Central Puerto SA (CEPU) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Central Puerto's fourth quarter of 2024 and fiscal year 2024 earnings conference call.

女士們、先生們，早安。歡迎參加 Central Puerto 2024 年第四季和 2024 財年財報電話會議。

A slide presentation accompanies today's webcast. It's also available on the Investors section of the company's website, www.centralpuerto.com/en/investors.

今天的網路直播附有投影片簡報。您也可以在公司網站的投資者部分找到這些信息，網址：www.centralpuerto.com/en/investors。

(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.

（操作員指示）請注意，此事件正在被記錄。如果您沒有新聞稿的副本，請參閱本公司網站 www.centralpuerto.com 上的投資者關係支援部分。此外，您可以透過造訪中央港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，所有財務數據均按照 IFRS 編制，並且僅為了比較目的而從阿根廷比索轉換為美元。阿根廷比索兌換美元的匯率是中央銀行在每個期間末報告的美元參考匯率。

The information presented in US dollars is for the convenience of the reader only. You should not consider these translations to be representations that the Argentine peso amounts actually represents these US dollars amount or could be converted into US dollars at the rate indicated.

以美元呈現的資訊僅為方便讀者。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照指示的匯率兌換成美元的表示。

Finally, it is worth noting that the financial statements for the fourth quarter ended on December 31, 2024, include the effects of the inflation adjustment.

最後，值得注意的是，截至2024年12月31日的第四季財務報表包含了通貨膨脹調整的影響。

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 expectations contemplated by industry remarks.

此外，請注意，本公司在本次電話會議中做出的某些聲明以及對您的問題的回答可能包括前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與行業評論所預期的結果存在重大差異。

Thus, we refer you to the Forward-Looking Statement 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 the applicable securities laws.

因此，我們請您參閱我們的收益報告和最近向美國證券交易委員會提交的文件中前瞻性聲明的部分。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. Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion.

為了更好地關注討論，請下載公司網站上的網路廣播簡報。請注意，為了簡化討論，通話中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 Financial Officer, Enrique Terraneo; and Alejandro Díaz López, Head of Corporate Finance and Investor Relations Officer.

今天，來自 Central Puerto 的來電者是 Fernando Bonnet；財務長 Enrique Terraneo；以及企業財務主管兼投資者關係長 Alejandro DÃaz López。

Now, I will turn the call over to Alejandro Díaz López. Please, Alejandro, you may begin.

現在，我將把電話轉給亞歷杭德羅·達茲·洛佩斯。亞歷杭德羅，你可以開始了。

Thank you very much. Good morning, everybody. Thank you for joining us, today, on a new session of earnings presentation, where we are going to discuss our financial results for the fourth quarter of 2024 and the fiscal year of 2024.

非常感謝。大家早安。感謝您今天參加我們新一輪的收益報告會，我們將討論 2024 年第四季和 2024 財年的財務表現。

As usual, I will begin the presentation by addressing, shortly, the main figures of the quarter and the whole fiscal year, followed by a quick update of the regulatory framework and relevant news. Then, I will show an overview of the Argentine electricity industry; 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.

像往常一樣，我將首先簡要介紹本季和整個財年的主要數據，然後快速更新監管框架和相關新聞。然後，我將展示阿根廷電力產業的概況；接下來是我們的營運和財務結果。最後，在演示結束時，我們將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 fourth quarter of 2024 and the whole fiscal year.

在對我們的財務和營運結果進行更詳盡的分析之前，讓我先簡單回顧一下 Central Puerto 2024 年第四季和整個財年的主要數據。

The group's installed capacity remains at 6,703 megawatts. Energy generation amounted to 5.4-terawatt hour, during the fourth quarter of 2024, increasing 5% year over year. Annual generation rose 4% to 21.6-terawatt hour.

該集團的裝置容量仍為6,703兆瓦。2024 年第四季，發電量達到 5.4 太瓦時，年增 5%。年發電量成長 4%，達到 21.6 太瓦時。

Regarding our financial results, it should be noted that due to Central Puerto's accounting methodology, all items in pesos must be inflation-adjusted 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's official exchange rate: the so-called Central Bank (inaudible) $3,500 exchange rate. This causes a non-cash impact that affects positively or negatively, as appropriate, our financial metrics.

關於我們的財務結果，需要注意的是，由於 Central Puerto 的會計方法，所有以比索為單位的項目都必須根據通貨膨脹調整為季度末的當地貨幣，而公司以美元報告其結果時，會按照期末的官方匯率進行兌換：即所謂的中央銀行（聽不清楚）3,500 美元的匯率。這會造成非現金影響，對我們的財務指標產生正面或負面的影響。

Also, the sharp devaluation of December of 2023 created a distorted base for comparison.

此外，2023 年 12 月的大幅貶值也造成了比較基礎的扭曲。

Revenues for the fourth quarter of 2024 amounted to $168 million, increasing 71% year over year compared to the fourth quarter of 2023, while annual figure reached to $671 million, rising 25%.

2024 年第四季營收達 1.68 億美元，與 2023 年第四季相比年增 71%，全年營收達 6.71 億美元，成長 25%。

Adjusted EBITDA rose 44% year over year for the fourth quarter of 2024 to $65 million, whereas annual metric increased 4% to $288 million.

2024 年第四季調整後 EBITDA 較去年同期成長 44% 至 6,500 萬美元，而年度指標成長 4% 至 2.88 億美元。

Net income for the fourth quarter of 2024 was negative in $28 million and the result for the fiscal year of 2024 was positive in $52 million.

2024 年第四季淨收入為負 2,800 萬美元，2024 財年淨收入為正 5,200 萬美元。

Finally, net debt, as of December 31, 2024, amounted to $132 million, a reduction of $154 million vis-à-vis December of 2023, showcasing a net debt-to-adjusted EBITDA ratio of about 0.5 times.

最後，截至 2024 年 12 月 31 日，淨負債為 1.32 億美元，比 2023 年 12 月減少 1.54 億美元，淨負債與調整後 EBITDA 比率約為 0.5 倍。

Now, let's move to the most recent regulatory updates and news.

現在，讓我們了解最新的監管更新和新聞。

Spot prices have been adjusting once a month since June of 2024. For the fourth quarter of 2024, we had 3% in October, 6% in November, and 5% in December. For the upcoming first quarter of 2025, we will have a compound 10% increase, with respect to December of 2024 figures.

自2024年6月起，現貨價格每月調整一次。2024 年第四季，10 月份成長率為 3%，11 月份成長率為 6%，12 月份成長率為 5%。對於即將到來的 2025 年第一季度，我們將實現 2024 年 12 月資料基礎上的 10% 複合成長。

As we anticipated in our last earnings session, by means of Resolution 294 issued last year, it was established a contingency plan for the electricity industry, with the aim to mitigate possible critical situation during the period December of 2024 and March of 2026, with action plans for generation, transmission, and distribution, as well as for major demand.

正如我們在上次收益會議上所預測的那樣，透過去年發布的第294號決議，我們為電力行業製定了應急計劃，旨在緩解2024年12月至2026年3月期間可能出現的危急情況，並製定了針對發電、輸電、配電以及主要需求的行動計劃。

Central Puerto's eligible units to adhere to this resolution include steam turbines located in Buenos Aires and Luján de Cuyo; gas turbines located in Luján de Cuyo; as well as the Brigadier López thermal power plant.

符合該決議要求的中央波多黎各單位包括位於布宜諾斯艾利斯和盧漢德庫約的蒸汽渦輪機；位於盧漢德庫約的燃氣渦輪機；以及 Brigadier López 火力發電廠。

For Central Puerto, the additional remuneration for power varies from $2,000 to $2,500 depending on month, hours, and units considered.

對於中央波多黎各來說，電力的額外報酬從 2,000 美元到 2,500 美元不等，具體取決於月份、小時數和單位。

Continuing with news and regulatory updates. As you may know, the Secretary of Energy aims to deregulate the industry and normalize the wholesale market. In this sense, the first step was the issuance of Resolution 21, last January, that eliminated some restriction and set path for future administrative decisions.

繼續發布新聞和監管更新。您可能知道，能源部長的目標是放鬆行業管制並使批發市場正常化。從這個意義上講，第一步是去年 1 月頒布的第 21 號決議，該決議取消了一些限制，並為未來的行政決策設定了道路。

We should highlight that thermal power plants installed after January 1 of 2025 are able to [accelerate] PPAs with private agents. Since March 1 of 2025, thermal generators are allowed to manage the fuel.

我們應該強調的是，2025 年 1 月 1 日之後安裝的火力發電廠能夠與私人代理商（加速）簽訂電力購買協議。自2025年3月1日起，火力發電機組可管理燃料。

Finally, an ending is settled for the Energía Plus framework. Current contracts will be in place and continue until their ending day. But new agreements and extension will have a deadline, October 31 of 2025.

最終，EnergÃa Plus 框架的結局已成定局。現有合約將有效並持續到合約結束之日。但新協議和延期都有一個最後期限，即2025年10月31日。

Also in January, the Secretary of Energy to CAMMESA issued a document with new regulatory framework for the industry, with the objective to put into operation by November of 2025. The basic idea is to rebuild the spot [after]markets, reinstating a marginal cost system in the first one with some adjustment.

同樣在一月份，能源部長向 CAMMESA 發布了一份文件，其中包含該行業的新監管框架，目標是在 2025 年 11 月之前投入實施。基本概念是重建現貨[售後]市場，在第一個市場中恢復邊際成本體系並進行一些調整。

Generators will declare, again, a variable cost of production, including the cost of fuel. There will be three sources of remuneration: power, energy, and fuel being the spot prices determined by the market.

發電廠將再次聲明生產變動成本，包括燃料成本。報酬來源有三種：電力、能源和燃料，也就是市場決定的現貨價格。

The new scheme will put focus on energy rumination aiming to reinstate market signal to boost investment and efficiency, as well as properly reflect cost and scarcity.

新方案將重點放在能源反思，旨在恢復市場訊號以促進投資和效率，並正確反映成本和稀缺性。

The last concluding remark concerning the industry situation is the issuance of Resolution 67, which calls for the storage capacity tender process. We are carefully analyzing the terms and conditions of this process, since we are interested in this project.

關於產業情勢的最後總結是第67號決議的發布，該決議要求啟動儲存容量招標程序。由於我們對這個項目感興趣，我們正在仔細分析這個過程的條款和條件。

Moving, now, to Central Puerto's corporate news and updates. We recalled the dividend payments of last November, with the distribution of $39.47 per share.

現在轉到中央波多黎各的公司新聞和更新。我們回顧了去年 11 月的股息支付情況，每股股息 39.47 美元。

Moving to slide 7. We also announced, in December, our high voltage transmission line project, with the goal of supplying efficient, reliable, and competitive energy to mining companies located in the Puna region, which is in northwestern of Argentina.

移至幻燈片 7。我們還在 12 月宣布了高壓輸電線路項目，旨在為位於阿根廷西北部普納地區的礦業公司提供高效、可靠、有競爭力的能源。

In December, we signed an agreement with the IFC to finance a feasibility studies and project analysis. And in January of 2025, we set an agreement with YPF Luz to jointly carry on the development of this remarkable project.

12月，我們與國際金融公司簽署了一項協議，為可行性研究和專案分析提供資金。並於2025年1月與YPF Luz達成協議，共同推動此卓越專案的開發。

With regards to our mining activity, we have recently executed two investment. We have acquired a 27.5% stake in 3 cruces, which is a lithium project. And we have increased our equity participation in Abarsilver to 9.9%.

關於我們的採礦活動，我們最近進行了兩項投資。我們已收購了3 cruces鋰礦項目27.5%的股份。而我們已將對 Abarsilver 的股權參與度提高至 9.9%。

Finally, a concluding remark regarding our investment projects currently in execution: the San Carlos Solar Farm and the Brigadier Lopez Combined Cycle.

最後，總結我們目前正在實施的投資項目：聖卡洛斯太陽能發電場和布里加迪爾洛佩茲聯合循環。

Brigadier Lopez is on schedule, moving at a good speed, while the contractor of San Carlos has presented some delays in its workflow. We are currently working, together, to solve our issues and keep the project on track.

洛佩茲準將的工程進度符合計劃，進展順利，而聖卡洛斯承包商的工作流程則出現了一些延誤。我們目前正在共同努力解決我們的問題並確保專案順利進行。

Now, let's skip to the Argentine electricity market picture of this quarter that will be shown on slides 8 and 9.

現在，讓我們跳到第 8 張和第 9 張幻燈片中展示的本季阿根廷電力市場狀況。

By the end of the fourth quarter of 2024, the country's installed capacity reached 43,350 megawatts, which means a decrease of 1% or 423 megawatts compared to the 43,773 megawatts recorded as of December 31 of 2023.

截至2024年第四季末，該國裝置容量達到43,350兆瓦，與2023年12月31日的43,773兆瓦相比，下降了1％，即423兆瓦。

The variation results from the installation of new power facilities, and reduction in cell capacity, and adjustment and repowering to power plants already in operations.

這種變化是由於新發電設施的安裝、電池容量的減少以及對已運行發電廠的調整和重新供電所造成的。

The contraction of 423 megawatts is decomposed as follows:

423兆瓦的收縮分解如下：

The addition of 925 megawatts of renewable sources, of which 614 megawatts corresponds to wind farms, 307 megawatts to solar plants, and 4 megawatts to biogas power plants.

新增再生能源925兆瓦，其中風電614兆瓦，太陽能發電307兆瓦，沼氣發電4兆瓦。

Then, a reduction of 1,195 megawatts in hydraulic sources. And a decrease of 153 megawatts in thermal sources, where a contraction was recorded in gas turbines, steam turbines, and diesel engines, being all partially upset by an addition of combined cycles.

然後，水力資源減少1,195兆瓦。熱電廠發電量減少了 153 兆瓦，其中燃氣渦輪機、蒸汽渦輪機和柴油引擎的發電量均有所下降，這部分是由於聯合循環的增加而造成的。

It is worth to highlight that the decline of 1,195 megawatts in hydro installed capacity is basically explained by a reassessment of Yacyretá’s power available between Argentina and Paraguay. Since August 2024, 50% of Yacyretá’s installed capacity is allocated to Argentina, whereas it used to be approximately 88% before then.

值得強調的是，水力發電裝置容量下降 1,195 兆瓦，主要是因為阿根廷和巴拉圭對亞西雷特河的電力供應進行了重新評估。自 2024 年 8 月起，Yacyretá 的 50% 裝置容量分配給阿根廷，而在此之前這一比例約為 88%。

Generation decreased 2%, during the quarter, on a year over year basis. This decrease was driven by nuclear and hydrogeneration, 48% and 30%, respectively.

本季發電量較去年同期下降 2%。這一下降是由核能和氫能所致，分別為 48% 和 30%。

Nuclear generation decreased basically by the two-year maintenance shutdown of Atucha I, which started in November; and a seasonal maintenance program of Atucha II, carried on between the end of September and the beginning of December.

核能發電量的下降主要是因為阿圖查一號核電廠自 11 月起開始進行為期兩年的停運維護；以及阿圖查二號的季節性維護計劃，於九月底至十二月初進行。

Hydrogeneration shrank due to a combination of two factors. The aforementioned change in the allocation of Yacyretá’s installed capacity and energy generation upon Paraguay's claim, and a reduction of river flows, mostly in the Uruguay and Paraná rivers.

由於兩個因素的共同作用，氫能發電量出現萎縮。上述根據巴拉圭的主張對亞西雷特河裝置容量和發電量分配所做的改變，以及河流流量的減少，主要是烏拉圭河和巴拉那河。

Finally, renewable and thermal generation rose 13% and 24%, respectively. The growth in thermal generation led to higher fuel consumption: 65% rise in gas oil, 9% in natural gas, and 3% in fuel oil.

最後，再生能源和火力發電分別成長了13％和24％。火力發電的成長導致燃料消耗增加：柴油增加65%，天然氣增加9%，燃料油增加3%。

Focusing, now, on the demand. As you can see, electricity demand kept almost flat during the fourth quarter of 2024 vis-à-vis the fourth quarter of 2023. There was a slight contraction in residential consumption, almost upset by commercial and major demand.

現在，重點關注需求。如您所見，2024 年第四季的電力需求與 2023 年第四季相比幾乎持平。住宅消費略有萎縮，幾乎被商業和主要需求所壓制。

Higher temperatures recorded during October of 2024 in comparison to the same month of 2023 prompt higher [retail] consumption, which shrank, then, in November and December, as a result of milder temperatures compared to equal month of 2023.

2024 年 10 月記錄的氣溫與 2023 年同期相比有所升高，這導致零售消費量增加；而 11 月和 12 月，由於氣溫比 2023 年同期更溫和，零售消費量有所下降。

For the whole 2024, residential demand barely grew, 0.4%. Major and commercial demands both end in 2024, with a 1% decrease in their consumption; though some positive interannual growth rates were observed during the second half of the year, especially for food and beverage, oil and gas, and mining.

2024年全年，住宅需求幾乎沒有成長，僅0.4%。主要需求和商業需求均在2024年結束，消耗量將下降1%；但下半年出現了一些正的年度間增長率，尤其是食品和飲料、石油和天然氣以及採礦業。

Finally, the electricity trade balance resulted in a net import situation during the whole quarter, with the peak in November. In line with the demand trend showcased above, net imports were recorded in October and November -- being substantially lower in December.

最終，電力貿易平衡導致整個季度出現淨進口局面，11月份達到高峰。與上述需求趨勢一致，10月和11月均錄得淨進口量，而12月則大幅下降。

We, now, go to slide 10 to our key operating indicators for the quarter.

現在，我們轉到第 10 張投影片，了解本季的關鍵營運指標。

We can see that electricity generated by Central Puerto rose 5% to 5,416 gigawatt hour compared to 5,168 gigawatt hour during the fourth quarter of 2023.

我們可以看到，中央港發電量為 5,416 吉瓦時，而 2023 年第四季為 5,168 吉瓦時，成長了 5%。

Hydro energy generation from Piedra del Aguila dropped 31%, reaching 1,164 gigawatt hour from 1,678 gigawatt hour during the fourth quarter of 2023. This decline was primarily due to a 7% reduction in water levels of the Collón Curá river and 22% in the Limay River, which both resulted in lower availability of water for generation.

2023 年第四季度，彼德拉德爾阿吉拉水力發電量下降 31%，從 1,678 吉瓦時降至 1,164 吉瓦時。下降的主要原因是科隆庫拉河水位下降了 7%，利邁河水位下降了 22%，導致發電用水量減少。

Wind generation decreased 3%, reaching 396 gigawatt hour during the fourth quarter of 2024 compared to 410 gigawatt hour during the same period of 2023. This decline was mainly due to lower wind resources and, also, some maintenance works.

風力發電量下降 3%，2024 年第四季為 396 吉瓦時，而 2023 年同期為 410 吉瓦時。下降的主要原因是風力資源減少以及一些維護工程。

On the other hand, solar energy generation reached 88 gigawatt hour during the period under analysis compared to 73 gigawatt hour during the fourth quarter of 2023. Basically, as a result of higher results availability.

另一方面，分析期間太陽能發電量達到 88 吉瓦時，而 2023 年第四季為 73 吉瓦。基本上，這是由於結果可用性更高。

Thermal generation increased 25% during the fourth quarter of 2024 compared to the fourth quarter of 2023, reaching 3,767 gigawatt hour from 3,007 gigawatt hour. The growth was mainly due to higher dispatch of some steam turbines in Puerto site and some steam and gas turbines in Luján de Cuyo, as well as higher generation of the Brigadier Lopez open cycle and the mid-combined cycle of Santa Fe.

2024 年第四季度，火力發電量與 2023 年第四季相比成長了 25%，從 3,007 吉瓦時達到 3,767 吉瓦時。成長主要歸因於波多黎各站部分蒸汽渦輪機和盧漢德庫約站部分蒸汽和燃氣渦輪機調度增加，以及 Brigadier Lopez 開式循環和 Santa Fe 中型聯合循環發電量增加。

Also, a higher availability and dispatch were recorded for the Mitsubishi combined cycle, located in Costanera site.

此外，位於科斯塔內拉 (Costanera) 工廠的三菱聯合循環的可用性和調度率也更高。

Finally, it is worth to highlight that during the quarter, some important maintenance programs were carried out in steam turbines and combined cycles, especially that executed in the combined cycle located in Nuevo Puerto.

最後，值得強調的是，本季在蒸汽渦輪機和聯合循環中執行了一些重要的維護計劃，特別是在位於新港的聯合循環中執行的維護計劃。

That maintenance lasted more than expected, due to some findings recorded in the steam turbine and the generator while performing the overhaul. These findings were partially settled and are expected to be completely sold-out during the next maintenance program to be carried out next September. Notwithstanding this, the combined cycle is 100% operative.

由於在進行大修時在蒸汽渦輪機和發電機中發現了一些問題，因此維護時間比預期的要長。這些發現已部分解決，預計將在明年 9 月進行的下一次維護計劃期間全部售罄。儘管如此，聯合循環仍能 100% 運作。

Now, let's move to our revenues breakdown.

現在，讓我們來看看收入明細。

As you can see on slide 11, this amounted to $168 million in the quarter as compared to $98 million in the same period of 2023.

正如您在第 11 張投影片上看到的，本季的這筆金額為 1.68 億美元，而 2023 年同期為 9,800 萬美元。

The variation in revenues is a consequence mainly of a 61% or $29 million-dollar increase in spot market revenues, driven by a cash effect on the gap between currency devaluation and spot remuneration increases; higher thermal generation, mainly in steam turbines, the Brigadier Lopez open cycle plant; and Costanera Mitsubishi combined cycle.

收入的變化主要是由於現貨市場收入增加了 61% 或 2900 萬美元，這是由於貨幣貶值與現貨報酬增加之間的差距產生的現金效應所致；更高的熱力發電量，主要集中在蒸汽輪機、Brigadier Lopez 開式循環電廠；以及 Costanera 三菱聯合循環。

Finally, a non-cash effect on the gap between currency devaluation and inflation primarily attributed to the one-time devaluation of December of 2023.

最後，貨幣貶值與通膨之間的差距的非現金效應主要歸因於2023年12月的一次性貶值。

Then, we have a 62% or $27 million-dollar increase in sales under contract, driven by higher solar generation of Guañizuil solar farm; higher energy sales of co-generation units, especially in the San Lorenzo plant; and, also, a non-cash effect on the gap between currency devaluation and inflation.

然後，由於 Guañizuil 太陽能發電場的太陽能發電量增加，我們的合約銷售額增加了 62% 或 2700 萬美元；熱電聯產機組的能源銷售額增加，尤其是聖洛倫索工廠的能源銷售額；以及對貨幣貶值和通貨膨脹之間的差距的非現金影響。

Those were all partially upset by lower wind generation, mainly due to lower wind resource and extraordinary maintenance.

這些都部分受到風力發電量下降的影響，主要是由於風力資源減少和額外的維護。

Then, we have a 109% or $4 million-dollar increase in steam sales, driven by higher steam production in both Luján de Cuyo and San Lorenzo facilities -- but substantially in the later one -- as a consequence of higher demand from clients.

然後，我們的蒸汽銷售額增加了 109% 或 400 萬美元，這得益於盧漢德庫約和聖洛倫索工廠的蒸汽產量增加（但後者的產量增加尤為顯著），這是由於客戶需求增加。

As we commented in our last earnings session, we expect that steam demand will continue to be higher in the future, showing a new trend due to new economic activity levels in some industries, remarkably in oil and gas.

正如我們在上次收益會議上所評論的那樣，我們預計未來蒸汽需求將繼續走高，由於某些行業（尤其是石油和天然氣行業）的新經濟活動水平而呈現新的趨勢。

On slide 12, we can see the dynamic of our adjusted EBITDA.

在第 12 張投影片上，我們可以看到調整後的 EBITDA 的動態。

During the fourth quarter of 2024, the group's adjusted EBITDA amounted to $65 million, rising 44% or $20 million when compared to the fourth quarter of 2023.

2024 年第四季度，該集團調整後的 EBITDA 達到 6,500 萬美元，與 2023 年第四季相比成長 44% 或 2,000 萬美元。

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 under contracts; spot remuneration increases higher than currency devaluation' and a positive non-cash effect on the gap between currency devaluation and inflation.

在分析調整後的 EBITDA 時，我們可以觀察到，這種變化主要是由於先前所述的更高的總銷售額，這主要得益於現貨銷售和合約銷售；即期薪酬增幅高於貨幣貶值”，對貨幣貶值與通貨膨脹之間的差距產生積極的非現金影響。

Then, we have a $43 million increase in cost of sales, explained basically by a rise in maintenance expenses and a real appreciation of the Argentine peso. On the other hand, production costs were also negatively impacted by a non-cash effect on the gap between currency devaluation and inflation.

然後，我們的銷售成本增加了 4,300 萬美元，這基本上是由於維護費用的增加和阿根廷比索的實際升值。另一方面，貨幣貶值與通貨膨脹之間的差距所產生的非現金效應也對生產成本產生了負面影響。

SG&A rose $11 million, mainly by higher fees and compensation for services related to one-time projects and the real appreciation of the Argentine peso. Similar to production cost, SG&A were also negatively impacted by the so-called non-cash effect, due to the gap between currency devaluation and inflation.

銷售、一般及行政費用增加了 1,100 萬美元，主要原因是一次性項目相關服務的費用和補償增加，以及阿根廷比索的實際升值。與生產成本類似，由於貨幣貶值和通貨膨脹之間的差距，銷售、一般和行政費用也受到所謂的非現金效應的負面影響。

Finally, our operating results, net, were positive and higher than the fourth quarter of 2023 figures by $4 million. Basically, as a consequence of insurance recovery, which was partially offset by lower interest from clients due to lower CAMMESA delays, the effects of the Resolution 58, and the negative non-cash effect on the gap between currency devaluation and inflation.

最後，我們的淨經營業績為正，比 2023 年第四季的數字高出 400 萬美元。基本上，這是保險賠償的結果，但由於 CAMMESA 延遲減少導致客戶利息降低、第 58 號決議的影響以及貨幣貶值和通貨膨脹之間的差距產生的負面非現金影響，保險賠償有所減少。

Moving to the next slide, the consolidated net income.

轉到下一張投影片，合併淨收入。

During the fourth quarter of 2024, Central Puerto's net income amounted to a loss of $28 million. This is basically the result of negative impacts driven by non-cash effects.

2024年第四季，Central Puerto的淨收入虧損2,800萬美元。這基本上是非現金效應帶來的負面影響的結果。

We should highlight an impairment of almost $100 million, higher D&A, and some one-time gains from M&A transaction registered in 2023. These effects were partially offset by better results driven by the change in purchasing power of the currency, due to lower inflation and higher variation in biological assets.

我們應該強調近 1 億美元的減損、更高的折舊及攤銷，以及 2023 年登記的併購交易的一些一次性收益。由於通貨膨脹率降低和生物資產變化率增加，貨幣購買力變化帶來了更好的業績，但這些影響被部分抵消了。

Then, we had lower FONI FX difference and interest due to lower FX variation. And some positive effects were recorded by the aforementioned adjusted EBITDA dynamic and net financial results, which were driven by lower FX differences on financial liabilities and lower bank commissions.

然後，由於外匯變化較低，我們的 FONI 外匯差額和利息也較低。前述調整後的 EBITDA 動態和淨財務結果也產生了一些正面影響，這得益於金融負債的外匯差異降低和銀行佣金降低。

Finally, income tax was higher due to higher income before tax.

最後，由於稅前收入較高，所得稅也較高。

Lastly, on slide 14, we have the cash flow dynamic during the twelfth month of 2024.

最後，在第 14 張投影片上，我們展示了 2024 年第十二個月的現金流動態。

Net cash provided by operating activities was $250 million during 2024. This cash flow arises mainly from net income for the period before income tax, collection of interest from clients, insurance recovery, being all partially upset by income tax and other taxes payment.

2024年營業活動提供的淨現金為2.5億美元。此現金流主要來自所得稅前當期的淨利、客戶利息收入、保險賠款，但部分被所得稅和其他稅款所抵銷。

Net cash used by investing activities was $160 million during 2024. This amount is mainly explained by acquisitions of property plan and equipment and inventory, and acquisitions of other financial assets, being all partially offset by dividends collected and the sale of property, plant, and equipment.

2024 年投資活動所用淨現金為 1.6 億美元。這筆金額主要歸因於對財產計劃和設備及庫存的收購，以及對其他金融資產的收購，但都被收取的股息和對財產、廠房和設備的出售部分抵消。

Net cash used by financing activities was $106 million during 2024. This is basically the result of long-term debt repayments, interest, and other long-term debt cost, pay, and dividends paid, being all partially offset by long-term loan received and net overdraft received.

2024 年融資活動所用淨現金為 1.06 億美元。這基本上是長期債務償還、利息和其他長期債務成本、工資和支付的股息的結果，所有這些都被收到的長期貸款和收到的淨透支部分抵消。

Consequently, our cash position, as of December 31 of 2024, amounted to $4 million. If financial assets are included, our total current liquidity amounts to $233 million.

因此，截至 2024 年 12 月 31 日，我們的現金狀況達到 400 萬美元。如果包括金融資產，我們目前的流動資金總額為 2.33 億美元。

With this, I conclude the presentation. Now, we invite you to ask any question to our team.

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。

Thank you very much for your attention.

非常感謝您的關注。

Thank you very much for the presentation. We will now begin the Q&A section for investors and analysts.

非常感謝您的演講。我們現在開始投資人和分析師的問答環節。

(Operator Instructions)

（操作員指示）

[Tomás Francisco,] Balanz.

[托馬斯·弗朗西斯科] 巴蘭茲。

Hello. You can hear me, correctly?

你好。你聽得到我說話嗎？

Yes, [Tomás].

是的，[湯姆]。

Okay. Good morning to all. I'm Tomas Pallotti from Balanz Capital. I want to ask three questions.

好的。大家早安。我是 Balanz Capital 的 Tomas Pallotti。我想問三個問題。

So the first one is: What impact do you expect from Central Puerto from the new regulations that aim to liberalize the power sector What is your view on this topic and the future interest of generators to invest?

因此第一個問題是：您預計旨在自由化電力產業的新法規將對中央港產生什麼影響？您對這個主題以及發電廠未來投資的興趣有何看法？

Okay. Thank you for the questions, Tomas.

好的。謝謝你的提問，托馬斯。

We are seeing the different phases of the regulation that the government are trying to establish. And we are talking with them.

我們正在見證政府試圖建立的監管的不同階段。我們正在與他們交談。

The first one was the Resolution 21 that we explained in the script. And this is a minimum deregulation that allowed us to start buying some fuels and gas, which is very important for us because as you know, right now, all the fuel and gas is provided by CAMMESA. And, in the past, we do that and we can have some efficiency because, as you know, we are the biggest one and we have a very powerful purchase quantity of gas and fuel.

第一個是我們在劇本中解釋的第21號決議。這是最低限度的放鬆管制，讓我們開始購買一些燃料和天然氣，這對我們來說非常重要，因為如你所知，目前所有的燃料和天然氣都是由 CAMMESA 提供的。而且，在過去，我們這樣做了，並且能夠提高一些效率，因為如你所知，我們是最大的企業，而且我們的天然氣和燃料購買量非常大。

So we are expecting to start buying our own fuel since March -- since this month -- minimum amounts because, as you know, CAMMESA have already set contract with the gas providers, the plant gas. So the volumes out of that are, right now, small volumes.

因此，我們預計從 3 月開始（從本月開始）購買我們自己的燃料，最低數量，因為如您所知，CAMMESA 已經與天然氣供應商、工廠天然氣簽訂了合約。因此，目前，其產量很小。

But we are start doing that. So it's the first phase of the regulations: start buying fuel and gas for us. And this is very good because, as I mentioned, we can have advantages there.

但我們已經開始這麼做了。所以這是法規的第一階段：開始為我們購買燃料和天然氣。這非常好，因為正如我所提到的，我們可以在那裡獲得優勢。

In terms of new capacity, the Resolution 21 established that we can -- with new capacity, we can start selling power to private PPAs. So it's a good start.

在新增產能方面，第 21 號決議規定，有了新增產能，我們就可以開始向私人電力購買協議 (PPA) 出售電力。所以這是一個好的開始。

Of course, it's not easy because, right now, the demand are covered by renewables. So we are not expecting, perhaps, too much new power plants building in the Resolution 21.

當然，這並不容易，因為目前的需求是由再生能源滿足的。因此，我們預計第 21 號決議不會建造太多新發電廠。

And the other changes that the government are talking about is the possibility of having certain conditions of marginality, prices in the future. We are talking about -- in October, have a new regulation in place, a full new regulation in place. And, there, we can have some advantages of our combined cycle that are selling, right now, in the spot market.

政府正在談論的其他變化是未來可能出現某些邊際價格條件。我們正在談論——十月份，實施一項新法規，一項全新的法規。而且，我們可以利用目前在現貨市場上銷售的聯合循環的一些優勢。

So we are seeing some improvement there. And since November this year, we can have some improvement in our remuneration, which is, right now, only at the spot market. And we can have some -- or we can receive some additional prices, in terms some kind of not pure marginalism but some kind of marginalism that the government are willing to set -- to establish some benefits to the equipment that are more efficient and have less -- or, yes, are more efficient and have better availability.

因此我們看到那裡出現了一些改善。自今年 11 月以來，我們的報酬有所提高，目前僅限於現貨市場。我們可以有一些——或者我們可以收到一些額外的價格，不是純粹的邊際主義，而是政府願意設定的某種邊際主義——為更有效率、更少的設備建立一些好處——或者，是的，更有效率、可用性更好的設備。

So we are seeing there are some important opportunities for our most efficient combined cycles. And, as I mentioned, we have some opportunities, in terms of buying our own fuel, which is small, right now. But I think in November, December, could be more important, when the government established the full deregulation scheme.

因此，我們看到，對於我們最高效的聯合循環來說，存在一些重要的機會。而且，正如我所提到的，就購買自己的燃料而言，我們有一些機會，但目前數量很少。但我認為十一月和十二月可能更為重要，因為那時政府將建立全面的放鬆管制計畫。

So I am optimistic about that. I think they are in the good path. They are trying to establish more competition in the sector. Not only in the energy generation sector; in the gas sector, also.

所以我對此持樂觀態度。我認為他們走在正確的道路上。他們正試圖在該領域建立更多的競爭。不僅在能源生產領域；天然氣領域也是如此。

And I think we are in the good path. Of course, 20 years of regulation is not easy to remove in only one year. But I think we have some opportunities in order to start selling a new capacity to have a spot or have initial transactions, in terms of new capacity.

我認為我們正走在正確的道路上。當然，20年的管制並不是一年之內就能取消的。但我認為，就新產能而言，我們有一些機會開始銷售新產能，獲得現貨或初步交易。

In terms of new capacity but, also, in terms of the existing capacity -- have a better prices for the efficient equipment that allowed us to keep, maintain, those equipment and to improve those equipment, which is already 20 years old.

就新產能而言，而且就現有產能而言，高效設備的價格更優惠，這使我們能夠保留、維護這些設備並改進這些已有 20 年歷史的設備。

So we need to improve that. We need to maintain that. So we are seeing opportunities there and having more flexibility. Not only to go to the sport but have some -- or catch some marginal prices, somehow.

所以我們需要改進這一點。我們需要保持這一點。因此，我們看到了機遇，並且擁有了更大的彈性。不僅要參與運動，還要獲得一些——或以某種方式獲得一些邊際利益。

And in terms of fuel, also, we are looking to -- looking forward to do that: to have our own fuel and gas provision. So we see, also, some improvement there in our remuneration.

在燃料方面，我們也希望能夠擁有自己的燃料和天然氣供應。因此，我們的薪酬也有一些提高。

Okay. Thank you.

好的。謝謝。

The second one is: You made some small investment in mining; and you also have the transmission project with YPF Luz; and, probably, some generation projects in the portfolio. Will we see more aggressive investment this year?

第二個是：你在挖礦方面做了一些小額投資；而且你們也與YPF Luz合作進行傳輸專案；也可能包括投資組合中的一些發電專案。今年我們會看到更積極的投資嗎？

Well, first, we have the -- you don't mention it but we have an option for battery supply from CAMMESA. We are looking first -- we're looking there, actively. We are looking to participate.

嗯，首先，我們有—您沒有提到，但我們可以選擇從 CAMMESA 獲得電池供應。我們首先在尋找——我們正在積極地尋找。我們希望參與。

Of course, it's a technology that we are entering. It's not the technology that we know but we are looking forward to participate in that auction first. It's in May.

當然，這是我們正在進入的技術。這不是我們所了解的技術，但我們期待首先參加該拍賣。現在是五月。

And then, of course, we are working, heavily, with YPF to develop the transmission line in Puna. So this is another important project for us.

當然，我們正在與 YPF 密切合作，開發普納的輸電線路。所以這對我們來說是另一個重要的項目。

And the cogeneration depends on not only the regulation. The regulation, as I mentioned, established the possibility to establish a private contract with the demand for new capacity.

而熱電聯產不僅取決於調節。正如我所提到的，該法規建立了根據新產能需求簽訂私人合​​約的可能性。

The thing about that is we need to have the demand. When you think about the cogeneration, the most important thing for the out-taker is the steam. But we also need to have the demand for the electricity to cover that or the complete business.

關鍵在於我們需要有需求。當你考慮熱電聯產時，對輸出方來說最重要的是蒸氣。但我們也需要滿足電力需求來滿足這項需求或整個業務。

So we are looking for that. We have a one or two projects we are looking at. But it's not easy to set the whole package, to set the steam contract, and to set the electricity contract.

所以我們正在尋找這個。我們正在考慮一兩個項目。但是要定全包，要定蒸汽合同，要定電力合同，這都不是件容易的事。

So it, perhaps, take more time than the other assets that we are looking at; the other project that we are looking.

因此，它可能比我們正在考慮的其他資產花費更多的時間；我們正在尋找的另一個項目。

In the mining case, we already invest in developing projects. They are fully funded for this phase of developing. And we are not seeing additional CapEx in this year for those projects.

在採礦業案例中，我們已經投資開發項目。他們已為這一階段的開發獲得了充足的資金。我們今年沒有看到這些項目的額外資本支出。

Okay. Thank you.

好的。謝謝。

And the last one is: Any news on the hydro auctions?

最後一個問題是：有關水電拍賣有什麼消息嗎？

Well, we are talking with the government. They are moving forward. Not as fast as they planned at the beginning.

嗯，我們正在與政府談判。他們正在前進。並不像他們一開始計劃的那麼快。

They think that they could have the auction in place on February. But I think they are taking, I think, a little bit more. But they are confident that they're going to have the auction in place between April and May. And then, they can move forward with that.

他們認為他們可以在二月舉行拍賣會。但我認為他們拿的還多一點。但他們有信心在四月至五月之間舉行拍賣會。然後，他們就可以繼續前進。

But we are not having a specific input about how they are planning to do it; and if they are thinking in a PPA with CAMMESA, with the Secretary of Energy, or they are thinking more in contracts with the demand or distribution companies.

但我們還沒有得到他們計劃如何做的具體資訊；以及他們是否正在考慮與 CAMMESA、能源部長簽署 PPA，或者他們是否正在考慮與需求或配送公司簽訂合約。

We are not ready there. We don't have that information, yet. But we know that they're willing to move forward April, May this year.

我們還沒準備好。我們還沒有這些資訊。但我們知道他們願意在今年四月、五月繼續前進。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員指示）

This concludes our Q&A session. I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

我們的問答環節到此結束。我想將會議交還給費爾南多·博內先生，請他作最後發言。

Thank you, everyone, for your interest in Central Puerto. We encourage you to call us for any information that you may need.

感謝大家對 Central Puerto 的關注。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。

This does conclude today's presentation. We wish you a good day.

今天的演講到此結束。祝您有美好的一天。