Table of Contents
UNITED STATES
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 May, 2021
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
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS AS OF MARCH 31, 2021
AND COMPARATIVE INFORMATION (UNAUDITED)
Table of Contents
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
Note | Description | Page | ||||
Glossary of terms | 1 | |||||
Legal Information | 2 | |||||
Consolidated statements of financial position | 3 | |||||
Consolidated statements of comprehensive income | 4 | |||||
Consolidated statements of changes in shareholders’ equity | 5 | |||||
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 | 12 | |||||
4 | 12 | |||||
5 | 12 | |||||
6 | 13 | |||||
7 | 15 | |||||
8 | 15 | |||||
9 | 16 | |||||
10 | 19 | |||||
11 | 19 | |||||
12 | 21 | |||||
13 | 21 | |||||
14 | 21 | |||||
15 | 22 | |||||
16 | 22 | |||||
17 | 23 | |||||
18 | 24 | |||||
19 | 24 | |||||
20 | 24 | |||||
21 | 25 | |||||
22 | 26 | |||||
23 | 26 | |||||
24 | 27 | |||||
25 | 29 | |||||
26 | 29 | |||||
27 | 30 | |||||
28 | 30 | |||||
29 | 31 | |||||
30 | 31 | |||||
31 | 32 | |||||
32 | 32 | |||||
33 | 32 | |||||
34 | 33 | |||||
35 | 33 | |||||
36 | 36 | |||||
37 | 38 | |||||
38 | 39 | |||||
39 | 40 |
Table of Contents
1
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
Term | Definition | |
AESA | Subsidiary A-Evangelista S.A. | |
AFIP | Argentine Tax Authority | |
Associate | Company over which YPF has significant influence as provided for in IAS 28 | |
BCRA | Central Bank of the Argentine Republic | |
BNA | Banco de la Nación Argentina | |
BO | Official Gazette of the Argentine Republic | |
CAMMESA | Compañía Administradora del Mercado Mayorista Eléctrico S.A. | |
CDS | Associate Central Dock Sud S.A. | |
CGU | Cash-Generating Units | |
CIMSA | Subsidiary Compañía de Inversiones Mineras S.A. | |
CNV | Argentine Securities Commission | |
CSJN | Argentine Supreme Court | |
CT Barragán | Joint venture CT Barragán S.A. | |
Eleran | Subsidiary Eleran Inversiones 2011 S.A.U. | |
ENARGAS | Argentine National Gas Regulatory Authority | |
FACPCE | Argentine Federation of Professional Councils in Economic Sciences | |
FASB | Financial Accounting Standards Board | |
Group | YPF and its subsidiaries | |
GPA | Associate Gasoducto del Pacífico (Argentina) S.A. | |
IAS | International Accounting Standard | |
IASB | International Accounting Standards Board | |
IEASA (former ENARSA) | Integración Energética Argentina S.A. (former Energía Argentina S.A.) | |
IFRIC | International Financial Reporting Interpretations Committee | |
IFRS | International Financial Reporting Standard | |
Joint venture | Company jointly owned by YPF as provided for in IFRS 11 | |
JO | Joint operation | |
LGS | Argentine General Corporations Law No. 19,550 (T.O. 1984), as amended | |
LNG | Liquified natural gas | |
LPG | Liquefied Petroleum Gas | |
MEGA | Joint Venture Company Mega S.A. | |
MEGSA | Mercado Electrónico del Gas S.A. | |
Metroenergía | Subsidiary Metroenergía S.A. | |
Metrogas | Subsidiary Metrogas S.A. | |
MINEM | Former Ministry of Energy and Mining (Ministerio de Energía y Minería) | |
MMBtu | Million British thermal units | |
NO | Negotiable Obligations | |
Oiltanking | Associate Oiltanking Ebytem S.A. | |
Oldelval | Associate Oleoductos del Valle S.A. | |
OLCLP | Joint Venture Oleoducto Loma Campana – Lago Pellegrini S.A. | |
OPESSA | Subsidiary Operadora de Estaciones de Servicios S.A. | |
OTA | Associate Oleoducto Trasandino (Argentina) S.A. | |
OTC | Associate Oleoducto Trasandino (Chile) S.A. | |
PEN | National Executive Branch | |
Peso | Argentine Peso | |
Profertil | Joint Venture Profertil S.A. | |
Refinor | Joint Venture Refinería del Norte S.A. | |
RTI | Integral Tariff Review | |
SE | Secretariat of Energy | |
SEE | Secretariat of Electric Energy | |
SEC | U.S. Securities and Exchange Commission | |
SGE | Government Secretariat of Energy | |
SRH | Hydrocarbon Resources Secretariat | |
Subsidiary | Company controlled by YPF in accordance with the provisions of IFRS 10 | |
TFN | National Fiscal Tribunal | |
Termap | Associate Terminales Marítimas Patagónicas S.A. | |
TSEP | Transportation system entry point | |
UHaF | Under-Secretariat of Hydrocarbons and Fuels | |
US$ | U.S. dollar | |
US$/Bbl | U.S. dollar per barrel | |
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 Sociedad Anónima | |
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 Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
Legal address
Macacha Güemes 515 – Ciudad Autónoma de Buenos Aires, Argentina
Fiscal year number 45
Beginning on January 1, 2021
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 29, 2016 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on December 21, 2016 under No. 25,244, Book 82 of Corporations.
Capital structure
393,312,793 shares of common stock, Pesos 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 Argentine Securities Commission (“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 MARCH 31, 2021 AND DECEMBER 31, 2020 (UNAUDITED) | ||
(Amounts expressed in millions of Pesos) |
Notes | March 31, 2021 | December 31, 2020 | ||||||||||
ASSETS | ||||||||||||
Noncurrent Assets | ||||||||||||
Intangible assets | 8 | 42,266 | 39,119 | |||||||||
Property, plant and equipment | 9 | 1,482,277 | 1,379,527 | |||||||||
Right-of-use assets | 10 | 48,384 | 44,081 | |||||||||
Investments in associates and joint ventures | 11 | 119,669 | 107,112 | |||||||||
Deferred income tax assets, net | 17 | 2,690 | 2,629 | |||||||||
Other receivables | 13 | 14,952 | 14,657 | |||||||||
Trade receivables | 14 | 5,179 | 8,531 | |||||||||
|
|
|
| |||||||||
Total noncurrent assets | 1,715,417 | 1,595,656 | ||||||||||
|
|
|
| |||||||||
Current Assets | ||||||||||||
Assets held for disposal | 540 | 494 | ||||||||||
Inventories | 12 | 111,343 | 100,137 | |||||||||
Contract assets | 24 | 394 | 871 | |||||||||
Other receivables | 13 | 47,419 | 34,369 | |||||||||
Trade receivables | 14 | 118,795 | 108,146 | |||||||||
Investment in financial assets | 7 | 35,127 | 28,934 | |||||||||
Cash and cash equivalents | 15 | 56,276 | 54,618 | |||||||||
|
|
|
| |||||||||
Total current assets | 369,894 | 327,569 | ||||||||||
|
|
|
| |||||||||
TOTAL ASSETS | 2,085,311 | 1,923,225 | ||||||||||
|
|
|
| |||||||||
SHAREHOLDERS’ EQUITY | ||||||||||||
Shareholders’ contributions | 10,467 | 10,385 | ||||||||||
Reserves, other comprehensive income and retained earnings | 729,649 | 666,845 | ||||||||||
|
|
|
| |||||||||
Shareholders’ equity attributable to shareholders of the parent company | 740,116 | 677,230 | ||||||||||
|
|
|
| |||||||||
Non-controlling interest | 6,772 | 6,165 | ||||||||||
|
|
|
| |||||||||
TOTAL SHAREHOLDERS’ EQUITY | 746,888 | 683,395 | ||||||||||
|
|
|
| |||||||||
LIABILITIES | ||||||||||||
Noncurrent Liabilities | ||||||||||||
Provisions | 16 | 205,867 | 186,488 | |||||||||
Deferred income tax liabilities, net | 17 | 130,144 | 119,609 | |||||||||
Income tax liability | 17 | 3,442 | 3,571 | |||||||||
Taxes payable | 18 | 201 | 215 | |||||||||
Salaries and social security | 19 | 4,203 | 3,860 | |||||||||
Lease liabilities | 20 | 27,387 | 24,172 | |||||||||
Loans | 21 | 602,830 | 527,575 | |||||||||
Other liabilities | 22 | 1,429 | 2,961 | |||||||||
Accounts payable | 23 | 958 | 710 | |||||||||
|
|
|
| |||||||||
Total noncurrent liabilities | 976,461 | 869,161 | ||||||||||
|
|
|
| |||||||||
Current Liabilities | ||||||||||||
Provisions | 16 | 6,652 | 6,133 | |||||||||
Contract liabilities | 24 | 5,799 | 6,824 | |||||||||
Income tax liability | 17 | 946 | 740 | |||||||||
Taxes payable | 18 | 24,671 | 15,764 | |||||||||
Salaries and social security | 19 | 13,769 | 14,934 | |||||||||
Lease liabilities | 20 | 23,015 | 22,098 | |||||||||
Loans | 21 | 109,085 | 150,731 | |||||||||
Other liabilities | 22 | 9,087 | 9,062 | |||||||||
Accounts payable | 23 | 168,938 | 144,383 | |||||||||
|
|
|
| |||||||||
Total current liabilities | 361,962 | 370,669 | ||||||||||
|
|
|
| |||||||||
TOTAL LIABILITIES | 1,338,423 | 1,239,830 | ||||||||||
|
|
|
| |||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 2,085,311 | 1,923,225 | ||||||||||
|
|
|
|
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 Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
For the three-month period ended March 31, | ||||||||||||
Net income | Notes | 2021 | 2020 | |||||||||
Revenues | 24 | 234,890 | 174,670 | |||||||||
Costs | 25 | (198,531 | ) | (145,914 | ) | |||||||
|
|
|
| |||||||||
Gross profit | 36,359 | 28,756 | ||||||||||
|
|
|
| |||||||||
Selling expenses | 26 | (19,945 | ) | (13,876 | ) | |||||||
Administrative expenses | 26 | (9,125 | ) | (6,749 | ) | |||||||
Exploration expenses | 26 | (159 | ) | (716 | ) | |||||||
Other net operating results | 27 | (276 | ) | 7,383 | ||||||||
|
|
|
| |||||||||
Operating profit | 6,854 | 14,798 | ||||||||||
|
|
|
| |||||||||
Income from equity interests in associates and joint ventures | 11 | 5,116 | 1,420 | |||||||||
Financial income | 28 | 22,347 | 20,806 | |||||||||
Financial loss | 28 | (32,323 | ) | (30,134 | ) | |||||||
Other financial results | 28 | 5,685 | (1,293 | ) | ||||||||
|
|
|
| |||||||||
Net financial results | 28 | (4,291 | ) | (10,621 | ) | |||||||
|
|
|
| |||||||||
Net profit before income tax | 7,679 | 5,597 | ||||||||||
|
|
|
| |||||||||
Income tax | 17 | (9,926 | ) | 754 | ||||||||
|
|
|
| |||||||||
Net (loss) / profit for the period | (2,247 | ) | 6,351 | |||||||||
|
|
|
| |||||||||
Other comprehensive income | ||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||
Translation differences from subsidiaries, associates and joint ventures | (3,165 | ) | (1,813 | ) | ||||||||
Result from net monetary position in subsidiaries, associates and joint ventures (1) | 4,703 | 2,194 | ||||||||||
Items that may not be reclassified subsequently to profit or loss: | ||||||||||||
Translation differences from YPF | 64,120 | 42,893 | ||||||||||
|
|
|
| |||||||||
Other comprehensive income for the period | 65,658 | 43,274 | ||||||||||
|
|
|
| |||||||||
Total comprehensive income for the period | 63,411 | 49,625 | ||||||||||
|
|
|
| |||||||||
Net (loss) / profit for the period attributable to: | ||||||||||||
Shareholders of the parent company | (2,066 | ) | 6,212 | |||||||||
Non-controlling interest | (181 | ) | 139 | |||||||||
Other comprehensive income for the period attributable to: | ||||||||||||
Shareholders of the parent company | 64,870 | 42,848 | ||||||||||
Non-controlling interest | 788 | 426 | ||||||||||
Total comprehensive income for the period attributable to: | ||||||||||||
Shareholders of the parent company | 62,804 | 49,060 | ||||||||||
Non-controlling interest | 607 | 565 | ||||||||||
Earnings per share attributable to shareholders of the parent company: | ||||||||||||
Basic and diluted | 31 | (5.26 | ) | 15.83 |
(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 Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
For the three-month period ended March 31, 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) | — | — | — | — | 119 | — | — | — | 119 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | — | — | — | (27 | ) | (4 | ) | (6 | ) | — | (37 | ) | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Balance at the end of the period | 3,926 | 6,088 | 7 | 13 | (52 | ) | 498 | (653 | ) | 640 | 10,467 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) | — | — | — | — | — | — | 119 | — | 119 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | — | — | — | — | — | (37 | ) | — | (37 | ) | |||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 64,870 | — | 64,870 | 788 | 65,658 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (2,066 | ) | (2,066 | ) | (181 | ) | (2,247 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Balance at the end of the period | 2,007 | 3,700 | 8,934 | 550 | 786,173 | (1) | (71,715 | ) | 740,116 | 6,772 | 746,888 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes 797,612 corresponding to the effect of the translation of the financial statements of YPF and, (41,857) 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 30,418 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 37. |
PABLO GERARDO GONZÁLEZ
President
Table of Contents
6
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
For the three-month period ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||
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 | 3,924 | 6,085 | 9 | 16 |
| 117 |
| 177 | (396 | ) | 640 | 10,572 | ||||||||||||||||||||||||
Accrual of share-based benefit plans (3) | — | — | — | — | 147 | — | — | — | 147 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | — | — | — | (12 | ) | 12 | (3 | ) | — | (3 | ) | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Balance at the end of the period | 3,924 | 6,085 | 9 | 16 | 252 | 189 | (399 | ) | 640 | 10,716 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 | 2,500 | 44,255 | 500 | 516,786 | (34,071 | ) | 542,549 | 5,550 | 548,099 | ||||||||||||||||||||||||||
Accrual of share-based benefit plans (3) | — | — | — | — | — | — | 147 | — | 147 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | — | — | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 42,848 | — | 42,848 | 426 | 43,274 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 6,212 | 6,212 | 139 | 6,351 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Balance at the end of the period | 2,007 | 2,500 | 44,255 | 500 | 559,634 | (1) | (27,859 | ) | 591,753 | 6,115 | 597,868 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes 571,038 corresponding to the effect of the translation of the financial statements of YPF and, (31,504) 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 20,100 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 37. |
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 Argentine Securities Commission (“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 THREE-MONTH PERIOD ENDED MARCH 31, 2021 AND 2020 (UNAUDITED) | ||
(Amounts expressed in millions of Pesos) |
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash flows from operating activities | ||||||||
Net (loss) / income | (2,247 | ) | 6,351 | |||||
Adjustments to reconcile net (loss) / income to cash flows provided by operating activities: | ||||||||
Income from equity interests in associates and joint ventures | (5,116 | ) | (1,420 | ) | ||||
Depreciation of property, plant and equipment | 60,875 | 43,636 | ||||||
Depreciation of right-of-use assets | 4,214 | 4,752 | ||||||
Amortization of intangible assets | 1,042 | 669 | ||||||
Retirement of property, plant and equipment and intangible assets and consumption of materials | 7,369 | 4,737 | ||||||
Charge on income tax | 9,926 | (754 | ) | |||||
Net increase in provisions | 5,723 | 3,862 | ||||||
Exchange differences, interest and other | 3,814 | 9,840 | ||||||
Share-based benefit plans | 119 | 147 | ||||||
Accrued insurance | — | (458 | ) | |||||
Result from debt exchange | (1,855 | ) | — | |||||
Result from the assignment of areas | — | (6,356 | ) | |||||
Changes in assets and liabilities: | ||||||||
Trade receivables | 1,816 | 15,390 | ||||||
Other receivables | (8,263 | ) | (3,995 | ) | ||||
Inventories | (2,247 | ) | (10,952 | ) | ||||
Accounts payable | 16,880 | (3,406 | ) | |||||
Taxes payables | 8,067 | 365 | ||||||
Salaries and social security | (2,449 | ) | (1,775 | ) | ||||
Other liabilities | (2,377 | ) | 173 | |||||
Decrease in provisions included in liabilities due to payment/use | (1,821 | ) | (1,351 | ) | ||||
Contract assets | 480 | (517 | ) | |||||
Contract liabilities | (611 | ) | 86 | |||||
Dividends received | 28 | 130 | ||||||
Proceeds from collection of lost profit insurance | 12 | 247 | ||||||
Income tax payments | (129 | ) | (446 | ) | ||||
|
|
|
| |||||
Net cash flows from operating activities (1) (2) | 93,250 | 58,955 | ||||||
|
|
|
| |||||
Investing activities: (3) | ||||||||
Acquisition of property, plant and equipment and intangible assets | (43,640 | ) | (48,540 | ) | ||||
Proceeds from sales of financial assets | 9,256 | — | ||||||
Payments from purchase of financial assets | (13,094 | ) | — | |||||
Interests received from financial assets | 1,172 | — | ||||||
Sale of interest in areas | — | 6,356 | ||||||
|
|
|
| |||||
Net cash flows used in investing activities | (46,306 | ) | (42,184 | ) | ||||
|
|
|
| |||||
Financing activities: (3) | ||||||||
Payments of loans | (47,468 | ) | (20,964 | ) | ||||
Payments of interests | (17,663 | ) | (16,043 | ) | ||||
Proceeds from loans | 25,713 | 25,221 | ||||||
Payments of leases | (6,783 | ) | (5,936 | ) | ||||
Payments of interests in relation to income tax | (7 | ) | (264 | ) | ||||
|
|
|
| |||||
Net cash flows used in financing activities | (46,208 | ) | (17,986 | ) | ||||
|
|
|
| |||||
Translation differences of cash and cash equivalents | 922 | 4,247 | ||||||
|
|
|
| |||||
Net Increase in cash and cash equivalents | 1,658 | 3,032 | ||||||
|
|
|
| |||||
Cash and cash equivalents at the beginning of the fiscal year | 54,618 | 66,100 | ||||||
Cash and cash equivalents at the end of the fiscal year | 56,276 | 69,132 | ||||||
|
|
|
| |||||
Net Increase in cash and cash equivalents | 1,658 | 3,032 | ||||||
|
|
|
|
(1) | Does not include exchange differences generated by cash and cash equivalents, which are disclosed separately in this statement. |
(2) | Includes 3,627 and 1,963 for the three-month period ended March 31, 2021 and 2020, 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 three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Unpaid acquisitions of property, plant and equipment and concession extension liabilities | 16,674 | 12,146 | ||||||
Additions of right-of-use assets | 7,020 | 2,228 | ||||||
Capitalization of depreciation of right-of-use assets | 873 | 881 | ||||||
Capitalization of financial accretion for lease liabilities | 293 | 217 |
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 Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
1. | GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP |
General information
YPF (“YPF” or the “Company”) Sociedad Anónima 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 and Downstream segments.
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, 2021:
(1) | Held directly and indirectly. |
(2) | See Note 3 to the annual consolidated financial statements. |
(3) | See Note 34.h 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 Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
1. | GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP (Cont.) |
Organization of the business
As of March 31, 2021, 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.
Almost all operations, properties and clients are located in Argentina. However, the Group also holds participating interests in exploratory areas in Bolivia and production areas in Chile. The Group also 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 three-month period ended March 31, 2021 are presented in accordance with International Accounting Standard (“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, 2020 (the “annual consolidated financial statements”) presented in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“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 May 11, 2021.
These condensed interim consolidated financial statements corresponding to the three-month period ended on March 31, 2021 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 Loss for the three-month period ended on March 31, 2021 does not necessarily reflect the proportion of the Group’s full-year Net Loss or Profit.
2.b) Significant Accounting Policies
The most 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 17.
Functional and presentation currency
As mentioned in Note 2.b.1. to the annual consolidated financial statements, YPF has defined the U.S. dollar (“dollar”) as its functional currency. Additionally, according to CNV Resolution No. 562, YPF must present its financial statements in Argentinian Pesos (“pesos”).
Table of Contents
10
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
2. | BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.) |
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.
Adoption of new standards and interpretations effective as of January 1, 2021
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 March 31, 2021, as specified in Note 2.b.26 to the annual consolidated financial statements.
Standards and interpretations issued as from January 1, 2021 by the IASB whose implementation is not mandatory as of the closing of these condensed interim consolidated financial statements and, therefore, have not been adopted by the Group
• | Amendments to IAS 8 – Definition of accounting estimates |
In February 2021, the IASB issued amendments to IAS 8, related to the definition of accounting estimates, effective for fiscal years beginning on or after January 1, 2023, on changes in accounting policies and estimates occurring as of such date, allowing for their early application.
The amendments include the definition of the concept of accounting estimates in order to help entities to distinguish between accounting policies and accounting estimates—as the previous definition was interrelated to the definition of accounting policy and could lead to an error—defining accounting estimates as “monetary amounts in financial statements that are subject to measurement uncertainty”.
The IASB clarifies that changes in accounting estimates are accounted for prospectively, and if such changes are based both on new information which was not available when the previous measurements were made, as well as changes affecting the variables used in such estimate, they should not be treated as the correction of an error.
The Group anticipates the implementation of such amendments will not significantly affect its financial statements.
• | Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies |
In February 2021, the IASB issued the following amendments to IAS 1, related to material accounting policies, applicable to fiscal years beginning on or after January 1, 2023, allowing their early application:
• | The term significant accounting policies is replaced with material accounting policies. |
• | Guidance and explanatory guidance are added to help entities identify the material accounting policies required to be disclosed. |
• | Accounting policies may be material, regardless of the magnitude of the amounts involved, and therefore, the nature of such policies, as well as certain conditions, such as whether they are related to the full understanding of another accounting policy deemed material, should be analyzed. |
• | If the entity discloses accounting policies deemed immaterial, such disclosure should not lead to confusion. |
The Group anticipates the implementation of these amendments will not significantly affect its financial statements.
Table of Contents
11
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
2. | BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.) |
• | Amendments to IFRS 16 – Reductions in lease payments related to COVID-19 as from June 2021 |
In March, 2021, the IASB issued amendments applicable to fiscal periods beginning on or after 1 April, 2021, allowing their early implementation.
A lessee may decide to account for changes in lease payments as a consequence of COVID-19 pandemic arising from rent reductions in the same way it would account for the change applying IFRS 16, as if such change were not a lease modification.
This option exclusively applies to rent reductions only as a direct consequence of the COVID-19 pandemic and provided they meet the following conditions:
(i) any change in lease payments results in revised consideration for the lease that is substantially the same, or lower than, the consideration for the lease immediately preceding the change;
(ii) any reduction in lease payments affects only payments originally due until June 30, 2022 (for example, a rent reduction would meet this condition if it results in reduced lease payments until June 30, 2022 and increased lease payments beyond June 30, 2022); and
(iii) there is no significant change in the terms and conditions of the lease.
The Group expects the implementation of these amendments will have no significant impact on its 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.
Considerations concerning COVID-19 and the current economic environment
Since the beginning of 2020, the world experienced the outbreak of a virus that causes potentially deadly respiratory infections (COVID-19), which has adversely affected demand for refined products in geographical areas where the most relevant measures were implemented to control the virus’ spread, which caused a lower global demand for refined products and an abnormally high volatility in this commodity.
Since the third quarter of 2020, the country resumed partially its social and economic activities, and therefore, the demand for fuels, which had significantly declined at the beginning of the pandemic, increased. In April 2021, the volumes of recurring sales of fuels (gasoline and diesel) and jet were reduced by 8% and 70%, respectively, compared to pre-pandemic levels. Even though sales rose significantly, current activity levels are still below normal values, affecting the Group’s comprehensive results and cash flows.
In April 2021, due to an increase in positive cases across the country, the government imposed new restrictions on circulation and certain activities.
Table of Contents
12
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
2. | BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Cont.) |
As of the date of these condensed interim consolidated financial statements, due to the uncertainties inherent to the scale and duration of the COVID-19 pandemic and the measures implemented to contain its spread, it is not reasonably possible to estimate the final impact this pandemic will have on the world’s economy and its financial markets, on Argentina’s economy, and consequently, on the Group’s comprehensive results, cash flows and financial position of the Group, or its effect on access to debt markets, the contractual position with certain counterparties (including as a result of events of force majeure or other similar events under the Group’s contracts), among others.
As mentioned above, the valuation of certain assets and liabilities is subject to a higher level of uncertainty, which is why the current economic context was considered in the evaluation of estimates and accounting judgments described in Note 2.c to the annual consolidated financial statements.
The Management of the Company has contemplated the impact of COVID-19 and current economic environment when preparing these consolidated financial statements and continues to consider it appropriate to adopt the going-concern basis of accounting for their presentation and valuation.
2.d) Comparative information
Amounts and other information corresponding to the year ended on December 31, 2020 and to the three-month period ended on March 31, 2020 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Likewise, certain additional disclosures of non-significant information have been made.
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 mainly due to a higher price. Also, seasonal fluctuations may affect the Group’s gas production levels due to production cuts in non-winter periods.
4. | ACQUISITIONS AND DISPOSITIONS |
• | Assignment of CAN 100 exploration permit (offshore) |
As mentioned in Note 3 to the annual consolidated financial statements, in January 2021, YPF and Shell Argentina S.A. (“Shell Argentina”) and Equinor and Shell Argentina, executed the agreements under which YPF and Equinor transferred to Shell Argentina a 15% interest in CAN 100 area, respectively, YPF maintaining a 35% interest in each area. The effectiveness of such agreements was subject to certain precedent conditions, including the approval of the assignments by the SE, which were authorized by the SE on April 23, 2021. This assignment required Shell Argentina’s payment of the outstanding price amounting to US$ 5 million, which was received by YPF.
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 three-month period ended March 31, 2021, 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 15, 31 and 32 to the annual consolidated financial statements.
Table of Contents
13
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
5. | FINANCIAL RISK MANAGEMENT (Cont.) |
As of March 31, 2021, the Group had exceeded the leverage ratio required under the covenants, and therefore, even though there is no acceleration of maturities of due amounts or restrictions to refinance existing loans, the Group has certain limitations in its capacity to incur further debt. However, there are certain exceptions that might allow the Group sufficient flexibility to manage its debt.
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 ratio, as of March 31, 2021.
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 decision-making 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, development 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 its revenue from the development of activities relating to: (i) the natural gas and LNG transport and commercialization to third parties (for the three-month period ended as of March 31, 2020) and the Downstream segment, (ii) the commercial and technical operation of the LNG regasification terminal in Escobar, by hiring one regasification vessel, and (iii) the natural gas distribution.
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 Plan for Natural Gas production in force (see Note 34.g 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 and gas 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, Aviation, Agro, LPG, Chemicals and Lubricants and Specialties 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
14
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
6. | SEGMENT INFORMATION (Cont.) |
Upstream | Gas and Power | Downstream | Central Administration and Others | Consolidation Adjustments (1) | Total | |||||||||||||||||||
For the three-month period ended March 31, 2021 | ||||||||||||||||||||||||
Revenues from sales | 1,998 | 30,293 | 199,915 | 4,901 | (2,217 | ) | 234,890 | |||||||||||||||||
Revenues from intersegment sales | 108,367 | 2,673 | 1,429 | 8,091 | (120,560 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Revenues | 110,365 | 32,966 | 201,344 | 12,992 | (122,777 | ) | 234,890 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating profit / (loss) | 1,632 | (2,827 | ) | 17,601 | (3,703 | ) | (5,849 | ) | 6,854 | |||||||||||||||
Income from equity interests in associates and joint ventures | — | 3,861 | 1,255 | — | — | 5,116 | ||||||||||||||||||
Depreciation of property, plant and equipment | 48,702 | (2) | 584 | 9,815 | 1,774 | — | 60,875 | |||||||||||||||||
Impairment of property, plant and equipment and intangible assets | — | — | — | — | — | — | ||||||||||||||||||
Acquisition of property, plant and equipment | 37,589 | 360 | 4,544 | 622 | — | 43,115 | ||||||||||||||||||
Assets | 978,593 | 224,735 | 725,083 | 162,674 | (5,774 | ) | 2,085,311 | |||||||||||||||||
For the three-month period ended March 31, 2020 | ||||||||||||||||||||||||
Revenues from sales | 824 | 27,598 | 143,876 | 4,204 | (1,832 | ) | 174,670 | |||||||||||||||||
Revenues from intersegment sales | 80,005 | 1,679 | 857 | 6,675 | (89,216 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Revenues | 80,829 | 29,277 | 144,733 | 10,879 | (91,048 | ) | 174,670 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Operating profit / (loss) | 664 | (1,100 | ) | 4,133 | (3,452 | ) | 14,553 | 14,798 | ||||||||||||||||
Income from equity interests in associates and joint ventures | — | 937 | 483 | — | — | 1,420 | ||||||||||||||||||
Depreciation of property, plant and equipment | 35,195 | (2) | 405 | 6,999 | 1,037 | — | 43,636 | |||||||||||||||||
Acquisition of property, plant and equipment | 29,274 | 847 | 5,201 | 1,424 | — | 36,746 | ||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||
Assets | 914,257 | 209,225 | 646,589 | 152,816 | 338 | 1,923,225 |
(1) | Corresponds to the elimination among segments of the YPF Group. |
(2) | Includes depreciation of charges for impairment of property, plant and equipment. |
Table of Contents
15
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
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 March 31, 2021 and December 31, 2020, and their allocation to their fair value levels:
As of March 31, 2021 | ||||||||||||||||
Financial Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in financial assets: (1) (2) | ||||||||||||||||
- Public securities | 8,942 | — | — | 8,942 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
8,942 | — | — | 8,942 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Cash and cash equivalents: | ||||||||||||||||
- Mutual funds | 37,175 | — | — | 37,175 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
37,175 | — | — | 37,175 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
46,117 | — | — | 46,117 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
As of December 31, 2020 | ||||||||||||||||
Financial Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in financial assets: (1) (2) | ||||||||||||||||
- Public securities | 9,882 | — | — | 9,882 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
9,882 | — | — | 9,882 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Cash and cash equivalents: | ||||||||||||||||
- Mutual funds | 34,586 | — | — | 34,586 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
34,586 | — | — | 34,586 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
44,468 | — | — | 44,468 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | Additionally, the Group has as financial assets measured at amortized cost Treasury Bills and terms deposits of 26,185 as of March 31, 2021, and Treasury Bills of 19,052 as of December 31, 2020. |
(2) | Granted guarantees for contractual commitments with Exmar. See Note 33.e and 33.f to the annual consolidated financial statements . |
The Group has no financial liabilities measured at fair value.
Fair value estimates
For the three-month period ended March 31, 2021, changes in business or economic circumstances did not significantly affect the fair value of the Group’s financial assets and liabilities, whether measured at fair value or amortized cost.
During the three-month period ended March 31, 2021, 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 519,846 and 560,267 as of March 31, 2021 and December 31, 2020, 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 |
March 31, 2021 | December 31, 2020 | |||||||
Net book value of intangible assets | 44,933 | 41,245 | ||||||
Provision for impairment of intangible assets | (2,667 | ) | (2,126 | ) | ||||
|
|
|
| |||||
42,266 | 39,119 | |||||||
|
|
|
|
Table of Contents
16
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
8. | INTANGIBLE ASSETS (Cont.) |
The evolution of the Group’s intangible assets for the three-month period ended March 31, 2021 and the year ended December 31, 2020 is as follows:
Service concessions | Exploration rights | Other intangibles | Total | |||||||||||||
Cost | 51,936 | 16,655 | 24,303 | 92,894 | ||||||||||||
Accumulated amortization | 34,290 | — | 20,996 | 55,286 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Balance as of December 31, 2019 | 17,646 | 16,655 | 3,307 | 37,608 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Cost | ||||||||||||||||
Increases | 1,049 | 715 | 870 | 2,634 | ||||||||||||
Translation effect | 21,213 | 6,528 | 8,768 | 36,509 | ||||||||||||
Adjustment for inflation (1) | — | — | 1,070 | 1,070 | ||||||||||||
Decreases, reclassifications and other movements | (1 | ) | (10,462 | ) | 319 | (10,144 | ) | |||||||||
Accumulated amortization | ||||||||||||||||
Increases | 2,659 | — | 769 | 3,428 | ||||||||||||
Translation effect | 14,395 | — | 8,358 | 22,753 | ||||||||||||
Adjustment for inflation (1) | — | — | 251 | 251 | ||||||||||||
Decreases, reclassifications and other movements | — | — | — | — | ||||||||||||
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 | 328 | 34 | 62 | 424 | ||||||||||||
Translation effect | 6,964 | 1,259 | 3,414 | 11,637 | ||||||||||||
Adjustment for inflation (1) | — | — | 514 | 514 | ||||||||||||
Decreases, reclassifications and other movements | — | — | — | — | ||||||||||||
Accumulated amortization | ||||||||||||||||
Increases | 809 | — | 233 | 1,042 | ||||||||||||
Translation effect | 4,827 | — | 2,898 | 7,725 | ||||||||||||
Adjustment for inflation (1) | — | — | 120 | 120 | ||||||||||||
Decreases, reclassifications and other movements | — | — | — | — | ||||||||||||
Cost | 81,489 | 14,729 | 39,320 | 135,538 | ||||||||||||
Accumulated amortization | 56,980 | — | 33,625 | 90,605 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Balance as of March 31, 2021 | 24,509 | 14,729 | 5,695 | 44,933 | ||||||||||||
|
|
|
|
|
|
|
|
(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 |
March 31, 2021 | December 31, 2020 | |||||||
Net book value of property, plant and equipment | 1,561,327 | 1,456,148 | ||||||
Provision for obsolescence of materials and equipment | (12,320 | ) | (11,267 | ) | ||||
Provision for impairment of property, plant and equipment | (66,730 | ) | (65,354 | ) | ||||
|
|
|
| |||||
1,482,277 | 1,379,527 | |||||||
|
|
|
|
Table of Contents
17
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
9. | PROPERTY, PLANT AND EQUIPMENT (Cont.) |
Changes in Group’s property, plant and equipment for the three-month period ended March 31, 2021 and the year ended December 31, 2020 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 | 77,193 | 2,688,553 | 472,630 | 27,042 | 62,423 | 194,585 | 11,386 | 41,017 | 70,135 | 44,643 | 46,706 | 3,736,313 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation | 36,553 | 2,125,588 | 261,965 | 17,951 | — | — | — | 35,117 | 44,271 | 23,877 | 34,041 | 2,579,363 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Balance as of December 31, 2019 | 40,640 | 562,965 | 210,665 | 9,091 | 62,423 | 194,585 | 11,386 | 5,900 | 25,864 | 20,766 | 12,665 | 1,156,950 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||||||||||||||||||
Increases | 62 | (13,412 | ) | 1,724 | 119 | 33,422 | 72,162 | 152 | 121 | — | 1,587 | 341 | 96,278 | |||||||||||||||||||||||||||||||||||
Translation effect | 27,498 | 1,110,354 | 194,960 | 10,051 | 24,712 | 61,134 | 2,605 | 17,133 | 30,261 | — | 14,969 | 1,493,677 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 3,600 | — | — | 902 | 421 | 2,575 | — | 537 | — | 16,134 | 3,416 | 27,585 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | (589 | ) | 93,720 | 13,872 | 205 | (31,252 | ) | (106,547 | ) | (10,245 | ) | 3,997 | 6,023 | 1,735 | (516 | ) | (29,597 | ) | ||||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Increases | 2,054 | 171,786 | 27,195 | 1,679 | — | — | — | 4,092 | 4,493 | 1,287 | 1,727 | 214,313 | ||||||||||||||||||||||||||||||||||||
Translation effect | 13,013 | 896,732 | 111,376 | 6,905 | — | — | — | 14,394 | 18,791 | — | 11,135 | 1,072,346 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 1,801 | — | — | 524 | — | — | — | 489 | — | 8,629 | 2,497 | 13,940 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | (1,647 | ) | (8,915 | ) | — | (360 | ) | — | — | — | (117 | ) | (25 | ) | (221 | ) | (569 | ) | (11,854 | ) | ||||||||||||||||||||||||||||
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 | 205 | — | 313 | 10 | 11,306 | 31,019 | 169 | 19 | — | — | 74 | 43,115 | ||||||||||||||||||||||||||||||||||||
Translation effect | 8,970 | 362,688 | 63,995 | 3,245 | 7,627 | 19,526 | 332 | 5,687 | 10,058 | — | 4,830 | 486,958 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 1,697 | — | — | 429 | 190 | 1,287 | — | 261 | — | 8,301 | 1,681 | 13,846 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | 110 | 15,472 | 756 | (129 | ) | (10,926 | ) | (15,813 | ) | (1,490 | ) | 2,162 | 1,348 | 761 | (50 | ) | (7,799 | ) | ||||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Increases | 560 | 53,345 | 7,711 | 457 | — | — | — | 1,217 | 1,403 | 405 | 523 | 65,621 | ||||||||||||||||||||||||||||||||||||
Translation effect | 4,197 | 299,547 | 37,707 | 2,296 | — | — | — | 4,900 | 6,362 | — | 3,712 | 358,721 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 879 | — | — | 277 | — | — | — | 238 | — | 4,348 | 1,287 | 7,029 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | 1 | 11 | — | (107 | ) | — | — | — | (6 | ) | (4 | ) | (211 | ) | (114 | ) | (430 | ) | ||||||||||||||||||||||||||||||
Cost | 118,746 | 4,257,375 | 748,250 | 41,874 | 97,923 | 259,928 | 2,909 | 70,934 | 117,825 | 73,161 | 71,451 | 5,860,376 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation | 57,411 | 3,538,094 | 445,954 | 29,622 | — | — | — | 60,324 | 75,291 | 38,114 | 54,239 | 4,299,049 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Balance as of March 31, 2021 | 61,335 | 719,281 | 302,296 | 12,252 | 97,923 | 259,928 | 2,909 | 10,610 | 42,534 | 35,047 | 17,212 | 1,561,327 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
18
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
9. | PROPERTY, PLANT AND EQUIPMENT (Cont.) |
The Group capitalizes the financial cost of loans as part of the cost of the assets. For the three-month period ended March 31, 2021 and 2020, the rate of capitalization was 8.66% and 10.58%, respectively, and the amount capitalized amounted to 250 and 246, respectively, for the period mentioned above.
Set forth below is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended on March 31, 2021 and the year ended December 31, 2020:
Provision for obsolescence of materials and equipment | ||||
Balance as of December 31, 2019 | 6,610 | |||
Increase charged to loss | 1,977 | |||
Decreases charged to profit | (1 | ) | ||
Amounts incurred due to utilization | (6 | ) | ||
Translation differences | 2,687 | |||
|
| |||
Balance as of December 31, 2020 | 11,267 | |||
|
| |||
Increase charged to loss | 2 | |||
Decreases charged to profit | — | |||
Amounts incurred due to utilization | (1 | ) | ||
Translation differences | 1,052 | |||
|
| |||
Balance as of March 31, 2021 | 12,320 | |||
|
|
Set forth below is the evolution of the provision for impairment of property, plant and equipment for the three-month period ended on March 31, 2021 and the year ended December 31, 2020:
Provision for impairment of property, plant and equipment | ||||
Balance as of December 31, 2019 | 81,329 | |||
Increase charged to loss (1) | 57,920 | |||
Decreases charged to profit (1) | (66,170 | ) | ||
Amounts incurred due to utilization | (1,250 | ) | ||
Depreciation (2) | (42,861 | ) | ||
Translation differences | 36,386 | |||
Adjustment for inflation | — | |||
|
| |||
Balance as of December 31, 2020 | 65,354 | |||
|
| |||
Increase charged to loss | — | |||
Decreases charged to profit | — | |||
Amounts incurred due to utilization | (7 | ) | ||
Depreciation (2) | (4,746 | ) | ||
Translation differences | 6,141 | |||
Adjustment for inflation | (12 | ) | ||
|
| |||
Balance as of March 31, 2021 | 66,730 | |||
|
|
(1) | See Note 2.c to the annual consolidated financial statements. |
(2) | Included in “Depreciation of property, plant and equipment” in Note 26. |
Table of Contents
19
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
10. | RIGHT-OF-USE ASSETS |
The evolution of the Group���s right-of-use assets for the three-month period ended March 31, 2021 and the year ended December 31, 2020 are as follows:
Land and buildings | Exploitation facilities and equipment | Machinery and equipment | Gas stations | Transportation equipment | Total | |||||||||||||||||||
Cost | 1,026 | 23,286 | 32,966 | 5,423 | 13,182 | 75,883 | ||||||||||||||||||
Accumulated depreciation | 253 | 6,682 | 3,741 | 777 | 3,039 | 14,492 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of December 31, 2019 | 773 | 16,604 | 29,225 | 4,646 | 10,143 | 61,391 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Cost | ||||||||||||||||||||||||
Increases | 11 | 4,116 | 4,781 | 97 | 2,416 | 11,421 | ||||||||||||||||||
Translation differences | 396 | 9,187 | 11,275 | 1,863 | 5,374 | 28,095 | ||||||||||||||||||
Adjustment for inflation (1) | 7 | — | — | 321 | — | 328 | ||||||||||||||||||
Decreases, reclassifications and other movements | (90 | ) | (9,212 | ) | (23,984 | )(1) | — | (1,771 | ) | (35,057 | ) | |||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||
Increases | 325 | 7,315 | 6,336 | 973 | 6,713 | 21,662 | ||||||||||||||||||
Translation differences | 155 | 3,675 | 2,497 | 380 | 2,525 | 9,232 | ||||||||||||||||||
Adjustment for inflation (1) | 5 | — | — | 68 | — | 73 | ||||||||||||||||||
Decreases, reclassifications and other movements | (10 | ) | (5,260 | ) | (2,833 | )(1) | — | (767 | ) | (8,870 | ) | |||||||||||||
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 | 2 | 865 | 447 | 418 | 5,288 | 7,020 | ||||||||||||||||||
Translation differences | 122 | 2,577 | 2,316 | 586 | 1,785 | 7,386 | ||||||||||||||||||
Adjustment for inflation (1) | 5 | — | — | 152 | — | 157 | ||||||||||||||||||
Decreases, reclassifications and other movements | — | (563 | ) | (419 | ) | (329 | ) | (1,113 | ) | (2,424 | ) | |||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||
Increases | 78 | 1,492 | 1,560 | 243 | 1,714 | 5,087 | ||||||||||||||||||
Translation differences | 68 | 1,207 | 960 | 164 | 1,135 | 3,534 | ||||||||||||||||||
Adjustment for inflation (1) | 4 | — | — | 62 | — | 66 | ||||||||||||||||||
Decreases, reclassifications and other movements | — | (157 | ) | (126 | ) | (29 | ) | (539 | ) | (851 | ) | |||||||||||||
— | — | — | — | — | — | |||||||||||||||||||
Cost | 1,479 | 30,256 | 27,382 | 8,531 | 25,161 | 92,809 | ||||||||||||||||||
Accumulated depreciation | 878 | 14,954 | 12,135 | 2,638 | 13,820 | 44,425 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of March 31, 2021 | 601 | 15,302 | 15,247 | 5,893 | 11,341 | 48,384 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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 March 31, 2021 and December 31, 2020:
March 31, 2021 | December 31, 2020 | |||||||
Amount of investments in associates | 11,696 | 9,938 | ||||||
Amount of investments in joint ventures | 107,985 | 97,186 | ||||||
Provision for impairment of investments in associates and joint ventures | (12 | ) | (12 | ) | ||||
|
|
|
| |||||
119,669 | 107,112 | |||||||
|
|
|
|
Table of Contents
20
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
11. | INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.) |
The main movements during the three-month period ended March 31, 2021 and the year ended December 31, 2020 which affected the value of the aforementioned investments, correspond to:
Investments in associates and joint ventures | ||||
Balance as of December 31, 2019 | 67,590 | |||
Income on investments in associates and joint ventures | 13,270 | |||
Translation differences | 26,458 | |||
Distributed dividends | (2,717 | ) | ||
Adjustment for inflation (1) | 2,511 | |||
|
| |||
Balance as of December 31, 2020 | 107,112 | |||
|
| |||
Income on investments in associates and joint ventures | 5,116 | |||
Translation differences | 9,498 | |||
Distributed dividends | (2,750 | ) | ||
Adjustment for inflation (1) | 693 | |||
|
| |||
Balance as of March 31, 2021 | 119,669 | |||
|
|
(1) | Corresponds to the recognition of the result for the net monetary position of associates and joint ventures with the Peso as functional currency, which was charged to other comprehensive income, as detailed in Note 2.b.1 to the annual consolidated financial statements. |
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 three-month period ended March 31, 2021 and 2020. 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 three-month period ended March 31, | For the three-month period ended March 31, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net income | 894 | 86 | 4,222 | 1,334 | ||||||||||||
Other comprehensive income | 864 | 795 | 9,327 | 4,530 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Comprehensive income for the period | 1,758 | 881 | 13,549 | 5,864 | ||||||||||||
|
|
|
|
|
|
|
|
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 March 31, 2021 and December 31, 2020, as well as the results for the three-month period ended March 31, 2021 and 2020, are detailed below:
March 31, 2021 (1) | December 31, 2020 (1) | |||||||
Noncurrent assets | 163,356 | 148,384 | ||||||
Current assets | 28,192 | 30,659 | ||||||
|
|
|
| |||||
Total assets | 191,548 | 179,043 | ||||||
|
|
|
| |||||
Noncurrent liabilities | 75,314 | 70,190 | ||||||
Current liabilities | 37,069 | 38,059 | ||||||
|
|
|
| |||||
Total liabilities | 112,383 | 108,249 | ||||||
|
|
|
| |||||
Total shareholders’ equity | 79,165 | 70,794 | ||||||
|
|
|
|
For the three- month period ended March 31, | ||||||||
2021 (1) | 2020 (1) | |||||||
Revenues | 8,717 | 4,447 | ||||||
Costs | (4,271 | ) | (2,018 | ) | ||||
|
|
|
| |||||
Gross profit | 4,446 | 2,429 | ||||||
|
|
|
| |||||
Operating profit | 4,540 | 2,060 | ||||||
Income from equity interests in associates and joint ventures | (63 | ) | 82 | |||||
Net financial results | (1,582 | ) | 427 | |||||
|
|
|
| |||||
Net profit before income tax | 2,895 | 2,569 | ||||||
|
|
|
| |||||
Income tax | (1,263 | ) | (1,079 | ) | ||||
|
|
|
| |||||
Net profit | 1,633 | 1,490 | ||||||
|
|
|
|
(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
21
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
12. | INVENTORIES |
March 31, 2021 | December 31, 2020 | |||||||
Refined products | 66,719 | 59,971 | ||||||
Crude oil and natural gas | 37,356 | 33,066 | ||||||
Products in process | 1,885 | 1,966 | ||||||
Raw materials, packaging materials and others | 5,383 | 5,134 | ||||||
|
|
|
| |||||
111,343 | (1) | 100,137 | (1) | |||||
|
|
|
|
(1) | As of March 31, 2021, and December 31, 2020, the cost of inventories does not exceed their net realizable value. |
13. | OTHER RECEIVABLES |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Receivables from services | 531 | 2,833 | 548 | 2,330 | ||||||||||||
Tax credit and export rebates | 10,422 | 10,078 | 9,283 | 10,060 | ||||||||||||
Loans to third parties and balances with related parties (1) | 906 | 3,869 | 814 | 997 | ||||||||||||
Collateral deposits | 565 | 3,814 | 2,062 | 2,152 | ||||||||||||
Prepaid expenses | 779 | 6,602 | 740 | 3,503 | ||||||||||||
Advances and loans to employees | 10 | 206 | 17 | 263 | ||||||||||||
Advances to suppliers and custom agents (2) | — | 11,914 | — | 8,525 | ||||||||||||
Receivables with partners in JO | 2,925 | 4,481 | 2,334 | 4,143 | ||||||||||||
Insurance receivables | — | 861 | — | 1,133 | ||||||||||||
Miscellaneous | 224 | 2,896 | 177 | 1,339 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
16,362 | 47,554 | 15,975 | 34,445 | |||||||||||||
Provision for other doubtful receivables | (1,410 | ) | (135 | ) | (1,318 | ) | (76 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
14,952 | 47,419 | 14,657 | 34,369 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | See Note 36 for information about related parties. |
(2) | Includes, among others, advances to customs agents for the payment of taxes and import rights related to the imports of fuels and goods. |
14. | TRADE RECEIVABLES |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Accounts receivable and related parties(1)(2) | 14,967 | 128,846 | 17,392 | 118,665 | ||||||||||||
Provision for doubtful trade receivables | (9,788 | ) | (10,051 | ) | (8,861 | ) | (10,519 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
5,179 | 118,795 | 8,531 | 108,146 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | See Note 36 for information about related parties. |
(2) | See Note 24 for information about credits for contracts included in trade receivables. |
Set forth below is the evolution of the provision for doubtful trade receivables for three-month period ended on March 31, 2021 and for the fiscal year ended December 31, 2020:
Provision for doubtful trade receivables | ||||||||
Noncurrent | Current | |||||||
Balance as of December 31, 2019 | — | 6,580 | ||||||
|
|
|
| |||||
Increases charged to expenses | 2,228 | 10,818 | ||||||
Decreases charged to income | — | (729 | ) | |||||
Amounts incurred due to utilization | — | — | ||||||
Reclassifications and other movements | 6,633 | (6,633 | ) | |||||
Net exchange and translation differences | — | 715 | ||||||
Result from net monetary position (1) | — | (232 | ) | |||||
|
|
|
| |||||
Balance as of December 31, 2020 | 8,861 | (2) | 10,519 | |||||
|
|
|
| |||||
Increases charged to expenses | 927 | 1,011 | ||||||
Decreases charged to income | — | (623 | ) | |||||
Amounts incurred due to utilization | — | (1,005 | ) | |||||
Reclassifications and other movements | — | (58 | ) | |||||
Net exchange and translation differences | — | 246 | ||||||
Result from net monetary position (1) | — | (39 | ) | |||||
|
|
|
| |||||
Balance as of March 31, 2021 | 9,788 | (2) | 10,051 | |||||
|
|
|
|
(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 results. |
(2) | Includes 8,861 corresponding to credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1053/2018. See Note 34.f. 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 Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
15. | CASH AND CASH EQUIVALENTS |
March 31, 2021 | December 31, 2020 | |||||||
Cash and banks | 15,739 | 14,843 | ||||||
Short-term investments | 3,362 | 5,189 | ||||||
Financial assets at fair value with changes in results(1) | 37,175 | 34,586 | ||||||
|
|
|
| |||||
56,276 | 54,618 | |||||||
|
|
|
|
(1) | See Note 7. |
16. | PROVISIONS |
Changes in the Group’s provisions for the three-month period ended March 31, 2021 and for the fiscal year ended December 31, 2020 are as follows:
Provision for lawsuits and contingencies | Provision for environmental liabilities | Provision for hydrocarbon wells abandonment obligations | Total | |||||||||||||||||||||||||||||
Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | |||||||||||||||||||||||||
Balance as of | 43,833 | 1,285 | 3,828 | 1,910 | 97,107 | 2,265 | 144,768 | 5,460 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increases charged to expenses | 8,917 | 219 | 3,428 | — | 11,117 | — | 23,462 | 219 | ||||||||||||||||||||||||
Decreases charged to income | (6,331 | ) | (1,039 | ) | (224 | ) | — | (5,249 | ) | — | (11,804 | ) | (1,039 | ) | ||||||||||||||||||
Amounts incurred due to utilization | (43 | ) | (132 | ) | — | (1,330 | ) | — | (1,298 | ) | (43 | ) | (2,760 | ) | ||||||||||||||||||
Reclassifications and other movements | (5,447 | ) | 1,103 | (2,026 | ) | 2,026 | (13,572 | ) | (346 | ) | (21,045 | ) | 2,783 | |||||||||||||||||||
Net exchange and translation differences | 9,475 | 498 | 525 | 12 | 41,185 | 960 | 51,185 | 1,470 | ||||||||||||||||||||||||
Result from net monetary position (1) | (35 | ) | — | — | — | — | — | (35 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Balance as of | 50,369 | 1,934 | 5,531 | 2,618 | 130,588 | 1,581 | 186,488 | 6,133 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increases charged to expenses | 1,289 | 130 | 324 | — | 3,483 | — | 5,096 | 130 | ||||||||||||||||||||||||
Decreases charged to income | (175 | ) | (379 | ) | (9 | ) | — | — | — | (184 | ) | (379 | ) | |||||||||||||||||||
Amounts incurred due to utilization | — | (40 | ) | — | (473 | ) | — | (295 | ) | — | (808 | ) | ||||||||||||||||||||
Reclassifications and other movements | (482 | ) | 420 | (545 | ) | 545 | (294 | ) | 294 | (1,321 | ) | 1,259 | ||||||||||||||||||||
Net exchange and translation differences | 3,306 | 165 | 149 | 3 | 12,332 | 149 | 15,787 | 317 | ||||||||||||||||||||||||
Result from net monetary position (1) | 1 | — | — | — | — | — | 1 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Balance as of | 54,308 | 2,230 | 5,450 | 2,693 | 146,109 | 1,729 | 205,867 | 6,652 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 results. |
Provisions for lawsuits, claims and environmental liabilities are described in Note 15 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2021 are described below:
16.a) Provision for lawsuits and contingencies
16.a.1) Claims arising from restrictions in the natural gas market
• | Transportadora de Gas del Norte S.A. (“TGN”) |
On March 5, 2021, YPF answered the Appellate Brief filed by TGN in the case for contractual default.
As of the date of these condensed interim consolidated financial statements, the case for contractual default and the claim for damages were set for rendering judgment.
Table of Contents
23
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
17. | 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 three-month period ended March 31, 2021 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 three-month period ended March 31, 2021 and 2020 is as follows:
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Current income tax | (357 | ) | (435 | ) | ||||
Deferred income tax | (9,569 | ) | 1,189 | |||||
|
|
|
| |||||
(9,926 | ) | 754 | ||||||
|
|
|
|
The reconciliation between the charge to net income for income tax for the three-month period ended March 31, 2021 and 2020 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 three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Net income before income tax | 7,679 | 5,597 | ||||||
Statutory tax rate | 30 | % | 30 | % | ||||
|
|
|
| |||||
Statutory tax rate applied to net income before income tax | (2,304 | ) | (1,679 | ) | ||||
Effect of the valuation of property, plant and equipment and intangible assets, net | (1,477 | ) | 9,221 | |||||
Effect of exchange differences and other results associated to the valuation of the currency, net (1) | (4,250 | ) | (681 | ) | ||||
Effect of the valuation of inventories | (1,675 | ) | (6,171 | ) | ||||
Income on investments in associates and joint ventures | 1,535 | 426 | ||||||
Effect of tax rate change (2) | (1,632 | ) | (463 | ) | ||||
Miscellaneous | (123 | ) | 101 | |||||
|
|
|
| |||||
Income tax | (9,926 | ) | 754 | |||||
|
|
|
|
(1) | Includes the effect of tax inflation adjustments. |
(2) | Corresponds to the remediation of deferred income tax at the current rate. See Notes 2.b.15 and 34.j to the annual consolidated financial statements. |
The Group has classified 946 as current income tax payable, which mainly include 513 corresponding to the 12 installments related to the payment facility plan related to the dispute for cost deduction for hydrocarbon wells abandonment (see Note 15 to the annual consolidated financial statements). Also, the Group has classified 3,442 as non-current income tax payable, which mainly include 3,423 corresponding to the 80 installments related to the mentioned plan.
Breakdown of deferred tax as of March 31, 2021 and December 31, 2020 is as follows:
March 31, 2021 | December 31, 2020 | |||||||
Deferred tax assets | ||||||||
Provisions and other non-deductible liabilities | 14,959 | 14,701 | ||||||
Tax losses carryforward | 60,047 | 82,601 | ||||||
Miscellaneous | 1,815 | 1,629 | ||||||
|
|
|
| |||||
Total deferred tax assets | 76,821 | 98,931 | ||||||
|
|
|
| |||||
Deferred tax liabilities | ||||||||
Property, plant and equipment | (135,794 | ) | (144,900 | ) | ||||
Adjustment for tax inflation | (62,849 | ) | (67,107 | ) | ||||
Miscellaneous | (5,632 | ) | (3,904 | ) | ||||
|
|
|
| |||||
Total deferred tax liabilities | (204,275 | ) | (215,911 | ) | ||||
|
|
|
| |||||
Total Net deferred tax | (127,454 | )(1) | (116,980 | )(1) | ||||
|
|
|
|
(1) | Includes (1,031) and (1,957) as of March 31, 2021 and December 31, 2020, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency with effect in other comprehensive income and the adjustment for inflation of the period, which was charged to results. |
Table of Contents
24
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
17. | INCOME TAX (Cont.) |
The credit for the Group’s tax loss carry-forwards not recognized as of March 31, 2021 amounted to 1,861, maturing between 2021 and 2026. As of December 31, 2020 such credit amounted to 956, maturing between 2021 and 2025.
As of March 31, 2021 and December 31, 2020 the Group has classified as deferred tax assets 2,690 and 2,629, respectively, and as deferred tax liability 130,144 and 119,609, 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 March 31, 2021 and December 31, 2020, the causes that generate charges to other comprehensive income, did not create temporary differences for income tax.
18. | TAXES PAYABLE |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Value Added Tax | — | 4,815 | — | 3,523 | ||||||||||||
Withholdings and perceptions | — | 2,918 | — | 227 | ||||||||||||
Royalties | — | 5,578 | — | 3,142 | ||||||||||||
Tax on Fuels | — | 8,505 | — | 3,886 | ||||||||||||
Turnover tax | — | 196 | — | 1,838 | ||||||||||||
Miscellaneous | 201 | 2,659 | 215 | 3,148 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
201 | 24,671 | 215 | 15,764 | |||||||||||||
|
|
|
|
|
|
|
|
19. | SALARIES AND SOCIAL SECURITY |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Salaries and social security | — | 3,558 | — | 3,318 | ||||||||||||
Bonuses and incentives provision | — | 1,778 | — | 4,403 | ||||||||||||
Vacation provision | — | 5,441 | — | 4,812 | ||||||||||||
Other employee benefits (1) | 4,203 | 2,992 | 3,860 | 2,401 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
4,203 | 13,769 | 3,860 | 14,934 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | Includes the voluntary retirement plan executed by the Company. |
20. | LEASE LIABILITIES |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Lease liabilities | 27,387 | 23,015 | 24,172 | 22,098 | ||||||||||||
|
|
|
|
|
|
|
|
The evolution of the Group’s leases liabilities for the three-month period ended March 31, 2021 and for the fiscal year ended December 31, 2020, are as follows:
Lease liabilities | ||||
Balance as of December 31, 2019 | 61,780 | |||
|
| |||
Leases increase | 11,421 | |||
Financial accretion | 5,706 | |||
Leases decrease | (28,914 | ) | ||
Payments | (23,290 | ) | ||
Exchange and translation differences, net | 19,548 | |||
Result from net monetary position (1) | 19 | |||
|
| |||
Balance as of December 31, 2020 | 46,270 | |||
|
| |||
Leases increase | 7,020 | |||
Financial accretion | 1,207 | |||
Leases decrease | (1,589 | ) | ||
Payments | (6,783 | ) | ||
Exchange and translation differences, net | 4,275 | |||
Result from net monetary position (1) | 2 | |||
|
| |||
Balance as of March 31, 2021 | 50,402 | |||
|
|
(1) | Includes adjustment for inflation of opening balances of lease liabilities 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 results. |
Table of Contents
25
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
21. | LOANS |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||
Interest rate (1) | Maturity | Noncurrent | Current | Noncurrent | Current | |||||||||||||||
Pesos: | ||||||||||||||||||||
Negotiable obligations (3) | 16.50% - 44.06% | 2021-2024 | 10,564 | 9,461 | 6,435 | 17,254 | ||||||||||||||
Export pre-financing | 32.00% -43.50% | 2021 | — | 6,778 | — | 5,465 | ||||||||||||||
Loans | 33.00% -49.59% | 2021-2024 | 7,390 | 9,086 | 5,375 | 6,818 | ||||||||||||||
Account overdraft | 34.00% - 34.00% | 2021 | — | 51 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
17,954 | 25,376 | 11,810 | 29,537 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Currencies other than the Peso: | ||||||||||||||||||||
Negotiable obligations (2) | 0.00% - 10.00% | 2022-2047 | 562,775 | 23,113 | 496,377 | 62,052 | ||||||||||||||
Export pre-financing | 2.75% - 7.75% | 2021-2022 | 13,785 | 26,266 | 12,608 | 25,662 | ||||||||||||||
Loans | 0.91% - 8.97% | 2021-2027 | 8,316 | 34,330 | 6,780 | 33,480 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
584,876 | 83,709 | 515,765 | 121,194 | |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
602,830 | 109,085 | 527,575 | 150,731 | |||||||||||||||||
|
|
|
|
|
|
|
|
(1) | Nominal annual interest rate as of March 31, 2021. |
(2) | Includes 28,936 and 20,946 as of March 31, 2021 and December 31, 2020, 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) | Includes 4,602 of nominal value of NO that will be 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 three-month period ended on March 31, 2021 and for the fiscal year ended December 31, 2020:
Loans | ||||
Balance as of December 31, 2019 | 526,760 | |||
|
| |||
Proceed from loans | 139,018 | |||
Payments of loans | (174,913 | ) | ||
Payments of interest | (60,681 | ) | ||
Accrued interest (1) | 58,979 | |||
Net exchange differences and translation | 187,455 | |||
Result from debt exchange (2) | 2,097 | |||
Result from net monetary position (3) | (409 | ) | ||
|
| |||
Balance as of December 31, 2020 | 678,306 | |||
|
| |||
Proceed from loans | 25,713 | |||
Payments of loans | (47,468 | ) | ||
Payments of interest | (17,663 | ) | ||
Accrued interest (1) | 16,199 | |||
Net exchange differences and translation | 58,757 | |||
Result from debt exchange | (1,855 | ) | ||
Result from net monetary position (3) | (74 | ) | ||
|
| |||
Balance as of March 31, 2021 | 711,915 | |||
|
|
(1) | Includes capitalized financial costs. |
(2) | See Note 20 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 results. |
Exchange of NO
In the context of the foreign exchange restrictions established by Communication “A” 7,106 of the BCRA (see Note 34.k to the annual consolidated financial statements) and after formal consultation to the BCRA, which was answered by the negative, with respect to possibility of complying to said regulation through the refinancing reached in July 2020 in relation to the Class XLVII NOs with maturity in 2021 (see Note 20 to the annual consolidated financial statements), and with the additional objective of easing the financial commitments of the Company for the next 2 years, on January 7, 2021, YPF launched an exchange offer of Classes XLVII, XXVIII, XIII, XXXIX, LIII, I and LIV NOs (the “Existing Negotiable Obligations”, see Note 20 to the annual consolidated financial statements), for new Classes XVI, XVII and XVIII NOs (the “New Negotiable Obligations”) denominated in dollars at a step up fixed interest rate, ranging from 1.5% to 9%, repayable between 2023 and 2033, including an initial cash payment for Class XLVII NOs.
The New Negotiable Obligations contain usual covenants, similar to those of the Existing Negotiable Obligations. In addition, Class XVI NOs are secured by (i) the assignment of collection rights arising from the export of certain exportable products under sale agreements entered into by YPF with widely recognized market traders; and (ii) a first pledge on YPF EE shares representing 50% of the outstanding capital stock and voting rights in this company, as long as at least 50% of the principal of Class XVI NOs remains outstanding.
Table of Contents
26
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
21. LOANS (Cont.)
On February 11, 2021, upon expiration of the early participation period for holders of Class XLVII NOs and the exchange offer for the rest of the Existing Negotiable Obligations, YPF announced that it had reached a global participation to the exchange of 32% and 59.8% of Class XLVII NOs. With such results, and taking into account that the refinancing of principal and interest of all Existing Negotiable Obligations that were included in the exchange largely exceeds the required 60% refinancing of the Class XLVII NO, on that same day the BCRA approved YPF’ s access to the free exchange market to pay the cash component offered to holders that submitted Class XLVII NO in exchange, and to pay Class XLVII NOs that were not exchanged at their maturity. In addition, the BCRA authorized access to the foreign exchange market for the payment of all Class VIII NOs due in March 2021 in the amount of approximately US$ 9 million.
Therefore, on February 12, 2021, and March 1 (closing date for late participation of Class XLVII NOs holders), YPF issued new Class XVI, XVII and XVIII NOs for a total principal amount of US$ 775.8 million, US$ 747.8 million and US$ 575.6 million, respectively, and tender instructions were received to submit the Existing Negotiable Obligation as detailed below:
• | Class XLVII NO for a principal amount of US$ 247.3 million. |
• | Class XXVIII NO for a principal amount of US$ 656.4 million. |
• | Class XIII NO for a principal amount of US$ 201.7 million. |
• | Class XXXIX NO for a principal amount of US$ 368.2 million. |
• | Class LIII NO for a principal amount of US$ 190.7 million. |
• | Class I NO for a principal amount of US$ 101.0 million. |
• | Class LIV NO for a principal amount of US$ 213.4 million . |
YPF assessed whether the instruments subject to exchange were substantially different, considering both qualitative (e.g., currency, term, rate, among others) and quantitative aspects (if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received, and discounted using the original effective interest rates, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liabilities). In this regard, the Company recognized the exchange of the NOs as a debt modification according to IFRS 9 due to the instruments subject to exchange were not substantially different. As a result of the transaction, YPF recognized a profit of 1,855.
Issuance of NOs
On February 26, 2021, the Company issued (i) Class XIV Additional NOs denominated in dollars and payable in pesos at the applicable exchange rate, at a 2% fixed interest rate, due December 4, 2023 for a principal amount of US$ 75.6 million and (ii) Class XIX NOs denominated in purchase value units (“UVA” for its acronym in Spanish), at a 3.5% fixed interest rate, due 42 months after the issuance and settlement date, for a principal amount of UVA 60.5 million.
22. | OTHER LIABILITIES |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Extension of concessions | 737 | 771 | 710 | 711 | ||||||||||||
Liabilities for contractual claims(1) | 691 | 7,113 | 2,250 | 7,250 | ||||||||||||
Miscellaneous | 1 | 1,203 | 1 | 1,101 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
1,429 | 9,087 | 2,961 | 9,062 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | See Note 15 and 33.f to the annual consolidated financial statements. |
23. | ACCOUNTS PAYABLE |
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Trade payable and related parties(1) | 686 | 158,897 | 682 | 136,930 | ||||||||||||
Guarantee deposits | 39 | 791 | 28 | 766 | ||||||||||||
Payables with partners of JO | 233 | 7,649 | — | 5,080 | ||||||||||||
Miscellaneous | — | 1,601 | — | 1,607 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
958 | 168,938 | 710 | 144,383 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | For more information about related parties, see Note 36. |
Table of Contents
27
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
24. | REVENUES |
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Sales of goods and services | 240,122 | 178,928 | ||||||
Government incentives(1) | 3,244 | 2,125 | ||||||
Turnover tax | (8,476 | ) | (6,383 | ) | ||||
|
|
|
| |||||
234,890 | 174,670 | |||||||
|
|
|
|
(1) | See Note 36. |
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 three-month period ended March 31, 2021 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Diesel | — | 81,214 | — | — | 81,214 | |||||||||||||||
Gasolines | — | 55,010 | — | — | 55,010 | |||||||||||||||
Natural Gas (1) | — | 298 | 26,910 | — | 27,208 | |||||||||||||||
Crude Oil | — | 1,173 | — | — | 1,173 | |||||||||||||||
Jet fuel | — | 5,181 | — | — | 5,181 | |||||||||||||||
Lubricants and by-products | — | 8,870 | — | — | 8,870 | |||||||||||||||
Liquefied Petroleum Gas | — | 7,737 | — | — | 7,737 | |||||||||||||||
Fuel oil | — | 5,427 | — | — | 5,427 | |||||||||||||||
Petrochemicals | — | 9,653 | — | — | 9,653 | |||||||||||||||
Fertilizers and crop protection products | — | 9,040 | — | — | 9,040 | |||||||||||||||
Flours, oils and grains | — | 10,245 | — | — | 10,245 | |||||||||||||||
Asphalts | — | 1,720 | — | — | 1,720 | |||||||||||||||
Goods for resale at gas stations | — | 1,425 | — | — | 1,425 | |||||||||||||||
Income from services | — | — | — | 1,280 | 1,280 | |||||||||||||||
Income from construction contracts | — | — | — | 1,626 | 1,626 | |||||||||||||||
Virgin naphtha | — | 1,479 | — | — | 1,479 | |||||||||||||||
Petroleum coke | — | 2,869 | — | — | 2,869 | |||||||||||||||
LNG Regasification | — | — | 51 | — | 51 | |||||||||||||||
Other goods and services | 2,039 | 2,821 | 1,741 | 2,313 | 8,914 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2,039 | 204,162 | 28,702 | 5,219 | 240,122 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the three-month period ended March 31, 2020 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Diesel | — | 62,140 | — | — | 62,140 | |||||||||||||||
Gasolines | — | 41,162 | — | — | 41,162 | |||||||||||||||
Natural Gas (1) | — | 181 | 22,541 | — | 22,722 | |||||||||||||||
Crude Oil | — | 1,528 | — | — | 1,528 | |||||||||||||||
Jet fuel | — | 11,230 | — | — | 11,230 | |||||||||||||||
Lubricants and by-products | — | 4,215 | — | — | 4,215 | |||||||||||||||
Liquefied Petroleum Gas | — | 4,011 | — | — | 4,011 | |||||||||||||||
Fuel oil | — | 2,099 | — | — | 2,099 | |||||||||||||||
Petrochemicals | — | 6,038 | — | — | 6,038 | |||||||||||||||
Fertilizers and crop protection products | — | 2,781 | — | — | 2,781 | |||||||||||||||
Flours, oils and grains | — | 4,116 | — | — | 4,116 | |||||||||||||||
Asphalts | — | 653 | — | — | 653 | |||||||||||||||
Goods for resale at gas stations | — | 1,261 | — | — | 1,261 | |||||||||||||||
Income from services | — | — | — | 851 | 851 | |||||||||||||||
Income from construction contracts | — | — | — | 2,283 | 2,283 | |||||||||||||||
Virgin naphtha | — | 2,316 | — | — | 2,316 | |||||||||||||||
Petroleum coke | — | 1,095 | — | — | 1,095 | |||||||||||||||
LNG Regasification | — | — | 1,318 | — | 1,318 | |||||||||||||||
Other goods and services | 843 | 1,669 | 3,268 | 1,329 | 7,109 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
843 | 146,495 | 27,127 | 4,463 | 178,928 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 21,606 and 16,528 corresponding to sales of natural gas produced by the Company for the three-month period ended March 31, 2021 and 2020, respectively. |
Table of Contents
28
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
24. | REVENUES (Cont.) |
• | Sales Channels |
For the three-month period ended March 31, 2021 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Gas Stations | — | 94,227 | — | — | 94,227 | |||||||||||||||
Power Plants | — | 5,728 | 9,004 | — | 14,732 | |||||||||||||||
Distribution Companies | — | — | 2,681 | — | 2,681 | |||||||||||||||
Retail distribution of natural gas | — | — | 4,891 | — | 4,891 | |||||||||||||||
Industries, transport and aviation | — | 33,892 | 10,334 | — | 44,226 | |||||||||||||||
Agriculture | — | 31,009 | — | — | 31,009 | |||||||||||||||
Petrochemical industry | — | 12,666 | — | — | 12,666 | |||||||||||||||
Trading | — | 9,340 | — | — | 9,340 | |||||||||||||||
Oil Companies | — | 11,817 | — | — | 11,817 | |||||||||||||||
Commercialization of liquefied petroleum gas | — | 2,844 | — | — | 2,844 | |||||||||||||||
Other sales channels | 2,039 | 2,639 | 1,792 | 5,219 | 11,689 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2,039 | 204,162 | 28,702 | 5,219 | 240,122 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the three-month period ended March 31, 2020 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Gas Stations | — | 73,729 | — | — | 73,729 | |||||||||||||||
Power Plants | — | — | 4,565 | — | 4,565 | |||||||||||||||
Distribution Companies | — | — | 4,080 | — | 4,080 | |||||||||||||||
Retail distribution of natural gas | — | — | 5,641 | — | 5,641 | |||||||||||||||
Industries, transport and aviation | — | 30,612 | 8,436 | — | 39,048 | |||||||||||||||
Agriculture | — | 14,625 | — | — | 14,625 | |||||||||||||||
Petrochemical industry | — | 6,624 | — | — | 6,624 | |||||||||||||||
Trading | — | 11,028 | — | — | 11,028 | |||||||||||||||
Oil Companies | — | 5,901 | — | — | 5,901 | |||||||||||||||
Commercialization of liquefied petroleum gas | — | 1,478 | — | — | 1,478 | |||||||||||||||
Other sales channels | 843 | 2,498 | 4,405 | 4,463 | 12,209 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
843 | 146,495 | 27,127 | 4,463 | 178,928 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
• | Target Market |
Sales contracts in the domestic market resulted in 213,287 and 154,273 for the three-month period ended March 31, 2021 and 2020, respectively.
Sales contracts in the international market resulted in 26,835 and 24,655 for the three-month period ended March 31, 2021 and 2020, respectively.
• | Contract balances |
The following table reflects information regarding credits, contract assets and contract liabilities:
March 31, 2021 | December 31, 2020 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Credits for contracts included in Trade Receivables | 12,895 | 115,624 | 15,505 | 98,832 | ||||||||||||
Contract assets | — | 394 | — | 871 | ||||||||||||
Contract liabilities | — | 5,799 | — | 6,824 |
Contract assets are mainly related to the work carried out by the Group under construction contracts.
Contract liabilities are mainly related to advances received from customers under the contracts for the sale of commodities, fuels, crude oil, methanol, lubricants and by-products, diesel and natural gas, among others.
During the three-month period ended on March 31, 2021 and 2020 the Group has recognized 5,241 and 2,668, respectively, in revenues from ordinary activities arising from contracts entered into with customers in the statement of comprehensive income, which have been included in the balance for contract liabilities at the beginning of the fiscal year.
Table of Contents
29
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
25. | COSTS |
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Inventories at beginning of year | 100,137 | 80,479 | ||||||
Purchases | 63,976 | 44,395 | ||||||
Production costs(1) | 136,802 | 112,471 | ||||||
Translation effect | 8,635 | 6,300 | ||||||
Adjustment for inflation(2) | 324 | 108 | ||||||
Inventories at end of the period | (111,343 | ) | (97,839 | ) | ||||
|
|
|
| |||||
198,531 | 145,914 | |||||||
|
|
|
|
(1) | See Note 26, |
(2) | Corresponds to adjustment for inflation of inventories’ opening balances of subsidiaries with the Peso as functional currency, which was charged to other comprehensive income. |
26. | EXPENSES BY NATURE |
The Group presents the condensed interim consolidated financial statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the three-month period ended March 31, 2021 and 2020:
For the three-month period ended March 31, 2021 | ||||||||||||||||||||
Production costs (3) | Administrative expenses (2) | Selling expenses | Exploration expenses | Total | ||||||||||||||||
Salaries and social security taxes | 10,891 | 2,777 | 1,651 | 107 | 15,426 | |||||||||||||||
Fees and compensation for services | 1,003 | 2,831 | 476 | 2 | 4,312 | |||||||||||||||
Other personnel expenses | 2,715 | 193 | 105 | 8 | 3,021 | |||||||||||||||
Taxes, charges and contributions | 2,551 | 145 | 4,851 | (1) | — | 7,547 | ||||||||||||||
Royalties, easements and canons | 15,852 | — | 19 | 25 | 15,896 | |||||||||||||||
Insurance | 1,863 | 97 | 30 | — | 1,990 | |||||||||||||||
Rental of real estate and equipment | 1,827 | 9 | 346 | — | 2,182 | |||||||||||||||
Survey expenses | — | — | — | — | — | |||||||||||||||
Depreciation of property, plant and equipment | 57,733 | 1,299 | 1,843 | — | 60,875 | |||||||||||||||
Amortization of intangible assets | 851 | 179 | 12 | — | 1,042 | |||||||||||||||
Depreciation of right-of-use assets | 3,960 | 3 | 251 | — | 4,214 | |||||||||||||||
Industrial inputs, consumable materials and supplies | 7,137 | 80 | 128 | — | 7,345 | |||||||||||||||
Operation services and other service contracts | 7,149 | 178 | 933 | 5 | 8,265 | |||||||||||||||
Preservation, repair and maintenance | 15,141 | 393 | 481 | 7 | 16,022 | |||||||||||||||
Unproductive exploratory drillings | — | — | — | — | — | |||||||||||||||
Transportation, products and charges | 6,370 | 49 | 6,005 | — | 12,424 | |||||||||||||||
Provision for doubtful trade receivables | — | — | 1,315 | — | 1,315 | |||||||||||||||
Publicity and advertising expenses | — | 773 | 91 | — | 864 | |||||||||||||||
Fuel, gas, energy and miscellaneous | 1,759 | 119 | 1,408 | 5 | 3,291 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
136,802 | 9,125 | 19,945 | 159 | 166,031 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 3,068 corresponding to export withholdings. |
(2) | Includes 94 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 30, 2021, the General Ordinary and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees of 194 corresponding to fiscal year 2020 and to approve the approximate sum of 463 as fees with respect to fees and remunerations for the fiscal year 2021. |
(3) | The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 412. |
Table of Contents
30
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
26. | EXPENSES BY NATURE (Cont.) |
For the three-month period ended March 31, 2020 | ||||||||||||||||||||
Production costs (3) | Administrative expenses (2) | Selling expenses | Exploration expenses | Total | ||||||||||||||||
Salaries and social security taxes | 9,043 | 2,293 | 1,348 | 55 | 12,739 | |||||||||||||||
Fees and compensation for services | 710 | 2,043 | 367 | 64 | 3,184 | |||||||||||||||
Other personnel expenses | 2,438 | 234 | 134 | 12 | 2,818 | |||||||||||||||
Taxes, charges and contributions | 2,361 | 97 | 2,709 | (1) | — | 5,167 | ||||||||||||||
Royalties, easements and canons | 11,895 | — | 20 | 19 | 11,934 | |||||||||||||||
Insurance | 1,052 | 67 | 149 | — | 1,268 | |||||||||||||||
Rental of real estate and equipment | 2,633 | 14 | 389 | — | 3,036 | |||||||||||||||
Survey expenses | — | — | — | 288 | 288 | |||||||||||||||
Depreciation of property, plant and equipment | 41,692 | 747 | 1,197 | — | 43,636 | |||||||||||||||
Amortization of intangible assets | 540 | 120 | 9 | — | 669 | |||||||||||||||
Depreciation of right-of-use assets | 4,545 | — | 207 | — | 4,752 | |||||||||||||||
Industrial inputs, consumable materials and supplies | 5,524 | 15 | 78 | 22 | 5,639 | |||||||||||||||
Operation services and other service contracts | 7,618 | 190 | 758 | 208 | 8,774 | |||||||||||||||
Preservation, repair and maintenance | 14,265 | 388 | 357 | 11 | 15,021 | |||||||||||||||
Unproductive exploratory drillings | — | — | — | 13 | 13 | |||||||||||||||
Transportation, products and charges | 6,221 | — | 4,464 | — | 10,685 | |||||||||||||||
Provision for doubtful trade receivables | — | — | 917 | — | 917 | |||||||||||||||
Publicity and advertising expenses | — | 275 | 105 | — | 380 | |||||||||||||||
Fuel, gas, energy and miscellaneous | 1,934 | 266 | 668 | 24 | 2,892 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
112,471 | 6,749 | 13,876 | 716 | 133,812 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 1,578 corresponding to export withholdings. |
(2) | Includes 23 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 30, 2020, the General Ordinary and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees of 83 corresponding to fiscal year 2019 and to approve the approximate sum of 123 as fees with respect to fees and remunerations for the fiscal year 2020. |
(3) | The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 297. |
27. | OTHER NET OPERATING RESULTS |
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Result for sale of participation in areas (1) | — | 6,356 | ||||||
Lawsuits | (754 | ) | (48 | ) | ||||
Insurance | — | 458 | ||||||
Miscellaneous | 478 | 617 | ||||||
|
|
|
| |||||
(276 | ) | 7,383 | ||||||
|
|
|
|
(1) | See Note 3 to the annual consolidated financial statements. |
28. | NET FINANCIAL RESULTS |
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Financial income | ||||||||
Interest income | 4,440 | 1,655 | ||||||
Exchange differences | 17,738 | 18,550 | ||||||
Financial accretion | 169 | 601 | ||||||
|
|
|
| |||||
Total financial income | 22,347 | 20,806 | ||||||
|
|
|
| |||||
Financial loss | ||||||||
Interest loss | (17,201 | ) | (14,703 | ) | ||||
Exchange differences | (8,940 | ) | (11,726 | ) | ||||
Financial accretion | (6,182 | ) | (3,705 | ) | ||||
|
|
|
| |||||
Total financial costs | (32,323 | ) | (30,134 | ) | ||||
|
|
|
| |||||
Other financial results | ||||||||
Results on financial assets at fair value with changes in results | 1,557 | (2,680 | ) | |||||
Results from derivative financial instruments | (282 | ) | (33 | ) | ||||
Result from net monetary position | 2,555 | 1,420 | ||||||
Result from debt exchange (1) | 1,855 | — | ||||||
|
|
|
| |||||
Total other financial results | 5,685 | (1,293 | ) | |||||
|
|
|
| |||||
Total net financial results | (4,291 | ) | (10,621 | ) | ||||
|
|
|
|
(1) | See Note 21. |
Table of Contents
31
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
29. | INVESTMENTS IN JOINT OPERATIONS |
The assets and liabilities as of March 31, 2021 and December 31, 2020, and expenses for the three-month period ended on March 31, 2021 and 2020, of JO and other agreements in which the Group participates are as follows:
March 31, 2021 | December 31, 2020 | |||||||
Noncurrent assets(1) | 307,318 | 282,381 | ||||||
Current assets | 6,153 | 6,122 | ||||||
|
|
|
| |||||
Total assets | 313,471 | 288,503 | ||||||
|
|
|
| |||||
Noncurrent liabilities | 23,001 | 21,136 | ||||||
Current liabilities | 26,472 | 21,574 | ||||||
|
|
|
| |||||
Total liabilities | 49,473 | 42,710 | ||||||
|
|
|
|
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Production cost | 24,838 | 21,197 | ||||||
Exploration expenses | 29 | 10 |
(1) | It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO. |
30. | SHAREHOLDERS’ EQUITY |
The Company’s subscribed capital as of March 31, 2021, is 3,926 and 7 treasury shares represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of Pesos 10 and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.
As of March 31, 2021, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of Argentine Government is required for: 1) mergers, 2) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, 3) transfers of all the YPF’s production and exploration rights, 4) the voluntary dissolution of YPF or 5) change of corporate and/or tax address outside the Argentine Republic. Items 3) and 4) also require prior approval by the Argentine Congress.
The General Ordinary and Extraordinary Shareholders’ Meeting was held on April 30, 2021 and approved the financial statements of YPF for the fiscal year ended December 31, 2020, and additionally, approved the following resolution in relation to the allocation of retained earnings as of December 31, 2020: a) to completely eliminate the reserve for future dividends, the reserve for the purchase of treasury shares and the reserve for investments; b) to partly absorb accumulated losses in retained earnings up to 13,184 against the amounts corresponding to the released reserves for up to such amount.
Table of Contents
32
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
31. | EARNINGS PER SHARE |
The following table shows the net income and the number of shares that have been used for the calculation of the basic and diluted earnings per share:
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Net (loss) / income | (2,066 | ) | 6,212 | |||||
Average number of shares outstanding | 392,567,068 | 392,385,589 | ||||||
Basic and diluted earnings per share | (5.26 | ) | 15.83 |
Basic and diluted earnings per share are calculated as shown in Note 2.b.13 to the annual consolidated financial statements.
32. | ISSUES RELATED TO MAXUS ENTITIES |
Issues related to Maxus entities are described in Note 31 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2021 are described below:
• | Maxus Liquidating Trust Claim |
On April 1, 2021, a conference was held in relation to the Motion to Disqualify, at which the parties submitted their respective arguments.
On April 6, 2021, the Bankruptcy Court denied the Motion to Disqualify filed by YPF and ordered the parties to file a new procedural schedule by April 16, 2021.
On April 20, 2021, YPF appealed the decision of the Bankruptcy Court rejecting the Motion to Disqualify presented by YPF. On the same date, the Bankruptcy Court adopted the procedural schedule proposed by the parties with certain adjustments, ordering that the discovery of facts should be concluded on August 16, 2021 and the discovery of experts on December 17, 2021.
As the process moves forward, and given the complexity of the claims and the evidence to be produced by the parties, the Company will continue reassessing the status of the case and its impact on the Group’s results and financial position.
The Company, together with the other Companies that are part of the Claim, will defend itself in compliance with the applicable legal procedures and available defenses.
33. | CONTINGENT ASSETS AND LIABILITIES |
Contingent liabilities and contingent assets are described in Note 32 to the annual consolidated financial statements.
33.a) Contingent liabilities
The recent events of the three-month period ended on March 31, 2021 are described below:
33.a.1) Contentious claims
• | Petersen Energía Inversora, S.A.U and Petersen Energía, S.A.U. (collectively, “Petersen”) |
Judicial process in Spain
On March 17, 2021, the Constitutional Court denied the appeal for constitutional protection filed by YPF on September 3, 2020, grounded on sections 41 and 44 of the Organic Law of the Constitutional Court, against the order entered on May 20, 2020 by the Provincial Court of Madrid for considering that such order violated YPF’s fundamental right to effective judicial protection. On April 12, 2021, the appeal for constitutional protection filed by Argentina against the same court order was also denied.
As the process moves forward, and given the complexity of the claims and the evidence to be produced by the parties, the Company will continue reassessing the status of the case and its impact on the Group’s results and financial position.
The Company will defend itself in compliance with the applicable legal procedures and available defenses.
Table of Contents
33
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
34. | CONTRACTUAL COMMITMENTS |
34.a) Agreement of extension of concessions or exploration permits
• | Río Negro |
Loma Negra and La Yesera
On March 30, 2021, YPF jointly with its partners CAPEX S.A., Metro Holding S.A. and Corporación Financiera Internacional in Loma Negra area, and, additionally, San Jorge Energy S.A, in La Yesera area, executed agreements with the Province of Río Negro for the extension of the exploitation concessions of the mentioned areas for ten years, until 2034 and 2037, respectively. On April 20, 2021, such extension agreements were ratified by Provincial Decrees No. 345/2021 and No. 346/2021, respectively.
The extension agreement for La Yesera area provides an option for YPF to extend such concession, whereby the Company has a term of 90 days to exercise this option, otherwise YPF’s interest in the exploitation concession of La Yesera area will terminate in 2027.
35. | MAIN REGULATIONS AND OTHER |
Main regulations and others are described in Note 34 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2021 are described below:
35.a) Natural gas regulations
• | Natural gas and LNG exports |
On April 27, 2021, SE Resolution No. 360/2021 was published in the BO, setting new terms and conditions for the Authorization Process for Natural Gas Exports (the “Process”), for exports of natural gas through pipelines, its liquefaction in the country and its subsequent export as LNG. Besides, it repealed SGE Resolution No. 417/2019 which regulated the authorization process for natural gas exports, UHaF Resolution No. 284/2019, which established the operating procedure for natural gas exports when the domestic supply was at risk (useful cutbacks), and the reference to tariff item subject to registration under paragraph 2711.19.10 of section 3 of SRH Resolution No. 241/2017, related to LNG exports.
Such Process establishes the UHaF is the enforcement authority, and, among other things:
i. | Modifies the classification of authorizations, establishing the following categories: a) firm Plan exports; b) firm GasAr Plan additional injection exports; c) firm basin surplus exports; d) interruptible exports (only granted once firm GasAr Plan exports are covered); e) operational exchange exports; and f) assistance agreement exports; |
ii. | Establishes that IEASA (as administrator of the country’s natural gas and LNG exports) and the entities representing a final demand segment (CAMMESA, generators, distributors, subdistributors, industries and CNG) will be considered “interested third parties” in relation to export requests; |
iii. | Establishes that volumes requested for exports in firm condition which are finally authorized for export will be deducted from the maximum daily quantity of the contracts executed under the GasAr Plan between CAMMESA and producers authorized to make exports; and that CAMMESA may agree with such producers, the delivery of all or part of the volumes deducted at the tendered prices (affected by the respective adjustment factors), if the demand so requires; |
iv. | Regulates the process to approve GasAr Plan firm exports and establishes that the enforcement authority will process these new requests with priority over any other request in firm or interruptible condition; |
v. | Establishes that the enforcement authority may determine a “useful cutback” on interruptible exports in the event of lack of supply of the domestic market; |
Table of Contents
34
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
35. | MAIN REGULATIONS AND OTHERS (Cont.) |
vi. | Establishes that the enforcement authority may suspend or declare the expiration of export authorizations due to defaults on: (a) the injection commitments undertaken as base injection under the Plan GasAr, which may cause the exclusion of the producer from such Plan, and (b) the contractual commitments with distributors, CAMMESA and/or IEASA undertaken under the GasAr Plan. |
35.b) Natural gas production incentive programs
• | Stimulus Program for Investments in Natural Gas Production Developments for Non-Conventional Reservoirs |
On February 24, 2021, the Company filed motions for reconsideration against SE Resolutions No. 19 and 89, 2020 (corresponding to the Aguada Pichana Este concession), SE Resolutions No. 249, 60, 238, 49, 46, 445, 277 and 461, 2020 (corresponding to the Aguada Pichana Oeste—Aguada de Castro concession), SE Resolution No. 127/2020 (corresponding to the Estación Fernández Oro concession) and SE Resolutions No. 46, 180 and 11, 2020 (corresponding to La Ribera I and II concession), requiring the admission of those motions, the recalculation of the economic compensations based on the volumes requested by YPF and their payment plus the interests accrued until the payment date.
On March 26, 2021, the Company filed motions for reconsideration against SE Resolutions No. 135/2021, 58/2021 and 444/2020 (corresponding to the Aguada Pichana Este concession), SE Resolution No. 59/2021 (corresponding to the Aguada Pichana Oeste—Aguada de Castro concession) and SE Resolution No. 134/2021 (corresponding to La Ribera I y II concession).
As of the date of these condensed interim consolidated financial statements, the motions for reconsideration filed by the Company are pending resolution by the SE.
• | Plan for the Promotion of Argentine Natural gas Production – Supply and Demand Scheme 2020-2024 (“GasAr Plan”) |
On March 4, 2021, AFIP’s General Resolution No. 4,939/2021 was published in the BO, establishing a procedure for the registration, application and assignment of tax credit certificates, under the securities system established in Item 40 of Annex to Decree No. 892/2020, with the purpose of ensuring the payment of the compensation to be borne by the Argentine Government defined in Item 33 of the aforementioned tax credit certificate and in compliance with the provisions of section 89 of Law No. 27,591. This General Resolution establishes that: (i) these certificates represent tax credits in U.S. dollars; (ii) these certificates may be applied to the cancellation of tax liabilities by way of tax return and advance payments, compensatory or penalty interest, fines and other charges, but are not applicable to tax withholdings by third parties; (iii) the partial use is authorized if the tax liability to be cancelled is lower; and (iv) the assignment of these certificates is admitted provided they were not partially used.
On April 9, 2021, due to roadblocks by health workers in the Province of Neuquén which affected the continuity of operations, YPF notified the SE the existence of an event of force majeure under the GasAr Plan. For the same reason, on April 27, 2021, YPF notified its clients that such roadblocks could affect the gas injection capacity to an undefined extent in the following weeks. On April 28, 2021, the roadblock affecting the operations ceased and the affected activities gradually resumed.
Table of Contents
35
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED) |
35. | MAIN REGULATIONS AND OTHERS (Cont.) |
35.c) Regulatory requirements applicable to the petroloeum liquid gas industry
• | Benchmark prices for the butane commercialization chain |
On April 6, 2021 SE Resolution No. 249/2021 was published in the BO, which (i) modified the subsidy amount per bottle to be granted to beneficiaries of the Household Program, for them to continue paying the price effective as of July 1, 2019 for each LPG bottle consumed for residencial use, ii) established the maximum benchmark prices for producers of butane/mixture and propane for residential use to be bottled in 10, 12 and 15 kg bottles; iii) established the maximum benchmark prices of LPG bottles of 10, 12 and 15 kg for fractionators, distributors and retailers, updating the values established in Annexes I and II to SE Resolution No. 70/15, as amended; iv) established the maximum deviations from the maximum benchmark price in each jurisdiction specified in Annex III to SE Resolution No. 70/15; and v) established the subsidy amount per bottle provided in SE Resolution No. 49/2015.
35.d) Other regulatory requirements
• | CNV Regulatory Framework (N.T. 2013) |
a) | CNV General Resolution No. 873 |
On November 27, 2020, General Resolution No. 873/2020 was published in the BO, simplifying the filing of financial information. The main simplifications for entities filing financial information based on the IFRS are mentioned below:
- For information to be filed on a quarterly basis:
i) the filing of financial statements of companies over which the issuer exercises control, joint control or significant influence may be replaced with the disclosure in a Notes to the financial statements of the issuer of such entities’ information, in compliance with the applicable rules and regulations in force for each case. If this option is exercised, the issuer will make available such financial statements, if so requested by the public.
ii) consolidated and separate (individual) financial statements for interim periods may be filed as condensed statements, as provided for in IAS 34.
- Section 12 of Chapter III, Title IV of the Rules of CNV (N.T. 2013 as amended) was repealed.
- Information required in Exhibits may be disclosed in Notes.
b) | CNV General Resolution No. 622 |
On March 18, 2015, the Company was registered with the CNV under the category “Settlement and Clearing Agent and Trading Agent—Own account”, record No. 549. Considering the Company’s business, and the CNV Rules and its Interpretative Criterion No. 55, the Company will not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it will also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV.
Moreover, in accordance with the amendment to the CNV Rules provided for by General Resolution No. 731/2018, the Company is subject to the provisions of Section 5 b.1 of Title VII, Chapter II, of the CNV Rules, “Settlement and Clearing Agent—Direct Participant”. In this respect, as set forth in Section 13, Title VII, Chapter II, of the CNV Rules, as of March 31, 2021, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 18. Additionally, the balancing entry requirement established in Section 15 does not apply to the Company, as established in Section 5 b.1 of the aforementioned regulations.
c) | CNV General Resolution No. 629 and No. 813 |
Due to General Resolution No. 629/2014 and No. 813/2019 of the CNV, the Company informs that supporting documentation of YPF’s operations, which is not in YPF’s headquarters, is stored in the following companies:
i. AdeA S.A. located in Barn 3 – Route 36, Km. 31.5 – Florencio Varela – Province of Buenos Aires.
ii. File S.R.L., located in Panamericana and R.S. Peña – Blanco Encalada – Luján de Cuyo – Province of Mendoza.
Table of Contents
36
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
35. | MAIN REGULATIONS AND OTHERS (Cont.) |
Additionally, it is placed on record that the detail of the documentation given in custody is available at the registered office, as well as the documents mentioned in section 5, subsection a.3, Section I, Chapter V, Title II of the CNV Rules.
36. | BALANCES AND TRANSACTIONS WITH RELATED PARTIES |
The information detailed in the tables below shows the balances with associates and joint ventures as of March 31, 2021 and December 31, 2020 and transactions with the mentioned parties for the three-month period ended March 31, 2021 and 2020.
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||
Other receivables | Trade receivables | Accounts payable | Contract liabilities | Other receivables | Trade receivables | Accounts payable | Contract liabilities | |||||||||||||||||||||||||
Current | Current | Current | Current | Current | Current | Current | Current | |||||||||||||||||||||||||
Joint Ventures: | ||||||||||||||||||||||||||||||||
Profertil | 2,763 | 1,074 | 1,306 | — | 12 | 641 | 484 | — | ||||||||||||||||||||||||
MEGA | — | 2,938 | 230 | — | — | 2,650 | 261 | — | ||||||||||||||||||||||||
Refinor | — | 758 | 192 | — | — | 577 | 75 | — | ||||||||||||||||||||||||
YPF EE | 398 | 1,476 | 2,554 | 146 | 389 | 794 | 2,504 | 56 | ||||||||||||||||||||||||
OLCLP | 8 | — | 154 | — | 79 | 7 | 168 | — | ||||||||||||||||||||||||
Sustentator S.A. | — | — | 3 | — | — | — | 2 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,169 | 6,246 | 4,439 | 146 | 480 | 4,669 | 3,494 | 56 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Associates: | ||||||||||||||||||||||||||||||||
CDS | — | 148 | 10 | — | — | 144 | 10 | — | ||||||||||||||||||||||||
YPF Gas | 65 | 470 | 138 | — | 51 | 322 | 180 | — | ||||||||||||||||||||||||
Oldelval | — | 1 | 592 | — | — | 1 | 450 | — | ||||||||||||||||||||||||
Termap | — | — | 244 | — | — | — | 182 | — | ||||||||||||||||||||||||
OTA | 13 | — | 11 | — | 12 | — | 9 | — | ||||||||||||||||||||||||
OTC | 9 | — | — | — | 8 | — | — | — | ||||||||||||||||||||||||
GPA | — | — | 122 | — | — | — | 25 | — | ||||||||||||||||||||||||
Oiltanking | — | 1 | 360 | — | — | 1 | 304 | — | ||||||||||||||||||||||||
Gas Austral S.A. | — | 34 | — | — | — | 23 | 1 | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
87 | 654 | 1,477 | — | 71 | 491 | 1,161 | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
3,256 | 6,900 | 5,916 | 146 | 551 | 5,160 | 4,655 | 56 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three-month period ended March 31, | ||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||
Revenues | Purchases and services | Net interest income (loss) | Revenues | Purchases and services | Net interest income (loss) | |||||||||||||||||||
Joint Ventures: | ||||||||||||||||||||||||
Profertil | 1,267 | 1,809 | — | 893 | 666 | — | ||||||||||||||||||
MEGA | 4,450 | 116 | — | 3,912 | 554 | — | ||||||||||||||||||
Refinor | 1,792 | 482 | — | 487 | 146 | — | ||||||||||||||||||
Sustentator S.A. | — | 3 | — | — | — | — | ||||||||||||||||||
YPF EE | 1,403 | 1,709 | — | 656 | 1,165 | — | ||||||||||||||||||
OLCLP | 16 | 251 | — | 14 | 141 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
8,928 | 4,370 | — | 5,962 | 2,672 | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Associates: | ||||||||||||||||||||||||
CDS | 139 | — | — | 425 | — | — | ||||||||||||||||||
YPF Gas | 772 | 104 | — | 504 | 74 | 2 | ||||||||||||||||||
Oldelval | 3 | 795 | — | 55 | 650 | 3 | ||||||||||||||||||
Termap | — | 455 | — | — | 289 | — | ||||||||||||||||||
OTA | 1 | 62 | — | — | 2 | — | ||||||||||||||||||
GPA | — | 465 | — | — | 308 | — | ||||||||||||||||||
Oiltanking | 1 | 592 | — | 1 | 353 | — | ||||||||||||||||||
Gas Austral S.A. | 73 | — | — | 51 | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
989 | 2,473 | — | 1,036 | 1,676 | 5 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
9,917 | 6,843 | — | 6,998 | 4,348 | 5 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Table of Contents
37
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
36. | BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Cont.) |
Additionally, in the normal course of business, and considering being the main energy group in Argentina, the Group’s client/suppliers portfolio encompasses both private sector entities as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:
Balances | Transactions | |||||||||||||||||
Receivables / (Liabilities) | Income / (Costs) | |||||||||||||||||
March 31, 2021 | December 31, 2020 | For the three-month period ended March 31, | ||||||||||||||||
Customers / Suppliers | Ref. | 2021 | 2020 | |||||||||||||||
SGE | (1) (16) | 6,934 | 12,607 | — | — | |||||||||||||
SGE | (2) (16) | 2,753 | 3,330 | 876 | 699 | |||||||||||||
SGE | (3) (16) | 792 | — | 900 | — | |||||||||||||
SGE | (4) (16) | 225 | 228 | 61 | 10 | |||||||||||||
SGE | (5) (16) | 253 | 240 | — | — | |||||||||||||
SGE | (6) (16) | 625 | 625 | — | 138 | |||||||||||||
SGE | (7) (16) | 449 | 440 | 89 | 84 | |||||||||||||
SGE | (8) (16) | 6,354 | 6,126 | — | — | |||||||||||||
Ministry of Transport | (9) (16) | 1,640 | 2,802 | 1,318 | 1,332 | |||||||||||||
CAMMESA | (10) | 13,928 | 7,098 | 13,526 | 4,211 | |||||||||||||
CAMMESA | (11) | (1,658 | ) | (983 | ) | (1,447 | ) | (1,038 | ) | |||||||||
IEASA | (12) | 5,803 | 5,998 | 346 | 1,221 | |||||||||||||
IEASA | (13) | (2,760 | ) | (2,640 | ) | (44 | ) | (43 | ) | |||||||||
Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. | (14) | 6,309 | 6,009 | 1,740 | 3,996 | |||||||||||||
Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. | (15) | (168 | ) | — | (133 | ) | — |
(1) | Benefits for the Stimulus Programs for the Additional Injection of Natural Gas. |
(2) | Benefits for the Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional Reservoirs. |
(3) | Benefits for the Plan for the Promotion of Argentine Natural Gas Production (“GasAr Plan). |
(4) | Benefits for the propane gas supply agreement for undiluted propane gas distribution networks |
(5) | Benefits for the Household Program (Programa hogares con garrafa). |
(6) | Benefits for recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks. |
(7) | Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas. |
(8) | Procedure to compensate the payment of the daily differences accumulated on a monthly basis between the price of the gas purchased by Natural Gas Piping Distribution Service Companies and the price of the natural gas included in the respective tariff schemes for the benefit of Metrogas. See Note 34.f to the annual consolidated financial statements. |
(9) | The compensation for providing diesel to public transport of passengers at a differential price. |
(10) | The provision of fuel oil and natural gas. |
(11) | Purchases of energy. |
(12) | Sale of natural gas, LNG and provision of regasification service of LNG in Escobar. |
(13) | The purchase of natural gas and crude oil. |
(14) | The provision of jet fuel. |
(15) | Purchase of miles for YPF Serviclub Programm. |
(16) | Income recognized under the guidelines of IAS 20. |
Additionally, the Group has entered into certain financing, investing and insurance transactions with entities related to the national public sector.
On the other hand, the Group holds Bonds of the Argentine Republic 2029 and 2030, and Treasury Bills, classified as “Investments in financial assets”. See Note 6 to the annual consolidated financial statements.
Furthermore, in relation to the investment agreement signed between YPF and Chevron subsidiaries, YPF has an indirect non-controlling interest in CHNC with which YPF carries out transactions in connection with the mentioned investment agreement. During the three-month period ended March 31, 2021 and 2020, YPF and CHNC carried out transactions, among others, the purchases of crude oil by YPF for 9,372 and 6,096, respectively. These transactions will be consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of March 31, 2021 and December 31, 2020 amounts to 10,742 and 6,462, respectively. See Note 33.b to the annual consolidated financial statements.
Table of Contents
38
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
36. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Cont.)
The table below discloses the accrued compensation for the YPF’s key management personnel, including members of the Board of Directors and Vice Presidents (managers with executive functions appointed by the Board of Directors), for the three-month period ended March 31, 2021 and 2020:
For the three-month period ended March 31, | ||||||||
2021 | 2020 | |||||||
Short-term employee benefits(1) | 229 | 137 | ||||||
Share-based benefits | 25 | 44 | ||||||
Post-retirement benefits | 11 | 6 | ||||||
Termination benefits | 11 | 27 | ||||||
|
|
|
| |||||
276 | 214 | |||||||
|
|
|
|
(1) | Does not include Social Security contributions of 35 and 32 for the three-month period ended March 31, 2021 and 2020, respectively. |
37. | EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS |
Note 2.b.10 to the annual consolidated financial statements describes the main characteristics and accounting treatment for benefit plans implemented by the Group.
i. | Retirement plan |
The total charges recognized under the Retirement Plan amounted to approximately 35 and 40 for the three-month period ended March 31, 2021 and 2020, respectively.
ii. | Objective performance bonus programs and performance evaluation programs |
The amount charged to expense related to the programs was 1,019 and 576 for the three-month period ended March 31, 2021 and 2020, respectively.
iii. | Share-based benefit plan |
The amount charged to expense in relation with the share-based plans, which are disclosed according to their nature, was 119 and 147 for the three-month period ended March 31, 2021 and 2020, respectively.
During the three-month period ended on March 31, 2021 and 2020, the Company has not repurchased its own shares.
Table of Contents
39
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
38. | ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||
Amount in currencies other than the Peso | Exchange rate in force (1) | Total | Amount in currencies other than the Peso | Exchange rate in force (1) | Total | |||||||||||||||||||
Noncurrent assets | ||||||||||||||||||||||||
Other receivables | ||||||||||||||||||||||||
U.S. dollar | 8 | 91.80 | 755 | 27 | 83.95 | 2,233 | ||||||||||||||||||
Bolivian peso | 7 | 13.19 | 92 | 7 | 12.06 | 84 | ||||||||||||||||||
Trade receivables | ||||||||||||||||||||||||
U.S. dollar | 41 | 91.80 | 3,802 | 98 | 83.95 | 8,221 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total noncurrent assets | 4,649 | 10,538 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Other receivables | ||||||||||||||||||||||||
U.S. dollar | 204 | 91.80 | 18,684 | 176 | 83.95 | 14,762 | ||||||||||||||||||
Euro | 3 | 107.64 | 271 | 3 | 103.07 | 259 | ||||||||||||||||||
Chilean peso | 9,100 | 0.13 | 1,183 | 9,242 | 0.12 | 1,109 | ||||||||||||||||||
Yen | 105 | 0.83 | 87 | 105 | 0.81 | 85 | ||||||||||||||||||
Bolivian peso | 14 | 13.19 | 184 | 14 | 12.06 | 168 | ||||||||||||||||||
Pound sterling | — | (2) | 126.58 | 19 | 1 | 114.22 | 143 | |||||||||||||||||
Trade receivables | ||||||||||||||||||||||||
U.S. dollar | 693 | 91.80 | 63,637 | 657 | 83.95 | 55,196 | ||||||||||||||||||
Chilean peso | 5,054 | 0.13 | 657 | 7,108 | 0.12 | 853 | ||||||||||||||||||
Euro | 14 | 107.64 | 1,509 | — | (2) | 103.07 | 2 | |||||||||||||||||
Investments in financial assets | ||||||||||||||||||||||||
U.S. dollar | 97 | 91.80 | 8,942 | 118 | 83.95 | 9,882 | ||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||
U.S. dollar | 142 | 91.80 | 13,039 | 126 | 83.95 | 10,593 | ||||||||||||||||||
Chilean peso | 1,354 | 0.13 | 176 | 608 | 0.12 | 73 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total current assets | 108,388 | 93,125 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total assets | 113,037 | 103,663 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Noncurrent liabilities | ||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||
U.S. dollar | 2,027 | 92.00 | 186,508 | 1,991 | 84.15 | 167,542 | ||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||
U.S. dollar | 284 | 92.00 | 26,164 | 274 | 84.15 | 23,069 | ||||||||||||||||||
Loans | ||||||||||||||||||||||||
U.S. dollar | 6,357 | 92.00 | 584,876 | 6,129 | 84.15 | 515,765 | ||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
U.S. dollar | 16 | 92.00 | 1,428 | 35 | 84.15 | 2,960 | ||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||
U.S. dollar | 3 | 92.00 | 301 | 3 | 84.15 | 275 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total noncurrent liabilities | 799,277 | 709,611 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||
U.S. dollar | 41 | 92.00 | 3,773 | 40 | 84.15 | 3,367 | ||||||||||||||||||
Chilean peso | 585 | 0.13 | 76 | 575 | 0.12 | 69 | ||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||
Chilean peso | 2,700 | 0.13 | 351 | 1,375 | 0.12 | 165 | ||||||||||||||||||
Salaries and social security | ||||||||||||||||||||||||
U.S. dollar | 9 | 92.00 | 808 | 9 | 84.15 | 731 | ||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||
U.S. dollar | 250 | 92.00 | 23,010 | 263 | 84.15 | 22,093 | ||||||||||||||||||
Loans | ||||||||||||||||||||||||
U.S. dollar | 906 | 92.00 | 83,323 | 1,436 | 84.15 | 120,839 | ||||||||||||||||||
Chilean peso | 2,969 | 0.13 | 386 | 2,958 | 0.12 | 355 | ||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
U.S. dollar | 99 | 92.00 | 9,087 | 108 | 84.15 | 9,062 | ||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||
U.S. dollar | 928 | 92.00 | 85,355 | 831 | 84.15 | 69,942 | ||||||||||||||||||
Euro | 29 | 108.10 | 3,180 | 17 | 103.53 | 1,770 | ||||||||||||||||||
Chilean peso | 5,054 | 0.13 | 657 | 6,400 | 0.12 | 768 | ||||||||||||||||||
Yen | 454 | 0.83 | 377 | 384 | 0.82 | 315 | ||||||||||||||||||
Pound sterling | — | 118.84 | — | — | (2) | 113.81 | 25 | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total current liabilities | 210,383 | 229,501 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total liabilities | 1,009,660 | 939,112 | ||||||||||||||||||||||
|
|
|
|
(1) | Exchange rate in force at March 31, 2021 and December 31, 2020 according to BNA. |
(2) | Registered value less than 1. |
Table of Contents
40
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“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 MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED) |
39. | SUBSEQUENT EVENTS |
Repurchase of NOs
On April 19 and April 21, 2021, YPF has repurchased Class XI NOs for a total amount of 1,215, equal to a nominal value of US$ 13.6 million, which will be held in the Company’s portfolio. Such NOs were issued by the Company in May 2020 under the Frequent Issuer Program, maturing in November 2021. The repurchase has been made at an average price equivalent to 96.25% of their nominal value.
As of the date of these condensed interim consolidated financial statements, there have been no other significant subsequent events whose effect on the Group’s Shareholders’ equity, the net comprehensive income or their disclosure in Notes to the financial statements for the period ended as of March 31, 2021, should have been considered in the same under the IFRS.
Table of Contents
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 18, 2021 | By: | /s/ Santiago Wesenack | ||
Name: | Santiago Wesenack | |||
Title: | Market Relations Officer |
44