Financial Data and Key Metrics Changes - Revenues for Q4 2021 were ARS 14.1 billion, a 1% increase from ARS 14 billion in Q4 2020 [18] - Consolidated net income was ARS 0.85 billion in Q4 2021, compared to ARS 0.82 billion in the same period of 2020 [24] - Full year revenues decreased 1% to ARS 57.1 billion in 2021 from ARS 57.5 billion in 2020 [28] - Adjusted EBITDA for 2021 reached ARS 35.3 billion, down from ARS 39.4 billion in 2020 [30] Business Line Data and Key Metrics Changes - Energy generation in Q4 2021 was 3,727 gigawatt-hours, a 2% decrease from the same period in 2020 [12] - Thermal generation decreased by 29% at the Piedra del Aguila plant due to drought conditions [13] - Steam production increased by 36% in Q4 2021, totaling 360,411 tons [14] - For the full year, thermal generation increased by 7% to 10,500 gigawatt-hours, while renewables rose by 18% [15][16] Market Data and Key Metrics Changes - Energy demand increased by 6% to 33,472 gigawatt-hours in Q4 2021 compared to 31,432 gigawatt-hours in Q4 2020 [10] - The market share for residential users was 44%, commercial users 28%, and industrial users 27% as of Q4 2021 [11] Company Strategy and Development Direction - The company is focusing on increasing generation capacity from Terminal 6, which began operations in October 2021 [35] - There is an ongoing interest in developing new renewable projects despite rising costs and challenges in profitability [47][48] - The company is exploring opportunities in energy exports but has faced limitations due to increased domestic consumption and fuel shortages [39] Management's Comments on Operating Environment and Future Outlook - Management does not expect significant changes in hydro generation due to low inflow conditions [35] - The company anticipates stable availability for thermal units, with a focus on maximizing dispatch during periods of low natural gas supply [42][43] - Future cash uses will likely include maintenance CapEx, with no significant increases expected for 2022 [52] Other Important Information - The company reported a 36% decrease in spot sales due to lower hydro generation and reduced production from combined cycle units [20] - FONI collections totaled ARS 1.87 billion in Q4 2021, with timely collections reported [26] Q&A Session Summary Question: Expected maintenance affecting generation levels in 2022 - Management indicated no major maintenance expected for combined cycles in 2022, with an increase in generation anticipated from Terminal 6 [34][35] Question: Outlook for hydro generation - Management does not foresee significant improvements in hydro generation due to ongoing low inflow conditions [35] Question: Status of energy exports - The company has seen some benefits from energy exports but has ceased exporting since November due to increased domestic consumption and fuel shortages [39] Question: Capacity factor for thermal units - The capacity factor is expected to remain stable, with the elimination of penalties for thermal units favorably impacting dispatch [42] Question: Main cash uses and new project investments - The company is exploring new renewable projects but faces challenges due to rising transportation costs [47][48] Question: Expected CapEx for the year - Maintenance CapEx is expected to remain consistent with previous years, with potential new projects depending on favorable conditions [52][53]
Central Puerto(CEPU) - 2021 Q4 - Earnings Call Transcript