Toggle SGML Header (+)


Section 1: 6-K (FORM 6-K)

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 November, 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
 
 

 
 
 
 
 
 
 
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: November 22, 2019
 
 
 
By:
 
/s/ LEONARD MARINARO
 
 
 
 
Name:
 
Loenard Marinaro
 
 
 
 
Title:
 
Attorney-in-Fact
 
 
 
 
 
 
 
3
(Back To Top)

Section 2: EX-99.1 (EXHIBIT 99.1)

Blueprint
 
 
 
 
Central Puerto S.A.
 
Consolidated financial statements for the nine-month periods ended September 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 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 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 nine-month period ended September 30, 2019
 
 
 
 
 
 
9 months
 
 
3 months
 
 
 
 
 
 
Unaudited
 
 
Unaudited
 
 
 
 
Notes
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
CONTINUING OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
    4 
  21,998,264 
  12,955,355 
  7,770,497 
  5,662,198 
Cost of sales
 
Exhibit F
 
  (11,408,117)
  (6,034,603)
  (3,195,246)
  (2,303,086)
Gross income
       
  10,590,147 
  6,920,752 
  4,575,251 
  3,359,112 
 
       
    
    
    
    
Administrative and selling expenses
 
Exhibit H
 
  (1,607,075)
  (1,285,896)
  (591,510)
  (431,562)
Other operating income
    5.1 
  14,769,209 
  19,624,211 
  10,334,177 
  10,384,767 
Other operating expenses
    5.2 
  (348,122)
  (310,070)
  (268,032)
  (171,046)
Impairment of property, plant and equipment
    2.5 
  (615,674)
  - 
  (615,674)
  - 
CVO receivables update
    7.1 
  - 
  15,169,878 
  - 
  - 
Operating income
       
  22,788,485 
  40,118,875 
  13,434,212 
  13,141,271 
 
       
    
    
    
    
 
       
    
    
    
    
Loss on net monetary position
       
  (2,272,455)
  (2,513,959)
  698,433 
  (1,267,652)
Finance income
    5.3 
  1,974,265 
  2,581,384 
  877,628 
  697,420 
Finance expenses
    5.4 
  (12,190,049)
  (7,927,693)
  (9,712,149)
  (4,633,750)
Share of the profit of associates
       
  818,192 
  1,359,252 
  430,090 
  613,276 
Income before income tax from continuing operations
       
  11,118,438 
  33,617,859 
  5,728,214 
  8,550,565 
 
       
    
    
    
    
Income tax for the period
    6 
  (4,556,656)
  (9,794,213)
  (2,202,523)
  (3,124,741)
Net income for the period from continuing operations
       
  6,561,782 
  23,823,646 
  3,525,691 
  5,425,824 
 
       
    
    
    
    
 
       
    
    
    
    
DISCONTINUED OPERATIONS
       
    
    
    
    
 
       
    
    
    
    
Income after tax for the period from discontinued operations
    14 
  - 
  380,284 
  - 
  - 
Net income for the period
       
  6,561,782 
  24,203,930 
  3,525,691 
  5,425,824 
 
       
    
    
    
    
Attributable to:
       
    
    
    
    
 Equity holders of the parent
       
  7,022,198 
  25,101,998 
  4,166,765 
  5,892,934 
 Non-controlling interests
       
  (460,416)
  (898,068)
  (641,074)
  (467,110)
 
       
  6,561,782 
  24,203,930 
  3,525,691 
  5,425,824 
 
       
    
    
    
    
Basic and diluted earnings per share (ARS)
       
  4.67 
  16.68 
  2.77 
  3.92 
Basic and diluted earnings per share from continuing operations (ARS)
       
  4.67 
  16.42 
  2.77 
  3.92 
 
 
-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 nine-month period ended September 30, 2019
   
 
 
 
 
 
9 months
 
 
3 months
 
 
 
 
 
 
Unaudited
 
 
Unaudited
 
 
 
 
Notes
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income for the period
 
 
 
  6,561,782 
  24,203,930 
  3,525,691 
  5,425,824 
 
    
    
    
    
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 
  - 
  (440,619)
  - 
  - 
Income tax related to loss on financial assets at fair value through other comprehensive income
    6 
  - 
  154,218 
  - 
  - 
Other comprehensive income (loss) to be reclassified to income in subsequent periods
       
  - 
  (286,401)
  - 
  - 
Other comprehensive income for the period
       
  - 
  (286,401)
  - 
  - 
Total comprehensive income for the period
       
  6,561,782 
  23,917,529 
  3,525,691 
  5,425,824 
 
       
    
    
    
    
Attributable to:
       
    
    
    
    
- Equity holders of the parent
       
  7,022,198 
  24,815,597 
  4,166,765 
  5,892,934 
- Non-controlling interests
       
  (460,416)
  (898,068)
  (641,074)
  (467,110)
 
       
  6,561,782 
  23,917,529 
  3,525,691 
  5,425,824 
 
 
-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 September 30, 2019
 
 
 
 
 
 
09-30-2019
 
 
12-31-2018
 
 
 
Notes
 
 
Unaudited
 
 
Audited
 
 
 
 
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
Non-current assets
 
 
 
 
 
 
 
 
 
Property, plant and equipment
 
Exhibit A
 
  55,162,864 
  31,074,433 
Intangible assets
 
 
 
  2,711,293 
  3,077,574 
Investment in associates
 
 
 
  3,208,102 
  2,751,609 
Trade and other receivables
    7.1 
  24,098,767 
  22,955,971 
Other non-financial assets
    8.1 
  228,829 
  306,998 
Inventories
       
  102,148 
  102,840 
 
       
  85,512,003 
  60,269,425 
Current assets
       
    
    
Inventories
       
  378,894 
  304,163 
Other non-financial assets
    8.1 
  708,294 
  681,769 
Trade and other receivables
    7.1 
  11,010,192 
  14,566,793 
Other financial assets
    7.5 
  5,115,892 
  2,705,197 
Cash and cash equivalents
       
  1,597,704 
  316,627 
 
       
  18,810,976 
  18,574,549 
Total assets
       
  104,322,979 
  78,843,974 
 
       
    
    
Equity and liabilities
       
    
    
Equity
       
    
    
Capital stock
       
  1,514,022 
  1,514,022 
Adjustment to capital stock
       
  16,325,973 
  16,325,973 
Legal reserve
       
  2,129,200 
  527,913 
Voluntary reserve
       
  24,728,144 
  6,067,229 
Retained earnings
       
  7,022,198 
  20,262,202 
Equity attributable to holders of the parent
       
  51,719,537 
  44,697,339 
Non-controlling interests
       
  356,585 
  643,967 
Total equity
       
  52,076,122 
  45,341,306 
 
       
    
    
Non-current liabilities
       
    
    
Other non-financial liabilities
    8.2 
  4,324,224 
  2,697,211 
Other loans and borrowings
    7.3 
  28,177,557 
  7,165,689 
Borrowings from CAMMESA
    7.4 
  - 
  1,382,876 
Compensation and employee benefits liabilities
    8.3 
  153,667 
  204,436 
Deferred income tax liabilities
    6 
  6,668,698 
  6,600,325 
 
       
  39,324,146 
  18,050,537 
Current liabilities
       
    
    
Trade and other payables
    7.2 
  3,799,061 
  2,381,998 
Other non-financial liabilities
    8.2 
  2,442,987 
  2,287,037 
Borrowings from CAMMESA
    7.4 
  - 
  2,496,286 
Other loans and borrowings
    7.3 
  4,645,670 
  926,230 
Compensation and employee benefits liabilities
    8.3 
  460,790 
  538,619 
Income tax payable
    
  940,111 
  6,081,852 
Provisions
 
Exhibit E
 
  634,092 
  740,109 
 
    
  12,922,711 
  15,452,131 
Total liabilities
    
  52,246,857 
  33,502,668 
Total equity and liabilities
    
  104,322,979 
  78,843,974 
 
 
-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 nine-month period ended September 30, 2019
 
 
 
Attributable to holders of the parent
 
 
 
 
 
 
 
 
 
Capital stock
 
 
Retained earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Face value (1)
 
 
 
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 
  16,325,973 
  527,913 
  6,067,229 
  20,262,202 
  44,697,339 
  643,967 
  45,341,306 
 
    
    
    
    
    
    
    
    
Net income for the period
  - 
  - 
  - 
  - 
  7,022,198 
  7,022,198 
  (460,416)
  6,561,782 
Total comprehensive income for the period
  - 
  - 
  - 
  - 
  7,022,198 
  7,022,198 
  (460,416)
  6,561,782 
 
    
    
    
    
    
    
    
    
Increase in legal reserve
  - 
  - 
  1,601,287 
  - 
  (1,601,287)
  - 
  - 
  - 
Increase in voluntary reserve
  - 
  - 
  - 
  18,660,915 
  (18,660,915)
  - 
  - 
  - 
Contributions from non-controlling interests
  - 
  - 
  - 
  - 
  - 
  - 
  173,570 
  173,570 
Dividends in cash distributed by a subsidiary (2)
  - 
  - 
  - 
  - 
  - 
  - 
  (20,793)
  (20,793)
Share-based payments
  - 
  - 
  - 
  - 
  - 
  - 
  20,257 
  20,257 
As of September 30, 2019
  1,514,022 
  16,325,973 
  2,129,200 
  24,728,144 
  7,022,198 
  51,719,537 
  356,585 
  52,076,122 
    
(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 nine-month period ended September 30, 2018
 
 
 
Attributable to holders of the parent
 
 
 
 
 
 
 
 
 
Capital stock
 
 
Retained earnings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Face value (1)
 
 
 
 
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, 2018
  1,514,022 
  16,325,973 
  223,727 
  1,404,314 
  3,038,034 
  286,401 
  22,792,471 
  659,156 
  23,451,627 
 
    
    
    
    
    
    
    
    
    
Net income for the period
  - 
  - 
  - 
  - 
  25,101,998 
  - 
  25,101,998 
  (898,068)
  24,203,930 
Other comprehensive income for the period
  - 
  - 
  - 
  - 
  - 
  (286,401)
  (286,401)
  - 
  (286,401)
Total comprehensive income for the period
  - 
  - 
  - 
  - 
  25,101,998 
  (286,401)
  24,815,597 
  (898,068)
  23,917,529 
 
    
    
    
    
    
    
    
    
    
Increase in legal reserve
  - 
  - 
  304,186 
  - 
  (304,186)
  - 
  - 
  - 
  - 
Increase in voluntary reserve
  - 
  - 
  - 
  4,662,915 
  (4,662,915)
  - 
  - 
  - 
  - 
Dividends in cash
  - 
  - 
  - 
  - 
  (1,954,748)
  - 
  (1,954,748)
  - 
  (1,954,748)
Contributions from non-controlling interests
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  426,529 
  426,529 
Share-based payments
  - 
  - 
  - 
  - 
  - 
  - 
  - 
  7,772 
  7,772 
As of September 30, 2018
  1,514,022 
  16,325,973 
  527,913 
  6,067,229 
  21,218,183 
  - 
  45,653,320 
  195,389 
  45,848,709 
 
(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 nine-month period ended September 30, 2019
 
 
 
09-30-2019
 
 
09-30-2018
 
 
 
Unaudited
 
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
Operating activities
 
 
 
 
 
 
Income for the period before income tax from continuing operations
  11,118,438 
  33,617,859 
Income for the period before income tax from discontinued operations
  - 
  452,762 
Income for the period before income tax
  11,118,438 
  34,070,621 
 
    
    
Adjustments to reconcile income for the period before income tax to net cash flows:
    
    
Depreciation of property, plant and equipment
  1,305,809 
  1,088,052 
Disposal of property, plant and equipment
  - 
  114,040 
Impairment of property, plant and equipment
  615,674 
  - 
Amortization of intangible assets
  373,960 
  347,731 
Discount of accounts receivables and payables, net
  228,138 
  (2,297)
CVO receivables update
  - 
  (15,169,878)
Interest earned from customers
  (5,491,620)
  (1,459,090)
Finance income
  (1,974,265)
  (2,581,384)
Finance expenses
  12,190,049 
  7,927,693 
Share of the profit of associates and subsidiaries
  (818,192)
  (1,359,252)
Share-based payments
  20,257 
  7,772 
Movements in provisions and long-term employee benefit plan expense
  132,336 
  152,871 
Foreign exchange difference for trade receivables
  (9,275,363)
  (17,865,000)
Income from the sale of La Plata plant
  - 
  (721,083)
Loss on net monetary position
  (8,020,358)
  (5,626,256)
 
    
    
Working capital adjustments:
    
    
Decrease in trade and other receivables
  11,512,045 
  3,723,756 
Increase in other non-financial assets and inventories
  (250,533)
  (464,939)
(Decrease) Increase in trade and other payables, other non-financial liabilities and liabilities from employee benefits
  (221,755)
  2,681,029 
 
  11,444,620 
  4,864,386 
Interest received from customers
  3,847,596 
  43,640 
Income tax paid
  (7,965,016)
  (4,184,488)
Net cash flows provided by operating activities
  7,327,200 
  723,538 
 
    
    
Investing activities
    
    
Purchase of property, plant and equipment
  (9,993,157)
  (6,563,908)
Acquisition of Thermal Station Brigadier López (Note 11.4)
  (7,578,302)
  - 
Cash flows generated from the sale of the La Plata plant
  - 
  861,840 
Dividends received
  361,863 
  1,256,911 
(Acquisition) Sale of available-for-sale financial assets, net
  (1,723,107)
  1,885,522 
Net cash flows used in provided by investing activities
  (18,932,703)
  (2,559,635)
 
    
    
Financing activities
    
    
Bank and investment accounts overdrafts received (paid), net
  358,392 
  36,446 
Long-term loans received
  14,058,734 
  5,454,280 
Long-term loans paid
  (584,374)
  (3,435,472)
Interest and other financial costs paid
  (1,970,651)
  (519,096)
Contributions from non-controlling interests
  173,570 
  426,529 
Dividends paid
  (20,793)
  (1,954,748)
Net cash flows provided by financing activities
  12,014,878 
  7,939 
 
    
    
Increase (Decrease) in cash and cash equivalents
  409,375 
  (1,828,158)
Exchange difference and other financial results
  546,110 
  1,939,360 
Monetary results effect on cash and cash equivalents
  325,592 
  977,218 
Cash and cash equivalents as of January 1
  316,627 
  180,192 
Cash and cash equivalents as of September 30
  1,597,704 
  1,268,612 
 
 
-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 nine-month period ended September 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.
 
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.
 
 
-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.
 
 
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 100.8 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 14.4 MW. Also, on September 14, 2019 the wind farm belonging to the subsidiary Vientos La Genoveva II S.A.U. was commissioned, with a capacity of 41.8 MW.
 
The issuance of Group’s condensed consolidated financial statements of the nine-month period ended September 30, 2019 was approved by the Company’s Board of Directors on November 11, 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 of energy operated by thermal power stations is reduced. Therefore, the price for energy operated with any fuel is of 1.4 USD/MW.
 
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.
 
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.
 
 
-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.
 

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 nine-month period ended September 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.
 
2.2.1.
Measuring unit
 
The condensed consolidated financial statements as at September 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 37.7% and 32.41% in the nine-month periods ended September 30, 2019 and 2018, respectively.
 
 
-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.
 
 
2.3.
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 September 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 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 September 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
 
 
-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.
 
 
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
  15,244,907 
Other non-financial assets
  33,277 
Trade and other receivables, net
  273,108 
 
  15,551,292 
 
    
Liabilities
    
 
    
Other loans and borrowings
  (7,545,625)
Compensation and employee benefits liabilities
  (8,081)
 
  (7,553,706)
 
    
Total identifiable net assets measured at fair value
  7,997,586 
 
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 for the operation of the Station and the results related to the associated financial debt, that were both accrued after the acquisition date, amounted to: 1,750,743 for revenues; 2,313,566 for financial costs of the financial debt; and 649,341 loss before income tax. These results have been included in the consolidated income statement for the nine-month period ended September 30, 2019.
 
As of the date of these financial statements, the Company does not have the necessary information to present the foregoing figures as if the acquisition of the Station took place at the beginning of this fiscal year.
 
2.5.
Property, plant and equipment, and intangible assets impairment
 
At every period closing date, the Group evaluates if there is any triggering event of an individual component or group of property, plant and equipment and/or intangible assets with finite lives that may have their value impaired. Should such event exist, the impairment test for an asset is then required, and the Group estimates the recoverable amount of such asset. The recoverable amount of an asset is the highest amount between the fair value less costs of sale of such asset and its value in use. Such recoverable amount is determined for an individual asset, unless the individual asset does not generate cash flows substantially independent from the other assets or group of assets; in such case, the cash flows of the group of assets forming the cash-generation unit to which they belong are considered.
 
When the book value of an individual asset or a cash-generation unit exceeds its recoverable amount, the individual asset, or in its case the cash-generation unit, is considered as impaired and its value is reduced to its recoverable amount.
 
 
-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.
 

The Group has identified as triggering events of potential impairment of its property, plant and equipment and/or intangible assets with finite useful lives: i) the fall of the share value and the increase of country risk both derived from the macroeconomic situation described in Note 16 to these financial statements and ii) the lack of certainty regarding new projects that would allow the use of the acquired turbines. Consequently, the Group has revised the recoverability of its property, plant and equipment and intangible assets as at September 30, 2019, and has estimated that the book value of the generation group General Electric classified under the item “Turbines” exceeds its recoverable value by 615,674. To determine the recoverable amount of such generation group, the Group has used the fair value less costs of sale, basing its estimate in the appraisal made by a third party and in the determination of the necessary costs for the disposal of the asset in the international market in accordance with customs and tax regulations in force and the background of purchase and sale operations of assets of similar characteristics. The charge for the impairment of the above-mentioned turbine was recorded in the item “Property, plant and equipment impairment” of the consolidated income statement for the nine-month period ended September 30, 2019. After recognizing the impairment, the book value of the above-mentioned generation group amounts to 1,053,970.
 
3.
Operating segments
 
The following provides summarized information about the net income from continuing operations of the operating segments for the nine-month periods ended September 30, 2019 and 2018:
 
 
 
09-30-2019
 
 
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
  21,471,523 
  21,863,520 
  1,080,719 
  (22,417,498)
  21,998,264 
Cost of sales
  (11,016,150)
  (16,606,061)
  (708,045)
  16,922,139 
  (11,408,117)
Administrative and selling expenses
  (1,607,075)
  (2,475,524)
  - 
  2,475,524 
  (1,607,075)
Other operating income
  14,754,262 
  691,250 
  14,947 
  (691,250)
  14,769,209 
Other operating expenses
  (345,774)
  (41,256)
  (2,347)
  41,255 
  (348,122)
Impairment of property, plant and equipment
  (615,674)
  - 
  - 
  - 
  (615,674)
Operating income
  22,641,112 
  3,431,929 
  385,274 
  (3,669,830)
  22,788,485 
 
    
    
    
    
    
Other (expenses) income
  (17,032,020)
  (1,403,579)
  (64,360)
  2,273,256 
  (16,226,703)
Net income for the segment
  5,609,092 
  2,028,350 
  320,914 
  (1,396,574)
  6,561,782 
Share in the net income for the segment
  5,609,092 
  775,881 
  176,809 
  - 
  6,561,782 
 
    
    
    
    
    
 
    
    
    
    
    
 
 
 
09-30-2018
 
 
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
  12,523,748 
  19,709,876 
  987,269 
  (20,265,538)
  12,955,355 
Cost of sales
  (5,735,180)
  (12,917,920)
  (576,470)
  13,194,967 
  (6,034,603)
Administrative and selling expenses
  (1,285,896)
  (2,180,015)
  - 
  2,180,015 
  (1,285,896)
Other operating income
  19,624,166 
  184,808 
  45 
  (184,808)
  19,624,211 
Other operating expenses
  (310,020)
  (75,658)
  (50)
  75,658 
  (310,070)
CVO receivables update
  15,169,878 
  - 
  - 
  - 
  15,169,878 
Operating income
  39,986,696 
  4,721,091 
  410,794 
  (4,999,706)
  40,118,875 
 
    
    
    
    
    
Other (expenses) income
  (17,562,559)
  (1,157,276)
  41,544 
  2,383,062 
  (16,295,229)
Net income for the segment
  22,424,137 
  3,563,815 
  452,338 
  (2,616,644)
  23,823,646 
Share in the net income for the segment
  22,424,137 
  1,199,512 
  199,997 
  - 
  23,823,646 
  
(1)
Includes information from associates.
(2)
Includes income (expenses) related to resale of gas transport and distribution capacity.
 
-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.
 
 
4.
Revenues
 
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues from Resolution 1, Resolution 19, SGE Resolution 70/2018 and amendments
  17,493,968 
  11,768,592 
  4,986,294 
  5,116,420 
Sales under contracts
  3,786,057 
  518,012 
  2,534,706 
  305,804 
Steam sales
  191,498 
  237,144 
  71,463 
  81,775 
Resale of gas transport and distribution capacity
  193,304 
  198,452 
  62,648 
  67,479 
Revenues from CVO thermal plant management
  333,437 
  233,155 
  115,386 
  90,720 
 
  21,998,264 
  12,955,355 
  7,770,497 
  5,662,198 
 
5.
Other income and expenses
 
5.1.
Other operating income
 
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest earned from customers
  5,491,620(1)
  1,459,090(1)
  4,129,472(3)
  889,104(3)
Foreign exchange difference, net
  9,275,363(2)
  17,865,000(2)
  6,203,089(4)
  9,446,599(4)
Recovery of insurance
  222 
  249,883 
  222 
  - 
Others
  2,004 
  50,238 
  1,394 
  49,064 
 
  14,769,209 
  19,624,211 
  10,334,177 
  10,384,767 
 
(1)
Includes 19,037 and 35,150 related to receivables under FONINVEMEM I and II Agreements for the nine-month periods ended September 30, 2019 and 2018, respectively. It also includes 1,575,099 and 980,386 related to CVO receivables for the nine-month periods ended September 30, 2019 and 2018, respectively.
(2)
Includes 372,002 and 1,029,903 related to receivables under FONINVEMEM I and II Agreements for the nine-month periods ended September 30, 2019 and 2018, respectively. It also includes 8,887,472 and 16,070,696 related to CVO receivables for the nine-month periods ended September 30, 2019 and 2018, respectively.
(3)
Includes 3,573 and 12,806 related to receivables under FONINVEMEM I and II Agreements for the three-month periods ended September 30, 2019 and 2018, respectively. It also includes 775,147 and 545,136 related to CVO receivables for the three-month periods ended September 30, 2019 and 2018, respectively.
(4)
Includes 147,711 and 477,369 related to receivables under FONINVEMEM I and II Agreements for the three-month periods ended September 30, 2019 and 2018, respectively. It also includes 5,899,743 and 8,980,444 related to CVO receivables for the three-month periods ended September 30, 2019 and 2018, respectively.
 
5.2.
Other operating expenses
  
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Charge related to the provision for lawsuits and claims
  (98,242)
  (110,937)
  (35,066)
  (48,052)
Charge related to the allowance for doubtful accounts
  (5,832)
  - 
  (4,641)
  - 
Charge related to discount of tax credits
  (228,138)
  - 
  (228,138)
  - 
Others
  (15,910)
  (199,133)
  (187)
  (122,994)
 
  (348,122)
  (310,070)
  (268,032)
  (171,046)
 
 
-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.
 
 
   5.3 Finance income

 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest earned
  35,467 
  67,795 
  708 
  576 
Net income on financial assets at fair value through profit or loss (1)
  623,908 
  341,026 
  59,344 
  129,697 
Foreign exchange differences
  1,314,890 
  1,939,360 
  817,576 
  561,996 
Net income on disposal of financial assets at fair value through other comprehensive income
  - 
  233,203 
  - 
  5,151 
 
  1,974,265 
  2,581,384 
  877,628 
  697,420 

(1) Net of 66,527 and 27,789 corresponding to turnover tax for the nine-month periods ended September 30, 2019 and 2018, respectively and net of 14,021 and 10,331 for the three-month periods ended September 30, 2019 and 2018, respectively.
 
   5.4 Finance income 
 
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest on loans and borrowings from CAMMESA
  (2,134,451)
  (1,170,623)
  (925,504)
  (164,374)
Foreign exchange differences
  (9,410,201)
  (6,671,282)
  (8,444,463)
  (4,412,819)
Bank commissions for loans and others
  (185,518)
  (41,072)
  (162,517)
  (11,840)
Others
  (459,879)
  (44,716)
  (179,665)
  (44,717)
 
  (12,190,049)
  (7,927,693)
  (9,712,149)
  (4,633,750)

5.5.
Movements from financial assets at fair value through other comprehensive income
 
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
Financial assets at fair value through other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
Gain for the period
  - 
  (212,568)
  - 
  - 
Reclassification adjustments to income
  - 
  (228,051)
  - 
  - 
Loss for financial assets at fair value through other comprehensive income
  - 
  (440,619)
  - 
  - 

6.
Income tax
 
The major components of income tax during the nine-month periods ended September 30, 2019 and 2018, are the following:
 
Consolidated statements of income and comprehensive income Consolidated statement of income
 
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
Current income tax
 
 
 
 
 
 
 
 
 
 
 
 
Income tax charge for the period
  (4,513,256)
  (8,386,792)
  (1,688,671)
  (2,662,272)
Adjustment related to current income tax for the prior period
  24,973 
  (9,259)
  - 
  - 
 
    
    
    
    
Deferred income tax
    
    
    
    
Related to the net variation in temporary differences
  (68,373)
  (1,470,640)
  (513,852)
  (462,469)
Income tax
  (4,556,656)
  (9,866,691)
  (2,202,523)
  (3,124,741)
 
 
-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
 
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
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
  - 
  154,218 
  - 
  - 
Income tax charged to other comprehensive income
  - 
  154,218 
  - 
  - 
 
The reconciliation between income tax in the consolidated statement of income and the accounting income multiplied by the statutory income tax rate for the nine-month periods ended September 30, 2019 and 2018, is as follows:
 
 
 
9 months
 
 
3 months
 
 
 
01-01-2019 to 09-30-2019
 
 
01-01-2018 to 09-30-2018
 
 
07-01-2019 to 09-30-2019
 
 
07-01-2018 to 09-30-2018
 
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
ARS 000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income before income tax from continuing operations
  11,118,438 
  33,617,859 
  5,728,214 
  8,550,565 
Income before income tax from discontinued operations
  - 
  452,762 
  - 
  - 
Income before income tax
  11,118,438 
  34,070,621 
  5,728,214 
  8,550,565 
 
    
    
    
    
At statutory income tax rate of 30%
  (3,335,531)
  (10,221,186)
  (1,718,464)
  (2,565,170)
Share of the profit of associates
  79,681 
  222,456 
  82,391 
  307,933 
Effect related to statutory income tax rate change (1)
  254,963 
  421,950 
  193,545 
  31,025 
Effect related to the discount of income tax payable
  (383,567)
  939,109 
  (20,641)
  198,290 
Adjustment related to current income tax for the prior period
  24,973 
  (9,259)
  - 
  - 
Loss on net monetary position
  (1,042,019)
  (1,221,114)
  (584,217)