This advertisement has not loaded yet, but your article continues below.
SG&A, excluding depreciations and amortizations, increased 86% or US$11 million to US$24 million from US$13 million in 4Q23.
The increase in SG&A during the quarter was mainly due to: (i) higher fees and compensation for services (one-time projects) and (ii) the real appreciation of the Argentine Peso.
Similar to production costs, SG&A were also negatively impacted by a non-cash effect due to the gap between currency devaluation and inflation, primarily attributed to the one-time devaluation of December 2023.
Other operating results net in 4Q24 were positive in US$27 million, diminishing 79% or US$101 million from US$128 million 4Q23.
This is mainly explained by: (i) lower interest from clients, due to lower CAMMESA delays, (ii) lower FX differences (income) and (iii) effects of Resolution 58/24. Additionally, there was a negative non-cash effect due to the gap between currency devaluation and inflation, primarily attributed to the one-time devaluation of December 2023. These impacts were partially offset by positive results generated by insurance recovery.
If we deduct the variation in biological assets and FONI FX differences and interest, Other operating results net in 4Q24 were positive in US$4 million, which is basically explained by insurance recovery, being partially offset by the aforementioned negative effects.
Consolidated Net financial results in 4Q24 were positive in US$11 million compared to a loss of US$106 million in 4Q23, which means an improvement of US$117 million. This was mainly driven by lower foreign exchange differences on financial liabilities and lower bank commissions and, to a lesser extent, higher interest earned. These positive effects were partially offset by a reduction in net income on financial assets.
Loss on net monetary position in 4Q24 measured in US dollars amounted to US$7 million, being 83% lower than the US$41 million loss in 4Q23, driven by the significantly lower inflation rates during 4Q24 vis-à-vis 4Q23.
Profit/Loss on associate companies was positive in US$4 million compared to a US$6 million gain in 4Q23. Additionally, there was a loss on the fair value valuation of acquisitions of almost US$1 million during 4Q24 directly connected with the investment made by our subsidiary Proener in AbraSilver Resource Corp in May 2024.
Income tax in 4Q24 was positive in US$2 million compared to, also positive, US$6 million in 4Q23.
Finally, Net Income in 4Q24 amounted to a loss of US$28 million, compared to a gain of US$156 million of 4Q23.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_013full.jpg
The following chart breaks down the Net Debt position of Central Puerto (on a stand-alone basis) and its subsidiaries:
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_014full.jpg
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_015full.jpg
Net cash provided by operating activities was US$250 million during 12M24. This cash flow arises mainly from (i) US$138 million of net income for the period before income tax; (ii) US$36 million in collection of interest from clients; (iii) adjustments to reconcile profit for the period before income tax with net cash flows of US$111 million; and (iv) US$6 million in insurance recovery; partially offset by (v) US$26 million in working capital variations (accounts payables, accounts receivables, inventory, and other non-financial assets and liabilities); and (vi) US$14 million in income tax and other taxes payments.
Net cash used by investing activities was US$160 million during 12M24. This amount is mainly explained by (i) US$138 million in acquisitions of property, plant and equipment and inventory and (ii) US$31 million in acquisitions of other financial assets, net, being all partially offset by (iii) US$8 million generated by dividends collected and (iv) US$1 million from the sale of property, plant, and equipment.
Net cash used by financing activities was US$106 million in the 12M24. This is basically the result of (i) US$127 million in long-term debt repayments; (ii) US$43 million in interest and other long-term debt costs paid; and (iii) US$16 million in dividends paid, being all partially offset by (iv) US$63 million in long-term loans received and (v) US$17 million in net overdrafts received.
The net decrease in cash and cash equivalents was US$16 million during 12M24. The exchange difference and other financial results was US$1 million while the monetary loss on cash and cash equivalents due to the change in purchasing power of the currency was US$10 million. Hence, given that Cash and cash equivalents as of January 1, 2024, was US$28 million, as of December 31, 2024 it ended-up at US$4 million.
The following table shows the company’s principal maturity profile as of December 31, 2024, expressed in millions of dollars:
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_017full.jpg
(1) As of December 31th, 2024.
(2) Considers only principal maturities. Does not considering accrued interest.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_018full.jpg
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_019full.jpg
(1) The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication “A” 3500) as of 9/30/2024 (AR$970.92 to US$1.00), 12/30/2024 (AR$1,032.50 to US$1.00), and 12/29/2023 (AR$808.48 to US$1.00), as appropriate.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_020full.jpg
The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication “A” 3500) as of 9/30/2024 (AR$970.92 to US$1.00), 12/30/2024 (AR$1,032.50 to US$1.00), and 12/29/2023 (AR$808.48 to US$1.00), as appropriate.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11112/244236_c346ac5ac4f01970_021full.jpg
The FX rate used to convert Argentine Pesos to U.S. dollars is the reference exchange rate reported by the Central Bank (Communication “A” 3500) as of 9/30/2024 (AR$970.92 to US$1.00), 12/30/2024 (AR$1,032.50 to US$1.00), and 12/29/2023 (AR$808.48 to US$1.00), as appropriate.
The conference will be hosted by Mr. Fernando Bonnet, Chief Executive Officer, Enrique Terraneo, Chief Financial Officer and Alejandro Diaz Lopez, Head of Corporate Finance & Investor Relations Officer.
To access the conference call:
Webcast URL:
https://mzgroup.zoom.us/webinar/register/WN_2nBCcQCbSM2rYf0qEVPVtA#/registration
The Company will also host a live audio webcast of the conference call on the Investor Relations section of the Company’s website at www.centralpuerto.com. Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast. The call will be available for replay on the Company’s website under the Investor Relations section.
You may find additional information on the Company at:
Glossary
In this release, except where otherwise indicated or where the context otherwise requires:
Disclaimer
Rounding amounts and percentages: Certain amounts and percentages included in this release have been rounded for ease of presentation. Percentage figures included in this release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this release may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this release may not sum due to rounding.
This release contains certain metrics, including information per share, operating information, and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
OTHER INFORMATION
Central Puerto routinely posts important information for investors in the Investor Relations support section on its website, www.centralpuerto.com. From time to time, Central Puerto may use its website as a channel of distribution of material Company information. Accordingly, investors should monitor Central Puerto’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls and webcasts. The information contained on, or that may be accessed through, the Company’s website is not incorporated by reference into, and is not a part of, this release.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION
This release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this Earnings Release as “forward-looking statements”) that constitute forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words “anticipate”, “believe”, “could”, “expect”, “should”, “plan”, “intend”, “will”, “estimate” and “potential”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements.
Statements regarding possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition, expected power generation and capital expenditures plan, are examples of forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
The Company assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and the Company’s business can be found in the Company’s public disclosures filed on EDGAR (www.sec.govwww.sec.gov).
Adjusted EBITDA refers to EBITDA excluding impairment on property, plant & equipment, foreign exchange difference and interests related to FONI trade receivables and variations in fair value of biological asset.
Adjusted EBITDA is believed to provide useful supplemental information to investors about the Company and its results. Adjusted EBITDA is among the measures used by the Company’s management team to evaluate the financial and operating performance and make day-to-day financial and operating decisions. In addition, Adjusted EBITDA is frequently used by securities analysts, investors, and other parties to evaluate companies in the industry. Adjusted EBITDA is believed to be helpful to investors because it provides additional information about trends in the core operating performance prior to considering the impact of capital structure, depreciation, amortization, and taxation on the results.
Adjusted EBITDA should not be considered in isolation or as a substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical tool, including:
The Company compensates for the inherent limitations associated with using Adjusted EBITDA through disclosure of these limitations, presentation of the Company’s consolidated financial statements in accordance with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net income. For a reconciliation of the net income to Adjusted EBITDA, see the tables included in this release.
All the information presented must be considered as consolidated unless otherwise specified.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/244236
