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Section 1: 6-K (REPORT OF FOREIGN PRIVATE ISSUER)

Blueprint
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of August, 2019
 
Commission File Number: 001-38376
 
Central Puerto S.A.
(Exact name of registrant as specified in its charter)
 
Port Central S.A.
(Translation of registrant’s name into English)
 
Avenida Thomas Edison 2701
C1104BAB Buenos Aires
Republic of Argentina
+54 (11) 4317-5000
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 
 
Form 20-F ☒ Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
 
Yes ☐ No ☒
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
 
Yes ☐ No ☒
 
 CENTRAL PUERTO S.A.
 

 
 
 
TABLE OF CONTENTS
 
Item
 
 
1.
 
 
 
 
 
2
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
Central Puerto S.A.
 
 
 
 
Date: August 22, 2019
 
 
 
By:
 
/s/ Leonardo Marinaro
 
 
 
 
Name:
 
Leonardo Marinaro
 
 
 
 
Title:
 
Attorney-in-Fact
 
 
 
 
 
3
(Back To Top)

Section 2: EX-99.1 (FINANCIAL STATEMENTS FOR THE SIX MONTH PERIODS ENDED JUNE 30 2019 AND 2018)

Blueprint
 
  Exhibit 99.1
 
 
 
 
 
Central Puerto S.A.
 
Consolidated financial statements for the six-month periods ended June 30, 2019 and 2018, together with the independent auditor´s report
 
 
 
1
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
Registered office: Av. Edison 2701 - Ciudad Autónoma de Buenos Aires - República Argentina
  
FISCAL YEAR N° 28 BEGINNING JANUARY 1, 2019
 
FINANCIAL STATEMENTS
 
FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2019
 
CUIT (Argentine taxpayer identification number): 33-65030549-9. Date of registration with the Public Registry of Commerce:
 
-
Of the articles of incorporation: March 13, 1992.
 
-
Of the last amendment to by-laws: April 28, 2017.
 
Registration number with the IGJ (Argentine regulatory agency of business associations): 1.855, Book 110, Volume A of Corporations.
 
Expiration date of the articles of incorporation: March 13, 2091.
 
The Company is not enrolled in the Statutory Optional System for the Mandatory Acquisition of Public Offerings.
 
CAPITAL STRUCTURE
 
(stated in pesos)
 
Class of shares
 
Subscribed, paid-in, issued and registered
(Note 13)
 
 
 
 
 
1,514,022,256 common, outstanding book-entry shares, with face value of 1 each and entitled to one vote per share.
  1,514,022,256 
 
 
 
2
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
CONSOLIDATED STATEMENT OF INCOME
for the six-month period ended June 30, 2019
 
 
 
 
 
 
6 months
 
 
3 months
 
 
 
 
 
 
Unaudited
 
 
Unaudited
 
 
 
 
Notes
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
CONTINUING OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
4
  12,647,847 
  6,483,290 
  5,819,232 
  3,350,169 
Cost of sales
Exhibit F

  (7,285,180)
  (3,316,960)
  (3,278,035)
  (1,799,331)
Gross income
       
  5,362,667 
  3,166,330 
  2,541,197 
  1,550,838 
 
       
    
    
    
    
Administrative and selling expenses
Exhibit H

  (918,486)
  (759,657)
  (420,721)
  (409,329)
Other operating income
5.1
  3,942,545 
  8,213,452 
  748,582 
  7,436,146 
Other operating expenses
5.2
  (71,196)
  (123,586)
  (43,689)
  (88,086)
CVO receivables update
7.1
  - 
  13,485,342 
  - 
  - 
Operating income
       
  8,315,530 
  23,981,881 
  2,825,369 
  8,489,569 
 
       
    
    
    
    
 
       
    
    
    
    
Loss on net monetary position
       
  (2,640,986)
  (1,107,911)
  (1,180,397)
  (768,556)
Finance income
5.3
  974,861 
  1,674,760 
  556,133 
  1,384,950 
Finance expenses
5.4
  (2,202,742)
  (2,928,168)
  (588,631)
  (2,192,066)
Share of the profit of associates
       
  345,005 
  663,139 
  239,147 
  483,550 
Income before income tax from continuing operations
       
  4,791,668 
  22,283,701 
  1,851,621 
  7,397,447 
 
       
    
    
    
    
Income tax for the period
6
  (2,092,719)
  (5,928,863)
  (499,579)
  (2,640,386)
Net income for the period from continuing operations
       
  2,698,949 
  16,354,838 
  1,352,042 
  4,757,061 
 
       
    
    
    
    
 
       
    
    
    
    
DISCONTINUED OPERATIONS
       
    
    
    
    
 
       
    
    
    
    
Income after tax for the period from discontinued operations
14
  - 
  338,055 
  - 
  - 
Net income for the period
       
  2,698,949 
  16,692,893 
  1,352,042 
  4,757,061 
 
       
    
    
    
    
Attributable to:
       
    
    
    
    
Equity holders of the parent
       
  2,538,352 
  17,075,995 
  1,158,508 
  5,066,891 
Non-controlling interests
       
  160,597 
  (383,102)
  193,534 
  (309,830)
 
       
  2,698,949 
  16,692,893 
  1,352,042 
  4,757,061 
 
       
    
    
    
    
Basic and diluted earnings per share (ARS)
       
  1.69 
  11.34 
  0.77 
  3.37 
Basic and diluted earnings per share from continuing operations (ARS)
       
  1.69 
  11.12 
  0.77 
  3.37 
 
 
3
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six-month period ended June 30, 2019
 
 
 
 
 
 
6 months
 
 
3 months
 
 
 
 
 
 
Unaudited
 
 
Unaudited
 
 
 
 
Notes
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income for the period
 
  2,698,949 
  16,692,893 
  1,352,042 
  4,757,061 
 
       
    
    
    
    
Other comprehensive income for the period
       
    
    
    
    
 
       
    
    
    
    
Other comprehensive income to be reclassified to income in subsequent periods
       
    
    
    
    
 
       
    
    
    
    
Loss on financial assets at fair value through other comprehensive income
5.5
  - 
  (391,691)
  - 
  (347,762)
Income tax related to loss on financial assets at fair value through other comprehensive income
6
  - 
  137,091 
  - 
  121,717 
Other comprehensive income (loss) to be reclassified to income in subsequent periods
       
  - 
  (254,600)
  - 
  (226,045)
Other comprehensive income for the period
       
  - 
  (254,600)
  - 
  (226,045)
Total comprehensive income for the period
       
  2,698,949 
  16,438,293 
  1,352,042 
  4,531,016 
 
       
    
    
    
    
Attributable to:
       
    
    
    
    
- Equity holders of the parent
       
  2,538,352 
  16,821,395 
  1,158,508 
  4,840,846 
- Non-controlling interests
       
  160,597 
  (383,102)
  193,534 
  (309,830)
 
       
  2,698,949 
  16,438,293 
  1,352,042 
  4,531,016 
 
 
4
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at June 30, 2019
 
 
 
 
 
 
06-30-2019
 
 
12-31-2018
 
 
 
Notes
 
 
Unaudited
 
 
Audited
 
 
 
 
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
Non-current assets
 
 
 
 
 
 
 
 
 
Property, plant and equipment
Exhibit A
  46,137,428 
  27,623,777 
Intangible assets
 
 
 
  2,521,048 
  2,735,844 
Investment in associates
 
 
 
  2,699,274 
  2,446,057 
Trade and other receivables
7.1
  18,543,174 
  20,406,830 
Other non-financial assets
8.1
  474,706 
  272,907 
Inventories
       
  93,442 
  91,420 
 
       
  70,469,072 
  53,576,835 
Current assets
       
    
    
Inventories
       
  334,285 
  270,387 
Other non-financial assets
8.1
  274,849 
  606,062 
Trade and other receivables
7.1
  10,354,555 
  12,949,226 
Other financial assets
7.5
  2,001,169 
  2,404,798 
Cash and cash equivalents
       
  811,641 
  281,467 
 
       
  13,776,499 
  16,511,940 
Total assets
       
  84,245,571 
  70,088,775 
 
       
    
    
Equity and liabilities
       
    
    
Equity
       
    
    
Capital stock
       
  1,514,022 
  1,514,022 
Adjustment to capital stock
       
  14,344,934 
  14,344,934 
Legal reserve
       
  1,892,764 
  469,291 
Voluntary reserve
       
  21,982,212 
  5,393,490 
Retained earnings
       
  2,538,352 
  18,012,195 
Equity attributable to holders of the parent
       
  42,272,284 
  39,733,932 
Non-controlling interests
       
  880,872 
  572,457 
Total equity
       
  43,153,156 
  40,306,389 
 
       
    
    
Non-current liabilities
       
    
    
Other non-financial liabilities
8.2
  3,328,954 
  2,397,765 
Other loans and borrowings
7.3
  19,469,564 
  6,369,977 
Borrowings from CAMMESA
7.4
  1,175,585 
  1,229,315 
Compensation and employee benefits liabilities
8.3
  152,894 
  181,734 
Deferred income tax liabilities
6
  5,471,376 
  5,867,388 
 
       
  29,598,373 
  16,046,179 
Current liabilities
       
    
    
Trade and other payables
7.2
  3,259,646 
  2,117,490 
Other non-financial liabilities
8.2
  1,247,311 
  2,033,073 
Borrowings from CAMMESA
7.4
  1,919,431 
  2,219,087 
Other loans and borrowings
7.3
  3,311,578 
  823,377 
Compensation and employee benefits liabilities
8.3
  389,123 
  478,808 
Income tax payable
       
  773,970 
  5,406,449 
Provisions
Exhibit E
  592,983 
  657,923 
 
       
  11,494,042 
  13,736,207 
Total liabilities
       
  41,092,415 
  29,782,386 
Total equity and liabilities
       
  84,245,571 
  70,088,775 
 
 
5
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six-month period ended June 30, 2019
  
 
 
Attributable to holders of the parent
 
 
 
 
 
 
 
 
 
Capital stock
 
 
Retained earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Face value
 
 
Adjustment to capital stock
 
 
  Legal reserve
 
 
  Voluntary reserve
 
 
Unappropriated retained earnings
 
 
  Total
 
 
Non-controlling interests
 
 
  Total
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of January 1, 2019
  1,514,022 
  14,344,934 
  469,291 
  5,393,490 
  18,012,195 
  39,733,932 
  572,457 
  40,306,389 
 
    
    
    
    
    
    
    
    
Net income for the period
  - 
  - 
  - 
  - 
  2,538,352 
  2,538,352 
  160,597 
  2,698,949 
Total comprehensive income for the period
  - 
  - 
  - 
  - 
  2,538,352 
  2,538,352 
  160,597 
  2,698,949 
 
    
    
    
    
    
    
    
    
Increase in legal reserve
  - 
  - 
  1,423,473 
  - 
  (1,423,473)
  - 
  - 
  - 
Increase in voluntary reserve
  - 
  - 
  - 
  16,588,722 
  (16,588,722)
  - 
  - 
  - 
Contributions from non-controlling interests
  - 
  - 
  - 
  - 
  - 
  - 
  154,297 
  154,297 
Dividends in cash distributed by a subsidiary (2)
  - 
  - 
  - 
  - 
  - 
  - 
  (18,484)
  (18,484)
Share-based payments
  - 
  - 
  - 
  - 
  - 
  - 
  12,005 
  12,005 
As of June 30, 2019 (1)
  1,514,022 
  14,344,934 
  1,892,764 
  21,982,212 
  2,538,352 
  42,272,284 
  880,872 
  43,153,156 
 
(1)
A subsidiary holds 8,851,848 common shares.
(2)
Distribution of dividends in cash approved by the Shareholders’ Meeting of the subsidiary Central Vuelta de Obligado S.A. held on April 23, 2019.
 
 
6
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the six-month period ended June 30, 2018
  
 
 
Attributable to holders of the parent
 
 
 
 
 
 
 
 
 
Capital stock
 
 
Retained earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Face value
 
 
  Adjustment to capital stock
 
 
  Legal reserve
 
 
  Voluntary reserve
 
 
  Unappropriated retained earnings
 
 
Other accumulated comprehensive income (loss)
 
 
  Total
 
 
  Non-controlling interests
 
 
  Total
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of January 1, 2019
  1,514,022 
  14,344,934 
  198,835 
  1,248,373 
  2,700,675 
  254,600 
  20,261,439 
  585,960 
  20,847,399 
 
    
    
    
    
    
    
    
    
    
Net income for the period
    
    
    
  - 
  17,075,995 
  - 
  17,075,995 
  (383,102)
  16,692,893 
Other comprehensive income for the period
  - 
  - 
  - 
  - 
  - 
  (254,600)
  (254,600)
  - 
  (254,600)
Total comprehensive income for the period
  - 
  - 
  - 
  - 
  17,075,995 
  (254,600)
  16,821,395 
  (383,102)
  16,438,293 
 
    
    
    
    
    
    
    
    
    
Increase in legal reserve
  - 
  - 
  270,408 
  - 
  (270,408)
  - 
  - 
  - 
  - 
Increase in voluntary reserve
  - 
  - 
  - 
  4,145,122 
  (4,145,122)
  - 
  - 
  - 
  - 
Dividends in cash
  - 
  - 
  - 
  - 
  (1,747,902)
  - 
  (1,747,902)
  - 
  (1,747,902)
Contributions from non-controlling interests
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  66,302 
  66,302 
Share-based payments
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  3,970 
  3,970 
As of June 30, 2018 (1)
  1,514,022 
  14,344,934 
  469,243 
  5,393,495 
  13,613,238 
  - 
  35,334,932 
  273,130 
  35,608,062 
 
(1) A subsidiary holds 8,851,848 common shares.
 
 
7
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
CONSOLIDATED STATEMENT OF CASH FLOWS
for the six-month period ended June 30, 2019
 
 
 
06-30-2019
 
 
06-30-2018
 
 
 
Unaudited
 
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
Operating activities
 
 
 
 
 
 
Income for the period before income tax from continuing operations
  4,791,668 
  22,283,701 
Income for the period before income tax from discontinued operations
  - 
  402,485 
Income for the period before income tax
  4,791,668 
  22,686,186 
 
    
    
Adjustments to reconcile income for the period before income tax to net cash flows:
    
    
Depreciation of property, plant and equipment
  646,773 
  554,966 
Disposal of property, plant and equipment
  - 
  66,487 
Amortization of intangible assets
  221,604 
  201,710 
Discount of accounts receivables and payables, net
  27 
  (1,044)
CVO receivables update
  - 
  (13,485,342)
Interest earned from customers
  (1,788,213)
  (506,692)
Finance income
  (974,861)
  (1,674,760)
Finance expenses
  2,202,742 
  2,928,168 
Share of the profit of associates and subsidiaries
  (345,005)
  (663,139)
Share-based payments
  12,005 
  3,970 
Movements in provisions and long-term employee benefit plan expense
  77,343 
  78,479 
Foreign exchange difference for trade receivables
  (2,153,790)
  (7,483,581)
Income from the sale of La Plata plant
  - 
  (573,466)
Loss on net monetary position
  (2,690,629)
  (2,084,458)
 
    
    
Working capital adjustments:
    
    
Decrease in trade and other receivables
  6,553,551 
  1,708,988 
(Increase) Decrease in other non-financial assets and inventories
  63,495 
  (144,240)
Increase in trade and other payables, other non-financial liabilities and liabilities from employee benefits
  427,749 
  883,520 
 
  7,044,459 
  2,495,752 
Interest received from customers
  1,699,002 
  27,102 
Income tax paid
  (6,131,608)
  (2,581,752)
Net cash flows provided by (used in) operating activities
  2,611,853 
  (58,898)
 
    
    
Investing activities
    
    
Purchase of property, plant and equipment
  (5,594,685)
  (1,740,242)
Acquisition of Thermal Station Brigadier López (Note 11.4)
  (6,736,771)
  - 
Cash flows generated from the sale of the La Plata plant
  - 
  766,137 
Dividends received
  93,278 
  1,080,625 
Sale of available-for-sale financial assets, net
  496,232 
  1,733,910 
Net cash flows (used in) provided by investing activities
  (11,741,946)
  1,840,430 
 
    
    
Financing activities
    
    
Bank and investment accounts overdrafts received (paid), net
  575,627 
  8,794 
Long-term loans received
  10,375,493 
  5,254,550 
Long-term loans paid
  (369,275)
  (2,969,886)
Interest and other financial costs paid
  (1,154,219)
  (136,205)
Contributions from non-controlling interests
  154,297 
  66,302 
Dividends paid
  (18,484)
  (1,747,902)
Net cash flows provided by financing activities
  9,563,439 
  475,653 
 
    
    
Increase in cash and cash equivalents
  433,346 
  2,257,185 
Exchange difference and other financial results
  6,445 
  1,224,415 
Monetary results effect on cash and cash equivalents
  90,383 
  508,569 
Cash and cash equivalents as of January 1
  281,467 
  160,183 
Cash and cash equivalents as of June 30
  811,641 
  4,150,352 
 
 
8
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the six-month period ended June 30, 2019
 
1.
Corporate information and main business
 
Central Puerto S.A. (hereinafter the “Company”, ”we”, “us” or “CEPU”) and the companies that make up the business group (hereinafter the “Group”) form an integrated group of companies pertaining to the energy sector. The Group is mainly engaged in electric power generation and commercialization.
 
CEPU was incorporated pursuant to Executive Order No. 122/92. We were formed in connection with privatization process involving Servicios Eléctricos del Gran Buenos Aires S.A. (“SEGBA”) in which SEGBA’s electricity generation, transportation, distribution and sales activities were privatized.
 
On April 1, 1992, Central Puerto S.A., the consortium-awardee, took possession over SEGBA’s Nuevo Puerto and Puerto Nuevo plants, and we began operations.
 
Our shares are listed on the BCBA (“Buenos Aires Stock Exchange”), and, since February 2, 2018, they are listed on the NYSE (“New York Stock Exchange”), both under the symbol “CEPU”.
 
In order to carry out its electric energy generation activity the Group owns the following assets:
 
-
Our Puerto complex is composed of two facilities, Central Nuevo Puerto (“Nuevo Puerto”) and Central Puerto Nuevo (“Puerto Nuevo”), located in the port of the City of Buenos Aires. Our Puerto complex’s facilities include steam turbines plants and a Combined Cycle plant and has a current installed capacity of 1,714 MW.
 
-
Our Luján de Cuyo plant is located in Luján de Cuyo, Province of Mendoza and has an installed capacity of 500 MW and a steam generating capacity of 150 tons per hour.
 
-
The Group also owns the concession right of the Piedra del Águila hydroelectric power plant located at the edge of Limay river in Neuquén province. Piedra del Águila has four 360 MW generating units.
 
-
The Group is engaged in the management and operations of the thermal plants José de San Martín and Manuel Belgrano through its equity investees Termoeléctrica José de San Martín S.A. (“TJSM”) and Termoeléctrica General Belgrano S.A. (“TMB”). Those entities operate the two thermal generation plants with an installed capacity of 865 MW and 873 MW, respectively. Additionally, through its subsidiary Central Vuelta de Obligado S.A. (“CVO”) the Group is engaged in the operation of the thermal plant Central Vuelta de Obligado, with an installed capacity of 816 MW.
 
-
The thermal station Brigadier López located in Sauce Viejo, Province of Santa Fe, with an installed power of 280 MW (open-cycle operation). See Note 11.4.
 
The Group is also engaged in the natural gas distribution public sector service in the Cuyo and Centro regions in Argentina, through its equity investees belonging to ECOGAS Group.
 
Through its subsidiary Proener S.A., the Group sells and transports any type of fuels both in the country and abroad. Moreover, on July 19, 2018, the National Gas Regulation Entity (Enargas) filed the Company with the Registry of Traders and Trade Agreements of Enargas.
 
 
9
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
Moreover, as of the incorporation of CP Renovables S.A. (“CPR”) and its subsidiaries, Vientos La Genoveva S.A.U. and Vientos La Genoveva II S.A.U. the Group takes part on the development and performance of energy projects based on the use of renewable energy sources.
 
During 2018, the wind farms belonging to CP La Castellana S.A.U. and CP Achiras S.A.U. (CPR subsidiaries) were commissioned, with a capacity of 99 MW and 48 MW, respectively. In this sense, on July 17, 2019 the wind form “La Castellana II” belonging to CPR Energy Solutions S.A.U. (a CPR subsidiary) was commissioned, with a capacity of 15,75 MW.
 
The issuance of Group’s condensed consolidated financial statements of the six-month period ended June 30, 2019 was approved by the Company’s Board of Directors on August 12, 2019.
 
1.1.
Overview of Argentine Electricity Market
 
Resolution of the Secretariat of Renewable Resources and Electricity Market no. 1/2019
 
On March 1, 2019 Resolution no. 1/2019 (“Resolution 1”) of the Secretariat of Renewable Resources and Electricity Market was published in the Official Gazette by virtue of which Resolution 19 was abolished. It establishes the new remuneration values of energy, power and associated services for the affected generators, as well as their application methodology. Its validity commences on the date of its publication in the Official Gazette.
 
According to Resolution 1, the approved remuneration system will be of transitional application and until the following are defined and gradually implemented: regulatory mechanisms aimed at reaching an autonomous, competitive and sustainable operation that allows for freedom of contract between supply and demand; and a technical, economical and operative functioning for the integration of different generation technologies so as to guarantee a reliable and cost effective system.
 
The following are the main changes introduced by Resolution 1 in connection with Resolution 19: Energy Sale:
 
-
The price of energy generated by thermal power stations is reduced. Therefore, the price for energy generated with natural gas is of 4 USD/MWh and 7 USD/MWh for energy generated with liquid fuel.
 
-
The price for energy generated from non-conventional energy sources (renewable energies) is fixed at 28 USD/MWh.
 
Power Sale:
 
-
DIGO price (established by Resolution 19) goes from 7,000 USD/MW-month during the twelve months of the year to 7,000 USD/MW-month the six months of higher seasonal demand for electrical energy (December, January, February, June, July and August) and to 5,500 USD/MW-month the remaining months of the year (March, April, May, September, October and November).
 
-
Some minimum values of offered availability are reduced. Its compliance is subject to the foregoing prices.
 
 
10
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
-
A weighting factor is fixed for the foregoing prices, between 1 and 0.7, depending on the use factor of the twelve months previous to each month of the transaction.
 
To date, the energy purchase agreements entered into by the Group with CAMMESA are not affected by the provisions of Resolution 1.
  
2.
Basis of preparation of the consolidated financial statements
 
2.1.
Applied professional accounting standards
 
The Company prepares its condensed consolidated financial statements pursuant to the regulations in force of the Argentine Securities Commission (CNV) on Chapter III, Title IV of the CNV Regulations (N.T. 2013 as amended). Under section 1 of such section of the Regulations, companies issuing negotiable instruments must present their condensed consolidated financial statements applying Technical Resolution 26 of the Argentine Federation of Professional Councils in Economic Sciences (“FACPCE”), which resolution establishes the application of the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”), its amendments and adoption circulars of IFRS that FACPCE may establish in accordance with such Technical Resolution. Interim condensed financial statements must apply the International Accounting Standard 34 (“IAS”) “Interim Financial Reporting”.
 
As at December 31, 2018, conditions are met for the Company´s consolidated financial statements for the year ended on such date and subsequent dates to incorporate the inflation adjustment established on IAS 29 “Financial Reporting in Hyperinflationary Economies”. The effects caused by the application of IAS 29 are detailed in Note 2.2.2 to the issued consolidated financial statements for the year ended December 31, 2018.
 
2.2.
Basis of presentation and consolidation
 
These condensed consolidated financial statements for the six-month period ended June 30, 2019 were prepared applying IAS 34.
 
In preparing these condensed consolidated financial statements, the Group applied the significant accounting policies, estimates and assumptions described in notes 2.3 and 2.4 of the issued financial statements for the year ended December 31, 2018.
 
These condensed consolidated financial statements include all the necessary information for a proper understanding by their users of the relevant facts and transactions subsequent to the issuance of the last annual financial statements for the year ended December 31, 2018 and up to the date of these interim condensed consolidated financial statements. However, these condensed consolidated financial statements include neither all the information nor the disclosures required for the annual financial statements prepared in accordance with IAS 1 (Presentation of financial statements). Therefore, these condensed consolidated financial statements must be read together with the annual financial statements for the year ended December 31, 2018.
 
The Group’s condensed consolidated financial statements are presented in Argentine pesos, which is the Group’s functional currency, and all values have been rounded to the nearest thousand (ARS 000), except when otherwise indicated.
 
 
11
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
2.2.1.
Measuring unit
 
The condensed consolidated financial statements as at June 30, 2019, including the figures for the previous period were restated to consider the changes in the general purchasing power of the functional currency of the Group (Argentine peso) pursuant to IAS 29 and General Resolution no. 777/2018 of the Argentine Securities Commission. Consequently, the financial statements are stated in the current measurement unit at the end of the reported period.
 
The inflation was 22.4% and 16% in the six-month periods ended June 30, 2019 and 2018, respectively.
 
2.3.
Changes in accounting policies
 
New standards and interpretations adopted
 
As from the fiscal year beginning January 1, 2019, the Group has applied for the first time certain new and/or amended standards and interpretations as issued by the IASB.
 
Below is a brief description of the new and/or amended standards and interpretations adopted by the Group and their impact on these consolidated financial statements.
 
IFRS 16 Leases
 
In January 2016, the IASB issued the final version of IFRS 16 and it replaces IAS 17 Leases, IFRIC 4 Determining whether an arrangement contains a lease, SIC-15 Operating leases-incentives and SIC-27 Evaluating the substance of transactions involving the legal form of a lease. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting for finance leases under IAS 17. The standard includes two recognition exemptions leases of “low-value” assets (e.g., personal computers) and short-term leases (i.e., leases with a lease term of 12 months or less). At the commencement date of a lease, a lessee will recognize a liability to make lease payments (i.e., the lease liability) and an asset representing the right to use the underlying asset during the lease term (i.e., the right to-use asset). Lessees will be required to separately recognize the interest expense on the lease liability and the depreciation expense on the right- of-use asset.
 
Lessor accounting under IFRS 16 is substantially unchanged from today’s accounting under IAS 17. Lessors will continue to classify all leases using the same classification principle as in IAS 17 and distinguish between two types of leases: operating and finance leases. IFRS 16 also requires lessees and lessors to make more extensive disclosures than under IAS 17. IFRS 16 is effective for annual periods beginning on or after January 1, 2019. Early adoption is permitted, but not before the entity applies IFRS 15. A lessee can choose to apply the standard using either a full retrospective or modifies retrospective approach.
 
As of June 30, 2019, these changes did not have significative effects on the Group.
 
IFRIC Interpretation 23 - Uncertainty over Income Tax Treatments
 
In June 2017, the IASB issued IFRIC Interpretation 23 - Uncertainty over Income Tax Treatments. The Interpretation clarifies application of recognition and measurement requirements in IAS 12 Income Taxes when there is uncertainty over income tax treatments. The Interpretation specifically addresses the following: (a) whether an entity considers uncertain tax treatments separately, (b) the assumptions an entity makes about
 
 
12
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
the examination of tax treatments by taxation authorities, (c) how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates and (d) how an entity considers changes in facts and circumstances. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019.
 
As of June 30, 2019, these changes did not have significative effects on the Group.
 
2.4.
Business combination
 
As described in Note 11.4, on June 14, 2019, the Company acquired the Thermal Station Brigadier López (“the Station”) and the real estate on which the Station is located. The fair value of the identifiable assets and liabilities transferred at the date of the acquisition, which was determined temporarily in accordance with IFRS 3, is as follows:
 
 
 
ARS 000
 
Assets
 
 
 
 
 
 
 
Property, plant and equipment
  13,572,364 
Trade and other receivables, net
  247,307 
 
  13,819,671 
 
    
Liabilities
    
 
    
Other loans and borrowings
  (6,707,722)
Compensation and employee benefits liabilities
  (7,183)
 
  (6,714,905)
 
    
Total identifiable net assets measured at fair value
  7,104,766 
 
The business combination was accounted using the “acquisition method” set forth in IFRS 3. Even though the legal, economic-financial, tax, technical effects and any other effects produced after the execution of the transference agreement, were deemed as produced as from April 1, 2019, the Company considered, in order to comply with IFRS 3, that the acquisition date was June 14, 2019; thus, the Company has recognized the business combination as from that date. As a result of the application of such method, the Company considers that the consideration paid is similar to the fair value of the assets and liabilities acquired at the acquisition date. As of the date of these financial statements, the final valuations of the fair value have not been defined, therefore the value of the assets and liabilities transferred could be adjusted within the year after the acquisition date, in accordance to IFRS 3.
 
The results of the operation of the Station and the results related to the financial debt, accrued after the acquisition date, have been included in these financial statements.
 
 
13
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
3.
Operating segments
 
The following provides summarized information about the net income from continuing operations of the operating segments for the six-month periods ended June 30, 2019 and 2018:
 
06-30-2019
 
Electric Power Generation
 
 
Natural Gas Transport and Distribution (1) (2)
 
 
Others (1)
 
 
Adjustmentsand Eliminations
 
 
Total
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
  12,337,862 
  10,625,946 
  627,895 
  (10,943,856)
  12,647,847 
Cost of sales
  (7,047,986)
  (7,963,645)
  (433,177)
  8,159,628 
  (7,285,180)
Administrative and selling expenses
  (918,486)
  (1,354,753)
  - 
  1,354,753 
  (918,486)
Other operating income
  3,936,987 
  370,906 
  5,558 
  (370,906)
  3,942,545 
Other operating expenses
  (58,156)
  (23,811)
  (13,040)
  23,811 
  (71,196)
 
    
    
    
    
    
Operating income
  8,250,221 
  1,654,643 
  187,236 
  (1,776,570)
  8,315,530 
 
    
    
    
    
    
Other (expenses) income
  (5,939,401)
  (844,406)
  (77,576)
  1,244,802 
  (5,616,581)
 
    
    
    
    
    
Net income for the segment
  2,310,820 
  810,237 
  109,660 
  (531,768)
  2,698,949 
Share in the net income for the segment
  2,310,820 
  325,834 
  62,295 
  - 
  2,698,949 
 
06-30-2018
 
Electric Power Generation
 
 
Natural Gas Transport and Distribution (1) (2)
 
 
Others (1)
 
 
Adjustmentsand Eliminations
 
 
Total
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
  6,113,625 
  9,606,192 
  596,825 
  (9,833,352)
  6,483,290 
Cost of sales
  (3,151,288)
  (6,158,118)
  (361,310)
  6,353,756 
  (3,316,960)
Administrative and selling expenses
  (759,657)
  (1,179,648)
  - 
  1,179,648 
  (759,657)
Other operating income
  8,213,431 
  113,746 
  21 
  (113,746)
  8,213,452 
Other operating expenses
  (123,586)
  (34,195)
  - 
  34,195 
  (123,586)
CVO receivables update
  13,485,342 
  - 
  - 
  - 
  13,485,342 
 
    
    
    
    
    
Operating income
  23,777,867 
  2,347,977 
  235,536 
  (2,379,499)
  23,981,881 
 
    
    
    
    
    
Other (expenses) income
  (8,245,148)
  (588,920)
  17,323 
  1,189,702 
  (7,627,043)
 
    
    
    
    
    
Net income for the segment
  15,532,719 
  1,759,057 
  252,859 
  (1,189,797)
  16,354,838 
Share in the net income for the segment
  15,532,719 
  704,154 
  117,965 
  - 
  16,354,838 
 
(1)
Includes information from associates.
(2)
Includes income (expenses) related to resale of gas transport and distribution capacity.
 
4.
Revenues
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from Resolution 1, Resolution 19, SGE Resolution 70/2018, Resolution 95/2013 and amendments
  11,118,761 
  5,742,455 
  5,057,663 
  2,821,858 
Sales under contracts
  1,112,395 
  188,644 
  545,502 
  100,010 
Steam sales
  106,706 
  138,116 
  52,672 
  69,238 
Resale of gas transport and distribution capacity
  116,147 
  243,047 
  60,766 
  188,035 
Revenues from CVO thermal plant management
  193,838 
  171,028 
  102,629 
  171,028 
 
  12,647,847 
  6,483,290 
  5,819,232 
  3,350,169 
 
 
14
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
5.
Other income and expenses
 
5.1.
Other operating income
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest earned from customers
  1,788,213(1)
  506,692(1)
  1,449,392(3)
  345,122(3)
Foreign exchange difference, net
  2,153,790(2)
  7,483,581(2)
  (701,352)(4)
  7,090,687(4)
Recovery of insurance
  - 
  222,135 
  - 
  - 
Others
  542 
  1,044 
  542 
  337 
 
  3,942,545 
  8,213,452 
  748,582 
  7,436,146 
 
(1)
Includes 13,747 and 19,863 related to receivables under FONINVEMEM I and II Agreements for the six-month periods ended June 30, 2019 and 2018, respectively. It also includes 1,288,445 and 386,918 related to CVO receivables for the six-month periods ended June 30, 2019 and 2018, respectively.
(2)
Includes 199,385 and 491,178 related to receivables under FONINVEMEM I and II Agreements for the six-month periods ended June 30, 2019 and 2018, respectively. It also includes 2,078,633 and 6,302,916 related to CVO receivables for the six-month periods ended June 30, 2019 and 2018, respectively.
(3)
Includes 6,053 and 10,391 related to receivables under FONINVEMEM I and II Agreements for the three-month periods ended June 30, 2019 and 2018, respectively. It also includes 1,048,696 and 386,918 related to CVO receivables for the three-month periods ended June 30, 2019 and 2018, respectively.
(4)
Includes 67,548 and 396,340 related to receivables under FONINVEMEM I and II Agreements for the three-month periods ended June 30, 2019 and 2018, respectively. It also includes (745,183) and 6,302,916 related to CVO receivables for the three-month periods ended June 30, 2019 and 2018, respectively.
 
5.2.
Other operating expenses
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charge related to the provision for lawsuits and claims
  (56,161)
  (55,902)
  (30,326)
  (30,090)
Charge related to the allowance for doubtful accounts
  (1,053)
  - 
  (940)
  - 
Others
  (13,982)
  (67,684)
  (12,423)
  (57,996)
 
  (71,196)
  (123,586)
  (43,689)
  (88,086)
 
5.3.
Finance income
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest earned
  30,899 
  59,755 
  11,260 
  5,036 
Net income on financial assets at fair value through profit or loss (1)
  501,872 
  187,862 
  229,225 
  76,337 
Foreign exchange differences
  442,090 
  1,224,415 
  315,648 
  1,176,547 
Net income on disposal of financial assets at fair value through other comprehensive income
  - 
  202,728 
  - 
  127,030 
 
  974,861 
  1,674,760 
  556,133 
  1,384,950 
 
(1) Net of 48,339 and 19,519 corresponding to turnover tax for the six-month periods ended June 30, 2019 and 2018, respectively and net of 30,117 and 7,720 for the three-month periods ended June 30, 2019 and 2018, respectively.
 
 
15
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
5.4.
Finance expenses
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on loans and borrowings from CAMMESA
  (1,074,700)
  (894,510)
  (571,854)
  (461,164)
Foreign exchange differences
  (858,498)
  (2,007,672)
  179,991 
  (1,717,619)
Bank commissions for loans and others
  (20,447)
  (25,986)
  (8,938)
  (13,283)
Others
  (249,097)
  - 
  (187,830)
  - 
 
  (2,202,742)
  (2,928,168)
  (588,631)
  (2,192,066)
 
5.5.
Movements from financial assets at fair value through other comprehensive income
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial assets at fair value through other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
Gain for the period
  - 
  (188,963)
  - 
  (220,367)
Reclassification adjustments to income
  - 
  (202,728)
  - 
  (127,395)
Loss for financial assets at fair value through other comprehensive income
  - 
  (391,691)
  - 
  (347,762)
 
6.
Income tax
 
The major components of income tax during the six-month periods ended June 30, 2019 and 2018, are the following:
 
Consolidated statements of income and comprehensive income Consolidated statement of income
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current income tax
 
 
 
 
 
 
 
 
 
 
 
 
Income tax charge for the period
  (2,510,344)
  (5,024,413)
  (907,772)
  (2,506,079)
Adjustment related to current income tax for the prior period
  21,613 
  (8,231)
  21,613 
  (8,231)
 
    
    
    
    
Deferred income tax
    
    
    
    
Related to the net variation in temporary differences
  396,012 
  (896,219)
  386,580 
  (126,076)
Income tax
  (2,092,719)
  (5,928,863)
  (499,579)
  (2,640,386)
 
 
16
 
 
English translation of the consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”).
In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this translation.
 
CENTRAL PUERTO S.A
 
Consolidated statement of comprehensive income
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax for the period related to items charged or credited directly to other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
Deferred income tax
  - 
  137,091 
  - 
  121,717 
Income tax charged to other comprehensive income
  - 
  137,091 
  - 
  121,717 
 
The reconciliation between income tax in the consolidated statement of income and the accounting income multiplied by the statutory income tax rate for the six-month periods ended June 30, 2019 and 2018, is as follows:
 
 
 
6 months
 
 
3 months
 
 
 
01-01-2019 to 06-30-2019
 
 
01-01-2018 to 06-30-2018
 
 
04-01-2019 to 06-30-2019
 
 
04-01-2018 to 06-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income tax from continuing operations
  4,791,668 
  22,283,701 
  1,851,621 
  7,397,447 
Income before income tax from discontinued operations
  - 
  402,485 
  - 
  - 
Income before income tax
  4,791,668 
  22,686,186 
  1,851,621 
  7,397,447 
 
    
    
    
    
At statutory income tax rate of 30%
  (1,437,500)
  (6,805,855)
  (555,486)
  (2,219,234)
Share of the profit of associates
  (2,409)
  (75,985)
  (7,281)
  (71,016)
Effect related to statutory income tax rate change (1)
  54,598 
  347,515 
  (14,134)
  59,135 
Effect related to the discount of income tax payable
  (322,625)
  658,555 
  (58,665)
  24,937 
Adjustment related to current income tax for the prior period
  21,613 
  (8,231)
  21,613 
  (8,231)
Income (loss) on net monetary position
  (406,379)
  (110,661)
  114,384 
  (428,390)
Others
  (17)
  1,369 
  (10)
  2,413 
Income tax for the period
  (2,092,719)
  (5,993,293)
  (499,579)
  (2,640,386)
 
    
    
    
    
Income tax attributable to continuing operations
  (2,092,719)
  (5,928,863)
  (499,579)
  (2,640,386)
Income tax attributable to discontinued operations
  - 
  (64,430)
  - 
  - 
 
  (2,092,719)
  (5,993,293)
  (499,579)
  (2,640,386)
 
(1) Effect of applying the changes in the statutory income tax rate established by Law 27,430, as described in Note 20 to the issued consolidated financial statements of December 31, 2018, to the deferred assets and liabilities, according to its expected term of realization and settlement, respectively.
 
Deferred income tax
 
Deferred income tax relates to the following:
 
 
 
 
Consolidated statement of financial position