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Central Puerto S A : Results presentation (CEPU FY 2024 4Q24 Earnings Webcast Presentation)
Central Puerto S A : Results presentation (CEPU FY 2024 4Q24 Earnings Webcast
About this update from Central Puerto Sa
FY2024 & 4Q24 Earnings Webcast March 12th, 2025 FY 2024 &4Q24 Earnings Webcast - Agenda FY 2024 & 4Q24 Key Figures Regulatory Update and News Argentine Market Overview Central Puerto's consolidated main operating metrics Financial Results Questions & Answers 3 FY24 & 4Q24 Key Figures (1)(2) Installed Capacity (3) MW 6,703 Energy Generation TWh FY24 4Q24 21.6 5.4 +4% Y/Y +5% Y/Y Revenues US$ MM FY24 4Q24 671 168 +25% Y/Y +71% Y/Y Adj.EBITDA (4) US$ MM FY24 4Q24 288 65 4% Y/Y 44% Y/Y Net Income US$ MM FY24 4Q24 52 (28) (73%) Y/Y (118)% Y/Y Net Debt US$ MM 4Q24 132 -US$154 mm vs Dec-23 The results presented for the annual period 2023 and 4Q23 are negatively affected at a non-cash level as a consequence of the sharp devaluation of the local currency occurred in mid-December 2023. Given that the functional currency of the company is the Argentine peso, our Financial Statements are subject to inflation adjustment, while Company's figures are converted into US dollars using the end of period official exchange rate. Thus, given the significant disparity between inflation and devaluation for the period, it might affect comparability. The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate (Communication "A" 3500) reported by the Central Bank for U.S. dollars as of 31/12/24 or 31/12723, as appropriate. Annual figures are the sum of the quarterly results converted to dollars at the EOP FX rate of each period. On February 22, 2024, it was published in the Official Gazette of the Republic of Argentina, the request submitted by Central Costanera for the decommissioning of steam generation units COSTTV04 and COSTTV06, for a total installed capacity of 120 MW and 350 MW, respectively. This was a request originally made by Enel, former owner of that plant, and followed up by the Company. This update has no impact on revenues since these turbines have not been operating since long time ago. (4) See "Disclaimer-EBITDA & Adjusted EBITDA" on slide 2 for further information. 4 Regulatory Updates and News Spot market ( Energía Base ) Energy and capacity prices adjustments Resolution Date % Increase SE N°285/2024 Oct-24 3% SE N°20/2024 Nov-24 6% SE N°387/2024 Dec-24 5% SE N°603/2024 Jan-25 4% SE N°27/2025 Feb-25 4% SE N°113/2025 Mar-25 1.5% Resolution SE N°294/2024 (Oct-24) Contingency plan from Dec-24 to Mar-26, aiming to mitigate possible critical situations, with action plans for generation, transmission and distribution, as well as for large users. For generation segment, an additional remuneration is established for certain units and periods. - Eligible units: steam turbines located in Buenos Aires and Luján de Cuyo and gas turbines located in Luján de Cuyo, as well as the Brigadier López thermal power plant. - Additional remuneration varies from USD/MW 2,000 to USD/MW 2,500 depending on months, hours and units. 5 Regulatory Updates and News - cont. Resolution Beginning of deregulation. Key aspects: SE N°21/2025 (Jan-25) New regulatory framework (" Lineamientos CAMMESA ") Resolution SE N°67/2025 (Feb-25) New thermal facilities, with COD January 1, 2025 onwards, are able to sign Purchase Power Agreements (PPAs) with private agents.. Since March 1 st it is possible to purchase fuel again. Energía Plus is set to finish on October 31 st . This capacity will move to the spot market. The Secretariat of Energy proposed a new regulatory framework and instructed CAMMESA to issue a document and notify all the market participants, which could object and/or propose amendments. The goal is to launch the new framework by the beginning of the November. The Secretariat of Energy launched a storage capacity auction. This project aims to meet short-term capacity needs in AMBA region. Dividend Payment CEPU paid dividends last November, distributing $39.47 per share. 6 Regulatory Updates and News - cont. Puna Transmission Line Agreement with IFC (Dec-24): to jointly finance the feasibility studies of the Puna power transmission line. Agreement with YPF Luz (Jan-25): to jointly carry-on the analyses and development of this strategic project. Investment in mining sector 3 cruces (lithium project): acquisition of 27.5% of the capital votes and stock of 3C Lithium Pte. Ltd., owner of Minera Cordillerana. Funds allocated to exploration, drilling and working capital. December 2024. Abarsilver (silver & gold project): a share subscription agreement that increased the equity stake to 9.9% from 4%. Funds allocated to feasibility studies and general corporate purposes. February 2025. Status on Brigadier Lopez Combined Cycle project Works continue in both projects. Brigardier Lopez is on schedule, moving forward at good pace. The contractor of San Carlos presents some delays in its workflow, we are currently working together to solve out issues and keep the project on track. 7 Argentine market overview (1) Installed Capacity (MW) (423) MW 43,773 (1%) 43,350 4% 4% 13% 16% 25% 22% Energy Generation (TWh) (0.7) TWh 34.9 (2%) 34.1 8% 4% 16% 19% 35% 25% 58% 58% 41% 52% 4Q23 4Q24 Thermal Hydro Renewable Nuclear Thermal: (153) MW Hydro: (1,195) MW* Wind: + 614 MW Biogas: + 4 MW Solar: + 307 MW (1) Source CAMMESA *: adjustment in Yacyretá's installed capacity allocation between Argentina and Paraguay . 4Q23 4Q24 Thermal Hydro Renewable Nuclear Renewable generation was busted mainly by new installed capacity. Hydro generation dropped significantly due to an adjustment in Yacyretá's installed capacity allocation and reduced river flows. Nuclear generation also dropped due to the maintenance shutdown of Atucha I and Atucha II. Lower supply of hydro and a nuclear generation prompted higher thermal dispatch . 6 8 Argentine market overview (1) Local Energy Demand (TWh) 13.6 14.0 12.5 13.2 13.1 13.1 13.1 13.0 11.9 12.9 12.0 11.7 12.2 12.1 12.6 11.8 12.2 11.0 11.8 10.9 11.8 11.0 10.5 10.6 10.0 10.8 11.2 11.3 11.1 11.5 10.1 10.0 10.3 10.2 10.2 10.7 Jan Feb Mar Apr May Jun Jul Ago Sep Oct Nov Dec 2022 2023 2024 (1) Source CAMMESA 0 TWh 0% (0.2) 0.1 0.1 33.3 33.3 4Q23 Residential Commercial Industrial 4Q24 Milder temperatures , on average, during two- thirds of the quarter prompted a 1% decrease in residential consumption along the 4Q24. A slightly higher industrial demand boosted by stronger economic activity. Electricity trade balance resulted in a net import situation during the whole quarter, with a peak in November. 9 Central Puerto's Consolidated operating metrics (1) Energy Generation (GWh) 248 GWh 5% 760 (513) (14) 15 5,168 5,416 4Q23 Generation thermal Hydro Wind Solar 4Q24 Generation Higher dispatch Decrease in Lower wind Higher resource river flows resource and availabilty maintenance (1) Source CAMMESA Thermal Availability (%) Steam & gas turbines 100% 97% 74% 67% 72% 68% 73% 63% 62% 60% 61% 35% Puerto Lujan de Cuyo Brigadier Central CEPU avg. Market avg. Nuevo/Nuevo Lopez Costanera 4Q23 4Q24 4Q23 4Q24 Puerto 4Q23 4Q24 Combined Cycles 100% 100% 100% 100% 91% 89% 87% 76% 83% 68% 61% 3% Puerto Lujan de Cuyo San Lorenzo Central CEPU avg. Market avg. Nuevo/Nuevo Costanera 4Q23 4Q24 4Q23 4Q24 Puerto 4Q23 4Q24 10 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .