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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________________ to __________________. OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report __________________. 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) REPUBLIC OF ARGENTINA (Jurisdiction of incorporation or organization) Avenida Thomas Edison 2701 C1104BAB Buenos Aires Republic of Argentina (Address of principal executive offices) Fernando Roberto Bonnet Avenida Thomas Edison 2701 C1104BAB Buenos Aires Republic of Argentina. Facsimile: +54 (11) 4317-5900 Email: [email protected] (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act. Title of each class Name of each exchange on which registered American Depositary Shares, each representing 10 common shares of Central New York Stock Exchange* Puerto S.A.* * Not for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the New York Stock Exchange. Securities registered or to be registered pursuant to Section 12(g) of the Act. None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act. None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report. Title of each class Outstanding at December 31, 2018 Common shares, nominal value Ps.1.00 per share 1,514,022,256 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☒ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued Other ☐ by the International Accounting Standards Board ☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐ If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐ TABLE OF CONTENTS PAGE Item 1. Identity of Directors, Senior Management and Advisors 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Item 3.A. Selected Financial Data 1 Item 3.B Capitalization and indebtedness 4 Item 3.C Reasons for the offer and use of proceeds 4 Item 3.D Risk Factors 5 Item 4. Information of the Company 33 Item 4.A History and development of the Company 38 Item 4.B Business overview 42 Item 4.C Organizational structure 124 Item 4.D Property, plants and equipment 124 Item 5. Operating and Financial Review and Prospects 125 Item 5.A Operating Results 125 Item 5.B Liquidity and Capital Resources 149 Item 5.C Research and Development, patents and licenses, etc. 156 Item 5.D Trend Information 156 Item 5.E Off-balance sheet arrangements 159 Item 5.F Contractual Obligations 159 Item 5.G Safe Harbor 160 Item 6. Directors, Senior Management and Employees 160 Item 7. Shareholders and Related Party Transactions 172 Item 7.A. Major Shareholders 172 Item 7.B Related Party Transactions 173 Item 7.C Interests of experts and counsel 175 Item 8. Financial Information 175 Item 8.A. Consolidated Statements and Other Financial Information. 175 Item 8.B Significant Changes 176 Item 9. The Offer and Listing 178 Item 9.A. Offer and listing details 178 Item 9.B. Plan of Distribution 178 Item 9.C. Markets 178 Item 9.D. Selling Shareholders 178 Item 9.E. Dilution 178 Item 9.F. Expenses of the issue 178 Item 10. Additional Information 178 Item 10.A. Share capital 178 Item 10.B. Memorandum and articles of association 178 Item 10.C Material contracts 183 Item 10.D Exchange Controls 183 Item 10.E Taxation 185 Item 10.F Dividends and paying agents 192 Item 10.G Statement by experts 192 Item 10.H Documents on display 192 Item 10.I. Subsidiary Information 193 Item 11. Quantitative and Qualitative Disclosures about Market Risk 193 Item 12. Description of Securities Other Than Equity Securities 196 Item 12.A Debt Securities 196 Item 12.B Warrants and Rights 196 Item 12.C Other Securities 196 Item 12.D American Depositary Shares 196 Item 13. Defaults, Dividend Arrearages and Delinquencies 197 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 197 Item 15. Controls and Procedures 198 Item 16.A Audit committee financial expert 198 Item 16.B Code of Ethics 198 Item 16.C Principal Accountant Fees and Services 199 Item 16.D Exemptions from the Listing Standards for Audit Committees 199 Item 16.E Purchases of Equity Securities by the Issuer and Affiliated Purchasers 199 Item 16.F Change in Registrant’s Certifying Accountant 199 Item 16.G Corporate Governance 199 Item 16.H. Mine Safety Disclosure 203 Item 17. Financial Statements 203 Item 18. Financial Statements 203 Item 19. Exhibits 203 CERTAIN DEFINITIONS In this annual report, except where otherwise indicated or where the context otherwise requires: ● “ Argentine Corporate Law ” refers to Law No. 19,550, as amended; ● “BYMA” refers to Bolsas y Mercados Argentinos S.A. ; ● “ CAMMESA ” refers to Compañ’a Administradora del Mercado Mayorista Eléctrico Sociedad Anónima . See “Item 4.B, Business Overview — The Argentine Electric Power Sector — General Overview of Legal Framework — CAMMESA; ” ● “CTM” refers to Centrales Térmicas Mendoza S.A. ; ● “CVO” refers to the thermal plant Central Vuelta de Obligado ; ● “CVO Agreement” refers to the Agreement for Project Management and Operation, Increase of Thermal Generation Availability and Adaptation of Remuneration for Generation 2008-2011” executed on November 25, 2010 among the Secretariat of Energy and Central Puerto along with other electric power generators; ● “CVOSA” refers to Central Vuelta de Obligado S.A. ; ● “Ecogas” refers collectively to Distribuidora de Gas Cuyana (“DGCU”) and Distribuidora de Gas del Centro (“DGCE”); ● “ Energía Base ” refers to the regulatory framework established under Resolution SE No. 95/13, as amended, and, from February 2017 to February 2019, regulated by Resolution SEE No. 19/17, and since March 2019, regulated by Resolution No. 1/19 of the Secretary of Renewable Resources and Electric Market of the National Ministry of Economy. See “ Item 4.B, Business Overview — The Argentine Electric Power Sector; ” ● “ Energía Plus ” refers to the regulatory framework established under Resolution SE No. 1281/06, as amended. See “ Item 4.B, Business Overview — The Argentine Electric Power Sector — Structure of the Industry — Energ ’ a Plus; ” ● “ FONINVEMEM ” or “FONI” refers to the Fondo para Inversiones Necesarias que Permitan Incrementar la Oferta de Energía Eléctrica en el Mercado Eléctrico Mayorista (the Fund for Investments Required to Increase the Electric Power Supply). See “ Item 4.B, Business Overview — The Argentine Electric Power Sector — Structure of the Industry — The FONINVEMEM and Similar Programs; ” ● “FONINVEMEM Plants” refers to the plants Jos é de San Martín, Manuel Belgrano and Vuelta de Obligado; ● “ HPDA ” refers Hidroeléctrica Piedra del Águila S.A.

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