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Form 6-K YPF SOCIEDAD ANONIMA For: Aug 17

August 17, 2022 9:35 AM EDT

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Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of August, 2022

Commission File Number: 001-12102

 

 

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

 

 

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F              Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes              No   

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes              No  

 

 

 


Table of Contents

LOGO

YPF SOCIEDAD ANONIMA

  CONDENSED INTERIM CONSOLIDATED

  FINANCIAL STATEMENTS AS OF JUNE 30, 2022

  AND COMPARATIVE INFORMATION (UNAUDITED)


Table of Contents

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

CONTENT

 

Note

 

Description

   Page  
 

Glossary of terms

     1  
 

Legal Information

     2  
 

Condensed interim consolidated statements of financial position

     3  
 

Condensed interim consolidated statements of comprehensive income

     4  
 

Condensed interim consolidated statements of changes in shareholders’ equity

     5  
 

Condensed interim consolidated statements of cash flow

     7  
 

Notes to the condensed interim consolidated financial statements:

  

  1

 

General information, structure and organization of the business of the Group

     8  

  2

 

Basis of preparation of the consolidated financial statements

     9  

  3

 

Seasonality of operations

     10  

  4

 

Acquisitions and dispositions

     10  

  5

 

Financial risk management

     10  

  6

 

Segment information

     11  

  7

 

Financial instruments by category

     13  

  8

 

Intangible assets

     13  

  9

 

Property, plant and equipment

     14  

10

 

Right-of-use assets

     17  

11

 

Investments in associates and joint ventures

     17  

12

 

Inventories

     19  

13

 

Other receivables

     19  

14

 

Trade receivables

     19  

15

 

Investment in financial assets

     20  

16

 

Cash and cash equivalents

     20  

17

 

Provisions

     20  

18

 

Income Tax

     21  

19

 

Taxes payable

     22  

20

 

Salaries and social security

     22  

21

 

Lease liabilities

     22  

22

 

Loans

     23  

23

 

Other liabilities

     25  

24

 

Accounts payable

     25  

25

 

Revenues

     25  

26

 

Costs

     27  

27

 

Expenses by nature

     28  

28

 

Other net operating results

     29  

29

 

Net financial results

     29  

30

 

Investments in joint operations

     29  

31

 

Shareholders’ equity

     30  

32

 

Earnings per share

     30  

33

 

Issues related to Maxus Entities

     30  

34

 

Contingent assets and contingent liabilities

     31  

35

 

Contractual commitments

     32  

36

 

Main regulations

     33  

37

 

Balances and transactions with related parties

     36  

38

 

Employee benefit plans and similar obligations

     39  

39

 

Assets and liabilities in currencies other than the Peso

     40  

40

 

Subsequent events

     41  


Table of Contents

1

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

 

  LOGO

GLOSSARY OF TERMS

 

Term

  

Definition

ADR

  

American Depositary Receipt

ADS

  

American Depositary Share

AESA

  

Subsidiary A-Evangelista S.A.

AFIP

  

Argentine Tax Authority (Administración Federal de Ingresos Públicos)

ANSES

  

National Administration of Social Security (Administración Nacional de la Seguridad Social)

ASC

  

Accounting Standards Codification

Associate

  

Company over which YPF has significant influence as provided for in IAS 28

BCRA

  

Central Bank of the Argentine Republic (Banco Central de la República Argentina)

BNA

  

Argentine Nation Bank (Banco de la Nación Argentina)

BO

  

Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)

BONAR

  

Argentine Treasury Bonds (Bonos de la Nación Argentina)

CAMMESA

  

Compañía Administradora del Mercado Mayorista Eléctrico S.A.

CDS

  

Associate Central Dock Sud S.A.

CFO

  

Chief Financial Officer

CGU

  

Cash-Generating Units

CNDC

  

Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)

CNV

  

Argentine Securities Commission (Comisión Nacional de Valores)

CPI

  

Consumer Price Index

CSJN

  

Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)

CT Barragán

  

Joint Venture CT Barragán S.A.

Dollar

  

United States Dollar

Eleran

  

Subsidiary Eleran Inversiones 2011 S.A.U.

ENARGAS

  

Argentine Gas Regulator (Ente Nacional Regulador del Gas)

FACPCE

  

Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales de Ciencias Económicas)

FASB

  

Financial Accounting Standards Board

FOB

  

Free on board

GPA

  

Associate Gasoducto del Pacífico (Argentina) S.A.

Group

  

YPF and its subsidiaries

IAS

  

International Accounting Standard

IASB

  

International Accounting Standards Board

IDS

  

Associate Inversora Dock Sud S.A.

IEASA (formerly ENARSA)

  

Integración Energética Argentina S.A. (formerly Energía Argentina S.A.)

IFRIC

  

International Financial Reporting Interpretations Committee

IFRS

  

International Financial Reporting Standard

IIBB

  

Turnover tax (Impuesto a los ingresos brutos)

INDEC

  

National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)

IWPI

  

Internal Wholesale Price Index

JO

  

Joint operation

Joint venture

  

Company jointly owned by YPF as provided for in IFRS 11

LGS

  

Argentine General Corporations Law (Ley General de Sociedades de la República Argentina) No. 19,550 (T.O. 1984), as amended

LNG

  

Liquified natural gas

LPG

  

Liquefied Petroleum Gas

MBtu

  

Million British thermal units

MEGA

  

Joint Venture Company Mega S.A.

Metroenergía

  

Subsidiary Metroenergía S.A.

Metrogas

  

Subsidiary Metrogas S.A.

MINEM

  

Former Ministry of Energy and Mining (Ministerio de Energía y Minería)

NO

  

Negotiable Obligations

Oiltanking

  

Associate Oiltanking Ebytem S.A.

OLCLP

  

Joint Venture Oleoducto Loma Campana – Lago Pellegrini S.A.

Oldelval

  

Associate Oleoductos del Valle S.A.

OPESSA

  

Subsidiary Operadora de Estaciones de Servicios S.A.

OTA

  

Associate OleoductoTrasandino (Argentina) S.A.

OTC

  

Associate OleoductoTrasandino (Chile) S.A.

PEN

  

National Executive Power (Poder Ejecutivo Nacional)

Peso

  

Argentine Peso

PIST

  

Transportation system entry point (Punto de ingreso al sistema de transporte)

Profertil

  

Joint Venture Profertil S.A.

Refinor

  

Joint Venture Refinería del Norte S.A.

ROD

  

Record of decision

RTI

  

Integral Tariff Review (Revisión Tarifaria Integral)

RTT

  

Transitional Tariff Regime (Régimen Tarifario de Transición)

SE

  

Secretariat of Energy (Secretaría de Energía)

SEC

  

U.S. Securities and Exchange Commission

SEE

  

Secretariat of Electric Energy (Secretaría de Energía Eléctrica)

SGE

  

Government Secretariat of Energy (Secretaría de Gobierno de Energía)

SRH

  

Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)

SSHyC

  

Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)

Subsidiary

  

Company controlled by YPF in accordance with the provisions of IFRS 10.

Termap

  

Associate Terminales Marítimas Patagónicas S.A.

TFN

  

National Fiscal Tribunal (Tribunal Fiscal de la Nación)

UNG

  

Unaccounted Natural Gas

US$

  

United States Dollar

US$/Bbl

  

Dollar per barrel

VAT

  

Value Added Tax

Y-GEN I

  

Joint venture Y-GEN Eléctrica S.A.U.

Y-GEN II

  

Joint venture Y-GEN Eléctrica II S.A.U.

YPF Brasil

  

Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda.

YPF Chile

  

Subsidiary YPF Chile S.A.

YPF EE

  

Joint venture YPF Energía Eléctrica S.A.

YPF Gas

  

Associate YPF Gas S.A.

YPF Holdings

  

Subsidiary YPF Holdings, Inc.

YPF International

  

Subsidiary YPF International S.A.

YPF or the Company

  

YPF S.A.

YPF Perú

  

Subsidiary YPF E&P Perú S.A.C.

YPF Ventures

  

Subsidiary YPF Ventures S.A.U.

YTEC

  

Subsidiary YPF Tecnología S.A.

WEM

  

Wholesale Electricity Market


Table of Contents

2

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

 

  LOGO

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year number 46

Beginning on January 1, 2022.

Principal business of the Company

The Company’s purpose shall be to perform, on its own, through third parties or in association with third parties, the study, exploration, development and production of oil, natural gas and other minerals and refining, marketing and distribution of oil and petroleum products and direct and indirect petroleum derivatives, including petrochemicals, chemicals, including those derived from hydrocarbons, and non-fossil fuels, biofuels and their components, as well as production of electric power from hydrocarbons, through which it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company’s purpose to render, directly, through a subsidiary or in association with third parties, telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its objective. In order to fulfill these objectives, the Company may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry

Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Buenos Aires City, in charge of the Argentine Registrar of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109, Book 113, Volume A, Sociedades Anónimas, with the above mentioned Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

April 30, 2021 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on August 5, 2021 under No. 12,049, Book 103 of Corporations.

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in Pesos)

3,933,127,930

 

PABLO GERARDO GONZÁLEZ

President                  


Table of Contents

3

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)

 

  LOGO

 

     Notes    June 30,
2022
     December 31,
2021
 

ASSETS

        

Non-current assets

        

Intangible assets

   8      51,816        43,014  

Property, plant and equipment

   9      2,042,489        1,642,259  

Right-of-use assets

   10      65,163        53,260  

Investments in associates and joint ventures

   11      214,656        156,925  

Deferred income tax assets, net

   18      1,810        1,921  

Other receivables

   13      6,279        19,549  

Trade receivables

   14      5,044        4,363  

Investment in financial assets

   15      22,389        2,534  
     

 

 

    

 

 

 

Total non-current assets

        2,409,646        1,923,825  
     

 

 

    

 

 

 

Current assets

        

Assets held for disposal

        125        103  

Inventories

   12      215,577        153,927  

Contract assets

   25      2,168        1,360  

Other receivables

   13      75,523        63,259  

Trade receivables

   14      193,543        133,904  

Investment in financial assets

   15      72,007        51,012  

Cash and cash equivalents

   16      83,501        62,678  
     

 

 

    

 

 

 

Total current assets

        642,444        466,243  
     

 

 

    

 

 

 

TOTAL ASSETS

        3,052,090        2,390,068  
     

 

 

    

 

 

 

SHAREHOLDERS’ EQUITY

        

Shareholders’ contributions

        10,576        10,504  

Reserves, other comprehensive income and retained earnings

        1,153,759        829,388  
     

 

 

    

 

 

 

Shareholders’ equity attributable to shareholders of the parent company

        1,164,335        839,892  
     

 

 

    

 

 

 

Non-controlling interest

        12,008        8,226  
     

 

 

    

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

        1,176,343        848,118  
     

 

 

    

 

 

 

LIABILITIES

        

Non-current liabilities

        

Provisions

   17      317,600        258,478  

Deferred income tax liabilities, net

   18      166,791        185,179  

Income tax liability

   18      5,128        3,026  

Taxes payable

   19      202        201  

Salaries and social security

   20      1,688        3,262  

Lease liabilities

   21      32,420        28,335  

Loans

   22      790,765        670,535  

Other liabilities

   23      1,054        968  

Accounts payable

   24      988        888  
     

 

 

    

 

 

 

Total non-current liabilities

        1,316,636        1,150,872  
     

 

 

    

 

 

 

Current liabilities

        

Provisions

   17      22,653        19,297  

Contract liabilities

   25      29,008        13,329  

Income tax liability

   18      52,398        1,336  

Taxes payable

   19      29,511        14,671  

Salaries and social security

   20      27,765        23,459  

Lease liabilities

   21      35,732        27,287  

Loans

   22      95,839        86,680  

Other liabilities

   23      1,455        3,468  

Accounts payable

   24      264,750        201,551  
     

 

 

    

 

 

 

Total current liabilities

        559,111        391,078  
     

 

 

    

 

 

 

TOTAL LIABILITIES

        1,875,747        1,541,950  
     

 

 

    

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

        3,052,090        2,390,068  
     

 

 

    

 

 

 

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

PABLO GERARDO GONZÁLEZ

President                  


Table of Contents

4

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH AND THREE-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos, except per share information, expressed in Pesos)

  LOGO

 

          For the six-month period
ended

June 30,
    For the three-month
period ended
June 30,
 
     Notes    2022     2021     2022     2021  

Net income

           

Revenues

   25      966,180       550,763       578,011       315,873  

Costs

   26      (713,768     (447,471     (410,626     (248,940
     

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

        252,412       103,292       167,385       66,933  
     

 

 

   

 

 

   

 

 

   

 

 

 

Selling expenses

   27      (72,112     (45,966     (44,888     (26,021

Administrative expenses

   27      (33,992     (20,037     (19,218     (10,912

Exploration expenses

   27      (2,676     (963     (1,553     (804

Other net operating results

   28      (2,827     (331     (1,370     (55
     

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

        140,805       35,995       100,356       29,141  
     

 

 

   

 

 

   

 

 

   

 

 

 

Income from equity interests in associates and joint ventures

   11      27,694       6,555       15,465       1,439  

Financial income

   29      85,846       41,661       53,736       19,314  

Financial loss

   29      (103,997     (67,771     (60,960     (35,448

Other financial results

   29      13,349       10,947       7,017       5,262  
     

 

 

   

 

 

   

 

 

   

 

 

 

Net financial results

   29      (4,802     (15,163     (207     (10,872
     

 

 

   

 

 

   

 

 

   

 

 

 

Net profit before income tax

        163,697       27,387       115,614       19,708  
     

 

 

   

 

 

   

 

 

   

 

 

 

Income tax

   18      (43,217     (75,896     (21,551     (65,970
     

 

 

   

 

 

   

 

 

   

 

 

 

Net profit / (loss) for the period

        120,480       (48,509     94,063       (46,262
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income

           

Items that may be reclassified subsequently to profit or loss:

           

Translation differences from subsidiaries, associates and joint ventures

        (10,715     (4,511     (6,880     (1,346

Result from net monetary position in subsidiaries, associates and joint ventures (1)

        19,202       9,758       10,824       5,055  

Items that may not be reclassified subsequently to profit or loss:

           

Translation differences from YPF

        199,186       95,315       127,780       31,195  
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income for the period

        207,673       100,562       131,724       34,904  
     

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income for the period

        328,153       52,053       225,787       (11,358
     

 

 

   

 

 

   

 

 

   

 

 

 

Net profit / (loss) for the period attributable to:

           

Shareholders of the parent company

        119,690       (47,083     93,087       (45,017

Non-controlling interest

        790       (1,426     976       (1,245

Other comprehensive income for the period attributable to:

           

Shareholders of the parent company

        204,681       98,997       130,036       34,127  

Non-controlling interest

        2,992       1,565       1,688       777  

Total comprehensive income for the period attributable to:

           

Shareholders of the parent company

        324,371       51,914       223,123       (10,890

Non-controlling interest

        3,782       139       2,664       (468

Earnings per share attributable to shareholders of the parent company:

           

Basic and diluted

   32      304.53       (119.93     236.84       (114.67

 

(1)

Result associated to subsidiaries, associates and joint ventures with the Peso as functional currency. See accounting policy in Note 2.b.1) to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

PABLO GERARDO GONZÁLEZ

President                  


Table of Contents

5

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)

  LOGO

 

    For the six-month period ended June 30, 2022
    Shareholders’ contributions
    Subscribed
capital
    Adjustment to
contributions
    Treasury
shares
    Adjustment to
treasury
shares
    Share-based
benefit plans
    Acquisition
cost of
treasury
shares
    Share trading
premium
    Issuance
premiums
    Total  

Balance at the beginning of the fiscal year

    3,931       6,095       2       6       372       (493     (49     640       10,504  

Accrual of share-based benefit plans (3)

    —         —         —         —         110       —         —         —         110  

Settlement of share-based benefit plans (2)

    —         2       —         (2     (59     46       (25     —         (38

As decided by the Shareholders’ Meeting held on April 29, 2022 (4)

    —         —         —         —         —         —         —         —         —    

Other comprehensive income

    —         —         —         —         —         —         —         —         —    

Net profit

    —         —         —         —         —         —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    3,931       6,097       2       4       423       (447     (74     640       10,576  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   

 

Reserves

               

 

Equity attributable to

       
    Legal     Future
dividends
    Investments     Purchase of
treasury
shares
    Other
comprehensive
income
    Retained
earnings
    Shareholders
of the parent
company
    Non-
controlling
interest
    Total
shareholders’
equity
 

Balance at the beginning of the fiscal year

    2,007       —         —         —         883,589       (56,208     839,892       8,226       848,118  

Accrual of share-based benefit plans (3)

    —         —         —         —         —         —         110       —         110  

Settlement of share-based benefit plans (2)

    —         —         —         —         —         —         (38     —         (38

As decided by the Shareholders’ Meeting held on April 29, 2022 (4)

    —         —         —         —         —         —         —         —         —    

Other comprehensive income

    —         —         —         —         204,681       —         204,681       2,992       207,673  

Net profit

    —         —         —         —         —         119,690       119,690       790       120,480  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    2,007       —         —         —         1,088,270  (1)      63,482       1,164,335       12,008       1,176,343  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Includes 1,086,107 corresponding to the effect of the translation of the financial statements of YPF and, (56,949) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 59,112 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1) to the annual consolidated financial statements.

(2)

Net of employees’ income tax withholdings related to the share-based benefit plans.

(3)

See Note 38.

(4)

See Note 31.

 

PABLO GERARDO GONZÁLEZ

President              


Table of Contents

6

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)

   LOGO

 

    For the six-month period ended June 30, 2021  
    Shareholders’ contributions  
    Subscribed
capital
    Adjustment to
contributions
    Treasury
shares
    Adjustment
to treasury
shares
    Share-based
benefit plans
    Acquisition
cost of
treasury
shares
    Share trading
premium
    Issuance
premiums
    Total  

Balance at the beginning of the fiscal year

    3,926       6,088       7       13       (144     502       (647     640       10,385  

Accrual of share-based benefit plans (3)

    —         —         —         —         241       —         —         —         241  

Settlement of share-based benefit plans (2)

    —         —         —         —         773       (1,287     476       —         (38

As decided by the Shareholders’ Meeting held on April 30, 2021 (4)

    —         —         —         —         —         —         —         —         —    

Other comprehensive income

    —         —         —         —         —         —         —         —         —    

Net loss

    —         —         —         —         —         —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    3,926       6,088       7       13       870       (785     (171     640       10,588  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
                 
    Reserves                 Equity attributable to        
    Legal     Future
dividends
    Investments     Purchase
of treasury
shares
    Other
comprehensive
income
    Retained
earnings
    Shareholders
of the parent
company
    Non-controlling
interest
    Total
shareholders’
equity
 

Balance at the beginning of the fiscal year

    2,007       3,700       8,934       550       721,303       (69,649     677,230       6,165       683,395  

Accrual of share-based benefit plans (3)

    —         —         —         —         —         —         241       —         241  

Settlement of share-based benefit plans (2)

    —         —         —         —         —         —         (38     —         (38

As decided by the Shareholders’ Meeting held on April 30, 2021 (4)

    —         (3,700     (8,934     (550     —         13,184       —         —         —    

Other comprehensive income

    —         —         —         —         98,997       —         98,997       1,565       100,562  

Net loss

    —         —         —         —         —         (47,083     (47,083     (1,426     (48,509
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    2,007       —         —         —         820,300 (1)      (103,548     729,347       6,304       735,651  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Includes 828,807 corresponding to the effect of the translation of the financial statements of YPF and, (43,203) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 34,696 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1) to the annual consolidated financial statements.

(2)

Net of employees’ income tax withholdings related to the share-based benefit plans.

(3)

See Note 38.

(4)

See Note 30 to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

PABLO GERARDO GONZÁLEZ

President


Table of Contents

7

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)

   LOGO

 

     For the six-month period ended
June 30,
 
     2022     2021  

Cash flows from operating activities

    

Net loss

     120,480       (48,509

Adjustments to reconcile net loss to cash flows provided by operating activities:

    

Income from equity interests in associates and joint ventures

     (27,694     (6,555

Depreciation of property, plant and equipment

     137,369       133,427  

Depreciation of right-of-use assets

     11,285       8,982  

Amortization of intangible assets

     2,674       2,239  

Retirement of property, plant and equipment and intangible assets and consumption of materials

     20,841       15,555  

Charge on income tax

     43,217       75,896  

Net increase in provisions

     20,083       13,178  

Exchange differences, interest and other

     14,798       15,189  

Share-based benefit plans

     110       241  

Result from debt exchange

     —         (1,855

Result from the assignment of areas

     —         (472

Result from sale of assets held for disposal

     —         (3,121

Changes in assets and liabilities:

    

Trade receivables

     (39,272     (13,436

Other receivables

     745       (3,061

Inventories

     (24,993     (10,349

Accounts payable

     7,463       10,933  

Taxes payables

     12,050       2,728  

Salaries and social security

     (1,553     (1,203

Other liabilities

     (2,516     (3,970

Decrease in provisions included in liabilities due to payment/use

     (6,939     (2,754

Contract assets

     (857     (548

Contract liabilities

     15,651       716  

Dividends received

     7,540       3,794  

Proceeds from collection of profit loss insurance

     116       515  

Income tax payments

     (719     (258
  

 

 

   

 

 

 

Net cash flows from operating activities (1) (2)

     309,879       187,302  
  

 

 

   

 

 

 

Investing activities: (3)

    

Acquisition of property, plant and equipment and intangible assets

     (180,241     (90,616

Proceeds from sales of financial assets

     26,453       20,540  

Payments from purchases of financial assets

     (58,385     (31,003

Interests received from financial assets

     2,123       3,221  

Proceeds from sales of assets

     389       1,634  
  

 

 

   

 

 

 

Net cash flows used in investing activities

     (209,661     (96,224
  

 

 

   

 

 

 

Financing activities: (3)

    

Payments of loans

     (80,056     (98,518

Payments of interests

     (33,368     (29,944

Proceeds from loans

     48,214       46,921  

Payments of leases

     (18,545     (13,980

Payments of interests in relation to income tax

     (336     (21
  

 

 

   

 

 

 

Net cash flows used in financing activities

     (84,091     (95,542
  

 

 

   

 

 

 

Translation differences on cash and cash equivalents

     4,696       1,515  
  

 

 

   

 

 

 

Increase (Decrease) in cash and cash equivalents

     20,823       (2,949
  

 

 

   

 

 

 

Cash and cash equivalents at the beginning of the fiscal year

     62,678       54,618  

Cash and cash equivalents at the end of the period

     83,501       51,669  
  

 

 

   

 

 

 

Increase (Decrease) in cash and cash equivalents

     20,823       (2,949
  

 

 

   

 

 

 

 

(1)

Does not include exchange differences generated by cash and cash equivalents, which are disclosed separately in this statement.

(2)

Includes 13,758 and 6,576 for the six-month period ended June 30, 2022 and 2021, respectively, for payment of short-term leases and of the variable charge of leases related to the underlying asset use or performance.

(3)

The main investing and financing transactions that have not affected cash and cash equivalents correspond to:

 

     For the six-month period ended
June 30,
 
     2022      2021  

Unpaid acquisitions of property, plant and equipment

     42,513        22,738  

Additions of right-of-use assets

     15,586        9,528  

Capitalization of depreciation of right-of-use assets

     3,264        1,976  

Capitalization of financial accretion for lease liabilities

     964        584  

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

PABLO GERARDO GONZÁLEZ

President                  


Table of Contents

8

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

(Amounts expressed in millions of Pesos, except for shares and per share amounts expressed in Pesos, or as otherwise indicated)

 

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the laws of the Argentine Republic, with a registered office at Macacha Güemes 515, in the City of Buenos Aires.

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Downstream and Gas and Power segments.

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of June 30, 2022:

 

LOGO

 

(1)

Held directly and indirectly.

(2)

See Note 3 to the annual consolidated financial statements.

(3)

See Note 35.c.3) to the annual consolidated financial statements.


Table of Contents

9

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

 

1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP (cont.)

Organization of the business

As of June 30, 2022, the Group carries out its operations in accordance with the following structure:

 

   

Upstream;

 

   

Gas and Power;

 

   

Downstream;

 

   

Central administration and others, which covers the remaining activities not included in the previous categories.

Activities covered by each business segment are detailed in Note 6.

The operations, properties and clients are mainly located in Argentina. However, the Group also holds participating interests in exploratory areas in Bolivia and sells lubricants and derivatives in Brazil and Chile.

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Basis of preparation

The condensed interim consolidated financial statements of YPF for the six-month period ended June 30, 2022 are presented in accordance with IAS No. 34 “Interim Financial Reporting”. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements of the Group as of December 31, 2021 (the “annual consolidated financial statements”) presented in accordance with IFRS as issued by the IASB.

Moreover, some additional information required by the LGS 19,550 and/or CNV’s regulations have been included.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on August 10, 2022.

These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2022 are unaudited. The Company´s Management believes they have included all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Profit for the six-month period ended June 30, 2022 does not necessarily reflect the proportion of the Group’s full-year Net Profit.

2.b) Significant Accounting Policies

The significant accounting policies are described in Note 2.b) to the annual consolidated financial statements.

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax detailed in Note 18.

Functional and presentation currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the dollar as its functional currency. Additionally, according to CNV Resolution No. 562, YPF must present its financial statements in pesos.

Effects of the translation of investments in subsidiaries, associates and joint ventures with a functional currency corresponding to a hyperinflationary economy

The results and financial position of subsidiaries with the Peso as functional currency were translated into dollars by the following procedures: all amounts (i.e., assets, liabilities, stockholders’ equity items, expenditures and revenues) were translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which were presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts were not adjusted to reflect subsequent variations in price levels or exchange rates). Thus, the effect of the restatement of comparative amounts was recognized in Other comprehensive income.

These criteria were also implemented by the Group for its investments in associates and joint ventures.


Table of Contents

10

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

 

2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

Adoption of new standards and interpretations effective as of January 1, 2022

The Group has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of June 30, 2022, as specified in Note 2.b.26) to the annual consolidated financial statements.

2.c) Accounting Estimates and Judgments

The preparation of financial statements at a certain date requires Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made as of the date of preparation of these condensed interim consolidated financial statements.

In preparing these condensed interim consolidated financial statements, significant estimates and judgments were made by Management in applying the Group’s accounting policies and the main sources of uncertainty were consistent with those applied by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Notes 2.b) and 2.c) to the annual consolidated financial statements.

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2021 and to the six-month period ended June 30, 2021 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements.

3. SEASONALITY OF OPERATIONS

Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Therefore, the Group is subject to seasonal fluctuations in its sales volumes and sales prices, with higher natural gas sales in winter at a higher price.

4. ACQUISITIONS AND DISPOSITIONS

During the six-month period ended June 30, 2022, there were no significant acquisitions and dispositions.

5. FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: Market risk (including foreign currency risk, interest rate risk, and price risks), credit risk and liquidity risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

During the six-month period ended June 30, 2022, there were no significant changes in the administration or risk management policies implemented by the Group as described in Note 4 to the annual consolidated financial statements.

 

 

Liquidity risk management

Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others (see Notes 16, 32 and 33 to the annual consolidated financial statements).

The Group monitors compliance with covenants on a quaterly basis. As of June 30, 2022, the Group is in compliace with its covenants.


Table of Contents

11

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

 

5. FINANCIAL RISK MANAGEMENT (cont.)

Additionally, it should be noted that, under the terms and conditions of the loans that our subsidiary Metrogas has taken, the debt and interest service coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, the financial creditors formally accepted to waive Metrogas from complying with the contractual obligation related to such financial ratios, as of June 30, 2022.

6. SEGMENT INFORMATION

The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment also considering the Group’s business strategy.

 

 

Upstream

The Upstream segment carries out all activities relating to the exploration, exploitation and production of oil and natural gas.

Revenue is generated from: (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third parties; (ii) the sale of produced gas to the Gas and Power segment.

 

 

Gas and Power

The Gas and Power segment generates revenue from the development of activities relating to: (i) the natural gas transportation to third parties and the Downstream segment, and its commercialization; (ii) the commercial and technical operation of the LNG regasification terminals in Escobar and Bahía Blanca, by hiring regasification vessels; (iii) the conditioning and processing of gas; (iv) the distribution of natural gas; and (v) the separation of natural gas and generation of electric power through its investments in associates and joint ventures.

On January 1, 2022, certain assets related to gas transportation, conditioning and processing for the separation of gasoline, propane and butane, which were previously managed by the Upstream segment, were grouped into the new CGU Midstream Gas within the Gas and Power segment. Because it is a new gas liquid management model that did not exist in previous years, no retroactive effect has been given to business segment information. In addtion, the assets transferred and operating results are not significant.

In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a “purchase” to the Upstream segment, and including stimulus plans for natural gas production in force (see Note 35.d) to the annual consolidated financial statements), Gas and Power segment accrues a fee in its favor with the Upstream segment to carry out such commercialization.

 

 

Downstream

The Downstream segment develops activities relating to: (i) crude oil refining and petrochemical production, (ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of crude oil to refineries and the transportation and distribution of refined and petrochemical products to be marketed in the different sales channels.

It obtains its income from the marketing mentioned in item (ii) above, which is developed through the Retail, Industry, Agro, LPG, Chemicals, International Commerce and Transportation, Lubricants and Specialties, and Sales to Companies businesses.

It incurs in all expenses relating to the aforementioned activities, including the purchase of crude oil from the Upstream segment and third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment.

 

 

Central Administration and Others

It covers other activities, not falling into the aforementioned categories, nor do they constitute reportable business segments, mainly including corporate administrative expenses and assets and construction activities.

Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices. Operating profit and assets for each segment have been determined after consolidation adjustments.


Table of Contents

12

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

 

6. SEGMENT INFORMATION (cont.)

 

    Upstream     Gas and Power     Downstream     Central
Administration
and Others
    Consolidation
Adjustments (1)
    Total  

For the six-month period ended June 30, 2022

           

Revenues from sales

    2,656       126,494       823,262       21,524       (7,756     966,180  

Revenues from intersegment sales

    367,355       21,280       5,810       40,626       (435,071     —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues

    370,011       147,774       829,072       62,150       (442,827     966,180  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit / (loss)

    63,027       5,025       106,739       (17,359     (16,627     140,805  

Income from equity interests in associates and joint ventures

    —         14,527       13,167       —         —         27,694  

Depreciation of property, plant and equipment

    103,209  (2)      3,153       25,512       5,495       —         137,369  

Acquisition of property, plant and equipment

    150,543       2,132       31,289       5,714       —         189,678  

Assets

    1,333,476       359,347       1,130,560       263,563       (34,856     3,052,090  

For the six-month period ended June 30, 2021

           

Revenues from sales

    2,725       80,889       459,659       12,322       (4,832     550,763  

Revenues from intersegment sales

    237,840       6,854       2,666       18,139       (265,499     —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Revenues

    240,565       87,743       462,325       30,461       (270,331     550,763  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit / (loss)

    515       (1,844     49,849       (7,103     (5,422     35,995  

Income from equity interests in associates and joint ventures

    —         4,750       1,805       —         —         6,555  

Depreciation of property, plant and equipment

    107,973  (2)      1,247       20,558       3,649       —         133,427  

Acquisition of property, plant and equipment

    82,729       968       12,138       1,863       —         97,698  

As of December 31, 2021

           

Assets

    1,075,503       266,056       879,985       182,180       (13,656     2,390,068  

 

(1)

Corresponds to the elimination among segments of the Group.

(2)

Includes depreciation of charges for impairment of property, plant and equipment.


Table of Contents

13

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

 

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

The tables below show the Group’s financial assets measured at fair value as of June 30, 2022 and December 31, 2021, and their allocation to their fair value levels:

 

     As of June 30, 2022  

Financial Assets

   Level 1      Level 2      Level 3      Total  

Investments in financial assets: (1)

           

- Public securities

     8,146        —          —          8,146  
  

 

 

    

 

 

    

 

 

    

 

 

 
     8,146        —          —          8,146  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents:

           

- Mutual funds

     18,888        —          —          18,888  
  

 

 

    

 

 

    

 

 

    

 

 

 
     18,888        —          —          18,888  
  

 

 

    

 

 

    

 

 

    

 

 

 
     27,034        —          —          27,034  
  

 

 

    

 

 

    

 

 

    

 

 

 
     As of December 31, 2021  

Financial Assets

   Level 1      Level 2      Level 3      Total  

Investments in financial assets: (1)

           

- Public securities

     10,032        —          —          10,032  
  

 

 

    

 

 

    

 

 

    

 

 

 
     10,032        —          —          10,032  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents:

           

- Mutual funds

     30,189        —          —          30,189  
  

 

 

    

 

 

    

 

 

    

 

 

 
     30,189        —          —          30,189  
  

 

 

    

 

 

    

 

 

    

 

 

 
     40,221        —          —          40,221  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 15.

The Group has no financial liabilities measured at fair value with change in results.

Fair value estimates

For the six-month period ended June 30, 2022, the macroeconomic scenario has significantly changed, mainly driven by the increase in country risk and the consequent fall in the price of public securities, which affected the Group’s financial instruments measured at fair value.

During the six-month period ended June 30, 2022, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 620,824 and 562,653 as of June 30, 2022 and December 31, 2021, respectively.

The fair value of other receivables, trade receivables, investment in financial assets, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their book value.

8. INTANGIBLE ASSETS

 

     June 30, 2022      December 31, 2021  

Net book value of intangible assets

     56,787        47,474  

Provision for impairment of intangible assets

     (4,971      (4,460
  

 

 

    

 

 

 
     51,816        43,014  
  

 

 

    

 

 

 


Table of Contents

14

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

8. INTANGIBLE ASSETS (cont.)

 

The evolution of the Group’s intangible assets for the six-month period ended June 30, 2022 and the year ended December 31, 2021 is as follows:

 

     Service
concessions
     Exploration
rights
     Other
intangibles
     Total  

Cost

     74,197        13,436        35,330        122,963  

Accumulated amortization

     51,344        —          30,374        81,718  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of December 31, 2020

     22,853        13,436        4,956        41,245  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cost

           

Increases

     2,380        34        694        3,108  

Translation effect

     16,547        2,739        7,495        26,781  

Adjustment for inflation (1)

     —          —          2,028        2,028  

Decreases, reclassifications and other movements

     —          (2,199      158        (2,041

Accumulated amortization

           

Increases

     3,485        —          1,348        4,833  

Translation effect

     11,623        —          6,718        18,341  

Adjustment for inflation (1)

     —          —          473        473  

Decreases, reclassifications and other movements

     —          —          —          —    

Cost

     93,124        14,010        45,705        152,839  

Accumulated amortization

     66,452        —          38,913        105,365  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of December 31, 2021

     26,672        14,010        6,792        47,474  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cost

           

Increases

     1,321        —          168        1,489  

Translation effect

     20,550        3,074        7,920        31,544  

Adjustment for inflation (1)

     —          —          2,427        2,427  

Decreases, reclassifications and other movements

     —          —          —          —    

Accumulated amortization

           

Increases

     1,561        —          1,113        2,674  

Translation effect

     14,758        —          7,911        22,669  

Adjustment for inflation (1)

     —          —          804        804  

Decreases, reclassifications and other movements

     —          —          —          —    

Cost

     114,995        17,084        56,220        188,299  

Accumulated amortization

     82,771        —          48,741        131,512  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of June 30, 2022

     32,224        17,084        7,479        56,787  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Corresponds to adjustment for inflation of opening balances of intangible assets in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

9. PROPERTY, PLANT AND EQUIPMENT

 

     June 30, 2022      December 31, 2021  

Net book value of property, plant and equipment

     2,127,509        1,721,628  

Provision for obsolescence of materials and equipment

     (15,316      (12,576

Provision for impairment of property, plant and equipment

     (69,704      (66,793
  

 

 

    

 

 

 
     2,042,489        1,642,259  
  

 

 

    

 

 

 


Table of Contents

15

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

 

Changes in Group’s property, plant and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021 are as follows:

 

    Land and
buildings
    Mining
property,
wells and
related
equipment
    Refinery
equipment
and
petrochemical
plants
    Transportation
equipment
    Materials and
equipment in
warehouse
    Drilling and
work in
progress
    Exploratory
drilling in
progress
    Furniture,
fixtures and
installations
    Selling
equipment
    Infrastructure
for natural
gas
distribution
    Other
property
    Total  

Cost

    107,764       3,879,215       683,186       38,319       89,726       223,909       3,898       62,805       106,419       64,099       64,916       5,324,256  

Accumulated depreciation

    51,774       3,185,191       400,536       26,699       —         —         —         53,975       67,530       33,572       48,831       3,868,108  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2020

    55,990       694,024       282,650       11,620       89,726       223,909       3,898       8,830       38,889       30,527       16,085       1,456,148  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

                       

Increases

    522       3,896       4,548       589       61,152       186,030       2,092       91       —         —         1,068       259,988  

Translation effect

    21,309       867,307       153,012       7,842       16,918       46,760       702       13,923       24,027       —         11,391       1,163,191  

Adjustment for inflation (1)

    6,839       —         —         1,734       749       5,093       —         1,049       —         32,652       6,712       54,828  

Decreases, reclassifications and other movements

    1,533       150,411       13,746       1,813       (60,031     (172,436     (2,464     4,848       5,026       5,360       4,539       (47,655

Accumulated depreciation

                       

Increases

    2,526       234,245       33,888       2,163       —         —         —         5,206       6,331       1,931       2,670       288,960  

Translation effect

    10,021       722,567       91,187       5,487       —         —         —         11,898       15,415       —         8,731       865,306  

Adjustment for inflation (1)

    3,545       —         —         1,121       —         —         —         961       —         17,102       5,118       27,847  

Decreases, reclassifications and other movements

    (541     (14,973     (127     (851     —         —         —         18       (42     (561     (164     (17,241

Cost

    137,967       4,900,829       854,492       50,297       108,514       289,356       4,228       82,716       135,472       102,111       88,626       6,754,608  

Accumulated depreciation

    67,325       4,127,030       525,484       34,619       —         —         —         72,058       89,234       52,044       65,186       5,032,980  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2021

    70,642       773,799       329,008       15,678       108,514       289,356       4,228       10,658       46,238       50,067       23,440       1,721,628  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

                       

Increases

    51       —         1,549       389       47,698       137,534       1,898       19       —         —         540       189,678  

Translation effect

    25,798       1,087,032       188,750       9,836       22,820       61,035       672       17,417       29,810       —         13,986       1,457,156  

Adjustment for inflation (1)

    7,532       —         —         2,079       786       2,458       —         1,237       —         36,913       9,019       60,024  

Decreases, reclassifications and other movements

    2,225       101,240       11,461       606       (39,503     (98,802     (2,461     106       1,434       641       158       (22,895

Accumulated depreciation

                       

Increases

    1,681       114,322       19,926       1,345       —         —         —         3,605       3,732       1,398       1,775       147,784  

Translation effect

    12,556       918,075       117,542       6,846       —         —         —         15,479       19,856       —         10,843       1,101,197  

Adjustment for inflation (1)

    3,964       —         —         1,381       —         —         —         1,097       —         18,814       5,899       31,155  

Decreases, reclassifications and other movements

    (41     (406     (55     (389     —         —         —         7       (862     (248     (60     (2,054

Cost

    173,573       6,089,101       1,056,252       63,207       140,315       391,581       4,337       101,495       166,716       139,665       112,329       8,438,571  

Accumulated depreciation

    85,485       5,159,021       662,897       43,802       —         —         —         92,246       111,960       72,008       83,643       6,311,062  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of June 30, 2022

    88,088       930,080       393,355       19,405       140,315       391,581       4,337       9,249       54,756       67,657       28,686       2,127,509  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Corresponds to adjustments for inflation of opening balances of property, plant and equipment of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.


Table of Contents

16

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

 

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

The Group capitalizes the financial cost of loans as part of the cost of the assets. For the six-month period ended June 30, 2022 and 2021, the rate of capitalization was 8.33% and 8.50%, respectively, and the amount capitalized amounted to 556 and 516, respectively, for the period mentioned above.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021:

 

     Provision for obsolescence
of materials and equipment
 

Balance as of December 31, 2020

     11,267  
  

 

 

 

Increases charged to profit or loss

     593  

Decreases charged to profit or loss

     (1,676

Applications due to utilization

     (98

Translation differences

     2,485  

Adjustment for inflation (1)

     5  
  

 

 

 

Balance as of December 31, 2021

     12,576  
  

 

 

 

Increases charged to profit or loss

     131  

Decreases charged to profit or loss

     —    

Applications due to utilization

     (163

Translation differences

     2,742  

Adjustment for inflation (1)

     30  
  

 

 

 

Balance as of June 30, 2022

     15,316  
  

 

 

 

 

(1)

Corresponds to adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021:

 

     Provision for impairment of
property, plant and
equipment
 

Balance as of December 31, 2020

     65,354  
  

 

 

 

Increases charged to profit or loss (1)

     9,776  

Applications due to utilization

     (36

Depreciation (2)

     (21,274

Translation differences

     12,820  

Adjustment for inflation (3)

     236  

Transfers and other movements

     (83
  

 

 

 

Balance as of December 31, 2021

     66,793  
  

 

 

 

Increases charged to profit or loss

     —    

Applications due to utilization

     —    

Depreciation (2)

     (10,415

Translation differences

     13,058  

Adjustment for inflation (3)

     268  

Transfers and other movements

     —    
  

 

 

 

Balance as of June 30, 2022

     69,704  
  

 

 

 

 

(1)

See Note 2.c) to the annual consolidated financial statements.

(2)

Included in “Depreciation of property, plant and equipment” in Note 27.

(3)

Corresponds to adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.


Table of Contents

17

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

 

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the six-month period ended June 30, 2022 and the year ended December 31, 2021 are as follows:

 

     Land and
buildings
    Exploitation
facilities and
equipment
    Machinery
and
equipment
    Gas stations     Transportation
equipment
    Total  

Cost

     1,350       27,377       25,038       7,704       19,201       80,670  

Accumulated depreciation

     728       12,412       9,741       2,198       11,510       36,589  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2020

     622       14,965       15,297       5,506       7,691       44,081  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

            

Increases

     1,734       3,843       2,702       1,098       18,368       27,745  

Translation differences

     295       6,101       5,509       1,391       4,414       17,710  

Adjustment for inflation (1)

     18       —         —         614       —         632  

Decreases, reclassifications and other movements

     —         (1,213     (4,441     (531     (10,625     (16,810

Accumulated depreciation

            

Increases

     208       7,720       6,400       1,089       7,949       23,366  

Translation differences

     172       3,288       2,611       425       2,514       9,010  

Adjustment for inflation (1)

     17       —         —         256       —         273  

Decreases, reclassifications and other movements

     —         (707     (1,930     (230     (9,684     (12,551

Cost

     3,397       36,108       28,808       10,276       31,358       109,947  

Accumulated depreciation

     1,125       22,713       16,822       3,738       12,289       56,687  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2021

     2,272       13,395       11,986       6,538       19,069       53,260  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

            

Increases

     8       8,549       933       327       5,769       15,586  

Translation differences

     728       8,053       6,344       1,826       7,418       24,369  

Adjustment for inflation (1)

     25       —         —         769       —         794  

Decreases, reclassifications and other movements

     (161     (214     (479     (353     (1,561     (2,768

Accumulated depreciation

            

Increases

     665       3,809       3,071       661       6,342       14,548  

Translation differences

     332       5,432       4,058       668       3,422       13,912  

Adjustment for inflation (1)

     24       —         —         362       —         386  

Decreases, reclassifications and other movements

     (161     (214     (479     (353     (1,561     (2,768

Cost

     3,997       52,496       35,606       12,845       42,984       147,928  

Accumulated depreciation

     1,985       31,740       23,472       5,076       20,492       82,765  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of June 30, 2022

     2,012       20,756       12,134       7,769       22,492       65,163  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Corresponds to adjustments for inflation of opening balances of right-of-use assets of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table shows the value of the investments in associates and joint ventures at an aggregate level, as of June 30, 2022 and December 31, 2021:

 

     June 30,
2022
     December 31,
2021
 

Amount of investments in associates

     19,945        16,450  

Amount of investments in joint ventures

     194,711        140,475  
  

 

 

    

 

 

 
     214,656        156,925  
  

 

 

    

 

 

 


Table of Contents

18

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

 

The main movements during the six-month period ended June 30, 2022 and the year ended December 31, 2021 which affected the value of the aforementioned investments, correspond to:

 

     Investments in associates
and joint ventures
 

Balance as of December 31, 2020

     107,112  
  

 

 

 

Income on investments in associates and joint ventures

     26,977  

Translation differences

     24,801  

Distributed dividends

     (5,499

Adjustment for inflation (1)

     3,534  
  

 

 

 

Balance as of December 31, 2021

     156,925  
  

 

 

 

Income on investments in associates and joint ventures

     27,694  

Translation differences

     35,089  

Distributed dividends

     (7,640

Adjustment for inflation (1)

     2,588  
  

 

 

 

Balance as of June 30, 2022

     214,656  
  

 

 

 

 

(1)

Corresponds to adjustment for inflation of opening balances of associates and joint ventures with the Peso as functional currency which was charged to Other comprehensive income.

The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the six-month period ended June 30, 2022 and 2021. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the equity method value in the aforementioned dates:

 

     Associates      Joint ventures  
     For the six-month period ended
June 30,
     For the six-month period ended
June 30,
 
     2022      2021      2022      2021  

Net income

     614        1,195        27,080        5,360  

Other comprehensive income

     3,047        1,719        34,630        14,374  
  

 

 

    

 

 

    

 

 

    

 

 

 

Comprehensive income for the period

     3,661        2,914        61,710        19,734  
  

 

 

    

 

 

    

 

 

    

 

 

 

The Group does not have investments in subsidiaries with significant non-controlling interests. Likewise, the Group does not have investments in associates and joint ventures that are significant, with the exception of the investment in YPF EE.

The management information corresponding to YPF EE’s assets and liabilities as of June 30, 2022 and December 31, 2021, as well as the results for the six-month period ended June 30, 2022 and 2021, are detailed below:

 

     June 30, 2022 (1)      December 31, 2021 (1)  

Non-current assets

     228,962        183,767  

Current assets

     38,440        24,849  
  

 

 

    

 

 

 

Total assets

     267,402        208,616  
  

 

 

    

 

 

 

Non-current liabilities

     92,046        80,626  

Current liabilities

     49,466        33,211  
  

 

 

    

 

 

 

Total liabilities

     141,512        113,837  
  

 

 

    

 

 

 

Total shareholders’ equity

     125,890        94,779  
  

 

 

    

 

 

 
     For the six-month period ended June 30,  
     2022 (1)      2021 (1)  

Revenues

     26,265        19,252  

Costs

     (11,310      (8,962
  

 

 

    

 

 

 

Gross profit

     14,955        10,291  
  

 

 

    

 

 

 

Operating profit

     13,847        9,921  

Income from equity interests in associates and joint ventures

     (365      (275

Net financial results

     (3,118      (3,628
  

 

 

    

 

 

 

Net profit before income tax

     10,364        6,018  
  

 

 

    

 

 

 

Income tax

     (1,543      (4,247
  

 

 

    

 

 

 

Net profit

     8,821        1,771  
  

 

 

    

 

 

 

 

(1)

On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the YPF EE financial information disclosed here.


Table of Contents

19

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

12. INVENTORIES

 

     June 30, 2022     December 31, 2021  

Refined products

     155,143       105,123  

Crude oil and natural gas

     46,459       37,521  

Products in process

     4,171       3,500  

Raw materials, packaging materials and others

     9,804       7,783  
  

 

 

   

 

 

 
     215,577  (1)      153,927  (1) 
  

 

 

   

 

 

 

 

(1)

As of June 30, 2022, and December 31, 2021, the cost of inventories does not exceed their net realizable value.

13. OTHER RECEIVABLES

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

Receivables from services and sales of other assets

     1,927        3,330        2,091        1,950  

Tax credit and export rebates

     1,805        8,415        15,263        14,616  

Loans to third parties and balances with related parties (1)

     1,231        1,451        975        1,617  

Collateral deposits

     2        1,030        2        3,509  

Prepaid expenses

     1,161        9,405        933        9,000  

Advances and loans to employees

     100        663        71        411  

Advances to suppliers and custom agents (2)

     —          26,935        —          15,377  

Receivables with partners in JO

     1,099        19,868        1,059        14,542  

Insurance receivables

     —          42        —          148  

Miscellaneous

     851        4,502        707        2,154  
  

 

 

    

 

 

    

 

 

    

 

 

 
     8,176        75,641        21,101        63,324  

Provision for other doubtful receivables

     (1,897      (118      (1,552      (65
  

 

 

    

 

 

    

 

 

    

 

 

 
     6,279        75,523        19,549        63,259  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 37 for information about related parties.

(2)

Includes, among others, advances to customs agents for the payment of taxes and import duties on fuels and goods.

14. TRADE RECEIVABLES

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

Accounts receivable and related parties (1) (2)

     14,832        205,355        14,151        144,336  

Provision for doubtful trade receivables

     (9,788      (11,812      (9,788      (10,432
  

 

 

    

 

 

    

 

 

    

 

 

 
     5,044        193,543        4,363        133,904  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 37 for information about related parties.

(2)

See Note 25 for information about credits for contracts included in trade receivables.

Set forth below is the evolution of the provision for doubtful trade receivables for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021:

 

     Provision for doubtful trade receivables  
     Non-current     Current  

Balance as of December 31, 2020

     8,861  (2)      10,519  
  

 

 

   

 

 

 

Increases charged to expenses

     927       3,918  

Decreases charged to income

     —         (1,857

Applications due to utilization

     —         (2,424

Net exchange and translation differences

     —         674  

Result from net monetary position (1)

     —         (398
  

 

 

   

 

 

 

Balance as of December 31, 2021

     9,788  (2)      10,432  
  

 

 

   

 

 

 

Increases charged to expenses

     —         1,511  

Decreases charged to income

     —         (668

Applications due to utilization

     —         (40

Net exchange and translation differences

     —         628  

Result from net monetary position (1)

     —         (51
  

 

 

   

 

 

 

Balance as of June 30, 2022

     9,788  (2)      11,812  
  

 

 

   

 

 

 

 

(1)

Includes adjustment for inflation of opening balances of the provision for doubtful trade receivables in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to Net Income.

(2)

Includes 8,861 corresponding to credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1053/2018. See Note 35.c.1) to the annual consolidated financial statements.


Table of Contents

20

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

15. INVESTMENT IN FINANCIAL ASSETS

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

Investments at amortized cost

           

Public securities (1)

     22,013        52,518        2,225        34,116  

Private securities - NO

     376        1,172        309        836  

Term deposits (2)

     —          10,171        —          6,028  
  

 

 

    

 

 

    

 

 

    

 

 

 
     22,389        63,861        2,534        40,980  
  

 

 

    

 

 

    

 

 

    

 

 

 

Investments at fair value with changes in results

           

Public securities (1)

     —          8,146        —          10,032  
  

 

 

    

 

 

    

 

 

    

 

 

 
     —          8,146        —          10,032  
  

 

 

    

 

 

    

 

 

    

 

 

 
     22,389        72,007        2,534        51,012  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 37.

(2)

Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS

 

     June 30, 2022      December 31, 2021  

Cash and banks

     27,692        22,923  

Short-term investments (1)

     36,921        9,566  

Financial assets at fair value with change in results(2)

     18,888        30,189  
  

 

 

    

 

 

 
     83,501        62,678  
  

 

 

    

 

 

 

 

(1)

Includes term deposits with the BNA for 215 and 1,075 as of June 30, 2022 and December 31, 2021, respectively.

(2)

See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021 are as follows:

 

     Provision for lawsuits and
contingencies
    Provision for
environmental liabilities
    Provision for hydrocarbon
wells abandonment
obligations
    Total  
     Non-
current
    Current     Non-
current
    Current     Non-
current
    Current     Non-
current
    Current  

Balance as of December 31, 2020

     50,369       1,934       5,531       2,618       130,588       1,581       186,488       6,133  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Increases charged to expenses

     40,607       199       10,876       —         14,955       —         66,438       199  

Decreases charged to income

     (4,278     (3,574     (12     —         (9,632     —         (13,922     (3,574

Applications due to utilization

     (655     (676     —         (2,489     —         (1,788     (655     (4,953

Reclassifications and other movements

     (4,283     3,938       (6,888     6,888       (6,567     9,916       (17,738     20,742  

Net exchange and translation differences

     7,758       383       295       6       29,859       361       37,912       750  

Result from net monetary position (1)

     (45     —         —         —         —         —         (45     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2021

     89,473       2,204       9,802       7,023       159,203       10,070       258,478       19,297  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Increases charged to expenses

     5,398       9       2,528       —         12,068       —         19,994       9  

Decreases charged to income

     (4,085 ) (2)      —         (53     —         —         —         (4,138     —    

Applications due to utilization

     (155     (2,225     —         (2,453     —         (1,903     (155     (6,581

Reclassifications and other movements

     (4,831 ) (3)      2,178       (3,180     3,180       (1,956     1,956       (9,967     7,314  

Net exchange and translation differences

     15,531       454       1,644       4       36,241       2,156       53,416       2,614  

Result from net monetary position (1)

     (28     —         —         —         —         —         (28     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of June 30, 2022

     101,303       2,620       10,741       7,754       205,556       12,279       317,600       22,653  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Includes adjustment for inflation of opening balances of provisions in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the period, which was charged to Net Income.

(2)

Includes 3,358 corresponding to the recovery of liabilities for the regularization regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment for periods 2014-2017.

(3)

Includes 2,374 reclassified as “Income tax liability” for the regularization regimes associated with the dispute relating to the tax deduction of hydrocarbon well abandonment costs for periods 2014-2017.

Provisions for lawsuits and contingencies are described in Note 16 to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:

17.a) Provision for lawsuits and contingencies

17.a.1) Claims arising from restrictions in the natural gas market

 

 

Transportadora de Gas del Norte S.A. (“TGN”)

On March 7, 2022, the appeal filed by YPF for the correction and/or clarification of certain aspects in the judgment rendered by the Court of Appeal was favorably resolved. Additionally, on that date an extraordinary appeal was filed against the judgment rendered by the Court of Appeal, which was granted on April 5, 2022 in relation to the federal issue raised and was denied in relation to the arbitrariness of the judgment rendered by the Court of Appeal, and a complaint appeal was filed in relation to this last aspect on April 12, 2022.


Table of Contents

21

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

17. PROVISIONS (cont.)

 

The cases are under review at the CSJN in connection with the extraordinary and the complaint appeals that were filed. The Company will continue to defend itself in compliance with the applicable legal procedure and the available defenses.

17.a.2) Tax claims

 

 

Dispute over the cost deduction for hydrocarbon well abandonment

The Management of the Company, based on the opinion of its external advisors, and notwithstanding the technical merits for defending its position, evaluated the regularization plan provided for under Law No. 27,653, for the income tax and the compensations made in due course with the credit balances generated by said tax, and on March 30, 2022, adhered to the aforementioned plan for fiscal years 2014 to 2017 for 2,374, thus putting an end to the controversy corresponding to those periods.

18. INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected at the end of the fiscal year. The amounts calculated for income tax expense for the six-month period ended June 30, 2022 may need to be adjusted in the subsequent period in case the projected effective tax rate estimate is modified based on new elements of judgment.

The calculation of the income tax expense accrued for the six-month period ended June 30, 2022 and 2021 is as follows:

 

     For the six-month period ended
June 30,
 
     2022      2021  

Current income tax

     (69,360      (781

Deferred income tax

     24,195        (75,115
  

 

 

    

 

 

 
     (45,165      (75,896
  

 

 

    

 

 

 

Income tax - Well abandonment

     1,948        —    
  

 

 

    

 

 

 
     (43,217      (75,896
  

 

 

    

 

 

 

The reconciliation between the charge to net income for income tax for the six-month period ended June 30, 2022 and 2021 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:

 

     For the six-month period ended
June 30,
 
     2022     2021  

Net income before income tax

     163,697       27,387  

Average tax rate

     34.86 % (4)      25.49
  

 

 

   

 

 

 

Average tax rate applied to net income before income tax

     (57,062     (6,981

Effect of the valuation of property, plant and equipment and intangible assets, net

     23,679       8,009  

Effect of exchange differences and other results associated to the valuation of the currency, net (1)

     (17,484     (17,872

Effect of the valuation of inventories

     (9,654     (1,657

Income on investments in associates and joint ventures

     9,693       1,639  

Effect of tax rate change

     —         (53,480 ) (2) 

Effect of the regularization regime for the dispute associated to cost deduction for hydrocarbon wells abandonment

     1,948  (3)      —    

Miscellaneous

     5,663       (5,554
  

 

 

   

 

 

 

Income tax

     (43,217     (75,896
  

 

 

   

 

 

 

 

(1)

Includes the effect of tax inflation adjustments.

(2)

Includes 46,150 due to the effect of a change in the tax rate on initial deferred balances and 7,330 due to the remeasurement of deferred tax balances on the period at the estimated rate in effect as of the date of their reversal, corresponding to the change established under Law No. 27,630. See Note 35.e.1) to the annual consolidated financial statements.

(3)

See Note 17.

(4)

Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 35.e.1) to the annual consolidated financial statements.


Table of Contents

22

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

18. INCOME TAX (cont.)

 

Furthermore, breakdown of tax payable and deferred as of June 30, 2022 and December 31, 2021 is as follows:

 

     June 30, 2022     December 31, 2021  
     Non-current     Current     Non-current     Current  

Income tax payable

     5,128  (2)      52,398  (1)      3,026  (2)      1,336  (1) 

 

(1)

Includes 1,078 and 513 corresponding to the 12 installments of the regularization regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment as of June 30, 2022 and December 31, 2021, respectively. See Note 16 to the annual consolidated financial statements and Note 17 to these condensed interim consolidated financial statements. Additionally, it includes the provision associated with the charge of current income tax net of unused tax credits and existing tax loss carryforwards.

(2)

Includes 5,112 and 3,009 corresponding to the remaining installments of the aforementioned regimes as of June 30, 2022 and December 31, 2021, respectively.

 

     June 30,
2022
     December 31,
2021
 

Deferred tax assets

     

Provisions and other non-deductible liabilities

     38,514        39,028  

Tax losses carryforward

     328        2,763  

Miscellaneous

     1,785        1,637  
  

 

 

    

 

 

 

Total deferred tax assets

     40,627        43,428  
  

 

 

    

 

 

 

Deferred tax liabilities

     

Property, plant and equipment

     (150,264      (156,554

Adjustment for tax inflation

     (44,212      (66,056

Miscellaneous

     (11,132      (4,076
  

 

 

    

 

 

 

Total deferred tax liabilities

     (205,608      (226,686
  

 

 

    

 

 

 

Total Net deferred tax (1)

     (164,981      (183,258
  

 

 

    

 

 

 

 

(1)

Includes (5,918) and (3,751) as of June 30, 2022 and December 31, 2021, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

As of June 30, 2022 and December 31, 2021 the Group has classified as deferred tax assets 1,810 and 1,921, respectively, and as deferred tax liability 166,791 and 185,179, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.

As of June 30, 2022 and December 31, 2021, the causes that generate charges to “Other comprehensive income”, did not create temporary differences for income tax.

19. TAXES PAYABLE

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

VAT

     —          2,802        —          2,002  

Withholdings and perceptions

     —          6,075        —          3,251  

Royalties

     —          9,917        —          6,304  

Tax on Fuels

     —          7,376        —          711  

IIBB

     —          752        —          322  

Miscellaneous

     202        2,589        201        2,081  
  

 

 

    

 

 

    

 

 

    

 

 

 
          202        29,511             201        14,671  
  

 

 

    

 

 

    

 

 

    

 

 

 

20. SALARIES AND SOCIAL SECURITY

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

Salaries and social security

     —          6,192        —          4,955  

Bonuses and incentives provision

     —          5,561        —          6,874  

Vacation provision

     —          9,886        —          7,196  

Other employee benefits (1)

     1,688        6,126        3,262        4,434  
  

 

 

    

 

 

    

 

 

    

 

 

 
       1,688        27,765          3,262        23,459  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Includes the voluntary retirement plan executed by the Group.

21. LEASE LIABILITIES

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

Lease liabilities

     32,420        35,732        28,335        27,287  


Table of Contents

23

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

  

LOGO

21. LEASE LIABILITIES (cont.)

 

The evolution of the Group’s leases liabilities for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021, are as follows:

 

     Lease liabilities  

Balance as of December 31, 2020

     46,270  
  

 

 

 

Leases increase

     27,745  

Leases decrease

     (4,352

Payments

     (28,526

Financial accretion

     5,331  

Exchange and translation differences, net

     9,213  

Result from net monetary position (1)

     (59
  

 

 

 

Balance as of December 31, 2021

     55,622  
  

 

 

 

Leases increase

     15,586  

Leases decrease

     —    

Payments

     (18,545

Financial accretion

     3,996  

Exchange and translation differences, net

     11,479  

Result from net monetary position (1)

     14  
  

 

 

 

Balance as of June 30, 2022

     68,152  
  

 

 

 

 

(1)

Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the Peso as functional currency, which was charged to Other comprehensive income and the adjustment for inflation of the period, which was charged to Net Income.

22. LOANS

 

                             June 30, 2022      December 31, 2021  
     Interest rate (1)     Maturity    Non-current      Current      Non-current      Current  

Pesos:

                     

NO (4)

     44.94     -        45.97   2022-2024      8,807        1,037        6,897        5,700  

Loans

     57.15     -        57.20   2022-2024      8,240        1,797        13,955        7,220  

Account overdraft

     41.50     -        41.50   2022      —          6,331        —          794  
            

 

 

    

 

 

    

 

 

    

 

 

 
               17,047        9,165        20,852        13,714  
            

 

 

    

 

 

    

 

 

    

 

 

 

Currencies other than the Peso:

                     

NO (2) (3)

     1.50     -        10.00   2022-2047      731,542        71,215        636,822        55,517  

Export pre-financing

     2.20     -        5.50   2022-2023      1,021        2,401        1,256        4,358  

Imports financing

     5.25     -        6.79   2022-2023      —          549        —          330  

Loans

     2.30     -        17.99   2022-2027      41,155        12,509        11,605        12,761  
            

 

 

    

 

 

    

 

 

    

 

 

 
               773,718        86,674        649,683        72,966  
            

 

 

    

 

 

    

 

 

    

 

 

 
               790,765        95,839        670,535        86,680  
            

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Nominal annual interest rate as of June 30, 2022.

(2)

Includes 66,002 and 61,811 as of June 30, 2022 and December 31, 2021, respectively, of nominal value of NO that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(3)

Disclosed net of 360 of nominal value as of December 31, 2021 corresponding to YPF’s own NO repurchased through open market transactions.

(4)

Includes 4,602 as of December 31, 2021 of nominal value of NO that were canceled in dollars at the applicable exchange rate according to the conditions of the issued series.

Set forth below is the evolution of the loans for six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021:

 

     Loans  

Balance as of December 31, 2020

     678,306  
  

 

 

 

Proceeds from loans

     97,420  

Payments of loans

     (161,016

Payments of interest

     (58,454

Accrued interest (1)

     66,950  

Net exchange differences and translation

     136,280  

Result from debt exchange (2)

     (1,855

Result from net monetary position (3)

     (416
  

 

 

 

Balance as of December 31, 2021

     757,215  
  

 

 

 

Proceeds from loans

     48,214  

Payments of loans

     (80,056

Payments of interest

     (33,368

Accrued interest (1)

     38,848  

Net exchange differences and translation

     156,451  

Result from net monetary position (3)

     (700
  

 

 

 

Balance as of June 30, 2022

     886,604  
  

 

 

 

 

(1)

Includes capitalized financial costs.

(2)

See Note 21 to the annual consolidated financial statements.

(3)

Includes adjustment for inflation of opening balances of loans in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to Net Income.


Table of Contents

24

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

22. LOANS (cont.)

 

Details regarding the NO of the Group are as follows:

 

                             June 30, 2022      December 31, 2021  

Month

   Year    Principal
Value
     Class      Interest rate (1)     Principal
Maturity
   Non-current      Current      Non-current      Current  

YPF

                           

-

   1998    US$ 15        -        Fija       10.00   2028      1,854        31        1,521        26  

April, February, October

   2014/15/16    US$     1,522        Clase XXVIII        Fija       8.75   2024      43,334        34,104        62,193        28,598  

September

   2014    $ 1,000        Clase XXXIV        BADLAR + 0.1%       44.94   2024      334        227        334        213  

April

   2015    US$ 1,500        Clase XXXIX        Fija       8.50   2025      141,619        5,083        116,140        4,167  

October

   2015    $ 2,000        Clase XLIII        BADLAR       45.97   2023      667        784        667        755  

May

   2017    $ 4,602        Clase LII        Fija       16.50   2022      —          —          —          4,712  

July, December

   2017    US$ 1,000        Clase LIII        Fija       6.95   2027      102,422        3,030        83,658        2,531  

December

   2017    US$ 750        Clase LIV        Fija       7.00   2047      66,225        186        54,702        154  

June

   2019    US$ 500        Clase I        Fija       8.50   2029      49,687        47        40,740        39  

June

   2020    US$ 78        Clase XII        Fija       1.50   2022      —          —          —          7,688  

July

   2020    US$ 543        Clase XIII        Fija       8.50   2025      21,130        11,288        21,652        9,353  

December, February

   2020/21    US$ 143        Clase XIV        Fija       2.00   2023      17,925        26        14,701        22  

February

   2021    US$ 775        Clase XVI        Fija       4.00   2026      80,869        14,964        75,944        899  

February

   2021    US$ 748        Clase XVII        Fija       2.50   2029      92,284        —          73,484        18  

February

   2021    US$ 576        Clase XVIII        Fija       1.50   2033      66,116        1,260        52,658        1,015  

February

   2021    $ 4,128        Clase XIX        Fija       3.50   2024      7,806        26        5,896        20  

July

   2021    US$ 384        Clase XX        Fija       5.75   2032      48,077        1,196        39,429        1,007  
                  

 

 

    

 

 

    

 

 

    

 

 

 
                     740,349        72,252        643,719        61,217  
                  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Nominal annual Interest rate as of June 30, 2022.


Table of Contents

25

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

   LOGO

 

23. OTHER LIABILITIES

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

Extension of concessions

     951        1,028        823        824  

Liabilities for contractual claims

     103        114        145        2,618  (1) 

Miscellaneous

     —          313        —          26  
  

 

 

    

 

 

    

 

 

    

 

 

 
     1,054        1,455        968        3,468  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 34.d) to the annual consolidated financial statements.

24. ACCOUNTS PAYABLE

 

     June 30, 2022      December 31, 2021  
     Non-current      Current      Non-current      Current  

Trade payable and related parties(1)

     832        260,494        752        193,159  

Guarantee deposits

     53        753        44        677  

Payables with partners of JO and other agreements

     103        1,840        92        6,203  

Miscellaneous

     —          1,663        —          1,512  
  

 

 

    

 

 

    

 

 

    

 

 

 
     988        264,750        888        201,551  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

For more information about related parties, see Note 37.

25. REVENUES

 

     For the six-month period ended
June 30,
 
     2022      2021  

Sales of goods and services

     982,573        558,025  

Government incentives(1)

     14,848        11,615  

Turnover tax

     (31,241      (18,877
  

 

 

    

 

 

 
     966,180        550,763  
  

 

 

    

 

 

 

 

(1)

See Note 37.

The Group’s transactions and the main revenues are described in Note 6. The Group’s revenues are derived from contracts with customers, except for Government incentives.

 

 

Breakdown of revenues

Type of good or service

 

     For the six-month period ended June 30, 2022  
     Upstream      Downstream      Gas and
Power
     Central
Administration
and others
     Total  

Diesel

     —          348,005        —          —          348,005  

Gasolines

     —          191,452        —          —          191,452  

Natural Gas (1)

     —          1,013        106,176        —          107,189  

Crude Oil

     —          2,190        —          —          2,190  

Jet fuel

     —          49,243        —          —          49,243  

Lubricants and by-products

     —          32,561        —          —          32,561  

Liquefied Petroleum Gas

     —          28,734        —          —          28,734  

Fuel oil

     —          12,261        —          —          12,261  

Petrochemicals

     —          30,832        —          —          30,832  

Fertilizers and crop protection products

     —          36,844        —          —          36,844  

Flours, oils and grains

     —          49,322        —          —          49,322