Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of August, 2022
Commission File Number: 001-12102
YPF Sociedad Anónima
(Exact name of registrant as specified in its charter)
Macacha Güemes 515
C1106BKK Buenos Aires, Argentina
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
Table of Contents
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS AS OF JUNE 30, 2022
AND COMPARATIVE INFORMATION (UNAUDITED)
Table of Contents
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
Note | Description | Page | ||||
1 | ||||||
2 | ||||||
Condensed interim consolidated statements of financial position | 3 | |||||
Condensed interim consolidated statements of comprehensive income | 4 | |||||
Condensed interim consolidated statements of changes in shareholders’ equity | 5 | |||||
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 | 10 | |||||
4 | 10 | |||||
5 | 10 | |||||
6 | 11 | |||||
7 | 13 | |||||
8 | 13 | |||||
9 | 14 | |||||
10 | 17 | |||||
11 | 17 | |||||
12 | 19 | |||||
13 | 19 | |||||
14 | 19 | |||||
15 | 20 | |||||
16 | 20 | |||||
17 | 20 | |||||
18 | 21 | |||||
19 | 22 | |||||
20 | 22 | |||||
21 | 22 | |||||
22 | 23 | |||||
23 | 25 | |||||
24 | 25 | |||||
25 | 25 | |||||
26 | 27 | |||||
27 | 28 | |||||
28 | 29 | |||||
29 | 29 | |||||
30 | 29 | |||||
31 | 30 | |||||
32 | 30 | |||||
33 | 30 | |||||
34 | 31 | |||||
35 | 32 | |||||
36 | 33 | |||||
37 | 36 | |||||
38 | 39 | |||||
39 | 40 | |||||
40 | 41 |
Table of Contents
1
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)
|
GLOSSARY OF TERMS
Term | Definition | |
ADR | American Depositary Receipt | |
ADS | American Depositary Share | |
AESA | Subsidiary A-Evangelista S.A. | |
AFIP | Argentine Tax Authority (Administración Federal de Ingresos Públicos) | |
ANSES | National Administration of Social Security (Administración Nacional de la Seguridad Social) | |
ASC | Accounting Standards Codification | |
Associate | Company over which YPF has significant influence as provided for in IAS 28 | |
BCRA | Central Bank of the Argentine Republic (Banco Central de la República Argentina) | |
BNA | Argentine Nation Bank (Banco de la Nación Argentina) | |
BO | Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina) | |
BONAR | Argentine Treasury Bonds (Bonos de la Nación Argentina) | |
CAMMESA | Compañía Administradora del Mercado Mayorista Eléctrico S.A. | |
CDS | Associate Central Dock Sud S.A. | |
CFO | Chief Financial Officer | |
CGU | Cash-Generating Units | |
CNDC | Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia) | |
CNV | Argentine Securities Commission (Comisión Nacional de Valores) | |
CPI | Consumer Price Index | |
CSJN | Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina) | |
CT Barragán | Joint Venture CT Barragán S.A. | |
Dollar | United States Dollar | |
Eleran | Subsidiary Eleran Inversiones 2011 S.A.U. | |
ENARGAS | Argentine Gas Regulator (Ente Nacional Regulador del Gas) | |
FACPCE | Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales de Ciencias Económicas) | |
FASB | Financial Accounting Standards Board | |
FOB | Free on board | |
GPA | Associate Gasoducto del Pacífico (Argentina) S.A. | |
Group | YPF and its subsidiaries | |
IAS | International Accounting Standard | |
IASB | International Accounting Standards Board | |
IDS | Associate Inversora Dock Sud S.A. | |
IEASA (formerly ENARSA) | Integración Energética Argentina S.A. (formerly Energía Argentina S.A.) | |
IFRIC | International Financial Reporting Interpretations Committee | |
IFRS | International Financial Reporting Standard | |
IIBB | Turnover tax (Impuesto a los ingresos brutos) | |
INDEC | National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos) | |
IWPI | Internal Wholesale Price Index | |
JO | Joint operation | |
Joint venture | Company jointly owned by YPF as provided for in IFRS 11 | |
LGS | Argentine General Corporations Law (Ley General de Sociedades de la República Argentina) No. 19,550 (T.O. 1984), as amended | |
LNG | Liquified natural gas | |
LPG | Liquefied Petroleum Gas | |
MBtu | Million British thermal units | |
MEGA | Joint Venture Company Mega S.A. | |
Metroenergía | Subsidiary Metroenergía S.A. | |
Metrogas | Subsidiary Metrogas S.A. | |
MINEM | Former Ministry of Energy and Mining (Ministerio de Energía y Minería) | |
NO | Negotiable Obligations | |
Oiltanking | Associate Oiltanking Ebytem S.A. | |
OLCLP | Joint Venture Oleoducto Loma Campana – Lago Pellegrini S.A. | |
Oldelval | Associate Oleoductos del Valle S.A. | |
OPESSA | Subsidiary Operadora de Estaciones de Servicios S.A. | |
OTA | Associate OleoductoTrasandino (Argentina) S.A. | |
OTC | Associate OleoductoTrasandino (Chile) S.A. | |
PEN | National Executive Power (Poder Ejecutivo Nacional) | |
Peso | Argentine Peso | |
PIST | Transportation system entry point (Punto de ingreso al sistema de transporte) | |
Profertil | Joint Venture Profertil S.A. | |
Refinor | Joint Venture Refinería del Norte S.A. | |
ROD | Record of decision | |
RTI | Integral Tariff Review (Revisión Tarifaria Integral) | |
RTT | Transitional Tariff Regime (Régimen Tarifario de Transición) | |
SE | Secretariat of Energy (Secretaría de Energía) | |
SEC | U.S. Securities and Exchange Commission | |
SEE | Secretariat of Electric Energy (Secretaría de Energía Eléctrica) | |
SGE | Government Secretariat of Energy (Secretaría de Gobierno de Energía) | |
SRH | Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos) | |
SSHyC | Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles) | |
Subsidiary | Company controlled by YPF in accordance with the provisions of IFRS 10. | |
Termap | Associate Terminales Marítimas Patagónicas S.A. | |
TFN | National Fiscal Tribunal (Tribunal Fiscal de la Nación) | |
UNG | Unaccounted Natural Gas | |
US$ | United States Dollar | |
US$/Bbl | Dollar per barrel | |
VAT | Value Added Tax | |
Y-GEN I | Joint venture Y-GEN Eléctrica S.A.U. | |
Y-GEN II | Joint venture Y-GEN Eléctrica II S.A.U. | |
YPF Brasil | Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda. | |
YPF Chile | Subsidiary YPF Chile S.A. | |
YPF EE | Joint venture YPF Energía Eléctrica S.A. | |
YPF Gas | Associate YPF Gas S.A. | |
YPF Holdings | Subsidiary YPF Holdings, Inc. | |
YPF International | Subsidiary YPF International S.A. | |
YPF or the Company | YPF S.A. | |
YPF Perú | Subsidiary YPF E&P Perú S.A.C. | |
YPF Ventures | Subsidiary YPF Ventures S.A.U. | |
YTEC | Subsidiary YPF Tecnología S.A. | |
WEM | Wholesale Electricity Market |
Table of Contents
2
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)
|
LEGAL INFORMATION
Legal address
Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.
Fiscal year number 46
Beginning on January 1, 2022.
Principal business of the Company
The Company’s purpose shall be to perform, on its own, through third parties or in association with third parties, the study, exploration, development and production of oil, natural gas and other minerals and refining, marketing and distribution of oil and petroleum products and direct and indirect petroleum derivatives, including petrochemicals, chemicals, including those derived from hydrocarbons, and non-fossil fuels, biofuels and their components, as well as production of electric power from hydrocarbons, through which it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company’s purpose to render, directly, through a subsidiary or in association with third parties, telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its objective. In order to fulfill these objectives, the Company may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.
Filing with the Public Registry
Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Buenos Aires City, in charge of the Argentine Registrar of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109, Book 113, Volume A, Sociedades Anónimas, with the above mentioned Registry.
Duration of the Company
Through June 15, 2093.
Last amendment to the Bylaws
April 30, 2021 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on August 5, 2021 under No. 12,049, Book 103 of Corporations.
Capital structure
393,312,793 shares of common stock, $10 par value and 1 vote per share.
Subscribed, paid-in and authorized for stock exchange listing (in Pesos)
3,933,127,930
PABLO GERARDO GONZÁLEZ
President
Table of Contents
3
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF JUNE 30, 2022 AND DECEMBER 31, 2021 (UNAUDITED) (Amounts expressed in millions of Pesos)
|
Notes | June 30, 2022 | December 31, 2021 | ||||||||
ASSETS | ||||||||||
Non-current assets | ||||||||||
Intangible assets | 8 | 51,816 | 43,014 | |||||||
Property, plant and equipment | 9 | 2,042,489 | 1,642,259 | |||||||
Right-of-use assets | 10 | 65,163 | 53,260 | |||||||
Investments in associates and joint ventures | 11 | 214,656 | 156,925 | |||||||
Deferred income tax assets, net | 18 | 1,810 | 1,921 | |||||||
Other receivables | 13 | 6,279 | 19,549 | |||||||
Trade receivables | 14 | 5,044 | 4,363 | |||||||
Investment in financial assets | 15 | 22,389 | 2,534 | |||||||
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Total non-current assets | 2,409,646 | 1,923,825 | ||||||||
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Current assets | ||||||||||
Assets held for disposal | 125 | 103 | ||||||||
Inventories | 12 | 215,577 | 153,927 | |||||||
Contract assets | 25 | 2,168 | 1,360 | |||||||
Other receivables | 13 | 75,523 | 63,259 | |||||||
Trade receivables | 14 | 193,543 | 133,904 | |||||||
Investment in financial assets | 15 | 72,007 | 51,012 | |||||||
Cash and cash equivalents | 16 | 83,501 | 62,678 | |||||||
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Total current assets | 642,444 | 466,243 | ||||||||
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TOTAL ASSETS | 3,052,090 | 2,390,068 | ||||||||
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SHAREHOLDERS’ EQUITY | ||||||||||
Shareholders’ contributions | 10,576 | 10,504 | ||||||||
Reserves, other comprehensive income and retained earnings | 1,153,759 | 829,388 | ||||||||
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Shareholders’ equity attributable to shareholders of the parent company | 1,164,335 | 839,892 | ||||||||
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Non-controlling interest | 12,008 | 8,226 | ||||||||
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TOTAL SHAREHOLDERS’ EQUITY | 1,176,343 | 848,118 | ||||||||
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LIABILITIES | ||||||||||
Non-current liabilities | ||||||||||
Provisions | 17 | 317,600 | 258,478 | |||||||
Deferred income tax liabilities, net | 18 | 166,791 | 185,179 | |||||||
Income tax liability | 18 | 5,128 | 3,026 | |||||||
Taxes payable | 19 | 202 | 201 | |||||||
Salaries and social security | 20 | 1,688 | 3,262 | |||||||
Lease liabilities | 21 | 32,420 | 28,335 | |||||||
Loans | 22 | 790,765 | 670,535 | |||||||
Other liabilities | 23 | 1,054 | 968 | |||||||
Accounts payable | 24 | 988 | 888 | |||||||
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Total non-current liabilities | 1,316,636 | 1,150,872 | ||||||||
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Current liabilities | ||||||||||
Provisions | 17 | 22,653 | 19,297 | |||||||
Contract liabilities | 25 | 29,008 | 13,329 | |||||||
Income tax liability | 18 | 52,398 | 1,336 | |||||||
Taxes payable | 19 | 29,511 | 14,671 | |||||||
Salaries and social security | 20 | 27,765 | 23,459 | |||||||
Lease liabilities | 21 | 35,732 | 27,287 | |||||||
Loans | 22 | 95,839 | 86,680 | |||||||
Other liabilities | 23 | 1,455 | 3,468 | |||||||
Accounts payable | 24 | 264,750 | 201,551 | |||||||
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Total current liabilities | 559,111 | 391,078 | ||||||||
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TOTAL LIABILITIES | 1,875,747 | 1,541,950 | ||||||||
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 3,052,090 | 2,390,068 | ||||||||
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Accompanying notes are an integral part of these condensed interim consolidated financial statements.
PABLO GERARDO GONZÁLEZ
President
Table of Contents
4
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE SIX-MONTH AND THREE-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED) (Amounts expressed in millions of Pesos, except per share information, expressed in Pesos) |
For the six-month period ended June 30, | For the three-month period ended June 30, | |||||||||||||||||
Notes | 2022 | 2021 | 2022 | 2021 | ||||||||||||||
Net income | ||||||||||||||||||
Revenues | 25 | 966,180 | 550,763 | 578,011 | 315,873 | |||||||||||||
Costs | 26 | (713,768 | ) | (447,471 | ) | (410,626 | ) | (248,940 | ) | |||||||||
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Gross profit | 252,412 | 103,292 | 167,385 | 66,933 | ||||||||||||||
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Selling expenses | 27 | (72,112 | ) | (45,966 | ) | (44,888 | ) | (26,021 | ) | |||||||||
Administrative expenses | 27 | (33,992 | ) | (20,037 | ) | (19,218 | ) | (10,912 | ) | |||||||||
Exploration expenses | 27 | (2,676 | ) | (963 | ) | (1,553 | ) | (804 | ) | |||||||||
Other net operating results | 28 | (2,827 | ) | (331 | ) | (1,370 | ) | (55 | ) | |||||||||
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Operating profit | 140,805 | 35,995 | 100,356 | 29,141 | ||||||||||||||
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Income from equity interests in associates and joint ventures | 11 | 27,694 | 6,555 | 15,465 | 1,439 | |||||||||||||
Financial income | 29 | 85,846 | 41,661 | 53,736 | 19,314 | |||||||||||||
Financial loss | 29 | (103,997 | ) | (67,771 | ) | (60,960 | ) | (35,448 | ) | |||||||||
Other financial results | 29 | 13,349 | 10,947 | 7,017 | 5,262 | |||||||||||||
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Net financial results | 29 | (4,802 | ) | (15,163 | ) | (207 | ) | (10,872 | ) | |||||||||
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Net profit before income tax | 163,697 | 27,387 | 115,614 | 19,708 | ||||||||||||||
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Income tax | 18 | (43,217 | ) | (75,896 | ) | (21,551 | ) | (65,970 | ) | |||||||||
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Net profit / (loss) for the period | 120,480 | (48,509 | ) | 94,063 | (46,262 | ) | ||||||||||||
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Other comprehensive income | ||||||||||||||||||
Items that may be reclassified subsequently to profit or loss: | ||||||||||||||||||
Translation differences from subsidiaries, associates and joint ventures | (10,715 | ) | (4,511 | ) | (6,880 | ) | (1,346 | ) | ||||||||||
Result from net monetary position in subsidiaries, associates and joint ventures (1) | 19,202 | 9,758 | 10,824 | 5,055 | ||||||||||||||
Items that may not be reclassified subsequently to profit or loss: | ||||||||||||||||||
Translation differences from YPF | 199,186 | 95,315 | 127,780 | 31,195 | ||||||||||||||
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Other comprehensive income for the period | 207,673 | 100,562 | 131,724 | 34,904 | ||||||||||||||
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Total comprehensive income for the period | 328,153 | 52,053 | 225,787 | (11,358 | ) | |||||||||||||
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Net profit / (loss) for the period attributable to: | ||||||||||||||||||
Shareholders of the parent company | 119,690 | (47,083 | ) | 93,087 | (45,017 | ) | ||||||||||||
Non-controlling interest | 790 | (1,426 | ) | 976 | (1,245 | ) | ||||||||||||
Other comprehensive income for the period attributable to: | ||||||||||||||||||
Shareholders of the parent company | 204,681 | 98,997 | 130,036 | 34,127 | ||||||||||||||
Non-controlling interest | 2,992 | 1,565 | 1,688 | 777 | ||||||||||||||
Total comprehensive income for the period attributable to: | ||||||||||||||||||
Shareholders of the parent company | 324,371 | 51,914 | 223,123 | (10,890 | ) | |||||||||||||
Non-controlling interest | 3,782 | 139 | 2,664 | (468 | ) | |||||||||||||
Earnings per share attributable to shareholders of the parent company: | ||||||||||||||||||
Basic and diluted | 32 | 304.53 | (119.93 | ) | 236.84 | (114.67 | ) |
(1) | Result associated to subsidiaries, associates and joint ventures with the Peso as functional currency. See accounting policy in Note 2.b.1) to the annual consolidated financial statements. |
Accompanying notes are an integral part of these condensed interim consolidated financial statements.
PABLO GERARDO GONZÁLEZ
President
Table of Contents
5
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED) (Amounts expressed in millions of Pesos) |
For the six-month period ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||
Shareholders’ contributions | ||||||||||||||||||||||||||||||||||||
Subscribed capital | Adjustment to contributions | Treasury shares | Adjustment to treasury shares | Share-based benefit plans | Acquisition cost of treasury shares | Share trading premium | Issuance premiums | Total | ||||||||||||||||||||||||||||
Balance at the beginning of the fiscal year | 3,931 | 6,095 | 2 | 6 | 372 | (493 | ) | (49 | ) | 640 | 10,504 | |||||||||||||||||||||||||
Accrual of share-based benefit plans (3) | — | — | — | — | 110 | — | — | — | 110 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | 2 | — | (2 | ) | (59 | ) | 46 | (25 | ) | — | (38 | ) | |||||||||||||||||||||||
As decided by the Shareholders’ Meeting held on April 29, 2022 (4) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net profit | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Balance at the end of the period | 3,931 | 6,097 | 2 | 4 | 423 | (447 | ) | (74 | ) | 640 | 10,576 | |||||||||||||||||||||||||
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Reserves |
Equity attributable to | |||||||||||||||||||||||||||||||||||
Legal | Future dividends | Investments | Purchase of treasury shares | Other comprehensive income | Retained earnings | Shareholders of the parent company | Non- controlling interest | Total shareholders’ equity | ||||||||||||||||||||||||||||
Balance at the beginning of the fiscal year | 2,007 | — | — | — | 883,589 | (56,208 | ) | 839,892 | 8,226 | 848,118 | ||||||||||||||||||||||||||
Accrual of share-based benefit plans (3) | — | — | — | — | — | — | 110 | — | 110 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | — | — | — | — | — | (38 | ) | — | (38 | ) | |||||||||||||||||||||||||
As decided by the Shareholders’ Meeting held on April 29, 2022 (4) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 204,681 | — | 204,681 | 2,992 | 207,673 | |||||||||||||||||||||||||||
Net profit | — | — | — | — | — | 119,690 | 119,690 | 790 | 120,480 | |||||||||||||||||||||||||||
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Balance at the end of the period | 2,007 | — | — | — | 1,088,270 | (1) | 63,482 | 1,164,335 | 12,008 | 1,176,343 | ||||||||||||||||||||||||||
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(1) | Includes 1,086,107 corresponding to the effect of the translation of the financial statements of YPF and, (56,949) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 59,112 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1) to the annual consolidated financial statements. |
(2) | Net of employees’ income tax withholdings related to the share-based benefit plans. |
(3) | See Note 38. |
(4) | See Note 31. |
PABLO GERARDO GONZÁLEZ
President
Table of Contents
6
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED) (Amounts expressed in millions of Pesos) |
For the six-month period ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||
Shareholders’ contributions | ||||||||||||||||||||||||||||||||||||
Subscribed capital | Adjustment to contributions | Treasury shares | Adjustment to treasury shares | Share-based benefit plans | Acquisition cost of treasury shares | Share trading premium | Issuance premiums | Total | ||||||||||||||||||||||||||||
Balance at the beginning of the fiscal year | 3,926 | 6,088 | 7 | 13 | (144 | ) | 502 | (647 | ) | 640 | 10,385 | |||||||||||||||||||||||||
Accrual of share-based benefit plans (3) | — | — | — | — | 241 | — | — | — | 241 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | — | — | — | 773 | (1,287 | ) | 476 | — | (38 | ) | |||||||||||||||||||||||||
As decided by the Shareholders’ Meeting held on April 30, 2021 (4) | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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Balance at the end of the period | 3,926 | 6,088 | 7 | 13 | 870 | (785 | ) | (171 | ) | 640 | 10,588 | |||||||||||||||||||||||||
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Reserves | Equity attributable to | |||||||||||||||||||||||||||||||||||
Legal | Future dividends | Investments | Purchase of treasury shares | Other comprehensive income | Retained earnings | Shareholders of the parent company | Non-controlling interest | Total shareholders’ equity | ||||||||||||||||||||||||||||
Balance at the beginning of the fiscal year | 2,007 | 3,700 | 8,934 | 550 | 721,303 | (69,649 | ) | 677,230 | 6,165 | 683,395 | ||||||||||||||||||||||||||
Accrual of share-based benefit plans (3) | — | — | — | — | — | — | 241 | — | 241 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) | — | — | — | — | — | — | (38 | ) | — | (38 | ) | |||||||||||||||||||||||||
As decided by the Shareholders’ Meeting held on April 30, 2021 (4) | — | (3,700 | ) | (8,934 | ) | (550 | ) | — | 13,184 | — | — | — | ||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 98,997 | — | 98,997 | 1,565 | 100,562 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | (47,083 | ) | (47,083 | ) | (1,426 | ) | (48,509 | ) | |||||||||||||||||||||||
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Balance at the end of the period | 2,007 | — | — | — | 820,300 | (1) | (103,548 | ) | 729,347 | 6,304 | 735,651 | |||||||||||||||||||||||||
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(1) | Includes 828,807 corresponding to the effect of the translation of the financial statements of YPF and, (43,203) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 34,696 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1) to the annual consolidated financial statements. |
(2) | Net of employees’ income tax withholdings related to the share-based benefit plans. |
(3) | See Note 38. |
(4) | See Note 30 to the annual consolidated financial statements. |
Accompanying notes are an integral part of these condensed interim consolidated financial statements.
PABLO GERARDO GONZÁLEZ
President
Table of Contents
7
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED) (Amounts expressed in millions of Pesos) |
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Cash flows from operating activities | ||||||||
Net loss | 120,480 | (48,509 | ) | |||||
Adjustments to reconcile net loss to cash flows provided by operating activities: | ||||||||
Income from equity interests in associates and joint ventures | (27,694 | ) | (6,555 | ) | ||||
Depreciation of property, plant and equipment | 137,369 | 133,427 | ||||||
Depreciation of right-of-use assets | 11,285 | 8,982 | ||||||
Amortization of intangible assets | 2,674 | 2,239 | ||||||
Retirement of property, plant and equipment and intangible assets and consumption of materials | 20,841 | 15,555 | ||||||
Charge on income tax | 43,217 | 75,896 | ||||||
Net increase in provisions | 20,083 | 13,178 | ||||||
Exchange differences, interest and other | 14,798 | 15,189 | ||||||
Share-based benefit plans | 110 | 241 | ||||||
Result from debt exchange | — | (1,855 | ) | |||||
Result from the assignment of areas | — | (472 | ) | |||||
Result from sale of assets held for disposal | — | (3,121 | ) | |||||
Changes in assets and liabilities: | ||||||||
Trade receivables | (39,272 | ) | (13,436 | ) | ||||
Other receivables | 745 | (3,061 | ) | |||||
Inventories | (24,993 | ) | (10,349 | ) | ||||
Accounts payable | 7,463 | 10,933 | ||||||
Taxes payables | 12,050 | 2,728 | ||||||
Salaries and social security | (1,553 | ) | (1,203 | ) | ||||
Other liabilities | (2,516 | ) | (3,970 | ) | ||||
Decrease in provisions included in liabilities due to payment/use | (6,939 | ) | (2,754 | ) | ||||
Contract assets | (857 | ) | (548 | ) | ||||
Contract liabilities | 15,651 | 716 | ||||||
Dividends received | 7,540 | 3,794 | ||||||
Proceeds from collection of profit loss insurance | 116 | 515 | ||||||
Income tax payments | (719 | ) | (258 | ) | ||||
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Net cash flows from operating activities (1) (2) | 309,879 | 187,302 | ||||||
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Investing activities: (3) | ||||||||
Acquisition of property, plant and equipment and intangible assets | (180,241 | ) | (90,616 | ) | ||||
Proceeds from sales of financial assets | 26,453 | 20,540 | ||||||
Payments from purchases of financial assets | (58,385 | ) | (31,003 | ) | ||||
Interests received from financial assets | 2,123 | 3,221 | ||||||
Proceeds from sales of assets | 389 | 1,634 | ||||||
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Net cash flows used in investing activities | (209,661 | ) | (96,224 | ) | ||||
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Financing activities: (3) | ||||||||
Payments of loans | (80,056 | ) | (98,518 | ) | ||||
Payments of interests | (33,368 | ) | (29,944 | ) | ||||
Proceeds from loans | 48,214 | 46,921 | ||||||
Payments of leases | (18,545 | ) | (13,980 | ) | ||||
Payments of interests in relation to income tax | (336 | ) | (21 | ) | ||||
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Net cash flows used in financing activities | (84,091 | ) | (95,542 | ) | ||||
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Translation differences on cash and cash equivalents | 4,696 | 1,515 | ||||||
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Increase (Decrease) in cash and cash equivalents | 20,823 | (2,949 | ) | |||||
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Cash and cash equivalents at the beginning of the fiscal year | 62,678 | 54,618 | ||||||
Cash and cash equivalents at the end of the period | 83,501 | 51,669 | ||||||
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Increase (Decrease) in cash and cash equivalents | 20,823 | (2,949 | ) | |||||
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(1) | Does not include exchange differences generated by cash and cash equivalents, which are disclosed separately in this statement. |
(2) | Includes 13,758 and 6,576 for the six-month period ended June 30, 2022 and 2021, respectively, for payment of short-term leases and of the variable charge of leases related to the underlying asset use or performance. |
(3) | The main investing and financing transactions that have not affected cash and cash equivalents correspond to: |
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Unpaid acquisitions of property, plant and equipment | 42,513 | 22,738 | ||||||
Additions of right-of-use assets | 15,586 | 9,528 | ||||||
Capitalization of depreciation of right-of-use assets | 3,264 | 1,976 | ||||||
Capitalization of financial accretion for lease liabilities | 964 | 584 |
Accompanying notes are an integral part of these condensed interim consolidated financial statements.
PABLO GERARDO GONZÁLEZ
President
Table of Contents
8
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
(Amounts expressed in millions of Pesos, except for shares and per share amounts expressed in Pesos, or as otherwise indicated)
1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP
General information
YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the laws of the Argentine Republic, with a registered office at Macacha Güemes 515, in the City of Buenos Aires.
YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Downstream and Gas and Power segments.
Structure and organization of the economic Group
The following chart shows the organizational structure, including the main companies of the Group, as of June 30, 2022:
(1) | Held directly and indirectly. |
(2) | See Note 3 to the annual consolidated financial statements. |
(3) | See Note 35.c.3) to the annual consolidated financial statements. |
Table of Contents
9
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP (cont.)
Organization of the business
As of June 30, 2022, the Group carries out its operations in accordance with the following structure:
• | Upstream; |
• | Gas and Power; |
• | Downstream; |
• | Central administration and others, which covers the remaining activities not included in the previous categories. |
Activities covered by each business segment are detailed in Note 6.
The operations, properties and clients are mainly located in Argentina. However, the Group also holds participating interests in exploratory areas in Bolivia and sells lubricants and derivatives in Brazil and Chile.
2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
2.a) Basis of preparation
The condensed interim consolidated financial statements of YPF for the six-month period ended June 30, 2022 are presented in accordance with IAS No. 34 “Interim Financial Reporting”. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements of the Group as of December 31, 2021 (the “annual consolidated financial statements”) presented in accordance with IFRS as issued by the IASB.
Moreover, some additional information required by the LGS 19,550 and/or CNV’s regulations have been included.
These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on August 10, 2022.
These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2022 are unaudited. The Company´s Management believes they have included all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Profit for the six-month period ended June 30, 2022 does not necessarily reflect the proportion of the Group’s full-year Net Profit.
2.b) Significant Accounting Policies
The significant accounting policies are described in Note 2.b) to the annual consolidated financial statements.
The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax detailed in Note 18.
Functional and presentation currency
As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the dollar as its functional currency. Additionally, according to CNV Resolution No. 562, YPF must present its financial statements in pesos.
Effects of the translation of investments in subsidiaries, associates and joint ventures with a functional currency corresponding to a hyperinflationary economy
The results and financial position of subsidiaries with the Peso as functional currency were translated into dollars by the following procedures: all amounts (i.e., assets, liabilities, stockholders’ equity items, expenditures and revenues) were translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which were presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts were not adjusted to reflect subsequent variations in price levels or exchange rates). Thus, the effect of the restatement of comparative amounts was recognized in Other comprehensive income.
These criteria were also implemented by the Group for its investments in associates and joint ventures.
Table of Contents
10
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)
Adoption of new standards and interpretations effective as of January 1, 2022
The Group has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of June 30, 2022, as specified in Note 2.b.26) to the annual consolidated financial statements.
2.c) Accounting Estimates and Judgments
The preparation of financial statements at a certain date requires Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made as of the date of preparation of these condensed interim consolidated financial statements.
In preparing these condensed interim consolidated financial statements, significant estimates and judgments were made by Management in applying the Group’s accounting policies and the main sources of uncertainty were consistent with those applied by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Notes 2.b) and 2.c) to the annual consolidated financial statements.
2.d) Comparative information
Amounts and other information corresponding to the year ended December 31, 2021 and to the six-month period ended June 30, 2021 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements.
Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Therefore, the Group is subject to seasonal fluctuations in its sales volumes and sales prices, with higher natural gas sales in winter at a higher price.
4. ACQUISITIONS AND DISPOSITIONS
During the six-month period ended June 30, 2022, there were no significant acquisitions and dispositions.
The Group’s activities expose it to a variety of financial risks: Market risk (including foreign currency risk, interest rate risk, and price risks), credit risk and liquidity risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.
During the six-month period ended June 30, 2022, there were no significant changes in the administration or risk management policies implemented by the Group as described in Note 4 to the annual consolidated financial statements.
• | Liquidity risk management |
Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others (see Notes 16, 32 and 33 to the annual consolidated financial statements).
The Group monitors compliance with covenants on a quaterly basis. As of June 30, 2022, the Group is in compliace with its covenants.
Table of Contents
11
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
5. FINANCIAL RISK MANAGEMENT (cont.)
Additionally, it should be noted that, under the terms and conditions of the loans that our subsidiary Metrogas has taken, the debt and interest service coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, the financial creditors formally accepted to waive Metrogas from complying with the contractual obligation related to such financial ratios, as of June 30, 2022.
The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment also considering the Group’s business strategy.
• | Upstream |
The Upstream segment carries out all activities relating to the exploration, exploitation and production of oil and natural gas.
Revenue is generated from: (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third parties; (ii) the sale of produced gas to the Gas and Power segment.
• | Gas and Power |
The Gas and Power segment generates revenue from the development of activities relating to: (i) the natural gas transportation to third parties and the Downstream segment, and its commercialization; (ii) the commercial and technical operation of the LNG regasification terminals in Escobar and Bahía Blanca, by hiring regasification vessels; (iii) the conditioning and processing of gas; (iv) the distribution of natural gas; and (v) the separation of natural gas and generation of electric power through its investments in associates and joint ventures.
On January 1, 2022, certain assets related to gas transportation, conditioning and processing for the separation of gasoline, propane and butane, which were previously managed by the Upstream segment, were grouped into the new CGU Midstream Gas within the Gas and Power segment. Because it is a new gas liquid management model that did not exist in previous years, no retroactive effect has been given to business segment information. In addtion, the assets transferred and operating results are not significant.
In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a “purchase” to the Upstream segment, and including stimulus plans for natural gas production in force (see Note 35.d) to the annual consolidated financial statements), Gas and Power segment accrues a fee in its favor with the Upstream segment to carry out such commercialization.
• | Downstream |
The Downstream segment develops activities relating to: (i) crude oil refining and petrochemical production, (ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of crude oil to refineries and the transportation and distribution of refined and petrochemical products to be marketed in the different sales channels.
It obtains its income from the marketing mentioned in item (ii) above, which is developed through the Retail, Industry, Agro, LPG, Chemicals, International Commerce and Transportation, Lubricants and Specialties, and Sales to Companies businesses.
It incurs in all expenses relating to the aforementioned activities, including the purchase of crude oil from the Upstream segment and third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment.
• | Central Administration and Others |
It covers other activities, not falling into the aforementioned categories, nor do they constitute reportable business segments, mainly including corporate administrative expenses and assets and construction activities.
Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices. Operating profit and assets for each segment have been determined after consolidation adjustments.
Table of Contents
12
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
6. SEGMENT INFORMATION (cont.)
Upstream | Gas and Power | Downstream | Central Administration and Others | Consolidation Adjustments (1) | Total | |||||||||||||||||||
For the six-month period ended June 30, 2022 | ||||||||||||||||||||||||
Revenues from sales | 2,656 | 126,494 | 823,262 | 21,524 | (7,756 | ) | 966,180 | |||||||||||||||||
Revenues from intersegment sales | 367,355 | 21,280 | 5,810 | 40,626 | (435,071 | ) | — | |||||||||||||||||
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Revenues | 370,011 | 147,774 | 829,072 | 62,150 | (442,827 | ) | 966,180 | |||||||||||||||||
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Operating profit / (loss) | 63,027 | 5,025 | 106,739 | (17,359 | ) | (16,627 | ) | 140,805 | ||||||||||||||||
Income from equity interests in associates and joint ventures | — | 14,527 | 13,167 | — | — | 27,694 | ||||||||||||||||||
Depreciation of property, plant and equipment | 103,209 | (2) | 3,153 | 25,512 | 5,495 | — | 137,369 | |||||||||||||||||
Acquisition of property, plant and equipment | 150,543 | 2,132 | 31,289 | 5,714 | — | 189,678 | ||||||||||||||||||
Assets | 1,333,476 | 359,347 | 1,130,560 | 263,563 | (34,856 | ) | 3,052,090 | |||||||||||||||||
For the six-month period ended June 30, 2021 | ||||||||||||||||||||||||
Revenues from sales | 2,725 | 80,889 | 459,659 | 12,322 | (4,832 | ) | 550,763 | |||||||||||||||||
Revenues from intersegment sales | 237,840 | 6,854 | 2,666 | 18,139 | (265,499 | ) | — | |||||||||||||||||
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Revenues | 240,565 | 87,743 | 462,325 | 30,461 | (270,331 | ) | 550,763 | |||||||||||||||||
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Operating profit / (loss) | 515 | (1,844 | ) | 49,849 | (7,103 | ) | (5,422 | ) | 35,995 | |||||||||||||||
Income from equity interests in associates and joint ventures | — | 4,750 | 1,805 | — | — | 6,555 | ||||||||||||||||||
Depreciation of property, plant and equipment | 107,973 | (2) | 1,247 | 20,558 | 3,649 | — | 133,427 | |||||||||||||||||
Acquisition of property, plant and equipment | 82,729 | 968 | 12,138 | 1,863 | — | 97,698 | ||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||
Assets | 1,075,503 | 266,056 | 879,985 | 182,180 | (13,656 | ) | 2,390,068 |
(1) | Corresponds to the elimination among segments of the Group. |
(2) | Includes depreciation of charges for impairment of property, plant and equipment. |
Table of Contents
13
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
7. FINANCIAL INSTRUMENTS BY CATEGORY
Fair value measurements
Fair value measurements are described in Note 6 to the annual consolidated financial statements.
The tables below show the Group’s financial assets measured at fair value as of June 30, 2022 and December 31, 2021, and their allocation to their fair value levels:
As of June 30, 2022 | ||||||||||||||||
Financial Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in financial assets: (1) | ||||||||||||||||
- Public securities | 8,146 | — | — | 8,146 | ||||||||||||
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8,146 | — | — | 8,146 | |||||||||||||
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Cash and cash equivalents: | ||||||||||||||||
- Mutual funds | 18,888 | — | — | 18,888 | ||||||||||||
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18,888 | — | — | 18,888 | |||||||||||||
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27,034 | — | — | 27,034 | |||||||||||||
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As of December 31, 2021 | ||||||||||||||||
Financial Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in financial assets: (1) | ||||||||||||||||
- Public securities | 10,032 | — | — | 10,032 | ||||||||||||
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10,032 | — | — | 10,032 | |||||||||||||
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Cash and cash equivalents: | ||||||||||||||||
- Mutual funds | 30,189 | — | — | 30,189 | ||||||||||||
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30,189 | — | — | 30,189 | |||||||||||||
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40,221 | — | — | 40,221 | |||||||||||||
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(1) | See Note 15. |
The Group has no financial liabilities measured at fair value with change in results.
Fair value estimates
For the six-month period ended June 30, 2022, the macroeconomic scenario has significantly changed, mainly driven by the increase in country risk and the consequent fall in the price of public securities, which affected the Group’s financial instruments measured at fair value.
During the six-month period ended June 30, 2022, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.
Fair value of financial assets and financial liabilities measured at amortized cost
The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 620,824 and 562,653 as of June 30, 2022 and December 31, 2021, respectively.
The fair value of other receivables, trade receivables, investment in financial assets, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their book value.
June 30, 2022 | December 31, 2021 | |||||||
Net book value of intangible assets | 56,787 | 47,474 | ||||||
Provision for impairment of intangible assets | (4,971 | ) | (4,460 | ) | ||||
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| |||||
51,816 | 43,014 | |||||||
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Table of Contents
14
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
8. INTANGIBLE ASSETS (cont.)
The evolution of the Group’s intangible assets for the six-month period ended June 30, 2022 and the year ended December 31, 2021 is as follows:
Service concessions | Exploration rights | Other intangibles | Total | |||||||||||||
Cost | 74,197 | 13,436 | 35,330 | 122,963 | ||||||||||||
Accumulated amortization | 51,344 | — | 30,374 | 81,718 | ||||||||||||
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|
|
|
| |||||||||
Balance as of December 31, 2020 | 22,853 | 13,436 | 4,956 | 41,245 | ||||||||||||
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|
|
|
|
| |||||||||
Cost | ||||||||||||||||
Increases | 2,380 | 34 | 694 | 3,108 | ||||||||||||
Translation effect | 16,547 | 2,739 | 7,495 | 26,781 | ||||||||||||
Adjustment for inflation (1) | — | — | 2,028 | 2,028 | ||||||||||||
Decreases, reclassifications and other movements | — | (2,199 | ) | 158 | (2,041 | ) | ||||||||||
Accumulated amortization | ||||||||||||||||
Increases | 3,485 | — | 1,348 | 4,833 | ||||||||||||
Translation effect | 11,623 | — | 6,718 | 18,341 | ||||||||||||
Adjustment for inflation (1) | — | — | 473 | 473 | ||||||||||||
Decreases, reclassifications and other movements | — | — | — | — | ||||||||||||
Cost | 93,124 | 14,010 | 45,705 | 152,839 | ||||||||||||
Accumulated amortization | 66,452 | — | 38,913 | 105,365 | ||||||||||||
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| |||||||||
Balance as of December 31, 2021 | 26,672 | 14,010 | 6,792 | 47,474 | ||||||||||||
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|
|
|
|
| |||||||||
Cost | ||||||||||||||||
Increases | 1,321 | — | 168 | 1,489 | ||||||||||||
Translation effect | 20,550 | 3,074 | 7,920 | 31,544 | ||||||||||||
Adjustment for inflation (1) | — | — | 2,427 | 2,427 | ||||||||||||
Decreases, reclassifications and other movements | — | — | — | — | ||||||||||||
Accumulated amortization | ||||||||||||||||
Increases | 1,561 | — | 1,113 | 2,674 | ||||||||||||
Translation effect | 14,758 | — | 7,911 | 22,669 | ||||||||||||
Adjustment for inflation (1) | — | — | 804 | 804 | ||||||||||||
Decreases, reclassifications and other movements | — | — | — | — | ||||||||||||
Cost | 114,995 | 17,084 | 56,220 | 188,299 | ||||||||||||
Accumulated amortization | 82,771 | — | 48,741 | 131,512 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Balance as of June 30, 2022 | 32,224 | 17,084 | 7,479 | 56,787 | ||||||||||||
|
|
|
|
|
|
|
|
(1) | Corresponds to adjustment for inflation of opening balances of intangible assets in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income. |
9. PROPERTY, PLANT AND EQUIPMENT
June 30, 2022 | December 31, 2021 | |||||||
Net book value of property, plant and equipment | 2,127,509 | 1,721,628 | ||||||
Provision for obsolescence of materials and equipment | (15,316 | ) | (12,576 | ) | ||||
Provision for impairment of property, plant and equipment | (69,704 | ) | (66,793 | ) | ||||
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|
| |||||
2,042,489 | 1,642,259 | |||||||
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Table of Contents
15
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
9. PROPERTY, PLANT AND EQUIPMENT (cont.)
Changes in Group’s property, plant and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021 are as follows:
Land and buildings | Mining property, wells and related equipment | Refinery equipment and petrochemical plants | Transportation equipment | Materials and equipment in warehouse | Drilling and work in progress | Exploratory drilling in progress | Furniture, fixtures and installations | Selling equipment | Infrastructure for natural gas distribution | Other property | Total | |||||||||||||||||||||||||||||||||||||
Cost | 107,764 | 3,879,215 | 683,186 | 38,319 | 89,726 | 223,909 | 3,898 | 62,805 | 106,419 | 64,099 | 64,916 | 5,324,256 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation | 51,774 | 3,185,191 | 400,536 | 26,699 | — | — | — | 53,975 | 67,530 | 33,572 | 48,831 | 3,868,108 | ||||||||||||||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||||||||||||||||||
Increases | 522 | 3,896 | 4,548 | 589 | 61,152 | 186,030 | 2,092 | 91 | — | — | 1,068 | 259,988 | ||||||||||||||||||||||||||||||||||||
Translation effect | 21,309 | 867,307 | 153,012 | 7,842 | 16,918 | 46,760 | 702 | 13,923 | 24,027 | — | 11,391 | 1,163,191 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 6,839 | — | — | 1,734 | 749 | 5,093 | — | 1,049 | — | 32,652 | 6,712 | 54,828 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | 1,533 | 150,411 | 13,746 | 1,813 | (60,031 | ) | (172,436 | ) | (2,464 | ) | 4,848 | 5,026 | 5,360 | 4,539 | (47,655 | ) | ||||||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Increases | 2,526 | 234,245 | 33,888 | 2,163 | — | — | — | 5,206 | 6,331 | 1,931 | 2,670 | 288,960 | ||||||||||||||||||||||||||||||||||||
Translation effect | 10,021 | 722,567 | 91,187 | 5,487 | — | — | — | 11,898 | 15,415 | — | 8,731 | 865,306 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 3,545 | — | — | 1,121 | — | — | — | 961 | — | 17,102 | 5,118 | 27,847 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | (541 | ) | (14,973 | ) | (127 | ) | (851 | ) | — | — | — | 18 | (42 | ) | (561 | ) | (164 | ) | (17,241 | ) | ||||||||||||||||||||||||||||
Cost | 137,967 | 4,900,829 | 854,492 | 50,297 | 108,514 | 289,356 | 4,228 | 82,716 | 135,472 | 102,111 | 88,626 | 6,754,608 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation | 67,325 | 4,127,030 | 525,484 | 34,619 | — | — | — | 72,058 | 89,234 | 52,044 | 65,186 | 5,032,980 | ||||||||||||||||||||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Balance as of December 31, 2021 | 70,642 | 773,799 | 329,008 | 15,678 | 108,514 | 289,356 | 4,228 | 10,658 | 46,238 | 50,067 | 23,440 | 1,721,628 | ||||||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||||||||||||||||||
Increases | 51 | — | 1,549 | 389 | 47,698 | 137,534 | 1,898 | 19 | — | — | 540 | 189,678 | ||||||||||||||||||||||||||||||||||||
Translation effect | 25,798 | 1,087,032 | 188,750 | 9,836 | 22,820 | 61,035 | 672 | 17,417 | 29,810 | — | 13,986 | 1,457,156 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 7,532 | — | — | 2,079 | 786 | 2,458 | — | 1,237 | — | 36,913 | 9,019 | 60,024 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | 2,225 | 101,240 | 11,461 | 606 | (39,503 | ) | (98,802 | ) | (2,461 | ) | 106 | 1,434 | 641 | 158 | (22,895 | ) | ||||||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||
Increases | 1,681 | 114,322 | 19,926 | 1,345 | — | — | — | 3,605 | 3,732 | 1,398 | 1,775 | 147,784 | ||||||||||||||||||||||||||||||||||||
Translation effect | 12,556 | 918,075 | 117,542 | 6,846 | — | — | — | 15,479 | 19,856 | — | 10,843 | 1,101,197 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (1) | 3,964 | — | — | 1,381 | — | — | — | 1,097 | — | 18,814 | 5,899 | 31,155 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements | (41 | ) | (406 | ) | (55 | ) | (389 | ) | — | — | — | 7 | (862 | ) | (248 | ) | (60 | ) | (2,054 | ) | ||||||||||||||||||||||||||||
Cost | 173,573 | 6,089,101 | 1,056,252 | 63,207 | 140,315 | 391,581 | 4,337 | 101,495 | 166,716 | 139,665 | 112,329 | 8,438,571 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation | 85,485 | 5,159,021 | 662,897 | 43,802 | — | — | — | 92,246 | 111,960 | 72,008 | 83,643 | 6,311,062 | ||||||||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||||||
Balance as of June 30, 2022 | 88,088 | 930,080 | 393,355 | 19,405 | 140,315 | 391,581 | 4,337 | 9,249 | 54,756 | 67,657 | 28,686 | 2,127,509 | ||||||||||||||||||||||||||||||||||||
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|
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|
|
|
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|
|
(1) | Corresponds to adjustments for inflation of opening balances of property, plant and equipment of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income. |
Table of Contents
16
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
9. PROPERTY, PLANT AND EQUIPMENT (cont.)
The Group capitalizes the financial cost of loans as part of the cost of the assets. For the six-month period ended June 30, 2022 and 2021, the rate of capitalization was 8.33% and 8.50%, respectively, and the amount capitalized amounted to 556 and 516, respectively, for the period mentioned above.
Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021:
Provision for obsolescence of materials and equipment | ||||
Balance as of December 31, 2020 | 11,267 | |||
|
| |||
Increases charged to profit or loss | 593 | |||
Decreases charged to profit or loss | (1,676 | ) | ||
Applications due to utilization | (98 | ) | ||
Translation differences | 2,485 | |||
Adjustment for inflation (1) | 5 | |||
|
| |||
Balance as of December 31, 2021 | 12,576 | |||
|
| |||
Increases charged to profit or loss | 131 | |||
Decreases charged to profit or loss | — | |||
Applications due to utilization | (163 | ) | ||
Translation differences | 2,742 | |||
Adjustment for inflation (1) | 30 | |||
|
| |||
Balance as of June 30, 2022 | 15,316 | |||
|
|
(1) | Corresponds to adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income. |
Set forth below is the evolution of the provision for impairment of property, plant and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021:
Provision for impairment of property, plant and equipment | ||||
Balance as of December 31, 2020 | 65,354 | |||
|
| |||
Increases charged to profit or loss (1) | 9,776 | |||
Applications due to utilization | (36 | ) | ||
Depreciation (2) | (21,274 | ) | ||
Translation differences | 12,820 | |||
Adjustment for inflation (3) | 236 | |||
Transfers and other movements | (83 | ) | ||
|
| |||
Balance as of December 31, 2021 | 66,793 | |||
|
| |||
Increases charged to profit or loss | — | |||
Applications due to utilization | — | |||
Depreciation (2) | (10,415 | ) | ||
Translation differences | 13,058 | |||
Adjustment for inflation (3) | 268 | |||
Transfers and other movements | — | |||
|
| |||
Balance as of June 30, 2022 | 69,704 | |||
|
|
(1) | See Note 2.c) to the annual consolidated financial statements. |
(2) | Included in “Depreciation of property, plant and equipment” in Note 27. |
(3) | Corresponds to adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income. |
Table of Contents
17
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
The evolution of the Group’s right-of-use assets for the six-month period ended June 30, 2022 and the year ended December 31, 2021 are as follows:
Land and buildings | Exploitation facilities and equipment | Machinery and equipment | Gas stations | Transportation equipment | Total | |||||||||||||||||||
Cost | 1,350 | 27,377 | 25,038 | 7,704 | 19,201 | 80,670 | ||||||||||||||||||
Accumulated depreciation | 728 | 12,412 | 9,741 | 2,198 | 11,510 | 36,589 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of December 31, 2020 | 622 | 14,965 | 15,297 | 5,506 | 7,691 | 44,081 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Cost | ||||||||||||||||||||||||
Increases | 1,734 | 3,843 | 2,702 | 1,098 | 18,368 | 27,745 | ||||||||||||||||||
Translation differences | 295 | 6,101 | 5,509 | 1,391 | 4,414 | 17,710 | ||||||||||||||||||
Adjustment for inflation (1) | 18 | — | — | 614 | — | 632 | ||||||||||||||||||
Decreases, reclassifications and other movements | — | (1,213 | ) | (4,441 | ) | (531 | ) | (10,625 | ) | (16,810 | ) | |||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||
Increases | 208 | 7,720 | 6,400 | 1,089 | 7,949 | 23,366 | ||||||||||||||||||
Translation differences | 172 | 3,288 | 2,611 | 425 | 2,514 | 9,010 | ||||||||||||||||||
Adjustment for inflation (1) | 17 | — | — | 256 | — | 273 | ||||||||||||||||||
Decreases, reclassifications and other movements | — | (707 | ) | (1,930 | ) | (230 | ) | (9,684 | ) | (12,551 | ) | |||||||||||||
Cost | 3,397 | 36,108 | 28,808 | 10,276 | 31,358 | 109,947 | ||||||||||||||||||
Accumulated depreciation | 1,125 | 22,713 | 16,822 | 3,738 | 12,289 | 56,687 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of December 31, 2021 | 2,272 | 13,395 | 11,986 | 6,538 | 19,069 | 53,260 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Cost | ||||||||||||||||||||||||
Increases | 8 | 8,549 | 933 | 327 | 5,769 | 15,586 | ||||||||||||||||||
Translation differences | 728 | 8,053 | 6,344 | 1,826 | 7,418 | 24,369 | ||||||||||||||||||
Adjustment for inflation (1) | 25 | — | — | 769 | — | 794 | ||||||||||||||||||
Decreases, reclassifications and other movements | (161 | ) | (214 | ) | (479 | ) | (353 | ) | (1,561 | ) | (2,768 | ) | ||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||
Increases | 665 | 3,809 | 3,071 | 661 | 6,342 | 14,548 | ||||||||||||||||||
Translation differences | 332 | 5,432 | 4,058 | 668 | 3,422 | 13,912 | ||||||||||||||||||
Adjustment for inflation (1) | 24 | — | — | 362 | — | 386 | ||||||||||||||||||
Decreases, reclassifications and other movements | (161 | ) | (214 | ) | (479 | ) | (353 | ) | (1,561 | ) | (2,768 | ) | ||||||||||||
Cost | 3,997 | 52,496 | 35,606 | 12,845 | 42,984 | 147,928 | ||||||||||||||||||
Accumulated depreciation | 1,985 | 31,740 | 23,472 | 5,076 | 20,492 | 82,765 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Balance as of June 30, 2022 | 2,012 | 20,756 | 12,134 | 7,769 | 22,492 | 65,163 | ||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
(1) | Corresponds to adjustments for inflation of opening balances of right-of-use assets of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income. |
11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
The following table shows the value of the investments in associates and joint ventures at an aggregate level, as of June 30, 2022 and December 31, 2021:
June 30, 2022 | December 31, 2021 | |||||||
Amount of investments in associates | 19,945 | 16,450 | ||||||
Amount of investments in joint ventures | 194,711 | 140,475 | ||||||
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|
|
| |||||
214,656 | 156,925 | |||||||
|
|
|
|
Table of Contents
18
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)
The main movements during the six-month period ended June 30, 2022 and the year ended December 31, 2021 which affected the value of the aforementioned investments, correspond to:
Investments in associates and joint ventures | ||||
Balance as of December 31, 2020 | 107,112 | |||
|
| |||
Income on investments in associates and joint ventures | 26,977 | |||
Translation differences | 24,801 | |||
Distributed dividends | (5,499 | ) | ||
Adjustment for inflation (1) | 3,534 | |||
|
| |||
Balance as of December 31, 2021 | 156,925 | |||
|
| |||
Income on investments in associates and joint ventures | 27,694 | |||
Translation differences | 35,089 | |||
Distributed dividends | (7,640 | ) | ||
Adjustment for inflation (1) | 2,588 | |||
|
| |||
Balance as of June 30, 2022 | 214,656 | |||
|
|
(1) | Corresponds to adjustment for inflation of opening balances of associates and joint ventures with the Peso as functional currency which was charged to Other comprehensive income. |
The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the six-month period ended June 30, 2022 and 2021. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the equity method value in the aforementioned dates:
Associates | Joint ventures | |||||||||||||||
For the six-month period ended June 30, | For the six-month period ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Net income | 614 | 1,195 | 27,080 | 5,360 | ||||||||||||
Other comprehensive income | 3,047 | 1,719 | 34,630 | 14,374 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Comprehensive income for the period | 3,661 | 2,914 | 61,710 | 19,734 | ||||||||||||
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|
|
|
|
|
|
|
The Group does not have investments in subsidiaries with significant non-controlling interests. Likewise, the Group does not have investments in associates and joint ventures that are significant, with the exception of the investment in YPF EE.
The management information corresponding to YPF EE’s assets and liabilities as of June 30, 2022 and December 31, 2021, as well as the results for the six-month period ended June 30, 2022 and 2021, are detailed below:
June 30, 2022 (1) | December 31, 2021 (1) | |||||||
Non-current assets | 228,962 | 183,767 | ||||||
Current assets | 38,440 | 24,849 | ||||||
|
|
|
| |||||
Total assets | 267,402 | 208,616 | ||||||
|
|
|
| |||||
Non-current liabilities | 92,046 | 80,626 | ||||||
Current liabilities | 49,466 | 33,211 | ||||||
|
|
|
| |||||
Total liabilities | 141,512 | 113,837 | ||||||
|
|
|
| |||||
Total shareholders’ equity | 125,890 | 94,779 | ||||||
|
|
|
| |||||
For the six-month period ended June 30, | ||||||||
2022 (1) | 2021 (1) | |||||||
Revenues | 26,265 | 19,252 | ||||||
Costs | (11,310 | ) | (8,962 | ) | ||||
|
|
|
| |||||
Gross profit | 14,955 | 10,291 | ||||||
|
|
|
| |||||
Operating profit | 13,847 | 9,921 | ||||||
Income from equity interests in associates and joint ventures | (365 | ) | (275 | ) | ||||
Net financial results | (3,118 | ) | (3,628 | ) | ||||
|
|
|
| |||||
Net profit before income tax | 10,364 | 6,018 | ||||||
|
|
|
| |||||
Income tax | (1,543 | ) | (4,247 | ) | ||||
|
|
|
| |||||
Net profit | 8,821 | 1,771 | ||||||
|
|
|
|
(1) | On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the YPF EE financial information disclosed here. |
Table of Contents
19
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
June 30, 2022 | December 31, 2021 | |||||||
Refined products | 155,143 | 105,123 | ||||||
Crude oil and natural gas | 46,459 | 37,521 | ||||||
Products in process | 4,171 | 3,500 | ||||||
Raw materials, packaging materials and others | 9,804 | 7,783 | ||||||
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|
|
| |||||
215,577 | (1) | 153,927 | (1) | |||||
|
|
|
|
(1) | As of June 30, 2022, and December 31, 2021, the cost of inventories does not exceed their net realizable value. |
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Receivables from services and sales of other assets | 1,927 | 3,330 | 2,091 | 1,950 | ||||||||||||
Tax credit and export rebates | 1,805 | 8,415 | 15,263 | 14,616 | ||||||||||||
Loans to third parties and balances with related parties (1) | 1,231 | 1,451 | 975 | 1,617 | ||||||||||||
Collateral deposits | 2 | 1,030 | 2 | 3,509 | ||||||||||||
Prepaid expenses | 1,161 | 9,405 | 933 | 9,000 | ||||||||||||
Advances and loans to employees | 100 | 663 | 71 | 411 | ||||||||||||
Advances to suppliers and custom agents (2) | — | 26,935 | — | 15,377 | ||||||||||||
Receivables with partners in JO | 1,099 | 19,868 | 1,059 | 14,542 | ||||||||||||
Insurance receivables | — | 42 | — | 148 | ||||||||||||
Miscellaneous | 851 | 4,502 | 707 | 2,154 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
8,176 | 75,641 | 21,101 | 63,324 | |||||||||||||
Provision for other doubtful receivables | (1,897 | ) | (118 | ) | (1,552 | ) | (65 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
6,279 | 75,523 | 19,549 | 63,259 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | See Note 37 for information about related parties. |
(2) | Includes, among others, advances to customs agents for the payment of taxes and import duties on fuels and goods. |
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Accounts receivable and related parties (1) (2) | 14,832 | 205,355 | 14,151 | 144,336 | ||||||||||||
Provision for doubtful trade receivables | (9,788 | ) | (11,812 | ) | (9,788 | ) | (10,432 | ) | ||||||||
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|
|
|
|
|
|
| |||||||||
5,044 | 193,543 | 4,363 | 133,904 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | See Note 37 for information about related parties. |
(2) | See Note 25 for information about credits for contracts included in trade receivables. |
Set forth below is the evolution of the provision for doubtful trade receivables for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021:
Provision for doubtful trade receivables | ||||||||
Non-current | Current | |||||||
Balance as of December 31, 2020 | 8,861 | (2) | 10,519 | |||||
|
|
|
| |||||
Increases charged to expenses | 927 | 3,918 | ||||||
Decreases charged to income | — | (1,857 | ) | |||||
Applications due to utilization | — | (2,424 | ) | |||||
Net exchange and translation differences | — | 674 | ||||||
Result from net monetary position (1) | — | (398 | ) | |||||
|
|
|
| |||||
Balance as of December 31, 2021 | 9,788 | (2) | 10,432 | |||||
|
|
|
| |||||
Increases charged to expenses | — | 1,511 | ||||||
Decreases charged to income | — | (668 | ) | |||||
Applications due to utilization | — | (40 | ) | |||||
Net exchange and translation differences | — | 628 | ||||||
Result from net monetary position (1) | — | (51 | ) | |||||
|
|
|
| |||||
Balance as of June 30, 2022 | 9,788 | (2) | 11,812 | |||||
|
|
|
|
(1) | Includes adjustment for inflation of opening balances of the provision for doubtful trade receivables in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to Net Income. |
(2) | Includes 8,861 corresponding to credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1053/2018. See Note 35.c.1) to the annual consolidated financial statements. |
Table of Contents
20
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
15. INVESTMENT IN FINANCIAL ASSETS
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Investments at amortized cost | ||||||||||||||||
Public securities (1) | 22,013 | 52,518 | 2,225 | 34,116 | ||||||||||||
Private securities - NO | 376 | 1,172 | 309 | 836 | ||||||||||||
Term deposits (2) | — | 10,171 | — | 6,028 | ||||||||||||
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|
| |||||||||
22,389 | 63,861 | 2,534 | 40,980 | |||||||||||||
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|
|
|
|
|
|
| |||||||||
Investments at fair value with changes in results | ||||||||||||||||
Public securities (1) | — | 8,146 | — | 10,032 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
— | 8,146 | — | 10,032 | |||||||||||||
|
|
|
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|
|
|
| |||||||||
22,389 | 72,007 | 2,534 | 51,012 | |||||||||||||
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|
|
|
|
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|
|
(1) | See Note 37. |
(2) | Corresponds to term deposits with the BNA. |
June 30, 2022 | December 31, 2021 | |||||||
Cash and banks | 27,692 | 22,923 | ||||||
Short-term investments (1) | 36,921 | 9,566 | ||||||
Financial assets at fair value with change in results(2) | 18,888 | 30,189 | ||||||
|
|
|
| |||||
83,501 | 62,678 | |||||||
|
|
|
|
(1) | Includes term deposits with the BNA for 215 and 1,075 as of June 30, 2022 and December 31, 2021, respectively. |
(2) | See Note 7. |
Changes in the Group’s provisions for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021 are as follows:
Provision for lawsuits and contingencies | Provision for environmental liabilities | Provision for hydrocarbon wells abandonment obligations | Total | |||||||||||||||||||||||||||||
Non- current | Current | Non- current | Current | Non- current | Current | Non- current | Current | |||||||||||||||||||||||||
Balance as of December 31, 2020 | 50,369 | 1,934 | 5,531 | 2,618 | 130,588 | 1,581 | 186,488 | 6,133 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increases charged to expenses | 40,607 | 199 | 10,876 | — | 14,955 | — | 66,438 | 199 | ||||||||||||||||||||||||
Decreases charged to income | (4,278 | ) | (3,574 | ) | (12 | ) | — | (9,632 | ) | — | (13,922 | ) | (3,574 | ) | ||||||||||||||||||
Applications due to utilization | (655 | ) | (676 | ) | — | (2,489 | ) | — | (1,788 | ) | (655 | ) | (4,953 | ) | ||||||||||||||||||
Reclassifications and other movements | (4,283 | ) | 3,938 | (6,888 | ) | 6,888 | (6,567 | ) | 9,916 | (17,738 | ) | 20,742 | ||||||||||||||||||||
Net exchange and translation differences | 7,758 | 383 | 295 | 6 | 29,859 | 361 | 37,912 | 750 | ||||||||||||||||||||||||
Result from net monetary position (1) | (45 | ) | — | — | — | — | — | (45 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Balance as of December 31, 2021 | 89,473 | 2,204 | 9,802 | 7,023 | 159,203 | 10,070 | 258,478 | 19,297 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Increases charged to expenses | 5,398 | 9 | 2,528 | — | 12,068 | — | 19,994 | 9 | ||||||||||||||||||||||||
Decreases charged to income | (4,085 | ) (2) | — | (53 | ) | — | — | — | (4,138 | ) | — | |||||||||||||||||||||
Applications due to utilization | (155 | ) | (2,225 | ) | — | (2,453 | ) | — | (1,903 | ) | (155 | ) | (6,581 | ) | ||||||||||||||||||
Reclassifications and other movements | (4,831 | ) (3) | 2,178 | (3,180 | ) | 3,180 | (1,956 | ) | 1,956 | (9,967 | ) | 7,314 | ||||||||||||||||||||
Net exchange and translation differences | 15,531 | 454 | 1,644 | 4 | 36,241 | 2,156 | 53,416 | 2,614 | ||||||||||||||||||||||||
Result from net monetary position (1) | (28 | ) | — | — | — | — | — | (28 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
Balance as of June 30, 2022 | 101,303 | 2,620 | 10,741 | 7,754 | 205,556 | 12,279 | 317,600 | 22,653 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes adjustment for inflation of opening balances of provisions in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the period, which was charged to Net Income. |
(2) | Includes 3,358 corresponding to the recovery of liabilities for the regularization regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment for periods 2014-2017. |
(3) | Includes 2,374 reclassified as “Income tax liability” for the regularization regimes associated with the dispute relating to the tax deduction of hydrocarbon well abandonment costs for periods 2014-2017. |
Provisions for lawsuits and contingencies are described in Note 16 to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:
17.a) Provision for lawsuits and contingencies
17.a.1) Claims arising from restrictions in the natural gas market
• | Transportadora de Gas del Norte S.A. (“TGN”) |
On March 7, 2022, the appeal filed by YPF for the correction and/or clarification of certain aspects in the judgment rendered by the Court of Appeal was favorably resolved. Additionally, on that date an extraordinary appeal was filed against the judgment rendered by the Court of Appeal, which was granted on April 5, 2022 in relation to the federal issue raised and was denied in relation to the arbitrariness of the judgment rendered by the Court of Appeal, and a complaint appeal was filed in relation to this last aspect on April 12, 2022.
Table of Contents
21
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
17. PROVISIONS (cont.)
The cases are under review at the CSJN in connection with the extraordinary and the complaint appeals that were filed. The Company will continue to defend itself in compliance with the applicable legal procedure and the available defenses.
17.a.2) Tax claims
• | Dispute over the cost deduction for hydrocarbon well abandonment |
The Management of the Company, based on the opinion of its external advisors, and notwithstanding the technical merits for defending its position, evaluated the regularization plan provided for under Law No. 27,653, for the income tax and the compensations made in due course with the credit balances generated by said tax, and on March 30, 2022, adhered to the aforementioned plan for fiscal years 2014 to 2017 for 2,374, thus putting an end to the controversy corresponding to those periods.
According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected at the end of the fiscal year. The amounts calculated for income tax expense for the six-month period ended June 30, 2022 may need to be adjusted in the subsequent period in case the projected effective tax rate estimate is modified based on new elements of judgment.
The calculation of the income tax expense accrued for the six-month period ended June 30, 2022 and 2021 is as follows:
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Current income tax | (69,360 | ) | (781 | ) | ||||
Deferred income tax | 24,195 | (75,115 | ) | |||||
|
|
|
| |||||
(45,165 | ) | (75,896 | ) | |||||
|
|
|
| |||||
Income tax - Well abandonment | 1,948 | — | ||||||
|
|
|
| |||||
(43,217 | ) | (75,896 | ) | |||||
|
|
|
|
The reconciliation between the charge to net income for income tax for the six-month period ended June 30, 2022 and 2021 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Net income before income tax | 163,697 | 27,387 | ||||||
Average tax rate | 34.86 | % (4) | 25.49 | % | ||||
|
|
|
| |||||
Average tax rate applied to net income before income tax | (57,062 | ) | (6,981 | ) | ||||
Effect of the valuation of property, plant and equipment and intangible assets, net | 23,679 | 8,009 | ||||||
Effect of exchange differences and other results associated to the valuation of the currency, net (1) | (17,484 | ) | (17,872 | ) | ||||
Effect of the valuation of inventories | (9,654 | ) | (1,657 | ) | ||||
Income on investments in associates and joint ventures | 9,693 | 1,639 | ||||||
Effect of tax rate change | — | (53,480 | ) (2) | |||||
Effect of the regularization regime for the dispute associated to cost deduction for hydrocarbon wells abandonment | 1,948 | (3) | — | |||||
Miscellaneous | 5,663 | (5,554 | ) | |||||
|
|
|
| |||||
Income tax | (43,217 | ) | (75,896 | ) | ||||
|
|
|
|
(1) | Includes the effect of tax inflation adjustments. |
(2) | Includes 46,150 due to the effect of a change in the tax rate on initial deferred balances and 7,330 due to the remeasurement of deferred tax balances on the period at the estimated rate in effect as of the date of their reversal, corresponding to the change established under Law No. 27,630. See Note 35.e.1) to the annual consolidated financial statements. |
(3) | See Note 17. |
(4) | Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 35.e.1) to the annual consolidated financial statements. |
Table of Contents
22
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
18. INCOME TAX (cont.)
Furthermore, breakdown of tax payable and deferred as of June 30, 2022 and December 31, 2021 is as follows:
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Income tax payable | 5,128 | (2) | 52,398 | (1) | 3,026 | (2) | 1,336 | (1) |
(1) | Includes 1,078 and 513 corresponding to the 12 installments of the regularization regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment as of June 30, 2022 and December 31, 2021, respectively. See Note 16 to the annual consolidated financial statements and Note 17 to these condensed interim consolidated financial statements. Additionally, it includes the provision associated with the charge of current income tax net of unused tax credits and existing tax loss carryforwards. |
(2) | Includes 5,112 and 3,009 corresponding to the remaining installments of the aforementioned regimes as of June 30, 2022 and December 31, 2021, respectively. |
June 30, 2022 | December 31, 2021 | |||||||
Deferred tax assets | ||||||||
Provisions and other non-deductible liabilities | 38,514 | 39,028 | ||||||
Tax losses carryforward | 328 | 2,763 | ||||||
Miscellaneous | 1,785 | 1,637 | ||||||
|
|
|
| |||||
Total deferred tax assets | 40,627 | 43,428 | ||||||
|
|
|
| |||||
Deferred tax liabilities | ||||||||
Property, plant and equipment | (150,264 | ) | (156,554 | ) | ||||
Adjustment for tax inflation | (44,212 | ) | (66,056 | ) | ||||
Miscellaneous | (11,132 | ) | (4,076 | ) | ||||
|
|
|
| |||||
Total deferred tax liabilities | (205,608 | ) | (226,686 | ) | ||||
|
|
|
| |||||
Total Net deferred tax (1) | (164,981 | ) | (183,258 | ) | ||||
|
|
|
|
(1) | Includes (5,918) and (3,751) as of June 30, 2022 and December 31, 2021, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income. |
As of June 30, 2022 and December 31, 2021 the Group has classified as deferred tax assets 1,810 and 1,921, respectively, and as deferred tax liability 166,791 and 185,179, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.
As of June 30, 2022 and December 31, 2021, the causes that generate charges to “Other comprehensive income”, did not create temporary differences for income tax.
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
VAT | — | 2,802 | — | 2,002 | ||||||||||||
Withholdings and perceptions | — | 6,075 | — | 3,251 | ||||||||||||
Royalties | — | 9,917 | — | 6,304 | ||||||||||||
Tax on Fuels | — | 7,376 | — | 711 | ||||||||||||
IIBB | — | 752 | — | 322 | ||||||||||||
Miscellaneous | 202 | 2,589 | 201 | 2,081 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
202 | 29,511 | 201 | 14,671 | |||||||||||||
|
|
|
|
|
|
|
|
20. SALARIES AND SOCIAL SECURITY
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Salaries and social security | — | 6,192 | — | 4,955 | ||||||||||||
Bonuses and incentives provision | — | 5,561 | — | 6,874 | ||||||||||||
Vacation provision | — | 9,886 | — | 7,196 | ||||||||||||
Other employee benefits (1) | 1,688 | 6,126 | 3,262 | 4,434 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
1,688 | 27,765 | 3,262 | 23,459 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | Includes the voluntary retirement plan executed by the Group. |
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Lease liabilities | 32,420 | 35,732 | 28,335 | 27,287 |
Table of Contents
23
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
21. LEASE LIABILITIES (cont.)
The evolution of the Group’s leases liabilities for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021, are as follows:
Lease liabilities | ||||
Balance as of December 31, 2020 | 46,270 | |||
|
| |||
Leases increase | 27,745 | |||
Leases decrease | (4,352 | ) | ||
Payments | (28,526 | ) | ||
Financial accretion | 5,331 | |||
Exchange and translation differences, net | 9,213 | |||
Result from net monetary position (1) | (59 | ) | ||
|
| |||
Balance as of December 31, 2021 | 55,622 | |||
|
| |||
Leases increase | 15,586 | |||
Leases decrease | — | |||
Payments | (18,545 | ) | ||
Financial accretion | 3,996 | |||
Exchange and translation differences, net | 11,479 | |||
Result from net monetary position (1) | 14 | |||
|
| |||
Balance as of June 30, 2022 | 68,152 | |||
|
|
(1) | Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the Peso as functional currency, which was charged to Other comprehensive income and the adjustment for inflation of the period, which was charged to Net Income. |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||
Interest rate (1) | Maturity | Non-current | Current | Non-current | Current | |||||||||||||||||||||||||
Pesos: | ||||||||||||||||||||||||||||||
NO (4) | 44.94 | % | - | 45.97 | % | 2022-2024 | 8,807 | 1,037 | 6,897 | 5,700 | ||||||||||||||||||||
Loans | 57.15 | % | - | 57.20 | % | 2022-2024 | 8,240 | 1,797 | 13,955 | 7,220 | ||||||||||||||||||||
Account overdraft | 41.50 | % | - | 41.50 | % | 2022 | — | 6,331 | — | 794 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
17,047 | 9,165 | 20,852 | 13,714 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Currencies other than the Peso: | ||||||||||||||||||||||||||||||
NO (2) (3) | 1.50 | % | - | 10.00 | % | 2022-2047 | 731,542 | 71,215 | 636,822 | 55,517 | ||||||||||||||||||||
Export pre-financing | 2.20 | % | - | 5.50 | % | 2022-2023 | 1,021 | 2,401 | 1,256 | 4,358 | ||||||||||||||||||||
Imports financing | 5.25 | % | - | 6.79 | % | 2022-2023 | — | 549 | — | 330 | ||||||||||||||||||||
Loans | 2.30 | % | - | 17.99 | % | 2022-2027 | 41,155 | 12,509 | 11,605 | 12,761 | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
773,718 | 86,674 | 649,683 | 72,966 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
790,765 | 95,839 | 670,535 | 86,680 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(1) | Nominal annual interest rate as of June 30, 2022. |
(2) | Includes 66,002 and 61,811 as of June 30, 2022 and December 31, 2021, respectively, of nominal value of NO that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued. |
(3) | Disclosed net of 360 of nominal value as of December 31, 2021 corresponding to YPF’s own NO repurchased through open market transactions. |
(4) | Includes 4,602 as of December 31, 2021 of nominal value of NO that were canceled in dollars at the applicable exchange rate according to the conditions of the issued series. |
Set forth below is the evolution of the loans for six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021:
Loans | ||||
Balance as of December 31, 2020 | 678,306 | |||
|
| |||
Proceeds from loans | 97,420 | |||
Payments of loans | (161,016 | ) | ||
Payments of interest | (58,454 | ) | ||
Accrued interest (1) | 66,950 | |||
Net exchange differences and translation | 136,280 | |||
Result from debt exchange (2) | (1,855 | ) | ||
Result from net monetary position (3) | (416 | ) | ||
|
| |||
Balance as of December 31, 2021 | 757,215 | |||
|
| |||
Proceeds from loans | 48,214 | |||
Payments of loans | (80,056 | ) | ||
Payments of interest | (33,368 | ) | ||
Accrued interest (1) | 38,848 | |||
Net exchange differences and translation | 156,451 | |||
Result from net monetary position (3) | (700 | ) | ||
|
| |||
Balance as of June 30, 2022 | 886,604 | |||
|
|
(1) | Includes capitalized financial costs. |
(2) | See Note 21 to the annual consolidated financial statements. |
(3) | Includes adjustment for inflation of opening balances of loans in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to Net Income. |
Table of Contents
24
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
22. LOANS (cont.)
Details regarding the NO of the Group are as follows:
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||
Month | Year | Principal Value | Class | Interest rate (1) | Principal Maturity | Non-current | Current | Non-current | Current | |||||||||||||||||||||||||||
YPF | ||||||||||||||||||||||||||||||||||||
- | 1998 | US$ | 15 | - | Fija | 10.00 | % | 2028 | 1,854 | 31 | 1,521 | 26 | ||||||||||||||||||||||||
April, February, October | 2014/15/16 | US$ | 1,522 | Clase XXVIII | Fija | 8.75 | % | 2024 | 43,334 | 34,104 | 62,193 | 28,598 | ||||||||||||||||||||||||
September | 2014 | $ | 1,000 | Clase XXXIV | BADLAR + 0.1% | 44.94 | % | 2024 | 334 | 227 | 334 | 213 | ||||||||||||||||||||||||
April | 2015 | US$ | 1,500 | Clase XXXIX | Fija | 8.50 | % | 2025 | 141,619 | 5,083 | 116,140 | 4,167 | ||||||||||||||||||||||||
October | 2015 | $ | 2,000 | Clase XLIII | BADLAR | 45.97 | % | 2023 | 667 | 784 | 667 | 755 | ||||||||||||||||||||||||
May | 2017 | $ | 4,602 | Clase LII | Fija | 16.50 | % | 2022 | — | — | — | 4,712 | ||||||||||||||||||||||||
July, December | 2017 | US$ | 1,000 | Clase LIII | Fija | 6.95 | % | 2027 | 102,422 | 3,030 | 83,658 | 2,531 | ||||||||||||||||||||||||
December | 2017 | US$ | 750 | Clase LIV | Fija | 7.00 | % | 2047 | 66,225 | 186 | 54,702 | 154 | ||||||||||||||||||||||||
June | 2019 | US$ | 500 | Clase I | Fija | 8.50 | % | 2029 | 49,687 | 47 | 40,740 | 39 | ||||||||||||||||||||||||
June | 2020 | US$ | 78 | Clase XII | Fija | 1.50 | % | 2022 | — | — | — | 7,688 | ||||||||||||||||||||||||
July | 2020 | US$ | 543 | Clase XIII | Fija | 8.50 | % | 2025 | 21,130 | 11,288 | 21,652 | 9,353 | ||||||||||||||||||||||||
December, February | 2020/21 | US$ | 143 | Clase XIV | Fija | 2.00 | % | 2023 | 17,925 | 26 | 14,701 | 22 | ||||||||||||||||||||||||
February | 2021 | US$ | 775 | Clase XVI | Fija | 4.00 | % | 2026 | 80,869 | 14,964 | 75,944 | 899 | ||||||||||||||||||||||||
February | 2021 | US$ | 748 | Clase XVII | Fija | 2.50 | % | 2029 | 92,284 | — | 73,484 | 18 | ||||||||||||||||||||||||
February | 2021 | US$ | 576 | Clase XVIII | Fija | 1.50 | % | 2033 | 66,116 | 1,260 | 52,658 | 1,015 | ||||||||||||||||||||||||
February | 2021 | $ | 4,128 | Clase XIX | Fija | 3.50 | % | 2024 | 7,806 | 26 | 5,896 | 20 | ||||||||||||||||||||||||
July | 2021 | US$ | 384 | Clase XX | Fija | 5.75 | % | 2032 | 48,077 | 1,196 | 39,429 | 1,007 | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||
740,349 | 72,252 | 643,719 | 61,217 | |||||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
(1) | Nominal annual Interest rate as of June 30, 2022. |
Table of Contents
25
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Extension of concessions | 951 | 1,028 | 823 | 824 | ||||||||||||
Liabilities for contractual claims | 103 | 114 | 145 | 2,618 | (1) | |||||||||||
Miscellaneous | — | 313 | — | 26 | ||||||||||||
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|
| |||||||||
1,054 | 1,455 | 968 | 3,468 | |||||||||||||
|
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|
|
|
|
(1) | See Note 34.d) to the annual consolidated financial statements. |
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Trade payable and related parties(1) | 832 | 260,494 | 752 | 193,159 | ||||||||||||
Guarantee deposits | 53 | 753 | 44 | 677 | ||||||||||||
Payables with partners of JO and other agreements | 103 | 1,840 | 92 | 6,203 | ||||||||||||
Miscellaneous | — | 1,663 | — | 1,512 | ||||||||||||
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|
| |||||||||
988 | 264,750 | 888 | 201,551 | |||||||||||||
|
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|
|
|
|
|
(1) | For more information about related parties, see Note 37. |
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Sales of goods and services | 982,573 | 558,025 | ||||||
Government incentives(1) | 14,848 | 11,615 | ||||||
Turnover tax | (31,241 | ) | (18,877 | ) | ||||
|
|
|
| |||||
966,180 | 550,763 | |||||||
|
|
|
|
(1) | See Note 37. |
The Group’s transactions and the main revenues are described in Note 6. The Group’s revenues are derived from contracts with customers, except for Government incentives.
• | Breakdown of revenues |
Type of good or service
For the six-month period ended June 30, 2022 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Diesel | — | 348,005 | — | — | 348,005 | |||||||||||||||
Gasolines | — | 191,452 | — | — | 191,452 | |||||||||||||||
Natural Gas (1) | — | 1,013 | 106,176 | — | 107,189 | |||||||||||||||
Crude Oil | — | 2,190 | — | — | 2,190 | |||||||||||||||
Jet fuel | — | 49,243 | — | — | 49,243 | |||||||||||||||
Lubricants and by-products | — | 32,561 | — | — | 32,561 | |||||||||||||||
Liquefied Petroleum Gas | — | 28,734 | — | — | 28,734 | |||||||||||||||
Fuel oil | — | 12,261 | — | — | 12,261 | |||||||||||||||
Petrochemicals | — | 30,832 | — | — | 30,832 | |||||||||||||||
Fertilizers and crop protection products | — | 36,844 | — | — | 36,844 | |||||||||||||||
Flours, oils and grains | — | 49,322 | — | — | 49,322 | |||||||||||||||
Asphalts | — | 9,795 | — | — | 9,795 | |||||||||||||||
Goods for resale at gas stations | — | 5,593 | — | — | 5,593 | |||||||||||||||
Income from services | — | — | — | 6,774 | 6,774 | |||||||||||||||
Income from construction contracts | — | — | — | 9,253 | 9,253 | |||||||||||||||
Virgin naphtha | — | 11,795 | — | — | 11,795 | |||||||||||||||
Petroleum coke | — | 19,310 | — | — | 19,310 | |||||||||||||||
LNG Regasification | — | — | 2,091 | — | 2,091 | |||||||||||||||
Other goods and services | 2,712 | 10,128 | 9,417 | 7,072 | 29,329 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2,712 | 839,078 | 117,684 | 23,099 | 982,573 | ||||||||||||||||
|
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|
Table of Contents
26
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
25. REVENUES (cont.)
For the six-month period ended June 30, 2021 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Diesel | — | 184,066 | — | — | 184,066 | |||||||||||||||
Gasolines | — | 112,019 | — | — | 112,019 | |||||||||||||||
Natural Gas (1) | — | 645 | 67,525 | — | 68,170 | |||||||||||||||
Crude Oil | — | 2,802 | — | — | 2,802 | |||||||||||||||
Jet fuel | — | 10,451 | — | — | 10,451 | |||||||||||||||
Lubricants and by-products | — | 22,077 | — | — | 22,077 | |||||||||||||||
Liquefied Petroleum Gas | — | 17,451 | — | — | 17,451 | |||||||||||||||
Fuel oil | — | 11,308 | — | — | 11,308 | |||||||||||||||
Petrochemicals | — | 20,913 | — | — | 20,913 | |||||||||||||||
Fertilizers and crop protection products | — | 28,836 | — | — | 28,836 | |||||||||||||||
Flours, oils and grains | — | 31,983 | — | — | 31,983 | |||||||||||||||
Asphalts | — | 4,631 | — | — | 4,631 | |||||||||||||||
Goods for resale at gas stations | — | 2,746 | — | — | 2,746 | |||||||||||||||
Income from services | — | — | — | 3,114 | 3,114 | |||||||||||||||
Income from construction contracts | — | — | — | 5,660 | 5,660 | |||||||||||||||
Virgin naphtha | — | 6,476 | — | — | 6,476 | |||||||||||||||
Petroleum coke | — | 7,417 | — | — | 7,417 | |||||||||||||||
LNG Regasification | — | — | 1,717 | — | 1,717 | |||||||||||||||
Other goods and services | 2,780 | 5,200 | 3,904 | 4,304 | 16,188 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2,780 | 469,021 | 73,146 | 13,078 | 558,025 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 81,278 and 52,065 corresponding to sales of natural gas produced by the Company for the six-month period ended June 30, 2022 and 2021, respectively. |
Sales Channels
For the six-month period ended June 30, 2022 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Gas Stations | — | 350,903 | — | — | 350,903 | |||||||||||||||
Power Plants | — | — | 26,248 | — | 26,248 | |||||||||||||||
Distribution Companies | — | — | 13,148 | — | 13,148 | |||||||||||||||
Retail distribution of natural gas | — | — | 23,573 | — | 23,573 | |||||||||||||||
Industries, transport and aviation | — | 195,826 | 43,207 | — | 239,033 | |||||||||||||||
Agriculture | — | 146,164 | — | — | 146,164 | |||||||||||||||
Petrochemical industry | — | 43,311 | — | — | 43,311 | |||||||||||||||
Trading | — | 47,815 | — | — | 47,815 | |||||||||||||||
Oil Companies | — | 37,342 | — | — | 37,342 | |||||||||||||||
Commercialization of LPG | — | 10,844 | — | — | 10,844 | |||||||||||||||
Other sales channels | 2,712 | 6,873 | 11,508 | 23,099 | 44,192 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2,712 | 839,078 | 117,684 | 23,099 | 982,573 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the six-month period ended June 30, 2021 | ||||||||||||||||||||
Upstream | Downstream | Gas and Power | Central Administration and others | Total | ||||||||||||||||
Gas Stations | — | 199,891 | — | — | 199,891 | |||||||||||||||
Power Plants | — | 8,587 | 19,247 | — | 27,834 | |||||||||||||||
Distribution Companies | — | — | 10,252 | — | 10,252 | |||||||||||||||
Retail distribution of natural gas | — | — | 14,956 | — | 14,956 | |||||||||||||||
Industries, transport and aviation | — | 80,999 | 23,070 | — | 104,069 | |||||||||||||||
Agriculture | — | 92,576 | — | — | 92,576 | |||||||||||||||
Petrochemical industry | — | 28,965 | — | — | 28,965 | |||||||||||||||
Trading | — | 23,458 | — | — | 23,458 | |||||||||||||||
Oil Companies | — | 22,782 | — | — | 22,782 | |||||||||||||||
Commercialization of LPG | — | 5,982 | — | — | 5,982 | |||||||||||||||
Other sales channels | 2,780 | 5,781 | 5,621 | 13,078 | 27,260 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2,780 | 469,021 | 73,146 | 13,078 | 558,025 | ||||||||||||||||
|
|
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|
|
|
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|
|
Table of Contents
27
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
25. REVENUES (cont.)
Target Market
Sales contracts in the domestic market resulted in 851,137 and 489,444 for the six-month period ended June 30, 2022 and 2021, respectively.
Sales contracts in the international market resulted in 131,436 and 68,581 for the six-month period ended June 30, 2022 and 2021, respectively.
• | Contract balances |
The following table reflects information regarding credits, contract assets and contract liabilities:
June 30, 2022 | December 31, 2021 | |||||||||||||||
Non-current | Current | Non-current | Current | |||||||||||||
Credits for contracts included in “Trade receivables” | 12,610 | 193,408 | 11,942 | 136,751 | ||||||||||||
Contract assets | — | 2,168 | — | 1,360 | ||||||||||||
Contract liabilities | — | 29,008 | — | 13,329 |
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 fuels, fertilizers and crop protection products, among others.
During the six-month period ended June 30, 2022 and 2021 the Group has recognized 3,856 and 5,270, 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.
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Inventories at beginning of year | 153,927 | 100,137 | ||||||
Purchases | 328,337 | 153,756 | ||||||
Production costs(1) | 410,424 | 304,064 | ||||||
Translation effect | 35,395 | 13,043 | ||||||
Adjustment for inflation(2) | 1,262 | 668 | ||||||
Inventories at end of the period | (215,577 | ) | (124,197 | ) | ||||
|
|
|
| |||||
713,768 | 447,471 | |||||||
|
|
|
|
(1) | See Note 27. |
(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. |
Table of Contents
28
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
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 six-month period ended June 30, 2022 and 2021:
For the six-month period ended June 30, 2022 | ||||||||||||||||||||
Production costs (3) | Administrative expenses (2) | Selling expenses | Exploration expenses | Total | ||||||||||||||||
Salaries and social security taxes | 40,850 | 10,233 | 5,887 | 379 | 57,349 | |||||||||||||||
Fees and compensation for services | 2,294 | 10,218 | 1,808 | 25 | 14,345 | |||||||||||||||
Other personnel expenses | 11,196 | 986 | 535 | 104 | 12,821 | |||||||||||||||
Taxes, charges and contributions | 7,169 | 713 | 23,494 | (1) | — | 31,376 | ||||||||||||||
Royalties, easements and fees | 54,174 | — | 106 | 210 | 54,490 | |||||||||||||||
Insurance | 3,972 | 182 | 60 | — | 4,214 | |||||||||||||||
Rental of real estate and equipment | 8,727 | 48 | 628 | — | 9,403 | |||||||||||||||
Survey expenses | — | — | — | 828 | 828 | |||||||||||||||
Depreciation of property, plant and equipment | 128,684 | 3,764 | 4,921 | — | 137,369 | |||||||||||||||
Amortization of intangible assets | 1,628 | 1,022 | 24 | — | 2,674 | |||||||||||||||
Depreciation of right-of-use assets | 10,596 | 6 | 683 | — | 11,285 | |||||||||||||||
Industrial inputs, consumable materials and supplies | 22,576 | 135 | 476 | 11 | 23,198 | |||||||||||||||
Operation services and other service contracts | 20,260 | 519 | 2,631 | 253 | 23,663 | |||||||||||||||
Preservation, repair and maintenance | 63,365 | 1,254 | 1,679 | 42 | 66,340 | |||||||||||||||
Unproductive exploratory drillings | — | — | — | 789 | 789 | |||||||||||||||
Transportation, products and charges | 23,866 | 115 | 22,045 | — | 46,026 | |||||||||||||||
Provision for doubtful trade receivables | — | — | 843 | — | 843 | |||||||||||||||
Publicity and advertising expenses | — | 3,870 | 1,055 | — | 4,925 | |||||||||||||||
Fuel, gas, energy and miscellaneous | 11,067 | 927 | 5,237 | 35 | 17,266 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
410,424 | 33,992 | 72,112 | 2,676 | 519,204 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 16,338 corresponding to export withholdings. |
(2) | Includes 306 corresponding to fees and remunerations of Directors and Statutory Auditors. On April 29, 2022, the General Ordinary and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees of 482 corresponding to fiscal year 2021 and to approve the sum of 706 as fees with respect to fees and remunerations for the fiscal year 2022. |
(3) | The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 1,473. |
For the six-month period ended June 30, 2021 | ||||||||||||||||||||
Production costs (3) | Administrative expenses (2) | Selling expenses | Exploration expenses | Total | ||||||||||||||||
Salaries and social security taxes | 23,368 | 6,339 | 3,669 | 261 | 33,637 | |||||||||||||||
Fees and compensation for services | 1,852 | 5,939 | 1,049 | 5 | 8,845 | |||||||||||||||
Other personnel expenses | 6,103 | 436 | 237 | 103 | 6,879 | |||||||||||||||
Taxes, charges and contributions | 5,271 | 309 | 14,075 | (1) | 91 | 19,746 | ||||||||||||||
Royalties, easements and fees | 34,165 | — | 42 | 77 | 34,284 | |||||||||||||||
Insurance | 3,398 | 205 | 144 | — | 3,747 | |||||||||||||||
Rental of real estate and equipment | 4,851 | 17 | 778 | — | 5,646 | |||||||||||||||
Survey expenses | — | — | — | 166 | 166 | |||||||||||||||
Depreciation of property, plant and equipment | 126,900 | 2,706 | 3,821 | — | 133,427 | |||||||||||||||
Amortization of intangible assets | 1,780 | 434 | 25 | — | 2,239 | |||||||||||||||
Depreciation of right-of-use assets | 8,456 | 8 | 518 | — | 8,982 | |||||||||||||||
Industrial inputs, consumable materials and supplies | 15,739 | 137 | 310 | 3 | 16,189 | |||||||||||||||
Operation services and other service contracts | 19,493 | 312 | 1,950 | 108 | 21,863 | |||||||||||||||
Preservation, repair and maintenance | 32,870 | 919 | 957 | 11 | 34,757 | |||||||||||||||
Unproductive exploratory drillings | — | — | — | 54 | 54 | |||||||||||||||
Transportation, products and charges | 14,153 | 104 | 12,702 | — | 26,959 | |||||||||||||||
Provision for doubtful trade receivables | — | — | 1,885 | — | 1,885 | |||||||||||||||
Publicity and advertising expenses | — | 1,529 | 442 | — | 1,971 | |||||||||||||||
Fuel, gas, energy and miscellaneous | 5,665 | 643 | 3,362 | 84 | 9,754 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
304,064 | 20,037 | 45,966 | 963 | 371,030 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 10,104 corresponding to export withholdings. |
(2) | Includes 194 corresponding to fees and remunerations of Directors and Statutory Auditors. 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 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 730. |
Table of Contents
29
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
28. OTHER NET OPERATING RESULTS
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Result for sale of participation in areas | — | 472 | (1) | |||||
Result from sale of assets held for disposal | — | 3,121 | ||||||
Construction incentives | — | 573 | (2) | |||||
Lawsuits | (3,874 | ) | (4,119 | ) | ||||
Miscellaneous | 1,047 | (378 | ) | |||||
|
|
|
| |||||
(2,827 | ) | (331 | ) | |||||
|
|
|
|
(1) | See Note 34.b) to the annual consolidated financial statements. |
(2) | See Note 37. |
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Financial income | ||||||||
Interest income | 13,914 | 8,271 | ||||||
Exchange differences | 71,871 | 33,108 | ||||||
Financial accretion | 61 | 282 | ||||||
|
|
|
| |||||
Total financial income | 85,846 | 41,661 | ||||||
|
|
|
| |||||
Financial loss | ||||||||
Interest loss | (39,665 | ) | (34,511 | ) | ||||
Exchange differences | (47,173 | ) | (20,628 | ) | ||||
Financial accretion | (17,159 | ) | (12,632 | ) | ||||
|
|
|
| |||||
Total financial costs | (103,997 | ) | (67,771 | ) | ||||
|
|
|
| |||||
Other financial results | ||||||||
Results on financial assets at fair value with change in results | 3,244 | 4,030 | ||||||
Results from derivative financial instruments | (567 | ) | (332 | ) | ||||
Result from net monetary position | 10,672 | 5,394 | ||||||
Result from debt exchange | — | 1,855 | (1) | |||||
|
|
|
| |||||
Total other financial results | 13,349 | 10,947 | ||||||
|
|
|
| |||||
Total net financial results | (4,802 | ) | (15,163 | ) | ||||
|
|
|
|
(1) | See Note 21 to the annual consolidated financial statements. |
30. INVESTMENTS IN JOINT OPERATIONS
The assets and liabilities as of June 30, 2022 and December 31, 2021, and expenses for the six-month period ended June 30, 2022 and 2021, of JO and other agreements in which the Group participates are as follows:
June 30, 2022 | December 31, 2021 | |||||||
Non-current assets(1) | 469,505 | 358,863 | ||||||
Current assets | 12,356 | 11,629 | ||||||
|
|
|
| |||||
Total assets | 481,861 | 370,492 | ||||||
|
|
|
| |||||
Non-current liabilities | 32,226 | 27,672 | ||||||
Current liabilities | 45,485 | 36,564 | ||||||
|
|
|
| |||||
Total liabilities | 77,711 | 64,236 | ||||||
|
|
|
|
(1) | It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and other agreements. |
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Production cost | 73,302 | 58,543 | ||||||
Exploration expenses | 129 | 221 |
Table of Contents
30
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
The Company’s subscribed capital as of June 30, 2022, is 3,931 and 2 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 June 30, 2022, 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: (i) mergers, (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, (iii) transfers of all the YPF’s production and exploration rights, (iv) the voluntary dissolution of YPF; and (v) change of corporate and/or tax address outside the Argentine Republic. Items (iii) and (iv) also require prior approval by the Argentine Congress.
The General Ordinary and Extraordinary Shareholders’ Meeting was held on April 29, 2022 and approved the financial statements of YPF for the fiscal year ended December 31, 2021, and additionally, approved to partly absorb accumulated losses in retained earnings up to the net profit for the year as of December 31, 2021 for 257.
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 six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Net profit / (loss) | 119,690 | (47,083 | ) | |||||
Average number of shares outstanding | 393,034,176 | 392,572,705 | ||||||
Basic and diluted earnings per share | 304.53 | (119.93 | ) |
Basic and diluted earnings per share are calculated as shown in Note 2.b.13) to the annual consolidated financial statements.
33. ISSUES RELATED TO MAXUS ENTITIES
Issues related to Maxus entities are described in Note 32 to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:
On March 16, 2022, the Liquidating Trust filed a motion for partial summary judgment on certain of its claims against YPF, the other companies of the Group that are part of the Claim and Repsol. That motion did not request the entry of a monetary judgment at this time, acknowledging that certain issues should be resolved at trial.
The expert discovery process concluded on April 8, 2022. On April 27, 2022, YPF together with the other companies of the Group that are part of the Claim and Repsol filed their motions for the opening of summary judgment as well as the respective objections to the motion for summary judgment filed by the Liquidating Trust.
On May 3, 2022, a hearing was held before the Federal Court of Appeals for the Third Circuit for the presentation of oral arguments on the appeal against the dismissal of the motion to disqualify. As of the issuance date of these condensed interim consolidated financial statements, the aforementioned Court has not yet resolved this appeal.
Table of Contents
31
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
33. ISSUES RELATED TO MAXUS ENTITIES (cont.)
On June 13, 2022, a hearing was held before the Bankruptcy Court for the presentation of the oral arguments related to motions for summary judgment. On June 22, 2022, the Bankruptcy Court rejected the motion for summary judgment filed by the Liquidating Trust stating, among other considerations, that there are relevant matters of fact in dispute that should be settled at the trial stage. The Bankruptcy Court also partially granted summary judgment in favor of YPF and the other Companies of the Group that are parties to the Claim, rejecting the “all liabilities” theory (responsibility for all Maxus liabilities and contingencies) proposed by the Liquidating Trust in relation to the claimed alter ego damages. Upon rejecting the “all liabilities” theory proposed by the Liquidating Trust, the Bankruptcy Court concurred with YPF and the other Companies of the Group that are parties to the Claim that the damages claimed by alter ego require evidence of causality, and, therefore, the Liquidating Trust will have to prove that the damages claimed were caused by the purported alter ego behavior. The Bankruptcy Court also stated that the liability for the alleged alter ego behavior of YPF, the other Companies of the Group that are parties to the Claim, and Repsol is an issue that has to be first settled at the trial stage before the amount of damages, if any, can be analyzed.
As of the date of these condensed interim consolidated financial statements, no date has been set for the trial.
As the process moves forward, and given the complexity of the claims and the evidence that may be produced by the parties, the Company will continue analyzing the status of the case and its potential impact on the Group’s results and financial position. The Company, together with the other companies of the Group that are part of the Claim, will continue defending itself in compliance with applicable legal procedures and available defenses.
34. CONTINGENT ASSETS AND LIABILITIES
34.a) Contingent assets
The Group has no significant contingent assets.
34.b) Contingent liabilities
34.b.1) Environmental claims
During the six-month period ended June 30, 2022, there were no significant updates to the environmental claims described in Note 33.b.1) to the annual consolidated financial statements.
34.b.2) Contentious claims
Contentious claims are described in Note 33.b.2) to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:
• | Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”) – Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”) |
Expert discovery concluded on April 6, 2022. On April 14, 2022, Petersen and Eton Park (“Plaintiffs”) and YPF and the Republic (“Defendants”) filed opening briefs in support of cross-motions for summary judgment in the Petersen and Eton Park actions. Plaintiffs argue that the District Court should grant summary judgment in their favor on liability and damages as to both YPF and the Republic, and claim total damages of US$ 15,900 millions, comprised of US$ 8,400 millions in direct damages and US$ 7,500 millions in ancillary claims and pre-judgment interest calculated through September 24, 2021. Plaintiffs also purport to reserve the right to seek higher damages at trial if summary judgment is denied, which could substantially increase the damages claimed. In their opening briefs, YPF and the Republic each argues that it has no liability and owes no damages to Plaintiffs, and that the District Court should, therefore, grant summary judgment in its favor and dismiss all remaining claims against it. See Note 33.b.2) to our consolidated annual financial statements for a description of the damages expert report submitted by YPF and the Republic on December 3, 2021, which disputes the assumptions and methodology on which plaintiffs’ damages calculations are based as not supported by the facts or applicable law. The parties filed opposition and reply briefs on May 26 and June 23, 2022, respectively.
Table of Contents
32
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
34. CONTINGENT ASSETS AND LIABILITIES (cont.)
As of June 23, 2022, the parties’ motions for summary judgment were fully submitted for decision by the District Court. Although the parties have asked the District Court to hold a hearing at which they can present oral argument in support of their respective motions, whether or not to permit such argument before deciding the motions is within the District Court’s discretion. As of the date of these condensed interim consolidated financial statements, the District Court has not yet ruled on the parties’ requests for oral argument.
According to the latest schedule approved by the District Court, if a trial is necessary after its ruling on the parties’ summary judgment motions, and subject to the District Court’s schedule and other immovable conflicts, trial will begin 115 days after said Court issues its summary judgment ruling. The procedural schedule may be extended or modified by order of the District Court.
As the process moves forward, taking into account the complexity of the claims and the evidence that the parties may present, the Company will continue to reassess the status of the litigation and its potential impact on the results and financial situation of the Group. The Company will continue to defend itself in accordance with the applicable legal procedures and available defenses.
35.a) Extension of concessions and exploration permits
The most significant exploitation concessions and exploration permits that took place in the year ended December 31, 2021 are described in Note 34.a) to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:
Offshore exploration permits
On April 20, 2022, by SE Resolution No. 250/2022 Equinor Argentina AS (Argentina Branch) and YPF obtained a 2-year extension of the first exploratory period of the exploration permit awarded over CAN 114 area.
On April 22, 2022, by SE Resolution No 267/2022, Total Austral S.A. (Argentine Branch), Equinor Argentina AS (Argentina Branch) and YPF obtained a 2-year extension of the first exploratory period of the exploration permit awarded over MLO 123 area.
On May 4, 2022, by SE Resolution No. 321/2022 Equinor Argentina AS (Argentina Branch) and YPF obtained a 1-year extension of the first exploratory period of the exploration permit awarded over CAN 102 area.
Letter of Intent with the Province of Santa Cruz
In 2012, YPF entered into a Memorandum of Agreement with the Province of Santa Cruz, approved by Provincial Law No. 3,295, which extended the exploitation concession terms of certain areas by 25 years from the expiration of their original terms, under which YPF undertook to execute an investment plan in such concessions.
On August 1, 2022, YPF signed a Letter of Intent with the Province of Santa Cruz under which, among other things, the following was agreed: (i) to modify the schedule and allocation of certain outstanding investments under the Memorandum of Agreement; (ii) to recognize an indemnification amount of US$ 10.23 million in favor of the Province to be applied to social investment projects agreed between YPF and the Province; (iii) to increase the investment plan undertaken by YPF under the Memorandum of Agreement in US$ 100 million; and (iv) to a apply a maximum royalty of 7.5% to production from tertiary recovery projects that were submitted to the Province. As of the date of these condensed interim consolidated financial statements, the Letter of Intent is pending ratification by the Legislature of the Province of Santa Cruz.
35.b) Project investment and assignment agreements
The most relevant project investment and assignment agreements are described in Note 34.b) to the annual consolidated financial statements. During the six-month period ended June 30, 2022, there were no significant events and transactions.
Table of Contents
33
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
36.a) Regulations applicable to the hydrocarbon industry
During the six-month period ended June 30, 2022, there were no significant updates to the regulatory framework described in Note 35.a) to the annual consolidated financial statements.
36.b) Regulations applicable to the Downstream segment
During the six-month period ended June 30, 2022, there were no significant updates to the regulatory framework described in Note 35.b) to the annual consolidated financial statements.
36.c) Regulations applicable to the Gas and Power segment
Updates to the regulatory framework described in Note 35.c) to the annual consolidated financial statements for the six-month period ended June 30, 2022, are described below:
• | Regulatory requirements applicable to natural gas distribution |
Tariff schemes and tariff renegotiations
On June 1, 2022, ENARGAS Resolution No. 214/2022 was published in the BO, approving the tariff schemes to be applied by Metrogas, which incorporate the new natural gas prices at the PIST applicable as of June 1, 2022, approved by SE Resolution No. 403/2022.
36.d) Incentive programs for hydrocarbon production
Updates to the regulatory framework described in Note 35.d) to the annual consolidated financial statements for the six-month period ended June 30, 2022 are described below:
• | Foreign Currency Access Regime for Incremental Oil Production (“RADPIP” by its acronym in Spanish) and Foreign Currency Access Regime for Incremental Natural Gas Production (“RADPIGN”, by its acronym in Spanish) – Decree No. 277/2022 |
On May 26, 2022, the Argentine Government issued Decree No. 277/2022, creating the RADPIP and RADPIGN regimes. In order to obtain the benefits under these regimes, companies must: (i) be registered with the Register of Oil Companies and be holders of hydrocarbon exploitation concessions; (ii)��adhere to these regimes under the terms established by the SE; (iii) obtain an incremental production under the terms defined in the Decree; and (iv) comply with the Regime for Promotion of Employment, Work and Development of Regional and National Providers of the Hydrocarbon Industry.
Beneficiaries of RADPIP and RADPIGN will have access to foreign exchange currencies on the Exchange Market for the payment of principal and interest on foreign trade and financial liabilities, including liabilities with non-resident related companies and/or profits and dividends. Such access to the Exchange Market will be for a percentage of the incremental production, as specified under the Decree.
• | Incentive Programs for the Production of Conventional Hydrocarbons |
Provincial Stimulus Program – Province of Mendoza
As of the issuance date of these condensed interim consolidated financial statements, the proposals for Program I, which involve projects in Barrancas, Vizcacheras and Loma Alta Sur areas, were approved.
Provincial Stimulus Program – Province of Neuquén
Under the Provincial Hydrocarbon Reactivation Program, YPF has executed agreements with the Province of Neuquén to obtain the benefits of this Program, which involve projects in the Octógono Fiscal and Al Norte de la Dorsal areas.
Provincial Situmuls Program – Province of Chubut
Under the Hydrocarbon Industry Promotion Program, YPF submitted projects comprising the areas known as Manantiales Behr, Campamento Central - Cañadón Pérdido, Restinga Alí and El Trébol.
Table of Contents
34
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
36. MAIN REGULATIONS (cont.)
As of the issuance date of these condensed interim consolidated financial statements, the Province of Chubut has granted a 50% royalty rate reduction for a 10-year term applicable to: (i) incremental production from the Polymer Injection Pilot in El Trébol area, reducing the royalty rate to 6% for this type of production, decided by Decree No. 166/2022, and (ii) The Offshore Primary Develeopment Project (Proyecto Desarrollo Primaria Costa Afuera) in Restinga Alí area, decided by Decree No. 184/2022, reducing the royalty rate to 6% for oil production obatined from up to 6 wells in such area.
36.e) Tax Regulations
Updates to the regulatory framework described in Note 35.e) to the annual consolidated financial statements for the six-month period ended June 30, 2022 are described below:
• | Tax on Fuels |
Incentive Regime for the Internal Supply of Fuels (“RIAIC”, by its acronym in Spanish)
On June 16, 2022; Decree No. 329/2022 was published in the BO, creating a promotion regime that allows refining and/or integrated refining companies to receive an amount equal to the sum they have to pay in taxes on Liquid Fuels and Carbon Dioxide (“Tax on fuels”) for diesel imports, which may be applied to pay such taxes. The RIAIC will be applicable to diesel imports and crude transfers from June 16 to August 16, 2022, that meet certain requirements established in said Decree, and may be extended for two additional months by the enforcement authority.
36.f) Custom Regulations
During the six-month period ended June 30, 2022, there were no significant updates to the regulatory framework described in Note 35.f) to the annual consolidated financial statements.
36.g) BCRA Regulations
Updates to the regulatory framework described in Note 35.g) to the annual consolidated financial statements for the six-month period ended June 30, 2022 are described below:
Communication “A” 7,532
On June 27, 2022, the BCRA established:
• | A new additional term of up to 10 calendar days for the settlement of foreign currencies on account of advances, pre-financings and post-financings from abroad. Currencies shall be settled within 5 business days from the collection or disbursement date in compliance with Foreign Trade and Exchange Regulations. |
• | The possibility of an early repayment of local financing in foreign currency provided it takes place upon the inflow of funds from a new refinancing of exports from abroad. |
• | The possibility of early repayment of debt securities registered in Argentina denominated and paid-in in foreign currency provided it takes place upon the inflow of funds from a new foreign financial indebtedness and/or the settlement of a debt security registered in Argentina denominated and paid-in in foreign currency. |
Communication “A” 7,552
On July 21, 2022, the BCRA added new requirements to obtain access to the Foreign Exchange Market without prior consent, which include submitting a sworn statement declaring:
• | That all holdings in foreign currency in the country are deposited in a local bank account, that no available liquid foreign assets are owned and that no certificates of Argentine deposits representing foreign shares jointly exceeding US$ 100,000 are held. Holdings in excess of such amount should be settled by August 19, 2022, included. |
Table of Contents
35
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
36. MAIN REGULATIONS (cont.)
• | That the following transactions were not carried out within 90 days prior to accessing to the Foreign Exchange Market, and that they will not be carried out within 90 days thereafter: |
i. | Sales in the country of securities with settlement in foreign currency; |
ii. | Exchange of securities for foreign assets issued by residents; |
iii. | Transfer of securities to foreign entities; |
iv. | Acquisition of securities in the country issued by non-residents with settlement in pesos; |
v. | Acquisition of certificates of argentine deposits representing foreign shares; |
vi. | Acquisition of securities representing private debt issued in a foreign jurisdiction; |
vii. | Delivery of funds in local currency or other local assets (except funds in foreign currency deposited with local financial institutions) to directly or indirectly receive, in consideration therefor, foreign assets, crypto-assets or securities deposited abroad. |
36.h) CNV Regulatory Framework
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 c. 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 June 30, 2022, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 61. Additionally, the balancing entry requirement established in Section 15 of the aforementioned regulations does not apply to the Company.
Resolutions No. 629/2014 and No. 813/2019
Due to Resolutions No. 629/2014 and No. 813/2019, the Company informs that supporting documentation of YPF’s operations, which is not in YPF’s headquarters, is stored in the following companies:
• | Addoc. Administración de Documentos S.A. located in Barn 3 – Route 36, Km. 31.5 – Florencio Varela – Province of Buenos Aires. |
• | File S.R.L., located in Panamericana and R.S. Peña – Blanco Encalada – Luján de Cuyo – Province of Mendoza. |
• | Custodia Archivos del Comahue S.A. - Parque Industrial Este, Block N Plot 2 - Capital of Neuquén, Province of Neuquen. |
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.
Table of Contents
36
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
The information detailed in the table below shows the balances with associates and joint ventures as of June 30, 2022:
June 30, 2022 | ||||||||||||||||||||
Other receivables | Trade receivables | Investment in financial assets | Accounts payable | Contract liabilities | ||||||||||||||||
Current | Current | Current | Current | Current | ||||||||||||||||
Joint Ventures: | ||||||||||||||||||||
YPF EE | 549 | 1,834 | 1,172 | 4,639 | 26 | |||||||||||||||
Profertil | 70 | 1,687 | — | 3,937 | — | |||||||||||||||
MEGA | — | 7,811 | — | 482 | — | |||||||||||||||
Refinor | — | 3,376 | — | 96 | — | |||||||||||||||
OLCLP | 28 | — | — | 263 | — | |||||||||||||||
Sustentator S.A. | — | — | — | 3 | — | |||||||||||||||
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| |||||||||||
647 | 14,708 | 1,172 | 9,420 | 26 | ||||||||||||||||
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|
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| |||||||||||
Associates: | ||||||||||||||||||||
CDS | — | 1 | — | — | — | |||||||||||||||
YPF Gas | 295 | 2,540 | — | 487 | — | |||||||||||||||
Oldelval | 5 | 23 | — | 577 | — | |||||||||||||||
Termap | — | — | — | 250 | — | |||||||||||||||
OTA | — | — | — | 15 | — | |||||||||||||||
GPA | — | — | — | 628 | — | |||||||||||||||
Oiltanking | — | 1 | — | 550 | — | |||||||||||||||
Gas Austral S.A. | — | 55 | — | — | — | |||||||||||||||
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| |||||||||||
300 | 2,620 | — | 2,507 | — | ||||||||||||||||
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947 | 17,328 | 1,172 | 11,927 | 26 | ||||||||||||||||
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The information detailed in the table below shows the balances with associates and joint ventures as of December 31, 2021:
December 31, 2021 | ||||||||||||||||||||
Other receivables | Trade receivables | Investment in financial assets | Accounts payable | Contract liabilities | ||||||||||||||||
Current | Current | Current | Current | Current | ||||||||||||||||
Joint Ventures: | ||||||||||||||||||||
YPF EE | 385 | 1,277 | 803 | 3,375 | 74 | |||||||||||||||
Profertil | 19 | 1,146 | — | 884 | — | |||||||||||||||
MEGA | — | 4,397 | — | 572 | — | |||||||||||||||
Refinor | — | 1,949 | — | 64 | — | |||||||||||||||
OLCLP | 31 | — | — | 164 | — | |||||||||||||||
Sustentator S.A. | — | — | — | 5 | — | |||||||||||||||
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435 | 8,769 | 803 | 5,064 | 74 | ||||||||||||||||
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Associates: | ||||||||||||||||||||
CDS | — | 1 | — | — | — | |||||||||||||||
YPF Gas | 114 | 749 | — | 220 | — | |||||||||||||||
Oldelval | — | 2 | — | 366 | — | |||||||||||||||
Termap | — | — | — | 139 | — | |||||||||||||||
OTA | 14 | — | — | 11 | — | |||||||||||||||
GPA | — | — | — | 310 | — | |||||||||||||||
Oiltanking | — | 1 | — | 209 | — | |||||||||||||||
Gas Austral S.A. | — | 42 | — | — | — | |||||||||||||||
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128 | 795 | — | 1,255 | — | ||||||||||||||||
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563 | 9,564 | 803 | 6,319 | 74 | ||||||||||||||||
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Table of Contents
37
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)
The information detailed in the table below shows the transactions with associates and joint ventures for the six-month period ended June 30, 2022 and 2021:
For the six-month period ended June 30, | ||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||
Revenues | Purchases and services | Net interest income (loss) | Revenues | Purchases and services | Net interest income (loss) | |||||||||||||||||||
Joint Ventures: | ||||||||||||||||||||||||
YPF EE | 2,082 | 6,767 | — | 2,956 | 3,969 | — | ||||||||||||||||||
Profertil | 4,254 | 11,956 | — | 2,625 | 5,412 | — | ||||||||||||||||||
MEGA | 14,603 | 125 | 5 | 9,652 | 523 | — | ||||||||||||||||||
Refinor | 8,764 | 1,724 | 1 | 4,809 | 720 | — | ||||||||||||||||||
OLCLP | 72 | 508 | — | 50 | 361 | — | ||||||||||||||||||
Sustentator S.A. | — | 1 | — | — | 8 | — | ||||||||||||||||||
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29,775 | 21,081 | 6 | 20,092 | 10,993 | — | |||||||||||||||||||
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Associates: | ||||||||||||||||||||||||
CDS | — | — | — | 266 | — | — | ||||||||||||||||||
YPF Gas | 4,907 | 527 | — | 2,342 | 269 | — | ||||||||||||||||||
Oldelval | 45 | 2,707 | — | 7 | 1,602 | — | ||||||||||||||||||
Termap | — | 1,008 | — | — | 917 | — | ||||||||||||||||||
OTA | 1 | 136 | — | 1 | 97 | — | ||||||||||||||||||
GPA | — | 1,028 | — | — | 831 | — | ||||||||||||||||||
Oiltanking | 4 | 1,371 | — | 3 | 1,194 | — | ||||||||||||||||||
Gas Austral S.A. | 291 | 1 | — | 191 | — | — | ||||||||||||||||||
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5,248 | 6,778 | — | 2,810 | 4,910 | — | |||||||||||||||||||
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35,023 | 27,859 | 6 | 22,902 | 15,903 | — | |||||||||||||||||||
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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:
Table of Contents
38
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)
Balances | Transactions | |||||||||||||||||
Receivables / (Liabilities) | Income / (Costs) | |||||||||||||||||
June 30, 2022 | December 31, 2021 | For the six-month period ended June 30, | ||||||||||||||||
Customers / Suppliers | Ref. | 2022 | 2021 | |||||||||||||||
SGE | (1) (18) | 158 | 1,610 | — | 1,901 | |||||||||||||
SGE | (2) (18) | 10,075 | 4,397 | 9,803 | 6,337 | |||||||||||||
SGE | (3) (18) | 883 | 472 | 844 | 285 | |||||||||||||
SGE | (4) (18) | 167 | 188 | — | — | |||||||||||||
SGE | (5) (18) | 272 | 131 | 311 | 269 | |||||||||||||
SGE | (6) (18) | 6,813 | 6,775 | — | — | |||||||||||||
Ministry of Transport | (7) (18) | 664 | 918 | 2,962 | 2,823 | |||||||||||||
AFIP | (8) (18) | 928 | — | 928 | — | |||||||||||||
Secretary of Industry | (9) (18) | — | — | — | 573 | |||||||||||||
CAMMESA | (10) | 12,666 | 12,779 | 24,969 | 26,613 | |||||||||||||
CAMMESA | (11) | (2,084 | ) | (1,173 | ) | (2,225 | ) | (3,584 | ) | |||||||||
IEASA | (12) | 12,032 | 8,970 | 6,517 | 4,909 | |||||||||||||
IEASA | (13) | (11,290 | ) | (7,866 | ) | (2,382 | ) | (1,295 | ) | |||||||||
Aerolíneas Argentinas S.A. | (14) | 9,251 | 2,618 | 20,405 | 3,632 | |||||||||||||
Aerolíneas Argentinas S.A. | (15) | — | — | — | (133 | ) | ||||||||||||
Agua y Saneamientos Argentinos S.A. | (16) | 1,727 | 1,754 | — | 3,121 | |||||||||||||
Ministry of Work, Employment and Social Security and AFIP | (17) | — | — | — | 230 |
(1) | Benefits for the Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional Reservoirs. |
(2) | Benefits for the Plan for the Promotion of Argentine Natural Gas Production (“GasAr Plan). |
(3) | Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. |
(4) | 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. |
(5) | Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas. |
(6) | 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 35.c.1) to the annual consolidated financial statements. |
(7) | The compensation for providing diesel to public transport of passengers at a differential price. |
(8) | Benefits of the RIAIC. |
(9) | Incentive for domestic manufacturing of capital goods for the benefit of AESA. |
(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. |
(13) | The purchase of natural gas and crude oil. |
(14) | The provision of jet fuel. |
(15) | Purchase of miles for YPF Serviclub Program. |
(16) | Sale of assets held for disposal. |
(17) | Income recognized by the Productive Recovery Program II (“REPRO II”) in benefit of OPESSA. |
(18) | Income recognized under the guidelines of IAS 20 “Accounting for Government Grants and Disclosure of Government Assistance”. |
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 identified as investments in financial assets at fair value with change in results, and Treasury Bills and Bonds identified as investments in financial assets at amortized cost. See Note 15.
Furthermore, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the six-month period ended June 30, 2022 and 2021, YPF and CHNC carried out transactions, among others, the purchases of crude oil by YPF for 20,958 and 21,754, 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 June 30, 2022 and December 31, 2021 amounts to 3,310 and 3,004, respectively. See Note 36 to the annual consolidated financial statements.
Table of Contents
39
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
37. 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 six-month period ended June 30, 2022 and 2021:
For the six-month period ended June 30, | ||||||||
2022 | 2021 | |||||||
Short-term employee benefits(1) | 747 | 453 | ||||||
Share-based benefits | 82 | 60 | ||||||
Post-retirement benefits | 40 | 24 | ||||||
Termination benefits | 104 | 11 | ||||||
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973 | 548 | |||||||
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(1) | Does not include Social Security contributions of 167 and 80 for the six-month period ended June 30, 2022 and 2021, respectively. |
38. 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.
Retirement plan
The total charges recognized under the Retirement Plan amounted to approximately 303 and 117 for the six-month period ended June 30, 2022 and 2021, respectively.
Objective performance bonus programs and performance evaluation programs
The amount charged to expense related to the programs was 4,366 and 2,666 for the six-month period ended June 30, 2022 and 2021, respectively.
Share-based benefit plan
The amount charged to expense in relation with the share-based plans, which are disclosed according to their nature, was 110 and 241 for the six-month period ended June 30, 2022 and 2021, respectively.
During the six-month period ended June 30, 2022 and 2021, the Company has not repurchased its own shares.
Table of Contents
40
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||
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 | |||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||
Other receivables | ||||||||||||||||||||||||
U.S. dollar | 21 | 125.03 | 2,679 | 27 | 102.52 | 2,771 | ||||||||||||||||||
Bolivian peso | 7 | 17.96 | 125 | 7 | 14.73 | 103 | ||||||||||||||||||
Trade receivables | ||||||||||||||||||||||||
U.S. dollar | 29 | 125.03 | 3,630 | 28 | 102.52 | 2,836 | ||||||||||||||||||
Investments in financial assets | ||||||||||||||||||||||||
U.S. dollar | 179 | 125.03 | 22,389 | 25 | 102.52 | 2,534 | ||||||||||||||||||
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Total non-current assets | 28,823 | 8,244 | ||||||||||||||||||||||
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Current assets | ||||||||||||||||||||||||
Other receivables | ||||||||||||||||||||||||
U.S. dollar | 217 | 125.03 | 27,140 | 267 | 102.52 | 27,403 | ||||||||||||||||||
Euro | — | (2) | 130.88 | 44 | — | (2) | 115.89 | 43 | ||||||||||||||||
Real | 11 | 23.89 | 263 | 13 | 18.39 | 239 | ||||||||||||||||||
Chilean peso | 10,694 | 0.13 | 1,390 | 9,733 | 0.12 | 1,168 | ||||||||||||||||||
Bolivian peso | 14 | 17.96 | 250 | 14 | 14.73 | 205 | ||||||||||||||||||
Trade receivables | ||||||||||||||||||||||||
U.S. dollar | 544 | 125.03 | 68,031 | 552 | 102.52 | 56,589 | ||||||||||||||||||
Chilean peso | 11,185 | 0.13 | 1,454 | 11,825 | 0.12 | 1,419 | ||||||||||||||||||
Euro | — | (2) | 130.88 | 6 | — | (2) | 115.89 | 1 | ||||||||||||||||
Real | 45 | 23.89 | 1,075 | 54 | 18.39 | 993 | ||||||||||||||||||
Investments in financial assets | ||||||||||||||||||||||||
U.S. dollar | 252 | 125.03 | 31,491 | 342 | 102.52 | 35,063 | ||||||||||||||||||
Cash and cash equivalents | ||||||||||||||||||||||||
U.S. dollar | 217 | 125.03 | 27,126 | 175 | 102.52 | 17,952 | ||||||||||||||||||
Chilean peso | 1,790 | 0.13 | 233 | 1,017 | 0.12 | 122 | ||||||||||||||||||
Bolivian peso | — | — | — | 7 | 14.73 | 105 | ||||||||||||||||||
Real | 16 | 23.89 | 382 | 18 | 18.39 | 331 | ||||||||||||||||||
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Total current assets | 158,885 | 141,633 | ||||||||||||||||||||||
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Total assets | 187,708 | 149,877 | ||||||||||||||||||||||
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| |||||||||||||||||||||
Non-current liabilities | ||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||
U.S. dollar | 2,406 | 125.23 | 301,334 | 2,315 | 102.72 | 237,848 | ||||||||||||||||||
Real | 10 | 23.89 | 239 | 10 | 18.39 | 184 | ||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||
U.S. dollar | 259 | 125.23 | 32,420 | 276 | 102.72 | 28,335 | ||||||||||||||||||
Loans | ||||||||||||||||||||||||
U.S. dollar | 6,176 | 125.23 | 773,455 | 6,321 | 102.72 | 649,260 | ||||||||||||||||||
Real | 11 | 23.89 | 263 | 23 | 18.39 | 423 | ||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
U.S. dollar | 8 | 125.23 | 1,054 | 9 | 102.72 | 968 | ||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||
U.S. dollar | 4 | 125.23 | 458 | 4 | 102.72 | 399 | ||||||||||||||||||
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|
| |||||||||||||||||||||
Total non-current liabilities | 1,109,223 | 917,417 | ||||||||||||||||||||||
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|
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| |||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||||
Provisions | ||||||||||||||||||||||||
U.S. dollar | 119 | 125.23 | 14,918 | 120 | 102.72 | 12,360 | ||||||||||||||||||
Income tax | ||||||||||||||||||||||||
Real | 2 | 23.89 | 48 | 2 | 18.39 | 37 | ||||||||||||||||||
Taxes payable | ||||||||||||||||||||||||
Bolivian peso | 14 | 17.99 | 250 | 21 | 14.76 | 316 | ||||||||||||||||||
Chilean peso | 4,048 | 0.13 | 526 | 3,360 | 0.12 | 403 | ||||||||||||||||||
Real | 8 | 23.89 | 191 | 10 | 18.39 | 184 | ||||||||||||||||||
Salaries and social security | ||||||||||||||||||||||||
U.S. dollar | 10 | 125.23 | 1,237 | 10 | 102.72 | 990 | ||||||||||||||||||
Chilean peso | 357 | 0.13 | 46 | 430 | 0.12 | 52 | ||||||||||||||||||
Real | 1 | 23.89 | 24 | 1 | 18.39 | 18 | ||||||||||||||||||
Lease liabilities | ||||||||||||||||||||||||
U.S. dollar | 285 | 125.23 | 35,726 | 266 | 102.72 | 27,277 | ||||||||||||||||||
Loans | ||||||||||||||||||||||||
U.S. dollar | 679 | 125.23 | 85,044 | 698 | 102.72 | 71,674 | ||||||||||||||||||
Chilean peso | 2,246 | 0.13 | 292 | 2,950 | 0.12 | 354 | ||||||||||||||||||
Real | 56 | 23.89 | 1,338 | 51 | 18.39 | 938 | ||||||||||||||||||
Other liabilities | ||||||||||||||||||||||||
U.S. dollar | 12 | 125.23 | 1,455 | 34 | 102.72 | 3,468 | ||||||||||||||||||
Accounts payable | ||||||||||||||||||||||||
U.S. dollar | 904 | 125.23 | 113,238 | 846 | 102.72 | 86,878 | ||||||||||||||||||
Euro | 19 | 131.40 | 2,541 | 20 | 116.37 | 2,280 | ||||||||||||||||||
Chilean peso | 4,660 | 0.13 | 606 | 3,379 | 0.12 | 405 | ||||||||||||||||||
Pound sterling | — | (2) | 152.48 | 12 | 1 | 138.54 | 80 | |||||||||||||||||
Yen | 149 | 0.92 | 137 | 164 | 0.89 | 146 | ||||||||||||||||||
Swiss franc | 1 | 131.34 | 103 | 1 | 112.40 | 84 | ||||||||||||||||||
Real | 30 | 23.89 | 723 | 42 | 18.39 | 777 | ||||||||||||||||||
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| |||||||||||||||||||||
Total current liabilities | 258,455 | 208,721 | ||||||||||||||||||||||
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|
|
| |||||||||||||||||||||
Total liabilities | 1,367,678 | 1,126,138 | ||||||||||||||||||||||
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|
|
|
(1) | Exchange rate in force at June 30, 2022 and December 31, 2021 according to BNA. |
(2) | Registered value less than 1. |
Table of Contents
41
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.
In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) |
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 June 30, 2022, should have been considered in such financial statements under IFRS.
PABLO GERARDO GONZÁLEZ
President
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: August 17, 2022 | By: | /s/ Pablo Calderone | ||||
Name: | Pablo Calderone | |||||
Title: | Market Relations Officer |