Good afternoon, good morning, and welcome to the Central Puerto Conference Call following the results for the announcement of the Quarter Ended on March 31, 2018. All participants will be in a listen-only mode. [Operator Instructions] Please also note today's 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 website 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 website. Before we proceed 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 sections 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. In addition, all financial figures were prepared in accordance with the IFRS and are stated in the Argentinean pesos unless otherwise noted. On the call today from Central Puerto is the Jorge Rauber, Chief Executive Officer; and Tomás Daghlian, Investor Relations Officer. And now, I will turn the call over to Jorge Rauber. Mr. Rauber you may begin.

Thank you and welcome everyone. We are joining you today with our team from Buenos Aires, Argentina to report results of the first quarter 2019 and to answer any questions that you may have. Today is with me, Tomás Daghlian, who is our Investor Relations Officer who will replace Fernando Bonnet, our Chief Financial Officer, who was originally announced for this conference and Tomás will be in charge of reporting and explaining the results of the Company. I will first refer to the operating figures of the quarter and then continue with some recent news regarding Central Puerto and the electric energy sector. Finally, Tomás will analyze the financial results. During the first quarter, we generated 3.5 terawatt hours of electricity, a 3% increase as compared to the same quarter of 2018. This increase was mainly due to 2% increase in hydro generation and a 156 megawatt hour of additional energy from wind farms Achiras and La Castellana, which started operation during the third quarter 2018. This was partially offset by the 2% decrease in energy generation from our thermal units. For the general market according to CAMMESA, electricity demand during the quarter decreased 70% due to lower temperatures during the summer and the decrease in the demand by commercial and industrial customers. On the other hand, the availability of our thermal units reached 92% in the period, which is 2% lower is compared to the first quarter 2018, but 13 percentage point higher than the average availability of the market with the same period for 2018. During this quarter, we continue with the construction of our new projects. Regarding the thermal project, Luján de Cuyo and Terminal 6-San Lorenzo, during the first quarter of 2018, we continuously work for the construction of the new refrigeration units and their auxiliary…

Ladies and gentlemen, we’ll now begin the question-and-answer session [Operator Instructions]. And our first question today comes from Frank McGann from Bank of America. Please go ahead with your question.

Okay. Thank you very much. So, I could just two questions, one just in terms of SG&A. The year-over-year increase is relatively low compared to your currency changes and inflation. I was just wondering, how you thought that might act as we go through following quarters whether we should expect to see a pick up related to what we seen in the first quarter? And then secondly just kind of stepping back and looking at the sector. The overall level of capacity in the sector seems I guess adequate now perhaps some people, you talked to you think there’s quite a bit of capacity relative to demand and certainly demand has fallen some. But speaking out on a little bit longer term, I'm just trying to I think get the potential for new investments and how you’re seeing the need for new competitive capacity to come into the market? Clearly, this is a difficult time to do that and really financing issues and such makes to difficult for the government and the players of the system to want that capacity. But assuming things normalize and we have a better environment, do you think there’s good opportunity for substantial new capacity?

Thank you, Frank. I will answer first on the second quarter you made. I would say in general terms put in aside the fact that we are, as you mentioned living in a very tough situation in terms of financing. What we specifically see regarding the sectors that we are facing a kind of excess capacity at the moment especially because we as you may know demand of electricity is quite stable for the last three years, I would say, before that it was growing faster and now pretty faster. And now it’s kind of stable because of the economic situation because of the increase time and electricity there’s demand in terms of price. So what we see today and on the other side we have the installation of new capacity especially coming from the renewal projects and the ones that we at the Central Puerto and the rest of generators have installed in terms of cogeneration projects and the closing of common cycles. So what we see, installation of more 4,000 megawatt until May next year more or less and the demand which is not growing. So, what we see is an excess capacity and for sure, the situation should way a little bit in order to add more capacity if the objective of that capacity if they're reserved of that capacities to meet the peak demand. So, this excess capacity in terms of megawatt installed. What we do have is an opportunity to replace very old and efficient units for new ones. So probably it’s not so much related to in-store capacity which is enough as I mentioned and probably an excess capacity, but in terms of efficiency why not they challenge the system half is has to go back to path of efficient which have to be in the last ten or 15 years. The system used to be a very-very efficient and model for the award and now which are quite in infusion system where units are extremely over our steel in operation when should sustainable several years ago. So we respect the challenge I mean we have to change the unit not to add more capacity but to change the existing unit, the old once for new ones in order to be more efficiency in order to make more profit for the Company and in order to save fuel and reduce the target for the customers. So that will be win-win saturation if we get our framework that can provide that kind of incentive. I am the replacement for your all units for new ones in order to reduce cost and increase the profit of the Company. And first one was? Tomás Daghlian: Yes, I missed which line you were refereeing to Frank because you were repeatedly…

The SG&A line, the ARS455 million that was up limited amount, what is it 42% I guess, year-over-year. I just wondered if you thought that we could see larger increases in that line as we go forward. I think wage increases year-over-year is I think up 27%, if I remember right from the release. Should we expect year-over-year increase to grow more? Tomás Daghlian: Yes, okay. So, in the first quarter of 19, the Company paid bonus to the personnel which was in accordance to the bylaws of the Company Section 33 of the bylaws the Company, which impacted the cost of salaries paid to personnel. It's included in that line, but it's an extraordinarily result because these bonuses were related to the external results that we had last year, which we don’t expect to happen again which was because of the CVO effect. According to the bylaws, a portion of those results have to be distributed to the employees of the Company, but this was a very onetime thing. And for the ongoing and ordinary wages of the Company, as a matter of that I would say that, the salaries are less -- were lower than the first quarter of 2018.

[Operator instructions] And ladies and gentlemen, at this time I’m showing no additional questions. I'd like to turn the conference back over to management for any closing remarks.

Well, thank you everyone and for your interest in Central Puerto and your continued support for our company. We encourage you to call us at anytime for any information that you may need. Thank you and have a good afternoon.

Ladies and gentlemen, the conference has now concluded. We thank you for attending today's presentation. You may now disconnect.