6-K 1 d220009d6k.htm FORM 6-K Form 6-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer

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

of the Securities Exchange Act of 1934

For the month of May, 2021

Commission File Number: 001-12102

 

 

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

 

 

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

 

 

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

Form 20-F ☒                Form 40-F ☐

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

Yes ☐                No ☒

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

Yes ☐                No ☒

 

 

 


Table of Contents

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF MARCH 31, 2021

AND COMPARATIVE INFORMATION (UNAUDITED)


Table of Contents

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

CONTENT

 

Note

 

Description

   Page  
    Glossary of terms    1  
    Legal Information    2  
    Consolidated statements of financial position    3  
    Consolidated statements of comprehensive income    4  
    Consolidated statements of changes in shareholders’ equity    5  
    Consolidated statements of cash flow    7  
  Notes to the condensed interim consolidated financial statements:   

1

 

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

     8  

2

 

Basis of preparation of the consolidated financial statements

     9  

3

 

Seasonality of operations

     12  

4

 

Acquisitions and dispositions

     12  

5

 

Financial risk management

     12  

6

 

Segment information

     13  

7

 

Financial instruments by category

     15  

8

 

Intangible assets

     15  

9

 

Property, plant and equipment

     16  

10

 

Right-of-use assets

     19  

11

 

Investments in associates and joint ventures

     19  

12

 

Inventories

     21  

13

 

Other receivables

     21  

14

 

Trade receivables

     21  

15

 

Cash and cash equivalents

     22  

16

 

Provisions

     22  

17

 

Income Tax

     23  

18

 

Taxes payable

     24  

19

 

Salaries and social security

     24  

20

 

Lease liabilities

     24  

21

 

Loans

     25  

22

 

Other liabilities

     26  

23

 

Accounts payable

     26  

24

 

Revenues

     27  

25

 

Costs

     29  

26

 

Expenses by nature

     29  

27

 

Other net operating results

     30  

28

 

Net financial results

     30  

29

 

Investments in joint operations

     31  

30

 

Shareholders’ equity

     31  

31

 

Earnings per share

     32  

32

 

Issues related to Maxus Entities

     32  

33

 

Contingent assets and contingent liabilities

     32  

34

 

Contractual commitments

     33  

35

 

Main regulations and other

     33  

36

 

Balances and transactions with related parties

     36  

37

 

Employee benefit plans and similar obligations

     38  

38

 

Assets and liabilities in currencies other than the Peso

     39  

39

 

Subsequent events

     40  


Table of Contents

1

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

GLOSSARY OF TERMS

 

Term

  

Definition

AESA    Subsidiary A-Evangelista S.A.
AFIP    Argentine Tax Authority
Associate    Company over which YPF has significant influence as provided for in IAS 28
BCRA    Central Bank of the Argentine Republic
BNA    Banco de la Nación Argentina
BO    Official Gazette of the Argentine Republic
CAMMESA    Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CDS    Associate Central Dock Sud S.A.
CGU    Cash-Generating Units
CIMSA    Subsidiary Compañía de Inversiones Mineras S.A.
CNV    Argentine Securities Commission
CSJN    Argentine Supreme Court
CT Barragán    Joint venture CT Barragán S.A.
Eleran    Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS    Argentine National Gas Regulatory Authority
FACPCE    Argentine Federation of Professional Councils in Economic Sciences
FASB    Financial Accounting Standards Board
Group    YPF and its subsidiaries
GPA    Associate Gasoducto del Pacífico (Argentina) S.A.
IAS    International Accounting Standard
IASB    International Accounting Standards Board
IEASA (former ENARSA)    Integración Energética Argentina S.A. (former Energía Argentina S.A.)
IFRIC    International Financial Reporting Interpretations Committee
IFRS    International Financial Reporting Standard
Joint venture    Company jointly owned by YPF as provided for in IFRS 11
JO    Joint operation
LGS    Argentine General Corporations Law No. 19,550 (T.O. 1984), as amended
LNG    Liquified natural gas
LPG    Liquefied Petroleum Gas
MEGA    Joint Venture Company Mega S.A.
MEGSA    Mercado Electrónico del Gas S.A.
Metroenergía    Subsidiary Metroenergía S.A.
Metrogas    Subsidiary Metrogas S.A.
MINEM    Former Ministry of Energy and Mining (Ministerio de Energía y Minería)
MMBtu    Million British thermal units
NO    Negotiable Obligations
Oiltanking    Associate Oiltanking Ebytem S.A.
Oldelval    Associate Oleoductos del Valle S.A.
OLCLP    Joint Venture Oleoducto Loma Campana – Lago Pellegrini S.A.
OPESSA    Subsidiary Operadora de Estaciones de Servicios S.A.
OTA    Associate Oleoducto Trasandino (Argentina) S.A.
OTC    Associate Oleoducto Trasandino (Chile) S.A.
PEN    National Executive Branch
Peso    Argentine Peso
Profertil    Joint Venture Profertil S.A.
Refinor    Joint Venture Refinería del Norte S.A.
RTI    Integral Tariff Review
SE    Secretariat of Energy
SEE    Secretariat of Electric Energy
SEC    U.S. Securities and Exchange Commission
SGE    Government Secretariat of Energy
SRH    Hydrocarbon Resources Secretariat
Subsidiary    Company controlled by YPF in accordance with the provisions of IFRS 10
TFN    National Fiscal Tribunal
Termap    Associate Terminales Marítimas Patagónicas S.A.
TSEP    Transportation system entry point
UHaF    Under-Secretariat of Hydrocarbons and Fuels
US$    U.S. dollar
US$/Bbl    U.S. dollar per barrel
Y-GEN I    Joint venture Y-GEN Eléctrica S.A.U.
Y-GEN II    Joint venture Y-GEN Eléctrica II S.A.U.
YPF Brasil    Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda.
YPF Chile    Subsidiary YPF Chile S.A.
YPF EE    Joint venture YPF Energía Eléctrica S.A.
YPF Gas    Associate YPF Gas S.A.
YPF Holdings    Subsidiary YPF Holdings, Inc.
YPF International    Subsidiary YPF International S.A.
YPF or the Company    YPF Sociedad Anónima
YPF Ventures    Subsidiary YPF Ventures S.A.U.
YTEC    Subsidiary YPF Tecnología S.A.
WEM    Wholesale Electricity Market


Table of Contents

2

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

LEGAL INFORMATION

Legal address

Macacha Güemes 515 – Ciudad Autónoma de Buenos Aires, Argentina

Fiscal year number 45

Beginning on January 1, 2021

Principal business of the Company

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

Filing with the Public Registry

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

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

April 29, 2016 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on December 21, 2016 under No. 25,244, Book 82 of Corporations.

Capital structure

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

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

3,933,127,930

PABLO GERARDO GONZÁLEZ

President                    


Table of Contents

3

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2021 AND DECEMBER 31, 2020 (UNAUDITED)

  
(Amounts expressed in millions of Pesos)   

 

     Notes      March 31,
2021
     December 31,
2020
 

ASSETS

        

Noncurrent Assets

        

Intangible assets

     8        42,266        39,119  

Property, plant and equipment

     9        1,482,277        1,379,527  

Right-of-use assets

     10        48,384        44,081  

Investments in associates and joint ventures

     11        119,669        107,112  

Deferred income tax assets, net

     17        2,690        2,629  

Other receivables

     13        14,952        14,657  

Trade receivables

     14        5,179        8,531  
     

 

 

    

 

 

 

Total noncurrent assets

        1,715,417        1,595,656  
     

 

 

    

 

 

 

Current Assets

        

Assets held for disposal

        540        494  

Inventories

     12        111,343        100,137  

Contract assets

     24        394        871  

Other receivables

     13        47,419        34,369  

Trade receivables

     14        118,795        108,146  

Investment in financial assets

     7        35,127        28,934  

Cash and cash equivalents

     15        56,276        54,618  
     

 

 

    

 

 

 

Total current assets

        369,894        327,569  
     

 

 

    

 

 

 

TOTAL ASSETS

        2,085,311        1,923,225  
     

 

 

    

 

 

 

SHAREHOLDERS’ EQUITY

        

Shareholders’ contributions

        10,467        10,385  

Reserves, other comprehensive income and retained earnings

        729,649        666,845  
     

 

 

    

 

 

 

Shareholders’ equity attributable to shareholders of the parent company

        740,116        677,230  
     

 

 

    

 

 

 

Non-controlling interest

        6,772        6,165  
     

 

 

    

 

 

 

TOTAL SHAREHOLDERS’ EQUITY

        746,888        683,395  
     

 

 

    

 

 

 

LIABILITIES

        

Noncurrent Liabilities

        

Provisions

     16        205,867        186,488  

Deferred income tax liabilities, net

     17        130,144        119,609  

Income tax liability

     17        3,442        3,571  

Taxes payable

     18        201        215  

Salaries and social security

     19        4,203        3,860  

Lease liabilities

     20        27,387        24,172  

Loans

     21        602,830        527,575  

Other liabilities

     22        1,429        2,961  

Accounts payable

     23        958        710  
     

 

 

    

 

 

 

Total noncurrent liabilities

        976,461        869,161  
     

 

 

    

 

 

 

Current Liabilities

        

Provisions

     16        6,652        6,133  

Contract liabilities

     24        5,799        6,824  

Income tax liability

     17        946        740  

Taxes payable

     18        24,671        15,764  

Salaries and social security

     19        13,769        14,934  

Lease liabilities

     20        23,015        22,098  

Loans

     21        109,085        150,731  

Other liabilities

     22        9,087        9,062  

Accounts payable

     23        168,938        144,383  
     

 

 

    

 

 

 

Total current liabilities

        361,962        370,669  
     

 

 

    

 

 

 

TOTAL LIABILITIES

        1,338,423        1,239,830  
     

 

 

    

 

 

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

        2,085,311        1,923,225  
     

 

 

    

 

 

 

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

PABLO GERARDO GONZÁLEZ

President                    


Table of Contents

4

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH AND THREE-MONTH PERIOD ENDED MARCH 31, 2021 AND 2020 (UNAUDITED)

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

 

            For the three-month period
ended March 31,
 

Net income

   Notes      2021     2020  

Revenues

     24        234,890       174,670  

Costs

     25        (198,531     (145,914
     

 

 

   

 

 

 

Gross profit

        36,359       28,756  
     

 

 

   

 

 

 

Selling expenses

     26        (19,945     (13,876

Administrative expenses

     26        (9,125     (6,749

Exploration expenses

     26        (159     (716

Other net operating results

     27        (276     7,383  
     

 

 

   

 

 

 

Operating profit

        6,854       14,798  
     

 

 

   

 

 

 

Income from equity interests in associates and joint ventures

     11        5,116       1,420  

Financial income

     28        22,347       20,806  

Financial loss

     28        (32,323     (30,134

Other financial results

     28        5,685       (1,293
     

 

 

   

 

 

 

Net financial results

     28        (4,291     (10,621
     

 

 

   

 

 

 

Net profit before income tax

        7,679       5,597  
     

 

 

   

 

 

 

Income tax

     17        (9,926     754  
     

 

 

   

 

 

 

Net (loss) / profit for the period

        (2,247     6,351  
     

 

 

   

 

 

 

Other comprehensive income

       

Items that may be reclassified subsequently to profit or loss:

       

Translation differences from subsidiaries, associates and joint ventures

        (3,165     (1,813

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

        4,703       2,194  

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

       

Translation differences from YPF

        64,120       42,893  
     

 

 

   

 

 

 

Other comprehensive income for the period

        65,658       43,274  
     

 

 

   

 

 

 

Total comprehensive income for the period

        63,411       49,625  
     

 

 

   

 

 

 

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

       

Shareholders of the parent company

        (2,066     6,212  

Non-controlling interest

        (181     139  

Other comprehensive income for the period attributable to:

       

Shareholders of the parent company

        64,870       42,848  

Non-controlling interest

        788       426  

Total comprehensive income for the period attributable to:

       

Shareholders of the parent company

        62,804       49,060  

Non-controlling interest

        607       565  

Earnings per share attributable to shareholders of the parent company:

       

Basic and diluted

     31        (5.26     15.83  

 

(1)

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

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

PABLO GERARDO GONZÁLEZ

President                    


Table of Contents

5

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2021 AND 2020 (UNAUDITED)

  

(Amounts expressed in millions of Pesos)

  

 

    For the three-month period ended March 31, 2021  
    Shareholders’ contributions  
    Subscribed
capital
    Adjustment to
contributions
    Treasury
shares
    Adjustment
to treasury
shares
    Share-based
benefit
plans
    Acquisition cost
of treasury
shares
    Share trading
premium
    Issuance
premiums
    Total  

Balance at the beginning of the fiscal year

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

Accrual of share-based benefit plans (3)

    —         —         —         —         119       —         —         —         119  

Settlement of share-based benefit plans (2)

    —         —         —         —         (27     (4     (6     —         (37

Other comprehensive income

    —         —         —         —         —         —         —         —         —    

Net loss

    —         —         —         —         —         —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    3,926       6,088       7       13       (52     498       (653     640       10,467  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

Balance at the beginning of the fiscal year

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

Accrual of share-based benefit plans (3)

    —         —         —         —         —         —         119       —         119  

Settlement of share-based benefit plans (2)

    —         —         —         —         —         —         (37     —         (37

Other comprehensive income

    —         —         —         —         64,870       —         64,870       788       65,658  

Net loss

    —         —         —         —         —         (2,066     (2,066     (181     (2,247
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    2,007       3,700       8,934       550       786,173 (1)      (71,715     740,116       6,772       746,888  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Includes 797,612 corresponding to the effect of the translation of the financial statements of YPF and, (41,857) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 30,418 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1. to the annual consolidated financial statements.

(2)

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

(3)

See Note 37.

PABLO GERARDO GONZÁLEZ

President


Table of Contents

6

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2021 AND 2020 (UNAUDITED) (Cont.)

  
(Amounts expressed in millions of Pesos)   

 

    For the three-month period ended March 31, 2020  
    Shareholders’ contributions  
    Subscribed
capital
    Adjustment to
contributions
    Treasury
shares
    Adjustment
to treasury
shares
    Share-based
benefit
plans
    Acquisition cost
of treasury
shares
    Share trading
premium
    Issuance
premiums
    Total  

Balance at the beginning of the fiscal year

    3,924       6,085       9       16    

 

117

 

    177       (396     640       10,572  

Accrual of share-based benefit plans (3)

    —         —         —         —         147       —         —         —         147  

Settlement of share-based benefit plans (2)

    —         —         —         —         (12     12       (3     —         (3

Other comprehensive income

    —         —         —         —         —         —         —         —         —    

Net income

    —         —         —         —         —         —         —         —         —    
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    3,924       6,085       9       16       252       189       (399     640       10,716  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

Balance at the beginning of the fiscal year

    2,007       2,500       44,255       500       516,786       (34,071     542,549       5,550       548,099  

Accrual of share-based benefit plans (3)

    —         —         —         —         —         —         147       —         147  

Settlement of share-based benefit plans (2)

    —         —         —         —         —         —         (3     —         (3

Other comprehensive income

    —         —         —         —         42,848       —         42,848       426       43,274  

Net income

    —         —         —         —         —         6,212       6,212       139       6,351  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at the end of the period

    2,007       2,500       44,255       500       559,634 (1)      (27,859     591,753       6,115       597,868  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Includes 571,038 corresponding to the effect of the translation of the financial statements of YPF and, (31,504) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 20,100 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1. to the annual consolidated financial statements.

(2)

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

(3)

See Note 37.

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

PABLO GERARDO GONZÁLEZ

President


Table of Contents

7

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2021 AND 2020 (UNAUDITED)

  
(Amounts expressed in millions of Pesos)   

 

     For the three-month period
ended March 31,
 
     2021     2020  

Cash flows from operating activities

    

Net (loss) / income

     (2,247     6,351  

Adjustments to reconcile net (loss) / income to cash flows provided by operating activities:

    

Income from equity interests in associates and joint ventures

     (5,116     (1,420

Depreciation of property, plant and equipment

     60,875       43,636  

Depreciation of right-of-use assets

     4,214       4,752  

Amortization of intangible assets

     1,042       669  

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

     7,369       4,737  

Charge on income tax

     9,926       (754

Net increase in provisions

     5,723       3,862  

Exchange differences, interest and other

     3,814       9,840  

Share-based benefit plans

     119       147  

Accrued insurance

     —         (458

Result from debt exchange

     (1,855     —    

Result from the assignment of areas

     —         (6,356

Changes in assets and liabilities:

    

Trade receivables

     1,816       15,390  

Other receivables

     (8,263     (3,995

Inventories

     (2,247     (10,952

Accounts payable

     16,880       (3,406

Taxes payables

     8,067       365  

Salaries and social security

     (2,449     (1,775

Other liabilities

     (2,377     173  

Decrease in provisions included in liabilities due to payment/use

     (1,821     (1,351

Contract assets

     480       (517

Contract liabilities

     (611     86  

Dividends received

     28       130  

Proceeds from collection of lost profit insurance

     12       247  

Income tax payments

     (129     (446
  

 

 

   

 

 

 

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

     93,250       58,955  
  

 

 

   

 

 

 

Investing activities: (3)

    

Acquisition of property, plant and equipment and intangible assets

     (43,640     (48,540

Proceeds from sales of financial assets

     9,256       —    

Payments from purchase of financial assets

     (13,094     —    

Interests received from financial assets

     1,172       —    

Sale of interest in areas

     —         6,356  
  

 

 

   

 

 

 

Net cash flows used in investing activities

     (46,306     (42,184
  

 

 

   

 

 

 

Financing activities: (3)

    

Payments of loans

     (47,468     (20,964

Payments of interests

     (17,663     (16,043

Proceeds from loans

     25,713       25,221  

Payments of leases

     (6,783     (5,936

Payments of interests in relation to income tax

     (7     (264
  

 

 

   

 

 

 

Net cash flows used in financing activities

     (46,208     (17,986
  

 

 

   

 

 

 

Translation differences of cash and cash equivalents

     922       4,247  
  

 

 

   

 

 

 

Net Increase in cash and cash equivalents

     1,658       3,032  
  

 

 

   

 

 

 

Cash and cash equivalents at the beginning of the fiscal year

     54,618       66,100  

Cash and cash equivalents at the end of the fiscal year

     56,276       69,132  
  

 

 

   

 

 

 

Net Increase in cash and cash equivalents

     1,658       3,032  
  

 

 

   

 

 

 

 

(1)

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

(2)

Includes 3,627 and 1,963 for the three-month period ended March 31, 2021 and 2020, respectively, for payment of short-term leases and of the variable charge of leases related to the underlying asset use or performance.

(3)

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

 

     For the three-month period
ended March 31,
 
     2021      2020  

Unpaid acquisitions of property, plant and equipment and concession extension liabilities

     16,674        12,146  

Additions of right-of-use assets

     7,020        2,228  

Capitalization of depreciation of right-of-use assets

     873        881  

Capitalization of financial accretion for lease liabilities

     293        217  

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

 

PABLO GERARDO GONZÁLEZ
President                    


Table of Contents

8

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 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 (“YPF” or the “Company”) Sociedad Anónima is a stock corporation (Sociedad Anónima) incorporated under the laws of the Argentine Republic, with a registered office at Macacha Güemes 515, in the City of Buenos Aires.

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

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of March 31, 2021:

 

 

(1)

Held directly and indirectly.

(2)

See Note 3 to the annual consolidated financial statements.

(3)

See Note 34.h to the annual consolidated financial statements.


Table of Contents

9

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

1.

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

 

Organization of the business

As of March 31, 2021, the Group carries out its operations in accordance with the following structure:

 

   

Upstream;

 

   

Gas and Power;

 

   

Downstream;

 

   

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

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

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

 

2.

BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Basis of preparation

The condensed interim consolidated financial statements of YPF for the three-month period ended March 31, 2021 are presented in accordance with International Accounting Standard (“IAS”) No. 34 “Interim Financial Reporting”. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements of the Group as of December 31, 2020 (the “annual consolidated financial statements”) presented in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

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

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on May 11, 2021.

These condensed interim consolidated financial statements corresponding to the three-month period ended on March 31, 2021 are unaudited. The Company´s Management believes they have included all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Loss for the three-month period ended on March 31, 2021 does not necessarily reflect the proportion of the Group’s full-year Net Loss or Profit.

2.b) Significant Accounting Policies

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

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax detailed in Note 17.

Functional and presentation currency

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


Table of Contents

10

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

2.

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

 

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

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

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

Adoption of new standards and interpretations effective as of January 1, 2021

The Group has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of March 31, 2021, as specified in Note 2.b.26 to the annual consolidated financial statements.

Standards and interpretations issued as from January 1, 2021 by the IASB whose implementation is not mandatory as of the closing of these condensed interim consolidated financial statements and, therefore, have not been adopted by the Group

 

   

Amendments to IAS 8 – Definition of accounting estimates

In February 2021, the IASB issued amendments to IAS 8, related to the definition of accounting estimates, effective for fiscal years beginning on or after January 1, 2023, on changes in accounting policies and estimates occurring as of such date, allowing for their early application.

The amendments include the definition of the concept of accounting estimates in order to help entities to distinguish between accounting policies and accounting estimates—as the previous definition was interrelated to the definition of accounting policy and could lead to an error—defining accounting estimates as “monetary amounts in financial statements that are subject to measurement uncertainty”.

The IASB clarifies that changes in accounting estimates are accounted for prospectively, and if such changes are based both on new information which was not available when the previous measurements were made, as well as changes affecting the variables used in such estimate, they should not be treated as the correction of an error.

The Group anticipates the implementation of such amendments will not significantly affect its financial statements.

 

   

Amendments to IAS 1 and IFRS Practice Statement 2 – Disclosure of Accounting Policies

In February 2021, the IASB issued the following amendments to IAS 1, related to material accounting policies, applicable to fiscal years beginning on or after January 1, 2023, allowing their early application:

 

   

The term significant accounting policies is replaced with material accounting policies.

 

   

Guidance and explanatory guidance are added to help entities identify the material accounting policies required to be disclosed.

 

   

Accounting policies may be material, regardless of the magnitude of the amounts involved, and therefore, the nature of such policies, as well as certain conditions, such as whether they are related to the full understanding of another accounting policy deemed material, should be analyzed.

 

   

If the entity discloses accounting policies deemed immaterial, such disclosure should not lead to confusion.

The Group anticipates the implementation of these amendments will not significantly affect its financial statements.


Table of Contents

11

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

2.

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

 

   

Amendments to IFRS 16 – Reductions in lease payments related to COVID-19 as from June 2021

In March, 2021, the IASB issued amendments applicable to fiscal periods beginning on or after 1 April, 2021, allowing their early implementation.

A lessee may decide to account for changes in lease payments as a consequence of COVID-19 pandemic arising from rent reductions in the same way it would account for the change applying IFRS 16, as if such change were not a lease modification.

This option exclusively applies to rent reductions only as a direct consequence of the COVID-19 pandemic and provided they meet the following conditions:

(i) any change in lease payments results in revised consideration for the lease that is substantially the same, or lower than, the consideration for the lease immediately preceding the change;

(ii) any reduction in lease payments affects only payments originally due until June 30, 2022 (for example, a rent reduction would meet this condition if it results in reduced lease payments until June 30, 2022 and increased lease payments beyond June 30, 2022); and

(iii) there is no significant change in the terms and conditions of the lease.

The Group expects the implementation of these amendments will have no significant impact on its financial statements.

2.c) Accounting Estimates and Judgments

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

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

Considerations concerning COVID-19 and the current economic environment

Since the beginning of 2020, the world experienced the outbreak of a virus that causes potentially deadly respiratory infections (COVID-19), which has adversely affected demand for refined products in geographical areas where the most relevant measures were implemented to control the virus’ spread, which caused a lower global demand for refined products and an abnormally high volatility in this commodity.

Since the third quarter of 2020, the country resumed partially its social and economic activities, and therefore, the demand for fuels, which had significantly declined at the beginning of the pandemic, increased. In April 2021, the volumes of recurring sales of fuels (gasoline and diesel) and jet were reduced by 8% and 70%, respectively, compared to pre-pandemic levels. Even though sales rose significantly, current activity levels are still below normal values, affecting the Group’s comprehensive results and cash flows.

In April 2021, due to an increase in positive cases across the country, the government imposed new restrictions on circulation and certain activities.


Table of Contents

12

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

2.

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

 

As of the date of these condensed interim consolidated financial statements, due to the uncertainties inherent to the scale and duration of the COVID-19 pandemic and the measures implemented to contain its spread, it is not reasonably possible to estimate the final impact this pandemic will have on the world’s economy and its financial markets, on Argentina’s economy, and consequently, on the Group’s comprehensive results, cash flows and financial position of the Group, or its effect on access to debt markets, the contractual position with certain counterparties (including as a result of events of force majeure or other similar events under the Group’s contracts), among others.

As mentioned above, the valuation of certain assets and liabilities is subject to a higher level of uncertainty, which is why the current economic context was considered in the evaluation of estimates and accounting judgments described in Note 2.c to the annual consolidated financial statements.

The Management of the Company has contemplated the impact of COVID-19 and current economic environment when preparing these consolidated financial statements and continues to consider it appropriate to adopt the going-concern basis of accounting for their presentation and valuation.

2.d) Comparative information

Amounts and other information corresponding to the year ended on December 31, 2020 and to the three-month period ended on March 31, 2020 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Likewise, certain additional disclosures of non-significant information have been made.

 

3.

SEASONALITY OF OPERATIONS

Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment.

Therefore, the Group is subject to seasonal fluctuations in its sales volumes and sales prices, with higher natural gas sales in winter mainly due to a higher price. Also, seasonal fluctuations may affect the Group’s gas production levels due to production cuts in non-winter periods.

 

4.

ACQUISITIONS AND DISPOSITIONS

 

   

Assignment of CAN 100 exploration permit (offshore)

As mentioned in Note 3 to the annual consolidated financial statements, in January 2021, YPF and Shell Argentina S.A. (“Shell Argentina”) and Equinor and Shell Argentina, executed the agreements under which YPF and Equinor transferred to Shell Argentina a 15% interest in CAN 100 area, respectively, YPF maintaining a 35% interest in each area. The effectiveness of such agreements was subject to certain precedent conditions, including the approval of the assignments by the SE, which were authorized by the SE on April 23, 2021. This assignment required Shell Argentina’s payment of the outstanding price amounting to US$ 5 million, which was received by YPF.

 

5.

FINANCIAL RISK MANAGEMENT

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

During the three-month period ended March 31, 2021, there were no significant changes in the administration or risk management policies implemented by the Group as described in Note 4 to the annual consolidated financial statements.

 

   

Liquidity risk management

Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others. See Notes 15, 31 and 32 to the annual consolidated financial statements.


Table of Contents

13

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

5.

FINANCIAL RISK MANAGEMENT (Cont.)

 

As of March 31, 2021, the Group had exceeded the leverage ratio required under the covenants, and therefore, even though there is no acceleration of maturities of due amounts or restrictions to refinance existing loans, the Group has certain limitations in its capacity to incur further debt. However, there are certain exceptions that might allow the Group sufficient flexibility to manage its debt.

Additionally, it should be noted that, under the terms and conditions of the loans that our subsidiary Metrogas has taken, the debt and interest service coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, the financial creditors formally accepted to waive Metrogas from complying with the contractual obligation related to such financial ratio, as of March 31, 2021.

 

6.

SEGMENT INFORMATION

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

 

   

Upstream

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

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

 

   

Gas and Power

The Gas and Power segment generates its revenue from the development of activities relating to: (i) the natural gas and LNG transport and commercialization to third parties (for the three-month period ended as of March 31, 2020) and the Downstream segment, (ii) the commercial and technical operation of the LNG regasification terminal in Escobar, by hiring one regasification vessel, and (iii) the natural gas distribution.

In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a “purchase” to the Upstream segment, and including Stimulus Plan for Natural Gas production in force (see Note 34.g to the annual consolidated financial statements), Gas and Power segment accrues a fee in its favor with the Upstream segment to carry out such commercialization.

 

   

Downstream

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

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

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

 

   

Central Administration and Others

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

Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices.

Operating profit and assets for each segment have been determined after consolidation adjustments.


Table of Contents

14

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

6.

SEGMENT INFORMATION (Cont.)

 

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

For the three-month period ended March 31, 2021

             

Revenues from sales

     1,998       30,293       199,915        4,901       (2,217     234,890  

Revenues from intersegment sales

     108,367       2,673       1,429        8,091       (120,560     —    
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Revenues

     110,365       32,966       201,344        12,992       (122,777     234,890  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Operating profit / (loss)

     1,632       (2,827     17,601        (3,703     (5,849     6,854  

Income from equity interests in associates and joint ventures

     —         3,861       1,255        —         —         5,116  

Depreciation of property, plant and equipment

     48,702 (2)      584       9,815        1,774       —         60,875  

Impairment of property, plant and equipment and intangible assets

     —         —         —          —         —         —    

Acquisition of property, plant and equipment

     37,589       360       4,544        622       —         43,115  

Assets

     978,593       224,735       725,083        162,674       (5,774     2,085,311  

For the three-month period ended March 31, 2020

             

Revenues from sales

     824       27,598       143,876        4,204       (1,832     174,670  

Revenues from intersegment sales

     80,005       1,679       857        6,675       (89,216     —    
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Revenues

     80,829       29,277       144,733        10,879       (91,048     174,670  
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Operating profit / (loss)

     664       (1,100     4,133        (3,452     14,553       14,798  

Income from equity interests in associates and joint ventures

     —         937       483        —         —         1,420  

Depreciation of property, plant and equipment

     35,195 (2)      405       6,999        1,037       —         43,636  

Acquisition of property, plant and equipment

     29,274       847       5,201        1,424       —         36,746  

As of December 31, 2020

             

Assets

     914,257       209,225       646,589        152,816       338       1,923,225  

 

(1)

Corresponds to the elimination among segments of the YPF Group.

(2)

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


Table of Contents

15

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

7.

FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

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

The tables below show the Group’s financial assets measured at fair value as of March 31, 2021 and December 31, 2020, and their allocation to their fair value levels:

 

     As of March 31, 2021  

Financial Assets

   Level 1      Level 2      Level 3      Total  

Investments in financial assets: (1) (2)

           

- Public securities

     8,942        —          —          8,942  
  

 

 

    

 

 

    

 

 

    

 

 

 
     8,942        —          —          8,942  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents:

           

- Mutual funds

     37,175        —          —          37,175  
  

 

 

    

 

 

    

 

 

    

 

 

 
     37,175        —          —          37,175  
  

 

 

    

 

 

    

 

 

    

 

 

 
     46,117        —          —          46,117  
  

 

 

    

 

 

    

 

 

    

 

 

 
     As of December 31, 2020  

Financial Assets

   Level 1      Level 2      Level 3      Total  

Investments in financial assets: (1) (2)

           

- Public securities

     9,882        —          —          9,882  
  

 

 

    

 

 

    

 

 

    

 

 

 
     9,882        —          —          9,882  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash and cash equivalents:

           

- Mutual funds

     34,586        —          —          34,586  
  

 

 

    

 

 

    

 

 

    

 

 

 
     34,586        —          —          34,586  
  

 

 

    

 

 

    

 

 

    

 

 

 
     44,468        —          —          44,468  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Additionally, the Group has as financial assets measured at amortized cost Treasury Bills and terms deposits of 26,185 as of March 31, 2021, and Treasury Bills of 19,052 as of December 31, 2020.

(2)

Granted guarantees for contractual commitments with Exmar. See Note 33.e and 33.f to the annual consolidated financial statements .

The Group has no financial liabilities measured at fair value.

Fair value estimates

For the three-month period ended March 31, 2021, changes in business or economic circumstances did not significantly affect the fair value of the Group’s financial assets and liabilities, whether measured at fair value or amortized cost.

During the three-month period ended March 31, 2021, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

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

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 519,846 and 560,267 as of March 31, 2021 and December 31, 2020, respectively.

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

 

8.

INTANGIBLE ASSETS

 

     March 31, 2021      December 31, 2020  

Net book value of intangible assets

     44,933        41,245  

Provision for impairment of intangible assets

     (2,667      (2,126
  

 

 

    

 

 

 
     42,266        39,119  
  

 

 

    

 

 

 


Table of Contents

16

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

8.

INTANGIBLE ASSETS (Cont.)

 

The evolution of the Group’s intangible assets for the three-month period ended March 31, 2021 and the year ended December 31, 2020 is as follows:

 

     Service
concessions
     Exploration
rights
     Other
intangibles
     Total  

Cost

     51,936        16,655        24,303        92,894  

Accumulated amortization

     34,290        —          20,996        55,286  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of December 31, 2019

     17,646        16,655        3,307        37,608  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cost

           

Increases

     1,049        715        870        2,634  

Translation effect

     21,213        6,528        8,768        36,509  

Adjustment for inflation (1)

     —          —          1,070        1,070  

Decreases, reclassifications and other movements

     (1      (10,462      319        (10,144

Accumulated amortization

           

Increases

     2,659        —          769        3,428  

Translation effect

     14,395        —          8,358        22,753  

Adjustment for inflation (1)

     —          —          251        251  

Decreases, reclassifications and other movements

     —          —          —          —    

Cost

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

Accumulated amortization

     51,344        —          30,374        81,718  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of December 31, 2020

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

 

 

    

 

 

    

 

 

    

 

 

 

Cost

           

Increases

     328        34        62        424  

Translation effect

     6,964        1,259        3,414        11,637  

Adjustment for inflation (1)

     —          —          514        514  

Decreases, reclassifications and other movements

     —          —          —          —    

Accumulated amortization

           

Increases

     809        —          233        1,042  

Translation effect

     4,827        —          2,898        7,725  

Adjustment for inflation (1)

     —          —          120        120  

Decreases, reclassifications and other movements

     —          —          —          —    

Cost

     81,489        14,729        39,320        135,538  

Accumulated amortization

     56,980        —          33,625        90,605  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of March 31, 2021

     24,509        14,729        5,695        44,933  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

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

 

9.

PROPERTY, PLANT AND EQUIPMENT

 

     March 31, 2021      December 31, 2020  

Net book value of property, plant and equipment

     1,561,327        1,456,148  

Provision for obsolescence of materials and equipment

     (12,320      (11,267

Provision for impairment of property, plant and equipment

     (66,730      (65,354
  

 

 

    

 

 

 
     1,482,277        1,379,527  
  

 

 

    

 

 

 


Table of Contents

17

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

9.

PROPERTY, PLANT AND EQUIPMENT (Cont.)

 

Changes in Group’s property, plant and equipment for the three-month period ended March 31, 2021 and the year ended December 31, 2020 are as follows:

 

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

Cost

    77,193       2,688,553       472,630       27,042       62,423       194,585       11,386       41,017       70,135       44,643       46,706       3,736,313  

Accumulated depreciation

    36,553       2,125,588       261,965       17,951       —         —         —         35,117       44,271       23,877       34,041       2,579,363  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2019

    40,640       562,965       210,665       9,091       62,423       194,585       11,386       5,900       25,864       20,766       12,665       1,156,950  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

                       

Increases

    62       (13,412     1,724       119       33,422       72,162       152       121       —         1,587       341       96,278  

Translation effect

    27,498       1,110,354       194,960       10,051       24,712       61,134       2,605       17,133       30,261       —         14,969       1,493,677  

Adjustment for inflation (1)

    3,600       —         —         902       421       2,575       —         537       —         16,134       3,416       27,585  

Decreases, reclassifications and other movements

    (589     93,720       13,872       205       (31,252     (106,547     (10,245     3,997       6,023       1,735       (516     (29,597

Accumulated depreciation

                       

Increases

    2,054       171,786       27,195       1,679       —         —         —         4,092       4,493       1,287       1,727       214,313  

Translation effect

    13,013       896,732       111,376       6,905       —         —         —         14,394       18,791       —         11,135       1,072,346  

Adjustment for inflation (1)

    1,801       —         —         524       —         —         —         489       —         8,629       2,497       13,940  

Decreases, reclassifications and other movements

    (1,647     (8,915     —         (360     —         —         —         (117     (25     (221     (569     (11,854

Cost

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

Accumulated depreciation

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

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2020

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

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

                       

Increases

    205       —         313       10       11,306       31,019       169       19       —         —         74       43,115  

Translation effect

    8,970       362,688       63,995       3,245       7,627       19,526       332       5,687       10,058       —         4,830       486,958  

Adjustment for inflation (1)

    1,697       —         —         429       190       1,287       —         261       —         8,301       1,681       13,846  

Decreases, reclassifications and other movements

    110       15,472       756       (129     (10,926     (15,813     (1,490     2,162       1,348       761       (50     (7,799

Accumulated depreciation

                       

Increases

    560       53,345       7,711       457       —         —         —         1,217       1,403       405       523       65,621  

Translation effect

    4,197       299,547       37,707       2,296       —         —         —         4,900       6,362       —         3,712       358,721  

Adjustment for inflation (1)

    879       —         —         277       —         —         —         238       —         4,348       1,287       7,029  

Decreases, reclassifications and other movements

    1       11       —         (107     —         —         —         (6     (4     (211     (114     (430

Cost

    118,746       4,257,375       748,250       41,874       97,923       259,928       2,909       70,934       117,825       73,161       71,451       5,860,376  

Accumulated depreciation

    57,411       3,538,094       445,954       29,622       —         —         —         60,324       75,291       38,114       54,239       4,299,049  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of March 31, 2021

    61,335       719,281       302,296       12,252       97,923       259,928       2,909       10,610       42,534       35,047       17,212       1,561,327  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

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


Table of Contents

18

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

9.

PROPERTY, PLANT AND EQUIPMENT (Cont.)

 

The Group capitalizes the financial cost of loans as part of the cost of the assets. For the three-month period ended March 31, 2021 and 2020, the rate of capitalization was 8.66% and 10.58%, respectively, and the amount capitalized amounted to 250 and 246, respectively, for the period mentioned above.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended on March 31, 2021 and the year ended December 31, 2020:

 

     Provision for
obsolescence of
materials and
equipment
 

Balance as of December 31, 2019

     6,610  

Increase charged to loss

     1,977  

Decreases charged to profit

     (1

Amounts incurred due to utilization

     (6

Translation differences

     2,687  
  

 

 

 

Balance as of December 31, 2020

     11,267  
  

 

 

 

Increase charged to loss

     2  

Decreases charged to profit

     —    

Amounts incurred due to utilization

     (1

Translation differences

     1,052  
  

 

 

 

Balance as of March 31, 2021

     12,320  
  

 

 

 

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the three-month period ended on March 31, 2021 and the year ended December 31, 2020:

 

     Provision for
impairment of
property, plant and
equipment
 

Balance as of December 31, 2019

     81,329  

Increase charged to loss (1)

     57,920  

Decreases charged to profit (1)

     (66,170

Amounts incurred due to utilization

     (1,250

Depreciation (2)

     (42,861

Translation differences

     36,386  

Adjustment for inflation

     —    
  

 

 

 

Balance as of December 31, 2020

     65,354  
  

 

 

 

Increase charged to loss

     —    

Decreases charged to profit

     —    

Amounts incurred due to utilization

     (7

Depreciation (2)

     (4,746

Translation differences

     6,141  

Adjustment for inflation

     (12
  

 

 

 

Balance as of March 31, 2021

     66,730  
  

 

 

 

 

(1)

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

(2)

Included in “Depreciation of property, plant and equipment” in Note 26.


Table of Contents

19

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

10.

RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the three-month period ended March 31, 2021 and the year ended December 31, 2020 are as follows:

 

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

Cost

     1,026       23,286       32,966       5,423       13,182       75,883  

Accumulated depreciation

     253       6,682       3,741       777       3,039       14,492  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2019

     773       16,604       29,225       4,646       10,143       61,391  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

            

Increases

     11       4,116       4,781       97       2,416       11,421  

Translation differences

     396       9,187       11,275       1,863       5,374       28,095  

Adjustment for inflation (1)

     7       —         —         321       —         328  

Decreases, reclassifications and other movements

     (90     (9,212     (23,984 )(1)      —         (1,771     (35,057

Accumulated depreciation

            

Increases

     325       7,315       6,336       973       6,713       21,662  

Translation differences

     155       3,675       2,497       380       2,525       9,232  

Adjustment for inflation (1)

     5       —         —         68       —         73  

Decreases, reclassifications and other movements

     (10     (5,260     (2,833 )(1)      —         (767     (8,870

Cost

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

Accumulated depreciation

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

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of December 31, 2020

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

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost

            

Increases

     2       865       447       418       5,288       7,020  

Translation differences

     122       2,577       2,316       586       1,785       7,386  

Adjustment for inflation (1)

     5       —         —         152       —         157  

Decreases, reclassifications and other movements

     —         (563     (419     (329     (1,113     (2,424

Accumulated depreciation

            

Increases

     78       1,492       1,560       243       1,714       5,087  

Translation differences

     68       1,207       960       164       1,135       3,534  

Adjustment for inflation (1)

     4       —         —         62       —         66  

Decreases, reclassifications and other movements

     —         (157     (126     (29     (539     (851
     —         —         —         —         —         —    

Cost

     1,479       30,256       27,382       8,531       25,161       92,809  

Accumulated depreciation

     878       14,954       12,135       2,638       13,820       44,425  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of March 31, 2021

     601       15,302       15,247       5,893       11,341       48,384  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

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

 

11.

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table shows the value of the investments in associates and joint ventures at an aggregate level, as of March 31, 2021 and December 31, 2020:

 

     March 31,
2021
     December 31,
2020
 

Amount of investments in associates

     11,696        9,938  

Amount of investments in joint ventures

     107,985        97,186  

Provision for impairment of investments in associates and joint ventures

     (12      (12
  

 

 

    

 

 

 
     119,669        107,112  
  

 

 

    

 

 

 


Table of Contents

20

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

11.

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.)

 

The main movements during the three-month period ended March 31, 2021 and the year ended December 31, 2020 which affected the value of the aforementioned investments, correspond to:

 

     Investments in
associates and joint
ventures
 

Balance as of December 31, 2019

     67,590  

Income on investments in associates and joint ventures

     13,270  

Translation differences

     26,458  

Distributed dividends

     (2,717

Adjustment for inflation (1)

     2,511  
  

 

 

 

Balance as of December 31, 2020

     107,112  
  

 

 

 

Income on investments in associates and joint ventures

     5,116  

Translation differences

     9,498  

Distributed dividends

     (2,750

Adjustment for inflation (1)

     693  
  

 

 

 

Balance as of March 31, 2021

     119,669  
  

 

 

 

 

(1)

Corresponds to the recognition of the result for the net monetary position of associates and joint ventures with the Peso as functional currency, which was charged to other comprehensive income, as detailed in Note 2.b.1 to the annual consolidated financial statements.

The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the three-month period ended March 31, 2021 and 2020. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the equity method value in the aforementioned dates:

 

     Associates      Joint ventures  
     For the three-month period
ended March 31,
     For the three-month period
ended March 31,
 
     2021      2020      2021      2020  

Net income

     894        86        4,222        1,334  

Other comprehensive income

     864        795        9,327        4,530  
  

 

 

    

 

 

    

 

 

    

 

 

 

Comprehensive income for the period

     1,758        881        13,549        5,864  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

The management information corresponding to YPF EE’s assets and liabilities as of March 31, 2021 and December 31, 2020, as well as the results for the three-month period ended March 31, 2021 and 2020, are detailed below:

 

     March 31,
2021 (1)
     December 31,
2020 (1)
 

Noncurrent assets

     163,356        148,384  

Current assets

     28,192        30,659  
  

 

 

    

 

 

 

Total assets

     191,548        179,043  
  

 

 

    

 

 

 

Noncurrent liabilities

     75,314        70,190  

Current liabilities

     37,069        38,059  
  

 

 

    

 

 

 

Total liabilities

     112,383        108,249  
  

 

 

    

 

 

 

Total shareholders’ equity

     79,165        70,794  
  

 

 

    

 

 

 

 

     For the three-
month period
ended March 31,
 
     2021 (1)      2020 (1)  

Revenues

     8,717        4,447  

Costs

     (4,271      (2,018
  

 

 

    

 

 

 

Gross profit

     4,446        2,429  
  

 

 

    

 

 

 

Operating profit

     4,540        2,060  

Income from equity interests in associates and joint ventures

     (63      82  

Net financial results

     (1,582      427  
  

 

 

    

 

 

 

Net profit before income tax

     2,895        2,569  
  

 

 

    

 

 

 

Income tax

     (1,263      (1,079
  

 

 

    

 

 

 

Net profit

     1,633        1,490  
  

 

 

    

 

 

 

 

(1)

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


Table of Contents

21

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

12.

INVENTORIES

 

     March 31, 2021     December 31, 2020  

Refined products

     66,719       59,971  

Crude oil and natural gas

     37,356       33,066  

Products in process

     1,885       1,966  

Raw materials, packaging materials and others

     5,383       5,134  
  

 

 

   

 

 

 
     111,343 (1)      100,137 (1) 
  

 

 

   

 

 

 

 

(1)

As of March 31, 2021, and December 31, 2020, the cost of inventories does not exceed their net realizable value.

 

13.

OTHER RECEIVABLES

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Receivables from services

     531        2,833        548        2,330  

Tax credit and export rebates

     10,422        10,078        9,283        10,060  

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

     906        3,869        814        997  

Collateral deposits

     565        3,814        2,062        2,152  

Prepaid expenses

     779        6,602        740        3,503  

Advances and loans to employees

     10        206        17        263  

Advances to suppliers and custom agents (2)

     —          11,914        —          8,525  

Receivables with partners in JO

     2,925        4,481        2,334        4,143  

Insurance receivables

     —          861        —          1,133  

Miscellaneous

     224        2,896        177        1,339  
  

 

 

    

 

 

    

 

 

    

 

 

 
     16,362        47,554        15,975        34,445  

Provision for other doubtful receivables

     (1,410      (135      (1,318      (76
  

 

 

    

 

 

    

 

 

    

 

 

 
     14,952        47,419        14,657        34,369  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 36 for information about related parties.

(2)

Includes, among others, advances to customs agents for the payment of taxes and import rights related to the imports of fuels and goods.

 

14.

TRADE RECEIVABLES

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Accounts receivable and related parties(1)(2)

     14,967        128,846        17,392        118,665  

Provision for doubtful trade receivables

     (9,788      (10,051      (8,861      (10,519
  

 

 

    

 

 

    

 

 

    

 

 

 
     5,179        118,795        8,531        108,146  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 36 for information about related parties.

(2)

See Note 24 for information about credits for contracts included in trade receivables.

Set forth below is the evolution of the provision for doubtful trade receivables for three-month period ended on March 31, 2021 and for the fiscal year ended December 31, 2020:

 

     Provision for doubtful
trade receivables
 
     Noncurrent     Current  

Balance as of December 31, 2019

     —         6,580  
  

 

 

   

 

 

 

Increases charged to expenses

     2,228       10,818  

Decreases charged to income

     —         (729

Amounts incurred due to utilization

     —         —    

Reclassifications and other movements

     6,633       (6,633

Net exchange and translation differences

     —         715  

Result from net monetary position (1)

     —         (232
  

 

 

   

 

 

 

Balance as of December 31, 2020

     8,861 (2)      10,519  
  

 

 

   

 

 

 

Increases charged to expenses

     927       1,011  

Decreases charged to income

     —         (623

Amounts incurred due to utilization

     —         (1,005

Reclassifications and other movements

     —         (58

Net exchange and translation differences

     —         246  

Result from net monetary position (1)

     —         (39
  

 

 

   

 

 

 

Balance as of March 31, 2021

     9,788 (2)      10,051  
  

 

 

   

 

 

 

 

(1)

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

(2)

Includes 8,861 corresponding to credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1053/2018. See Note 34.f. to the annual consolidated financial statements.


Table of Contents

22

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

15.

CASH AND CASH EQUIVALENTS

 

     March 31,
2021
     December 31,
2020
 

Cash and banks

     15,739        14,843  

Short-term investments

     3,362        5,189  

Financial assets at fair value with changes in results(1)

     37,175        34,586  
  

 

 

    

 

 

 
     56,276        54,618  
  

 

 

    

 

 

 

 

(1)

See Note 7.

 

16.

PROVISIONS

Changes in the Group’s provisions for the three-month period ended March 31, 2021 and for the fiscal year ended December 31, 2020 are as follows:

 

     Provision for lawsuits and
contingencies
    Provision for environmental
liabilities
    Provision for hydrocarbon wells
abandonment obligations
    Total  
     Noncurrent     Current     Noncurrent     Current     Noncurrent     Current     Noncurrent     Current  

Balance as of
December 31, 2019

     43,833       1,285       3,828       1,910       97,107       2,265       144,768       5,460  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Increases charged to expenses

     8,917       219       3,428       —         11,117       —         23,462       219  

Decreases charged to income

     (6,331     (1,039     (224     —         (5,249     —         (11,804     (1,039

Amounts incurred due to utilization

     (43     (132     —         (1,330     —         (1,298     (43     (2,760

Reclassifications and other movements

     (5,447     1,103       (2,026     2,026       (13,572     (346     (21,045     2,783  

Net exchange and translation differences

     9,475       498       525       12       41,185       960       51,185       1,470  

Result from net monetary position (1)

     (35     —         —         —         —         —         (35     —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of
December 31, 2020

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

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Increases charged to expenses

     1,289       130       324       —         3,483       —         5,096       130  

Decreases charged to income

     (175     (379     (9     —         —         —         (184     (379

Amounts incurred due to utilization

     —         (40     —         (473     —         (295     —         (808

Reclassifications and other movements

     (482     420       (545     545       (294     294       (1,321     1,259  

Net exchange and translation differences

     3,306       165       149       3       12,332       149       15,787       317  

Result from net monetary position (1)

     1       —         —         —         —         —         1       —    
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance as of
March 31, 2021

     54,308       2,230       5,450       2,693       146,109       1,729       205,867       6,652  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

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

Provisions for lawsuits, claims and environmental liabilities are described in Note 15 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2021 are described below:

16.a) Provision for lawsuits and contingencies

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

 

   

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

On March 5, 2021, YPF answered the Appellate Brief filed by TGN in the case for contractual default.

As of the date of these condensed interim consolidated financial statements, the case for contractual default and the claim for damages were set for rendering judgment.


Table of Contents

23

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

17.

INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected at the end of the fiscal year. The amounts calculated for income tax expense for the three-month period ended March 31, 2021 may need to be adjusted in the subsequent period in case the projected effective tax rate estimate is modified based on new elements of judgment.

The calculation of the income tax expense accrued for the three-month period ended March 31, 2021 and 2020 is as follows:

 

     For the three-month period
ended March 31,
 
     2021      2020  

Current income tax

     (357      (435

Deferred income tax

     (9,569      1,189  
  

 

 

    

 

 

 
     (9,926      754  
  

 

 

    

 

 

 

The reconciliation between the charge to net income for income tax for the three-month period ended March 31, 2021 and 2020 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:

 

     For the three-month period
ended March 31,
 
     2021     2020  

Net income before income tax

     7,679       5,597  

Statutory tax rate

     30     30
  

 

 

   

 

 

 

Statutory tax rate applied to net income before income tax

     (2,304     (1,679

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

     (1,477     9,221  

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

     (4,250     (681

Effect of the valuation of inventories

     (1,675     (6,171

Income on investments in associates and joint ventures

     1,535       426  

Effect of tax rate change (2)

     (1,632     (463

Miscellaneous

     (123     101  
  

 

 

   

 

 

 

Income tax

     (9,926     754  
  

 

 

   

 

 

 

 

(1)

Includes the effect of tax inflation adjustments.

(2)

Corresponds to the remediation of deferred income tax at the current rate. See Notes 2.b.15 and 34.j to the annual consolidated financial statements.

The Group has classified 946 as current income tax payable, which mainly include 513 corresponding to the 12 installments related to the payment facility plan related to the dispute for cost deduction for hydrocarbon wells abandonment (see Note 15 to the annual consolidated financial statements). Also, the Group has classified 3,442 as non-current income tax payable, which mainly include 3,423 corresponding to the 80 installments related to the mentioned plan.

Breakdown of deferred tax as of March 31, 2021 and December 31, 2020 is as follows:

 

     March 31, 2021     December 31, 2020  

Deferred tax assets

    

Provisions and other non-deductible liabilities

     14,959       14,701  

Tax losses carryforward

     60,047       82,601  

Miscellaneous

     1,815       1,629  
  

 

 

   

 

 

 

Total deferred tax assets

     76,821       98,931  
  

 

 

   

 

 

 

Deferred tax liabilities

    

Property, plant and equipment

     (135,794     (144,900

Adjustment for tax inflation

     (62,849     (67,107

Miscellaneous

     (5,632     (3,904
  

 

 

   

 

 

 

Total deferred tax liabilities

     (204,275     (215,911
  

 

 

   

 

 

 

Total Net deferred tax

     (127,454 )(1)      (116,980 )(1) 
  

 

 

   

 

 

 

 

(1)

Includes (1,031) and (1,957) as of March 31, 2021 and December 31, 2020, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency with effect in other comprehensive income and the adjustment for inflation of the period, which was charged to results.


Table of Contents

24

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

17.

INCOME TAX (Cont.)

 

The credit for the Group’s tax loss carry-forwards not recognized as of March 31, 2021 amounted to 1,861, maturing between 2021 and 2026. As of December 31, 2020 such credit amounted to 956, maturing between 2021 and 2025.

As of March 31, 2021 and December 31, 2020 the Group has classified as deferred tax assets 2,690 and 2,629, respectively, and as deferred tax liability 130,144 and 119,609, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.

As of March 31, 2021 and December 31, 2020, the causes that generate charges to other comprehensive income, did not create temporary differences for income tax.

 

18.

TAXES PAYABLE

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Value Added Tax

     —          4,815        —          3,523  

Withholdings and perceptions

     —          2,918        —          227  

Royalties

     —          5,578        —          3,142  

Tax on Fuels

     —          8,505        —          3,886  

Turnover tax

     —          196        —          1,838  

Miscellaneous

     201        2,659        215        3,148  
  

 

 

    

 

 

    

 

 

    

 

 

 
     201        24,671        215        15,764  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

19.

SALARIES AND SOCIAL SECURITY

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Salaries and social security

     —          3,558        —          3,318  

Bonuses and incentives provision

     —          1,778        —          4,403  

Vacation provision

     —          5,441        —          4,812  

Other employee benefits (1)

     4,203        2,992        3,860        2,401  
  

 

 

    

 

 

    

 

 

    

 

 

 
     4,203        13,769        3,860        14,934  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Includes the voluntary retirement plan executed by the Company.

 

20.

LEASE LIABILITIES

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Lease liabilities

     27,387        23,015        24,172        22,098  
  

 

 

    

 

 

    

 

 

    

 

 

 

The evolution of the Group’s leases liabilities for the three-month period ended March 31, 2021 and for the fiscal year ended December 31, 2020, are as follows:

 

     Lease
liabilities
 

Balance as of December 31, 2019

     61,780  
  

 

 

 

Leases increase

     11,421  

Financial accretion

     5,706  

Leases decrease

     (28,914

Payments

     (23,290

Exchange and translation differences, net

     19,548  

Result from net monetary position (1)

     19  
  

 

 

 

Balance as of December 31, 2020

     46,270  
  

 

 

 

Leases increase

     7,020  

Financial accretion

     1,207  

Leases decrease

     (1,589

Payments

     (6,783

Exchange and translation differences, net

     4,275  

Result from net monetary position (1)

     2  
  

 

 

 

Balance as of March 31, 2021

     50,402  
  

 

 

 

 

(1)

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


Table of Contents

25

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

21.

LOANS

 

               March 31, 2021      December 31, 2020  
     Interest rate (1)    Maturity    Noncurrent      Current      Noncurrent      Current  

Pesos:

                 

Negotiable obligations (3)

   16.50% - 44.06%    2021-2024      10,564        9,461        6,435        17,254  

Export pre-financing

   32.00% -43.50%    2021      —          6,778        —          5,465  

Loans

   33.00% -49.59%    2021-2024      7,390        9,086        5,375        6,818  

Account overdraft

   34.00% - 34.00%    2021      —          51        —          —    
        

 

 

    

 

 

    

 

 

    

 

 

 
           17,954        25,376        11,810        29,537  
        

 

 

    

 

 

    

 

 

    

 

 

 

Currencies other than the Peso:

                 

Negotiable obligations (2)

   0.00% - 10.00%    2022-2047      562,775        23,113        496,377        62,052  

Export pre-financing

   2.75% - 7.75%    2021-2022      13,785        26,266        12,608        25,662  

Loans

   0.91% - 8.97%    2021-2027      8,316        34,330        6,780        33,480  
        

 

 

    

 

 

    

 

 

    

 

 

 
           584,876        83,709        515,765        121,194  
        

 

 

    

 

 

    

 

 

    

 

 

 
           602,830        109,085        527,575        150,731  
        

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Nominal annual interest rate as of March 31, 2021.

(2)

Includes 28,936 and 20,946 as of March 31, 2021 and December 31, 2020, respectively, of nominal value of NO that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(3)

Includes 4,602 of nominal value of NO that will be canceled in dollars at the applicable exchange rate according to the conditions of the issued series.

Set forth below is the evolution of the loans for three-month period ended on March 31, 2021 and for the fiscal year ended December 31, 2020:

 

     Loans  

Balance as of December 31, 2019

     526,760  
  

 

 

 

Proceed from loans

     139,018  

Payments of loans

     (174,913

Payments of interest

     (60,681

Accrued interest (1)

     58,979  

Net exchange differences and translation

     187,455  

Result from debt exchange (2)

     2,097  

Result from net monetary position (3)

     (409
  

 

 

 

Balance as of December 31, 2020

     678,306  
  

 

 

 

Proceed from loans

     25,713  

Payments of loans

     (47,468

Payments of interest

     (17,663

Accrued interest (1)

     16,199  

Net exchange differences and translation

     58,757  

Result from debt exchange

     (1,855

Result from net monetary position (3)

     (74
  

 

 

 

Balance as of March 31, 2021

     711,915  
  

 

 

 

 

(1)

Includes capitalized financial costs.

(2)

See Note 20 to the annual consolidated financial statements.

(3)

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

Exchange of NO

In the context of the foreign exchange restrictions established by Communication “A” 7,106 of the BCRA (see Note 34.k to the annual consolidated financial statements) and after formal consultation to the BCRA, which was answered by the negative, with respect to possibility of complying to said regulation through the refinancing reached in July 2020 in relation to the Class XLVII NOs with maturity in 2021 (see Note 20 to the annual consolidated financial statements), and with the additional objective of easing the financial commitments of the Company for the next 2 years, on January 7, 2021, YPF launched an exchange offer of Classes XLVII, XXVIII, XIII, XXXIX, LIII, I and LIV NOs (the “Existing Negotiable Obligations”, see Note 20 to the annual consolidated financial statements), for new Classes XVI, XVII and XVIII NOs (the “New Negotiable Obligations”) denominated in dollars at a step up fixed interest rate, ranging from 1.5% to 9%, repayable between 2023 and 2033, including an initial cash payment for Class XLVII NOs.

The New Negotiable Obligations contain usual covenants, similar to those of the Existing Negotiable Obligations. In addition, Class XVI NOs are secured by (i) the assignment of collection rights arising from the export of certain exportable products under sale agreements entered into by YPF with widely recognized market traders; and (ii) a first pledge on YPF EE shares representing 50% of the outstanding capital stock and voting rights in this company, as long as at least 50% of the principal of Class XVI NOs remains outstanding.


Table of Contents

26

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

21. LOANS (Cont.)

 

On February 11, 2021, upon expiration of the early participation period for holders of Class XLVII NOs and the exchange offer for the rest of the Existing Negotiable Obligations, YPF announced that it had reached a global participation to the exchange of 32% and 59.8% of Class XLVII NOs. With such results, and taking into account that the refinancing of principal and interest of all Existing Negotiable Obligations that were included in the exchange largely exceeds the required 60% refinancing of the Class XLVII NO, on that same day the BCRA approved YPF’ s access to the free exchange market to pay the cash component offered to holders that submitted Class XLVII NO in exchange, and to pay Class XLVII NOs that were not exchanged at their maturity. In addition, the BCRA authorized access to the foreign exchange market for the payment of all Class VIII NOs due in March 2021 in the amount of approximately US$ 9 million.

Therefore, on February 12, 2021, and March 1 (closing date for late participation of Class XLVII NOs holders), YPF issued new Class XVI, XVII and XVIII NOs for a total principal amount of US$ 775.8 million, US$ 747.8 million and US$ 575.6 million, respectively, and tender instructions were received to submit the Existing Negotiable Obligation as detailed below:

 

   

Class XLVII NO for a principal amount of US$ 247.3 million.

 

   

Class XXVIII NO for a principal amount of US$ 656.4 million.

 

   

Class XIII NO for a principal amount of US$ 201.7 million.

 

   

Class XXXIX NO for a principal amount of US$ 368.2 million.

 

   

Class LIII NO for a principal amount of US$ 190.7 million.

 

   

Class I NO for a principal amount of US$ 101.0 million.

 

   

Class LIV NO for a principal amount of US$ 213.4 million .

YPF assessed whether the instruments subject to exchange were substantially different, considering both qualitative (e.g., currency, term, rate, among others) and quantitative aspects (if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received, and discounted using the original effective interest rates, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liabilities). In this regard, the Company recognized the exchange of the NOs as a debt modification according to IFRS 9 due to the instruments subject to exchange were not substantially different. As a result of the transaction, YPF recognized a profit of 1,855.

Issuance of NOs

On February 26, 2021, the Company issued (i) Class XIV Additional NOs denominated in dollars and payable in pesos at the applicable exchange rate, at a 2% fixed interest rate, due December 4, 2023 for a principal amount of US$ 75.6 million and (ii) Class XIX NOs denominated in purchase value units (“UVA” for its acronym in Spanish), at a 3.5% fixed interest rate, due 42 months after the issuance and settlement date, for a principal amount of UVA 60.5 million.

 

22.

OTHER LIABILITIES

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Extension of concessions

     737        771        710        711  

Liabilities for contractual claims(1)

     691        7,113        2,250        7,250  

Miscellaneous

     1        1,203        1        1,101  
  

 

 

    

 

 

    

 

 

    

 

 

 
     1,429        9,087        2,961        9,062  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 15 and 33.f to the annual consolidated financial statements.

 

23.

ACCOUNTS PAYABLE

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Trade payable and related parties(1)

     686        158,897        682        136,930  

Guarantee deposits

     39        791        28        766  

Payables with partners of JO

     233        7,649        —          5,080  

Miscellaneous

     —          1,601        —          1,607  
  

 

 

    

 

 

    

 

 

    

 

 

 
     958        168,938        710        144,383  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

For more information about related parties, see Note 36.


Table of Contents

27

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2021 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

24.

REVENUES

 

     For the three-month period ended
March 31,
 
     2021      2020  

Sales of goods and services

     240,122        178,928  

Government incentives(1)

     3,244        2,125  

Turnover tax

     (8,476      (6,383
  

 

 

    

 

 

 
     234,890        174,670  
  

 

 

    

 

 

 

 

(1)

See Note 36.

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

 

 

Breakdown of revenues

 

 

Type of good or service

 

     For the three-month period ended March 31, 2021  
     Upstream      Downstream      Gas and
Power
     Central
Administration
and others
     Total  

Diesel

     —          81,214        —          —          81,214  

Gasolines

     —          55,010        —          —          55,010  

Natural Gas (1)

     —          298        26,910        —          27,208  

Crude Oil

     —          1,173        —          —          1,173  

Jet fuel

     —          5,181        —          —          5,181  

Lubricants and by-products

     —          8,870        —          —          8,870  

Liquefied Petroleum Gas

     —          7,737        —          —          7,737  

Fuel oil

     —          5,427        —          —          5,427  

Petrochemicals

     —          9,653        —          —          9,653  

Fertilizers and crop protection products

     —          9,040        —          —          9,040  

Flours, oils and grains

     —          10,245        —          —          10,245  

Asphalts

     —          1,720        —          —          1,720  

Goods for resale at gas stations

     —          1,425        —          —          1,425  

Income from services

     —          —          —          1,280        1,280  

Income from construction contracts

     —          —          —          1,626        1,626  

Virgin naphtha

     —          1,479        —          —          1,479  

Petroleum coke

     —          2,869        —          —          2,869  

LNG Regasification

     —          —          51        —          51  

Other goods and services

     2,039        2,821        1,741        2,313        8,914  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     2,039        204,162        28,702        5,219        240,122  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     For the three-month period ended March 31, 2020  
     Upstream      Downstream      Gas and
Power
     Central
Administration
and others
     Total  

Diesel

     —          62,140        —          —          62,140  

Gasolines

     —          41,162        —          —          41,162  

Natural Gas (1)

     —          181        22,541        —          22,722  

Crude Oil

     —          1,528        —          —          1,528  

Jet fuel

     —          11,230        —          —          11,230  

Lubricants and by-products

     —          4,215        —          —          4,215  

Liquefied Petroleum Gas

     —          4,011        —          —          4,011  

Fuel oil

     —          2,099        —          —          2,099  

Petrochemicals

     —          6,038        —          —          6,038  

Fertilizers and crop protection products

     —          2,781        —          —          2,781  

Flours, oils and grains

     —          4,116        —          —          4,116  

Asphalts

     —          653        —          —          653  

Goods for resale at gas stations

     —          1,261        —          —          1,261  

Income from services

     —          —          —          851        851  

Income from construction contracts

     —          —          —          2,283        2,283  

Virgin naphtha

     —          2,316        —          —          2,316  

Petroleum coke

     —          1,095        —          —          1,095  

LNG Regasification

     —          —          1,318        —          1,318  

Other goods and services

     843        1,669        3,268        1,329        7,109  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     843        146,495        27,127        4,463        178,928  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Includes 21,606 and 16,528 corresponding to sales of natural gas produced by the Company for the three-month period ended March 31, 2021 and 2020, respectively.


Table of Contents

28

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

24.

REVENUES (Cont.)

 

 

Sales Channels

 

     For the three-month period ended March 31, 2021  
     Upstream      Downstream      Gas and
Power
     Central
Administration
and others
     Total  

Gas Stations

     —          94,227        —          —          94,227  

Power Plants

     —          5,728        9,004        —          14,732  

Distribution Companies

     —          —          2,681        —          2,681  

Retail distribution of natural gas

     —          —          4,891        —          4,891  

Industries, transport and aviation

     —          33,892        10,334        —          44,226  

Agriculture

     —          31,009        —          —          31,009  

Petrochemical industry

     —          12,666        —          —          12,666  

Trading

     —          9,340        —          —          9,340  

Oil Companies

     —          11,817        —          —          11,817  

Commercialization of liquefied petroleum gas

     —          2,844        —          —          2,844  

Other sales channels

     2,039        2,639        1,792        5,219        11,689  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     2,039        204,162        28,702        5,219        240,122  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

     For the three-month period ended March 31, 2020  
     Upstream      Downstream      Gas and
Power
     Central
Administration
and others
     Total  

Gas Stations

     —          73,729        —          —          73,729  

Power Plants

     —          —          4,565        —          4,565  

Distribution Companies

     —          —          4,080        —          4,080  

Retail distribution of natural gas

     —          —          5,641        —          5,641  

Industries, transport and aviation

     —          30,612        8,436        —          39,048  

Agriculture

     —          14,625        —          —          14,625  

Petrochemical industry

     —          6,624        —          —          6,624  

Trading

     —          11,028        —          —          11,028  

Oil Companies

     —          5,901        —          —          5,901  

Commercialization of liquefied petroleum gas

     —          1,478        —          —          1,478  

Other sales channels

     843        2,498        4,405        4,463        12,209  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
     843        146,495        27,127        4,463        178,928  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

Target Market

Sales contracts in the domestic market resulted in 213,287 and 154,273 for the three-month period ended March 31, 2021 and 2020, respectively.

Sales contracts in the international market resulted in 26,835 and 24,655 for the three-month period ended March 31, 2021 and 2020, respectively.

 

 

Contract balances

The following table reflects information regarding credits, contract assets and contract liabilities:

 

     March 31, 2021      December 31, 2020  
     Noncurrent      Current      Noncurrent      Current  

Credits for contracts included in Trade Receivables

     12,895        115,624        15,505        98,832  

Contract assets

     —          394        —          871  

Contract liabilities

     —          5,799        —          6,824  

Contract assets are mainly related to the work carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under the contracts for the sale of commodities, fuels, crude oil, methanol, lubricants and by-products, diesel and natural gas, among others.

During the three-month period ended on March 31, 2021 and 2020 the Group has recognized 5,241 and 2,668, respectively, in revenues from ordinary activities arising from contracts entered into with customers in the statement of comprehensive income, which have been included in the balance for contract liabilities at the beginning of the fiscal year.


Table of Contents

29

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (“CNV”). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation

 

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2020 AND COMPARATIVE INFORMATION (UNAUDITED)

  

 

25.

COSTS

 

     For the three-month period ended
March 31,
 
     2021      2020  

Inventories at beginning of year

     100,137        80,479  

Purchases

     63,976        44,395  

Production costs(1)

     136,802        112,471  

Translation effect

     8,635        6,300  

Adjustment for inflation(2)

     324        108  

Inventories at end of the period

     (111,343      (97,839
  

 

 

    

 

 

 
     198,531        145,914  
  

 

 

    

 

 

 

 

(1)

See Note 26,

(2)

Corresponds to adjustment for inflation of inventories’ opening balances of subsidiaries with the Peso as functional currency, which was charged to other comprehensive income.

 

26.

EXPENSES BY NATURE

The Group presents the condensed interim consolidated financial statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the three-month period ended March 31, 2021 and 2020:

 

     For the three-month period ended March 31, 2021  
     Production
costs (3)
     Administrative
expenses (2)
     Selling
expenses
    Exploration
expenses
     Total  

Salaries and social security taxes

     10,891        2,777        1,651       107        15,426  

Fees and compensation for services

     1,003        2,831        476       2        4,312  

Other personnel expenses

     2,715        193        105       8        3,021  

Taxes, charges and contributions

     2,551        145        4,851 (1)      —          7,547  

Royalties, easements and canons

     15,852        —          19       25        15,896  

Insurance

     1,863        97        30       —          1,990  

Rental of real estate and equipment

     1,827        9        346       —          2,182  

Survey expenses

     —          —          —         —          —    

Depreciation of property, plant and equipment

     57,733        1,299        1,843       —          60,875  

Amortization of intangible assets

     851        179        12       —          1,042  

Depreciation of right-of-use assets

     3,960        3        251       —          4,214  

Industrial inputs, consumable materials and supplies

     7,137        80        128       —          7,345  

Operation services and other service contracts

     7,149        178        933       5        8,265  

Preservation, repair and maintenance

     15,141        393        481       7        16,022  

Unproductive exploratory drillings

     —          —          —         —          —    

Transportation, products and charges

     6,370        49        6,005       —          12,424  

Provision for doubtful trade receivables

     —          —          1,315       —          1,315  

Publicity and advertising expenses

     —          773        91       —          864  

Fuel, gas, energy and miscellaneous

     1,759        119        1,408       5        3,291  
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
     136,802        9,125        19,945       159        166,031