Central Puerto SA (CEPU) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Central Puerto's fourth-quarter 2023 earnings webcast.

早安，女士們、先生們，歡迎收看 Central Puerto 的 2023 年第四季收益網廣播。

(Operator Instructions)

（操作員說明）

Please note this event is being recorded.

請注意此事件正在被記錄。

If you do not have a copy of the press release, please refer to the investor relations support section of 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 Central Puerto's website.

如果您沒有新聞稿副本，請參閱該公司公司網站 www.centralpuerto.com 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 were converted from Argentine pesos to US dollars for comparison purposes only.

在我們繼續之前，請注意，所有財務數據均根據國際財務報告準則編制，並從阿根廷比索轉換為美元，僅供比較之用。

The exchange rate used to convert Argentine pesos to US dollars was the reference exchange rates reported by the Central Bank for US dollars for the end of each period.

阿根廷比索兌換美元所採用的匯率為各期末央行公佈的美元參考匯率。

The information presented in US dollars is for the convenience of the reader only.

以美元顯示的資訊僅供讀者方便。

And you should not consider these translations to be representations, but the Argentine peso amounts actually represents these US dollars amounts or could be converted into US dollars at the rate indicated.

您不應將這些翻譯視為表述，但阿根廷比索金額實際上代表這些美元金額，或可以按所示匯率轉換為美元。

Finally, it is worth noting that the financial statements for the fourth quarter ended December 31, 2023, include the effects of the inflation adjustment.

最後，值得注意的是，截至2023年12月31日的第四季財務報表包含了通膨調整的影響。

Also, please take into consideration that certain statements made by the company during this conference call and answer 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 expectation contemplated by industry remarks.

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的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。

Thus, we refer you to the forward-looking statements section of our earnings release and recent filings with the SEC.

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。

Central Puerto assumes no obligation to update forward-looking statements except as required under applicable securities laws.

除適用證券法要求外，Central Puerto 不承擔更新前瞻性聲明的義務。

To follow the discussion better, please download the webcast presentation available on the company's website.

為了更了解討論，請下載公司網站上提供的網路廣播簡報。

Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion.

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 Calderone, 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 Calderone。

And now, I will turn the call over to Pablo Calderone.

現在，我將把電話轉給巴勃羅·卡爾德羅內。

Pablo, you may begin.

巴勃羅，你可以開始了。

Thank you very much, and good morning to you all.

非常感謝大家，祝大家早安。

We are joining you today with our management team from Buenos Aires, Argentina, to comment on our results for the full year 2023 and the fourth quarter of 2023.

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 年全年和 2023 年第四季度的業績。

Taking a moment of your attention to review today's agenda, I would like to begin the presentation by addressing shortly the main figures of the year 2023 and the fourth quarter of 2023, followed by a quick update of the regulatory framework and an overview of the Argentine energy sector.

請大家花點時間回顧一下今天的議程，我想先簡要介紹一下 2023 年和 2023 年第四季的主要數據，然後快速更新監管框架並概述阿根廷能源部門。

And then, move on to analyze the evolution of our operational and financial results.

然後，繼續分析我們的營運和財務表現的演變。

Finally, at the end of the presentation, we will be happy to address any questions that you may have.

最後，在演示結束時，我們很樂意解答您可能提出的任何問題。

Before going into a more exhaustive analysis of the evolution of our financial and operational results, let me briefly review the main figures of the Central Puerto group for the year 2023 and the fourth quarter of 2023.

在對我們的財務和營運績效的演變進行更詳盡的分析之前，讓我先簡單回顧一下 Central Puerto Group 2023 年和 2023 年第四季的主要數據。

As you may know, with the acquisition of Central Costanera performed at the beginning of the year, the Guañizul solar farm on October 2023, the group's installed capacity has jumped by 49% year over year, to 7.2 gigawatts of installed capacity.

如您所知，隨著年初收購Central Costanera和2023年10月收購Guañizul太陽能發電場，該集團的裝置容量年增49%，達到7.2吉瓦裝置容量。

Furthermore, energy generation amounted to almost 21 terawatts per hour in 2023 and 5.2 terawatts per hour in the quarter, increasing by 19% and 10% respectively with regards to the same period of last year.

此外，2023年發電量將達到每小時近21太瓦，本季發電量將達每小時5.2太瓦，分別比去年同期增加19%和10%。

Thus, during 2023, the Central Puerto group has become the largest private energy generation company in Argentina, both in terms of its net capacity and energy generation, completing a diversified portfolio of assets across all power generation technologies.

因此，到2023年，中央波多黎各集團無論是在淨容量或發電量方面都已成為阿根廷最大的私人能源發電公司，完成了涵蓋所有發電技術的多元化資產組合。

With regards to our financial results, it should be noted that the short devaluation that occurred at the end of 2023 caused the depreciation of the local currency to be much higher than the inflation of the period.

就我們的財務表現而言，值得注意的是，2023年底發生的短暫貶值導致本幣貶值遠高於同期通膨。

Given Central Puerto's accounting methodology, all items in pesos might be adjusted for inflation to the year-end currency while the company reports its results in dollars by converting them at the end-of-period official exchange rate.

鑑於中央波多黎各的會計方法，所有以比索計的項目可能會根據通貨膨脹調整為年末貨幣，而該公司通過按期末官方匯率換算成美元來報告其業績。

Thus, casting a non-cash impact that affects the comparability of our financial results and being more significant in the analysis of the 4Q '23 figures.

因此，產生的非現金影響會影響我們財務表現的可比較性，並且在 23 年第四季的數據分析中更為重要。

In that connection, revenue for the year amounted to $537 million, decreasing 5% compared to 2022, and to $98 million in the quarter, contracting 19% compared to the same period of the previous year, while adjusted EBITDA reached $277 million, showing a [35% decrease] versus 2022.

就此而言，全年營收為 5.37 億美元，較 2022 年下降 5%，本季營收為 9,800 萬美元，較上年同期收縮 19%，而調整後 EBITDA 達到 2.77 億美元，顯示出與2022 年相比[減少35%]。

And $45 million in the quarter, being 34% lower to the last quarter of 2022.

本季營收為 4,500 萬美元，比 2022 年最後一季減少 34%。

Net income was positive in $193 million and $155.8 million in 2023 and fourth quarter 2023 respectively, affected by one-time effects that impacted positively in the last quarter of the year, as we will see in detail in the later of the presentation.

2023 年和 2023 年第四季的淨利潤分別為正數 1.93 億美元和 1.558 億美元，受到去年最後一個季度產生積極影響的一次性效應的影響，我們將在稍後的演示中詳細了解。

Finally, after a satisfactory year in terms of our management of our debt profile and dividend distribution, net debt as of December 31 amounted to $244 million, showcasing a net debt leverage ratio of only 1 times.

最後，我們在債務狀況管理和股息分配方面取得了令人滿意的一年，截至 12 月 31 日的淨債務達到 2.44 億美元，淨債務槓桿率僅為 1 倍。

Now, moving to the most recent regulatory update, it is worth mentioning the following resolutions.

現在，轉向最新的監管更新，值得一提的是以下決議。

On September 6, 2023, the Secretariat of Energy issued Resolution No. 750 of 2023, which updated remuneration prices for energy generation and power capacity for units not committed in a Power Purchase Agreement, or PPA, increasing remuneration values by 23% since September 2023.

2023年9月6日，能源秘書處發布了2023年第750號決議，更新了未在購電協議（PPA）中承諾的發電量和發電量的補償價格，自2023年9月起將補償值提高了23% 。

Furthermore, on November 2, the Secretariat of Energy issued Resolution 869, which updated remuneration prices for the same units by 28% since November 2023.

此外，11月2日，能源秘書處發布了第869號決議，自2023年11月起將相同單位的報酬價格更新了28%。

Finally, and more recently, in February 2024, the Secretariat of Energy issued Resolution No. 9, updating remuneration by 74% since February 2024.

最後，也就是最近，2024 年 2 月，能源秘書處發布了第 9 號決議，自 2024 年 2 月以來將薪資更新了 74%。

It should be noted that combined cycles that operate in the spot market are not committed in the PPA and are remunerated with the special regime introduced by means of Resolution 59, 2023, issued in February of that year.

值得注意的是，在現貨市場運作的聯合循環並未在購電協議中承諾，而是透過當年 2 月發布的第 59, 2023 號決議引入的特殊制度獲得報酬。

Under this scheme, the power capacity of this generation units is partially paid in US dollars, while the energy generation is fully dollarized.

根據該計劃，該發電機組的發電量部分以美元支付，而發電量則完全美元化。

Finally, with regards to the TerCONF bidding process, although the company was awarded with project for 516 megawatts of power capacity at its unit, Central Costanera, as of today, the contract has not been signed and the process is under review of the new administration.

最後，關於TerCONF招標過程，儘管該公司獲得了其子公司Central Costanera的516兆瓦發電容量項目，但截至今天，合約尚未簽署，該過程正在接受新政府的審查。

Now, let's use the next two slides to analyze the evolution of the Argentine energy market during this quarter.

現在，讓我們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。

As we can see in the slide 6, the country's installed generation capacity increased by 2% or 847 megawatts, reaching 43.8 gigawatts compared to 42.9 gigawatts in the last quarter of 2022.

正如我們在幻燈片 6 中看到的，該國的發電裝置容量增加了 2%，即 847 兆瓦，達到 43.8 吉瓦，而 2022 年第四季為 42.9 吉瓦。

This increase in capacity was mainly due to the incorporation of 396 new megawatts of wind technology and 280 new megawatts of solar photovoltaic projects.

裝置容量的增加主要是由於新增396兆瓦的風能技術和280兆瓦的太陽能光電專案。

Biogas and biomass slightly increased during the quarter, adding 6 megawatts and 3 megawatts, respectively.

本季沼氣和生質能發電量略有增加，分別增加了 6 兆瓦和 3 兆瓦。

Finally, thermal capacity sources recorded a net increase of 162 megawatts as a combination of an addition of 735 megawatts of new combined cycles and the decommissioning of 537 megawatts and 36 megawatts in gas turbines and diesel engines, respectively.

最後，由於新聯合循環新增735兆瓦以及燃氣渦輪機和柴油發動機分別退役537兆瓦和36兆瓦，熱容量來源淨增加162兆瓦。

Regarding energy generation in the last quarter of the year, this dropped 4% to 34.8 terawatts hour compared to 35.1 terawatts in the last quarter of 2022, in line with the 4% decrease in energy demand.

就今年最後一季的發電量而言，與 2022 年最後一季的 35.1 太瓦時相比，下降了 4% 至 34.8 太瓦時，與能源需求下降 4% 的趨勢一致。

The lower demand of the period was mainly covered with more generation of nuclear, hydro, and renewable sources, resulting in a lower thermal requirement.

這段時期需求的下降主要是由於核電、水力和再生能源發電量的增加，導致熱能需求下降。

The increase in nuclear power generation was mainly explained by the Atucha II power plant, which was unavailable during the last quarter of 2022 due to the maintenance program that lasts until mid-2023.

核能發電量的增加主要是由於阿圖查二號核電廠的原因，該核電廠由於維護計畫一直持續到2023年中期，因此在2022年最後一個季度無法使用。

In addition, the Embalse power plant also supply a significant amount of generation during the last quarter of 2023 vis-a-vis the last quarter of 2022.

此外，與 2022 年最後一個季度相比，Embalse 發電廠在 2023 年最後一個季度也提供了大量發電。

The increase in hydrogeneration is a phenomenon that started by mid-2023 due to higher rainfall in comparison to the year 2022, a year that was particularly affected by a severe drought.

加氫現象的增加是從 2023 年中期開始的，原因是與 2022 年相比降雨量增加，而 2022 年尤其受到嚴重乾旱的影響。

As a result, Litoral and Comahue hydro plants had been generating significantly more in 2023 vis-a-vis 2022.

因此，Litoral 和 Comahue 水力發電廠 2023 年的發電量比 2022 年顯著增加。

And speaking specifically of the last quarter of this year, the Uruguay River recorded an increase of 484% in its flow rate, while the Nequén and Limay rivers rose their flows rates by 49% and 37% year over year, respectively.

具體來說，今年最後一個季度，烏拉圭河的流量年增了484%，而內肯河和利邁河的流量則年增了49%和37%。

Focusing now on demand.

現在關注需求。

As you can see, electricity consumption decreased 4% during the last quarter of the year compared to the last quarter of 2022.

如您所見，與 2022 年最後一個季度相比，今年最後一個季度的電力消耗下降了 4%。

This was essentially driven by a 5% decline in residential consumption on the back of milder temperatures during the period, especially in December, when consumption fell by 10% with respect to 2022.

這主要是由於該時期氣溫較溫和，居民消費下降了 5%，尤其是 12 月份，該時期的消費較 2022 年下降了 10%。

With regards to industrial demand, this contracted by 5% as a consequence of a lower economic activity in the period.

工業需求方面，由於同期經濟活動減少，工業需求萎縮了 5%。

It is worth noting that local demand was covered with local energy generation, substantially decreasing imports by 97%.

值得注意的是，當地能源發電滿足了當地需求，進口量大幅減少了 97%。

Going now to our key performance indicators for the quarter on slide 8, we can see that energy generated by Central Puerto rose by 10% to 5.2 terawatt hours compared to 4.7 terawatt hours in Q4, '22.

現在來看幻燈片 8 上的本季關鍵績效指標，我們可以看到，中部波多黎各產生的能源增加了 10%，達到 5.2 太瓦時，而 22 年第四季為 4.7 太瓦時。

It should be noted that this includes the incorporation of 856 gigawatts hour generated by Central Costanera, which was acquired in February 2023, as well as the 73 gigawatts hour produced by Guañizul II A solar farm acquired last October, which were not part of the group half of the fourth quarter of '22.

值得注意的是，這包括 2023 年 2 月收購的 Central Costanera 發電量 856 吉瓦時，以及去年 10 月收購的 Guañizul II A 太陽能發電場發電量 73 吉瓦時，這些發電量不屬於'22年第第四季小組賽半程。

In the fourth quarter of 2023, the increase in hydro energy generation from Piedra del Aguila was, once again, noteworthy, reaching 1.7 terawatt hour and standing 21% above the last quarter of 2022 levels.

2023 年第四季度，Piedra del Aguila 的水力發電量增幅再次引人注目，達到 1.7 太瓦時，比 2022 年第四季度的水平高出 21%。

As a direct result of the increase in the flows of Limay and Collón Curá rivers, 37% and 13%, respectively, compared to the fourth quarter of 2022.

與 2022 年第四季相比，利邁河和科隆庫裡亞河的流量分別增加了 37% 和 13%。

When river flows, we're still affected by the drought that impacted the country in 2022.

當河流流淌時，我們仍然受到 2022 年影響該國的乾旱的影響。

Finally, renewable energy generation increased by 12% in 4Q '23 vis-a-vis 4Q '22, being fully explained by the 73 gigawatt hour generated by the Guañizul II A solar plant, which was partially offset by a 5% contraction in wind generation as a result of lower wind resource during the period.

最後，與2022 年第四季相比，2023 年第四季再生能源發電量成長了12%，Guañizul II A 太陽能發電廠發電量為73 吉瓦時，這充分解釋了這一點，但這一成長被5% 的萎縮部分抵消了。由於期內風力資源減少，導致風力發電減少。

As previously stated, higher availability of hydro and nuclear generation and as well as the lower energy demand during the period prompted lower thermal dispatch.

如前所述，水力發電和核電發電可用性的提高以及能源需求的降低導致了熱力調度的減少。

However, as you can see, Central Puerto thermal availability remains high when compared to market average, reflecting our high-quality standards and operation policies as well as equipment efficiency.

然而，正如您所看到的，與市場平均值相比，中央波多黎各熱力可用性仍然很高，反映了我們的高品質標準和營運政策以及設備效率。

Now, zooming in our revenue analysis.

現在，放大我們的收入分析。

As you can see on slide 9, this amounted to $98 million in the quarter as compared to $121 million in the same period '22.

正如您在投影片 9 中看到的那樣，該季度的金額為 9,800 萬美元，而 22 年同期為 1.21 億美元。

It should be noted that the gap between inflation and devaluation in the period has negatively affected the 4Q '23 figures at a non-cash level due to the company's accounting methodology and the conversion into dollars using the end-of-period official exchange rate, making the comparison with the previous year more complex to analyze.

值得注意的是，由於該公司的會計方法以及使用期末官方匯率換算成美元，該期間通膨和貶值之間的差距對 23 年第四季的非現金數據產生了負面影響。使得與前一年的比較分析起來更加複雜。

Thus, having in mind this effect, devaluation in revenues results from a combination of a $2 million sales contribution for the Forestry companies that were acquired in December '22 and in May 2023. 11% (sic – see press release, "21%") or $11.6 million decrease in sales under contract which totaled $42.7 million in the quarter compared to $54.3 million in the last quarter of 2022, mainly as explained by the previously mentioned effect between inflation and currency devaluation, and to a lesser extent, to a lower generation from our wind farms on the back of lower wind results.

因此，考慮到這種影響，收入貶值是由 2022 年 12 月和 2023 年 5 月收購的林業公司 200 萬美元的銷售貢獻共同造成的。11%（原文如此 — 請參閱新聞稿，“21 %” ）或1,160 萬美元的合約銷售額減少了1,160 萬美元，本季度合約銷售額總計4,270 萬美元，而2022 年最後一個季度為5,430 萬美元，這主要是由於前面提到的通貨膨脹和貨幣貶值之間的影響，其次是由於風力結果較低，我們的風電場發電量較低。

All these being partially offset by the consolidation of the Guañizul II A solar farm, which contributed with revenues of $2.7 million.

所有這些都被 Guañizul II A 太陽能發電場的合併所部分抵消，該發電場貢獻了 270 萬美元的收入。

Then a 19% or $11.3 million contraction in spot, legacy sales, which amounted to $48.1 million in the last quarter of 2023 compared to $59.4 million a year ago, driven by a combination of the consolidation of Central Costanera figures, which contributed with sales of $13.4 million and higher energy dispatch from Piedra del Aguila hydro plant.

隨後，由於 Central Costanera 的合併數據（貢獻了Piedra del Aguila 水力發電廠的能源調度達 1,340 萬美元及以上。

All these being fully offset by the effect between inflation and currency devaluation that was mentioned before and a lower remuneration in dollars, coupled with lower generation from thermal units on the back of the lower demand of the period and the higher availability of hydro and renewable resources.

所有這些都被前面提到的通貨膨脹和貨幣貶值之間的影響以及美元報酬較低以及由於該時期需求較低和水力和可再生資源可用性較高而導致火力機組發電量減少所完全抵消。

Finally, a 15% or $0.7 million decrease in steam sales, which totaled $3.8 million in the quarter compared to $4.5 million in the last quarter '22, despite a 25% increase in volumes being fully explained by the non-cash effect between inflation and currency devaluation.

最後，蒸汽銷售額下降了15%，即70 萬美元，本季的銷售額總計為380 萬美元，而上一季的銷售額為22 年的450 萬美元，儘管銷量增長了25%，這完全是由於通貨膨脹和通貨膨脹之間的非現金效應。貨幣貶值。

Moving now to slide 10, for a better understanding of the evolution of our adjusted EBITDA, during the fourth quarter '23, the group adjusted EBITDA amounted to $45.2 million, including the result of the Central Costanera and the Forestry companies.

現在轉到投影片 10，為了更了解調整後 EBITDA 的演變，在 23 年第四季度，集團調整後 EBITDA 達到 4,520 萬美元，其中包括 Central Costanera 和林業公司的業績。

Thus, on a consolidated basis, the adjusted EBITDA of the quarter recorded a contraction of 34% compared to the $68.1 million in the fourth quarter of '22.

因此，在綜合基礎上，該季度調整後的 EBITDA 比 2022 年第四季的 6,810 萬美元收縮了 34%。

When analyzing the adjusted EBITDA variations, we can observe that this is mainly explained by the, first, the previously mentioned drop in revenues; and 13% or $5.8 million reduction in cost of sales, explained basically by the previously mentioned effect between inflation and currency devaluation; the reclassification of consumption of certain materials and spare parts allocated to the maintenance works carried out on the cogeneration units of Lujan de Cuyo, both were partially offset by higher employee compensation, energy purchases, and materials consumption and spare parts due to the acquisitions.

在分析調整後的 EBITDA 變化時，我們可以觀察到，這主要是由於前面提到的收入下降所致；銷售成本減少 13%，即 580 萬美元，這主要是由於前面提到的通貨膨脹和貨幣貶值之間的影響；分配給 Lujan de Cuyo 熱電聯產機組維護工作的某些材料和備件消耗的重新分類，兩者都被因收購而增加的員工薪酬、能源採購以及材料消耗和備件部分抵消。

Then a $4.8 million increase in other operating results, excluding interest and FX differences from the FONI program receivables and the valuation in fair value of biological assets from our Forestry segment.

然後，其他營運績效增加了 480 萬美元，其中不包括 FONI 計畫應收帳款的利息和外匯差異以及我們林業部門生物資產公允價值的估值。

This was mainly due to legal and other acquisition-related expenses.

這主要是由於法律和其他收購相關費用。

Finally, a 9% or $1.1 million increase in SG&A, excluding depreciations and amortizations due to an increase in compensation to employees related to acquisitions and taxes on bank account transactions.

最後，SG&A 增加 9%，即 110 萬美元，不包括與收購和銀行帳戶交易稅相關的員工薪資增加而導致的折舊和攤提。

Moving on to the next slide.

轉到下一張投影片。

Consolidated net income for the quarter amounted to $155.8 million, increasing by almost 10 times on a year-over-year basis.

該季度合併淨利達 1.558 億美元，年增近 10 倍。

Despite of the lower adjusted EBITDA over the period, the net income was positively impacted by $144 million increase related to non-cash effects being the most notorious, the recovery of impairment of property, plant, and equipment and intangible assets of $54.4 million as opposed to the negative charge of $79.2 million recorded in the last quarter '22.

儘管該期間調整後的 EBITDA 較低，但淨利潤受到 1.44 億美元增長的積極影響，其中非現金影響最為臭名昭著，財產、廠房、設備和無形資產減值收回 5,440 萬美元，而22 年上季度記錄的7,920 萬美元的負費用。

And the $5 million increase in the fair value of our biological assets.

我們的生物資產公允價值增加了 500 萬美元。

Then, higher positive foreign exchange differences and interest related to the FONI receivables for $72 million and a $21 million increase due to the gain recorded as a result of the valuation at fair value of the companies that were acquired during the period for almost $90 million in comparison with the also positive gain that was recorded in the fourth quarter of '22 of around $69 million.

然後，與 FONI 應收帳款相關的正外匯差額和利息增加了 7,200 萬美元，由於對在此期間以近 9,000 萬美元收購的公司進行公允價值估值而記錄的收益，增加了 2,100 萬美元。與2022 年第四季約6,900 萬美元的積極收益相比。

This was all being partially offset by a $69.8 million increase in net negative financial results, mainly driven by higher negative foreign exchange differences on financial liabilities, partially offset by better results from holding financial assets at fair value and better results on associates.

這全部被淨負財務業績增加6,980 萬美元所部分抵消，這主要是由於金融負債的負外匯差額增加所致，部分被按公允價值持有金融資產的更好業績和聯營公司更好的業績所抵消。

Now going to slide 12, we can see the evolution of our cash flow during the year 2023.

現在轉到第 12 張投影片，我們可以看到 2023 年現金流的演變。

This way, operating cash flow was positive in $222 million due to the adjusted EBITDA generated in the period, a $52.5 million in collection of interest from clients including those related to FONI program, and almost $10 million in positive working capital variations, partially offset by a $65 million payment of income tax.

如此一來，由於該期間產生的調整後EBITDA、向客戶（包括與FONI 計劃相關的客戶）收取的利息為5,250 萬美元，以及近1,000 萬美元的正營運資本變動（部分抵銷），營運現金流為2.22 億美元。繳納6500萬美元所得稅。

Net cash flow in financing activities was negative in $135 million as a result of $156 million in debt service amortization, primarily related to the pre-cancellation of the Brigadier Lopez syndicated loan and the principal maturities of Manque and Olivos dollar-linked bond and some overdraft cancellations, $41 million paid in interest and other financing costs, and the $29 million paid in dividends during the quarter.

融資活動淨現金流量為負 1.35 億美元，原因是 1.56 億美元的償債攤銷，主要與提前取消 Brigadier Lopez 銀團貸款以及 Manque 和 Olivos 美元掛鉤債券的本金到期以及部分透支有關取消、支付利息和其他融資成本4,100 萬美元，以及本季支付的股利2,900 萬美元。

Being all partially offset by $103 million in financings obtained in the period, mainly from the issuance of the senior notes Series A for $47.2 million and Series B for $50 million.

全部被期內獲得的 1.03 億美元融資所部分抵消，主要來自發行 4,720 萬美元的 A 輪優先票據和 5,000 萬美元的 B 輪優先票據。

Finally, investing activities amounted to $109 million during 2023, mainly explained by a $71 million expense for the acquisition of companies performed during the period, $26.5 million in net investment in short-term financial assets, and $18 million in investment in PP&E.

最後，2023 年的投資活動總額為 1.09 億美元，主要是由於在此期間進行的公司收購費用為 7,100 萬美元，短期金融資產淨投資為 2,650 萬美元，固定資產投資為 1,800 萬美元。

Consequently, our cash position as of December 31 amounted to $16.7 million, which if current investment in financial assets are included, our total current liquidity amounts to $127.8 million.

因此，截至 12 月 31 日，我們的現金部位為 1,670 萬美元，如果包括當前金融資產投資，我們的當前流動性總額為 1.278 億美元。

To conclude with the presentation.

最後以演講結束。

In this slide, I would like to bring to you our debt maturity scale.

在這張投影片中，我想向您介紹我們的債務期限規模。

But in particular, I would like to highlight the successful liability management carried out during October that considerably elevated our debt maturities for the year 2024.

但我想特別強調 10 月成功實施的負債管理，這大大提高了我們 2024 年的債務期限。

In that connection, on October 17, the company issued its first international bond for a total amount of $50 million with a two-year tenure, allowing us to partially prepay only two days later, $49 million of the standing $55 million of the syndicated loan signed with Citibank, JP Morgan, and Morgan Stanley, which after that, was fully paid later on early January this year.

在這方面，10 月 17 日，該公司發行了第一筆總額為 5,000 萬美元、期限為兩年的國際債券，使我們能夠在兩天后部分預付 5,500 萬美元銀團貸款中的 4,900 萬美元。與花旗銀行、摩根大通和摩根士丹利簽署協議，並於今年一月初全額付款。

This not only permitted us to refinance short-term debt maturities, extending its life, and reducing financial costs, but also helped us to lift dividend payment restrictions that were imposed as covenants of the syndicated loan.

這不僅使我們能夠為短期債務期限進行再融資，延長其期限並降低財務成本，而且還幫助我們取消了作為銀團貸款契約施加的股息支付限制。

In light with that strategy, we made four dividend distributions between November 2023 and January 2024 for a total of $220 million.

根據該策略，我們在 2023 年 11 月至 2024 年 1 月期間進行了四次股息分配，總計 2.2 億美元。

Finally, the year 2024 looks clear of major debt maturities.

最後，2024 年看起來不會有重大債務到期。

This amounting to only $59 million and being manageable for the size of the company.

這總共只有 5,900 萬美元，對於公司的規模來說是可以管理的。

As you can see, the company has actively worked on this relief and to improve its balance sheet that despite dividend distribution, our net debt leverage ratio remains at a low of 1 times net debt to EBITDA.

正如您所看到的，該公司積極致力於緩解這一壓力並改善其資產負債表，儘管進行了股息分配，但我們的淨債務槓桿率仍保持在淨債務與 EBITDA 的 1 倍的低水平。

With this, I would like to conclude the presentation, and now we invite you to ask any question to our team.

我想結束演講，現在我們邀請您向我們的團隊提出任何問題。

Thank you for your attention.

感謝您的關注。

(Operator Instructions) Martín Arancet, Balanz Capital.

（操作員指令）Martín Arancet，Balanz Capital。

Hi.

你好。

Thank you for taking my questions.

感謝您回答我的問題。

I connected late, so I apologize in advance if I ask something that you already explained.

我接通較晚，所以如果我問你已經解釋過的問題，我先道歉。

I have four questions, and I would like to run them one by one, if that's okay.

我有四個問題，如果可以的話，我想一一解答。

First, regarding Brigadier Lopez, have you closed a deal with the constructor to start the project?

首先，關於洛佩茲準將，您是否與施工方達成了啟動專案的協議？

Hi, how are you?

你好你好嗎？

Thank you for your question.

謝謝你的問題。

Yes, we start the construction of the closing of the combined cycle of Brigadier Lopez during February this year.

是的，我們在今年二月開始建造洛佩茲準將聯合循環的合流工程。

So we expect the finish of the closing of Brigadier Lopez for -- or after

因此，我們預計洛佩茲準將的結束將在——或之後完成

[2020 mark].

[2020年標誌]。

So we expect for the end of 2025.

所以我們預計到 2025 年底。

And the working is in progress.

目前工作正在進行中。

So we already set all the initial -- we already set the initial payment to [SACDE], which is the constructor, EPC constructor.

所以我們已經設定了所有的初始付款——我們已經將初始付款設定為[SACDE]，它是建構函數，EPC 建構函數。

And I think we're going to reach in time all the scale that we have been discussing with them, because we take a lot of early discussion with them, more than 16 months working in advance with them in order to analyze.

我認為我們將及時達到我們一直在與他們討論的所有規模，因為我們與他們進行了大量的早期討論，提前超過 16 個月與他們合作以便進行分析。

As you know, Brigadier Lopez is an open cycle right now, but all the equipment was purchased by ENARSA, like five or six years ago.

大家知道，洛佩茲準將現在是一個開放式循環，但所有設備都是ENARSA買的，就像五、六年前一樣。

So we performed a huge work with SACDE in advance to understand in which condition of equipment, reviewing all the engineering documents.

因此，我們提前與SACDE進行了大量工作，以了解設備的狀況，審查所有工程文件。

So we set a huge work in advance to be ready and to minimize the timing for the closing.

因此，我們提前做好了準備工作，並儘可能縮短了交割時間。

Perfect.

完美的。

And how much CapEx do you expect for that project?

您預計該項目的資本支出是多少？

It's around $150 million including

約1.5億美元，其中包括

[DTL].

[詳細]。

Right.

正確的。

Then my second question, we heard that CAMMESA's payment dates are close to 120 days.

那麼我的第二個問題，我們聽說CAMMESA的付款日期接近120天。

Have you been able to talk to CAMMESA regarding payments?

您是否能夠與 CAMMESA 討論付款事宜？

Do you expect some improvement?

您期望有所改善嗎？

And also, could you comment on a possible indexation of less in relation to inflation so as to not depend on price hikes by resolutions?

另外，您能否評論一下與通貨膨脹相關的可能的指數化，以便不依賴決議的價格上漲？

Well, as you mentioned, the payments of CAMMESA are coming less frequent than in the past, especially after devaluation, the total amount of the whole building for the electricity sector goes high and the payment of the distribution company is coming in less amount because they're going to receive also an increase.

嗯，正如您所提到的，CAMMESA 的付款比過去少了，特別是在貶值之後，電力部門整棟大樓的總金額變高，配電公司的付款金額也減少了，因為它們也會得到增加。

So we are seeing right now -- we have, in fact, and paid around 1.5 transactions.

所以我們現在看到——事實上，我們已經支付了大約 1.5 筆交易。

If you consider the new one coming tomorrow, we'll have 2.5 transactions unpaid.

如果您考慮明天將推出新交易，我們將有 2.5 筆交易未付款。

For the things that we have been talking with the government, we don't have a clear view.

對於我們一直在跟政府談的事情，我們沒有一個明確的看法。

But they believe after the tariff increase for residential customers, industry, and commercial, having taken place from February, so the new tariff will start being collecting by distribution companies in April.

但他們認為，自二月起對住宅用戶、工業和商業的關稅上調後，分銷公司將從四月開始徵收新的關稅。

So the government believes that with these regulations, the money will start coming again and they will start to normalize the payments.

因此政府相信，透過這些規定，資金將再次開始流入，他們將開始使支付正常化。

The thing is, what's going to happen in March, this month, I think, they want that we see some perhaps doubts about how many money will come from the government.

問題是，我想，這個月，三月會發生什麼，他們希望我們看到一些人對政府將提供多少資金產生懷疑。

We talked with them, we expressed all the generators.

我們與他們交談，我們表達了所有的發電機。

As you know, the generators are worried about that and how they're going to move all the investments, all the payments that we need to make in terms of CapEx, in terms of, of course, salaries and operational costs.

如您所知，發電商擔心這一點，以及他們將如何轉移所有投資，以及我們需要在資本支出方面支付的所有費用，當然還有工資和營運成本。

And we passed the worry to the government.

我們將擔憂轉嫁給了政府。

They are working on that.

他們正在努力解決這個問題。

They believe that the distribution companies can very -- or pay higher amounts that they have been paying in the past.

他們認為，分銷公司可以支付比過去更高的金額。

But we are not having any -- or any detail about that, so we cannot give you any detail about how they want to be normalized.

但我們沒有任何相關資訊或任何細節，因此我們無法向您提供有關他們希望如何實現正常化的任何細節。

But for sure, they expect on April, receiving all the payments from the distribution companies with the new tariff.

但可以肯定的是，他們預計在四月收到新關稅後分銷公司的所有付款。

And then this will have, of course, keep me the subsidies because the government is still having subsidies or subsidizing the electricity for some segments of the consumption.

當然，這會讓我保留補貼，因為政府仍在為某些消費領域提供補貼或電力補貼。

But the real question mark is, what's going to happen in March.

但真正的問號是，三月會發生什麼事。

We believe that the government will need to put additional money in March to maintain the 16 -- the 60 days of delay and not increase that timing.

我們認為，政府需要在 3 月追加資金來維持 16 天（即 60 天）的延遲，而不是延長這一時間。

In fact, we are using our lines, our credit lines in order to increase that buff -- or buff that delay of CAMMESA.

事實上，我們正​​在使用我們的額度、我們的信用額度來增加 CAMMESA 的增益——或者增益 CAMMESA 的延遲。

We are using our short-term lines with the banks to buffer the delays.

我們正在利用與銀行的短期額度來緩衝延誤。

Very clear.

非常清楚。

So you think that the system cannot wait until April to normalize payments, they need something now?

所以你認為系統不能等到四月才能正常支付，他們現在需要一些東西嗎？

Yes.

是的。

In fact, we need something now.

事實上，我們現在需要一些東西。

It's coming -- something came in last Tuesday, the government paid a portion of the November transaction.

它即將到來——上週二有東西進來，政府支付了 11 月交易的一部分。

And we ask for new money coming in next weeks.

我們要求在下週內提供新資金。

Yes.

是的。

Okay, thank you.

好的謝謝。

Next, my third question then is, the governors of Nequén and Rio Negro have claimed provincial rights on natural resources.

接下來，我的第三個問題是，內肯省和里奧內格羅省的州長已經要求對自然資源有省級權利。

I don't know if you have any comments on the current situation of Piedra del Aguila and how that might move forward.

不知道您對Piedra del Aguila目前的情況以及下一步的發展有何評論。

Yes.

是的。

We are working with the Secretariat of Energy and ENARSA because they establish a finish -- or a deadline for the -- or the finish of the concession and transfer of the asset to the Secretariat of Energy and then to ENARSA.

我們正在與能源秘書處和 ENARSA 合作，因為他們確定了特許權的完成（或最後期限）以及將資產轉讓給能源秘書處，然後再轉讓給 ENARSA。

The due date is in April, but as we have been talking with them, it's not -- or it's not possible to finish all the work that we need to do in order to trespass and discuss all the things that we need to discuss with them in order to trespass the assets in a proper way.

截止日期是四月，但正如我們一直在與他們交談的那樣，它不是——或者不可能完成我們需要做的所有工作，以便侵入並討論我們需要與他們討論的所有事情以便以適當的方式侵占資產。

So they are thinking to extend to make another extension, but it's not already established.

所以他們正在考慮再延期一次，但目前還沒有確定。

But they are thinking on that.

但他們正在考慮這一點。

I don't know how many months, additional months they will give us.

我不知道他們會給我們多少個月，額外的幾個月。

But the time is coming and it's not -- the work is not finished.

但時間即將到來，但工作尚未完成。

So we expect another extension.

所以我們期待再次延期。

It's perhaps, I don't know, a month, additional month.

我不知道，也許是一個月，多出來的一個月。

Okay.

好的。

So the end of the concession seems like a second decision, but the exact moment is not clear.

因此，終止讓步似乎是第二次決定，但具體時間尚不清楚。

Is that right?

是對的嗎？

Yeah, the idea is the government maintained the same idea to pass or to put all the assets of the concessions in ENARSA and then to make a new concession process after they have normalized or at least a little bit more normalized in the sector than with this transformation that they have been talking, these new rules established.

是的，政府堅持同樣的想法，通過或將所有特許權資產放入 ENARSA，然後在該行業正常化或至少比現在更加正常化後製定新的特許權流程他們一直在談論的轉型，這些新規則的建立。

When they established the new rules, they think that they will move forward in new concessions.

當他們制定新規則時，他們認為自己會做出新的讓步。

But in the transition, they will have, or they will keep the concessions assets in ENARSA.

但在轉型過程中，他們將擁有或保留 ENARSA 的特許權資產。

Very clear.

非常清楚。

Thank you.

謝謝。

And then my final question then, what do you think is going to happen with the projects of the TerCONF auction?

然後我的最後一個問題是，您認為 TerCONF 拍賣的項目會發生什麼？

Do you have any color on whether those PPAs are going to get signed?

對於這些購電協議是否會簽署，您有什麼看法嗎？

Yeah.

是的。

I have -- I can give you some color.

我有－我可以給你一些顏色。

It's not already clear.

目前還不清楚。

But if you think about the delays in getting the PPA signed, I think the government is analyzing in detail if they need all this capacity or not or if they don't have or they don't need all the capacity, how they can establish a new process or a new system to promote that capacity be installed.

但如果你考慮到簽署購電協議的延誤，我認為政府正在詳細分析他們是否需要所有這些能力，或者如果他們沒有或不需要所有能力，他們如何建立一個新的流程或一個新的系統來促進這種能力的安裝。

So if you ask me, I think this process, I don't see the government awarding all that capacity.

因此，如果你問我，我認為在這個過程中，我不認為政府會授予所有這些能力。

In fact, they want to own a scheme of private PPAs, try to channelize the PPAs between distribution companies, bid users and generators to promote that.

事實上，他們希望擁有一個私人購電協議計劃，嘗試在配電公司、投標用戶和發電商之間引導購電協議，以促進這項計劃。

So I don't see the whole capacity getting signed or getting moved in the way that the former government established.

因此，我不認為整個能力會按照前政府建立的方式簽署或轉移。

But at the end of the day, in some areas, the capacity is needed.

但歸根究底，在某些領域，容量是需要的。

So perhaps the government -- or the government are evaluating how they can perhaps promote the installation of this capacity in the areas that are needed, but with a different scheme.

因此，也許政府正在評估如何在需要的地區促進這種能力的安裝，但採用不同的方案。

But it's something that I believe is not something that the government would be interested yet.

但我認為政府還不會對此感興趣。

Yeah.

是的。

So it's like probably the TerCONF auction is going to be canceled, and probably a new auction with distribution companies, but that's not something that the government has said.

因此，TerCONF 拍賣可能會被取消，並且可能會與分銷公司進行新的拍賣，但這並不是政府所說的。

It's just a thought.

這只是一個想法。

Okay, very clear.

好的，非常清楚。

Thank you.

謝謝。

(Operator Instructions) Okay.

（操作員指示）好的。

As we have no further questions in queue at this time, I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

由於目前我們沒有進一步的問題，我想將會議轉交費爾南多·博內先生發表閉幕詞。

Thank you to everyone for their interest in Central Puerto.

感謝大家對中央波多黎各的興趣。

We encourage you to call us for any information that you may need.

我們鼓勵您致電我們以獲取您可能需要的任何資訊。

Have a great day.

祝你有美好的一天。

Bye-bye.

再見。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

This does conclude today's call.

今天的電話會議到此結束。

You may disconnect at this time, and have a wonderful day, and we thank you for your participation.

此時您可能會斷開連接，祝您度過愉快的一天，我們感謝您的參與。