16,654
|
(12%)
|
|
Financial
income
|
(927)
|
(1,493)
|
(1,199)
|
(23%)
|
(2,576)
|
(2,697)
|
(4%)
|
|
Share
of the profit of an associate
|
(101)
|
96
|
(588)
|
(83%)
|
(67)
|
(1,118)
|
(94%)
|
|
Income
tax expenses
|
1,126
|
659
|
3,009
|
(63%)
|
3,634
|
6,225
|
(42%)
|
|
Depreciation
and amortization
|
1,198
|
1,313
|
960
|
25%
|
3,829
|
2,295
|
67%
|
|
Adjusted EBITDA
|
7,682
|
8,175
|
19,314
|
(60%)
|
24,347
|
33,429
|
(27%)
|
|
1.
Includes, among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Impairment on
property, plant and equipment
|
-
|
(469)
|
(841)
|
N/A
|
(1,348)
|
(841)
|
60%
|
|
● Foreign Exchange
Difference and interests related to FONI trade
receivables
|
1,412
|
3,449
|
9,326
|
(63%)
|
7,747
|
14,828
|
(48%)
|
|
Adjusted EBITDA excluding Foreign Exchange Difference and
interests related to FONI trade receivables and Impairment on
property, plant and equipment
|
6,269
|
5,195
|
10,829
|
(42%)
|
17,948
|
19,442
|
(8%)
|
3 2Q2020 figures are stated in the measuring unit
current as of September 30, 2020, calculated as the results for the
9M2020 minus the 1H2020, measured in such
unit.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
3Q 2020 Results Analysis
Revenues decreased 14% to Ps. 9,079 million in the 3Q2020,
as compared to Ps. 10,616 million in the 3Q2019. The decrease in
revenues was mainly affected by the abrogation of Resolution No.
70/2018, on December 30, 20194. Consequently, fuel remuneration for
units under the Energía Base regulatory framework (and other
related concepts), amounted to Ps. 218 million during the 3Q2020,
compared to Ps. 1,914 million during the 3Q2019, when Res. 70/18
was in force (see “—Factors Affecting Our Results of
Operations—Our Revenues—The Energía Base” in
the Company’s 20-F filing).
Without
considering fuel remuneration, Revenues for the 3Q2020 would have
been Ps. 8,862
million, a 2% increase compared to Ps. 8,702 million in the
3Q2019. This increase was mainly due to:
(i)
an increase in Sales under contracts, which
amounted to Ps. 4,349 million during the 3Q2020, as compared to Ps.
3,463 million in the 3Q2019, mainly due to the revenues
related to the new Luján de Cuyo cogeneration unit, which
started operations on October 2019, and the wind farms La
Castellana II, La Genoveva II, Manque and Los Olivos which started
operations during June 2019, September 2019, December 2019, and
February 2020, respectively, and;
(ii)
an
increase in the Steam Sales from the new Luján de Cuyo
cogeneration unit, which totaled Ps. 330 million in the 3Q2020,
compared to Ps. 98 million in the 3Q2019.
This
increase was partially offset by a decrease in Spot Sales/Energia
Base (Revenues from Resolution 1, Resolution 31, Resolution 19, SGE
Resolution 70/2018 and amendments) which, without considering the
remuneration associated to the self-procured fuel under Res. 70/18
mentioned above, were Ps. 3,899 million in the 3Q2020 as compared
to 4,898 million in the 3Q2019. This was mainly due to a decrease
in prices for units under the Energía Base Regulatory
framework established by Res. 31/2020, in force since February 1,
2020, and the suspension Annex VI of such resolution (monthly price
adjustment procedure) instructed by
the Secretariat of Energy to CAMMESA on April 8, 2020.
To a lesser extent, Sales under
Energía Base were also affected by the decrease in energy
generation from our hydro plant Piedra del Águila and a lower
availability for thermal units, mainly related to the combined
cycle LDCUCC25 and some of the steam turbines (see B. Main
Operating Metrics).
Gross profit was Ps. 5,462 million in the 3Q2020, compared
to Ps. 6,251 million in 3Q2019. This decrease was due to (i) the
above-mentioned variation in revenues, partially offset by (ii) a
13% reduction in the costs of sales that totaled Ps. 3,617 million,
compared to Ps. 4,365 million in the 3Q2019. This decrease in the
cost of sales was primarily driven by:
(i)
A 56% decrease in
the purchase of fuel (and related concepts) used in the units that
sell steam, and electricity under contracts or Energía Base
(when applicable), which totaled Ps. 742 million during the 3Q2020,
as compared to Ps. 1,687 million in the 3Q2019, mainly due to the
cost of the self-supplied fuel purchased in accordance to Res.
70/18, which was in force during the 3Q2019, but was abrogated on
December 30, 2019, as described above;
4 On December 30, 2019, through
Resolution No. 12/2019, the Ministry of Productive Development
abrogated Resolution SE No. 70/2018 (Res. 70/18), which allowed
generators to purchase their own fuel, and reinstated effectiveness
of section 8 of Resolution No. 95/2013 and section 4 of Resolution
No. 529/2014, centralizing fuel purchases through CAMMESA, who
provides the fuel without a charge to
generators.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
This
was partially offset by:
(ii)
a 7% increase in
non-fuel-related costs of production, which totaled Ps. 2,875
million in the 3Q2020, as compared to Ps. 2,678 million in the
3Q2019, mainly due to the increase in the installed capacity from
the new thermal and renewable energy plants.
Gross
Profit Margin was 60% during the 3Q2020, as compared to 59% in the
3Q2019. In addition to the new installed capacity, this change was
also affected by the operation of purchase of self-supplied fuel,
that has a lower gross profit margin as compared to the gross
profit margin of the rest of the operations of the company, which
was in force during the 3Q2019 but not during the
3Q2020.
Operating income before other operating results, net, was Ps. 4,862
million, compared to Ps. 5,443 million in the 3Q2019. This
decrease was due to (i) the above-mentioned decrease in gross
profits, partially offset by (ii) a 26% decrease (in real terms) in
administrative and selling expenses that totaled Ps. 600 million in
the 3Q2020, as compared to Ps. 808 million in the 3Q2019, mainly
driven by i) a Ps. 141 million reduction in tax on bank account
transactions which during the 3Q2019 had been significantly higher
due to the capital expenditures and loans received associated to
the expansion projects, ii) a Ps. 55 million reduction in fees and
compensation for professional services, and iii) a Ps. 51 million
reduction in office maintenance expenses, among
others.
Adjusted EBITDA was Ps. 7,682 million in the 3Q2020,
compared to Ps. 19,314 million in the 3Q2019. This decrease was
mainly due to:
(i)
the decrease in
operating results before other operating income, net mentioned
above, which includes an increase in depreciations and
amortizations that totaled Ps. 1,198 during the 3Q2020, as compared
to Ps. 960 million during the 3Q2019, mainly related to the new
renewable and thermal plants, and
(ii)
A foreign exchange
difference on operating assets, mainly related to FONI trade
receivables that generated a Ps. 979 million gain during the
3Q2020, compared to Ps. 8,475 million during the 3Q2019, due to a
lower depreciation of the argentine peso and, to a lesser extent, a
lower balance of dollar denominated trade receivables during the
period 3Q2020. As a reference, during the 3Q2020, the Argentine
peso depreciated 8%, compared to 36% during the third 2019 mainly
after the Presidential Primary elections held in August
2019.
(iii)
a Ps. 4,784 million
one-time-gain registered in the third quarter 2019, measured in the
current unit of September 30, 2020, associated to the 2013-2016
CAMMESA trade receivables cancelation5. Without considering this effect,
interests on trade receivables, mainly from CAMMESA, amounted Ps.
622 million during the 3Q2020, as compared to Ps. 858 million in
the 3Q2019 due to a lower trade receivables balance maintained,
mainly on FONI receivables, and lower interest rates during the
period.
5 During the 3Q2019, CAMMESA, in accordance to a
general offer maid to all generators, cancelled the pending trade
receivables from CAMMESA accrued between 2013 and 2016, after
offsetting the balance of loans and advances granted by CAMMESA.
Consequently, Central Puerto booked a Ps. 3,502 million gain in
interests, measured in the current unit of September 30, 2019. For
more information, please see the 3Q2019 Financial
Statements.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
This
was partially offset by
(iv)
a Ps. 841 million
non-cash charge related to the property, plant and equipment
impairment registered during the 3Q2019.
Consolidated Net income was Ps. 2,287 million and Net income for
shareholder was Ps. 2,272 million or Ps. 1.51 per share or Ps. 15.1
per ADR, in the 3Q2020, compared to Ps. 4,817 million and
5,693 million, respectively, or Ps. 3.78 per share or Ps. 37.8 per
ADR, in the 3Q2019. In addition to the above-mentioned factors, net
income was negatively impacted by (i) lower financial income which
amounted to Ps. 927 million during the 3Q2020, compared to Ps.
1,199 million in the 3Q2019, mainly due to lower FX difference
results on financial assets denominated in foreign currency (which
excludes FONI and other trade receivables), measured in argentine
pesos, partially compensated by a higher mark-to-market gain on
financial assets, and (ii) positively impacted by lower financial
expenses that amounted to Ps. 4,422 million in the 3Q2020, compared
to Ps. 13,269 million in the 3Q2019, mainly due to lower foreign
exchange difference on loans, most of which are denominated in US
dollars. As a reference, during the 3Q2020, the peso depreciated
8.1%, compared to 35.6%, during the 3Q2019.
Additionally,
the share of profit of associates was Ps. 101 million gain during
the 3Q2020 compared to Ps. 588 million during the 3Q2019, mainly
due to lower results from the operations of Ecogas due to lack of
tariff adjustments for the natural gas distribution business during
2020.
Finally,
the gain on net monetary position totaled Ps. 322 million during
the 3Q2020, as compared to Ps. 954 million in the
3Q2019.
FONI collections totaled Ps. 1,392 million in the 3Q2020,
-including VAT, associated to the FONI trade receivables for Vuelta
de Obligado Plant.
9M2020 Results Analysis
Revenues decreased 14% to Ps. 25,894 million in the 9M2020,
as compared to Ps. 30,054 million in the 9M2019. The decrease in
revenues was mainly affected by the abrogation of Resolution No.
70/2018 mentioned above, on December 30, 2019. Consequently, fuel
remuneration for units under Energía Base regulatory framework
(and other related concepts), amounted to Ps. 794 million during
the 9M2020, compared to Ps. 8,912 million during the 9M2019, when
Res. 70/18 was in force (see “—Factors Affecting Our
Results of Operations—Our Revenues—The Energía
Base” in the Company’s 20-F filing).
Without
considering fuel remuneration, Revenues for the 9M2020 would have been Ps.
25,100 million, a 19% increase compared to Ps. 21,142
million in the 9M2019. This increase was mainly due
to:
(i)
an increase in Sales under contracts, which
amounted to Ps. 12,250 million during the 9M2020, as compared to
Ps. 5,173 million in the 9M2019, mainly due to the revenues
related to the Brigadier López Plant, which was acquired in
June 2019, the new Luján de Cuyo cogeneration unit, which
started operations on October 2019, and the wind farms La
Castellana II, La Genoveva II, Manque and Los Olivos which started
operations during June 2019, September 2019, December 2019, and
February 2020, respectively;
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
(ii)
an
increase in the Steam Sales from the new Luján de Cuyo
cogeneration unit, which totaled Ps. 740 million in the 9M2020,
compared to Ps. 262 million in the 9M2019.
This
increase was partially offset by a decrease in Spot
Sales/Energía Base (Revenues from Resolution 1, Resolution 31,
Resolution 19, SGE Resolution 70/2018 and amendments) which,
without considering the remuneration associated to the
self-procured fuel under Res. 70/18 mentioned above, were Ps.
11,330 million in the 9M2020 as compared to 14,988 million in the
9M2019, mainly due to the a decrease in prices for units under the
Energía Base Regulatory framework established by Res. 31/2020,
in force since February 1, 2020, and the suspension of Annex VI of
such resolution (monthly price adjustment procedure) instructed by the Secretariat of Energy to CAMMESA
on April 8, 2020.
To a lesser extent, Spot Sales/Energía Base where also
affected by (i) the unavailability of the combined cycle
LDCUCC25 between April 12 and July 16, 2020 mentioned above, which
reduced revenues from power availability and the energy generation
from this unit, part of which may be mitigated by the Comprehensive
Operational Risk and Loss of Profits insurance, (ii) a 620 GWh reduction in energy generation from the
rest of the thermal units under this segment, mainly due to the
effects of the Quarantine and, (iii) a 203 GWh reduction in energy
generation from the Piedra del Águila hydro plant due to less
water availability in the Collón Curá and Limay
rivers.
Gross profit increased 3% to Ps. 14,871 million in the
9M2020, compared to Ps. 14,468 million in 9M2019. This
increase was due to (i) the above-mentioned variation in revenues
(without considering fuel remuneration), and (ii) a 29% reduction
in the costs of sales that totaled Ps. 11,023 million, compared to
Ps. 15,586 million in the 9M2019. This decrease in the cost of
sales was primarily driven by:
(i)
A 75% decrease in
the purchase of fuel (and related concepts) used in the units that
sell steam, and electricity under contracts or Energía Base
(when applicable), which totaled Ps. 2,075 million during the
9M2020, as compared to Ps. 8,285 million in the 9M2019, mainly due
to the cost of the self-supplied fuel purchased in accordance to
Res. 70/18, which was in force during the 9M2019, but was abrogated
on December 30, 2019, as described above;
This
was partially offset by:
(ii)
a 23% increase in
non-fuel-related costs of production, which totaled Ps. 8,948
million in the 9M2020, as compared to Ps. 7,301 million in the
9M2019, mainly due to the increase in the installed capacity
following the acquisition of Brigadier López plant and the COD
of the new thermal and renewable energy plants.
Gross
Profit Margin totaled 57% during the 9M2020, as compared to 48% in
the 9M2019. This change was mainly a consequence of (i) the
operation of purchase of self-supplied fuel, which was in force
during the 9M2019 but not during the 9M2020, that has a lower gross
profit margin as compared to the gross profit margin of the rest of
the operations of the company.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
Operating income before other operating results, net, was Ps.
12,971 million, compared to Ps. 12,273 million in the
9M2019. This increase was due to (i) the above-mentioned growth in
gross profits, and (ii) a 13% decrease (in real terms) in
administrative and selling expenses that totaled Ps. 1,900 million
in the 9M2020, as compared to Ps. 2,196 million in the 9M2019,
mainly driven by a Ps. 310 million reduction in tax on bank account
transactions which during the 9M2019 had been significantly higher
due to the purchase of the Brigadier López plant, and higher
capital expenditures and loans received during the
period.
Adjusted EBITDA was Ps. 24,347 million in the 9M2020,
compared to Ps. 33,429 million in the 9M2019. This decrease was
mainly due to:
(i)
the lower operating
results before other operating income, net mentioned above, which
includes an increase in depreciations and amortizations that
totaled Ps. 3,829 million during the 9M2020, as compared to Ps.
2,295 million during the 9M2019, mainly related to the new
renewable and thermal plants.
(ii)
interests on trade
receivables, mainly from CAMMESA, which during the 9M2020 amounted
Ps. 2,183 million, as compared to Ps. 7,503 million in the 9M2019,
including the 4,784 million one-time-gain in interests associated
to the trade receivables and debt compensation with CAMMESA booked
during the 3Q2019 mentioned above, and
(iii)
lower foreign
exchange difference on operating assets, mainly related to FONI
trade receivables, which generated a Ps. 7,062 million gain during
the 9M2020, compared to Ps. 12,672 million during the 9M2019. As a
reference, during the 9M2020, the peso depreciated 27.2%, compared
to 52.8%, during the 9M2019.
(iv)
a Ps. 1,348 million
non-cash loss related to the property, plant and equipment
impairment accrued during the 9M2020 on two Siemens branded
generating groups stored in the supplier’s facilities and one
General Electric branded generating group stored in Central
Puerto’s Nuevo Puerto plant, which were valued using the fair
value less cost of sale approach, compared to Ps. 841 million
during the 9M2019.
Consolidated Net income was Ps. 5,729 million and Net income for
shareholder was Ps. 5,693 million or Ps. 3.78 per share or Ps. 37.8
per ADR, in the 9M2020, compared to Ps. 8,965 million and
9,594 million, respectively, or a gain of Ps. 6.37 per share or Ps.
63.7 per ADR, in the 9M2019. In addition to the above-mentioned
factors, net income was negatively impacted by a lower gain on
share of profit of associates that totaled Ps. 67 million during
the 9M2020 compared to Ps. 1,118 million during the 9M2019, mainly
due to lower results from the operations of Ecogas due to lack of
tariff adjustments for the natural gas distribution business during
2020, as mentioned above.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
This
was partially offset by lower financial expenses that amounted to
Ps. 14,644 million in the 9M2020, compared to Ps. 16,654 million in
the 9M2019, mainly due to a lower foreign exchange difference on US
dollars denominated loans, which was partially offset by a higher
balance of such loans, mostly related to the expansion projects. As
a reference, during the 9M2020, the peso depreciated 27.2%,
compared to 52.8%, during the 9M2019.
Finally,
the gain on net monetary position totaled Ps. 845 million during
the 9M2020, as compared to a loss on the net monetary position of
Ps. 3,105 million in the 9M2019.
FONI collections totaled Ps. 4,608 million in the 9M2020,
-including VAT, associated to the FONI trade receivables for San
Martín, Manuel Belgrano, and Vuelta de Obligado
Plants.
Financial Situation
As of September 30, 2020, the Company and its subsidiaries had Cash and Cash
Equivalents of Ps. 349 million, and Other Current Financial Assets of Ps.
11,564 billion.
The
following chart breaks down the Net Debt position of Central Puerto
(on a stand-alone basis) and its subsidiaries:
|
Million Ps.
|
|
As of
September 30, 2020
|
|
Cash and cash equivalents (stand-alone)
|
|
56
|
|
Other financial assets (stand-alone)6
|
|
6,975
|
|
Financial Debt (stand-alone)
|
|
(24,057)
|
|
Composed of:
Financial Debt (current) (Central
Puerto S.A. stand-alone)
|
(15,005)
|
|
|
Financial Debt (non-current) (Central
Puerto S.A. stand-alone)
|
(9,051)
|
|
|
Subtotal Central Puerto stand-alone Net Debt Position
|
|
(17,026)
|
|
Cash and cash equivalents of subsidiaries
|
|
293
|
|
Other financial assets of subsidiaries
|
|
4,589
|
|
Financial Debt of subsidiaries
Composed of:
|
|
(24,016)
|
|
Financial Debt of subsidiaries
(current)4
|
(3,251)
|
|
|
Financial Debt of subsidiaries
(non-current) 4
|
(20,765)
|
|
|
Subtotal Subsidiaries Net Debt Position
|
|
(19,134)
|
|
Consolidated Net Debt Position
|
|
(36,160)
|
6 Excludes intercompany loans.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
|
Million Ps.
|
9M 2020
ended on September 30, 2020
|
|
Cash and Cash equivalents at the beginning
|
1,827
|
|
Net cash flows provided by operating activities
|
12,848
|
|
Net cash flows used in investing activities
|
(12,459)
|
|
Net cash flows used in financing activities
|
(1,938)
|
|
Exchange difference and other financial results
|
248
|
|
Loss on net monetary position by cash and cash
equivalents
|
(176)
|
|
Cash and Cash equivalents at the end
|
349
|
Net cash provided by operating activities was Ps.
12,848 million during the 9M2020. This cash flow arises
from (i) Ps. 20,519 million from the operating income obtained
during the 9M2020, (ii) Ps. 9,825 million due to a decrease in the
stock of trade receivables, mainly related to the FONI collections,
(iii) Ps. 2,019 million in collection of interests from clients,
including the ones from FONI, during the period and (iv)
a Ps. 1,348 million non-cash
impairment of property, plant and equipment charge included in the
operating income, which was partially offset by (v) a
Ps. 7,062 million non-cash foreign
exchange difference on trade receivables, (vi) Ps. 3,124 million
from income tax paid, and (vii) a 6,330 million reduction in trade
and other payables, other non-financial liabilities and liabilities
from employee benefits mainly due to (a) the payment of the
self-procured fuel purchased prior to the abrogation of the Res.
70/18, as mentioned above, and (b) the cancellation of
non-financial liabilities associated to the construction of the
expansion projects.
Net cash used in investing activities was Ps. 12,459 million in
9M2020. This amount was mainly due to (i) Ps. 8,474 million
in payments for the purchase of property, plant and equipment for
the construction of the renewable and thermal projects, and (ii)
Ps. 4,112 million used for the purchase of short-term financial
assets, net, which was partially offset by (iii) Ps. 127 million in
dividends collected from TJSM and TMB, the companies that operate
the San Martín and Manuel Belgrano combined cycle plants from
the FONI program.
Net cash used in financing activities was Ps. 1,938 million in the
9M2020. This amount was mainly the result of Ps. 2,183
million Bank and investment accounts overdrafts paid, net, and (ii)
Ps. 2,169 million used interests and other financial costs paid,
and (iii) Ps. 1,240 long-term loan principal payments, which were
partially offset by (iii) Ps. 3,712 million in long-term loans
received from the Green Bonds issuance described above (see A.
3Q2020 Highlights).
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
D. Tables
a.
Consolidated Statement of Income
|
|
3Q 2020
|
3Q 2019
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
|
|
|
|
Revenues
|
9,079,350
|
10,616,109
|
|
Cost
of sales
|
(3,616,864)
|
(4,365,368)
|
|
Gross
income
|
5,462,486
|
6,250,741
|
|
|
|
|
|
Administrative and
selling expenses
|
(600,114)
|
(808,125)
|
|
Other operating
income
|
1,616,849
|
14,118,627
|
|
Other operating
expenses
|
4,589
|
(366,187)
|
|
Property plant and
equipment impairment
|
-
|
(841,138)
|
|
Operating
income
|
6,483,810
|
18,353,918
|
|
|
|
|
|
Gain (loss) on net
monetary position
|
322,257
|
954,204
|
|
Finance
income
|
926,967
|
1,199,022
|
|
Finance
expenses
|
(4,421,898)
|
(13,268,808)
|
|
Share of the profit
of associates
|
101,412
|
587,592
|
|
Income
before income tax
|
3,412,548
|
7,825,928
|
|
Income
tax for the period
|
(1,125,641)
|
(3,009,103)
|
|
Net income for the period
|
2,286,907
|
4,816,825
|
|
Net total comprehensive income for the period
|
2,286,907
|
4,816,825
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity holders of
the parent
|
2,272,094
|
5,692,664
|
|
-Non-controlling
interests
|
14,813
|
(875,840)
|
|
|
2,286,907
|
4,816,824
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
Basic and diluted
(Ps.)
|
1.51
|
3.78
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
|
|
9M 2020
|
9M 2019
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
|
|
|
|
Revenues
|
25,893,833
|
30,054,186
|
|
Cost
of sales
|
(11,022,882)
|
(15,585,851)
|
|
Gross
income
|
14,870,951
|
14,468,335
|
|
|
|
|
|
Administrative and
selling expenses
|
(1,899,598)
|
(2,195,597)
|
|
Other operating
income
|
9,266,553
|
20,177,800
|
|
Other operating
expenses
|
(371,681)
|
(475,607)
|
|
Property plant and
equipment impairment
|
(1,347,549)
|
(841,138)
|
|
Operating
income
|
20,518,676
|
31,133,793
|
|
|
|
|
|
Gain (loss) on net
monetary position
|
844,630
|
(3,104,644)
|
|
Finance
income
|
2,576,132
|
2,697,255
|
|
Finance
expenses
|
(14,643,833)
|
(16,654,133)
|
|
Share of the profit
of associates
|
66,985
|
1,117,820
|
|
Income
before income tax
|
9,362,590
|
15,190,091
|
|
Income
tax for the period
|
(3,633,877)
|
(6,225,336)
|
|
Net income for the period
|
5,728,713
|
8,964,755
|
|
Net total comprehensive income for the period
|
5,728,713
|
8,964,755
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity holders of
the parent
|
5,692,554
|
9,593,777
|
|
-Non-controlling
interests
|
36,159
|
(629,022)
|
|
|
5,728,713
|
8,964,755
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
Basic and diluted
(Ps.)
|
3.78
|
6.37
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
b.
Consolidated Statement of Financial Position
|
|
As of
September 30, 2020
|
As of
December 31,
2019
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
Assets
|
|
|
|
Non-current
assets
|
|
|
|
Property, plant and
equipment
|
73,514,001
|
69,333,791
|
|
Intangible
assets
|
7,119,272
|
8,644,335
|
|
Investment in
associates
|
4,158,921
|
4,219,664
|
|
Trade and other
receivables
|
27,494,994
|
29,654,003
|
|
Other non-financial
assets
|
543,687
|
842,797
|
|
Inventories
|
173,944
|
176,303
|
|
|
113,004,819
|
112,870,893
|
|
Current
assets
|
|
|
|
Inventories
|
1,032,771
|
804,164
|
|
Other non-financial
assets
|
1,016,696
|
1,230,528
|
|
Trade and other
receivables
|
17,061,669
|
19,127,137
|
|
Other financial
assets
|
11,564,133
|
9,414,692
|
|
Cash and cash
equivalents
|
348,541
|
1,826,834
|
|
|
31,023,810
|
32,403,355
|
|
Total
assets
|
144,028,629
|
145,274,248
|
|
|
|
|
|
Equity
and liabilities
|
|
|
|
Equity
|
|
|
|
Capital
stock
|
1,514,022
|
1,514,022
|
|
Adjustment to
capital stock
|
22,859,107
|
22,859,107
|
|
Legal
reserve
|
3,447,539
|
2,908,929
|
|
Voluntary
reserve
|
43,547,209
|
32,420,004
|
|
Other equity
accounts
|
(1,766,101)
|
-
|
|
Retained
earnings
|
5,692,554
|
11,665,815
|
|
Equity
attributable to shareholders of the parent
|
75,294,330
|
71,367,877
|
|
Non-controlling
interests
|
90,570
|
966,959
|
|
Total Equity
|
75,384,900
|
72,334,836
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Other
non-financial liabilities
|
4,945,542
|
5,325,274
|
|
Other loans and
borrowings
|
29,816,134
|
37,527,123
|
|
Compensation
and employee benefits liabilities
|
306,002
|
280,383
|
|
Provisions
|
32,297
|
11,432
|
|
Deferred
income tax liabilities
|
8,111,410
|
7,716,635
|
|
|
43,211,385
|
50,860,847
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Trade and other
payables
|
2,321,298
|
7,214,353
|
|
Other non-financial
liabilities
|
2,295,814
|
2,120,916
|
|
Other loans and
borrowings
|
18,256,814
|
9,814,772
|
|
Compensation and
employee benefits liabilities
|
738,720
|
854,443
|
|
Income tax
payable
|
1,783,951
|
2,040,505
|
|
Provisions
|
35,747
|
33,576
|
|
|
25,432,344
|
22,078,565
|
|
Total
liabilities
|
68,643,729
|
72,939,412
|
|
Total
equity and liabilities
|
144,028,629
|
145,274,248
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
c.
Consolidated Statement of Cash Flow
|
|
9M 2020
|
9M 2019
|
|
|
Unaudited, subject to limited review according to rule ISRE
2410
|
Unaudited, subject to limited review according to rule ISRE
2410
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
Operating
activities
|
|
|
|
Income for the
period before income tax
|
9,362,590
|
15,190,091
|
|
|
|
|
|
Adjustments
to reconcile income for the period before income tax to net cash
flows:
|
|
|
|
Depreciation of
property, plant and equipment
|
2,256,253
|
1,784,006
|
|
Amortization of
intangible assets
|
1,572,430
|
510,907
|
|
Property, plant and
equipment impairment
|
1,347,549
|
841,138
|
|
Discount of trade
and other receivables and payables, net
|
21,538
|
311,684
|
|
Interest earned
from customers
|
(2,183,270)
|
(7,502,691)
|
|
Commercial and
fiscal interests lost
|
334,112
|
-
|
|
Financial
income
|
(2,576,132)
|
(2,697,255)
|
|
Financial
expenses
|
14,643,833
|
16,654,133
|
|
Share of the profit
of associates
|
(66,985)
|
(1,117,820)
|
|
Stock-based
payments
|
1,396
|
27,675
|
|
Movements
in provisions and long-term employee benefit plan
expenses
|
97,249
|
180,798
|
|
Foreign exchange
difference for trade receivables
|
(7,061,912)
|
(12,672,068)
|
|
Loss on net
monetary position
|
(7,556,879)
|
(10,957,469)
|
|
|
|
|
|
Working
capital adjustments:
|
|
|
|
Decrease in trade
and other receivables
|
9,825,518
|
15,727,838
|
|
Decrease in other
non-financial assets and inventories
|
265,156
|
(342,280)
|
|
(Decrease) Increase
in trade and other payables, other non-financial liabilities and
liabilities from employee benefits
|
(6,329,653)
|
(302,963)
|
|
|
13,952,793
|
15,635,724
|
|
Interest received
from customers
|
2,018,925
|
5,256,613
|
|
Income tax
paid
|
(3,123,749)
|
(10,881,862)
|
|
Net
cash flows provided by operating activities
|
12,847,969
|
10,010,475
|
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of
property, plant and equipment
|
(8,473,728)
|
(13,652,723)
|
|
Acquisition of
Brigadier López plant
|
-
|
(10,353,531)
|
|
Dividends
received
|
126,639
|
494,380
|
|
Sale of
available-for-sale assets, net
|
(4,112,124)
|
(2,354,121)
|
|
Net
cash flows used in investing activities
|
(12,459,213)
|
(25,865,995)
|
|
|
|
|
|
Financing
activities
|
|
|
|
Banks and
investment accounts overdrafts received (paid), net
|
(2,182,831)
|
489,638
|
|
Long term loans
received
|
3,711,589
|
19,207,144
|
|
Long term loans
paid
|
(1,240,342)
|
(798,376)
|
|
Interests and other
loan costs paid
|
(2,169,333)
|
(2,692,318)
|
|
Contributions from
non-controlling interests
|
-
|
237,131
|
|
Dividends
paid
|
(57,450)
|
(28,408)
|
|
Net
cash flows (used) provided by financing activities
|
(1,938,367)
|
16,414,811
|
|
|
|
|
|
|
|
|
|
Increase
in cash and cash equivalents
|
(1,549,611)
|
559,291
|
|
Exchange difference
and other financial results
|
247,764
|
746,099
|
|
Monetary results
effect on cash and cash equivalents
|
(176,446)
|
444,826
|
|
Cash and cash
equivalents as of January 1
|
1,826,834
|
432,578
|
|
Cash
and cash equivalents as of September 30, 2020
|
348,541
|
2,182,794
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
E. Information about the Conference Call
There
will be a conference call to discuss Central Puerto’s
Third Quarter 2020 results
on November 12, 2020 at
9:00 New York Time / 11:00 Buenos
Aires Time.
The
conference will hosted by Mr. Jorge Rauber, Chief Executive
Officer, and Fernando Bonnet, Chief Operating Officer. To access
the conference call, please dial:
United
States Participants (Toll Free): 1-888-317-6003
Argentina
Participants (Toll Free): 0800-555-0645
International
Participants : +1-412-317-6061
Passcode: 3516405
The
Company will also host a live audio webcast of the conference call
on the Investor Relations section of the Company's website at
www.centralpuerto.com.
Please allow extra time prior to the call to visit the website and
download any streaming media software that might be required to
listen to the webcast. The call will be available for replay on the
Company website under the Investor Relations section.
You
may find additional information on the Company at:
●
http://investors.centralpuerto.com/
●
www.sec.gov
●
www.cnv.gob.ar
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
Glossary
In this
release, except where otherwise indicated or where the context
otherwise requires:
●
“BCRA”
refers to Banco Central de la
República Argentina, Argentina’s Central
Bank,
●
“CAMMESA”
refers to Compañía
Administradora del Mercado Mayorista Eléctrico Sociedad
Anónima;
●
“COD”
refers to Commercial Operation Date, the day in which a generation
unit is authorized by CAMMESA (in Spanish, “Habilitación
Comercial”) to sell electric energy through the grid under
the applicable commercial conditions;
●
“CVP”
refers to Variable Cost of Production of producing energy, which
may be declared by the generation companies to
CAMMESA;
●
“CVO
effect” refers to the CVO receivables update, and interests
triggered by the CVO Plant Commercial Operation
Approval;
●
“Ecogas”
refers collectively to Distribuidora de Gas Cuyana
(“DGCU”), Distribuidora de Gas del Centro
(“DGCE”), and their controlling company Inversora de Gas del Centro
(“IGCE”);
●
“Energía
Base” (legacy energy) refers to the regulatory framework
established under Resolution SE No. 95/13, as amended,
currently regulated by Resolution SE No. 31/20;
●
“FONINVEMEM”
or “FONI”, refers to the Fondo para Inversiones Necesarias que Permitan
Incrementar la Oferta de Energía Eléctrica en el Mercado
Eléctrico Mayorista (the Fund for Investments Required
to Increase the Electric Power Supply) and Similar Programs,
including Central Vuelta de Obligado (CVO) Agreement;
●
“MATER”,
refers to Mercado a Término de Energía Renovable or Term
Market for Renewable Energy, and is the regulatory framework that
allows generators to sell electric energy from renewable sources
directly to large users.
●
“p.p.”,
refers to percentage points;
●
“PPA”
refers to power purchase agreements.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
Disclaimer
Rounding amounts and percentages: Certain amounts and percentages
included in this release have been rounded for ease of
presentation. Percentage figures included in this release have not
in all cases been calculated on the basis of such rounded figures,
but on the basis of such amounts prior to rounding. For this
reason, certain percentage amounts in this release may vary from
those obtained by performing the same calculations using the
figures in the financial statements. In addition, certain other
amounts that appear in this release may not sum due to
rounding.
This release contains certain metrics, including information per
share, operating information, and others, which do not have
standardized meanings or standard methods of calculation and
therefore such measures may not be comparable to similar measures
used by other companies. Such metrics have been included herein to
provide readers with additional measures to evaluate the
Company’s performance; however, such measures are not
reliable indicators of the future performance of the Company and
future performance may not compare to the performance in previous
periods.
OTHER INFORMATION
Central
Puerto routinely posts important information for investors in the
Investor Relations support section on its website,
www.centralpuerto.com. From time to time, Central Puerto may use
its website as a channel of distribution of material Company
information. Accordingly, investors should monitor Central
Puerto’s Investor Support website, in addition to following
the Company’s press releases, SEC filings, public conference
calls and webcasts. The information contained on, or that may be
accessed through, the Company’s website is not incorporated
by reference into, and is not a part of, this release.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING
INFORMATION
This release contains certain forward-looking information and
forward-looking statements as defined in applicable
securities laws (collectively referred to in this Earnings Release
as “forward-looking statements”) that constitute forward-looking statements.
All statements other than statements of historical fact are
forward-looking statements. The words
‘‘anticipate’’,
‘‘believe’’,
‘‘could’’,
‘‘expect’’,
‘‘should’’,
‘‘plan’’,
‘‘intend’’,
‘‘will’’,
‘‘estimate’’ and
‘‘potential’’, and similar
expressions, as they relate to the Company, are intended to
identify forward-looking statements.
Statements regarding possible or assumed future results of
operations, business strategies, financing plans, competitive
position, industry environment, potential growth opportunities, the
effects of future regulation and the effects of competition,
expected power generation and capital expenditures plan, are
examples of forward-looking statements. Forward-looking statements are necessarily based upon a
number of factors and assumptions that, while considered reasonable
by management, are inherently subject to significant business,
economic and competitive uncertainties and contingencies,
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
The Company assumes no obligation to update forward-looking
statements except as required under securities laws. Further
information concerning risks and uncertainties associated with
these forward-looking statements and the Company’s business
can be found in the Company’s public disclosures filed on
EDGAR (www.sec.gov).
Adjusted EBITDA
In this release, Adjusted EBITDA, a non-IFRS financial measure, is
defined as net income for the year, plus finance expenses, minus finance income, minus share of the profit of associates, minus
depreciation and amortization, plus income tax expense, plus depreciation and amortization, minus net results of discontinued
operations.
Adjusted EBITDA is believed to provide useful supplemental
information to investors about the Company and its results.
Adjusted EBITDA is among the measures used by the Company’s
management team to evaluate the financial and operating performance
and make day-to-day financial and operating decisions. In addition,
Adjusted EBITDA is frequently used by securities analysts,
investors and other parties to evaluate companies in the industry.
Adjusted EBITDA is believed to be helpful to investors because it
provides additional information about trends in the core operating
performance prior to considering the impact of capital structure,
depreciation, amortization and taxation on the
results.
Adjusted EBITDA should not be considered in isolation or as a
substitute for other measures of financial performance reported in
accordance with IFRS. Adjusted EBITDA has limitations as an
analytical tool, including:
●
Adjusted
EBITDA does not reflect changes in, including cash requirements
for, working capital needs or contractual commitments;
●
Adjusted
EBITDA does not reflect the finance expenses, or the cash
requirements to service interest or principal payments on
indebtedness, or interest income or other finance
income;
●
Adjusted
EBITDA does not reflect income tax expense or the cash requirements
to pay income taxes;
●
although
depreciation and amortization are non-cash charges, the assets
being depreciated or amortized often will need to be replaced in
the future, and Adjusted EBITDA does not reflect any cash
requirements for these replacements;
●
although
share of the profit of associates is a non-cash charge, Adjusted
EBITDA does not consider the potential collection of dividends;
and
●
other
companies may calculate Adjusted EBITDA differently, limiting its
usefulness as a comparative measure.
The Company compensates for the inherent limitations associated
with using Adjusted EBITDA through disclosure of these limitations,
presentation of the Company’s consolidated financial
statements in accordance with IFRS and reconciliation of Adjusted
EBITDA to the most directly comparable IFRS measure, net income.
For a reconciliation of the net income to Adjusted EBITDA, see the
tables included in this release.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 219
2inversores@centralpuerto.com
www.centralpuerto.com
|
Results for the Quarter and nine-month period
Ended on September 30, 2020
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
Central Puerto S.A.
|
||||
|
|
|
|
|
|||
|
Date:
November 11, 2020
|
|
|
|
By:
|
|
/s/
FERNANDO BONNET
|
|
|
|
|
|
Name:
|
|
Fernando
Bonnet
|
|
|
|
|
|
Title:
|
|
Attorney-in-Fact
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2192
inversores@centralpuerto.com
www.centralpuerto.com
|