Central Puerto SA (CEPU) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen welcome to Central Puerto's second quarter 2024 earnings webcast. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded.

早安，女士們、先生們，歡迎收看 Central Puerto 2024 年第二季財報網路廣播。（操作員說明）今天的演示結束後，將有機會提問。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 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 Central Puerto's website.

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 were converted from Argentine pesos to US dollars for comparison purposes only. The exchange rate used to convert Argentine pesos to US dollars was the reference exchange rate reported by the Central Bank for US dollars for the end of each period.

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。阿根廷比索兌換美元所用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, and you should not consider these translations to be representations that the Argentine peso amounts actually represent these US dollars amounts or could be converted into US dollars at the rate indicated.

以美元提供的資訊僅供讀者方便，您不應將這些翻譯視為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兌換成美元的表示。

Finally, it is worth noting that the financial statements for the second quarter ended on June 30, 2024 include the effects of the inflation adjustments. 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 expectations contemplated by industry remarks.

最後，值得注意的是，截至2024年6月30日的第二季財務報表包含了通膨調整的影響。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。

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.

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。

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 discussion.

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 Alejandro Diaz Lopez, Corporate Invest Corporate Finance and Investor Relations Coordinator.

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 Alejandro Diaz Lopez，Corporate Invest 企業融資和投資者關係協調員。

And now, I will turn the call over to Alejandro Diaz Lopez. Please Alejandro, you may begin.

現在，我將把電話轉給亞歷杭德羅·迪亞斯·洛佩茲。請亞歷杭德羅，你可以開始了。

Thank you very much and good morning to you all. Thank you for joining us today on our earnings presentation where our management team from Buenos Aires, Argentina, is going to comment on our financial results of the second quarter of 2024. I would like to take a moment to review today's agenda.

非常感謝大家，早安。感謝您今天參加我們的收益演示，來自阿根廷布宜諾斯艾利斯的管理團隊將評論我們 2024 年第二季度的財務業績。我想花點時間回顧一下今天的議程。

I will begin the presentation by addressing shortly the main figures of the second quarter of 2024, followed by a quick update of the regulatory framework and relevant news. Then, I will show an overview of the Argentine energy sector, moving afterwards to our operational and financial results. Finally, at the end of the presentation we will be happy to address any questions you may have.

我將首先簡要介紹 2024 年第二季的主要數據，然後快速更新監管框架和相關新聞。然後，我將概述阿根廷能源產業，然後介紹我們的營運和財務表現。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 our financial and operational results, let me briefly review Central Puerto's main figures for the second quarter of 2024. The group's installed capacity is 6,703 megawatts.

在對我們的財務和營運業績進行更詳盡的分析之前，讓我先簡單回顧一下 Central Puerto 2024 年第二季的主要數據。該集團的裝置容量為6,703兆瓦。

And energy generation amounted to 4,985 gigawatt hours during the second quarter of 2024, increasing 5% year-over-year. So with these figures, Central Puerto keeps its leading position as a private power generation company, both in terms of installed capacity and energy generation through a well-diversified portfolio of asset and power generation technologies.

2024年第二季發電量達4,985吉瓦時，年增5%。因此，從這些數字來看，中央波多黎各透過多元化的資產和發電技術組合，在裝置容量和發電量方面保持了作為私營發電公司的領先地位。

Regarding our financial results it should be noted that after the sharp devaluation that happened on December of 2023, the exchange rate kept almost flat during the first six months of 2024. While inflation, though decreasing since December of 2023, was significantly higher this dynamic generated inflation in dollars in Argentina.

關於我們的財務業績，值得注意的是，在 2023 年 12 月發生大幅貶值之後，匯率在 2024 年前六個月幾乎保持不變。雖然通貨膨脹率雖然自 2023 年 12 月以來有所下降，但明顯較高，這種動態導致了阿根廷的美元通貨膨脹。

Due to Central Puerto's accounting methodology, all items in pesos must be adjusted for inflation to the end of the quarter, local currency, while the company reports its results in dollars by converting them at the end of the period official exchange rate I mean, the so-called Central Bank at 3,500 exchange rates. This causes a non-cash impact that affects positively or negatively as appropriate our financial metrics.

由於中央波多黎各的會計方法，所有以比索計的項目都必須根據季度末的通貨膨脹進行調整（當地貨幣），而公司則通過在期末將其轉換為官方匯率（我的意思是，所謂的中央銀行匯率為3,500。這會產生非現金影響，對我們的財務指標產生正面或負面的影響。

Revenues for the second quarter of 2024 amounted to $168 million increasing 15% year-over-year compared to the second quarter of 2023 while adjusted EBITDA reached $46 million, shrinking 27% versus the second quarter of 2023.

2024 年第二季的營收為 1.68 億美元，較 2023 年第二季年增 15%，而調整後的 EBITDA 為 4,600 萬美元，較 2023 年第二季下降 27%。

Net income for the period was positive in $8 million, decreasing 49% year-over-year. Finally, after debt consolidation as a result of recent M&A operation, loan repayments and dividend payments, net debt as of June 30, 2024 amounted to $229 million, a reduction of $58 million vis-à-vis December of 2023 showcasing a net debt adjusted EBITDA ratio of 0.9 times.

該期間淨利潤為正數 800 萬美元，年減 49%。最後，由於最近的併購操作、貸款償還和股息支付而進行了債務合併，截至2024 年6 月30 日的淨債務達到2.29 億美元，比2023 年12 月減少了5800 萬美元，顯示了調整後的淨債務EBITDA比率為0.9倍。

Now let's move to the most recent regulatory updates and relevant facts. We have anticipated in our last call, the Resolution 58 issued by The Secretary of Energy on May 6, concerning unpaid receivables with CAMMESA.

現在讓我們來看看最新的監管更新和相關事實。我們在上次電話會議中預計能源部長於 5 月 6 日發布了關於 CAMMESA 未付應收帳款的第 58 號決議。

Regarding this resolution, Central Puerto finally accepts it on May 16, the payment mechanism by means of which trade receivables accrued in December of 2023 and January of 2024 were paid with Argentine Republic USD bonds at face value, while trade receivables accrued in February of 2024 were paid with funds available in CAMMESA’s bank account and transfer made by the national government to the Stabilization Fund.

關於這項決議，中央波多黎各最終於5月16日接受了支付機制，即2023年12月和2024年1月應計的貿易應收帳款以阿根廷共和國美元債券按面值支付，而2024年2月應計的貿易應收帳款則以阿根廷共和國美元債券以面額支付。

This resolution carried out a consolidated loss of approximately ARS20,459 million, or approximately $22.5 million. However, it should be noted that this resolution didn’t affect the ordinary course of business of the company, its payment capacity, nor its available financing options.

該決議導致綜合虧損約 204.59 億阿根廷比索（約 2,250 萬美元）。但值得注意的是，該決議並未影響公司的正常業務流程、支付能力以及可用的融資選擇。

Regarding the situation of Piedra del Aguila hydro operation, on May 17, The Secretary of Energy issued Resolution 78 by means of which it extended the transition period upto December 28, 2024, as it is allowed in the concession contract.

關於Piedra del Aguila水力發電營運的情況，5月17日，能源部長發布了第78號決議，根據特許權合約的允許，將過渡期延長至2024年12月28日。

On June 14, The Secretary of Energy issued Resolution 99 which updated remuneration prices for energy and power sold in the spot market. Remuneration values increased 25% since June 1, 2024. So this price adjustment affects positively our revenues during the period under analysis but just for one month. Then, the Third Mile Generation Tender Process called [TER-Conf] was finally cancelled as it was determined by Resolution 151 issued by The Secretary of Energy on July 8.

6月14日，能源部長發布了第99號決議，更新了現貨市場能源和電力銷售的報酬價格。自 2024 年 6 月 1 日起，薪資價值增加了 25%。因此，這次價格調整對我們分析期間的收入產生了正面影響，但只影響了一個月。隨後，根據能源部長 7 月 8 日發布的第 151 號決議的決定，名為 [TER-Conf] 的第三英里發電招標程序最終被取消。

Finally, there was another price adjustment determined recently by The Secretary of Energy, although it has no impact on second quarter figures, it should be noted that a 3% increase on power and energy prices was granted since August 1 by means of Resolution 193.

最後，能源部長最近決定再次調整價格，雖然對第二季的數據沒有影響，但值得注意的是，自8月1日起，第193號決議批准了電力和能源價格上漲3%。

Continuing with news and relevant facts, we have also anticipated in our last call, the investment made in the mining industry. Let me recall that on April 22, our subsidiary, Proener, entered into a common-share subscription agreement with AbraSilver Resource Corporation by means of which it was granted with the 4% interest in the share capital of the aforementioned company, which is the owner of the silver-gold project Diablillos, located in the northeast region of Argentina.

延續新聞和相關事實，我們在上次電話會議中也預期了對採礦業的投資。我記得4月22日，我們的子公司Proener與AbraSilver Resource Corporation簽訂了普通股認購協議，獲得上述公司股本4%的權益，該公司是該公司的所有者Diablillos 銀金項目位於阿根廷東北部地區。

With regards to the investment project currently in execution, let me tell you that in the case of San Carlos Solar Farm, construction agreements with Shanghai Electric Power Construction company were signed off March 27, and works began on July 31, being April of 2025 the COD.

關於目前正在執行的投資項目，我向大家介紹一下，聖卡洛斯太陽能發電場，3月27日與上海電建公司簽署建設協議，7月31日開工，即2025年4月。

As of today, all permits are in place, local vendors have already initiated their purchasing process, and the site is being prepared for construction and assembly. Also, equipment is being delivered to Argentina.

截至今天，所有許可證均已到位，當地供應商已啟動採購流程，現場正在準備施工和組裝。此外，設備正在運往阿根廷。

In the case of Brigadier López combined cycle, as you may recall, Central Puerto is going to convert an open cycle thermal power plant with the gas turbine into a combined cycle of thermal power plant with addition of a steam turbine.

就Brigadier López 聯合循環項目而言，您可能還記得，Central Puerto 計劃將帶有燃氣渦輪機的開式循環火力發電廠改造為帶有蒸汽渦輪機的聯合循環火力發電廠。

The EPC supplier, Sacdeh , received the notice to proceed on February 26, 2024 and the COD is scheduled for October 2025. As of today, works on the site have already started with the assembly of pipes and wires, communication system and water intake system. It is important to notice that both projects are on-schedule and on-budget.

EPC供應商Sacdeh於2024年2月26日收到了繼續進行的通知，COD計劃於2025年10月進行。截至目前，現場工作已經開始，包括管道和電線、通訊系統和取水系統的組裝。值得注意的是，這兩個項目均按計劃且符合預算。

Now let's skip to the Argentine energy market picture of this quarter that will be shown on slides 7 and 8. By the end of the second quarter of 2024 the country's installed capacity reached 43,603 megawatts which means an increase of 0.5% or 198 megawatts compared to the 43,405 megawatts recorded as of June 30, 2023.

現在讓我們跳到幻燈片 7 和 8 中顯示的本季阿根廷能源市場狀況。截至 2024 年第二季末，該國裝置容量達到 43,603 兆瓦，這意味著與截至 2023 年 6 月 30 日記錄的 43,405 兆瓦相比增加了 0.5%，即 198 兆瓦。

The variation is a combination of the installation of new power facilities, and in addition of capacity adjustment and repowering of power plants that were already in operation. The positive variation of 198 megawatts is decomposed as followed we have an increase of 533 megawatts of renewable sources of which 368 megawatt corresponds to wind farms, 50 megawatts of new power plants installed during the second quarter of 2024, 155 megawatts to solar plants of which 12 megawatts corresponds to new power plants installed during the second quarter of 2024.

這項變更包括安裝新的電力設施，以及容量調整和對已運行的發電廠進行重新供電。198兆瓦的正變化分解如下：我們增加了533兆瓦的可再生能源，其中368兆瓦對應於風電場，2024年第二季度安裝的新發電廠50兆瓦，155兆瓦對應於太陽能發電廠12兆瓦相當於2024年第二季安裝的新發電廠。

And 9 megawatts to biogas power plants. Then we have a decrease of 335 megawatts in thermal sources which includes a positive variation of 527 megawatts of combined cycles and a negative variation of 862 megawatts of gas and steam turbines and diesel engines.

以及 9 兆瓦的沼氣發電廠。然後，我們的熱源減少了 335 兆瓦，其中包括聯合循環的 527 兆瓦的正變化和燃氣渦輪機、蒸汽渦輪機和柴油發動機的 862 兆瓦的負變化。

Generation rose 6% during the quarter on a year-over-year basis, the growth was basically driven by nuclear and hydro generation. Renewable generation also rose but on a much smaller scale. Nuclear generation was significantly higher as a result of the reincorporation of Atucha II power plant which was in maintenance shutdown during the first half of 2023. This power plant resumed operation in August of 2023.

本季發電量年增 6%，成長主要由核電和水力發電推動。再生能源發電量也有所增加，但規模小得多。由於阿圖查二號發電廠的重新納入，核能發電量顯著增加，該發電廠在 2023 年上半年處於維護關閉狀態。該發電廠於 2023 年 8 月恢復營運。

Hydro generation rate of flow was remarkable, especially May with 60% of upfront year-over-year due to the outstanding increment in the flow of river, we have Uruay river with a growth of 500% Delimai river with 82% of road, and the Cushan Kuda river with the 45% rate of growth.

水力發電流量顯著，特別是5月份，由於河流流量增量突出，前期年增60%，烏拉伊河增長500%，德利邁河增長82%，道路增長50%。 45%的速度成長。

The higher supply of nuclear, hydro and renewables, lower thermal dispatch, and as a consequence, a lower fuel consumption was registered. 12% decrease was registered in equivalent natural gas million cubic meters.

核能、水力和再生能源的供應增加，熱力調度減少，因此燃料消耗減少。折算天然氣百萬立方米下降12%。

Focusing now on the demand. As you can see, electricity demand increased 2% to 33.4 terawatt hour compared to 32.9 terawatt hour regarded during the second quarter of 2023 which is basically explained by a rise in residential consumption due to weather conditions.

現在關注需求。正如您所看到的，電力需求增長了2%，達到33.4 太瓦時，而2023 年第二季度的電力需求為32.9 太瓦時，這基本上是由於天氣條件導致的住宅用電量增加所致。

On average, the temperature was 0.9 grades lower during the second quarter of 2024 when compared to the same period of last year. May was the coldest month during the second quarter of 2024 with temperatures 3.7 grade lower than the same month of 2023.

2024年第二季平均氣溫較去年同期下降0.9級。5 月是 2024 年第二季最冷的月份，氣溫比 2023 年同月低 3.7 度。

Not surprisingly, residential consumption skyrocket along this single month increasing 29%. Although the electricity trade balance during the second quarter of 2024 resulted in a net import situation, export were higher and imports lower during this quarter vis-a-vis the second quarter of 2023, thus reducing the net import balance.

毫不奇怪，住宅消費單月激增 29%。儘管2024年第二季的電力貿易平衡導致了淨進口情況，但與2023年第二季相比，本季出口較高，進口較低，從而減少了淨進口平衡。

We now go to slide 9 to our key operating indicators for the quarter. We can see that energy generated by Central Puerto rose 5%-to-4,985-gigawatt hour compared to 4,762-gigawatt hour during the second quarter of 2023. In the second quarter of 2024, hydro energy generation from Piedra del Aguila increased 94% as compared with the second quarter of 2023 reaching 978-gigawatt hour as a direct result of higher levels of water available for generation which was a direct consequence of higher flow of river, as we have recently explained.

我們現在轉到投影片 9，查看本季的關鍵營運指標。我們可以看到，中部波多黎各的發電量增加了 5%，達到 4,985 吉瓦時，而 2023 年第二季為 4,762 吉瓦時。2024 年第二季度，Piedra del Aguila 的水力發電量較2023 年第二季度增長了94%，達到978 吉瓦時，這是由於可用於發電的水位增加的直接結果，而水量增加的直接結果是流量增加的直接結果正如我們最近所解釋的那樣。

With regards to renewables, energy generation increased 5% in the second quarter of 2024 compared to the second quarter of 2023, being basically explained by the 48-gigawatt hour generated by Guanizuil solar farm, acquired in October of 2023. Speaking specifically of wind generation, it decreased almost 8%- or 30-gigawatt hour, reaching 354-gigawatt hour during the second quarter of 2024.

在再生能源方面，與2023 年第二季相比，2024 年第二季的發電量增加了5%，這主要是由於2023 年10 月收購的瓜尼蘇伊爾太陽能發電場發電量為48吉瓦時。具體來說，風力發電量下降了近 8%，即 30 吉瓦時，2024 年第二季達到 354 吉瓦時。

This is primarily due to the storm that hit Bahia Blanca in December of 2023 which impacted La Castellana II. Generation from La Castellana I was also lower due to maintenance works, carry on some blades.

這主要是由於 2023 年 12 月襲擊布蘭卡港的風暴影響了卡斯特拉納 II。由於維護工作，來自 La Castellana I 的一代也較低，攜帶一些刀片。

Regarding thermal generation, it decreased 7% in the second quarter of 2024 compared to the second quarter of 2023, basically as a result of lower dispatch of some units which was a direct consequence of higher hydro and nuclear aggregate supply in the system, as we explained earlier. Regardless the lower dispatch, it should be highlighted the good availability figures for the quarter, both against the market average and against Central Puerto’s own metrics for the second quarter of 2023.

就火力發電而言，與 2023 年第二季相比，2024 年第二季下降了 7%，主要是由於系統中水力發電和核電總供應量增加的直接後果，一些機組的調度減少所致。解釋過。無論調度量下降多少，都應該強調本季良好的可用性數據，無論是相對於市場平均或相對於 Central Puerto 自己的 2023 年第二季指標。

Despite the lower thermal dispatch during this quarter, I mean the second quarter of 2024 for the whole system and Central Puerto it should be noted the higher generation of Buenos Aires combined cycle, as a consequence of the maintenance program carried out last year.

儘管本季的熱調度較低，但我指的是 2024 年第二季整個系統和波多黎各中部，由於去年實施的維護計劃，布宜諾斯艾利斯聯合循環的發電量更高。

Now, let's move to our revenues breakdown. As you can see on slide 10, this amounted to $168 million in the quarter as compared to $147 million in the same period of 2023. It should be noted that the gap between inflation and devaluation in the period has positively affected the second quarter of 2024 figures at a non-cash level due to the company's accounting methodology and the conversion into dollars using the end of the period official exchange rate thus making the comparison with the second quarter of 2023 more complex to analyze.

現在，讓我們來看看我們的收入細目。正如您在投影片 10 中看到的那樣，本季這一數字為 1.68 億美元，而 2023 年同期為 1.47 億美元。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 2024 年第二季度的非現金數據產生了積極影響。相比，分析起來更加複雜。

Hence, having in mind this effect, the variation in revenues is a consequence mainly off a 14% or $10 million increase in spot sales driven by a higher dispatch of Piedra del Aguila hydro power plant, higher availability of some thermal units, especially in Central Castellana, and also higher generation from Buenos Aires combined cycle.

因此，考慮到這種影響，收入變化主要是由於 Piedra del Aguila 水力發電廠調度量增加、一些火力機組可用性提高（特別是在中部地區）導致現貨銷售增加 14% 或 1000 萬美元。納，以及來自布宜諾斯艾利斯聯合循環的更高一代。

An 8% or $5 million increase in sales under contract, mainly explained by the recent acquisition of the solar farm Guanizuil and higher sales of cogeneration units basically, we are speaking of La Castellana facility. Sales of our wind farms were lower due to lower wind generation, as we mentioned before, La Castellana II was hit by a twister in December of 2023 and there was maintenance work carry on some blades in La Castellana I. Finally, there was a 42% or $3 million increase in steam sales driven by basically higher production levels in facility, which is basically a consequence of higher availability of units and a higher demand from YPF.

合約銷售額增加了 8% 或 500 萬美元，主要是由於最近收購了 Guanizuil 太陽能發電廠和熱電聯產機組銷售額的增加，基本上，我們指的是 La Castellana 設施。由於風力發電量下降，我們風電場的銷售額較低，正如我們之前提到的，拉卡斯特拉納II 於2023 年12 月遭受龍捲風襲擊，拉卡斯特拉納I 的一些葉片正在進行維修工作。

On slide 11, we can see the dynamic of our adjusted EBITDA. During the second quarter of 2024 the group's adjusted EBITDA amounted to $46 million, shrinking 27% or $17 million when compared to the $63 million in the same quarter of 2023. When analyzing the adjusted EBITDA, we can observe that the variation is mainly explained by the previously stated higher aggregate sales driven by spot sales and sales from the contract, and a positive non-cash effect on the gap between currency devaluation and inflation.

在投影片 11 上，我們可以看到調整後 EBITDA 的動態。2024 年第二季度，該集團調整後 EBITDA 為 4,600 萬美元，與 2023 年同一季度的 6,300 萬美元相比，下降了 27%，即 1,700 萬美元。在分析調整後的EBITDA 時，我們可以發現，這種變化主要是由於先前提到的現貨銷售和合約銷售推動的總銷售額增加，以及貨幣貶值和通貨膨脹之間的差距產生的積極的非現金效應。

Then we have a 4% or $2 million decrease in cost of sales, explained basically by a reduction of some production cost, compensations to employees, consumption of materials and spare parts, and forestry and forest production services expenses, being or partially upset by a negative non-cash effect on the gap between currency devaluation and inflation.

然後，我們的銷售成本下降了 4% 或 200 萬美元，這主要是由於某些生產成本、員工薪酬、材料和備件消耗以及林業和森林生產服務費用的減少，受到或部分受到對貨幣貶值與通貨膨脹之間的差距產生負面的非現金影響。

SG&A decreased 9% or $2 million, mainly by lower fees and compensation for services and lower taxes again, being partially offset by a negative non-cash effect on the gap between currency devaluation and inflation.

SG&A 下降 9%，即 200 萬美元，主要是由於服務費用和補償的降低以及稅收的再次降低，但貨幣貶值與通貨膨脹之間的差距的非現金負面影響部分抵消了這一影響。

Finally, other operating results net in the second quarter of 2024 were lower than the second quarter of 2022 figures by 365% or $42 million, basically as a consequence of the impact of the Resolution 58. There were also lower interest from client and lower positive FX difference, and a negative non-cash effect on the gap between currency devaluation and inflation.

最後，2024 年第二季的其他淨營運表現比 2022 年第二季的數字低 365%，即 4,200 萬美元，這主要是由於第 58 號決議的影響。客戶的利息也較低，外匯正差也較低，貨幣貶值與通貨膨脹之間的差距也產生了負面的非現金影響。

Moving to the next slide the consolidated net income. During the second quarter of 2024, Central Puerto's net income amounted to $8 million, decreasing 54% or $9 million on a year-over-year basis. The net income was positively affected by non-cash effects, including results generated by the change in purchasing power of the currency, variation in biological assets and lower DNA .

轉到下一張投影片，綜合淨利。2024年第二季度，Central Puerto的淨利為800萬美元，年減54%，即900萬美元。淨利潤受到非現金效應的正面影響，包括貨幣購買力變化、生物資產變化和DNA降低產生的結果。

These items were practically upset by lower funny effects, difference and interest. Then we have net financial results which decreased $1 million year-over-year, basically by lower interest earned and lower variation in the full value of financial assets. These items were partially offset by lower foreign exchange difference on financial liabilities, lower bank commissions, and higher share of the profit of associates.

這些項目實際上因較低的搞笑效果、差異性和興趣而令人沮喪。然後，我們的淨財務業績年減了 100 萬美元，主要是由於所賺取的利息減少和金融資產總價值的變化減少。這些項目被金融負債外匯差額減少、銀行佣金減少以及聯營公司利潤份額增加部分抵銷。

Finally, on slide 13, we have the cash flow dynamic during the six months of 2024. Net cash provided by operating activities was $67 million during the six months of 2024. This amount is mainly explained by higher income before income tax for the period and higher interest and from clients being or partially offset by tax payments.

最後，在投影片 13 中，我們看到了 2024 年六個月的現金流動態。2024 年 6 個月期間，經營活動提供的淨現金為 6,700 萬美元。這筆金額主要是由於當期所得稅前收入增加以及客戶利息增加而被或部分被納稅所抵銷。

Then, the net cash used by investing activities was $13 million during the first six months of 2024. This amount is basically explained by the CapEx allocated to San Carlos and Brigadier López projects being partially offset by the sale of sound financial assets.

那麼，2024 年前六個月投資活動使用的淨現金為 1,300 萬美元。這筆金額基本上是由於分配給聖卡洛斯和準將洛佩斯計畫的資本支出被出售健全的金融資產部分抵銷的。

Finally, financing cash flow was negative in $66 million during the first six months of 2024 this is basically the result of long-term loan repayments and interest payments, dividend payment being or partially offset by lower bank and investment account overdraft and long-term loan disbursement. Consequently, our cash position as of June 30, 2024 amounted to $5 million. If financial assets are included, our total current liquidity amounts to $158 million.

最後，2024 年前六個月的融資現金流為負數 6,600 萬美元，基本上是長期貸款償還和利息支付的結果，股息支付被或部分被較低的銀行和投資帳戶透支和長期貸款抵消支出。因此，截至 2024 年 6 月 30 日，我們的現金部位達到 500 萬美元。如果包括金融資產，我們目前的流動資金總額為 1.58 億美元。

With this, I conclude the presentation. And now we invite you to ask any question to our team. Thank you very much 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。非常感謝您的關注。

We will now begin the question-and-answer session. (Operator Instructions) And the first question today is coming from Martin Arancet from Balanz Capital. Martin, your line is live.

我們現在開始問答環節。（操作員說明）今天的第一個問題來自巴蘭茲資本的Martin Arancet。馬丁，您的線路已上線。

First, thank you for the presentation. And I have three questions, and I would like to run them one by one, if that's okay. The first one probably is recent, so I don't know if you might have an answer. But last Friday, the government issued a resolution to auction again some hydro plants, including Piedra del Aguila, but to prioritize them.

首先，感謝您的介紹。我有三個問題，如果可以的話，我想一一解答。第一個可能是最近的，所以我不知道你是否有答案。但上週五，政府發布了一項決議，將再次拍賣包括彼德拉德爾阿吉拉在內的一些水力發電廠，但優先拍賣它們。

And so apparently, you will have the control of the asset until the end of 2024 after which there should be a transition period to the new owner. I was wondering what do you think about this privatization process if you are interested in participating, probably for Piedra del Aguila or maybe another hydro plant? And also, if you consider that being the current operator of Piedra del Aguila, it gives you an advantage if you choose to participate?

顯然，您將在 2024 年底之前擁有該資產的控制權，之後應該有一個向新所有者的過渡期。我想知道，如果您有興趣參與，可能是 Piedra del Aguila 或另一個水力發電廠，您對這個私有化進程有何看法？另外，如果您認為作為 Piedra del Aguila 的現任經營商，選擇參與會為您帶來優勢？

Thank you, Martin, for your question. In fact, as you mentioned, the government made an extension or used all the timing that is establishing the contract transition period and the additional year award was until the December 24, 2024. And today, the government issued a new decree establishing an additional extension going from December 2024 for Piedra del Aguila to December 2025 so we will be the operators for Piedra del Aguila until December 2025.

謝謝馬丁的提問。事實上，正如你所提到的，政府延長了或使用了確定合約過渡期的所有時間，並且額外的一年獎勵一直到2024年12月24日。今天，政府發布了一項新法令，將 Piedra del Aguila 的營運期限從 2024 年 12 月延長至 2025 年 12 月，因此我們將成為 Piedra del Aguila 的營運商直至 2025 年 12 月。

There are some in the decree that established some reduction in that period they performed the bidding process as mentioned a new bidding process for a new 30 years concession. Before that December 2025, they could reduce 90 days that period but if they cannot mainly perform the process, we will be operating the hydro until December 2025.

法令中有些人規定了在執行招標過程期間有所減少，例如提到新的 30 年特許權的新招標程序。在 2025 年 12 月之前，他們可以將該期限縮短 90 天，但如果他們不能主要執行該過程，我們將運營水電直到 2025 年 12 月。

Of course, as you mentioned, we are interested in continuing participating that bidding process, a new bidding process for another 30 years period for Piedra del Aguila. The decree doesn't establish the process itself they only call to The Secretary of Energy to start the process and to call the or to start the process in 180 days by the it doesn't establish how we do the process how we do the remuneration or the prices for these new concession periods will be a market pricing, so it will be a PPA. The revenue will be hydro, so we don't know yet the details, and we need to wait until we see the details how it will be the new concession period.

當然，正如您所提到的，我們有興趣繼續參與該投標過程，這是 Piedra del Aguila 的另一個為期 30 年的新投標過程。該法令本身並未規定流程，他們只是要求能源部長啟動該流程，並在 180 天內致電或啟動該流程，但沒有規定我們如何進行該流程以及我們如何支付報酬或這些新的優惠期的價格將是市場定價，因此它將是購電協議。收入將是水力的，所以我們還不知道細節，我們需要等到我們看到新的特許經營期的細節。

As you know, the actual concession period was like challenging because they established market prices at the beginning, and then after seven years of market prices, we will see a completely controlled prices going down and the concession was not the one that we imagined at the beginning.

大家知道，實際的特許期是充滿挑戰的，因為他們一開始就制定了市場價格，然後經過七年的市場價格，我們會看到完全受控的價格下降，而特許權並不是我們想像的那樣。

So for the new period and how will be our participation in this new process, we need to see the details about the remuneration and all the details about this new option. But as to your question, we are very interested in participating if the conditions are the correct ones.

因此，對於新時期以及我們將如何參與這個新流程，我們需要查看有關薪酬的詳細資訊以及有關此新選項的所有詳細資訊。但關於你的問題，如果條件適當的話，我們很有興趣參與。

And as we mentioned, of course, we know the asset in detail. So we think that we will be we have an advantage there because we know the details, we have the people to operate that. So, of course, as we are there, we have some advantages.

正如我們所提到的，我們當然詳細了解該資產。因此，我們認為我們將在那裡擁有優勢，因為我們了解細節，我們有人員來操作它。所以，當然，我們在那裡有一些優勢。

Thank you. Very clear. My second question then is, well, we learned that you will be interested in moving forward with a transmission project to take energy to the mining companies in the north of the country. I was wondering if you could tell us a little bit more of this project. And also, we heard something similar with YPF loose . I don't know if they are two separate projects, or if you are considering probably moving forward together as they mentioned that they were trying to add other important participants in that project?

謝謝。非常清楚。我的第二個問題是，我們了解到您有興趣推進一個輸電項目，將能源輸送到該國北部的採礦公司。我想知道您能否告訴我們更多關於這個項目的資訊。而且，我們也聽到了與 YPF 鬆散類似的消息。我不知道它們是否是兩個獨立的項目，或者您是否正在考慮一起推進，因為他們提到他們正在嘗試在該項目中添加其他重要參與者？

Yes. We are as you know, we are looking for a new development in terms of renewal, we are one of the bigger players there. And we see that the demand already or the demand that we have right now is not enough to develop new projects we are reaching a limit there because in two sense, the limiting terms of transmission lines, but limits in terms of demand the good contracts are already set, the good players and takers have already covered.

是的。如您所知，我們正在尋求更新方面的新發展，我們是那裡較大的參與者之一。我們看到，已經的需求或我們現在的需求不足以開發新項目，我們在那裡達到了極限，因為從兩個意義上來說，輸電線路的限制條款，但良好合約的需求限制是已經定了，好的玩家和接受者已經覆蓋了。

So we think that the expansion need to come through try to put or to take these new developments renewable developments to the new demand the new demand is right now the mining companies, and the lithium mining companies in the North.

因此，我們認為，擴張需要透過嘗試將這些新的發展、可再生發展發展到新的需求來實現，新的需求現在是北方的礦業公司和鋰礦業公司。

The problem is they don't have alliance there because they are at 4,000 meters above the sea in the mountain so we need to take the renewables or the energy produced by the renewables there, and the only way to do it is try to develop a new transmission lines in the North.

問題是他們在那裡沒有聯盟，因為他們在海拔4000米的山上，所以我們需要在那裡獲取可再生能源或可再生能源產生的能源，而唯一的方法就是嘗試開發一種北部的新輸電線路。

And we are trying to get up to collect all the demands in order to know it is strong enough to develop a project there which is a transmission line crossing Salta and some part of Catamarca , specifically Salta province, but entering in a portion of Catamarca also.

我們正在努力收集所有需求，以便知道它是否足夠強大，可以在那裡開發一個項目，該項目是一條穿越薩爾塔和卡塔馬卡部分地區（特別是薩爾塔省）的輸電線路，但也進入卡塔馬卡部分地區。

We know that YPF is was at the beginning of the year talking about some process that could be senior or could be part of the project that we are thinking, but we don't have the opportunity to talk with YPF yet in order to analyze the possible working together project or working together scheme but we are open to do it, and perhaps it will happen if they have the similar idea that we have, it will happen.

我們知道 YPF 在今年年初討論了一些流程，這些流程可能是高級的，也可能是我們正在考慮的專案的一部分，但我們還沒有機會與 YPF 交談來分析可能會合作專案或合作計劃，但我們願意這樣做，如果他們有與我們類似的想法，也許它會發生，它就會發生。

But we are in early stage yet because we are trying to collect the demand with and our understanding is strong enough to move forward with the project that requires a lot of engineering analysis because it's a challenging project. So, we are collecting information and talking with the tough takers and talking with the province and try to develop the project.

但我們還處於早期階段，因為我們正在努力收集需求，我們的理解足以推進需要大量工程分析的項目，因為這是一個具有挑戰性的項目。因此，我們正在收集信息，與強硬者進行交談，並與省政府進行交談，並嘗試開發該項目。

Okay. Just a follow-up on that one. How would you recover the investment? Could you charge for the transmission line or would you have to recover that through the energy contract?

好的。只是那個的後續。您將如何收回投資？您可以對輸電線路收費嗎？

Well, the regulation is not already set. We construct the transmission line, we will need to have a new regulation scheme because right now there is not a clear regulation path to do it. But if we can build the transmission line, and we have the exclusivity to operate that transmission line, we will, of course, want to produce and to deliver our also our renewable energy so we will see that this will implies a charge for the transmission line, and also charge for the renewable energy also.

嗯，規則還沒制定。我們建造輸電線路，我們需要有一個新的監管方案，因為目前還沒有明確的監管路徑來做到這一點。但是，如果我們可以建造輸電線路，並且我們擁有運營該輸電線路的獨家權，我們當然會希望生產和提供我們的可再生能源，所以我們會看到這將意味著輸電費用線，並且還對可再生能源收費。

So, we see a combination of businesses there not only the transmission line by itself, and in case, the renewables going separate, we will see as a together business transmission line and the renewable procurement will be together for us.

因此，我們不僅看到了輸電線路本身的業務組合，而且如果可再生能源分開，我們將看到一個共同的業務輸電線路，並且可再生能源採購將為我們服務。

Okay, thanks. My final question then, it's what are you expecting in terms of CapEx for the remainder of 2024 and 2025? And if you are considering tapping the debt market anytime soon?

好的，謝謝。我的最後一個問題是，您對 2024 年剩餘時間和 2025 年的資本支出有何預期？您是否考慮很快進入債務市場？

Okay, thank you very much. That's all on my side.

好的，非常感謝。這都是我這邊的事。

(Operator Instructions) And there were no other questions. And that concludes our question-and-answer session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

（操作員說明）沒有其他問題。我們的問答環節到此結束。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 your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day.

感謝大家對中央港的興趣。我們鼓勵您致電我們以獲取您可能需要的任何資訊。祝你有美好的一天。

Thank you. This does conclude today's conference. You may disconnect at this time. Have a wonderful day. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開連線。祝你有美好的一天。感謝您的參與。