Central Puerto S.A 6-K, filed Mar 16, 2021
Central Puerto S.A. (CEPU)
6-K
2021-03-16
For: 2021-03-15
View Original
Added on
April 11, 2026
About this 6-K
Central Puerto S.A filed this 6-K on March 16, 2021.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of March, 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.
 |
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Central Puerto: 4Q2020 and Fiscal Year Results
 |
Buenos Aires, March 15 - 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 Fiscal Year 2020 and
quarter (“Fourth
Quarter” or “4Q2020”) ended on December 31,
2020.
A conference call to discuss the results of the Fourth Quarter 2020
will be held on March 16, 2021 at 10:00 Eastern
Time (see details below). All
information provided is presented on a consolidated basis, unless
otherwise stated.
Financial statements as of and for the fiscal year and the quarter
ended on December 31, 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 included in the Financial Statements for the fiscal
year and quarter ended on December 31, 2020,
are not comparable to the Financial
Statements previously published by the company.
|
Definitions
and terms used herein are provided in the Glossary at the end of
this document. This release does not contain all the
Company’s financial information. As a result, investors
should read this release in conjunction with Central Puerto’s
consolidated financial statements as of and for the fiscal year and
quarter ended on December 31,
2020 and the notes thereto, which will be available on the
Company’s website.
4Q2020 energy generation decreased 7% to 3,818 GWh, as compared to 4,101 GWh during the
same period of 2019. Energy generation was positively
impacted by the new renewable wind farms Manque, Olivos and La
Genoveva I and negatively impacted by lower water availability for
the Piedra del Águila hydro plant and a declined in generation
of Puerto´s combined cycle and Brigadier Lopez power plant
(for more information see
section B. Main Operating Metrics).
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Thermal units’ availability during the quarter was
91%, compared to 94% in the 4Q2019, and a market average of
78% for the 4Q2020, mainly due to the unavailability of some steam
units of Puerto and Luján de Cuyo plants and Puerto´s
combined cycle.
|
“During the fourth quarter, we completed our renewable
expansion plan. As a result, La Genoveva I wind farm commenced
operations on November 2020, adding 88 MW to our renewable energy
portfolio.
Terminal 6 Cogeneration project continues to advance and obtained
partial COD during November 2020 for its gas
turbine”.
Jorge Rauber, CEO of Central Puerto
|
Effects of the Quarantine measures due to the Covid-19
crisis. Since
March 20, 2020, the Argentine Government issued several decrees
establishing preventive and mandatory social isolation policies
(“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 4Q2020, as
compared to the same period of 2019.
La Genoveva I. On
November 21, 2020, La Genoveva I commenced full commercial
operations for its 88.2 MW and started selling its energy under a
20-years PPA under the RenovAr regulatory framework. It should be
highlighted that the wind farm had two partial CODs on September
11, 2020 and October 30, 2020 for 50.4 MW and 33.6 MW,
respectively.
Advances in new Terminal 6-San Lorenzo cogeneration plant (391 MW)
and partial COD. On November 21, 2020, the plant obtained
partial commissioning of its gas turbine (269.5 MW) to operate with
natural gas and sell energy under the spot market regulation (Res.
31/2020). Construction continues to complete the project closing
the cycle and producing steam. Once the COD for the full project is
achieved, which is expected during the third quarter of 2021, the
plant will be remunerated under a 15-years PPA with CAMMESA and a
Steam Contract with T6.
Partial payment and refinancing of debt under the terms of
Communication “A” 7106 of the Central Bank of the
Republic of Argentina (“BCRA”). On December 22,
2020, the Company signed an amendment to the Syndicate Loan with
Citibank N.A., JP Morgan Chase Bank N.A. and Morgan Stanley Senior
Funding INC obtained to fund the acquisition of the Brigadier
López Thermal Plant, modifying, among other terms, the
amortization schedule, in order to comply with the requirements of
Communication" A "7106, extending the final term of December 2020
and March 2021 installments until June 2023, incorporating monthly
repayments from January 2021 to January 2022, and maintaining the
repayments foreseen in the initial schedule for June, September and
December 2021, each equivalent to 20% of the capital. In December
2020, 40% of the installment scheduled for such month was canceled.
In addition, the agreed modifications include a limitation for the
payment of dividends during 2021 and a maximum allowed for 2022 of
USD 25 million. Likewise, a guaranteed agreement was implemented
that includes the pledge of the turbines of the Brigadier Lopez
power plant, a mortgage on the land on which said power plant is
located, and an assignment on certain LVFDV collections. On
February 25, 2021, BCRA extended the obligation to reprogram
payments scheduled between April and December 2021. We are working
with the banks in this regard.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
B. Main operating metrics
The table below sets forth key operating metrics for 4Q2020,
compared to 3Q2020 and 4Q2019, and the full year 2020, compared to
2019:
|
Key Metrics
|
4Q 2020
|
3Q 2020
|
4Q 2019
|
Var %
(4Q/4Q)
|
2020
|
2019
|
Var %
(Y-o-Y)
|
|
Continuing Operations
|
|
|
|
|
|
|
|
|
Energy Generation (GWh)
|
3,818
|
3,932
|
4,101
|
(7%)
|
14,331
|
14,845
|
(3%)
|
|
-Electric Energy Generation- Thermal
|
2,657
|
2,510
|
2,816
|
(6%)
|
9,561
|
10,187
|
(6%)
|
|
-Electric Energy Generation – Hydro
|
762
|
1,091
|
1,043
|
(27%)
|
3,442
|
3,927
|
(12%)
|
|
-Electric Energy Generation – Wind
|
399
|
331
|
241
|
65%
|
1,328
|
730
|
82%
|
|
Installed capacity (MW;
EoP1)
|
4,689
|
4,366
|
4,273
|
10%
|
4,689
|
4,273
|
10%
|
|
-Installed capacity -Thermal (MW)
|
2,874
|
2,589
|
2,589
|
11%
|
2,874
|
2,589
|
11%
|
|
-Installed capacity - Hydro (MW)
|
1,441
|
1,441
|
1,441
|
0%
|
1,441
|
1,441
|
0%
|
|
-Installed capacity - Wind (MW)
|
374
|
336
|
243
|
54%
|
374
|
243
|
54%
|
|
Availability -
Thermal2
|
91%
|
89%
|
94%
|
(2 p.p.)
|
89%
|
93%
|
(4 p.p.)
|
|
Steam production (thousand Tons)
|
265
|
289
|
254
|
4%
|
1,082
|
1,018
|
6%
|
Source:
CAMMESA; company data.
1 EoP refers to “End of Period”.
2 Availability weighted average by power capacity. Off-time
due to scheduled maintenance agreed with CAMMESA is not considered
in the ratio.
In the 4Q2020, energy generation decreased 7% to 3,818 GWh,
compared to 4,101 GWh in the 4Q2019. As a reference, domestic energy generation
increased 7% during the 4Q2020, compared to the 4Q2019, according
to data from CAMMESA.
The decrease in the energy generated by Central Puerto was
due to:
a)
a 27% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower water inflow in the Limay and Collón Curá rivers
and less generation to recover the reservoir´s
levels.
b)
a decrease of 6% in
the electricity generation from thermal units, primarily from
Central Puerto´s combined cycle due to a minor dispatch and
Brigadier Lopez power plant.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
This
was partially offset by,
c)
a 65% increase in
energy generation from renewable units, which increased mainly due
to the operation during the full quarter of Manque (57 MW), as in the 4Q2019, the wind farm
only had partial COD for 38 MW, Los Olivos (22.8 MW), which started
operations on February 2020, and the full commissioning of La
Genoveva I in November 2020, as described
above.
During 4Q2020, machine availability for thermal units reached 91%,
compared to 94% in 4Q2019, mainly due to certain small failures in
Puerto´s combined cycle during October 2020, and the
unavailability for 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 was 78%, according to data from
CAMMESA.
Steam production increased 4%, totaling 265,000 tons produced
during 4Q2020, compared to 254,000 tons during the 4Q2019,
due to a good dispatch and availability of
cogeneration.
In
fiscal year 2020, energy generation decreased 3% to 14,331 GWh, compared to 14,845 GWh in the 2019.
As a reference, domestic energy generation increased 2% during the
2020, compared to 2019, according to data from
CAMMESA.
The decrease in the energy generated by Central Puerto was
due to:
a)
a 12% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower waterflow in the Limay and Collón Curá
rivers,
b)
a 6% decrease in
the electricity generation from thermal units, due to i) the
unavailability of Lujan de Cuyo´s combined cycle unit(306.4
MW) mainly during the 2Q2020 which returned to service on July 16,
2020 and to a lesser extent, due to a lower dispatch of Central
Puerto´s combined cycle ande Brigadier Lopez power plant, ii)
lower energy demand because of the Quarantine measures related to
the Covid-19 crisis, which was partially offset by iii) a full year
of generation for the new Luján de Cuyo cogeneration unit
which started operation on September 2019, and
This
was partially offset by,
c)
an 82% 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), Los Olivos (22.8 MW) and La
Genoveva I (88.2 MW), which started operations during December
2019, February, and November 2020,
respectively.
During 2020, machine availability for thermal units reached 89%,
compared to 93% in 2019, mainly due to a significative
failure in the main transformer of the Siemens branded combined
cycle which returned to service on July 16, 2020 and to lesser
extent due to some power limitations on the steam turbines from
Lujan de Cuyo, and in Puerto Complex, certain small failures in the
combined cycle during June and October 2020, and the unavailability
of some steam turbines. As a
reference, the market average availability for thermal units for
the same period was 82%, according to data from
CAMMESA.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Finally, steam production showed an increase of 6%, totaling
1,082,000 tons produced during the fiscal year 2020 compared to
1,018,000 tons during the 2019, because of the Luján de
Cuyo cogeneration´s COD.
C. Financials
Main financial magnitudes of continuing operations
|
Million Ps.
|
4Q2020
|
3Q2020
|
4Q2019
|
Var % (4Q/4Q)
|
2020
|
2019
|
Var %
(Y-o-Y)
|
|
|
Unaudited1
|
Unaudited1
|
Unaudited1
|
|
Audited
|
Audited
|
|
|
Revenues
|
9,281
|
10,108
|
15,499
|
(40%)
|
38,108
|
48,957
|
(22%)
|
|
Cost of
sales
|
(4,544)
|
(4,027)
|
(8,456)
|
(46%)
|
(16,815)
|
(25,808)
|
(35%)
|
|
Gross profit
|
4,737
|
6,081
|
7,042
|
(33%)
|
21,293
|
23,149
|
(8%)
|
|
Administrative and selling expenses
|
(858)
|
(668)
|
(1,141)
|
(25%)
|
(2,973)
|
(3,585)
|
(17%)
|
|
Operating income before other operating results
|
3,880
|
5,413
|
5,901
|
(34%)
|
18,320
|
19,564
|
(6%)
|
|
Other operating results, net
|
1,223
|
1,805
|
(2,376)
|
(151%)
|
9,625
|
18,621
|
(48%)
|
|
Operating income
|
5,102
|
7,218
|
3,525
|
45%
|
27,945
|
38,186
|
(27%)
|
|
Depreciations
and Amortizations
|
1,693
|
1,334
|
2,062
|
(18%)
|
5,955
|
4,616
|
29%
|
|
Adjusted EBITDA
|
6,795
|
8,552
|
5,587
|
22%
|
33,900
|
42,802
|
(21%)
|
|
1.
Includes, among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Impairment on
property, plant and equipment and intangible assets
|
(2,516)
|
-
|
(5,060)
|
(50%)
|
(4,016)
|
(5,996)
|
(33%)
|
|
● Foreign Exchange
Difference and interests related to FONI trade
receivables
|
3,192
|
1,572
|
2,110
|
51%
|
11,816
|
18,618
|
(37%)
|
|
Adjusted EBITDA excluding FX difference and interests
related to FONI trade receivables and Impairment on property, plant
and equipment
|
6,120
|
6,980
|
8,537
|
(28%)
|
26,100
|
30,180
|
(14%)
|
|
Average exchange rate of period
|
80.00
|
73.39
|
59.35
|
35%
|
70.99
|
48.23
|
47%
|
|
Exchange rate end of period
|
84.15
|
76.18
|
59.89
|
41%
|
84.15
|
59.89
|
41%
|
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.
_________________
1 4Q2020 and 4Q2019 figures were constructed, as
the difference between the 2020 and 2019 financial figures,
minus
the 9M2020 and 9M2019 financial
figures, respectively, informed in the Financial Statements for the
quarter and the nine-month period ended on September 30, 2020, in
all cases stated in the measuring unit current at December 31,
2020. The 3Q2020 financial figures were also calculated based on
the information originally published in the 3Q2020 Financial
Statement, stated in terms of the measuring unit
current as of December 31, 2020.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Adjusted EBITDA Reconciliation
|
Million Ps.
|
4Q2020
|
3Q2020
|
4Q2019
|
Var % (4Q/4Q)
|
2020
|
2019
|
Var %
(Y-o-Y)
|
|
|
Unaudited2
|
Unaudited2
|
Unaudited2
|
|
Audited
|
Audited
|
|
|
Consolidated
Net income for the period
|
580
|
2,546
|
1,811
|
(68%)
|
6,958
|
11,791
|
(41%)
|
|
Loss on
net monetary position
|
(219)
|
(359)
|
(146)
|
50%
|
(1,159)
|
3,311
|
(135%)
|
|
Financial
expenses
|
5,995
|
4,923
|
3,140
|
91%
|
22,297
|
21,680
|
3%
|
|
Financial
income
|
(2,292)
|
(1,032)
|
(1,899)
|
21%
|
(5,160)
|
(4,902)
|
5%
|
|
Share
of the profit of an associate
|
(34)
|
(113)
|
(271)
|
(87%)
|
(109)
|
(1,516)
|
(93%)
|
|
Income
tax expenses
|
1,072
|
1,253
|
891
|
20%
|
5,118
|
7,822
|
(35%)
|
|
Depreciation
and amortization
|
1,693
|
1,334
|
2,062
|
(18%)
|
5,955
|
4,616
|
29%
|
|
Adjusted EBITDA
|
6,795
|
8,552
|
5,587
|
22%
|
33,900
|
42,802
|
(21%)
|
|
1.
Includes, among others, the following concepts:
|
|
|
|
|
|
|
|
|
● Impairment on
property, plant and equipment and intangible assets
|
(2,516)
|
-
|
(5,060)
|
(50%)
|
(4,016)
|
(5,996)
|
(33%)
|
|
● Foreign Exchange
Difference and interests related to FONI trade
receivables
|
3,192
|
1,572
|
2,110
|
51%
|
11,816
|
18,618
|
(37%)
|
|
Adjusted EBITDA excluding Foreign Exchange Difference and
interests related to FONI trade receivables and Impairment on
property, plant and equipment
|
6,120
|
6,980
|
8,537
|
(28%)
|
26,100
|
30,180
|
(14%)
|
_________________
2 4Q2020 and 4Q2019 figures were constructed, as
the difference between the 2020 and 2019 financial figures,
minus
the 9M2020 and 9M2019 financial
figures, respectively, informed in the Financial Statements for the
quarter and the nine-month period ended on September 30, 2020, in
all cases stated in the measuring unit current at December 31,
2020. The 3Q2020 financial figures were also calculated based on
the information originally published in the 3Q2020 Financial
Statement, stated in terms of the measuring unit
current as of December 31, 2020.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
4Q 2020 Results Analysis
Revenues decreased to Ps. 9,281 million in the 4Q2020, as
compared to Ps. 15,499 million in the 4Q2019. The decrease in
revenues was mainly affected by the abrogation of Resolution No.
70/2018, on December 30, 20193. Consequently, fuel
remuneration for units under the Energía Base regulatory
framework (and other related concepts), amounted to Ps. 391 million
during the 4Q2020, compared to Ps. 4,956 million during the 4Q2019,
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 4Q2020 would have
been Ps. 8,890
million, compared to Ps. 10,934 million in the 4Q2019. This
decrease was mainly due to:
(i)
a 37% 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, totaled Ps.
3,585 million in the 4Q2020 as compared to 5,710 million in the
4Q2019, mainly due lack of monthly price adjustment of Res.31/2020
instructed by the Energy Secretariat on April 8, 2020. and a drop
of 6% in the energy generation from the thermal units.
(ii)
a
20% decrease in the Steam Sales, which totaled Ps. 241 million in
the 4Q2020, compared to Ps. 300 million in the 4Q2019, despite an
increase of 4% in steam production.
partially offset by:
(iii)
an
12% increase in Sales under contracts, which amounted to Ps. 4,759
million during the 4Q2020, as compared to Ps. 4,249 million in the
4Q2019, mainly due to the new windfarms mentioned
above.
Sales were also affected by the decrease in energy generation from
our hydro plant Piedra del Águila and minor electricity
generation from thermal units, primarily from Central Puerto´s
combined cycle due to a minor dispatch and Brigadier Lopez power
plant.
It is
worth mentioning that prices for units under the Energía Base
Regulatory framework are established by Res. 31/2020, in force
since February 1, 2020, and the Annex VI of such resolution
(monthly price adjustment procedure) was suspended by the Secretariat of Energy on April 8,
2020. In this regard the prices
for the Energía Base Regulatory framework were fixed in
Argentina pesos since February 2020.
_________________
3 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. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Gross profit was Ps. 4,737 million in the 4Q2020, compared
to Ps. 7,042 million in 4Q2019. This decrease was due to (i) the
above-mentioned variation in revenues, partially offset by (ii) a
46% reduction in the costs of sales that totaled Ps. 4,544 million,
compared to Ps. 8,456 million in the 4Q2019. This decrease in the
cost of sales was primarily driven by:
(i)
A 78% 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. 1,044 million during the
4Q2020, as compared to Ps. 4,808 million in the 4Q2019, mainly due
to the cost of the self-supplied fuel purchased in accordance to
Res. 70/18, which was in force during the 4Q2019, but was abrogated
on December 30, 2019, as described above.
(ii)
a 10% decrease in
non-fuel-related costs of production, which totaled Ps. 3,619
million in the 4Q2020, as compared to Ps. 4,008 million in the
4Q2019.
Gross
Profit Margin was 51% during the 4Q2020, as compared to 45% in the
4Q2019. 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 4Q2019 but not during the
4Q2020.
Operating income before other operating results, net, was Ps. 3,880
million, compared to Ps. 5,901 million in the 4Q2019. This
decrease was due to (i) the above-mentioned decrease in gross
profits, partially offset by (ii) a 25% decrease (in real terms) in
administrative and selling expenses that totaled Ps. 858 million in
the 4Q2020, as compared to Ps. 1,141 million in the 4Q2019, mainly
driven by i) a Ps. 61 million reduction in tax on bank account
transactions which during the 4Q2019 had been significantly higher
due to the capital expenditures and loans received associated to
the expansion projects, ii) a Ps. 221 million reduction in fees and
compensation for professional services, and iii) a Ps. 82 million
reduction in other operating and administrative
expenses
Adjusted EBITDA was Ps. 6,795 million in the 4Q2020,
compared to Ps. 5,587 million in the 4Q2019. This increase was
mainly due to:
(i)
A 46% increase in
foreign exchange difference on operating assets, mainly related to
FONI trade receivables that generated a Ps. 3,090 million gain
during the 4Q2020, compared to Ps. 2,110 million during the 4Q2019,
due to a higher depreciation of the argentine peso. As a reference,
during the 4Q2020, the Argentine peso depreciated 10.4%, compared
to 3.9% during the 4Q2019.
(ii)
a 50% decrease in
non-cash charge related to the property, plant and equipment
impairment registered which totaled Ps. 2,516 million during the
4Q2020, compared to Ps. 5,060 of 4Q2019, mainly related to the
price reduction set for the Energia Base regulatory framework
established by the Res. 31/2020.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
This
was partially offset by
(iii)
the decrease in
operating results before other operating income, net mentioned
above.
(iv)
A reduction in
depreciations and amortizations that totaled Ps. 1,693 during the
4Q2020, as compared to Ps. 2,062 million during the
4Q2019.
Consolidated Net income was Ps. 580 million and Net income for
shareholder was Ps. 555 million or Ps. 0.37 per share or Ps. 3.68
per ADR, in the 4Q2020, compared to Ps. 1,811 million and
1,312 million, respectively, or Ps. 0.87 per share or Ps. 8.72 per
ADR, in the 4Q2019. In addition to the above-mentioned factors, net
income was negatively impacted by (i) higher financial expenses
that amounted to Ps. 5,995 million in the 4Q2020, compared to Ps.
3,140 million in the 4Q2019, mainly due to higher foreign exchange
difference on loans, most of which are denominated in US dollars
and positively impacted by higher financial income which amounted
to Ps. 2,292 million during the 4Q2020, compared to Ps. 1,899
million in the 4Q2019, mainly due to higher FX difference results
on financial assets denominated in foreign currency (which excludes
FONI and other trade receivables), measured in argentine pesos, and
a higher mark-to-market gain on financial assets.
Additionally,
the share of profit of associates was Ps. 34 million gain during
the 4Q2020 compared to Ps. 271 million during the 4Q2019, 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. 219 million during
the 4Q2020, as compared to Ps. 146 million in the
4Q2019.
FONI collections totaled Ps. 1,504 million in the 4Q2020,
-including VAT, associated to the FONI trade receivables for Vuelta
de Obligado Plant, compared to Ps. 2,236 million of 4Q2019. The
amounts are being collected on time and according to the signed
contract.
2020 fiscal year Results Analysis
Revenues decreased to Ps. 38,108 million in 2020, as
compared to Ps. 48,957 million during 2019. 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. 1,275 million during
2020, compared to Ps. 14,875 million in 2019, when Res. 70/18 was
in force. Also, revenues were negatively impacted by a price´s
reduction due to Res. 31/2020, explained below. (see
“—Factors Affecting Our Results of Operations—Our
Revenues—The Energía Base” in the Company’s
20-F filing).
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Without
considering fuel remuneration, Revenues for 2020 would have been Ps. 36,833
million, an 8% increase compared to Ps. 34,082 million of
2019. This increase was mainly due to:
(i)
An 84% increase in Sales under contracts, which
amounted to Ps. 18,396 million during the 2020, as compared to Ps.
10,007 million in 2019, 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), Los
Olivos (22.8 MW) and La Genoveva I (88.2 MW), which started
operations during December 2019 (partially), February, and November
2020, respectively. Also due to Brigadier Lopez and Lujan de
Cuyo´s COD.
(ii)
An
80% increase in the Steam Sales from the new Luján de Cuyo
cogeneration unit, which totaled Ps. 1,065 million in 2020,
compared to Ps. 592 million of 2019.
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.
16,199 million in 2020 as compared to 22,399 million of 2019,
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 were also affected
by (i) a decrease in machine availability for thermal units which
was 89% during 2020, compared to 93% in 2019, mainly due to
a significative failure in the main transformer of the Siemens
branded combined cycle which returned to service on July 16, 2020,
some steam turbines from Lujan de Cuyo operated most of the year
with power limitation and certain
small failures in the combined cycle of Puerto´s complex
during June and October 2020, and the unavailability for
some of the steam turbines of the Puerto, (ii) a 12% decrease in
energy generation form the hydro plant Piedra del Águila due
to lower waterflow in the Limay and Collón Curá
rivers
Gross profit was Ps. 21,293 million in 2020, compared to Ps.
23,149 million for 2019. This decrease was due to (i) the
above-mentioned variation in revenues (without considering fuel
remuneration), and (ii) a 35% reduction in the costs of sales that
totaled Ps. 16,815 million, compared to Ps. 25,808 million in 2019.
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. 3,606 million during 2020, as
compared to Ps. 14,144 million in 2019, mainly due to the cost of
the self-supplied fuel purchased in accordance to Res. 70/18, which
was in force during 2019, but was abrogated on December 30, 2019,
as described above;
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
This
was partially offset by:
(ii)
a 12% increase in
non-fuel-related costs of production, which totaled Ps. 13,581
million in 2020, as compared to Ps. 12,136 million during 2019,
mainly due to the increase in the installed capacity following the
COD of the new thermal and renewable energy plants.
Gross
Profit Margin totaled 56% during 2020, as compared to 47% in the
2019. This change was mainly a consequence of (i) the operation of
purchase of self-supplied fuel, which was in force during the 2019
but not during the 2020, that has a lower gross profit margin as
compared to the gross profit margin of the rest of the operations
of the company and the new installed capacity.
Operating income before other operating results, net, was Ps.
18,320 million, compared to Ps. 19,564 million in 2019. This
decrease was due to (i) the above-mentioned growth in gross
profits, partially offset by (ii) a 17% decrease (in real terms) in
administrative and selling expenses that totaled Ps. 2,973 million
in 2020, as compared to Ps. 3,585 million for 2019, mainly driven
by a Ps. 406 million reduction in tax on bank account transactions
which during the 2019 had been significantly higher due to the
purchase of the Brigadier López plant, and higher capital
expenditures and loans received during the period, ii) a Ps. 215
reduction in fees and compensation for professional services and
iii) a Ps. 98 reduction in other operating and administrative
expenses.
Adjusted EBITDA was Ps. 33,900 million in 2020, compared to
Ps. 42,802 million for 2019. 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. 5,955 million during 2020, as compared to Ps. 4,616
million during in 2019, mainly related to the new renewable and
thermal plants.
(ii)
interests on trade
receivables, mainly from CAMMESA, which in 2020 amounted Ps. 3,108
million, as compared to Ps. 8,761 million in 2019, including the
6,513 million one-time-gain in interests associated to the trade
receivables and debt compensation with CAMMESA booked during the
3Q2019.
(iii)
lower foreign
exchange difference on operating assets, mainly related to FONI
trade receivables, which generated a Ps. 10,952 million gain during
in 2020, compared to Ps. 16,217 million of 2019.
This
was partially offset by:
(i)
a Ps. 4,016 million
non-cash loss related to the property, plant and equipment
impairment accrued during the 2020 on two Siemens branded new
generating equipment stored in the supplier’s facilities and
one General Electric branded new generating equipment stored in
Central Puerto’s Nuevo Puerto plant, Brigadier Lopez Plant
and Lujan de Cuyo´s combined cycle, which were valued using
the fair value less cost of sale approach, compared to Ps. 5,996
million impairment done in 2019.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Consolidated Net income was Ps. 6,958 million and Net income for
shareholder was Ps. 6,892 million or Ps. 4.58 per share or Ps.
45,79 per ADR, in 2020, compared to Ps. 11,791 million and
11,992 million, respectively, or a gain of Ps. 7.97 per share or
Ps. 79.67 per ADR, in 2019. 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. 109 million during
2020 compared to Ps. 1,516 million of 2019, 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.
In
addition to the above-mentioned factors, net income was negatively
impacted by (i) higher financial expense that amounted to Ps.
22,297 million in 2020, compared to 21,680 million of 2019, mainly
due to higher foreign exchange difference on loans, most of which
are denominated in US dollar, which was partially offset by (i)
lower interest accrued for debt balance during the period and (ii)
higher financial income which amounted to Ps. 5,160 million during
2020, compared to Ps. 4,902 million in 2019, due to higher FX
difference results on financial assets denominated in foreign
currency (which excludes FONI and other trade receivables),
measured in argentine pesos, and a higher mark-to-market gain on
financial assets. As a reference, during the 2020, the peso
depreciated 40.67%, compared to 59.07%% in 2019.
Finally,
the gain on net monetary position totaled Ps. 1,159 million during
2020, as compared to a loss on the net monetary position of Ps.
3,311 million in 2019.
FONI collections totaled Ps. 6,634 million in 2020,
-including VAT, associated to the FONI trade receivables for San
Martín, Manuel Belgrano, and Vuelta de Obligado Plants. The
amounts are being collected on time and according to the signed
contract.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Financial Situation
As of December 31, 2020, the Company and its subsidiaries had Cash and Cash
Equivalents of Ps. 279 million, and Other Current Financial Assets of Ps.
14,076 million.
The
following chart breaks down the Net Debt position of Central Puerto
(on a stand-alone basis) and its subsidiaries:
|
Million Ps.
|
|
As of December 31, 2020
|
|
|
Cash and cash equivalents (stand-alone)
|
|
20
|
|
|
Other financial assets (stand-alone)4
|
|
11,890
|
|
|
Financial Debt (stand-alone)
|
|
(25,212)
|
|
|
Composed of:
Financial Debt (current) (Central
Puerto S.A. stand-alone)
|
(16,441)
|
|
|
|
Financial Debt (non-current) (Central
Puerto S.A. stand-alone)
|
(8,771)
|
|
|
|
Subtotal Central Puerto stand-alone Net Debt Position
|
|
(13,926)
|
|
|
Cash and cash equivalents of subsidiaries
|
|
259
|
|
|
Other financial assets of subsidiaries
|
|
2,186
|
|
|
Financial Debt of subsidiaries
Composed of:
|
|
(25,758)
|
|
|
Financial Debt of subsidiaries
(current)4
|
(3,684)
|
|
|
|
Financial Debt of subsidiaries
(non-current) 4
|
(22,074)
|
|
|
|
Subtotal Subsidiaries Net Debt Position
|
|
(23,312)
|
|
|
Consolidated Net Debt Position
|
|
(36,614)
|
|
Cash Flows of 2020
|
Million Ps.
|
2020
As of December 31, 2020
|
|
Cash and Cash equivalents at the beginning
|
2,034
|
|
Net cash flows provided by operating activities
|
19,294
|
|
Net cash flows used in investing activities
|
(17,288)
|
|
Net cash flows used in financing activities
|
(3,683)
|
|
Exchange difference and other financial results
|
277
|
|
Loss on net monetary position by cash and cash
equivalents
|
(354)
|
|
Cash and Cash equivalents at the end
|
279
|
4 Excludes intercompany loans.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
Net cash provided by operating activities was Ps.
19,294 million during the 2020. This cash flow arises
from (i) Ps. 27,945 million from the operating income obtained
during 2020, (ii) Ps. 14,506 million due to a decrease in the stock
of trade receivables, mainly related to the FONI collections, (iii)
Ps. 3,112 million in collection of interests from clients,
including the ones from FONI, during the period and (iv)
a Ps. 4,016 million non-cash
impairment of property, plant and equipment and intangible assets
charge included in the operating income, which was partially
offset by (v) a Ps. 10,952 million
non-cash foreign exchange difference on trade receivables, (vi) Ps.
3,365 million from income tax paid, and (vii) a 8,172 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. 17,288 million in
2020. This amount was mainly due to (i) Ps. 11,970 million
in payments for the purchase of property, plant and equipment for
the construction of the renewable and thermal projects, and (ii)
Ps. 5,459 million used for the purchase of short-term financial
assets, net, which was partially offset by (iii) Ps. 141 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. 3,683 million in
2020. This amount was mainly the result of Ps. 703 million
Bank and investment accounts overdrafts paid, net, and (ii) Ps.
3,496 million used interests and other financial costs paid, and
(iii) Ps. 3,229 long-term loan principal payments and (iv) Ps. 323
million used for Direct borrowing and loan refinancing expenses
primarily related to the syndicate loan as explained above (see A.
4Q2020 Highlights), which were partially offset by (iii) Ps. 4,132
million in long-term loans received from the Green Bonds issued
during the 3Q2020 and short-term borrowings.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
D. Tables
a.
Consolidated Statement of Income
|
|
4Q 2020
|
4Q 2019
|
|
|
Unaudited5
|
Unaudited5
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
|
|
|
|
Revenues
|
9,281,320
|
15,498,784
|
|
Cost
of sales
|
(4,543,832)
|
(8,456,459)
|
|
Gross
income
|
4,737,365
|
7,042,325
|
|
|
|
|
|
Administrative and
selling expenses
|
(857,837)
|
(1,140,840)
|
|
Other operating
income
|
3,782,315
|
2,522,811
|
|
Other operating
expenses
|
(43,303)
|
160,873
|
|
Property plant and
equipment impairment
|
(2,516,118)
|
(5,059,819)
|
|
Operating
income
|
5,102,422
|
3,525,351
|
|
|
|
|
|
Gain (loss) on net
monetary position
|
218,944
|
145,706
|
|
Finance
income
|
2,291,863
|
1,899,250
|
|
Finance
expenses
|
(5,994,590)
|
(3,139,653)
|
|
Share of the profit
of associates
|
34,178
|
271,213
|
|
Income
before income tax
|
1,652,818
|
2,701,866
|
|
Income
tax for the period
|
(1,072,487)
|
(891,123)
|
|
Net income for the period
|
580,331
|
1,810,743
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity holders of
the parent
|
554,569
|
1,311,904
|
|
-Non-controlling
interests
|
25,762
|
498,839
|
|
|
580,331
|
1,810,743
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
Basic and diluted
(Ps.)
|
0,37
|
0,87
|
5 4Q2020 and 4Q2019 figures were constructed, as
the difference between the 2020 and 2019 financial figures,
minus
the 9M2020 and 9M2019 financial
figures, respectively, informed in the Financial Statements for the
quarter and the nine-month period ended on September 30, 2020, in
all cases stated in the measuring unit current at December 31,
2020. The 3Q2020 financial figures were also calculated based on
the information originally published in the 3Q2020 Financial
Statement, stated in terms of the measuring unit
current as of December 31, 2020.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
|
|
2020
|
2019
|
|
|
Audited
|
Audited
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
|
|
|
|
Revenues
|
38,108,160
|
48,957,223
|
|
Cost
of sales
|
(16,815,404)
|
(25,807,727)
|
|
Gross
income
|
21,292,756
|
23,149,496
|
|
|
|
|
|
Administrative and
selling expenses
|
(2,972,603)
|
(3,585,133)
|
|
Other operating
income
|
14,098,495
|
24,986,160
|
|
Other operating
expenses
|
(457,084)
|
(368,606)
|
|
Property plant and
equipment and intangible assets impairment
|
(4,016,305)
|
(5,996,233)
|
|
Operating
income
|
27,945,259
|
38,185,684
|
|
|
|
|
|
Gain (loss) on net
monetary position
|
1,159,246
|
(3,310,603)
|
|
Finance
income
|
5,159,795
|
4,902,024
|
|
Finance
expenses
|
(22,297,137)
|
(21,680,208)
|
|
Share of the profit
of associates
|
108,750
|
1,515,649
|
|
Income
before income tax
|
12,075,913
|
19,612,546
|
|
Income
tax for the year
|
(5,117,975)
|
(7,821,606)
|
|
Net income for the year
|
6,957,938
|
11,790,940
|
|
|
|
|
|
Attributable
to:
|
|
|
|
-Equity holders of
the parent
|
6,891,921
|
11,992,373
|
|
-Non-controlling
interests
|
66,017
|
(201,433)
|
|
|
6,957,938
|
11,790,940
|
|
|
|
|
|
Earnings
per share:
|
|
|
|
Basic and diluted
(Ps.)
|
4,58
|
7,97
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
b.
Consolidated Statement of Financial Position
|
|
As of
December 31,
2020
|
As of
December 31,
2019
|
|
|
Audited
|
Audited
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
Assets
|
|
|
|
Non-current
assets
|
|
|
|
Property, plant and
equipment
|
79,186,695
|
77,187,266
|
|
Intangible
assets
|
6,744,106
|
9,623,488
|
|
Investment in
associates
|
4,664,005
|
4,697,625
|
|
Trade and other
receivables
|
29,400,051
|
33,012,927
|
|
Other non-financial
assets
|
484,116
|
938,261
|
|
Inventories
|
658,121
|
196,275
|
|
Deferred
income tax assets
|
98,380
|
-
|
|
|
121,235,474
|
125,655,842
|
|
Current
assets
|
|
|
|
Inventories
|
804,226
|
895,252
|
|
Other non-financial
assets
|
900,361
|
1,369,911
|
|
Trade and other
receivables
|
18,735,089
|
21,293,677
|
|
Other financial
assets
|
14,076,309
|
10,481,099
|
|
Cash and cash
equivalents
|
278,698
|
2,033,761
|
|
|
34,794,683
|
36,073,700
|
|
Property, plant and
equipment available for sale
|
2,359,451
|
-
|
|
Total
assets
|
158,389,608
|
161,729,542
|
|
|
|
|
|
Equity
and liabilities
|
|
|
|
Equity
|
|
|
|
Capital
stock
|
1,514,022
|
1,514,022
|
|
Adjustment to
capital stock
|
25,619,864
|
25,619,684
|
|
Legal
reserve
|
3,838,044
|
3,238,426
|
|
Voluntary
reserve
|
48,479,823
|
36,092,233
|
|
Other equity
accounts
|
(1,966,148)
|
-
|
|
Retained
earnings
|
6,897,425
|
12,987,208
|
|
Equity
attributable to shareholders of the parent
|
84,383,030
|
79,451,753
|
|
Non-controlling
interests
|
128,319
|
1,076,487
|
|
Total Equity
|
84,511,349
|
80,528,240
|
|
|
|
|
|
Non-current
liabilities
|
|
|
|
Other
non-financial liabilities
|
5,254,302
|
5,928,471
|
|
Other loans and
borrowings
|
30,844,867
|
41,777,839
|
|
Compensation
and employee benefits liabilities
|
314,612
|
312,142
|
|
Provisions
|
45,403
|
12,512
|
|
Deferred
income tax liabilities
|
8,999,900
|
8,590,917
|
|
|
45,459,084
|
56,621,881
|
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
Trade and other
payables
|
2,545,492
|
8,031,529
|
|
Other non-financial
liabilities
|
2,251,198
|
2,361,153
|
|
Other loans and
borrowings
|
20,124,461
|
10,926,497
|
|
Compensation and
employee benefits liabilities
|
1,018,919
|
951,227
|
|
Income tax
payable
|
2,444,250
|
2,271,636
|
|
Provisions
|
34,855
|
37,379
|
|
|
28,419,175
|
24,579,421
|
|
Total
liabilities
|
73,878,259
|
81,201,302
|
|
Total
equity and liabilities
|
158,389,608
|
161,729,542
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
c.
Consolidated Statement of Cash Flow
|
|
2020
|
2019
|
|
|
Audited
|
Audited
|
|
|
Thousand Ps.
|
Thousand Ps.
|
|
Operating
activities
|
|
|
|
Income for the year
before income tax
|
12,075,913
|
19,612,546
|
|
|
|
|
|
Adjustments
to reconcile income for the period before income tax to net cash
flows:
|
|
|
|
Depreciation of
property, plant and equipment
|
3,620,674
|
2,681,584
|
|
Amortization of
intangible assets
|
2,334,299
|
1,934,797
|
|
Property, plant and
equipment and intangible assets impairment
|
4,016,305
|
5,996,233
|
|
Discount of trade
and other receivables and payables, net
|
30,194
|
304,798
|
|
Interest earned
from customers
|
(3,107,561)
|
(8,760,658)
|
|
Commercial and
fiscal interests lost
|
373,124
|
-
|
|
Financial
income
|
(5,159,795)
|
(4,902,024)
|
|
Financial
expenses
|
22,297,137
|
21,680,208
|
|
Share of the profit
of associates
|
(108,750)
|
(1,515,649)
|
|
Provision for
material´s impairment
|
42,935
|
42,977
|
|
Stock-based
payments
|
1,673
|
66,106
|
|
Movements
in provisions and long-term employee benefit plan
expenses
|
135,257
|
110,407
|
|
Foreign exchange
difference for trade receivables
|
(10,952,248)
|
(16,217,459)
|
|
Loss on net
monetary position
|
(12,354,183)
|
(16,235,780)
|
|
|
|
|
|
Working
capital adjustments:
|
|
|
|
Decrease in trade
and other receivables
|
14,505,539
|
17,383,420
|
|
Decrease (Increase)
in other non-financial assets and inventories
|
341,216
|
(1,624,563)
|
|
(Decrease) Increase
in trade and other payables, other non-financial liabilities and
liabilities from employee benefits
|
(8,171,729)
|
2,338,705
|
|
|
19,920,000
|
22,895,648
|
|
Commercial and
fiscal interest paid
|
(373,124)
|
-
|
|
Interest received
from customers
|
3,111,680
|
6,578,193
|
|
Income tax
paid
|
(3,364,939)
|
(13,172,605)
|
|
Net
cash flows provided by operating activities
|
19,293,617
|
16,301,236
|
|
|
|
|
|
Investing
activities
|
|
|
|
Purchase of
property, plant and equipment
|
(11,970,431)
|
(23,830,786)
|
|
Acquisition of
Brigadier López plant
|
-
|
(11,526,280)
|
|
Dividends
received
|
140,984
|
1,003,449
|
|
Acquisition of
available-for-sale assets, net
|
(5,458,711)
|
(3,635,472)
|
|
Net
cash flows used in investing activities
|
(17,288,158)
|
(37,989,089)
|
|
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
Banks and
investment accounts overdrafts received (paid), net
|
(703,095)
|
1,998,624
|
|
Long term loans
received
|
4,132,003
|
28,216,736
|
|
Long term loans
paid
|
(3,229,307)
|
(1,576,414)
|
|
Direct borrowing
and loan refinancing expenses
|
(323,478)
|
(1,324,244)
|
|
Interests and other
loan costs paid
|
(3,495,527)
|
(2,713,387)
|
|
Contributions from
non-controlling interests
|
-
|
263,994
|
|
Dividends
paid
|
(63,958)
|
(1,541,306)
|
|
Net
cash flows (used) provided by financing activities
|
(3,683,362)
|
23,324,003
|
|
|
|
|
|
|
|
|
|
(Decrease)
Increase in cash and cash equivalents
|
(1,677,903)
|
1,636,150
|
|
Exchange difference
and other financial results
|
276,696
|
864,440
|
|
Monetary results
effect on cash and cash equivalents
|
(353,856)
|
(948,406)
|
|
Cash and cash
equivalents as of January 1st
|
2,033,761
|
481,577
|
|
Cash
and cash equivalents
|
278,698
|
2,033,761
|
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
E. Information about the Conference Call
There
will be a conference call to discuss Central Puerto’s
Fiscal Year 2020 and Fourth Quarter
2020 results on March 16,
2021 at 10:00 Eastern
Time.
The
conference will be hosted by Mr. Jorge Rauber, Chief Executive
Officer, and Fernando Bonnet, Chief Operating Officer. To access
the conference call, please dial:
Participants
(Toll Free): +1-877-407-8035
International
Participants: +1-201-689-8035
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. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 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. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 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. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 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.
|
Av.
Thomas Edison 2701
C1104BAB
– City of Buenos Aires
Republic
of Argentina
|
Tel
(+54 11) 4317 5000 ext. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 2020
|
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. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|
|
|
Results for the quarter and twelve-month period
ended on December 31, 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:
March 16, 2021
|
|
|
|
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. 2447
inversores@centralpuerto.com
www.centralpuerto.com
|