SEC Form 6-K filed by YPF Sociedad Anonima

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2024

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 ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of March  31, 2024 and Comparative Information (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of March 31, 2024 and Comparative Information (Unaudited) (AR$).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

				YPF Sociedad Anónima
Date: May 16, 2024				By:		/s/ Margarita Chun
				Name:		Margarita Chun
				Title:		Market Relations Officer

Item 1

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF MARCH 31, 2024

AND COMPARATIVE INFORMATION

 

YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION

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 Group’s business		8
2		Basis of preparation of the condensed interim consolidated financial statements		9
3		Seasonality of operations		11
4		Acquisitions and disposals		11
5		Financial risk management		11
6		Business segment information		12
7		Financial instruments by category		16
8		Intangible assets		16
9		Property, plant and equipment		17
10		Right-of-use assets		20
11		Investments in associates and joint ventures		20
12		Inventories		23
13		Other receivables		23
14		Trade receivables		23
15		Investments in financial assets		24
16		Cash and cash equivalents		24
17		Provisions		24
18		Income tax		25
19		Taxes payable		26
20		Salaries and social security		26
21		Lease liabilities		27
22		Loans		27
23		Other liabilities		29
24		Accounts payable		29
25		Revenues		29
26		Costs		31
27		Expenses by nature		32
28		Other net operating results		33
29		Net financial results		33
30		Investments in joint agreements		33
31		Shareholders’ equity		34
32		Earnings per share		34
33		Contingent assets and liabilities		34
34		Contractual commitments		35
35		Main regulations		35
36		Balances and transactions with related parties		37
37		Employee benefit plans and similar obligations		40
38		Subsequent events		41

 

		1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION

 

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
B2B		Business to Business
B2C		Business to Consumer
BCRA		Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA		Bank of the Argentine Nation (Banco de la Nación Argentina)
BO		Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN		Northern Argentine Basin (Cuenca Argentina Norte)
CDS		Associate Central Dock Sud S.A.
CGU		Cash-generating unit
CNDC		Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV		Argentine Securities Commission (Comisión Nacional de Valores)
CPI		Consumer Price Index published by INDEC
CSJN		Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán		Joint venture CT Barragán S.A.
Eleran		Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA		Energía Argentina S.A. (formerly Integración Energética Argentina S.A., “IEASA”)
FASB		Financial Accounting Standards Board
FOB		Free on board
Gas Austral		Associate Gas Austral S.A.
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.
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
INDEC		National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
JA		Joint agreement (Unión Transitoria)
Joint venture		Company jointly owned by YPF as provided for in IFRS 11
LGS		General Corporations Law (Ley General de Sociedades) No. 19,550
LNG		Liquified natural gas
LPG		Liquefied petroleum gas
MBtu		Million British thermal units
MEGA		Joint venture Compañía 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)
MLO		West Malvinas Basin (Cuenca Malvinas Oeste)
MTN		Medium-term note
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		Joint venture OleoductoTrasandino (Argentina) S.A.
OTC		Joint venture OleoductoTrasandino (Chile) S.A.
PEN		National Executive Branch (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 as provided for in IFRS 10
Sustentator		Joint venture Sustentator S.A.
Termap		Associate Terminales Marítimas Patagónicas S.A.
Turnover tax		Impuesto a los ingresos brutos
U.S. dollar		United States dollar
UNG		Unaccounted natural gas
US$		United States dollar
US$/bbl		U.S. dollar per barrel
UVA		Unit of Purchasing Power
VAT		Value added tax
WEM		Wholesale Electricity Market
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.
Y-LUZ		Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE

		2
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION

 

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 48 beginning on January 1, 2024.

Main 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 crude oil, natural gas and other minerals and refining, commercialization and distribution of crude 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 of Commerce

Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Commerce of Autonomous City of Buenos Aires, in charge of the Argentine Registry 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 Public Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024 registered with the Public Registry of Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on March 15, 2024 under No. 4,735, Book 116 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.

 

 

 

 

 

HORACIO DANIEL MARIN

President    

		3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

(Amounts expressed in millions of United States dollars)

 

		Notes		March 31, 2024				December 31, 2023
ASSETS
Non-current assets
Intangible assets		8			377				367
Property, plant and equipment		9			16,699				17,712
Right-of-use assets		10			614				631
Investments in associates and joint ventures		11			1,834				1,676
Deferred income tax assets, net		18			18				18
Other receivables		13			177				158
Trade receivables		14			31				31
Investments in financial assets		15			7				8
Total non-current assets					19,757				20,601
Current assets
Assets held for sale		9			1,858				-
Inventories		12			1,574				1,683
Contract assets		25			17				10
Other receivables		13			444				381
Trade receivables		14			1,400				973
Investments in financial assets		15			290				264
Cash and cash equivalents		16			1,309				1,123
Total current assets					6,892				4,434
TOTAL ASSETS					26,649				25,035
SHAREHOLDERS’ EQUITY
Shareholders’ contributions					4,505				4,504
Retained earnings					5,308				4,445
Shareholders’ equity attributable to shareholders of the parent company					9,813				8,949
Non-controlling interest					154				102
TOTAL SHAREHOLDERS’ EQUITY					9,967				9,051
LIABILITIES
Non-current liabilities
Provisions		17			686				2,660
Contract liabilities		25			33				34
Deferred income tax liabilities, net		18			1,066				1,242
Income tax liability					4				4
Lease liabilities		21			312				325
Loans		22			7,240				6,682
Other liabilities		23			74				112
Accounts payable		24			5				5
Total non-current liabilities					9,420				11,064
Current liabilities
Liabilities directly associated with assets held for sale		9			2,039				-
Provisions		17			207				181
Contract liabilities		25			54				69
Income tax liability					45				31
Taxes payable		19			248				139
Salaries and social security		20			175				210
Lease liabilities		21			336				341
Loans		22			1,559				1,508
Other liabilities		23			117				122
Accounts payable		24			2,482				2,319
Total current liabilities					7,262				4,920
TOTAL LIABILITIES					16,682				15,984
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY					26,649				25,035

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

 

 

 

HORACIO DANIEL MARIN

President    

		4
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023

(Amounts expressed in millions of United States dollars, except per share information expressed in United States dollars)

 

				For the three-month periods ended March 31,
Net income		Notes		2024				2023
Revenues		25			4,310				4,238
Costs		26			(3,019)				(3,299)
Gross profit					1,291				939
Selling expenses		27			(467)				(420)
Administrative expenses		27			(141)				(157)
Exploration expenses		27			(23)				(18)
Other net operating results		28			6				(9)
Operating profit					666				335
Income from equity interests in associates and joint ventures		11			129				89
Financial income		29			36				45
Financial costs		29			(336)				(279)
Other financial results		29			41				236
Net financial results		29			(259)				2
Net profit before income tax					536				426
Income tax		18			121				(85)
Net profit for the period					657				341
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures					(27)				(85)
Result from net monetary position in subsidiaries, associates and joint ventures (1)					285				101
Other comprehensive income for the period					258				16
Total comprehensive income for the period					915				357
Net profit for the period attributable to:
Shareholders of the parent company					649				341
Non-controlling interest					8				-
Other comprehensive income for the period attributable to:
Shareholders of the parent company					214				14
Non-controlling interest					44				2
Total comprehensive income for the period attributable to:
Shareholders of the parent company					863				355
Non-controlling interest					52				2
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		32			1.66				0.87

 

(1)	Result associated to subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to the annual consolidated financial statements.

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

 

 

 

 

HORACIO DANIEL MARIN

President    

		5
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023

(Amounts expressed in millions of United States dollars)

 

		For the three-month period ended March 31, 2024
		Shareholders’ contributions
		Capital		Treasury shares		Share-based  benefit plans		Acquisition cost of treasury shares (2)		Share trading premiums				Issuance premiums		Total
Balance at the beginning of the fiscal year		3,919		14		1		(30)		(40)				640		4,504
Accrual of share-based benefit plans (3)		-		-		1		-		-				-		1
Settlement of share-based benefit plans		-		-		-		-		-				-		-
Other comprehensive income		-		-		-		-		-				-		-
Net profit for the period		-		-		-		-		-				-		-
Balance at the end of the period		3,919		14		2		(30)		(40)				640		4,505

 

		Retained earnings (4)														Equity attributable to
		Legal  reserve		Reserve for future  dividends		Reserve for  investments		Reserve for purchase of treasury shares		Other comprehensive income				Unappropriated retained earnings and losses		Shareholders of the parent company		Non- controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		787		226		5,325		35		(684)				(1,244)		8,949		102		9,051
Accrual of share-based benefit plans (3)		-		-		-		-		-				-		1		-		1
Settlement of share-based benefit plans		-		-		-		-		-				-		-		-		-
Other comprehensive income		-		-		-		-		214				-		214		44		258
Net profit for the period		-		-		-		-		-				649		649		8		657
Balance at the end of the period		787		226		5,325		35		(470)		(1)		(595)		9,813		154		9,967

 

(1)    Includes (1,900) 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 1,430 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2)    Net of employees’ income tax withholding related to the share-based benefit plans.

(3)    See Note 37.

(4)    Includes 70 restricted to the distribution of retained earnings as of March 31, 2024, and December 31, 2023, respectively. See Note 30 to the annual consolidated financial statements.

 

 

 

 

HORACIO DANIEL MARIN

President    

		6
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023 (cont.)

(Amounts expressed in millions of United States dollars)

 

		For the three-month period ended March 31, 2023
		Shareholders’ contributions
		Capital		Treasury shares		Share-based  benefit plans		Acquisition  cost of treasury shares (2)		Share trading premiums				Issuance premiums		Total
Balance at the beginning of the fiscal year		3,915		18		2		(30)		(38)				640		4,507
Accrual of share-based benefit plans (3)		-		-		1		-		-				-		1
Settlement of share-based benefit plans		-		-		-		-		-				-		-
Other comprehensive income		-		-		-		-		-				-		-
Net profit for the period		-		-		-		-		-				-		-
Balance at the end of the period		3,915		18		3		(30)		(38)				640		4,508

 

		Retained earnings (4)														Equity attributable to
		Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income				Unappropriated retained earnings and losses		Shareholders of the parent company		Non- controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		787		-		-		-		(494)				5,654		10,454		98		10,552
Accrual of share-based benefit plans (3)		-		-		-		-		-				-		1		-		1
Settlement of share-based benefit plans		-		-		-		-		-				-		-		-		-
Other comprehensive income		-		-		-		-		14				-		14		2		16
Net profit for the period		-		-		-		-		-				341		341		-		341
Balance at the end of the period		787		-		-		-		(480)		(1)		5,995		10,810		100		10,910

 

(1)    Includes (1,516) 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 1,036 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

(2)    Net of employees’ income tax withholding related to the share-based benefit plans.

(3)    See Note 37.

(4)    Includes 68 restricted to the distribution of retained earnings as of March 31, 2023, and December 31, 2022, respectively. See Note 30 to the annual consolidated financial statements.

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

 

 

 

HORACIO DANIEL MARIN

President    

		7
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023

(Amounts expressed in millions of United States dollars)

 

		For the three-month periods ended March 31,
		2024						2023
Cash flows from operating activities
Net profit			657						341
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures			(129)						(89)
Depreciation of property, plant and equipment			576						709
Amortization of intangible assets			10						10
Depreciation of right-of-use assets			66						56
Retirement of property, plant and equipment and intangible assets and consumption of materials			90						84
Charge on income tax			(121)						85
Net increase in provisions			163						99
Effect of changes in exchange rates, interest and others			242						29
Share-based benefit plans			1						4
Changes in assets and liabilities:
Trade receivables			(448)						144
Other receivables			(128)						41
Inventories			125						(126)
Accounts payable			41						27
Taxes payables			107						(7)
Salaries and social security			(48)						(58)
Other liabilities			(49)						(9)
Decrease in provisions due to payment/use			(36)						(48)
Contract assets			(8)						(9)
Contract liabilities			(16)						17
Dividends received			-						198
Income tax payments			(6)						(1)
Net cash flows from operating activities (1) (2)			1,089						1,497
Investing activities: (3)
Acquisition of property, plant and equipment and intangible assets			(1,181)						(1,262)
Contributions and acquisitions of interests in associates and joint ventures			-						(2)
Proceeds from sales of financial assets			84						128
Payments from purchase of financial assets			(130)						(82)
Interests received from financial assets			17						27
Proceeds from sales of WI of areas and assets			2						2
Net cash flows used in investing activities			(1,208)						(1,189)
Financing activities: (3)
Payments of loans			(554)						(133)
Payments of interests			(202)						(157)
Proceeds from loans			1,114						472
Account overdraft, net			56						(70)
Payments of leases			(101)						(92)
Payments of interests in relation to income tax			(1)						(3)
Net cash flows from financing activities			312						17
Effect of changes in exchange rates on cash and cash equivalents			(7)						(84)
Increase in cash and cash equivalents			186						241
Cash and cash equivalents at the beginning of the fiscal year			1,123						773
Cash and cash equivalents at the end of the period			1,309						1,014
Increase in cash and cash equivalents			186						241

 

(1)    Does not include the effect of changes in exchange rates generated by cash and cash equivalents, which is exposed separately in this statement.

(2)    Includes 31 and 66 for the three-month periods ended March 31, 2024 and 2023, respectively, for payment of short-term leases and payments 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 three-month periods ended March 31,
		2024						2023
Unpaid acquisitions of property, plant and equipment and intangible assets			492						499
Additions of right-of-use assets			64						70
Capitalization of depreciation of right-of-use assets			18						17
Capitalization of financial accretion for lease liabilities			3						4

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

 

 

 

HORACIO DANIEL MARIN

President    

		8
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION

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

 

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

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the Argentine laws, 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 businesses.

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of March 31, 2024:

 

 

 

(1)	Held directly and indirectly.

(2)	See Note 35.c.3), section “Note from ENARGAS related to YPF’s interest in Metrogas”, to the annual consolidated financial statements.

(3)	See Note 4.

 

 

 

HORACIO DANIEL MARIN

President     

		9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

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

 

Organization of the business

As of March 31, 2024, the Group carries out its operations in accordance with the following structure:

 

-

Upstream

 

-

Downstream

 

-

Gas and Power

 

-

Central Administration and Others

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

The operations, properties and clients of the Group are mainly located in Argentina. However, the Group also holds participating interest in exploratory areas in Bolivia and sells jet fuel, natural gas, lubricants and derivatives in Chile and lubricants and derivatives in Brazil.

 

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

2.a) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the three-month period ended March 31, 2024 are presented in accordance with IAS 34 “Interim Financial Reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2023 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the three-month period ended March 31, 2024 are unaudited. The Company believes they include all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the three-month period ended March 31, 2024 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

The material 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 currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency.

The consolidated financial statements used by YPF for statutory, legal and regulatory purposes in Argentina are those in pesos and filed with the CNV and approved by the Board of Directors and authorized to be issued on May 9, 2024.

 

 

 

 

HORACIO DANIEL MARIN

President     

		10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

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

 

Adoption of new standards and interpretations effective as from January 1, 2024

The Company 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 March 31, 2024, as described in Note 2.b.14) to the annual consolidated financial statements.

Standards and interpretations issued by the IASB as of January 1, 2024 whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

In accordance with Article 1, Chapter III, Title IV of the CNV Rules, the early application of IFRS and/or their amendments is not permitted for issuers filing financial statements with the CNV, unless specifically admitted by such agency.

 

•

IFRS 18 “Presentation and disclosure in financial statements”

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 “Presentation of financial statements”, with the objective of providing better information on the financial performance of entities, improving their comparability, which is applicable to fiscal years beginning on or after January 1, 2027.

IFRS 18 introduces the following information requirements that can be grouped into 2 main groups:

 

-

Group income and expenses into three defined categories: (i) operating; (ii) financing and (iii) investing, and include certain defined subtotals, such as the operating result and the result before financing and income tax, with the aim of improving the comparability of the statement of comprehensive income.

-

Provide more information about the performance measures defined by management, which, although not mandatory, in the event of including this type of measures, the entity must disclose the reason why said measures are useful to financial statements users, their method of calculation, a reconciliation between to the most directly comparable subtotal from the statement of comprehensive income, among others.

Additionally, IFRS 18 establishes more detailed guidance on how to organize information within the financial statements and whether it should be provided in the primary financial statements or in the notes, with the aim of improving the grouping of information in the financial statements.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 18.

2.c) Significant estimates and key sources of estimation uncertainty

In preparing the financial statements at a certain date, the Group is required to make estimates and assessments affecting the amount of assets and liabilities recorded and the contingent assets and liabilities disclosed at such date, as well as income and expenses recognized in the period. Actual future profit or loss might differ from the estimates and assessments made at the date of preparation of these condensed interim consolidated financial statements.

The assumptions relating to the future and other sources of uncertainty about the estimates made for the preparation of these condensed interim consolidated financial statements are consistent with those used by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Note 2.c) to the annual consolidated financial statements.

 

 

 

HORACIO DANIEL MARIN

President     

		11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

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

 

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2023 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Amounts corresponding to the three-month period ended March 31, 2023 presented in these financial statements for comparison purposes correspond to the functional currency of the company according to IAS 21 (see Note 2.b)).

Additionally, from this fiscal year, the Group has made a change in the presentation of the items in the “Financial results, net” line item in the statement of comprehensive income (see Note 29). This change is intended to provide more relevant and detailed information on the origin of financial results and the effects of transactions or conditions that affect the financial situation, financial performance and cash flows of the Group such as interests and exchange differences generated by loans, among others; and improve the comparability of the Group’s financial statements with its peers.

 

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. Consequently, the Group is subject to seasonal fluctuations in its sales volumes and prices, with higher sales of natural gas during the winter at higher prices.

 

4.	ACQUISITIONS AND DISPOSALS

Dissolution of the company YPF International

On May 6, 2024, the Plurinational Service of Registry of Commerce (“SEPREC” by its acronym in Spanish) of Bolivia approved the dissolution and liquidation of YPF International.

 

5.	FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: Market risk (including exchange rate risk, interest rate risk, and price risk), 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 three-month period ended March 31, 2024, there were no significant changes in the administration or policies of risk management implemented by the Group as described in Note 4 to the annual consolidated financial statements.

 

 

 

 

HORACIO DANIEL MARIN

President     

		12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

5.	FINANCIAL RISK MANAGEMENT (cont.)

 

•

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 and Notes 17 and 33.

The Group monitors compliance with covenants on a quaterly basis. As of March 31, 2024, the Group is in compliace with its covenants.

It should be noted that, under the terms and conditions of the loans that our subsidiary Metrogas has taken, the interest 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 ratio, as of March 31, 2024.

 

6.	BUSINESS SEGMENT INFORMATION

The different business segments in which the Group’s organization is structured consider the different activities from which the Group can obtain revenues and incur expenses. Such organizational structure is based on the way in which the chief decision maker analyzes the main operating and financial magnitudes for making decisions about resource allocation and performance assessment, also considering the business strategy of the Group.

Business segment information is presented consistently with the manner of reporting the information used by the chief decision maker to allocate resources and assess business segment performance.

The business segment structure is organized as follows:

 

•

Upstream

The Upstream business segment performs all activities related to the exploration and exploitation and production of crude oil, natural gas and frac sand for well drilling/fracking purposes.

Its revenues are largely derived from: (i) the sale of the crude oil produced to the Downstream business segment; and (ii) the sale of the natural gas produced and the sale of the natural gas retained in plant to the Gas and Power business segment.

It incurs all costs related to the activities mentioned above.

 

 

 

 

HORACIO DANIEL MARIN

President     

		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

6.	BUSINESS SEGMENT INFORMATION (cont.)

 

•

Downstream

The Downstream business segment performs activities related to: (i) crude oil refining and the production of petrochemical products; (ii) logistics related to the transportation of crude oil to the refineries and the transportation and distribution of refined and petrochemical products to be marketed at the different sales channels; (iii) commercialization of refined and petrochemical products obtained from such processes; (iv) commercialization of crude oil; and (v) commercialization of specialties for the agribusiness industry and of grains and their by-products.

Its revenues are derived primarily from the sale of crude oil, refined and petrochemical products, specialties for the agribusiness industry and grains and their by-products. These operations are performed through the businesses of B2C (Retail), B2B (Industries, Transportation, Aviation, Agro, Lubricants and Specialties), LPG, Chemicals, International Trade and Transportation and Sales to Companies.

It incurs all costs related to the activities mentioned above, including the purchase of crude oil from the Upstream business segment and third parties and the purchase of natural gasoline, propane and butane and natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power business segment.

 

•

Gas and Power

The Gas and Power business segment performs activities related to: (i) natural gas transportation to third parties and the Downstream business segment and its commercialization; (ii) commercial and technical operation of the LNG regasification terminal in Escobar by hiring regasification vessels; (iii) transportation, conditioning and processing of natural gas retained in plant for the separation and fractionation of natural gasoline, propane and butane; (iv) distribution of natural gas through our subsidiary Metrogas; and (v) the storage of the natural gas produced. Also, through our investments in associates and joint ventures, the Gas and Power business segment undertakes activities related to: (i) separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and natural gasoline; (ii) generation of conventional thermal electric power and renewable energy; and (iii) production, storage, distribution and sale of fertilizers.

Its revenues are largely derived from the commercialization of natural gas as producers to third parties and the Downstream business segment, the distribution of natural gas through our subsidiary Metrogas, the sale of natural gasoline, propane and butane to the Downstream business segment and the provision of LNG regasification services.

It incurs all costs related to the activities mentioned above, including the purchase of natural gas and natural gas retained in plant from the Upstream business segment.

 

•

Central Administration and Others

This segment covers other activities performed by the Group not falling under the business segments mentioned above and which are not reporting business segments, mainly comprising 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 domestic market prices.

Operating profit or loss and assets of each business segment have been determined after consolidation adjustments.

 

 

 

HORACIO DANIEL MARIN

President     

		14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

6.	BUSINESS SEGMENT INFORMATION (cont.)

 

		Upstream								Downstream								Gas and Power								Central   Administration and   Others								Consolidation   adjustments (1)								Total
For the three-month period ended March 31, 2024
Revenues			51								3,766								396								97								-								4,310
Revenues from intersegment sales			1,933								16								86								224								(2,259)								-
Revenues			1,984								3,782								482								321								(2,259)								4,310
Operating profit or loss			404				(3)				558								(44)								(42)								(210)								666
Income from equity interests in associates and joint ventures			-								13								116								-								-								129
Net financial results																																											(259)
Net profit before income tax																																											536
Income tax																																											121
Net profit for the period																																											657
Acquisitions of property, plant and equipment			1,013								206								12								21								-								1,252
Acquisitions of right-of-use assets			6								6								52								-								-								64
Other income statement items
Depreciation of property, plant and equipment (2)			436								112								12								16								-								576
Amortization of intangible assets			-								7								3								-								-								10
Depreciation of right-of-use assets			42								18								6								-								-								66
Balance as of March 31, 2024
Assets			11,909								9,627								3,253								2,187								(327)								26,649

 

 

 

 

HORACIO DANIEL MARIN

President     

		15
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

 

6.	BUSINESS SEGMENT INFORMATION (cont.)

 

		Upstream								Downstream								Gas and Power								Central   Administration and   Others								Consolidation   adjustments (1)								Total
For the three-month period ended March 31, 2023
Revenues			43								3,718								413								64								-								4,238
Revenues from intersegment sales			1,785								35								93								246								(2,159)								-
Revenues			1,828								3,753								506								310								(2,159)								4,238
Operating profit or loss			144				(3)				254								(23)								(64)								24								335
Income from equity interests in associates and joint ventures			-								7								82								-								-								89
Net financial results																																											2
Net profit before income tax																																											426
Income tax																																											(85)
Net profit for the period																																											341
Acquisitions of property, plant and equipment			1,015								214								52								17								-								1,298
Acquisitions of right-of-use assets			49								21								-								-								-								70
Other income statement items
Depreciation of property, plant and equipment (2)			568								114								12								15								-								709
Amortization of intangible assets			-								7								3								-								-								10
Depreciation of right-of-use assets			34								18								4								-								-								56
Balance as of December 31, 2023
Assets			11,129								9,916								2,282								1,826								(118)								25,035

 

(1)	Corresponds to the eliminations among the business segments of the Group.

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

(3)	Includes (6) and (6) of unproductive exploratory drillings as of March 31, 2024 and 2023.

 

 

 

 

HORACIO DANIEL MARIN

President