Central Puerto S.A 6-K, filed Mar 9, 2023

Central Puerto S.A. (CEPU)

6-K 2023-03-09 For: 2023-03-09

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Added on July 07, 2026

About this 6-K

Central Puerto S.A filed this 6-K on March 9, 2023.

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	Central Puerto S.A.

Date: March 9, 2023	By:	/s/ LEONARDO MARINARO
	Name:	Leonardo Marinaro
	Title:	Attorney-in-Fact

	·	Modified the payment method of “Disponibilidad de Potencia Garantizada Ofrecida” (DIGO), removing the cap that impacted on the power capacity tariffs. Hence, such tariff became independent of the power availability reached in each month.
	·	Replaced the remuneration of Maximum Thermal Requirement (Remuneración de Máximo Requerimiento Térmico) for a remuneration for Generation in peak hours (Remuneración por Generación en horas de punta), both for thermal and hydroelectric generation. For this new concept, the new resolution increases the value of “Costo OyM por Combustible” (thermal) and “Energía Generada” (hydro), for summer and winter twice and once for the rest of the months to remunerate the units in service during the 5 peak hours (6:00 p.m. to 11:00 p.m.).
	·	Updated the remuneration prices for non-conventional technologies with the same percentage of adjustments mentioned in the first paragraph.
	·	CAMMESA was appointed to carry out power availability controls to verify the effective monthly average operability of each generating machine in case they are called for dispatch if the Agency in Charge of Dispatch (OED) so determines. Likewise, if a machine has not been summoned for dispatch, after 4,380 hours without operation, the OED must urge the commissioning and operation tests to be carried out.

	4Q2022	3Q2022	4Q2021	Variation %	2022	2021	Variation %
Installed capacity (MW; EoP¹)	42,927	42,899	42,988	(0.1%)	42,927	42,988	(0.1%)
Thermal (MW)	25,275	25,275	25,398	(0.5%)	25,275	25,398	(0.5%)
Hydro (MW)	10,834	10,834	10,834	0%	10,834	10,834	0%
Nuclear (MW)	1,755	1,755	1,755	0%	1,755	1,755	0%
Renewable (MW)	5,062	5,034	5,001	1%	5,062	5,001	1%
Installed capacity (%)	100%	100%	100%	N/A	100%	100%	N/A
Thermal	59%	59%	59%	0 p.p.	59%	59%	0 p.p.
Hydro	25%	25%	25%	0 p.p.	25%	25%	0 p.p.
Nuclear	4%	4%	4%	0 p.p.	4%	4%	0 p.p.
Renewable	12%	12%	12%	0 p.p.	12%	12%	0 p.p.
Energy Generation (GWh)	35,084	33,452	35,534	(1%)	138,741	141,797	(2%)
Thermal (GWh)	19,037	18,915	21,200	(10%)	81,746	90,074	(9%)
Hydro (GWh)	10,324	7,396	6,456	60%	30,186	24,116	25%
Nuclear (GWh)	496	2,386	2,999	(83%)	7,469	10,170	(27%)
Renewable (GWh)	5,227	4,756	4,878	7%	19,340	17,437	11%
Energy Generation (%)	100%	100%	100%	N/A	100%	100%	N/A
Thermal	54%	57%	60%	(5 p.p.)	59%	64%	(5 p.p.)
Hydro	29%	22%	18%	11 p.p.	22%	17%	5 p.p.
Nuclear	1%	7%	8%	(7 p.p.)	5%	7%	(2 p.p.)
Renewable	15%	14%	14%	1 p.p.	14%	12%	2 p.p.
Energy Demand (GWh)	34,564	34,730	33,478	3%	138,753	133,877	4%
Residential	15,448	16,070	14,806	4%	63,117	60,785	4%
Commercial	9,742	9,455	9,544	2%	38,524	36,640	5%
Great Demand Industrial/Commercial	9,373	9,205	9,127	3%	37,113	36,451	2%
Energy Demand (%)	100%	100%	100%	N/A	100%	100%	N/A
Residential	45%	46%	44%	0 p.p.	45%	45%	0 p.p.
Commercial	28%	27%	29%	0 p.p.	28%	27%	0 p.p.
Great Demand Industrial/Commercial	27%	27%	27%	0 p.p.	27%	27%	0 p.p.

*Key Metrics*	4Q2022	3Q2022	4Q2021	Variation %	2022	2021	Variation %
Continuing Operations
Energy Generation (GWh)	4,687	3,932	3,727	26%	17,484	14,392	21%
-Electric Energy Generation -Thermal	2,867	2,914	2,802	2%	12,591	10,258	23%
-Electric Energy Generation - Hydro	1,389	616	538	158%	3,283	2,565	28%
-Electric Energy Generation - Wind	431	401	387	12%	1,610	1,568	3%
Installed capacity (MW; EoP¹)	4,809	4,809	4,809	0%	4,809	4,809	0%
-Installed capacity -Thermal (MW)	2,995	2,995	2,995	0%	2,995	2,995	0%
-Installed capacity - Hydro (MW)	1,441	1,441	1,441	0%	1,441	1,441	0%
-Installed capacity - Wind (MW)	374	374	374	0%	374	374	0%
Availability - Thermal²	86%	82%	88%	(2 p.p.)	84%	89%	(5 p.p.)
Steam production (thousand Tons)	345	569	360	(4%)	1,960	1,209	62%

	(i)	A 2% increase in energy generation from thermal units mainly from higher dispatch of Puerto´s steam turbines TV07 and TV08.

	(ii)	A 158% increase in energy generation from the hydro plant Piedra del Águila due to higher water inflows, the reservoir levels started to recover in June’22 as the inflow from the Limay and Collón Curá Rivers started to rise.

	(iii)	A 12% increase in energy generation from renewable units due to an increase in the wind resource and better availability of our wind turbines.

	(i)	an increase of 23% in the energy generation from thermal units due to San Lorenzo combined cycle´s full year operation and higher dispatch of Puerto site steam turbines.

	(ii)	a 28% increase in energy generation form the hydro plant Piedra del Águila due to increases in the water inflows in the Limay and Collón Curá rivers.

	(iii)	3% increase in energy generation from renewable units due to an increase in the wind resource and better availability.

Million Ps.	4Q2022	3Q2022	4Q2021	Var % (4Q/4Q)	2022	2021	Var % (Y/Y)
	Unaudited¹	Unaudited¹	Unaudited¹		Audited	Audited
Revenues	21,412	23,789	27,433	(22%)	101,393	111,187	(9%)
Costs of sales	(12,583)	(12,990)	(13,416)	(6%)	(53,323)	(57,586)	(7%)
Gross profit	8,829	10,798	14,017	(37%)	48,070	53,601	(10%)
Administrative and selling expenses	(2,084)	(1,821)	(1,802)	16%	(7,467)	(8,087)	(8%)
Operating income before other operating results	6,746	8,978	12,215	(45%)	40,603	45,514	(11%)
Other operating results, net	(4,254)	10,698	(14)	30687%	21,288	4,571	366%
Operating income	2,491	19,675	12,202	(80%)	61,890	50,084	24%
Depreciation and Amortization	4,391	4,656	5,500	(20%)	19,451	20,865	(7%)
Adjusted EBITDA	6,882	24,332	17,702	(61%)	81,342	70,949	15%
Includes, among others, the following concepts:
• Foreign Exchange Difference and interests related to FONI trade receivables	8,841	8,130	2,085	324%	28,377	17,314	64%
• Impairment on property, plant, and equipment	(14,536)²	-	(5,980)	143%	(14,536)	(15,126)	(4%)
Adjusted EBITDA excluding FX difference and interests related to FONI trade receivables and Impairment on property, plant, and equipment	12,577	16,202	21,597	(42%)	67,501	68,761	(2%)

	*4Q2022*	*3Q2022*	*4Q2021*	*Var %* *(4Q/4Q)*	*2022*	*2021*	*Variation* %

*Depreciation*	20%	18%	4%	409%	72%	22%	228%

*Inflation*	17%	22%	10%	70%	95%	51%	38%

	(i)	a 48% decrease in Sales under contracts, which amounted to Ps. 9.6 billion during the 4Q2022, as compared to Ps. 18.5 billion in the 4Q2021, it was impacted by the ending of Brigadier Lopez TG PPA contract in August 2022 (Ps. 5.6 billons).
	(ii)	an extraordinary maintenance in TG27 of the Lujan de Cuyo Cogeneration plant.
	(iii)	and negatively impacted by a higher inflation´s adjustment over the peso´s depreciation in the period.

	(i)	a 40% increase in Spot/Energía Base Sales (Revenues from Resolution 826/22 SE) which totaled Ps. 10.5 billion in the 4Q2022 as compared to 7.5 billion in the 4Q2021, due to retroactive increases related with Resolution 826/22 SE price adjustment and higher hydro generation.
	(ii)	a 6% increase in the Steam Sales, which totaled Ps. 0.8 billion in the 4Q2022, compared to Ps. 0.7 billion in the 4Q2021.

	(i)	the above-mentioned drop in revenues,
	(ii)	6% decrease in the costs of sales that totaled Ps. 12.6 billion, compared to Ps. 13.4 billion in the 4Q2021, primarily driven by 3% decrease in production costs, which totaled Ps. 10.4 billion in the 4Q2022, as compared to Ps. 10.7 billion in the 4Q2021 mainly due to a decrease in insurance costs of Ps. 0.2 billion; offset by a lower Depreciation and Amortization compared between 4Q2022 with 4Q2021.

	(iii)	16% increase in administrative and selling expenses that totaled Ps. 2.1 billion in the 4Q2022, as compared to Ps. 1.8 billion in the 4Q2021, mainly driven by a Ps. 0.15 billion increase in debit and credit tax and Ps. 0.13 billion increase in compensation and employee benefits among other expenses.
	(iv)	a decrease in other operating results, mainly due to 2.4 billion on one-time gain in the 4Q2021 related to a recover of a commercial credit.

	(i)	the above-mentioned variations,
	(ii)	20% decrease in depreciations and amortizations that totaled Ps. 4.4 billion during the 4Q2022, as compared to Ps. 5.5 billion during the 4Q2021.

	(i)	a 6.8 billion increase in foreign exchange difference on operating assets, mainly related to FONI trade receivables, that generated a Ps. 8.8 billion gain during the 4Q2022, compared to Ps. 2.1 billion gains during the 4Q2021 due to a higher depreciation of the Argentine peso during the quarter. As a reference, during the 4Q2022, the Argentine peso depreciated 20.26%, compared to 3.98% on 4Q2021.
	(ii)	8.5 billion decrease due to an impairment on property, plant, and equipment during 4Q2022 related with San Lorenzo combined cycle and some renewable sites, driven by a change in the global macroeconomic variables, increasing the discount rate, and increase in the local inflation rate over the devaluation of the peso.

	(i)	lower deferred income tax, due to PP&E impairment that amounted to Ps. 1.4 billion gain in the 4Q2022, compared to Ps. 4.7 billion loss in the 4Q2021 impacted by lower EBITDA and financial results.
	(ii)	12.2 billion of fair value gains on Forestry acquisition.

	(i)	an increase in net monetary position loss which amounted 8.3 billion during the 4Q2022 due to a higher inflation and higher balance of monetary assets, partially offset by the share of profit of associates with a Ps. 0.2 billion gain during the 4Q2022 compared to a Ps. 0.2 billion loss in the 4Q2021.
	(iii)	an increase in financial expenses which amounted to Ps. 13.5 billion during the 4Q2022, compared to Ps. 5.2 billion in the 4Q2021 mainly due to an increase in foreign exchange difference due to a higher depreciation of the Argentine peso during the quarter. Offset by an increase in financial income that amounted to Ps. 8.4 billion in the 4Q2022, compared to financial income Ps. 2.5 billion in the 4Q2021, mainly due to higher financial assets results in 4Q2022 of Ps 7.8 billion.
	(ii)	Higher FX difference and interest in FONI receivables partially offset by the Negative impact of Impairment on property, plant, and equipment.

	(i)	a 13% decrease in Spot /Energia Base sales (Revenues from Resolution 238/22 SE and 826/22 SE) which totaled Ps. 40.2 billion in the 2022 as compared to 46.4 billion in the 2021, mainly due to higher inflation than price adjustment.
	(ii)	an 8% decrease in Sales under contracts, which amounted to Ps. 53.9 billion during the 2022, as compared to Ps. 58.7 billion in the 2021, it was impacted by the Termination of Brigadier Lopez TG PPA contract in August 2022, partially offset by increases in sales due to San Lorenzo combined cycle completion.

	(i)	7% decrease in the costs of sales that totaled Ps. 53.3 billion, compared to Ps. 57.6 billion in the 2021, primarily driven by a 7% decrease in production costs, mainly due to (i) a decrease in amortizations on intangible assets (ii) a reduction in maintenance expenses and (iii) due to an insurance recovery.
	(ii)	an 8% decrease in administrative and selling expenses that totaled Ps. 7.5 billion in the 2022, as compared to Ps. 8.1 billion in the 2021, mainly because a Ps. 0.6 billion decrease in fees and compensation services.
	(iii)	a decrease in lower financial cost of operating activities.

	(i)	the above-mentioned negative variations,
	(ii)	a 7% decrease in depreciations and amortizations that totaled Ps. 19.5 billion during the 2022, as compared to Ps. 20.9 billion during the 2021.

	(iii)	a 64% increase in foreign exchange difference on operating assets, mainly related to FONI trade receivables, that generated a Ps. 28.4 billion gain during the 2022, compared to Ps. 17.3 billion during the 202 1 due to a higher depreciation of the argentine peso during the period.
	(iv)	a Ps. 14.5 billion or 4% decrease in the item “Impairment of property, plant and equipment and intangible assets”, related with San Lorenzo combined cycle and some renewable sites.

Million Ps.		As of December 31, 2022
Cash and cash equivalents (stand-alone)		262
Other current financial assets (stand-alone)		31,749
Financial Debt (stand-alone)		(23,402)
Composed of:
Financial Debt (current) (Central Puerto S.A stand-alone)	(8,761)
Financial Debt (non-current) (Central Puerto S.A stand-alone)	(14,641)
Subtotal Central Puerto stand-alone Net Cash Position		8,609
Cash and cash equivalents of subsidiaries		8,982
Other current financial assets of subsidiaries		9,996
Financial Debt of subsidiaries		(40,025)
Composed of:
Financial Debt of subsidiaries (current)	(9,425)
Financial Debt of subsidiaries (non-current)	(30,600)
Subtotal Subsidiaries Net Cash Position		(21,047)
Consolidated Net Debt Position		(12,438)

*Million Ps.*		2022 ended on December 31, 2022
Cash and Cash equivalents at the beginning		549
Net cash flows provided by operating activities		55,638
Net cash flows used in investing activities		(31,260)
Net cash flows used in financing activities		(16,307)
Exchange difference and other financial results		1,304
Results due to exposure to the change in the purchasing power of the currency generated by cash and cash equivalents		(680)
Cash and Cash equivalents at the end		9,244

	4Q 2022			4Q 2021
	Unaudited³			Unaudited
	Thousand Ps.			Thousand Ps.

Revenues		21,411,984			27,432,502
Cost of sales		(12,582,778	)		(13,415,505	)
Gross income		8,829,206			14,016,997
		-			-
Administrative and selling expenses		(2,083,565	)		(1,801,670	)
Other operating income		10,287,090			3,143,302
Other operating expenses		(517,808	)		2,822,433
Property plant and equipment impairment		(14,023,567	)		(5,979,553	)
Operating income		2,491,356			12,201,508
		-			-
Gain (loss) on net monetary position		(8,296,744	)		(3,283,905	)
Finance income		8,907,791			2,488,023
Finance expenses		(14,063,228	)		(5,195,477	)
Share of the profit of associates		(247,656	)		189,797
Acquisition of participation in companies		12,174,169			-
Income/Loss before income tax		965,688			6,399,945
Income tax for the period		1,398,380			(4,745,552	)
Net income/loss for the period		2,364,068			1,654,393
Attributable to:
-Equity holders of the parent		2,388,224			1,604,641
-Non-controlling interests		(24,156	)		49,752
		2,364,068			1,654,393
Earnings per share:
Basic and diluted (Ps.)		1.59			1.07

	2022			2021
	Audited			Audited
	Thousand Ps.			Thousand Ps.

Revenues		101,392,706			111,186,661
Cost of sales		(53,322,891	)		(57,585,906	)
Gross income		48,069,815			53,600,755

Administrative and selling expenses		(7,467,141	)		(8,087,079	)
Other operating income		35,913,509			21,269,586
Other operating expenses		(602,151	)		(1,573,218	)
Property plant and equipment impairment		(14,023,567	)		(15,125,724	)
Operating income		61,890,465			50,084,320

Gain (loss) on net monetary position		(30,463,105	)		(3,221,836	)
Finance income		25,538,201			3,784,144
Finance expenses		(43,453,085	)		(34,702,805	)
Share of the profit of associates		111,534			(1,099,611	)
Acquisition of participation in companies		12,174,169			-
Income/Loss before income tax		25,798,179			14,844,212
Income tax for the period		(6,720,204	)		(16,106,205	)
Net income/loss for the period		19,077,975			(1,261,993	)
Attributable to:
-Equity holders of the parent		19,040,491			(1,445,514	)
-Non-controlling interests		37,484			183,521
		19,077,975			(1,261,993	)
Earnings per share:
Basic and diluted (Ps.)		12.65			(0.96	)

	As of December 31, 2022			As of December 31, 2021
	Audited			Audited
	Thousand Ps.			Thousand Ps.
Assets
Non-current assets
Property, plant, and equipment		197,914,753			215,486,697
Intangible assets		7,775,163			11,764,706
Biological Assets		12,298,752			-
Investment in associates		12,157,961			12,272,695
Inventories		2,188,125			743,545
Other non-financial assets		245,878			670,529
Trade and other receivables		42,318,927			59,271,463
Other financial assets		1,166,408			67,938
Deferred tax asset		835,675			256,262
		276,901,642			300,533,833
Current assets
Biological Assets		2,948,264			-
Inventories		6,320,325			2,819,012
Other non-financial assets		891,874			4,584,052
Trade and other receivables		43,892,015			44,321,953
Other financial assets		41,745,569			38,646,568
Cash and cash equivalents		9,243,771			548,787
		105,041,818			90,920,372
Total assets		381,943,460			391,454,205

Equity and liabilities
Equity
Capital stock		1,514,022			1,514,022
Adjustment to capital stock		78,266,118			78,266,118
Legal reserve		12,297,965			12,297,965
Voluntary reserve		156,000,937			161,793,029
Other equity accounts		(5,809,476	)		(5,780,946	)
Retained earnings		18,887,833			(1,428,842	)
Equity attributable to shareholders of the parent		261,157,399			246,661,346
Non-controlling interests		198,008			331,371
Total Equity		261,355,407			246,992,717

Non-current liabilities
Other non-financial liabilities	7,572,272	10,551,939
Other loans and borrowings	45,240,939	70,480,543
Compensation and employee benefits liabilities	745,477	665,871
Provisions	59,373	93,849
Deferred income tax liabilities	24,468,302	29,559,226
	78,086,363	111,351,428
Current liabilities
Trade and other payables	7,506,672	5,301,417
Other non-financial liabilities	8,772,049	6,540,438
Other loans and borrowings	18,186,024	13,273,992
Compensation and employee benefits liabilities	3,222,394	3,179,379
Income tax payable	4,768,435	4,640,132
Provisions	46,116	174,702
	42,501,690	33,110,060
Total liabilities	120,588,053	144,461,488
Total equity and liabilities	381,943,460	391,454,205

	2022			2021
	Thousand Ps			Thousand Ps
Operating activities
Income for the period before income tax		25,798,179			14,844,212

Adjustments to reconcile income for the period before income tax to net cash flows:
Depreciation of property, plant, and equipment		15,490,504			14,877,607
Amortization of intangible assets		3,960,776			5,987,461
Property, plant and equipment and intangible assets impairment		14,023,567			15,125,724
Income from sale of property, plant and equipment and inventory		(19,895	)		(204,872	)
Discount of trade and other receivables and payables, net		(262,851	)		(461,132	)
Interest earned from customers		(6,652,029	)		(7,033,279	)
Commercial and fiscal interests lost		-			1,216,353
Financial income		(25,538,201	)		(3,784,144	)
Financial expenses		43,453,085			34,702,805
Insurance Recovery		(1,340,565	)		-
Share of the profit of associates		(111,534	)		1,099,611
Result for acquisition of participation in companies		(12,174,169	)		-
Provision for impairment of materials		512,183			80,557
Movements in provisions and long-term employee benefit plan expenses		343,869			596,406
Foreign exchange difference for trade receivables		(27,321,040	)		(13,401,746	)
Loss on net monetary position		16,724,713			(1,749,119	)

Working capital adjustments:
Increase/Decrease in trade and other receivables		10,039,168			7,109,567
Increase/Decrease in other non-financial assets and inventories		3,390,807			(1,927,553	)
Increase/Decrease in trade and other payables, other non-financial liabilities, and liabilities from employee benefits		(3,684,398	)		(13,424,597	)

Commercial and fiscal interests paid		-			(1,216,353	)
Interest received from customers		5,789,844			6,862,365
Income tax paid		(8,043,080	)		(8,583,682	)
Insurance Recovery		1,259,255			-
Net cash flows provided by operating activities		55,638,188			50,716,191

Investing activities
Purchase of property, plant, and equipment and inventory	(3,350,719	)	(10,464,290	)
Dividends received	281,082		273,038
Sale of property, plant, and equipment	47,111		7,100,171
Sale of other financial assets, net	(17,851,944	)	(10,396,755	)
Acquisition of subsidiaries and associates, net of the cash acquired	(10,356,843	)	-
Acquisition of own shares	(28,530	)	-
Net cash flows used in investing activities	(31,259,843	)	(13,487,836	)

Financing activities
Banks and investment accounts overdrafts received (paid), net	2,106,210		(3,136,209	)
Loans paid	(8,456,183	)	(25,114,239	)
Borrowing costs and loan refinancing	(285,267	)	(678,492	)
Interests and other loan costs paid	(6,084,130	)	(8,177,416	)
Dividends paid	(3,587,388	)	(229,439	)
Net cash flows used in financing activities	(16,306,758	)	(37,335,795	)

Increase/Decrease in cash and cash equivalents	8,071,587		(107,440	)
Exchange difference and other financial results	1,303,724		156,567
Monetary results effect on cash and cash equivalents	(680,327	)	(319,778	)
Cash and cash equivalents as of January 1	548,787		819,438
Cash and cash equivalents as of December 31, 2022	9,243,771		548,787

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

	In this release, except where otherwise indicated or where the context otherwise requires:

	·	“BCRA” refers to Banco Central de la República Argentina, Argentina’s Central Bank,

	·	“CAMMESA” refers to Compañía Administradora del Mercado Mayorista Eléctrico Sociedad Anónima;

	·	“COD” refers to Commercial Operation Date, the day in which a generation unit is authorized by CAMMESA (in Spanish, “Habilitación Comercial”) to sell electric energy through the grid under the applicable commercial conditions;

	·	“Ecogas” refers collectively to Distribuidora de Gas Cuyana (“DGCU”), Distribuidora de Gas del Centro (“DGCE”), and their controlling company Inversora de Gas del Centro (“IGCE”);

	·	“Energía Base” (legacy energy) refers to the regulatory framework established under Resolution SE No. 95/13, as amended, currently regulated by Resolution SE No. 440;

	·	“FONINVEMEM” or “FONI”, refers to the Fondo para Inversiones Necesarias que Permitan Incrementar la Oferta de Energía Eléctrica en el Mercado Eléctrico Mayorista (the Fund for Investments Required to Increase the Electric Power Supply) and Similar Programs, including Central Vuelta de Obligado (CVO) Agreement;

	·	“p.p.”, refers to percentage points;

	·	“PPA” refers to power purchase agreements.

	·	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.