Good morning, and welcome to the Central Puerto conference call following the results announcement for the quarter ended on March 31, 2021 [Operator Instructions]. Please note, this event is being recorded. If you do not have a copy of the press release, please refer to the Investor Support section on the company's corporate Web site at www.centralpuerto.com. A replay of today's call may be accessed by accessing the webcast in the Investor Support section of the Central Puerto corporate Web site. Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and are stated in Argentinian pesos. Unless otherwise noted, it is worth noting that the financial statements for the quarter ended on March 31, 2021 include the effects of the inflation adjustment. Accordingly, the financial figures mentioned during the call, including the data from previous periods and the growth comparisons have been stated in terms of Argentine pesos of the end of the reporting period. Also, please note that certain statements made by the company during this conference call are forward-looking statements, and we refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. Central Puerto assumes no obligation to update forward-looking statements, except as required under applicable securities laws. Following the discussion, please download the webcast presentation available on the company's Web site. Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion. On the call for Central Puerto is Fernando Bonnet, Chief Executive Officer; Enrique Terraneo, Chief Financial Officer; Milagros Grande, Chief Financial Manager; and Nicolas Macchi, Investor Relations Officer. And now I will turn the call over to Fernando Bonnet. Mr. Bonnet, thank you. You may begin.

Thank you very much. Good morning and welcome. It's a pleasure for me now as the CEO join you today with our management team from Buenos Aires to report on the results of the first quarter 2021, and then answer any questions you may have. And I would like to begin today's call analyzing the developments of the first quarter, comment on the progress of our expansion project and analyze the operating figures of the quarter. Milagros will present the recent financial news and results. First of all, I'm going now to Page 3. As you may recall, during 2020 the measures adopted to prevent the spread of the COVID-19 virus have an impact on the progress of our project Terminal 6 new cogeneration unit. During the quarter, we have continued with the construction of the new Terminal 6 San Lorenzo generation plant and reached a progress of 92%. It's important to remark that since November 2020, the plant obtained a partial commissioning of its gas turbine of 269 megawatts selling energy under the spot market regulation. Once the COD of the full project is achieved, which is expected for the third quarter of 2021, the plant will be remunerated under the 15 year PPA on the energy side and sell to a private offtaker and they're also 15 year contract. Moving now to our key performance indicator for the quarter. As you can see on Page 4, energy generation during the first quarter was 3,479 gigawatt hours of electricity, 11% lower than the same period of 2020. This was mainly due to 306 gigawatt hour drop in generation from our Piedra del Águila hydro plant related to lower water inflows and 180 gigawatts hour decline in our thermal generation, mainly due to small failures in our Pureto’s combined cycle…

Thank you, Fernando. I will start referring to some recent financial news for the company and then comment on the results of the first quarter 2021. On February 25, the Central Bank decided extend the FX regulatory restrictions established by the communication 7106 until December 31, 2021 through the issuance of the Communication 7230. The [installments] under the syndicated loans signed with Citibank, JPMorgan Chase Bank and Morgan Stanley Senior Funding for the acquisition of Brigadier López Plant maturing on June, September and December 2021, and [Technical Difficulty] such evolution. Therefore, as of the date of this press release, we are maintaining negotiations with these banks to reschedule those installments. Moving now to the results this quarter. As you can see on Page 5, our revenues were ARS10,164 million as compared to ARS11,419 million during the first quarter of 2020. This decrease was mainly due to 31% decrease in Spot Sales/Energia Base, which totaled ARS4,166 million in the first quarter of 2021 as compared to ARS6,050 million in the first quarter of 2020, mainly due to the lack of monthly price adjustment of Resolution 31 instructed by the Secretary of Energy on April 8, 2020, and to a lesser extent to small failures in Puerto's combined cycle and some of its steam turbines. This was partially offset by 13% increase in sales under contract, which amounted ARS5,444 million during the first quarter of 2021 as compared to ARS4,833 million in the first quarter of 2020, mainly due to the new wind farms mentioned above and 9% increase in steam sales, which totaled ARS281 million in the first quarter of 2021 compared to ARS258 million in the first quarter of 2020 as the steam production increased 3% in the quarter. The gross profit was ARS4,973 million in the first quarter of…

[Operator Instructions] Our first question comes from the line of Frank McGann with Bank of America.

I wondered in terms of the legacy price adjustment that you said you've been discussing with the Secretary of Energy, and others have suggested that as well. It sounds like you’re fairly confident, I guess. I'm just wondering if you have any feel for how material that could be, how it might be structured, particularly in light of what we saw with the distribution increase that was granted recently, just wondering if how much risk maybe there is associated with getting it? And then secondly, just a couple of more mundane things, just in terms of the current hydro situation for Piedra del Águila and the Puerto plant. The issues that you had with it, if you could provide a little bit more detail maybe and if those are completely resolved at this stage.

In terms of the tariff increase in Resolution 31, as you mentioned and we talked in the call, we have several meetings in last year with sub secretary of energy, [Indiscernible]. And we have additionally meetings with Dario Martinez, which is the secretary of energy. In those meetings, as we mentioned, we discussed about resolutions and [Indiscernible] of this adjustment. They really understand the situation. They agree with our situation. They want to move in the same -- or try to move together the different tariff increases, not taking one by one. They want to solve the increases as a whole and they work on the gas sector, they work on the electricity distribution sector, as you mentioned. And the last one is our increase. We talked with them in order to reestablish the Resolution 31, which in fact established a mechanism to us to make the adjustment, establish a mechanism which is related to the inflation. And we think that they believe that this perhaps is not -- or perhaps not the way we have several -- the automatic way that they are not so -- or they not plan to make that automatic, which is establishing the resolution, they are thinking more in an adjustment in the old days that you receive an adjustment once a year in order to cover the inflation. And I think this is -- and this is the only thing that is spending is to have the final number and to establish when it's going to apply. We talk with them in order to establish a retroactive effect from February. And I think they are willing to assess that to establish this new tariff adjustment from February, but we don't have the final number yet. Of course, in the case of the generation,…

Can I just follow-up -- yes, you mentioned that an estimate that 30% increase in the legacy tariffs would be what percentage to the -- legacy prices would be what percentage of the final tariff, 1.5 is that what you said?

No, this is the impact that if they apply. We don't know the number yet, as we mentioned. We have assumed perhaps, seeing some news on the press. And as I mentioned, the Secretary of Energy asked calculations to CAMMESA regarding the 29% increase, 29%. But I mentioned that this 29%, if they apply this 29%, the impact on the final tariff is very small. It's less than 1.5% that was in there…

[Operator Instructions] Our next question comes from the line of Ramon [Vasiloudis] with [Volante Capital].

I would like to ask you about Terminal 6. You mentioned that you have reached 92% completion. So what's the remaining CapEx for this? And then another question, are you planning to tap the market during 2021?

Yes, we are in 92%. The remaining CapEx is for Terminal 6. The remaining CapEx is around $15 million. And regarding to the second question, we are not right now -- we are not thinking to go back to the market in 2021 because we do not have any additional CapEx, big CapEx in this year. And we are restructuring our debt, our short term debt because the resolution of the central bank but we are restructuring, in fact. So we don't think by now, -- of course, perhaps some opportunities may appear, but we are not seeing right now going to the market.

So do you have any updates on the syndicate negotiation?

We are discussing the extension regarding to the 60% of the last three installments. And we are in the process with the banks. We are not -- these projects are not closed but we have several advances, yes.

Our next question comes from the line of Alan Ross.

My question is, two questions, mainly regarding the Resolution 3120. First thing is, is there a strategy in discussion? Is it going to be like an increase to the fixed price for another term or can it be like a variable price? And then the second thing is, is there any deadline because you said we don't have any information from the parties. Is there like a time frame that they have to provide us either yes or a no? There could be an increase in the price or definitely no for a deadline? And then if there is any update do I see -- or where would we see that, would it be on the news, on the Web site as a new posting? And that's it.

As we have been talking with them and as we see the things going on, we don't see a new scheme. We see an increase on that fixed price at least for this next month. I think that will be the new opening of discussion about the increase will depend on the inflation. But I see, as I mentioned, a new fixed price for a period of time. I don't know for how many months but that will be depending on the inflation how it's going on. If we have a higher inflation, I think we need to discuss a new increase but we need a new resolution. This will, as in the past, all this increase in the resolution are in spot scheme came by a resolution of secretary of energy, it's not like an automatic increase. So as we see the situation right now, this increase will be for a period. I don't know for how many months but that will be depending on the inflation, how it's going on. If inflation gets smooth, smoother than now, which is higher, perhaps we maintain this increase for perhaps until the elections. And then if inflation goes up, we need to discuss new adjustments and we'll request that at least. And I think the other question was how we're going to present that increase, I think we’ll be public because it's a resolution. But we can also express something on our Web site also, yes, or this and perhaps on a relevant release or press release yet what is happening.

This concludes our question-and-answer session. I would like to turn this conference back over to Mr. Bonnet for closing remarks.

Well, thank you, everyone, for your interest in Central Puerto. We encourage you to call us for any information that you may need. Have a great day. Thank you.

This conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.