Central Puerto SA (CEPU) 2023 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Central Puerto's Second Quarter 2023 Earnings Webcast. (Operator Instructions) Please note, this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Relations support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call may be accessed by accessing the webcast link at the same section of the Central Puerto's website.

早安，女士們，先生們。歡迎收看 Central Puerto 2023 年第二季財報網路廣播。 （操作員說明）請注意，正在記錄此事件。如果您沒有新聞稿副本，請參閱本公司網站 www.centralpuerto.com 上的投資者關係支援部分。此外，可以透過造訪中央波多黎各網站同一部分的網路廣播連結來重播今天的電話會議。

Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and are stated in Argentine pesos, unless otherwise noted. It is worth noting that the financial statements for the second quarter ended on June 30, 2023, include the effects of the inflation adjustment. Accordingly, the financial figures mentioned during the call, including the data from previous periods and the growth comparisons, have been stated in terms of Argentine pesos at the end of the reporting period.

在我們繼續之前，請注意，除非另有說明，所有財務數據均根據《國際財務報告準則》編制，並以阿根廷比索表示。值得注意的是，截至2023年6月30日的第二季財務報表包含了通膨調整的影響。因此，電話會議中提到的財務數據，包括前期數據和成長比較，均以報告期末的阿根廷比索表示。

Also, please take into consideration that certain statements made by the company during this conference call and answers to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by industry remarks. Thus, we refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. Central Puerto assumes no obligation to update forward-looking statements, except as required under applicable securities laws. To follow the discussion better, please download the webcast presentation available on the company's website. Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion.

此外，請考慮到公司在本次電話會議期間發表的某些聲明以及對您問題的回答可能包括前瞻性聲明，這些聲明受到風險和不確定性的影響，可能導致實際結果與公司預期的預期存在重大差異。行業言論。因此，我們建議您參閱我們的收益報告中的前瞻性陳述部分以及最近向美國證券交易委員會提交的文件。中央波多黎各不承擔更新前瞻性聲明的義務，除非適用的證券法有要求。為了更好地關注討論，請下載公司網站上提供的網路廣播簡報。請注意，為了簡化討論，通話期間提到的一些數字可能會四捨五入。

On the call today from Central Puerto is Fernando Bonnet, Chief Executive Officer; Enrique Terraneo, Chief Financial Officer; and Pablo Calderon, Corporate Finance and Investor Relations Manager.

今天，執行長費爾南多·博內特 (Fernando Bonnet) 在波多黎各中部接聽電話； Enrique Terraneo，財務長；以及企業財務和投資者關係經理 Pablo Calderon。

And now I will turn the call over to Pablo Calderon. Please, Pablo, you may begin.

現在我將把電話轉給巴勃羅·卡爾德隆。巴勃羅，請開始吧。

Thank you very much. And good morning to you all. We are joining you today with our management team from Buenos Aires, Argentina to comment on our results of the second quarter of 2023. Taking a moment of your attention to review today's agenda, I would like to begin the presentation by addressing the latest development of the company during the period; then move on to analyze the evolution of the Argentine energy sector in the quarter; and finally, delve into Central Puerto's operating and financial results. At the close of my presentation, we will be happy to address any questions that you may have.

非常感謝。祝大家早安。今天，我們與來自阿根廷布宜諾斯艾利斯的管理團隊一起評論我們 2023 年第二季度的業績。請大家花點時間回顧一下今天的議程，我想先介紹一下期間內的公司；然後繼續分析本季阿根廷能源產業的演變；最後，深入研究 Central Puerto 的營運和財務表現。在我的演講結束時，我們將很樂意回答您可能提出的任何問題。

To begin with, and in line with our strategy to increase our environmental performance and contribute to the global decarbonization goals on May 3, 2023, Proener, one of our subsidiaries acquired 100% of the capital stock and votes of the forestry companies Empresas Verdes Argentina, Las Misiones and Estancia Celina S.A., which contributed a total of 88,000 hectares geographically located in the center of the province of Corrientes, of which approximately 36,000 hectares are productive and 26,000 hectares (inaudible) with pine plantations. Following the recent acquisition of Central Costanera and in order to comply with the provision of the Capital Market Law and the CNV rules on March 17, 2023, Proener promoted and made a tender offer to all the holders of voting shares of Central Costanera. The tender offer was opened from May 30 until June 12, 2023, and the notice of results was published on the following day, June 13, 2023, by virtue of which it was informed by over 65,000 shares of the company participated in the tender offer. Consequently, Proener's shareholder in the company represents now 75.69% of the company's capital stock. The shares of those holders of Central Costanera that did not participate in the tender offer continue to be outstanding and trading in the Buenos Aires Stock Exchange. With this acquisition, Central Puerto reinforces is growing in Argentina, consolidating its position as market leader in the power generation sector.

首先，根據我們提高環境績效並為全球脫碳目標做出貢獻的策略，我們的子公司之一 Proener 於 2023 年 5 月 3 日收購了林業公司 Empresas Verdes Argentina 100% 的股本和投票權、Las Misiones和Estancia Celina S.A.，共貢獻了88,000 公頃的土地，位於科連特斯省的中心，其中約36,000 公頃為生產性土地，26,000 公頃（聽不清）為松樹種植園。繼近期收購Central Costanera後，為了遵守《資本市場法》和2023年3月17日CNV規則的規定，Proener向Central Costanera所有投票權股份持有人提出要約收購。本次要約收購的啟動時間為2023年5月30日至6月12日，並於次日2023年6月13日發布結果公告，據悉有超過65,000股公司股份參與了本次要約收購。因此，Proener 的公司股東目前占公司股本的 75.69%。未參與要約收購的 Central Costanera 股東的股票繼續在布宜諾斯艾利斯證券交易所流通並交易。透過此次收購，Central Puerto 加強了在阿根廷的發展，鞏固了其在發電領域的市場領導者地位。

Now let's use the next 2 slides to analyze the evolution of the Argentine energy market during this quarter. As we can see in Slide 5, the country's installed generation capacity increased by 1% or 524 megawatts, reaching a total of 43,405 megawatts compared to 42,881 megawatts in the second quarter of 2022. This increase in capacity was mainly due to incorporation of 349 new megawatts from renewable sources, increasing 7% vis-a-vis the same period of 2022, of which 237 megawatts correspond to solar photovoltaic process 95 to wind farm; 12 to renewable and hydro projects; 3 megawatts to biomass; and finally, 1 megawatt of biogas generation units.

現在讓我們使用接下來的兩張投影片來分析本季阿根廷能源市場的演變。正如我們在幻燈片5 中看到的，該國的發電裝置容量增加了1%，即524 兆瓦，總計達到43,405 兆瓦，而2022 年第二季為42,881 兆瓦。這一容量的增加主要是由於併入了349 個新裝置容量。再生能源發電量，較2022年同期成長7%，其中太陽能光電發電237兆瓦，風電場95兆瓦； 12 再生能源和水力項目； 3兆瓦生物質；最後是1兆瓦沼氣發電機組。

In turn, thermal capacity sources recorded a net 1% increase or 175 megawatts as a combination of the incorporation to the system of 780 megawatts of new combined cycles and the decommissioning of 567 megawatts and 38 megawatts of gas turbines and diesel engines, respectively.

反過來，由於將 780 兆瓦的新聯合循環納入系統，以及分別退役 567 兆瓦和 38 兆瓦的燃氣渦輪機和柴油發動機，熱容量來源淨增長 1% 或 175 兆瓦。

Now moving to the analysis of the power generation and demand of the period. In the second quarter of the year, energy generation in the local market decreased by 7% to 32,046 gigawatts per hour compared to the same quarter of 2022, with a 12% and 8% reduction in thermal and hydro generation, respectively, partially offset by an increase in energy supply [for] nuclear sources of 3% and for renewables of 1%. In addition, a 13% increase in imports from neighboring countries, mainly from Brazil contributed to the lower overall local power generation of the period. This lower power generation in second quarter 2023 vis-a-vis the same period of 2022 was a direct consequence of a 6% contraction in energy demand which was essentially driven by a 10% decline in residential demand as a result of milder temperatures recorded during the quarter compared to the same period of the last year. As an example of this phenomenon, the average temperature in May 2023 was 16.4 centigrade, while in the same month of the previous year, it was 13.8 centigrade, while historical average for the same month stands at approximately 14.6 centigrades. The decrease in demand prompted the lower thermal dispatch, which was also negatively impacted by the lower availability rates of certain power stations registering an average availability of 74% in the second quarter 2023, vis-a-vis 77% in the same period of last year. The lower thermal dispatch was compensated with more nuclear and renewable generation as commented before. The increase in nuclear generation was mainly due to the greater energy production from the nuclear plant at Atucha I and to a lesser extent from Embalse, while the Atucha II nuclear plant is still under maintenance and is expected to be back in operations in coming months.

現在開始分析該時期的發電量和需求量。今年第二季度，本地市場發電量較 2022 年同季度下降 7%，至 32,046 吉瓦/小時，其中火力發電量和水力發電量分別減少 12% 和 8%，部分抵消核能能源供應增加3%，再生能源供應增加1%。此外，來自鄰國（主要是巴西）的進口量增加了 13%，導致當地發電總量下降。 2023 年第二季發電量較 2022 年同期下降是能源需求萎縮 6% 的直接結果，這主要是由於 2023 年第二季度氣溫較溫和導致住宅需求下降 10% 造成的。本季與去年同期相比。舉個例子，2023年5月的平均氣溫為攝氏16.4度，而去年同月的平均氣溫為攝氏13.8度，而同月的歷史平均值約為攝氏14.6度。需求下降導致火力調度下降，同時也受到某些電站可用率較低的負面影響，2023 年第二季的平均可用率為 74%，而去年同期為 77%。如前所述，較低的熱調度透過更多的核能和再生能源發電得到補償。核發電量的增加主要是由於阿圖查一號核電廠的能源產量增加以及恩巴爾斯核電廠的發電量增加所致，而阿圖查二號核電廠仍在維護中，預計將在未來幾個月內恢復運營。

Regarding renewable energies, the increase in generation was related to the increase in installed capacity. Finally, the lower hydro generation was primarily a result of a lower water flow in the Uruguay and Paraná River, which was mainly driven by the lack of rainfalls and the consequent drought that hit the center and north of the country during the first half of 2023.

再生能源方面，發電量成長與裝置容量成長有關。最後，水力發電量減少主要是由於烏拉圭和巴拉那河水流量減少，這主要是由於降雨量不足以及隨之而來的干旱襲擊了該國中部和北部地區。2023 年。

Going now to our key performance indicators for the quarter on Slide 7. During the second quarter of 2023, Central Puerto's operated tower generation increased by 11% to 4,752 gigawatts per hour compared to the 4,280 gigawatts per hour in the second quarter of 2022. It should be noted that this increase included corporation of 953 gigawatts generated by Central Costanera, which was acquired during the previous quarter. Thus, when excluding the poor generation from Central Costanera, power generation in the second quarter of 2023 decreased by 11%, representing a drop of 4 percentage points beyond the 7% contraction of the market as previously explained. This was mainly due to a 14% lower thermal generation as a consequence of a lower availability of steam turbines at the Central Puerto site and lower dispatch of its combined cycle.

現在來看幻燈片 7 上的季度關鍵績效指標。2023 年第二季度，中央波多黎各營運的塔式發電量增加了 11%，達到每小時 4,752 吉瓦，而 2022 年第二季度為 4,280 吉瓦。值得注意的是，這一成長包括上一季收購的Central Costanera 發電量953 吉瓦的公司。因此，如果排除中科斯塔內拉的貧窮發電量，2023年第二季的發電量下降了11%，比先前解釋的市場萎縮7%下降了4個百分點。這主要是由於波多黎各中部站點的蒸汽渦輪機可用性較低以及聯合循環調度較低，導致火力發電量下降了 14%。

In turn, during the quarter, wind generation recorded a 2% increase in a year-over-year comparison due to a higher capacity factor of our wind farms on the back of higher wind rates, while hydro generation at Piedra del Aguila increased by 1%, driven by a higher water flow of the Limay and Collón Curá rivers.

反過來，本季風力發電量年增 2%，原因是風速較高，我們的風電場容量係數較高，而 Piedra del Aguila 的水力發電量增加了 1% %，受到利邁河和科隆庫拉河水流量增加的推動。

Regarding thermal availability for a better understanding, let's break it down by technology. The availability of our steam and gas turbines was 57% in the quarter compared to 73% in the same period of 2022. Combined cycle availability reached 84% in the quarter compared to 95% in the same period of the previous year. It's worth to notice that the 2023 figures are impacted mainly by lower availability of some steam turbines, especially those of Central Costanera and the shutdown of the Buenos Aires Combined Cycle at the same power station. Thus, when excluding Central Costanera, from a quarter-over-quarter comparison, the availability of Central Puerto's steam and gas turbines would reach 73% and the metric for combined cycle will be at 96%. It is worth to mention that the Buenos Aires Combined Cycle is expected to enter in maintenance by the end of this month and to be back in service by the end of the next quarter.

為了更好地理解熱可用性，讓我們按技術分解。本季我們的蒸汽和燃氣渦輪機的可用性為 57%，而 2022 年同期為 73%。本季聯合循環可用性達到 84%，而去年同期為 95%。值得注意的是，2023 年的數據主要受到一些蒸汽渦輪機可用性較低的影響，特別是科斯塔內拉中部的蒸汽渦輪機以及同一電站布宜諾斯艾利斯聯合循環的關閉。因此，如果排除 Central Costanera，從季度環比比較來看，Central Puerto 的蒸汽和燃氣渦輪機的可用性將達到 73%，聯合循環的指標將為 96%。值得一提的是，布宜諾斯艾利斯聯合循環預計將於本月底進入維護，並在下個季度末恢復運行。

Finally, the steam production in the quarter decreased by 4%, amounting to 560 million tons compared to the 586 million tons in the second quarter of 2022. This was mainly due to the lower demand from YPF's Lujan de Cuyo refinery.

最後，該季度的蒸汽產量下降了4%，為5.6億噸，而2022年第二季度的蒸汽產量為5.86億噸。這主要是由於YPF的Lujan de Cuyo煉油廠的需求下降所致。

Before going into a more accepted analysis of the evolution of our main financial metrics, let me briefly review the consolidated results of the Central Puerto Group during the second quarter of 2023. Our consolidated revenues in the quarter amounted to ARS 38.7 billion, decreasing 6% compared to the same period of the previous year.

在對我們主要財務指標的演變進行更廣為接受的分析之前，讓我簡要回顧一下Central Puerto Group 在2023 年第二季度的合併業績。該季度我們的合併收入為387 億阿根廷比索，下降了6 %與上年同期相比。

Adjusted EBITDA, which excludes foreign exchange differences and interests related to FONI trade receivables and the variation in fair value of biological assets from our Forestry segment totaled ARS 17.1 billion being 34% lower to the adjusted EBITDA of the second quarter of 2022. Net income for the period was ARS 4.3 billion, recording a decrease of 14% vis-a-vis the ARS 5.1 billion in the second quarter 2022. At the same time, during the quarter, we continue deleveraging the company despite the recent acquisitions. As a result, the group's total consolidated debt was reduced by 22% to ARS 87.2 billion, while the net debt position as of June 30 declined to ARS 24.3 billion.

調整後 EBITDA（不包括與 FONI 貿易應收款相關的外匯差額和利息以及林業部門生物資產公允價值變動）總計 171 億阿根廷比索，比 2022 年第二季度調整後 EBITDA 低 34%。該期間為43億阿根廷比索，較2022 年第二季度的51 億阿根廷比下降14%。同時，儘管最近進行了收購，但在本季度，我們仍繼續對公司進行去槓桿化。因此，該集團的合併債務總額減少了 22%，至 872 億阿根廷比索，而截至 6 月 30 日的淨債務部位下降至 243 億阿根廷比索。

Now assuming in our revenues analysis, as you can see on Slide 9, this amounted to ARS 38.7 billion in the quarter as compared to ARS 41.3 billion in same period of 2022. First, it should be noted that in this quarter, revenues of the Central Puerto Group include those corresponding to the recent acquisition of Central Costanera and the Forestry companies, which contributed with ARS 4.9 billion and ARS 1.8 billion, respectively. Thus, when excluding these effects, the variation of revenues will be a 23% decrease or ARS 9.3 billion, mainly due to the following factors. At 35% or ARS 8.3 billion reduction in sales under contract, mainly as a result of the end of the Brigadier Lopez GT PPA contract in August 2022 and to a lesser extent, to the negative impact of a higher inflation rate compared to the peso depreciation of the period. A 23% or ARS 0.5 billion contraction in steam sales as production level decreased in line with the lower demand from YPF's Lujan de Cuyo refinery and a 3% or ARS 0.4 billion decrease in Spot/Legacy energy sales, which amounted to ARS 13.3 billion in the second quarter of 2023 compared to the ARS 13.7 billion in the same period of the year. This was mainly driven by a 65% increase in remuneration by means of the Resolution 826 that was below the inflation rate of the period. Policies being partially offset by the implementation of the Resolution 59 on March of this year, which partially dollarized combined cycle remuneration and to a lesser extent, the recognition of fuel costs from CAMMESA.

現在假設在我們的收入分析中，正如您在幻燈片 9 中看到的那樣，該季度的收入為 387 億ARS，而 2022 年同期為 413 億ARS。首先，應該指出的是，在本季度， Central Puerto Group 包括最近收購Central Costanera 和Forestry 公司的公司，分別貢獻了49 億阿根廷比索和18 億阿根廷比索。因此，在排除這些影響後，收入變化將減少 23%，即 93 億阿根廷比索，主要是由於以下因素。合約銷售額減少 35%，即 83 億阿根廷比索，主要是由於 Brigadier Lopez GT PPA 合約於 2022 年 8 月終止，其次是通貨膨脹率高於比索貶值的負面影響期間的。由於YPF 的Lujan de Cuyo 煉油廠需求下降，產量下降，蒸汽銷售量減少23%，即5 億阿根廷比索；現貨/傳統能源銷售量減少3%，即4 億阿根廷比索，2017 年為133 億阿根廷比索。2023 年第二季的銷售額為 137 億 阿根廷比索。這主要是由於根據826號決議將薪酬增加了65%，低於同期通貨膨脹率。今年 3 月第 59 號決議的實施部分抵消了政策的影響，該決議將聯合循環薪酬部分美元化，並在較小程度上承認 CAMMESA 的燃料成本。

Moving now to Slide 10 for a better understanding of the evolution of our adjusted EBITDA during the second quarter of 2023. The group's adjusted EBITDA reached ARS 17.1 billion, including the adjusted EBITDA of the recently acquired companies Central Costanera and the Forestry companies for ARS 1.3 billion and ARS 1.2 billion, respectively. Thus, on a consolidated basis, the adjusted EBITDA of the quarter recorded a contraction of 34% compared to the ARS 25.8 billion in the second quarter of 2022, as explained before. When analyzing the adjusted EBITDA, excluding acquisitions, we kind of said that the variation is mainly explained by the previously mentioned drop in revenues and 21% or ARS 3 billion increase in cost of sales, explained primarily by higher consumption of materials and spare parts due to the maintenance performed on the gas turbines at the Lujan de Cuyo plant, an 8% increase or ARS 0.2 billion in SG&A, mainly driven by higher third-party services and personnel costs, all of these partially offset by an 85% increase or ARS 1.3 billion in our operating results, mainly due to higher interest accrued on receivables from CAMMESA.

現在轉到幻燈片10，以便更好地了解2023 年第二季調整後EBITDA 的演變。該集團調整後EBITDA 達到171 億阿根廷比索，其中包括最近收購的Central Costanera 公司和林業公司調整後的EBITDA（阿根廷比索1.3）分別為 10 億和 12 億阿根廷比索。因此，如前所述，在合併基礎上，本季調整後 EBITDA 與 2022 年第二季的 258 億阿根廷比索相比收縮了 34%。在分析調整後的EBITDA（不包括收購）時，我們表示，這種變化主要是由於前面提到的收入下降和銷售成本增加21% 或30 億阿根廷比索造成的，這主要是由於材料和備件消耗增加所致。Lujan de Cuyo 工廠燃氣渦輪機的維護費用增加了 8%，即 SG&A 2 億阿根廷比索，主要是由於第三方服務和人員成本增加，所有這些都被 85% 的增長或阿根廷比索所部分抵消我們的經營績效增加了13 億美元，主要是因為CAMMESA 應收帳款應收帳款應計利息增加。

Moving to the next slide. Consolidated net income for the quarter amounted to ARS 4.3 billion, decreasing 14% on a year-over-year basis. In addition to the lower adjusted EBITDA of the period, the net income was impacted by a combination of a higher loss on net monetary position of ARS 4.1 billion, partially offset by better results on our associated companies of the ECOGAS Group for ARS [0.2] billion, an increase of ARS 2.1 billion in income tax, which is basically the result of higher deferred income tax and adjustment to the provision of the previous period with respect to the amount actually paid in the current period, partially offset by a lower current income tax for this period. All of this was partially offset by a lower loss in net financial results, accounting for a positive variation of ARS 6.2 billion, driven by a gain in the fair value of financial assets partially offset by higher net interest and negative foreign exchange differences, higher positive foreign exchange differences and interest related to the FONI receivables for ARS 3.9 billion. And finally, higher positive results from an increase in the valuation of the fair value of our biological assets from our forestry segment.

轉到下一張投影片。該季度合併淨利潤為 43 億阿根廷比索，年減 14%。除了本期調整後 EBITDA 較低之外，淨利潤還受到 41 億阿根廷比索淨貨幣頭寸損失增加的影響，部分被我們的西科氣體集團聯營公司在阿根廷比索 [0.2] 的更好業績所抵消。億，所得稅增加21億阿根廷比索，這主要是由於遞延所得稅增加以及上期撥備相對於當期實際支付的金額進行調整的結果，部分被當期收入減少所抵消本期稅金。所有這一切都被淨財務業績損失減少所部分抵消，造成了62 億阿根廷比索的正變動，這是由於金融資產公允價值的收益部分被較高的淨利息和負外匯差額所抵消，較高的正值與 FONI 應收帳款相關的外匯差額和利息為 39 億阿根廷比索。最後，林業部門生物資產公允價值估值的提高帶來了更高的正面成果。

Finally, going to Slide 12, we can see the evolution of our cash flow during the first half of the year. Operating cash flow totaled ARS 26.4 billion as a result of the adjusted EBITDA of the period coupled with ARS 5.9 billion in collection of interest from clients, including FONI receivables and ARS 3.8 billion in positive working capital variations, being partially offset by income tax payments of ARS 8.8 billion. Net cash used in investing activities was ARS 12.2 billion, mainly due to a ARS 16.2 billion deployed in the acquisition of companies made during the first half of the year, coupled with ARS 2.4 billion in investments in property, plant and equipment and ARS 0.7 billion in inventory purchases, being all partially offset by ARS 6.6 billion from the selling of short-term financial assets and a collection of ARS 0.6 billion in dividends during the period.

最後，轉到投影片 12，我們可以看到上半年現金流的演變。由於本期調整後的 EBITDA 加上向客戶收取的利息（包括 FONI 應收帳款）和 38 億ARS 的正營運資本變化，營業現金流總計為 264 億ARS，部分被所得稅支付所抵消。88億阿根廷比索。投資活動使用的現金淨額為 122 億阿根廷比索，主要是由於上半年部署了 162 億阿根廷比索用於收購公司，加上 24 億阿根廷比用於房地產、廠房和設備投資以及 7 億阿根廷比索存貨採購支出，全部被出售短期金融資產的66 億阿根廷比索和期內6 億阿根廷比索的股利部分抵銷。

Finally, net cash used in financing activities was negative in ARS 21.5 billion. It was basically as the result of ARS 12.1 billion in debt service amortizations, primarily related to the Brigadier Lopez syndicated loan, along with ARS 5.9 billion in interest and other financing costs related to our bank long-term loans and the cancellation of overdrafts in checking accounts for ARS 2.4 billion, and finally, ARS 1.1 billion in dividends paid. As a consequence, our cash position as of June 30, 2023, amounted to ARS 4.5 billion, which is current investment in financial assets are included, our total current liquidity amounts to ARS 24.3 billion.

最後，融資活動所用現金淨額為負 215 億阿根廷比索。這主要是由於 121 億阿根廷比索的償債攤銷（主要與準將洛佩茲銀團貸款有關），以及與我們銀行長期貸款和取消支票透支有關的 59 億阿根廷比索的利息和其他融資成本造成的。佔24 億阿根廷比索，最後，支付股利11 億阿根廷比索。因此，截至 2023 年 6 月 30 日，我們的現金部位為 45 億ARS，其中包括當前金融資產投資，我們目前的流動性總額為 243 億ARS。

With this, I would like to conclude my presentation, and now we invite you to ask any questions to our team. Thank you for your attention.

我的演講到此結束，現在我們邀請您向我們的團隊提出任何問題。感謝您的關注。

(Operator Instructions) And the first question comes from Martin Arancet from Balanz Capital.

（操作員說明）第一個問題來自Balanz Capital的Martin Arancet。

I have 5 questions. Sorry for the extent. I will try to be quick. I would like to run them one by one, if that's okay. My first question is regarding the Piedra del Aguila concession. The government gave an extension of the concession of (inaudible) assets. So it could be the next government, the one that determines the future of those assets. Do you think it is a taken decision to move those plants to government control? Or could we still see a new auction or an extension of the current concessions? And what is your estimate of EBITDA per year in Piedra del Aguila?

我有 5 個問題。抱歉。我會盡量快一點。如果可以的話，我想一一運行它們。我的第一個問題是關於彼德拉德爾阿吉拉特許權。政府延長了（聽不清楚）資產的特許權。因此，決定這些資產未來的可能是下一屆政府。您認為將這些工廠移交給政府控制是一個已做出的決定嗎？或者我們還能看到新的拍賣或延長目前的優惠嗎？您估計 Piedra del Aguila 每年的 EBITDA 是多少？

Okay. Martin, thank you for your interest and your questions. Regarding Piedra del Aguila, as you say, this government, the former government established an extension of the concession in our case, that extension has 2 phases, 60 days first and another 60 days coming after. And that will give our end of concession or [put] our end of concession in February or April next year. So as you mentioned, the government that will analyze the extension or not extension will be a new government. And for the -- for what we have been talking with different -- of course, we need to know who will be the new government. Yesterday, it seems not so clear who will be the new government. But we have been talking with different reference from the candidates and the perception that we have is that they need to analyze in detail. They don't have an answer yet about what to do with this concession, but they need to answer -- to analyze that in deeply -- indeed that not take a decision like the transfer for (inaudible) or to move in a (inaudible) process without analysis. And taking in the consideration of the claims that the concession -- the actual [concessionaires] has and the relation with the province and the other thing is the investment that these concessions need to have to extend another 30 years of operations. So in any case that we have been talking with the different reference of the [opposition], we talk about taking this extension of 1 year that the concession has as a possibility, not only 2 months or 3 months, that -- the one that this government took. But taking this year of extension to analyze in deep all the aspects.

好的。馬丁，感謝您的關注與提問。關於Piedra del Aguila，如你所說，本屆政府，前政府在我們的案例中延長了特許權，該延長分兩個階段，先是60天，之後又是60天。這將使我們的特許權結束，或在明年二月或四月結束我們的特許權。正如你所提到的，負責分析是否延期的政府將是新政府。對於我們一直在與不同的人談論的事情，當然，我們需要知道誰會成為新政府。昨天，誰將成為新政府似乎還不太清楚。但我們一直在與候選人進行不同的參考，我們的看法是他們需要詳細分析。他們還沒有關於如何處理這一讓步的答案，但他們需要回答 - 深入分析 - 事實上，不做出諸如轉移（聽不清楚）或搬進（聽不清楚）的決定）過程無需分析。考慮到特許權的主張——實際的[特許權獲得者]以及與該省的關係，另一件事是這些特許權需要再延長30年的運營所需的投資。因此，無論如何，我們一直在與[反對派]的不同參考進行討論，我們討論將特許權延長一年作為一種可能性，而不僅僅是2個月或3個月，即這個政府採取了。但以今年的延期來深入分析各個面向。

So we are confident that we can have that extension and then start talking how to proceed with this concession in the near future. So we are optimistic that we have -- we will have the opportunity to discuss that in the -- with the next government. And EBITDA -- sorry. And EBITDA that you mentioned is around -- that's depending because it's in pesos. So with the new devaluation, we need to recheck, but it's around $30 million per year.

因此，我們有信心能夠延期，然後開始討論如何在不久的將來繼續這項讓步。因此，我們樂觀地認為，我們將有機會與下一屆政府討論這個問題。還有 EBITDA——抱歉。你提到的 EBITDA 大約是——這取決於它是比索。因此，隨著新的貶值，我們需要重新檢查，但每年約為 3000 萬美元。

Very clear. My second question then regarding results this quarter. Revenue increased quarter-over-quarter probably partially due to the acquisition of Central Costanera but results were affected by an increase in OpEx that more time compensated the additional revenue. Could you give us some color on the additional OpEx, if it was related to Costanera? And what are your expectations of getting to more normalized levels?

非常清楚。我的第二個問題是關於本季的業績。收入環比增長的部分原因可能是收購了 Central Costanera，但結果受到營運支出增加的影響，營運支出增加了更多的時間來補償額外的收入。如果額外的營運支出與 Costanera 有關，您能給我們一些資訊嗎？您對達到更正常化程度的期望是什麼？

Yes. No. Yes, it's affected by -- not only Costanera, it's affected by the big maintenance that we are doing in our combined cycles, especially in our combined cycles of recent cogeneration. In fact, our generation of Lujan de Cuyo that -- we performed a big maintenance there. We are performing a big maintenance also in September in the Costanera combined cycle. And we are having an extraordinary maintenance in the small combined cycle of Costanera, Buenos Aires combined cycle. Siemens combined cycle is a small one that suffered a failure, extraordinary failure in March. So we are having a big maintenance of our units, Costanera and Lujan de Cuyo plants, that are the reason of the increase that you see in the OpEx.

是的。不。是的，它不僅受到 Costanera 的影響，還受到我們在聯合循環中進行的大型維護的影響，尤其是在最近熱電聯產的聯合循環中。事實上，我們這一代盧揚·德庫約——我們在那裡進行了大規模的維護。我們也在 9 月對 Costanera 聯合循環進行了一次大型維護。我們正在對布宜諾斯艾利斯聯合循環 Costanera 的小型聯合循環進行非凡的維護。西門子聯合循環是一個小型聯合循環，在三月遭遇了非同尋常的失敗。因此，我們對 Costanera 和 Lujan de Cuyo 工廠進行了大規模維護，這就是您在營運支出中看到的成長的原因。

Okay. So in the maintenance of September, we could see increased OpEx also next quarter and probably going back to normalized levels by the year-end?

好的。因此，在 9 月的維護中，我們可以看到下個季度的營運支出增加，並可能在年底前恢復正常水平？

Yes. Yes, you will see some increasement, but we are being paying this big maintenance since -- or we (inaudible) previously since the September or October last year, so we are paying in advance. So you will see an increase on CapEx but not the cash flow because we are -- have been paying most of the cash of the CapEx in advance.

是的。是的，您會看到一些增長，但我們自去年 9 月或 10 月以來（聽不清楚）一直在支付這筆巨額維護費用，所以我們提前付款。因此，您會看到資本支出增加，但現金流量不會增加，因為我們已經提前支付了資本支出的大部分現金。

Okay. Perfect. My third question then, the government just devalued the official effects by more than 20%, as you just mentioned. Do you expect CAMMESA payment days to be the main tool that government could use to cushion the blow on -- the increased subsidy blow?

好的。完美的。那麼我的第三個問題，正如你剛才提到的，政府剛剛將官方效應貶值了20%以上。您是否認為 CAMMESA 付款日將成為政府用來緩解補貼增加帶來的衝擊的主要工具？

I don't know, really. I don't know. In fact, CAMMESA was reducing the delays that we suffered in May and June. For example, we have the delay there of 60 days. And right now, we are in 30 days -- around 30 days of delay in payments from CAMMESA. And also, the government -- as you say, the devaluation impact, of course, because the cost of fuel and some contracts that are set in dollars. But in the other hand, the government increased the tariff or apply the full increase in the segmentation itself in tariff that implies an impact of an increase on higher segments of the population. So I don't know really if we have -- we can suffer -- the good news is that we are ending the winter period in which the fuel and gas oil that we use increase, and that implies a huge quantity of money for CAMMESA, and we are ending that cold periods and the reduction of the build -- the CAMMESA [builds] are important. So I don't know. We are not expecting for sure increase in delays more than 60 days that was higher that we see on May and June. But we are now if we can go something like 40 or 45 days, but not more than that.

我不知道，真的。我不知道。事實上，CAMMESA 正在減少我們在 5 月和 6 月遭受的延誤。例如，我們有 60 天的延遲。現在，我們距離 CAMMESA 的付款還有 30 天——大約 30 天的延遲。還有政府——正如你所說，貨幣貶值當然會產生影響，因為燃料成本和一些合約都是以美元計算的。但另一方面，政府提高了關稅，或將細分本身的全部提高應用於關稅，這意味著關稅的增加對較高部分的人口產生了影響。所以我真的不知道我們是否有——我們會受苦——好消息是我們正在結束我們使用的燃料和瓦斯油增加的冬季，這意味著 CAMMESA 需要大量資金，我們正在結束寒冷時期並減少構建- CAMMESA [建置] 很重要。所以我不知道。我們預計延誤時間不會超過 60 天（比 5 月和 6 月更高）。但如果我們能堅持 40 或 45 天，但不能超過這個時間，我們現在就可以了。

Very clear. And you were just talking about this big maintenance. So I wanted to ask about thermal availability, it came at 71% lower than in the previous quarter. Where do you see availability after this big maintenance works in 2024?

非常清楚。你剛剛談到了這次大維護。所以我想問熱可用性，它比上一季低了 71%。 2024 年大規模維護工作結束後，您認為哪些地方可用？

Yes. Well, the 71% is an average. So you have there a different combination of equipment and places. If you see only the combined side of Central (inaudible) Costanera, you reach 95% or 96%, which is our normal availability. When you combine with the Costanera combined cycles, the one that I mentioned, the Central Buenos Aires Combined Cycle was affected, so the percentage will reduce to 84%. So whenever we can solve the problem of Buenos Aires, I think the -- and Buenos Aires is all combined cycle. So we are suffering some problems of the end of the life of this combined cycle. But on the other hand, the Mitsubishi combined cycle is very reliable. So if you exclude the Central Buenos Aires Combined Cycle, the availability of the combined cycles and relatively new units are very, very good. With Buenos Aires, well, we are working to get online. But it's an all combined cycle, so for sure, we'll see some ups and downs with this unit. But not the big ones and Mitsubishi and GE and Siemens combined cycles are very, very reliable.

是的。嗯，71% 是平均值。所以你有不同的設備和場所組合。如果您只看到 Central（聽不清楚）Costanera 的合併側，您將達到 95% 或 96%，這是我們的正常可用性。當你與 Costanera 聯合循環結合時，我提到的中央布宜諾斯艾利斯聯合循環受到了影響，所以百分比將減少到 84%。因此，每當我們能夠解決布宜諾斯艾利斯的問題時，我認為布宜諾斯艾利斯都是聯合循環。因此，我們正面臨著聯合循環壽命終結的一些問題。但另一方面，三菱聯合循環卻非常可靠。因此，如果排除布宜諾斯艾利斯中央聯合循環，聯合循環和相對較新的機組的可用性非常非常好。在布宜諾斯艾利斯，我們正在努力實現上網。但這是一個全聯合循環，所以可以肯定的是，我們會看到這個單元的一些起伏。但不是大公司，三菱、通用電氣和西門子複合循環非常非常可靠。

In other hand, the steam turbines, especially the Costanera ones have a very -- a low availability this quarter related to long periods of maintenance, related to some problems with the boilers that we are hoping that we can reduce the frame, the timing of this -- of these interventions, of this maintenance and the boilers to replace the tubes that get broken. And we expect to see better timings or better performance on that maintenance and reduce the unavailability for the next quarters. Of course, they are all units, as you know, and the same as the steam turbines of Puerto, so the availability is not so high like combined cycles. But we expect to reach similar levels or close to similar levels to steam turbines of Central Puerto, which are around 70%, 75% of availability in terms of steam turbines. So we are confident that we can increase that availability in next quarters.

另一方面，汽輪機，尤其是 Costanera 汽輪機，本季的可用性非常低，這與長期維護有關，與鍋爐的一些問題有關，我們希望我們能夠減少框架、時間安排。這些幹預措施、維護以及更換損壞管道的鍋爐。我們預計維護的時間安排會更好，效能也會更好，並會減少接下來幾季的不可用情況。當然，大家都知道，它們都是機組，和波多黎各的汽輪機一樣，所以可用性沒有聯合循環那麼高。但我們預計將達到與中央波多黎各蒸汽渦輪機類似的水平或接近類似的水平，就蒸汽渦輪機而言，可用性約為 70%、75%。因此，我們有信心在下幾個季度提高可用性。

Okay. So probably closer to Central Puerto all normalized levels of around 80%, 85%, something like that?

好的。那麼可能更接近波多黎各中部的所有標準化水平，大約 80%、85%，類似的東西？

Yes, yes. In average, yes. But you need to -- if you separate this better because excluding Buenos Aires Combined Cycle, the one that Costanera -- small one that I mentioned that is unavailable right now, you will see availability around 90% in the all combined cycles and between 88% and 90% for the combined cycles. And for the steam turbines, we are expecting to see something related to 68% to 70% something, that are the numbers that we expect. The Central Buenos Aires is more unpredictable, as I mentioned, because it's at the end of its life so -- and we don't have a full maintenance with Siemens. It's only a reduced target of maintenance because they are not -- they are not (inaudible) all the parts of this combined cycle. So excluding that combined cycle, we are confident that we can reach good levels of availability.

是的是的。平均而言，是的。但你需要- 如果你更好地分開它，因為排除布宜諾斯艾利斯聯合循環，我提到的Costanera 聯合循環現在不可用，你會看到所有聯合循環中的可用性約為90％，並且在88 之間% 和 90% 為聯合循環。對於蒸汽渦輪機，我們預計會看到 68% 到 70% 的相關數據，這就是我們預期的數字。正如我所提到的，布宜諾斯艾利斯中央車站更加不可預測，因為它已經達到了使用壽命，而且我們沒有與西門子進行全面維護。這只是減少了維護目標，因為它們不是——它們不是（聽不清楚）這個聯合循環的所有部分。因此，排除聯合循環，我們有信心達到良好的可用性水準。

Very clear. And my last question then, you got additional land for forest. How much EBITDA per year do you expect for that line of business, all the forest together, the one that you already got and this new one?

非常清楚。我的最後一個問題是，你們獲得了額外的森林土地。您預計該業務線、所有業務、您已經擁有的業務和這個新業務每年的 EBITDA 是多少？

Well, as I mentioned last quarter, this forest lands are almost cutting the same that they are planting. So the EBITDA right now is close to (inaudible), it's around $2 million or $3 million per year because we are increasing our hectares planted. So we are investing on new hectares planted. But right now, is -- as I mentioned, is $2 million or $3 million. We expect when we finish this process of planting new hectares, an EBITDA around $10 million -- around $10 million and $15 million -- between $10 million and $15 million.

嗯，正如我上個季度提到的，這些林地的砍伐量幾乎與他們種植的林地量相同。因此，現在的 EBITDA 接近（聽不清楚），每年約 200 萬或 300 萬美元，因為我們正在增加種植面積。因此，我們正在投資種植新的公頃土地。但現在，正如我所提到的，是 200 萬或 300 萬美元。我們預計，當我們完成種植新公頃的過程時，EBITDA 約為 1000 萬美元——大約 1000 萬至 1500 萬美元——在 1000 萬至 1500 萬美元之間。

(Operator Instructions) And there are no further questions in queue at this time. This does conclude our question-and-answer session. I would now like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

（操作員說明） 目前隊列中沒有其他問題。我們的問答環節到此結束。現在我想將會議轉回費爾南多·博內先生發表閉幕詞。

Okay. Thank you for your interest on Central Puerto. Have a good day. Bye-bye.

好的。感謝您對中央港的關注。祝你有美好的一天。再見。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝你們，女士們、先生們。今天的電話會議到此結束。此時您可以斷開電話線，度過美好的一天。感謝您的參與。