Good morning, ladies and gentlemen, and welcome to Central Puerto's First Quarter 2024 Earnings Webcast. [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 Relations support section on the company's corporate website at www.centralpuerto.com. In addition, a replay of today's call may be accessed by accessing the webcast link at the same section of the Central Puerto's website. Before we proceed, please be aware that all financial figures were prepared in accordance with IFRS and were converted from Argentine pesos to U.S. dollars for comparison purposes only. The exchange rate used to convert Argentine pesos to U.S. dollars was the reference exchange rate reported by the Central Bank for U.S. dollars for the end of each period. The information presented in U.S. dollars is for the convenience of the reader only, and you -- and should not consider these translations to be representations that the Argentine peso amounts actually represents these U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Finally, it is worth noting that the financial statement for the first quarter ended on March 31, 2024, include the effects of the inflation adjustment. Also, please take into consideration that certain statements made by the company during this conference call and answer to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by industry remarks. Thus, we refer you to the forward-looking statements section on 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. To follow the discussion better, please download the webcast presentation available on the company's website. Please be aware that some of the numbers mentioned during the call may be rounded to simplify the discussion. On the call today from Central Puerto is Fernando Bonnet, Chief Executive Officer; Enrique Terraneo, Chief Financial Officer; and Alejandro Díaz López, Chief Finance and Investor Relations Coordinator. And now I will turn the call over to Alejandro Díaz López. Please, Alejandro, you may begin.

Thank you very much, and good morning to you all. Thank you for joining us today on our earnings presentation, where our management team from Buenos Aires, Argentina, is going to comment on our financial results of the first quarter of 2024. I would like to take a moment of your attention to review today's agenda. I will begin the presentation by addressing shortly the main figures of the first Q 2024, followed by a quick update of the regulatory framework and news. Then I will show an overview of the Argentine energy sector moving afterwards to our operational and financial results. Finally, at the end of the presentation, we will be happy to address any questions you may have. Before going into a more exhaustive analysis of our financial and operational results, let me briefly review Central Puerto's main figures for the first Q of 2024. As you may recall, with the acquisition of Central Costanera performed in February of 2023 and Guañizuil solar farm in October of 2023. The group's installed capacity has [indiscernible] 49% to 7,173 megawatts. Furthermore, energy generation amounted to 5,520 gigawatt hour during the first 3 months of 2024, which means an increase of 8%. These figures make Central Puerto the largest private energy generation company in Argentina, both in terms of installed capacity and energy generation with a well-diversified portfolio of assets across almost all power generation technologies. Regarding our financial results, it should be noted that after the sharp devaluation that happened in December of 2023, the exchange rate kept almost flat during the first 3 months of 2024, while inflation though decreasing from December of 2023 was significantly higher. This dynamic generated inflation in dollars in Argentina. Due to Central Puerto's accounting methodology, all items in pesos must be adjusted for…

[Operator Instructions] We have a question from Martin Arancet with Balanz Capital.

Well, first of all, as always, thank you for the presentation. I have 4 questions. I would like to run them one by one, if that's okay. First, through Resolution 45, the government extended until mid-July, the time to sign the PPAs of the -- the [indiscernible] auction. And you were one of the main winners of that auction. And -- so I was wondering what are your expectations for those PPAs. If in your opinion [indiscernible] could decide to move forward and sign those PPAs. Because as far as we know, [indiscernible] did not like that [indiscernible] project we will use engines instead of turbines, and we also prefer that CAMMESA does not sign any new contracts. But at the same time, some projects seems key to sustainability of the system.

Okay. Thank you. Thank you, Martin, for your questions. Yes, as you mentioned, this extension was a little bit surprise for us because, as you mentioned, the government are more in line with trying to promote private PPAs instead of public, private, like in the former government. And on the other hand, they start to analyze a possibility to extend because they have -- they still have under analysis, the needs of the system, especially in terms of the [ AMBA ] -- the [ AMBA ] region, and the technicians of CAMMESA are asking for additional capacity in [ AMBA ]. So they -- they want to keep analyzing the possibility of this auction -- to move forward with this auction. But right now, we are not -- we don't have additional insights from them in terms of moving -- really moving forward in that direction. So I think they still -- they have -- they still are making analysis. And the other thing is how fast they can move with the new regulations in order to promote the private PPA. I think they feel that they are moving -- or they have another priorities in terms of the subsidies, reorganization and so on. But right now, we are -- not have an insight if they're going to move forward after the 60 days or not. Additionally, we are seeing perhaps a little bit changed -- not a little bit, but a change on how they are approaching the -- all the solution with CAMMESA [ debt ], so this will perhaps impact how we can move forward with these new contracts or not. So I think we are in a -- we are saying how we can handle the situation with CAMMESA and then we will see after that, if we can continue with this scheme or not.

Very clear. And since you touched the CAMMESA delays, for what I saw, they also -- and you mentioned a little bit on the presentation, they also -- [ you haven't made ] the payments or some of the payments for FONI, and it's the first time ever that FONI is not get paid. I don't know if you could share with us their opinion on fund payments if they are going to be with [ you ] because as far as I know, they are not considering this new offer of Resolution 58.

Yes. As you mentioned, this -- or the last month was the first time that the FONI doesn't paid on time. And the thing that we have been talking with CAMMESA and Secretary of Energy is the FONI payments. We are not included in the resolution scheme, in the Resolution 58 scheme. So we expect to get collect -- or to start collecting the FONI in the near days or perhaps in these months, we can collect 2 -- 2 installments and the regularization could happen in the next month, and we can get the FONI back on time since, I think, June.

Okay. Then regarding your -- well, you mentioned the AbraSilver investment. I think that you [ invested ] $7 million. They are to acquire that 4% stake. Then Bloomberg disclosed a possible investment in another copper projects on another Canadian company, that is looking for a $130 million investment. So I was wondering what are your plans for AbraSilver if you are considering to increase investment depending on some results maybe. And on the other hand, how advanced are the talks to invest in other projects? And how much are you considering investing in these mining projects in total?

Okay. In terms of AbraSilver, the money that we invest, and the other company Kinross also is for the feasibility studies and other operating costs. So we expect with that money, the AbraSilver can perform the feasibility studies and maintain the operational cost. And we are not in the near term -- we are not expecting additional -- additional money. So after the feasibility study, of course, if we can move to the production stage, it will require more money, but I think it's not in the -- for sure, not this year, could be next one or the other. And in terms of other investments in mining sector, we are not so close. We are analyzing other alternatives, but no, nothing really, really close.

Okay. Then my last question. Earlier this year, Central Puerto disclosed its annual plan for investment and divestments. There you mentioned a possible merger with [indiscernible] subsidiaries. I was wondering, do you plan to buy [indiscernible] shares of Central Costanera for the merger or a possible exchange for Central Puerto shares. Also, in the same text you opened the possibility of crossing the border with new power plants. I don't know if there is any particular country where you will consider investing. And since this [indiscernible] is an annual plan, I was wondering if we could see these things happening in 2024.

Yes. First of all, yes, we are moving forward with the reorganization in terms of renewables. This is something that is necessary in order to reduce all the administrative costs and being more effective in terms of selling as a unique block of capacity. So it's not only administrative but is operating also and commercial. So we're going to move forward with these reorganizations. And in terms of moving abroad with -- in terms of having other plants outside Argentina, I think we -- with all of these happening in Argentina today and I think we -- for this year, I think we cannot be able to perform an operation -- important operation abroad. So I think we're going to concentrate our effort in terms of Argentina operating bringing a different alternative in order to install new capacity in the way of PPAs with the government or perhaps in private PPAs and also in terms of demerging our capacity -- or renewable capacity. So I think I don't see operating abroad this year or -- operation abroad this year now.

Okay. One last question, sorry, if I may. Regarding CapEx, I was wondering how much CapEx do you expect for 2024. And if you could break that between San Lorenzo, Brigadier and maintenance CapEx?

Okay. In terms of Brigadier Lopez. As you may know, we start the construction of the combined cycle or the -- closing the combined cycle, in fact. And this -- we already make a 30% advance payment to a construction company, and we expect another perhaps this year, another 30% or 50% -- between 30% and 50% [ amount ] of the total CapEx, which is around $150 million. And in terms of regular CapEx, we expect an important maintenance in our combined cycle in Buenos Aires, but this is covered by the regular payments that we made in terms of the maintenance contract with GE. And we are not seeing a huge -- or big maintenance for this year. Perhaps next year, is the time of Costanera combined cycle, Mitsubishi combined cycle, and we need to make payments in advance perhaps the last quarter of this year in around $15 million, but not more than that.

Okay. And on San Lorenzo [indiscernible].

San Lorenzo has the -- already has the -- already did the big maintenance. They -- they [indiscernible] fast maintenance in the first quarter. So we are not expecting for San Lorenzo additional CapEx this year.

[Operator Instructions] Okay, as we have no questions on the line at this time, I would like -- we do -- sorry, we've got a question coming from Eva Lawrence with [indiscernible] Group.

Yes. Can you hear me? I just would like to ask about your financing plans, how are you financing some of these projects that you're currently doing and that you will do?

Okay. Okay. Thank you for your questions. We -- right now, we are working in 2 projects, big projects. One is the San Lorenzo -- sorry, is the Brigadier Lopez, closing of combined cycle. And the other one is a solar -- a solar project, 15 megawatts. So we are performing that project with our cash flow. So we have our cash and cash flow enough to cover the 2 projects. If we need to move forward with the project that we get awarded in the auction -- last auction that we have been talking in the -- in the previous questions, for sure, we need to go to the market to get some debt -- additional debt because they are -- we are talking about in terms of the 2 projects, Costanera project around [indiscernible]. So in that case, it's not sure because this -- the wording is -- as we talked in the last question is kind of in analysis. But in that case, we need to move forward to the market. But with the project that already are under construction, we have enough cash and cash flow to cover it.

As we have no further questions, I would like to turn the conference back over to Mr. Fernando Bonnet for any closing remarks.

Thank you to 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 concludes our question-and-answer session and our conference. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation.