☐ |
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading symbol |
Name of each exchange on which registered | ||
American Depositary Shares, each representing one Class D Share, par value 10 pesos per share |
YPF |
New York Stock Exchange * | ||
Class D Shares |
* |
New York Stock Exchange * | ||
YPFD |
Bolsas y Mercados Argentinos S.A. |
* |
Listed not for trading but only in connection with the registration of American Depositary Shares. |
Class A shares |
3,764 |
|||
Class B shares |
7,624 |
|||
Class C shares |
40,422 |
|||
Class D shares |
393,260,983 |
|||
Total |
393,312,793 |
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73 |
• | for the subsidiaries that were consolidated using the global integration method at the date or for the periods indicated, 100% of the assets, liabilities and results of operations of such subsidiaries without excluding minority interests (which are disclosed separately); and |
• | for those joint operations whose results were consolidated using the proportional integration method, a pro-rata amount of the assets, liabilities and results of operations for such joint operations at the date or for the periods indicated. |
“bbl” | Barrels | |
“bbl/d” | Barrels per day | |
“bcf” | Billion cubic feet | |
“bcf/d” | Billion cubic feet per day | |
“bcm” | Billion cubic meters | |
“bcm/d” | Billion cubic meters per day | |
“boe” | Barrels of oil equivalent | |
“boe/d” | Barrels of oil equivalent per day | |
“kboe/d” | Thousand barrels of oil equivalent per day | |
“cm” | Cubic meter | |
“cm/d” | Cubic meters per day | |
“dam 3 ” |
Cubic decameters (thousand cubic meters) | |
“GWh” | Gigawatt hours | |
“HP” | Horsepower | |
“km” | Kilometers | |
“km 2 ” |
Square kilometers | |
“liquids” | Crude oil, condensate and natural gas liquids | |
“LNG” | Liquefied natural gas | |
“LPG” | Liquefied petroleum gas | |
“mbbl” | Thousand barrels | |
“mbbl/d” | Thousand barrels per day | |
“mcf” | Thousand cubic feet | |
“mcf/d” | Thousand cubic feet per day | |
“mcm” | Thousand cubic meters | |
“mcm/d” | Thousand cubic meters per day | |
“mboe” | Thousand barrels of oil equivalent | |
“mboe/d” | Thousand barrels of oil equivalent per day | |
“mm” | Million | |
“mmbbl” | Million barrels | |
“mmbbl/d” | Million barrels per day | |
“mmboe” | Million barrels of oil equivalent | |
“mmboe/d” | Million barrels of oil equivalent per day | |
“mmBtu” | Million British thermal units | |
“mmcf” | Million cubic feet | |
“mmcf/d” | Million cubic feet per day | |
“mmcm” | Million cubic meters | |
“mmcm/d” | Million cubic meters per day | |
“mtn” | Thousand tons | |
“MW” | Megawatts | |
“mts” | Meters | |
“NGL” | Natural gas liquids | |
“psi” | Pound per square inch | |
“t/d” | Tons per day |
ITEM 1. |
Identity of Directors, Senior Managers and Advisers |
ITEM 2. |
Offer statistics and expected timetable |
ITEM 3. |
Key information |
ITEM 4. |
Information on the Company |
• | discipline in the allocation of capital, focused on the development of our unconventional hydrocarbon acreage with competitive advantages, generating value in a sustainable way; |
• | efficiency in costs and processes in all business segments, and particularly in the Vaca Muerta formation, with the aim of ensuring resilience even in low price scenarios; |
• | rationalization of the conventional asset portfolio, prioritizing profitability through the incorporation of technology and innovation to gain efficiency; |
• | adaptation of refineries to facilitate greater shale processing and the expected evolution of the quality of fuels to be demanded by our customers; and |
• | reduction of the Company’s specific CO2 emissions and the development of renewable energies through our participation in YPF Energía Eléctrica S.A. (“YPF EE”), as part of our commitment to sustainability. |
(i) |
Upstream business segment |
• | As of December 31, 2021, we held interests in 119 oil and gas fields in Argentina. In 2021 these assets accounted for 41.1% of the country’s total production of crude oil, excluding NGL, and 33.2% of its total natural gas production, including NGL, according to the Secretary of Energy of the Ministry of Economy (“SE”). |
• | We had proved reserves, as estimated as of December 31, 2021, of 643 mmbbl of oil, including condensates, 64 mmbbl of NGL and 2,447 bcf of gas, representing aggregate reserves of 1,143 mmboe, compared to 483 mmbbl of oil, including condensates, 63 mmbbl of NGL and 2,110 bcf of gas, representing aggregate reserves of 922 mmboe as of December 31, 2020. |
• | During 2021 we produced 77 mmbbl of oil (211 mbbl/d), condensates of 13 mmbbl of NGL (34 mbbl/d) and 460 bcf of gas (1,260 mmcf/d), representing a total production of 171 mmboe (470 mboe/d), compared to 76 mmbbl of oil (207 mbbl/d), condensates of 13 mmbbl of NGL (37 mbbl/d) and 460 bcf of gas (1,256 mmcf/d), representing a total production of 171 mmboe (467 mboe/d) in 2020. |
(ii) |
Downstream business segment |
• | We are Argentina’s leading refiner with operations conducted at 3 wholly-owned refineries with a combined annual refining capacity of 120 mmbbl (328 mbbl/d). We also own a 50% equity interest in Refinería del Norte S.A. (“Refinor”), an entity jointly controlled with Pampa Energía S.A. (“Pampa Energía”) and Pluspetrol S.A. (“Pluspetrol”) which has a refining capacity of 26 mbbl/d. |
• | Our retail distribution network for automotive petroleum products as of December 31, 2021 consisted of 1,654 YPF-branded service stations, which represent 35.5% of gasoline service stations in Argentina, of which we operate 160 through our wholly-owned subsidiary Operadora de Estaciones de Servicios S.A. (“OPESSA”). |
• | We are one of the leading petrochemical producers in Argentina and in the Southern Cone, with operations conducted through our Ensenada Industrial Complex (“CIE”) and Plaza Huincul Complex. In addition, Profertil S.A. (“Profertil”), a company that we jointly control with Agrium Holdco Spain S.L. (a company wholly-owned by Nutrien Inc.), is one of the leading producers of urea in the Southern Cone. |
(iii) |
Gas and Power business segment |
• | We are the largest producer of natural gas in Argentina with total natural gas sales of 12,577 mmcm in 2021, accounting for 26.5% of the market (market share calculated through December 2021, as provided by Ente Nacional Regulador del Gas (“ENARGAS”)). |
• | We also distribute natural gas through our subsidiary Metrogas S.A. (“Metrogas”), a natural gas distribution company in the capital region and southern suburbs of the Buenos Aires Province, and one of the main distributors in Argentina. During 2021 Metrogas distributed 6,839 mmcm (or 241.14 bcf) of natural gas to 2.5 million customers. |
• | YPF is the operator of UT Escobar (a joint venture with Integración Energética Argentina S.A. (“IEASA”)), which operates a LNG regasification terminal (“LNG Escobar”) located in Escobar, in the Buenos Aires Province, since 2011. During 2021 the Company provided the regasification service at Bahia Blanca terminal. |
• | We participate directly and, mainly through YPF EE, in 21 power generation plants, with an aggregate installed capacity of 3,091 MW. During 2021 the Cañadón León wind farm began its operations adding 122.7 MW of installed capacity. |
(iv) |
Central Administration and Others business segment |
For the year ended December 31, (millions of Ps.) | ||||||||||||
2021 |
2020 |
2019 | ||||||||||
Revenues (1) |
||||||||||||
Upstream |
||||||||||||
Revenues from sales |
4,678 | 2,419 | 2,046 | |||||||||
Revenue from intersegment sales (2) |
544,384 | 289,421 | 286,585 | |||||||||
|
|
|
|
|
|
|
|
| ||||
Total Upstream |
549,062 |
291,840 |
288,631 |
|||||||||
Gas and Power |
||||||||||||
Revenues from sales |
199,612 | 122,254 | 131,055 | |||||||||
Revenue from intersegment sales |
15,375 | 8,060 | 8,697 | |||||||||
|
|
|
|
|
|
|
|
| ||||
Total Gas and Power |
214,987 |
130,314 |
139,752 |
|||||||||
Downstream |
||||||||||||
Revenues from sales |
1,046,089 | 536,714 | 531,724 | |||||||||
Revenue from intersegment sales |
6,121 | 3,349 | 3,447 | |||||||||
|
|
|
|
|
|
|
|
| ||||
Total Downstream |
1,052,210 |
540,063 |
535,171 |
|||||||||
Central Administration and Others |
||||||||||||
Revenue from sales |
31,948 | 14,108 | 19,743 | |||||||||
Revenue from intersegment sales |
48,498 | 28,787 | 27,502 | |||||||||
|
|
|
|
|
|
|
|
| ||||
Total Central Administration and Others |
80,446 |
42,895 |
47,245 |
|||||||||
Less intersegment sales and fees |
(625,375 | ) | (335,926 | ) | (332,204 | ) | ||||||
|
|
|
|
|
|
|
|
| ||||
Total Revenues |
1,271,330 |
669,186 |
678,595 |
|||||||||
Operating profit / (loss) |
||||||||||||
Upstream |
1,688 | (25,878 | ) | (49,194 | ) | |||||||
Gas and Power |
1,333 | (18,994 | ) | 2,944 | ||||||||
Downstream |
86,496 | 4,839 | 40,653 | |||||||||
Central Administration and Others |
(18,625 | ) | (22,305 | ) | (15,866 | ) | ||||||
Consolidation adjustments |
(12,722 | ) | 3,941 | 451 | ||||||||
|
|
|
|
|
|
|
|
| ||||
Total Operating profit / (loss) |
58,170 |
(58,397 |
) |
(21,012 |
) |
(1) |
Revenues are net of payments of turnover tax. Customs duties on hydrocarbon exports are accounted under “Taxes, charges and contributions” as indicated in Note 26 to the Audited Consolidated Financial Statements. Royalties with respect to our production are accounted for as a production cost and are not deducted in determining revenues, see Note 2.b.15) to the Audited Consolidated Financial Statements. |
(2) |
Revenues for intersegment sales of crude oil to Downstream segment are recorded at transfer prices that reflect our estimate of Argentine market prices. |
As of December 31, 2021 (thousands of acres) | ||||||||||||||||
Developed (1) |
Undeveloped (2) | |||||||||||||||
Gross (3) |
Net (4) |
Gross (3) |
Net (4) | |||||||||||||
South America |
||||||||||||||||
Argentina |
1,298 | 979 | 21,934 | 14,364 | ||||||||||||
Rest of South America (5) |
- | - | 506 | 298 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total (6) |
1,298 |
979 |
22,440 |
14,662 |
(1) |
Developed acreage is spaced or assignable to productive wells. |
(2) |
Undeveloped acreage encompasses those leased acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of oil or gas regardless of whether such acreage contains proved reserves. |
(3) |
A gross acre is an acre in which we own a working interest. |
(4) |
Net acreage equals gross acreage after deducting third-party interests. |
(5) |
Relates to Colombia and Bolivia. In Colombia, YPF and its partners notified the Colombian National Hydrocarbons Agency (Agencia Nacional de Hidrocarburos or “ANH”) of the decision to relinquish the COR 12 and COR 33 blocks. In Bolivia, YPF’s net undeveloped surface acreage totalled 125,094 acres. YPF no longer has undeveloped or developed surface acreage in Chile (see “—Exploration & Development activity in rest of South America—Chile”). |
(6) |
8,684 and 3,669 acres correspond to gross and net undeveloped offshore fields, respectively, while 28 and 14 acres correspond to gross and net developed offshore fields, respectively. All of our offshore fields are located in Argentina. |
As of December 31, 2021 |
||||||||||||
Operated by YPF |
Non-Operated by YPF |
Total |
||||||||||
Exploration permits |
13 | 5 | 18 |
|||||||||
Exploitation concessions |
72 | 29 | 101 |
|||||||||
|
|
|
|
|
|
|||||||
Total |
85 |
34 |
119 |
As of December 31, 2021 |
||||||||||||||||||||||||
Onshore |
Offshore |
|||||||||||||||||||||||
100% ownership interest |
50% - 70% ownership interest |
Total |
100% ownership interest |
37.5% - 50% ownership interest |
Total |
|||||||||||||||||||
Exploration permits |
9 | 5 | 14 |
- | 4 | 4 |
As of December 31, 2021 |
||||||||||||
Onshore |
||||||||||||
100% ownership interest |
7.2% - 98% ownership interest |
Total |
||||||||||
Exploitation concessions |
56 | 45 | 101 |
As of December 31, 2021 |
||||||||||||||||||||||||||||||||||||
Expiration year |
||||||||||||||||||||||||||||||||||||
2022-2026 |
2027-2031 |
2032-2036 |
2037-2041 |
2042-2046 |
2047-2051 |
2052-2056 |
2057+ |
Total |
||||||||||||||||||||||||||||
Exploration permits |
18 |
- |
- |
- |
- |
- |
- |
- |
18 |
|||||||||||||||||||||||||||
Operated by YPF |
13 | - | - | - | - | - | - | - | 13 |
|||||||||||||||||||||||||||
Non-Operated by YPF |
5 | - | - | - | - | - | - | - | 5 |
|||||||||||||||||||||||||||
Exploitation concessions |
23 |
31 |
8 |
4 |
11 |
14 |
8 |
2 |
101 |
|||||||||||||||||||||||||||
Operated by YPF |
17 | 22 | 4 | 4 | 11 | 9 | 4 | 1 | 72 |
|||||||||||||||||||||||||||
Non-Operated by YPF |
6 | 9 | 4 | - | - | 5 | 4 | 1 | 29 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
41 |
31 |
8 |
4 |
11 |
14 |
8 |
2 |
119 |
As of December 31, 2021 | ||||||||||||||||
Wells (1) (2) | ||||||||||||||||
Oil |
Gas | |||||||||||||||
Basin |
Gross |
Net |
Gross |
Net |
||||||||||||
Neuquina |
4,402 | 3,339 | 1,794 | 1,259 | ||||||||||||
Golfo San Jorge |
7,354 | 6,885 | 73 | 72 | ||||||||||||
Cuyana |
696 | 640 | - | - | ||||||||||||
Noroeste |
42 | 22 | 88 | 45 | ||||||||||||
Austral |
109 | 109 | 53 | 53 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Onshore |
12,603 |
10,995 |
2,008 |
1,429 |
||||||||||||
Offshore |
91 |
46 |
- |
- |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
Total |
12,694 |
11,041 |
2,008 |
1,429 |
(1) |
A gross well is a well in which we own a working interest. |
(2) |
Net wells equal gross wells after deducting third-party working interests. |
As of December 31, 2021 |
||||||||||||
7.2% - 85% ownership interest |
||||||||||||
Operated by YPF |
Non-Operated by YPF |
Total |
||||||||||
Exploration joint ventures and contractual arrangements |
4 | 5 | 9 |
|||||||||
Exploitation joint ventures and contractual arrangements |
14 | 22 | 36 |
|||||||||
|
|
|
|
|
|
|||||||
Total |
18 |
27 |
45 |
For the year ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Gross wells drilled (1) |
||||||||||||
Oil |
5 | 2 | 8 | |||||||||
Gas |
- | - | 3 | |||||||||
|
|
|
|
|
|
|||||||
Exploratory productive |
5 |
2 |
11 |
|||||||||
Dry |
2 | - | 12 | |||||||||
|
|
|
|
|
|
|||||||
Total Exploratory |
7 |
2 |
23 |
|||||||||
|
|
|
|
|
|
|||||||
Oil |
220 | 112 | 305 | |||||||||
Gas |
79 | 12 | 105 | |||||||||
|
|
|
|
|
|
|||||||
Development productive |
299 |
124 |
410 |
|||||||||
Dry |
5 | - | - | |||||||||
|
|
|
|
|
|
|||||||
Total Development |
304 |
124 |
410 |
|||||||||
|
|
|
|
|
|
|||||||
Net wells drilled (2) |
||||||||||||
Oil |
4 | 1 | 7 | |||||||||
Gas |
- | - | 2 | |||||||||
|
|
|
|
|
|
|||||||
Exploratory productive |
4 |
1 |
9 |
|||||||||
Dry |
1 | - | 9 | |||||||||
|
|
|
|
|
|
|||||||
Total Exploratory |
5 |
1 |
18 |
|||||||||
|
|
|
|
|
|
|||||||
Oil |
130 | 78 | 224 | |||||||||
Gas |
48 | 5 | 75 | |||||||||
|
|
|
|
|
|
|||||||
Development productive |
178 |
83 |
299 |
|||||||||
Dry |
2 | - | - | |||||||||
|
|
|
|
|
|
|||||||
Total Development |
180 |
83 |
299 |
|||||||||
|
|
|
|
|
|
(1) |
Gross wells include all wells in which we own a working interest. |
(2) |
Net wells equal gross wells after deducting third-party working interests. |
As of December 31, 2021 |
||||||||
Gross |
Net |
|||||||
South America |
||||||||
Argentina |
191 | 108 | ||||||
Rest of South America |
- | - | ||||||
|
|
|
|
|||||
Total |
191 |
108 |
• | In the southern part of the basin, within the boundaries of the Loma La Lata - Sierra Barrosa conventional concession, 1 horizontal oil well, drilled in 2019, started production in February 2021. This well, currently under evaluation, has the objective of understanding the Vaca Muerta formation´s productivity potential towards the southern limit of the basin. |
• | In the northern part of the basin the activity was concentrated in 2 blocks: |
- | In the Narambuena block, 2 horizontal oil wells drilled in 2019, targeting 2 landing zones started production in 2021. Initial results are slightly below expectations and it is necessary to have a longer production history to correctly evaluate the performance. |
- | In the Bajo del Toro Norte block, 5 horizontal oil wells targeting 4 landing zones were drilled and are in completion as of December 31, 2021. |
For the year ended December 31, 2021 |
||||||||||||||||
Oil (1) |
NGL |
Natural gas |
Total (2) |
|||||||||||||
(mmbbl) |
(mmbbl) |
(bcf) |
(mmboe) |
|||||||||||||
Proved developed reserves |
||||||||||||||||
Consolidated entities |
||||||||||||||||
South America |
||||||||||||||||
Argentina |
322 | 34 | 1,676 | 655 | ||||||||||||
Chile |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Proved developed reserves |
322 |
34 |
1,676 |
655 |
For the year ended December 31, 2021 |
||||||||||||||||
Oil (1) |
NGL |
Natural gas |
Total (2) |
|||||||||||||
(mmbbl) |
(mmbbl) |
(bcf) |
(mmboe) |
|||||||||||||
Proved undeveloped reserves |
||||||||||||||||
Consolidated entities |
||||||||||||||||
South America |
||||||||||||||||
Argentina |
321 | 30 | 771 | 488 | ||||||||||||
Chile |
- | - | - | - | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Proved undeveloped reserves |
321 |
30 |
771 |
488 |
For the year ended December 31, 2021 |
||||||||||||||||
Oil (1) |
NGL |
Natural gas |
Total (2) |
|||||||||||||
(mmbbl) |
(mmbbl) |
(bcf) |
(mmboe) |
|||||||||||||
Proved reserves (2) (3) |
||||||||||||||||
Consolidated entities |
||||||||||||||||
Developed |
322 | 34 | 1,676 | 655 | ||||||||||||
Undeveloped |
321 | 30 | 771 | 488 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Proved reserves |
643 |
64 |
2,447 |
1,143 |
(1) |
Includes crude oil (oil and condensate). |
(2) |
Volumes of natural gas in the table above and elsewhere in this annual report have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel. |
(3) |
Proved crude oil and NGL reserves include an estimated 92 mmbbl of crude oil and 8 mmbbl of NGLs with respect to royalty payments which, as described above, are a financial obligation or are substantially equivalent to a production or similar tax. Proved natural gas reserves entities include an estimated 288 bcf with respect to such payments. |
For the year ended December 31, (%) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Reserves replacement ratio (1) |
229% | 12% | 96% |
(1) |
Includes sales and acquisitions volumes. |
• | Extensions and discoveries, which added 148 mmboe (334 bcf of gas, 16 mmbbl of NGL and 73 mmbbl of oil) of proved undeveloped reserves mainly from unconventional oil and gas projects from the Vaca Muerta formation at the Neuquina basin in the following areas: |
• | Field development projects related to proved undeveloped reserves, which allowed a transfer of 85 mmboe to proved developed reserves. The main contributions are related to development wells (81 mmboe) mainly in the Neuquina basin, and improved recovery projects (3 mmboe) mainly in the Golfo San Jorge and Neuquina basins. |
• | Changes in oil and gas prices that resulted in an addition of 30 mmboe of proved undeveloped reserves, due to the extension in the economic life of several fields. |
• | The Reserves Audit department (“RA”) is separate and independent from the Upstream business segment. RA’s activity is overseen by YPF’s Audit Committee, which is also responsible for supervising the procedures and systems used in the recording of and internal control over the Company’s hydrocarbon reserves. The primary objectives of the RA are to ensure that YPF’s proved reserves estimates and disclosure are in compliance with the rules of the SEC, the FASB and the Sarbanes-Oxley Act, and to review annual changes in reserves estimates and the reporting of YPF’s proved reserves. The RA is responsible for: (i) preparing the information to be publicly disclosed concerning YPF’s reported proved reserves of crude oil, NGLs and natural gas; and (ii) providing training to personnel involved in the estimation of reserves and reporting process within YPF. The RA is managed by and staffed with individuals that have an average of more than 20 years of technical experience in the petroleum industry, including in the classification and categorization of reserves under the SEC guidelines. The RA staff includes several individuals who hold advanced degrees in either engineering or geology, as well as individuals who hold bachelor’s degrees in various technical studies. Several members of the RA are registered with or affiliated to the relevant professional bodies in their fields of expertise. |
• | The Reserves Auditor, who has headed the RA since June 2017, is responsible for overseeing the preparation of the reserves estimates and reserves audits conducted by third-party engineers. The current Reserves Auditor has over 35 years of experience in geology and geophysics, reserves estimates, project development, finance and general accounting regulations. Prior to becoming the Reserves Auditor, he was the general manager of Exploration & Development department at YPF, and before that, he was the Director for Exploration department at YPF. He holds a degree in geology from the National University of Patagonia and postgraduate courses at IAE Austral University. Consistent with our internal control system requirements, the Reserves Auditor’s compensation is not affected by changes in reported reserves. |
• | A quarterly internal review by the RA of changes in proved reserves submitted by the Upstream business segment and associated with properties where technical, operational or commercial issues have arisen. |
• | A Quality Reserve Coordinator (“QRC”) is assigned to each area of the Upstream business segment of YPF to ensure that there are effective controls in the estimation of proved reserves and approval process of the estimates of YPF and the timely reporting of the related financial impact of proved reserves changes. Our QRCs are responsible for reviewing proved reserves estimates. The qualification of each QRC is made on a case-by-case |
• | A formal review through technical review committees to ensure that both technical and commercial criteria are met prior to the commitment of capital to projects. |
• | Our internal audit team examines the effectiveness of YPF’s financial controls, which are designed to ensure the reliability of reporting and safeguarding of all the assets and examines YPF’s compliance with the law, regulations and internal standards. |
• | All volumes booked are submitted to a third-party reserves audit on a periodic basis. The properties selected for a third-party reserves audit in any given year are selected on the following basis: |
- | all properties on a three-year cycle; and |
- | recently acquired properties not submitted to a third-party reserves audit in the previous cycle and properties with respect to which there is new information which could materially affect prior reserves estimates. |
For the year ended December 31, (mmbbl) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Oil and condensate production (1) |
||||||||||||
Consolidated entities |
||||||||||||
South America |
||||||||||||
Argentina |
77 | 76 | 83 | |||||||||
Chile |
- | - | * | |||||||||
|
|
|
|
|
|
|||||||
Total Oil and condensate production (2) |
77 |
76 |
83 |
For the year ended December 31, (mmbbl) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
NGL production (1) |
||||||||||||
Consolidated entities |
||||||||||||
South America |
||||||||||||
Argentina |
13 | 13 | 14 | |||||||||
Chile |
- | - | - | |||||||||
|
|
|
|
|
|
|||||||
Total NGL production (3) |
13 |
13 |
14 |
For the year ended December 31, (bcf) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Natural gas production (1) |
||||||||||||
Consolidated entities |
||||||||||||
South America |
||||||||||||
Argentina |
403 | 394 | 440 | |||||||||
Chile |
- | - | - | |||||||||
|
|
|
|
|
|
|||||||
Total Natural gas production (4) (5) |
403 |
394 |
440 |
For the year ended December 31, (mmboe) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Oil equivalent production (1) (6) |
||||||||||||
Consolidated entities |
||||||||||||
Oil and condensate |
77 | 76 | 83 | |||||||||
NGL |
13 | 13 | 14 | |||||||||
Natural gas |
72 | 70 | 78 | |||||||||
|
|
|
|
|
|
|||||||
Total Oil equivalent production |
162 |
159 |
175 |
* | Not material (less than 1). |
(1) |
Loma La Lata Central and Loma La Lata Norte (southern and northern parts of the Loma La Lata field) in Argentina contain approximately 19% of our total proved reserves expressed on an oil equivalent barrel basis. In these fields, for the years ended December 31, 2021, 2020 and 2019, oil and condensate production was 9, 8 and 9 mmbbl, respectively, NGL production was 4, 5 and 5 mmbbl, respectively, and natural gas production was 80, 87 and 97 bcf, respectively. |
(2) |
Crude oil production for the years ended December 31, 2021, 2020 and 2019 includes an estimated 11, 11 and 12 mmbbl, respectively, with respect to royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(3) |
NGL production for the years ended December 31, 2021, 2020 and 2019 includes an estimated 1, 1 and 1 mmbbl, respectively, with respect to royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(4) |
Natural gas production for the years ended December 31, 2021, 2020 and 2019 includes an estimated 53, 53 and 60 bcf, respectively, with respect to royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(5) |
Does not include volumes consumed or flared in operations (whereas sale volumes shown in the reserves table included in “Supplemental information on oil and gas producing activities (unaudited)—Oil and gas reserves” include volumes consumed in operations). |
(6) |
Volumes of natural gas have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel. |
Total |
Argentina |
Chile |
||||||||||||||||||
Ps./boe |
||||||||||||||||||||
Production costs and sales prices |
||||||||||||||||||||
Year ended December 31, 2021 |
||||||||||||||||||||
Lifting costs |
1,117.1 | 1,117.1 | * | |||||||||||||||||
Local taxes and similar payments (1) |
54.1 | 54.0 | * | |||||||||||||||||
Other costs |
110.2 | 109.0 | (3) |
* | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Average production costs |
1,281.4 | 1,280.1 | * | |||||||||||||||||
Average oil sales price |
5,111.3 | 5,111.3 | - | |||||||||||||||||
Average NGL sales price |
3,880.1 | 3,880.1 | - | |||||||||||||||||
Average natural gas sales price (2) |
1,960.9 | 1,960.9 | - | |||||||||||||||||
Year ended December 31, 2020 |
||||||||||||||||||||
Lifting costs |
733.4 | 733.4 | * | |||||||||||||||||
Local taxes and similar payments (1) |
32.5 | 32.4 | * | |||||||||||||||||
Other costs |
198.4 | 197.5 | (3) |
* | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Average production costs |
964.3 | 963.3 | * | |||||||||||||||||
Average oil sales price |
2,798.4 | 2,798.4 | - | |||||||||||||||||
Average NGL sales price |
1,709.4 | 1,709.4 | - | |||||||||||||||||
Average natural gas sales price (2) |
1,068.1 | 1,068.1 | - | |||||||||||||||||
Year ended December 31, 2019 |
||||||||||||||||||||
Lifting costs |
620.4 | 619.6 | * | |||||||||||||||||
Local taxes and similar payments (1) |
31.1 | 31.0 | * | |||||||||||||||||
Other costs |
64.5 | 64.3 | (3) |
* | ||||||||||||||||
|
|
|
|
|
|
|||||||||||||||
Average production costs |
716.0 | 714.9 | * | |||||||||||||||||
Average oil sales price |
2,351.8 | 2,351.8 | - | |||||||||||||||||
Average NGL sales price |
1,167.7 | 1,167.7 | - | |||||||||||||||||
Average natural gas sales price (2) |
1,039.0 | 1,039.0 | - |
* | Not material (less than 1). |
(1) |
Does not include ad valorem and severance taxes, including the effect of royalty payments which are a financial obligation or are substantially equivalent to such taxes, in an amount of 464.6 Ps./boe, 255.4 Ps./boe and 226.2 Ps./boe for the years ended December 31, 2021, 2020 and 2019, respectively. |
(2) |
Includes revenues from stimulus programs which aim to boost natural gas production in Argentina. See Note 35.d.1) to the Audited Consolidated Financial Statements. |
(3) |
Includes (89.3) Ps./boe, (64.6) Ps./boe and (38.2) Ps./boe for the years ended December 31, 2021, 2020 and 2019, respectively, corresponding to the implementation of IFRS 16. See Note 2.b.12) to the Audited Consolidated Financial Statements. |
• | Refining division (oil refining and petrochemical production); |
• | Marketing division (commercialization and marketing of refined and resale products); |
• | Chemicals division (commercialization and marketing of petrochemical products); |
• | Logistic division (transportation of oil to refineries and distribution of refined and petrochemical products to be marketed in the different sales channels); and |
• | Trading division (trading refined products and crude oil to international markets). |
• | La Plata refinery, located in the Buenos Aires Province; |
• | Luján de Cuyo refinery, located in the Mendoza Province; and |
• | Plaza Huincul refinery, located in the Neuquén Province. |
For the year ended December 31, |
||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||
Throughput |
Use |
Throughput |
Use |
Throughput |
Use |
|||||||||||||||||||
(bpd) |
(%) |
(bpd) |
(%) |
(bpd) |
(%) |
|||||||||||||||||||
Refinería La Plata |
153.1 | 81.0% | 134.3 | 71.1% | 160.4 | 84.9% | ||||||||||||||||||
Refinería Luján de Cuyo |
100.7 | 88.4% | 83.8 | 79.4% | 93.5 | 88.6% | ||||||||||||||||||
Refinería Plaza Huincul |
16.4 | 65.1% | 16.2 | 65.0% | 23.6 | 94.5% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
270.2 |
82.4% |
234.3 |
73.4% |
277.5 |
86.9% |
For the year ended December 31, (mmboe) | ||||||||||||
2021 |
2020 |
2019 |
||||||||||
Throughput crude |
98.6 | 85.8 | 101.3 | |||||||||
Throughput feedstock |
3.9 | 3.8 | 4.7 | |||||||||
Throughput crude / feedstock |
102.5 | 89.6 | 106.0 | |||||||||
Production |
||||||||||||
Diesel fuel |
43.6 | 39.3 | 41.0 | |||||||||
Motor gasoline |
24.0 | 17.8 | 24.8 | |||||||||
Petroquemical naphtha |
8.9 | 8.2 | 8.1 | |||||||||
Jet fuel |
2.8 | 2.4 | 6.9 | |||||||||
Base oils |
1.2 | 0.9 | 0.9 |
For the year ended December 31, (thousands of tons) | ||||||||||||
2021 |
2020 |
2019 |
||||||||||
Fuel oil |
390 | 349 | 308 | |||||||||
Coke |
878 | 750 | 895 | |||||||||
LPG |
637 | 446 | 597 | |||||||||
Asphalt |
146 | 81 | 121 |
For the year ended December 31, (mcm) |
(%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021 vs 2020 |
2021 vs 2019 |
||||||||||||||||
Sales volume (1) |
||||||||||||||||||||
Super gasoline |
3,281 | 2,580 | 3,720 | 27% | -12% | |||||||||||||||
Infinia gasoline |
1,383 | 964 | 1,400 | 43% | -1% | |||||||||||||||
Diesel (500 and 800 ppm) |
5,222 | 4,853 | 5,488 | 8% | -5% | |||||||||||||||
Infinia diesel (10 ppm) |
2,177 | 1,616 | 2,002 | 35% | 9% | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
12,063 |
10,013 |
12,610 |
20% |
-4% |
(1) |
Do not include bunker sales to the foreign market and sales to other companies. |
For the year ended December 31, 2021 (mtn) |
||||
Production and purchases |
||||
LPG from natural gas processing plants (1) |
||||
El Portón |
53.9 | |||
San Sebastián |
16.4 | |||
Loma Negra |
20.2 | |||
Estación Fernández Oro |
2.6 | |||
|
|
|||
Total Upstream |
93.1 |
|||
LPG from refineries and petrochemical plants |
||||
La Plata refinery |
250.0 | |||
Luján de Cuyo refinery |
112.2 | |||
CIE |
35.7 | |||
|
|
|||
Total refineries and petrochemical plants (2) |
397.9 |
|||
LPG purchased from joint ventures (3) |
0.8 |
|||
LPG purchased from unrelated parties |
56.1 |
|||
|
|
|||
Total |
547.9 |
(1) |
San Sebastian, El Portón, Loma Negra and Estación Fernández Oro are wholly-owned by us. |
(2) |
This production does not include LPG used as petrochemical feedstock (olefins derivatives, polybutenes and maleic). |
(3) |
Purchased from Refinor, which produced 36.5 mtn of LPG in 2021. |
For the year ended December 31, 2021 (tons per year) |
||||
Capacity |
||||
CIE |
||||
BTX (benzene, toluene, mixed xylenes) |
526,000 | |||
Orthoxylene |
25,000 | |||
Cyclohexane |
95,000 | |||
Solvents |
66,100 | |||
MTBE |
60,000 | |||
Butane I |
25,000 | |||
TAME |
105,000 | |||
LAB (linear alkyl benzene) |
52,000 | |||
LAS (linear alkylbenzene sulphonate) |
32,000 | |||
PIB (polyisobutylene) |
26,000 | |||
Maleic anhydride |
17,500 | |||
Propylene |
120,000 | |||
Plaza Huincul |
||||
Methanol |
411,000 | |||
Luján de Cuyo |
||||
Propylene |
100,000 |
• | Refining process of crude oil and production of gas and liquid fuels, lube base stocks and paraffin, petroleum coke (green coke) and petrochemical products in the units of refining, conversion, lube, aromatics, olefins, PIB (polyisobutene) / maleic and LAB / LAS (linear alkyl benzene / linear alkyl benzene sulphonate), methanol production and storage; |
• | Management and development of the petrochemical business of the Company, planning and economic and commercial control, commercialization and post-sale service of petrochemical products; and |
• | Production of complex aromatics, olefins, maleic, polybutenes and the provision of energy services that operate within the Complejo Industrial La Plata – Química. |
To |
YPF interest |
Length (km) |
For the year ended December 31, 2021 (boe/d) | |||||
From |
Daily capacity | |||||||
Puesto Hernández |
Luján de Cuyo refinery | 100% | 528 | 93,509 | ||||
Puerto Rosales |
La Plata refinery | 100% | 585 | 326,541 | ||||
La Plata refinery |
Dock Sud | 100% | 52 | 141,006 (1) | ||||
Loma Campana |
Lago Pellegrini | 85% | 88 | 125,860 (2) | ||||
Brandsen |
Campana | 30% | 168 | 120,700 (3) | ||||
Puesto Hernández / Plaza Huincul / Allen |
Puerto Rosales | 37% | 888 | 232,000 (4) |
(1) |
Extension of the Puerto Rosales – La Plata refinery pipeline. |
(2) |
We own 85% of Oleoducto Loma Campana – Lago Pellegrini S.A., operator of the pipeline. |
(3) |
We own 30% of Oiltanking Ebytem S.A., operator of the pipeline. |
(4) |
We own 37% of Oleoductos del Valle S.A., operator of the pipeline. The main pipeline is a double pipeline of 513 km which connects the Neuquina basin and Puerto Rosales. |
For the year ended December 31, (millions bbl) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Exports |
||||||||||||
Crude oil |
0.6 | 5.2 | 3.5 | |||||||||
Refined products |
4.7 | 5.7 | 6.1 | |||||||||
Marine fuels |
1.5 | 1.8 | 1.9 | |||||||||
|
|
|
|
|
|
|||||||
Total |
6.8 |
12.7 |
11.5 |
For the year ended December 31, (millions bbl) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Domestic market |
||||||||||||
Crude oil |
0.6 | 2.1 | 1.9 | |||||||||
Marine fuels |
0.9 | 1.0 | 1.1 | |||||||||
|
|
|
|
|
|
|||||||
Total |
1.5 |
3.1 |
3.0 |
• | A separation plant located in the Loma La Lata field, in the Neuquén Province. |
• | A NGL fractioning plant, which produces ethane, propane, butane and natural gasoline located in the Bahía Blanca City in the Buenos Aires Province. |
• | A pipeline that links both plants and transports NGLs. |
• | Transportation, storage and port facilities near the fractioning plant. |
• | Transparent and responsible business at economic, environmental and social levels. |
• | Profitability and focus on growth through innovation and new technologies. |
• | Short and long-term value generation for shareholders, investors, partners, customers, employees, suppliers, the communities where we operate, and our country. |
• | Implementation and improvements of initiatives in the main ESG areas: governance, transparency and integrity, human rights, labor practices, diversity, environment, health and safety, supply chain and relations with communities. |
• | The Company’s Sustainability Plan and its respective performance KPIs, aligned with the global sustainability commitments we assumed. To achieve this we updated, among others, an assessment of our performance according to worldwide recognized ESG ratings. |
• | Participation in global, national and local recognized organizations and initiatives regarding corporate and energy sustainability. YPF continues to lead the Argentine Network of the United Nations Global Compact Initiative and participates in the Argentine World Business Council for Sustainable Development (“WBCSD”). The Company also participated and promoted during 2021, the second phase of the Oil & Gas Sustainable Development Goals (“SDG”) Roadmap through the Argentine Institute for Oil & Gas (“IAPG”). Twenty-nine companies participated in the initiative and the map was officially presented during the XII Argentine Oil and Gas meeting held in September 2019, with the participation of the presidents of IAPG and YPF. Additionally, during 2021, the Company’s CEO participated as Co-Chair for the 2021 B20 Italy Energy and Resource Efficiency Task force. |
• | Strengthening of the communication with our stakeholders through the annual Sustainability Report, delivering better and more focused communication on ESG matters; specific workshops for managers and employees in order to increase their knowledge about sustainability; and publishing in the Argentine WBCSD platform for SDG the main initiatives that are already underway and that contribute towards the 2030 Global Agenda for Sustainable Development. |
• | integrate climate risk analysis methods; |
• | increase the reduction of our operations specific GHG emissions in near and midterm future. It implies to reduce operational greenhouse gas emissions intensity by 30% by 2026 (base line 2017); to reduce methane emissions by 30% by 2030 as well as working towards zero routine flaring by 2030; |
• | increase the profitable production of renewable electric energy and efficient thermal energy through YPF EE; |
• | encourage and boost energy efficiency by improving performance in our facilities and activities; |
• | advance research and development of new related technologies and new energy solutions; |
• | achieve the target of having approximately 70% of our vehicle fuels conform to low-sulphur standards (Euro V) in the near future; and |
• | develop climate change adaptation strategies for our operations. |
• | Improving energy efficiency. In 2017 we completed an energy assessment of production processes in the Company’s three main business segments (Upstream, Downstream and Gas and Power). This helped us ascertain YPF’s balance, consolidated and area-specific consumption, establish a baseline and identify energy efficiency opportunities. |
• | During 2021 work has continued to improve flare management through new tools, instruments and analytics. The pilots executed during 2020 had good results as a tool to reduce flare burns. The monitoring panel carried out during the pilot was expanded to other facilities with flares. Furthermore, during 2020 and 2021 we have been working on the evaluation, detection and measurement of methane emissions as well as vents with differences kind of technologies, like satellite and aerial images to strengthen the activities already performed on the ground with handhelds detection cams. The pilot detection campaigns using airplanes and satellites were carried out in the Neuquén and Santa Cruz Provinces, covering a total of approximately 1,300 km 2 . As a preliminary result, no large emitters were detected, only eventual emissions already identified, associated with maintenance activities and operations. Additionally, the Company is studying to replace liquid fuel, which is normally imported, with natural gas in upstream operations (for example for fracturing equipment). Monitoring our two projects registered under the Clean Development Mechanism (“CDM”), which allow us to reduce the emissions in the different stages and processes of crude oil refining through the recovery of flare gas in the La Plata and Luján de Cuyo industrial complexes. Residual gases are compressed and injected into the fuel system to feed furnaces and boilers, thus avoiding the need to use natural gas and fuel oil for heating. In 2021, CO2 was reduced by around 165,000 tCO2 between both projects. We are working on the installation of a recovery of flare gas compressor in Plaza Huincul refinery. |
• | The methodology developed by YPF was approved by the United Nations in 2007 under the name of AM0055 “Baseline and monitoring methodology for the recovery and utilization of waste gas in refinery facilities”. To date, there are six projects registered under the CDM that have implemented this methodology around the world (Argentina, China, Kuwait and Egypt). |
• | Continuing and strengthening Greenhouse Gases Emissions Inventorying. Since 2008 we have been gradually introducing management systems into our operations to record emissions through GHG inventories, applying the ISO 14064-1 standard. This inventory has been successfully checked in the Ensenada Industrial Complex since 2008 and later in Luján de Cuyo Industrial Complex. During 2016, we began to implement the external verification process of greenhouse gas emissions inventory by a third-party in Plaza Huincul Refinery. During 2021 we performed a completed external verification process of all of YPF’s industrial complexes for the 2019 and 2020 inventories of La Plata (refinery and petrochemical plant), Luján de Cuyo, and Plaza Huincul (refinery and methanol plant). |
• | Developing forestry projects located in the Neuquén Province which constitute approximately 7,000 hectares of trees forested under a long-term work program. Using the afforestation methodologies and tools available at the UNFCCC Clean Development Mechanism web-site, it was possible to arrive to a conservative estimated amount of approximately 760,000 tons of CO2 equivalents that were captured by the afforestation project activities from 1984 (when the first afforestation activity occurred) through 2014. |
• | We remain committed to minimizing gas sent to flares and gas vented, giving compliance to the requirements established in Resolutions No. 236/1993 and 143/1998 issued by the former SE and all applicable provincial regulations. The virtual gas pipeline initiative is an example of this effort. It was first implemented in the Mendoza Province and later extended to other sites in the Vaca Muerta formation, it involves the liquefaction and transportation of the natural gas associated from remote wells to an electric power plant or to a gas pipeline in order to reduce flaring. |
• | Developing electric power and renewable energy business. See “Business organization—Gas and Power”. |
• | For reference of our climate change commitment, we seek to manage threats and opportunities posed by climate change and support the execution of climate change initiatives. We consider the risks associated with changes in climate patterns, as well as risks arising for policy, communities, regulations, legal, technological and markets due to the challenges posed by climate change and identified in our risk-based approach analysis. |
• | Climate change adaptation: We moved forward with climate risk assessment projects at our facilities by implementing the Business Areas Climate Impact Assessment Tool (“BACLIAT”). We also used such tool at the logistics terminal located in Concepción del Uruguay in 2017, in an oil pipeline in the Mendoza Province in 2018 and in terminal Barranqueras and in an upstream oil facility in Comodoro Rivadavia in 2019. During 2021 have been implementing the BACLIAT in two upstream facilities: PTC LH-3 and PTG CSE-1. The tool allows us to observe past, current and future climate trends, detect primary risks, and identify mitigating actions to reduce vulnerability and encourage early action. In addition to the implementation of the tool in other facilities, in 2019 we started working on the development of climate maps to identify risks related to climate change for our operations and facilities. During 2020 we finalized the development of these climate risk maps and made them available through a Geographic Information System (“GIS”) web-based platform. These maps allow us to identify operations and installations exposed to climate risk in different potential climate scenarios and to focus on those evidencing higher risk for BACLIAT’s implementation and adaptation measures. |
• | Strengthening the relationship established with the Argentine Environmental Authority (Ministerio de Ambiente y Desarrollo Sostenible de La Nación), |
in particular with its Secretary of Climate Change, Sustainable Development and Innovation (Secretaría de Cambio Climático, Desarrollo Sostenible e Innovación) in order to collaborate with the development of the Third National Communication on Climate Change to the UNFCCC and during 2017 in workshops organized by the CCU to develop the National Climate Change Plans related to the Nationally Determined Contributions (“NDCs”) undertaken by the country under the signed Paris Agreement. With respect to this, YPF signed a Framework Agreement with the Argentine Environmental Authority for a mutual collaboration on environmental issues, particularly relating to climate change. In 2020 we participated in the Climate Dialogue called by the Argentine Environmental Authority, in particular the Secretary of Climate Change, Sustainable Development and Innovation that took place in November 2020 and for the presentation of the second NDC draft paper during December 2020. In 2021 through the IAPG, a request was received from the Secretary of Climate Change, Sustainable Development and Innovation to work together on the development of fuel emission factors at the national level in a project led and financed by United Nations Environment Program (“UNEP”). Work was done on the preparation of a draft of the agreement that includes a proposal of activities, products and dates. The agreement has not yet been signed by the parties. |
• | reuse residual wood as a substrate to improve the soil bioremediation actions; |
• | send tires and rubber belts from our southern operations into a recycling project that crushes them to reuse them; |
• | carried out the first test for the incorporation of rubber in asphalts; |
• | set the basis to extend the current recycling program of waste electrical and electronic equipment from Buenos Aires to the entire company. The first shipment will be done in the first quarter of 2022; and |
• | send FCC catalyst to a cement plant to use it as an aluminum corrector replacing the extraction of raw material. Also, we are studying the possibility to reuse FCC spent catalyst into less demanding process. |
• | National Constitution (Articles 41 and 43); |
• | Law No. 25,675 on National Environmental Policy; |
• | Law No. 25,612 on Integrated Management of Industrial and Service Industry Waste; |
• | Law No. 24,051 on Hazardous Waste; |
• | Law No. 25,916 on Management of Domestic Waste; |
• | Law No. 20,284 on Clean Air; |
• | Law No. 25,688 on Environmental Management of Waters; |
• | Law No. 25,670 on the Management and Elimination of Polychlorinated Biphenyls; |
• | Criminal Code; and |
• | Argentine Civil and Commercial Code, which sets forth the general rules of tort law. |
• | The main exchange regulatory framework, see “Item 10. Additional information—Exchange regulations”. |
• | The main environmental regulatory framework, see “—Sustainability and environmental matters in Argentina”. |
• | The main requirements of the Expropriation Law and Privatization Law, see “—History and development of YPF”. |
• | The main requirements of the Access to Public Information Law No. 27,275, see “Item 10. Additional information—Access to public information”. |
• | the volume of crude oil, oil byproducts and natural gas we produce and sell; |
• | regulation of domestic pricing; |
• | our pricing policy for fuels; |
• | export and import regulations; |
• | international and domestic prices of crude oil and oil products; |
• | geopolitical tensions and crisis, such as the ongoing conflict between Russia and Ukraine; |
• | our capital expenditures and financing availability; |
• | decisions of our joint ventures partners in connection with investments in areas we jointly operate; |
• | inflation; |
• | abrupt changes in currency values; |
• | cost increases; |
• | domestic market demand for hydrocarbon products; |
• | operational risks |
• | labor strikes and other forms of public protest in Argentina; |
• | taxes, including export taxes; |
• | regulation of capital flows, including those affecting financing; |
• | the Argentine peso/U.S. dollar exchange rate; |
• | the revocation of our concessions in case of noncompliance with certain provisions as set by laws and agreements with the Argentine government and/or Provinces; |
• | inability to renew or extend our concessions; |
• | dependence on the infrastructure and logistic network used to deliver our products; |
• | interest rates; |
• | regulation of our activities, including with respect to environmental factors; |
• | a pandemic disease, such as COVID-19; and |
• | energy transition and lower carbon energy. |
For the year ended December 31, (millions of Ps.) |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Crude oil in Argentina |
||||||||||||
Production (mmbbl) |
187.3 | 175.8 | 185.6 | |||||||||
Exports (mmbbl) |
19.5 | 24.8 | 22.4 | |||||||||
Imports (mmbbl) |
- | - | - | |||||||||
Natural gas in Argentina |
||||||||||||
Sales (mmcm) (1) |
42.3 | 37.8 | 54.1 | |||||||||
Production (bcm) |
45,292.7 | 45,095.8 | 49,350.2 | |||||||||
Exports (mmcm) |
692.4 | 1,031.5 | 615.6 | |||||||||
Imports (mmcm) |
4,726.1 | 5,422.2 | 5,096.4 | |||||||||
Diesel fuel in Argentina |
||||||||||||
Sales (mcm) (1) |
14,408.8 | 12,644.7 | 13,928.8 | |||||||||
Production (mcm) |
10,139.0 | 8,946.8 | 11,599.8 | |||||||||
Exports (mcm) |
- | 4.3 | 0.1 | |||||||||
Imports (mcm) |
1,972.7 | 1,332.8 | 2,101.3 | |||||||||
Gasoline in Argentina |
||||||||||||
Sales (mcm) (1) |
9,141.7 | 6,902.3 | 9,353.7 | |||||||||
Production (mcm) |
6,333.9 | 4,961.0 | 8,757.5 | |||||||||
Exports (mcm) |
65.2 | 160.2 | - | |||||||||
Imports (mcm) |
580.7 | 161.5 | 520.9 |
(1) |
Includes domestic market sales. |
For the year ended December 31, (millions of Ps.) | ||||||||||||
2021 |
2020 |
2019 | ||||||||||
Revenues |
1,271,330 | 669,186 | 678,595 | |||||||||
Costs |
(1,028,180) | (626,212) | (575,608) | |||||||||
|
|
|
|
|
|
|
|
| ||||
Gross profit |
243,150 |
42,974 |
102,987 |
|||||||||
Selling expenses |
(101,969) | (71,835) | (49,898) | |||||||||
Administrative expenses |
(45,896) | (34,490) | (24,701) | |||||||||
Exploration expenses |
(2,604) | (5,846) | (6,841) | |||||||||
(Impairment) / Recovery of property, plant and equipment and intangible assets, net |
(11,258) | 6,851 | (41,429) | |||||||||
Other net operating results |
(23,253) | 3,949 | (1,130) | |||||||||
|
|
|
|
|
|
|
|
| ||||
Operating profit / (loss) |
58,170 |
(58,397) |
(21,012) |
|||||||||
Income from equity interests in associates and joint ventures |
26,977 | 13,270 | 7,968 | |||||||||
Net financial results |
(21,546) | (11,301) | 6,034 | |||||||||
|
|
|
|
|
|
|
|
| ||||
Net profit / (loss) before income tax |
63,601 |
(56,428) |
(7,010) |
|||||||||
Income tax |
(64,409) | (14,589) | (26,369) | |||||||||
|
|
|
|
|
|
|
|
| ||||
Net loss for the year |
(808) |
(71,017) |
(33,379) |
|||||||||
Other comprehensive income for the year |
165,412 | 206,500 | 221,367 | |||||||||
|
|
|
|
|
|
|
|
| ||||
Total comprehensive income for the year |
164,604 |
135,483 |
187,988 |
|||||||||
|
|
|
|
|
|
|
|
|
For the year ended December 31, (millions of Ps.) | ||||||||
2021 |
2020 | |||||||
Inventories at beginning of year |
100,137 | 80,479 | ||||||
Purchases |
391,984 | 170,616 | ||||||
Production costs |
663,756 | 442,264 | ||||||
Translation effect |
24,915 | 32,427 | ||||||
Adjustment for inflation (1) |
1,315 | 563 | ||||||
Inventories at end of year |
(153,927) | (100,137) | ||||||
|
|
|
|
|
| |||
Total |
1,028,180 |
626,212 |
(1) |
Corresponds to adjustment for inflation of inventories’ opening balances of subsidiaries with the peso as functional currency, which was charged to other comprehensive income. |
For the year ended December 31, (millions of Ps.) | ||||||||
2021 |
2020 | |||||||
Salaries and social security taxes |
53,176 | 43,315 | ||||||
Fees and compensation for services |
4,476 | 2,469 | ||||||
Other personnel expenses |
13,650 | 8,789 | ||||||
Taxes, charges and contributions |
11,802 | 7,287 | ||||||
Royalties, easements and fees |
79,381 | 42,709 | ||||||
Insurance |
7,075 | 5,314 | ||||||
Rental of real estate and equipment |
12,372 | 7,332 | ||||||
Depreciation of property, plant and equipment |
253,837 | 161,453 | ||||||
Amortization of intangible assets |
3,640 | 2,821 | ||||||
Depreciation of right-of-use |
18,075 | 16,868 | ||||||
Industrial inputs, consumable materials and supplies |
36,376 | 22,838 | ||||||
Operation services and other service contracts |
36,662 | 34,492 | ||||||
Preservation, repair and maintenance |
89,200 | 50,850 | ||||||
Transportation, products and charges |
34,673 | 20,966 | ||||||
Fuel, gas, energy and miscellaneous |
9,361 | 14,761 | ||||||
|
|
|
|
|
| |||
Total |
663,756 |
442,264 |
For the year ended December 31, (%) |
||||||||
2021 |
2020 |
|||||||
Revenues |
100.0% | 100.0% | ||||||
Costs |
(80.9)% | (93.6)% | ||||||
|
|
|
|
|||||
Gross profit |
19.1% |
6.4% |
||||||
Selling expenses |
(8.0)% | (10.7)% | ||||||
Administrative expenses |
(3.6)% | (5.2)% | ||||||
Exploration expenses |
(0.2)% | (0.9)% | ||||||
(Impairment) / Recovery of property, plant and equipment and intangible assets, net |
(0.9)% | 1.0% | ||||||
Other net operating results |
(1.8)% | 0.6% | ||||||
|
|
|
|
|||||
Operating profit / (loss) |
4.6% |
(8.8)% |
||||||
|
|
|
|
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||
2021 |
2020 | |||||||||||||||||||||||||||||||||||
Sales volume |
Average price (1) |
|
Sales volume |
Average price (1) | ||||||||||||||||||||||||||||||||
Product |
||||||||||||||||||||||||||||||||||||
Natural gas |
11,353 | mmcm | 12,609 | Ps./mcm | 10,927 | mmcm | 6,694 | Ps./mcm | ||||||||||||||||||||||||||||
Diesel |
8,007 | mcm | 54,143 | Ps./cm | 7,044 | mcm | 33,884 | Ps./cm | ||||||||||||||||||||||||||||
Gasoline |
4,987 | mcm | 52,012 | Ps./cm | 3,698 | mcm | 33,913 | Ps./cm | ||||||||||||||||||||||||||||
Fuel oil |
208 | mtn | 44,554 | Ps./tn | 266 | mtn | 25,647 | Ps./tn | ||||||||||||||||||||||||||||
Petrochemicals |
489 | mtn | 63,791 | Ps./tn | 390 | mtn | 33,985 | Ps./tn |
(1) |
Net of applicable domestic fuel transfer tax payable by consumers. |
For the year ended December 31, | ||||||||||||||||||||||||||||||||||||
2021 |
2020 | |||||||||||||||||||||||||||||||||||
Sales volume |
Average price (1) |
Sales volume |
Average price (1) | |||||||||||||||||||||||||||||||||
Product |
||||||||||||||||||||||||||||||||||||
Natural gas |
300 | mmcm | 13,188 | Ps./mcm | 322 | mmcm | 6,381 | Ps./mcm | ||||||||||||||||||||||||||||
Diesel |
49 | mcm | 62,601 | Ps./cm | 86 | mcm | 41,528 | Ps./cm | ||||||||||||||||||||||||||||
Gasoline |
210 | mcm | 54,991 | Ps./cm | 304 | mcm | 19,216 | Ps./cm | ||||||||||||||||||||||||||||
Fuel oil |
208 | mtn | 51,674 | Ps./tn | 267 | mtn | 25,619 | Ps./tn | ||||||||||||||||||||||||||||
Petrochemicals |
213 | mtn | 66,954 | Ps./tn | 193 | mtn | 35,932 | Ps./tn |
(1) |
Net of applicable domestic fuel transfer tax payable by consumers. |
• | Diesel revenues in the Argentine domestic market increased by Ps. 194,827 million, or 81.6%, primarily as a result of an increase in the average price measured in pesos, for diesel mix of 59.8% (the increase in the average price in U.S. dollar was of 17.5%), and an increase in diesel sales volumes of 13.7%, which is consistent with the increase in diesel sales in the Argentine domestic market of 15.4%. This increase in our sales volumes is mainly derived from a 33.8% increase in sales volumes of Infinia diesel (premium diesel). Sales in 2020 were strongly impacted by the measures adopted in response to the COVID-19 pandemic outbreak. |
• | Gasoline revenues in the Argentine domestic market increased by Ps. 133,965 million, or 106.8%, primarily as a result of an increase in the average price measured in pesos, for gasoline mix of 53.4% (the increase in the average price in U.S. dollar was of 12.6%), and an increase in the gasolines aggregate sales volumes of 34.9%, which is consistent with the 30.3% increase of gasoline sales volumes in the Argentine domestic market. The increase in our sales volumes is mainly derived from a 45.5% increase in Infinia gasoline (premium gasoline) sales volumes. Sales in 2020 were strongly impacted by the measures adopted in response to the COVID-19 pandemic outbreak. |
• | Natural gas revenues in the Argentine domestic market increased by Ps. 69,999 million, or 95.7%, mainly as a result of an increase in the average price measured in pesos of 88.4% (the increase in the average price in U.S. dollar was of 38.6%), while sales volumes increased by 3.9%. This increase is mainly related to the implementation of the Plan GasAr. For further information see Note 35.d.1) to the Audited Consolidated Financial Statements. |
• | Natural gas revenues from sales to the retail segment (residential and small general service category) and sales to the Company’s large clients (gas power plants and industries) increased by Ps. 6,363 million, or 17.8%, mainly explained by an increase in average prices of 36.1%, which was partially offset by a decrease in sales volumes of 18.0%, mainly of our controlled subsidiary Metrogas, through its distribution network. |
• | Among other revenues in the Argentine domestic market, fertilizers, LPG, lubricants, petrochemicals and aerokerosene sales increased by Ps. 23,745 million (134.4%), Ps. 23,648 million (221.4%), Ps. 19,560 million (141.2%), Ps. 17,959 million (135.4%) and Ps. 11,138 million (160.2%), respectively, due to higher sales volumes and higher prices in pesos for these products. Sales in 2020 were strongly impacted by the measures adopted in response to the COVID-19 pandemic outbreak. |
• | Export revenues increased by Ps. 66,861 million, or 80.0%, primarily due to an increase in the revenues from the export of soybean meal and oil by Ps. 30,783 million or 107.0%, mainly due to an 89.0% increase in average prices measured in pesos and an 9.5% increase in sales volumes. LPG, petrochemicals, aero kerosene and residual coal sales increased by Ps. 7,761 million (293.0%), Ps. 7,355 million (106.2%), Ps. 5,879 million (69.4%) and Ps. 5,322 million (340.1%), respectively. On the other hand, crude oil exports decreased by Ps. 5,881 million, or 63.4%, due to lower sales volumes of 87.7%. |
• | Property, plant and equipment depreciation costs increased by Ps. 92,384 million, or 57.2%, as a result of the appreciation of property, plant and equipment as a consequence of the depreciation of the peso since these assets are valued in U.S. dollar, which is the functional currency of the Company, and the effect of the recovery of impairment booked by the end of 2020. |
• | Lifting costs increased by Ps. 64,460 million, or 55.4%, primarily as a result of an increase of the unit indicator in pesos of 55.0%, due to an increase in costs in pesos (the increase in the unit indicator in U.S. dollar was of 13.4%) and the recovery of the activity after the impact of the measures adopted in 2020 in response to the COVID-19 pandemic outbreak. |
• | Royalty and other charges related increased by Ps. 34,679 million, or 85.7%. Crude oil royalties increased by Ps. 24,537 million, or 79.5%, and natural gas royalties increased by Ps. 10,142 million, or 105.6%, due to a higher value at the wellhead of these products when measured in pesos, and higher production. |
• | Refining costs increased by Ps. 13,596 million, or 54.8%, considering an increase in the unit indicator measured in pesos of 34.6%, mainly driven by higher charges for electricity and other supplies, higher charges for repair, conservation and ordinary maintenance, and higher charges for materials and spare parts. |
• | Diesel imports increased by Ps. 39,722 million, or 384.1%, and premium gasoline imports increased by Ps. 10,718 million, or 712.0%, in both such cases due to higher imported volumes and prices. Higher imported volumes in 2021 were a result of the gradual recovery of domestic demand since the lifting of measures adopted in response to the COVID-19 pandemic outbreak (see “—Macroeconomic conditions—COVID-19 pandemic outbreak”). |
• | Jet fuel imports increased by Ps. 3,991 million, or 120.5%, due to higher imported volumes of 26.5% and higher prices of 74.3%. |
• | Purchases of crude oil from third parties increased by Ps. 61,944 million, or 174.8%, due to an increase of 74.0% in the average purchase price, measured in pesos, to third parties and an increase in purchase volumes of 57.9%. Higher purchase volumes during 2021 were due to the gradual recovery of demand since the lifting of the measures adopted in response to the COVID-19 pandemic outbreak (see “—Macroeconomic conditions—COVID-19 pandemic outbreak”). |
• | Natural gas purchases from other producers for resale to the retail distribution segment (residential and small businesses and industries) and from sales to the Company’s large clients (gas power plants and industries) increased by Ps. 2,669 million, or 14.0%, mainly due to an increase in prices of 28.3%, which was partially offset by a decrease in volumes acquired from third parties of 12.5%. |
• | Purchases of biofuels (FAME and bioethanol) increased by Ps. 27,167 million, or 118.9%, mainly due to an increase of 142.6% in the price of FAME and 72.2% in the price of bioethanol. Additionally, there was an increase in the volumes purchased of bioethanol of 36.1%, which was partially offset by a decrease in the volumes purchased of FAME of 18.7%. |
• | Receipt of grain increased by Ps. 15,766 million, or 65.2%, through the modality of barter in the agro sales segment, which are accounted for as purchases. This increase reflects a 77.9% increase in average prices measured in pesos, which was partially offset by a 7.1% decrease in the volumes received. |
• | Fertilizers purchases increased by Ps. 29,903 million, or 195.5%, and lubricants purchases increased by Ps. 2,749 million, or 87.8%, mainly due to higher prices measured in pesos. |
• | During 2021, a positive existence variation of Ps. 27,560 million was registered driven by an increase in the cost of the Company’s inventories and on a lower scale due to higher levels of inventories. In 2020, a negative existence variation of Ps. 13,332 million was registered, mainly driven by a consumption of inventories and a reduction in the cost of the Company’s inventories. |
• | Crude oil sales increased Ps. 181,099 million, or 84.9%, due to an increase in the intersegment price of crude oil of 84.6% measured in pesos (an increase of 35.5% in U.S. dollars). Additionally, crude oil volume transferred to the Downstream segment increased by 0.1% (approximately 15 mmcm). Crude oil daily production during 2021 increased by 2.0% compared to 2020, reaching 211 thousand bbl/d. |
• | Natural gas sales increased by Ps. 75,387 million, or 94.3%, as a consequence of an 89.2% increase in the average price in pesos (the increase in the average price in US dollars was of 37.6%). Likewise, natural gas volume transferred to the Gas & Power segment increased by 2.8%. Natural gas daily production during 2021 increased by 0.3% compared to 2020, reaching 35.7 mmcm/d. During the first quarter of 2021, natural gas sales decreased mainly due to the natural decline of the fields, which started to reverse at the beginning the second quarter driven by the Plan GasAr, which made production remain stable during the second semester. |
• | Property, plant and equipment depreciation costs increased by Ps. 85,363 million, or 66.6%, as a result of the appreciation of property, plant and equipment as a consequence of the depreciation of the peso since these assets are valued in U.S. dollar, which is the functional currency of the Company, and the effect of the recovery of the charge of impairment booked by the end of 2020. |
• | Lifting costs increased by Ps. 64,460 million, or 55.4%, primarily as a result of an increase of the unit indicator in pesos of 55.0%, due to an increase in costs in pesos (the increase in the unit indicator in U.S. dollar was of 13.4%) and the recovery of activity after the impact of the measures adopted in 2020 in response to the COVID-19 pandemic. |
• | Royalty and other charges related to production increased by Ps. 34,679 million, or 85.7%. Crude oil royalties increased by Ps. 24,537 million, or 79.5% and natural gas royalties increased by Ps. 10,142 million, or 105.6%, in both cases due to a higher value at the wellhead of these products when measured in pesos, and higher production. |
• | Transportation costs (truck, pipelines and pipelines in fields) increased by Ps. 4,014 million, which represents an increase of 37.9%, mainly due to an increase in tariffs in pesos. |
• | Diesel revenues in the Argentine domestic market increased by Ps. 194,827 million, or 81.6%, primarily as a result of an increase in the average price, measured in pesos, for diesel mix of 59.8% (the increase in the average price in U.S. dollar was of 17.5%), and an increase in diesel sales volumes of 13.7%, which is consistent with the increase in diesel sales in the Argentine domestic market of approximately 15.4%. This increase in our sales volumes is mainly derived from a 33.8% increase in sale volumes of Infinia diesel (premium diesel). Sales in 2020 were strongly impacted by the measures adopted in response to COVID-19 (see “Macroeconomic conditions—COVID-19 pandemic outbreak”). |
• | Gasoline revenues in the Argentine domestic market increased by Ps. 133,965 million, or 106.8%, primarily as a result of an increase in the average price, measured in pesos, for gasoline mix of 53.4% (the increase in the average price in U.S. dollar was of 12.6%), and an increase in the aggregate sales volumes of gasolines of 34.9%, which is consistent with the 30.3% approximate increase of sales volumes in the Argentine domestic market for gasoline. The increase in our sales volumes is mainly derived from a 45.5% increase in Infinia gasoline (premium) sales volumes. Sales in 2020 were strongly impacted by the measures adopted in response to COVID-19 (see “Macroeconomic conditions—COVID-19 pandemic outbreak”). |
• | Among other revenues in the Argentine domestic market, fertilizers, LPG, lubricants, petrochemicals and aerokerosene sales increased by Ps. 23,745 million (134.4%), Ps. 23,648 million (221.4%), Ps. 19,560 million (141.2%), Ps. 17,959 million (135.4%) and Ps. 11,138 million (160.2%), respectively, in all such cases due to higher sales volumes and higher prices in pesos for these products. Sales in 2020 were strongly impacted by the measures adopted in response to COVID-19 (see “Macroeconomic conditions—COVID-19 pandemic outbreak”). |
• | Revenues obtained by the Downstream segment in foreign markets increased by Ps. 66,276 million, or 83.3%, primarily due to an increase in the revenues from the export of soybean meal and oil by Ps. 30,783 million, or 107.0%, mainly due to a 89.0% increase in average prices measured in pesos and a 9.5% increase in sales volumes. LPG, petrochemicals, aerokerosene and residual coal increased by Ps. 7,761 million (293.0%), Ps. 7,355 million (106.2%), Ps. 5,879 million (69.4%) and Ps. 5,322 million (340.1%), respectively. On the other hand, exports of crude oil decreased by Ps. 5,881 million, or 63.4%, due to lower sales volumes of 87.7%. |
• | An increase in purchases of crude oil of Ps. 243,043 million, or 97.7%. There was a 82.8% increase in average purchase prices when measured in pesos (the increase in the average price in US dollars was of 34.2%). In turn, volumes purchased from third parties increased by 57.9% (approximately 1,138 thousand mcm/d), while the volume of crude transferred from the Upstream segment increased by 0.1% (approximately 15 thousand mcm/d). Higher purchased volumes in 2021 were a result of the gradual recovery of domestic demand since the lifting of measures adopted in response to the COVID-19 pandemic (see—Macroeconomic conditions—COVID-19 pandemic outbreak). |
• | Diesel imports increased by Ps. 39,722 million, or 384.1%, and premium gasoline imports increased by Ps. 10,718 million, or 712.0%, in both cases due to higher imported volumes and prices. Higher imported volumes in 2021 were a result of the gradual recovery of domestic demand since the lifting of measures adopted in response to the COVID-19 pandemic (see—Macroeconomic conditions—COVID-19 pandemic outbreak). |
• | Jet fuel imports increased by Ps. 3,991 million, or 120.5%, due to higher imported volumes of 26.5% and higher prices of 74.3%. |
• | Purchases of biofuels (FAME and bioethanol) increased by Ps. 27,167 million, or 118.9%, mainly due to an increase of 142.6% in the price of FAME and 72.2% in the price of bioethanol. Additionally, there was an increase in the volumes purchased of bioethanol of 36.1%, which was partially offset by a decrease in the volumes purchased of FAME of 18.7%. |
• | Receipt of grain increased by Ps. 15,766 million, or 65.2%, through the modality of barter in the agro sales segment, which are accounted for as purchases. This increase reflects a 77.9% increase in average prices measured in pesos, which was partially offset by a 7.1% decrease in the volumes received. |
• | Fertilizers purchases increased by Ps. 29,903 million, or 195.5%, and lubricants purchases increased by Ps. 2,749 million, or 87.8%, mainly due to higher prices measured in pesos. |
• | In 2021, a positive existence variation of Ps. 47,427 million was recorded, due to higher levels of inventories and an increase in the cost of the segment’s inventories (which are valued at transfer price). In 2020, a negative existence variation of Ps. 16,622 million, mainly due to a consumption of inventories. |
• | Refining costs increased by Ps. 13,596 million, or 54.8%, considering an increase in the unit indicator measured in pesos of 34.6%, mainly driven by higher charges for electricity and other supplies, higher charges for repair, conservation and ordinary maintenance, and higher charges for materials and spare parts. |
• | Transport costs (naval, trucks and pipelines) increased by Ps. 5,335 million, which represents an increase of 49.3%, mainly due to an increase in rates measured in pesos. |
• | Sales of natural gas in the domestic and foreign markets increased by Ps. 76,643 million, or 95.6%, mainly due to a 3.9% increase in volume sold and a 88.3% increase in the average price when measured in pesos (the average natural gas price in U.S. dollars reached 3.5 US$/mmBtu, a 38.1% increase when compared to the 2.6 US$/mmBtu recorded in 2020). This increase in the domestic price is mainly associated to the implementation of the Plan GasAr. For further information see Note 35.d.1 “Main regulations and other” to the Audited Consolidated Financial Statements. |
• | Natural gas revenues from sales to the retail segment (residential and small general service category) and sales to the Company’s large clients (gas power plants and industries) increased by Ps. 6,363 million, or 17.8%, mainly explained by an increase in the average price of 36.1%, which was partially offset by a decrease in sales volumes of 18.0%, mainly of our controlled subsidiary Metrogas, through its distribution network. |
• | In 2020, we recorded a credit impairment charge of Ps. 8,861 million, associated with the accumulated daily differences with distributors, in accordance with Decree No. 1,053/2018. See Note 35.c.1 to the Audited Consolidated Financial Statements. |
• | Natural gas purchases increased by Ps. 75,523 million, or 93.2%. A 90.0% increase was observed in natural gas prices when measured in pesos and a decrease in volumes sold of 1.7%. Volume of natural gas transferred from the Upstream segment increased by 2.8%; while volumes purchased from third parties decreased by 60.8%. |
• | Natural gas purchases from other producers for resale to the retail distribution segment (residential and small businesses and industries) and from sales to the Company’s large clients (gas power plants and industries) increased by Ps. 2,669 million, or 14.0%, mainly due to a 28.3% increase in prices, which was partially offset by a 12.5% decrease in volumes acquired from third parties. |
As of December 31, 2021 (millions of Ps.) |
||||||||||||||||||||||||||||
Expected Maturity Date |
||||||||||||||||||||||||||||
Total |
Less than 1 year |
1 – 2 years |
2 – 3 years |
3 – 4 years |
4 – 5 years |
More than 5 years |
||||||||||||||||||||||
Loans |
757,215 | 86,680 | 87,931 | 84,013 | 145,637 | 30,626 | 322,328 |
For the year ended December 31, |
||||||||
(millions of Ps.) |
||||||||
2021 |
2020 |
|||||||
Net cash flows from operating activities |
400,014 | 209,216 | ||||||
Net cash flows used in investing activities |
(243,992) | (109,161) | ||||||
Net cash flows used in financing activities |
(150,659) | (121,112) | ||||||
Translation differences on cash and cash equivalents |
2,697 | 9,575 | ||||||
|
|
|
|
|||||
Net increase / (decrease) in cash and cash equivalents |
8,060 | (11,482) | ||||||
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 |
62,678 | 54,618 |
• | Debt: total debt amounted to Ps. 1,083,949 million as of December 31, 2021 (of which Ps. 118,743 million correspond to debt maturing in less than one year). These projected amounts include interest due throughout the life of the instrument. Interest on variable rate instruments is calculated using the rate as of December 31, 2021. |
• | Lease liabilities: total undiscounted (i.e., in nominal terms) lease liabilities amounted to Ps. 71,779 million as of December 31, 2021 (of which Ps. 29,734 million correspond to debt maturing in less than one year). See Note 20 to the Audited Consolidated Financial Statements. |
• | Purchases of goods and services: Purchase obligations are obligations under contractual agreements to purchase goods or services, including capital projects. These obligations are enforceable and legally binding on YPF and specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. For obligations with cancellation provisions, we considered the non-cancellable portion of the agreement terms or the minimum cancellation fee. In addition, purchase commitments under commercial agreements that do not provide for a total fixed amount have been valued using our best estimates. Accordingly, our actual purchase obligations may differ from the estimated amounts as of December 31, 2021. |
• | Other liabilities include: |
- | Litigation and other contingencies, environmental liabilities and hydrocarbon wells abandonment obligations. See Note 16 to the Audited Consolidated Financial Statements. |
- | Accounts payable, salaries and social security, taxes payable, among others, as set forth in our Audited Consolidated Financial Statements. As of December 31, 2021, other liabilities amounted to Ps. 451,338 million. |
For the year ended December 31, |
||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||
(millions of Ps.) |
(%) |
(millions of Ps.) |
(%) |
(millions of Ps.) |
(%) |
|||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Capital expenditures and investments (1) |
||||||||||||||||||||||||
Upstream |
208,510 | 81% | 79,249 | 70% | 138,426 | 79% | ||||||||||||||||||
Downstream |
39,942 | 15% | 23,420 | 21% | 22,455 | 13% | ||||||||||||||||||
Gas and Power |
2,775 | 1% | 4,905 | 4% | 6,170 | 4% | ||||||||||||||||||
Central Administration and Others |
7,085 | 3% | 4,882 | 4% | 7,630 | 4% | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
Total |
258,312 |
100% |
112,456 |
100% |
174,681 |
100% |
(1) |
Includes acquisitions of properties, plant and equipment and exploration expenses, net of unproductive drilling expenses and well abandonment costs. |
ITEM 6. |
Directors, Senior Management and Employees |
Name |
Position |
Age |
Director Since |
Term Expiration | ||||
Pablo Gerardo Gonzalez |
Chairman and Director |
53 | 2021 | 2022 | ||||
Roberto Luis Monti |
Director |
83 | 2020 | 2022 | ||||
Norberto Alfredo Bruno |
Director |
62 | 2016 | 2022 | ||||
Horacio Oscar Forchiassin |
Director |
66 | 2020 | 2022 | ||||
Ignacio Perincioli |
Director |
45 | 2018 | 2022 | ||||
Pedro Martín Kerchner Tomba |
Director |
47 | 2019 | 2022 | ||||
Gabriela Alejandra del Valle Lasquera (1) |
Director |
46 | 2021 | 2022 | ||||
Ramiro Gerardo Manzanal |
Director |
50 | 2020 | 2022 | ||||
Héctor Pedro Recalde |
Director |
83 | 2020 | 2022 | ||||
Celso Alejandro Jaque |
Director |
61 | 2020 | 2022 | ||||
Sergio Pablo Antonio Affronti (2) |
Director |
52 | 2020 | 2022 | ||||
Demian Tupac Panigo (3) |
Director |
47 | 2020 | 2022 | ||||
Gerardo Damián Canseco (2) |
Alternate Director |
57 | 2020 | 2022 | ||||
Guillermo Rafael Pons |
Alternate Director |
57 | 2020 | 2022 | ||||
Adrián Felipe Peres |
Alternate Director |
80 | 2020 | 2022 | ||||
Silvina del Valle Córdoba |
Alternate Director |
45 | 2020 | 2022 | ||||
Miguel Lisandro Nieri |
Alternate Director |
49 | 2017 | 2022 | ||||
María Martina Azcurra (2) |
Alternate Director |
51 | 2020 | 2022 | ||||
Santiago Martínez Tanoira (2) |
Alternate Director |
49 | 2017 | 2022 | ||||
Silvia Noemí Ayala (2) |
Alternate Director |
55 | 2020 | 2022 | ||||
Santiago Álvarez (2) |
Alternate Director |
41 | 2020 | 2022 |
(1) |
Ms. Gabriela Alejandra del Valle Lasquera was appointed by the Supervisory Committee and took office at the Board of Directors’ meeting held on December 3, 2021, replacing Ms. María Eugenia Tulia Snopek, who resigned for personal reasons. |
(2) |
As of March 31, 2022, these individuals own less than one percent of our Class D shares. |
(3) |
Represents our Class A shares. |
Name |
Position | |
Sergio Pablo Antonio Affronti (1) |
Chief Financial Officer (“CEO”) | |
Pablo Iuliano |
Unconventional Upstream Vice President | |
Gustavo Astié (1) |
Conventional Upstream Vice President | |
Mauricio Martín (1) |
Downstream Vice President | |
Santiago Martínez Tanoira (1) |
Gas and Power Vice President | |
Alejandro Daniel Lew |
Chief Financial Officer (“CFO”) | |
Jose Gustavo Medele (1) |
Services Vice President | |
Santiago Álvarez (1) |
Corporate Affairs, Communication and Marketing Vice President | |
Germán Fernández Lahore (1) |
Legal Affairs Corporate Vice President | |
Marcos Sabelli (1) |
Strategy and Business Development Vice President | |
Gustavo Chaab (1) |
Sustainability, Environment, Health and Safety Vice President | |
Florencia Tiscornia |
People and Culture Vice President | |
Sergio Fernández Mena |
Digital Technologies Vice President |
(1) |
As of March 31, 2021, these individuals owned less than one percent of our Class D shares. |
• | Periodically supervises the functioning of the internal control systems and the administrative-accounting system, as well as the reliability of the latter, and of the financial information, hydrocarbons reserves information or other relevant information communicated to the National Securities Commission and the markets, in compliance with the applicable information regime. |
• | Gives its opinion regarding the proposal of the Board of Directors for the appointment of the external auditor of the Company and oversees its independence. |
• | Supervises the application of policies regarding information on risk management of the Company. |
• | Provides the market with complete information regarding transactions in which there is a conflict of interest with members of the corporate bodies or controlling shareholders. |
• | Opines on the reasonability of proposals brought forth by the Board of Directors on fees and stock option plans for directors and administrators of de Company. |
• | Verifies compliance with applicable regulations for matters related to behavior in the stock markets. |
• | Ensures that the internal Code of Ethics complies with the legal requirements and is adequate for the Company. |
• | monitor overall compliance with regulations and principles of conduct of voluntary application, especially in relation to listed companies and their corporate governance; |
• | direct, establish and maintain procedures for the preparation of accounting and financial information to be approved and filed by us or generally released to the markets; |
• | direct, establish and maintain internal control systems that are adequate and efficient in order to ensure that our financial statements included in annual and quarterly reports as well as any accounting and financial information to be approved and filed by us is accurate, reliable and clear; |
• | identify significant risks to our businesses and activities that may affect the accounting and financial information to be approved and filed by us; |
• | assume the activities that, according to U.S. laws and SEC regulations, are applicable to us and may be assumed by disclosure committees or other internal committees of a similar nature, especially those activities relating to the SEC regulations dated August 29, 2002 (“Certification of Disclosure in Companies’ Quarterly and Prospectus”—SEC Release number 33-8124) and the existence and maintenance of adequate procedures and controls for the generation of the information to be included in our annual reports on Form 20-F and other information of a financial nature as required to be certified by our CEO and Principal Financial Officer; |
• | take on activities similar to those stipulated in SEC regulations for a disclosure committee with respect to the existence and maintenance of adequate procedures and controls for the preparation and content of the information to be included in the annual financial statements and any accounting or financial information to be filed with the CNV and other regulators of the stock markets where our stock is traded; and |
• | formulate proposals for an internal code of conduct with respect to stock markets that follow applicable rules and regulations, or any other standards deemed appropriate. |
• | official notices to the SEC, the Argentine stock market authorities and other regulators of the stock markets where our stock is traded; |
• | interim financial reports; |
• | press releases containing financial data on results, earnings, large acquisitions, divestitures or any other information relevant to shareholders; |
• | general communications to shareholders; and |
• | presentations to analysts, investors, rating agencies and lending institutions. |
Name |
Position | |
Sergio Pablo Antonio Affronti |
CEO | |
Alejandro Daniel Lew |
CFO and President of the Disclosure Committee | |
Germán Fernández Lahore |
Legal Affairs Corporate Vice President and Secretary of the Disclosure Committee | |
Mauricio Martín |
Downstream Executive Vice President | |
Pablo Iuliano |
Unconventional Upstream Executive Vice President | |
Gustavo Astié |
Conventional Upstream Executive Vice President | |
Jose Gustavo Medele |
Services Vice President | |
Santiago Martínez Tanoira |
Gas and Power Executive Vice President | |
Santiago Álvarez |
Corporate Affairs, Communication and Marketing Executive Vice President | |
Gustavo Chaab |
Environment, Health and Safety Vice President | |
Marcos Sabelli |
Strategy and Business Development Vice President | |
Florencia Tiscornia |
People and Culture Vice President | |
Sergio Damián Fernández Mena |
Digital Technologies Vice President | |
Javier Fevre |
Internal Auditor | |
Carlos Colo |
Reserves Auditor |
Name |
Class of Shares Represented |
Independence |
Age |
Member Since |
Term Expires | |||||||||||||
Horacio Ubaldo Kunstler |
|
A | |
Independent | 63 | |
2021 | |
2022(*) | |||||||||
Francisco Daniel González |
D | Independent | 71 | 2021 | 2022(*) | |||||||||||||
Raquel Inés Orozco |
D | Independent | 66 | 2017 | 2022(*) | |||||||||||||
Enrique Alfredo Fila (alternate member) |
A | Independent | 63 | 2021 | 2022(*) | |||||||||||||
Silvia Alejandra Rodríguez (alternate member) |
D | Independent | 49 | 2020 | 2022(*) | |||||||||||||
Hebe Cereseto (alternate member) |
D | Independent | 58 | 2018 | 2022(*) |
(*) | Members of our Supervisory Committee are appointed each fiscal year. Our shareholders, in the Ordinary and Extraordinary General Shareholders’ meeting held on April 30, 2021 appointed the members of our Supervisory Committee for fiscal year 2021. |
Name |
Position | |
Héctor Pedro Recalde |
Director - President | |
Pablo Gerardo González |
Director | |
Sergio Pablo Antonio Affronti |
Director | |
Demián Tupac Panigo |
Director | |
Ramiro Gerardo Manzanal |
Director |
Name |
Position | |
Pedro Martín Kerchner Tomba |
Director - President | |
Horacio Oscar Forchiassin |
Director | |
Norberto Alfredo Bruno |
Director | |
Ignacio Perincioli |
Director | |
Roberto Luis Monti |
Director | |
Celso Alejandro Jaque |
Director | |
Demian Tupac Panigo |
Director |
Name |
Position | |
Pablo Gerardo Gonzalez |
President - President of the Board of Directors | |
Ramiro Gerardo Manzanal |
Member - President of the Audit Committee | |
Horacio Oscar Forchiassin |
Member - President of the Compensation and Nomination Committee | |
Pedro Martín Kerchner Tomba |
Member - President of Risk and Sustainability Committee | |
Sergio Pablo Antonio Affronti |
Member - Director for Class D Shares | |
Roberto Luis Monti |
Member - Director for Class D Shares | |
Celso Alejandro Jaque |
Member - Director for Class D Shares | |
Héctor Pedro Recalde |
Member - President of Legal and Institutional Affairs Committee | |
Demian Tupac Panigo |
Member - Director for Class A Shares |
• | Create the context to reach across the entire company |
• | Make a public commitment to move towards diversity, equity, and integration |
• | Diagnose to understand the context and define action plans |
• | Define goals, measure results and report |
• | Stay flexible to adjust course |
• | Raise awareness and communicate; and |
• | Adapt to the context |
• | Diversity: To promote equal opportunities at YPF, its value chain and investee companies, and to be a point of reference for the community and clients. |
• | Equality: To remove barriers related to admission, participation, development, compensation, and recognition that hinder equity and equal opportunities. |
• | Integration: To promote engagement, innovation, and resilience through a sense of belonging. |
Employees by business units |
||||
Upstream |
3,276 | |||
Downstream |
8,634 | |||
Gas and Power (1) |
1,411 | |||
Central Administration and Others (2) |
8,000 | |||
|
|
|||
Total YPF |
21,321 |
|||
|
|
(1) | Includes 1,254 employees of Metrogas and its subsidiaries. |
(2) | Includes 5,968 employees of A-Evangelista S.A. |
Employees by geographic location |
||||
Argentina |
21,151 | |||
Rest of South America |
170 | |||
|
|
| ||
Total YPF |
21,321 |
|||
|
|
|
ITEM 7. |
Major shareholders and related party transactions |
Number of shares |
(%) | |||||||
Shareholders Class D: |
||||||||
National State (1) |
200,589,525 | 51.000 | % | |||||
Floating (2) |
192,671,458 | 48.987 | % | |||||
Shareholders Class A: |
||||||||
National State (3) |
3,764 | 0.001 | % | |||||
Shareholders Class B: |
||||||||
Argentine provincial governments (4) |
7,624 | 0.002 | % | |||||
Shareholders Class C: |
||||||||
Employee fund (5) |
40,422 | 0.010 | % |
(1) | The Expropriation Law provided for the expropriation of 51% of the share capital of YPF represented by an identical stake of Class D shares owned, directly or indirectly, by Repsol YPF and its controlled or controlling entities. See “Item 4. Information on the Company—History and development of YPF”. |
(2) | According to data provided by The Bank of New York Mellon, as of April 11, 2022, there were 154,784,922 ADSs outstanding and 48 holders of record of ADSs. Such ADSs represented approximately 39% of the total number of issued and outstanding Class D shares as of such date. |
(3) | Reflects the ownership of 3,764 Class A shares by the Argentine Republic. |
(4) | Reflects the ownership of 7,624 Class B shares by provincial governments. |
(5) | Reflects the ownership of 40,422 Class C shares. |
ITEM 8. |
Financial information |
ITEM 9. |
The offer and listing |
2021 |
2020 |
2019 |
||||||||||||||||
Market capitalization (in billions of pesos) (1) |
4,287 | 2,844 | 2,409 | |||||||||||||||
As percent of quarterly GDP |
9 | % | (2) |
10 | % | (2) |
11% | (3) | ||||||||||
Volume (in billions of pesos) |
57,837 | (4) |
32,814 | (4) |
10,657 | |||||||||||||
Average daily trading volume (in millions of pesos) |
112,037 | 65,595 | 32,080 |
(1) |
Market capitalization as of end of December for each year – Instituto Argentino de Mercado de Capitales (“IAMC”) data |
(2) |
INDEC GDP Preliminary Data. |
(3) |
INDEC GDP Provisional Data. |
(4) |
IAMC data – bilateral negotiations. |
ITEM 10. |
Additional information |
(i) | survey, exploration and exploitation activities of liquid and/or gaseous hydrocarbon fields and other minerals; |
(ii) | processing, transportation and marketing of these products and of the direct or indirect by-products thereof, including petrochemical and chemical products, whether by-products of hydrocarbons or not; and |
(iii) | generation of electricity from hydrocarbons. |
Pesos Per Share/ADS | ||||||||||||||||||||
Year Ended December 31, |
1Q |
2Q |
3Q |
4Q |
Total | |||||||||||||||
2017 |
- | - | - | 1.82 | 1.82 | |||||||||||||||
2018 |
- | - | - | 3.05 | 3.05 | |||||||||||||||
2019 |
- | - | 5.85 | - | 5.85 | |||||||||||||||
2020 |
- | - | - | - | - | |||||||||||||||
2021 |
- | - | - | - | - |
1. | at least 5% of net income, plus (less) prior fiscal year adjustments, is segregated to build the legal reserve until such reserve is equal to 20% of our subscribed capital; |
2. | an amount is segregated to pay the accrued fees of the members of the Board of Directors and of the Supervisory Committee. See “Item 6. Directors, Senior Management and Employees—Compensation of members of our Board of Directors”; |
3. | an amount is segregated to pay dividends on preferred stock, if any; and to unpaid cumulative dividends, as the case may be (the Company does not currently have preferred stock); and |
4. | the remainder, in whole or in part may be distributed as dividends to common shareholders or allocated for voluntary or contingent reserves or otherwise as determined by the shareholders’ meeting. |
a. | The communication channel must allow the simultaneous transmission of sound, images and words throughout the meeting, as well as their recording on digital media. |
b. | Recording of the meetings in digital format and conservation for a term of 5 years. |
c. | The call to a meeting of the governing body must indicate precisely the chosen means of communication, the mode of access in order to facilitate participation and the proceedings adopted to issue the vote by digital means. Shareholders must communicate their participation by email and those who participate through proxies must send the company 5 business days prior to the holding of the meeting the corresponding enabling instrument, sufficiently authenticated. |
1. | Any non-preempted Class A shares will be converted into Class D shares and offered to holders of Class D shares that exercised preemptive rights and indicated their intention to exercise preemptive rights with respect to non-preempted Class A shares. |
2. | Any non-preempted Class B shares will be assigned to those provinces that exercised preemptive rights and indicated their intention to exercise accretion rights with respect to such shares; any excess will be converted into Class D shares and offered to holders of Class D shares that exercised preemptive rights and indicated their intention to exercise accretion rights with respect to any non-preempted Class B shares. |
3. | Any non-preempted Class C shares will be assigned to any PPP participants who exercised preemptive rights and indicated their intention to exercise accretion rights with respect to such shares; any excess will be converted into Class D shares and offered to holders of Class D shares that exercised preemptive rights and indicated their intention to exercise accretion rights with respect to any non-preempted Class C shares. |
4. | Any non-preempted Clase D shares will be assigned to holders of Class D shares that exercised their preemptive rights and indicated their intention to exercise accretion rights; any remaining Class D shares will be assigned pro rata to any holder of shares of another class that indicated his or her intention to exercise accretion rights. |
1. | a summary in English of the information contained in the notice of such meeting; |
2. | a statement that the holders of ADRs at the close of business on a specified record date will be entitled, subject to any applicable provisions of Argentine law, our by-laws and the Class D shares, to instruct the Depositary to exercise the voting rights, if any, pertaining to the Class D shares evidenced by their respective ADSs; and |
3. | a statement as to the manner in which such instructions may be given to the Depositary. |
• | each acquisition of shares or convertible securities, as a result of which the acquirer, directly or indirectly, through or together with its affiliates and persons acting in concert with it (jointly referred to as an “Offeror”), would hold or control shares that, together with the prior holdings of such Offeror of shares of such class, if any, would represent: |
- | 15% or more of the outstanding capital stock, or |
- | 20% or more of the outstanding Class D shares provided that such shares represent less than 15% of the capital stock; and |
• | each subsequent acquisition by an Offeror (other than subsequent acquisitions by an Offeror owning or controlling more than 50% of our capital prior to such acquisition) (collectively, “Control Acquisitions”), |
(i) | the highest price paid by, or on behalf of, the Offeror for Class D shares or convertible securities during the two years prior to the notice provided to the Company, subject to certain antidilution adjustments with respect to Class D shares; |
(ii) | the highest closing sale price for the Class D shares on the BASE during the thirty-day period immediately preceding the notice provided to the Company, subject to certain antidilution adjustments; |
(iii) | the price resulting from clause (ii) above multiplied by a fraction, the numerator of which shall be the highest price paid by or on behalf of the Offeror for Class D shares during the two years immediately preceding the date of the notice provided to the Company and the denominator of which shall be the closing price for the Class D shares on the BASE on the date immediately preceding the first day of such two-year period on which the Offeror acquired any interest in or right to any Class D shares, in each case subject to certain antidilution adjustments; and |
(iv) | the net earnings for the Company per Class D share during the four most recent full fiscal quarters immediately preceding the date of the notice provided to us, multiplied by the higher of (A) the price/earnings ratio during such period for Class D shares (if any) and (B) the highest price/earnings ratio for the Company in the two-year period immediately preceding the date of the notice provided to the Company, in each case determined in accordance with standard practices in the financial community. |
(i) | the highest price paid by or on behalf of the party seeking to carry out the Related Party Share Acquisition (an “Interested Shareholder”) for (A) shares of the class to be transferred in the Related Party Share Acquisition (the “Class”) within the two-year period immediately preceding the first public announcement of the Related Party Share Acquisition or (B) shares of the Class acquired in any Control Acquisition, in each case, subject to certain antidilution adjustments; |
(ii) | the highest closing sale price of shares of the Class on the BASE during the thirty days immediately preceding the date of announcement of the Related Party Share Acquisition or the date of any Control Acquisition by the Interested Shareholder, subject to certain antidilution adjustments; |
(iii) | the price resulting from clause (ii) multiplied by a fraction, the numerator of which shall be the highest price paid by or on behalf of the Interested Shareholder for any share of the Class during the two years immediately preceding the date of announcement of the Related Party Transaction and the denominator of which shall be the closing sale price for shares of the Class on the date immediately preceding the first day in the two-year period referred to above on which the Interested Shareholder acquired any interest or right in shares of the Class, in each case, subject to certain antidilution adjustments; and |
(iv) | the net earnings of the Company per share of the shares of the Class during the four most recent full fiscal quarters preceding the date of announcement of the Related Party Transaction multiplied by the higher of the (A) the price/earnings ratio during such period for the shares of the Class (if any) and (B) the highest price/earnings ratio for the Company in the two-year period preceding the date of announcement of the Related Party Transaction, in each case determined in accordance with standard practices in the financial community. |
Low |
High |
Average (1) |
Period End |
|||||||||||||||||||||||||
(pesos per U.S. dollar) |
||||||||||||||||||||||||||||
Year ended December 31, |
||||||||||||||||||||||||||||
2017 |
15.17 | 18.83 | 16.76 | 18.77 | ||||||||||||||||||||||||
2018 |
18.42 | 40.90 | 29.32 | 37.81 | ||||||||||||||||||||||||
2019 |
37.04 | 60.00 | 49.23 | 59.90 | ||||||||||||||||||||||||
2020 |
59.82 | 84.15 | 71.61 | 84.15 | ||||||||||||||||||||||||
2021 |
84.70 | 102.75 | 95.80 | 102.75 | ||||||||||||||||||||||||
Month |
||||||||||||||||||||||||||||
January 2022 |
103.04 | 105.02 | 103.98 | 105.02 | ||||||||||||||||||||||||
February 2022 |
105.14 | 107.44 | 106.31 | 107.44 | ||||||||||||||||||||||||
March 2022 |
107.94 | 110.98 | 109.46 | 110.98 | ||||||||||||||||||||||||
April 2022 (2) |
111.13 | 112.13 | 111.72 | 112.13 |
(1) |
Calculated using the average of the exchange rates on the last day of each month during the period (for annual periods), and the average of the exchange rates on each day during the period (for monthly periods). |
(2) |
Through April 8, 2022. |
(i) | The documentation allows to verify that the delivery of the exported merchandise has taken place in the country, that the local agent of the company that owns the foreign flagged means of transport made the payment to the exporter locally and in which currency the payment was made. |
(ii) | An entity shall issue a certification stating that the company that owns the foreign flagged means of transport would have had access to the FX Market pursuant to Section 3.2.2. of the FX Regime for the equivalent amount in foreign currency which is intended to be computed to the shipment permit. |
(iii) | In the event that the funds have been received in the country in foreign currency, a certification that the settlement of the funds through the FX Market has been made is needed. |
(i) | during the 90 days preceding the date of said access, the local company must not have: |
(a) | sold in Argentina securities issued by residents for foreign currency, transferred such securities to a foreign depositary, exchanged such securities for other foreign assets, or, as of October 29, 2021, purchased foreign securities issued by non-residents with pesos in Argentina; or |
(b) | delivered pesos or other local liquid assets (e.g., Argentine sovereign bonds) to any individual or legal entity having a direct controlling interest in it, unless: (i) such delivery resulted from regular purchases of goods or services executed in its ordinary course of business, or (ii) it provides an affidavit from each such controlling individual or legal entity pursuant to which such persons declare they comply with the restrictions set forth in (i)(a) above, and undertake to comply with (ii)(d) below; and |
(ii) | on the date of said access, the local company must: |
(a) | not have any available foreign liquid assets in excess of US$ 100,000, BCRA Communication “A” 7,030 contains a non-exhaustive list of assets that qualify as “foreign liquid assets” for purposes thereof, which include foreign currency bills and coins, gold bars, sight deposits with foreign banks and, generally, any other investment that allows for immediate availability of foreign currency (e.g., foreign bonds and securities, investment accounts with foreign investment managers, crypto-assets, cash held with payment service providers, etc.), |
(b) | deposit all its local holdings of foreign currency in accounts held with local financial institutions, |
(c) | undertake to settle through the FX Market within 5 business days as from receipt thereof, any funds received abroad as a result of the repayment of loans, the release of term-deposits or the sale of any type of asset, to the extent the asset was originally acquired, the deposit made or the loan granted, as applicable, after May 28, 2020, |
(d) | undertake to, during the 90 days following said access to the FX Market, not sell in Argentina securities issued by residents for foreign currency, transfer such securities to foreign depositaries, exchange such securities for other foreign assets, or purchase foreign securities with pesos in Argentina, and |
(e) | not be included in the list of “issuers of fake invoices and similar documents” ( base de facturas o documentos equivalentes calificados como apócrifos |
a) | the import is associated to an approved SIMI registered until March 3, 2022, |
b) | the import is associated to an approved SIMI type A, |
c) | the import is associated to an approved SIMI type B and access to the FX Market takes place not earlier than 180 calendar days as from the date of the registry of the customs entry of the goods, except for certain specific exceptions. |
d) | the import is associated to an approved SIMI type C and certain conditions established in the FX Regime are verified. |
- | the import corresponds to the importation of materials/supplies to be used for the production of goods in the country; and |
- | the payments made under this section do not exceed, in the current calendar month and for the financial entities as a whole, the amount obtained by considering the average of the total amount of imports of materials/supplies computed by the company in the formula stated in a) above in the last twelve months, minus the amount of imports of goods that do not have custom registration evidencing entry of the goods into Argentina in a situation of delay recorded by the importer. |
- | Financing in foreign currency granted by local financial entities (including payments for consumption in foreign currency through credit cards). |
- | Obligations in foreign currency between residents instrumented through public registries or deeds on or before August 30, 2019. |
- | Issuances of debt securities made on or after September 1, 2019, for the purpose of refinancing foreign currency obligations between residents instrumented through public registers or deeds on or before August 30, 2019, and that entail an increase in the average life of the obligations. |
- | Payment, at maturity, of principal and interest services under new issues of debt securities made as of November 29, 2019, with public registration in the country, denominated and payable in foreign currency in the country, to the extent that: (i) they are denominated and subscribed in foreign currency, (ii) the respective principal and interest services are payable in the country in foreign currency and (iii) the entirely of the funds obtained with the issuance are settled through the foreign exchange market. |
- | The issuances made as of October 9, 2020, of debt securities with public registration in the country, denominated in foreign currency and whose services are payable in foreign currency in the country, to the extent that their average life is not less than two years and their delivery to creditors has allowed reaching the refinancing parameters set forth in Section 3.17 of the FX Regime. |
- | The issuances made as of January 7, 2021 of debt securities with public registration in the country denominated in foreign currency and whose services are payable in foreign currency in the country, to the extent that they were delivered to creditors to refinance pre-existing debts with an extension of the average life, when it corresponds to the amount of capital refinanced, interest accrued up to the refinancing date and, the new debt securities do not mature before 2023, the amount equivalent to the interest that would accrue until December 31, 2022 on the indebtedness that is refinanced early and/or on the deferral of the refinanced principal and/or on the interest that would accrue on the amounts so refinanced. |
(i) | an individual transfers funds from their local accounts (which are already held in foreign currency) to its own bank accounts outside Argentina. |
(ii) | transfer of foreign currency abroad by local common depositaries of securities in connection with proceeds received in foreign currency on account of services of principal and interest on Argentine Treasury bonds, when such transaction forms part of the payment procedure at the request of the foreign common depositaries; |
(iii) | transfers of foreign currency abroad made by individuals from their local accounts denominated in foreign currency to offshore collection accounts up to an amount equivalent to US$ 500 in any calendar month, provided that the individual files an affidavit stating that the transfer is made to assist in the maintenance of Argentine residents who were forced to remain abroad in compliance with the measures adopted in response to the COVID-19 pandemic; |
(iv) | arbitrage transactions not originated in transfers from abroad may be made without any restrictions, to the extent that the funds are debited from an account in foreign currency held by the customer with a local financial institution. To the extent that the funds are not debited from an account denominated in foreign currency held by the customer, these transactions may be made by individuals, without the BCRA’s prior approval, up to the amount allowed for the use of cash under items 3.8. and 3.13 of the FX Regime; |
(vi) | swap and arbitrage transactions by non-residents individuals may be made without restrictions to the extent that the funds be credited in a tourist savings account (caja de ahorro para turistas depósitos de ahorrro, cuenta sueldo y especiales |
(vi) | all other swap and arbitrage transactions may be made by customers without the BCRA’s prior approval to the extent that they would be allowed without need of such approval in accordance with other exchange regulations. This also applies to local common depositaries of securities with respect to the proceeds received in foreign currency as payments of principal of and interest on foreign currency securities paid in Argentina. |
(i) | the destination of the funds has been the financing of projects framed in the Plan GasAr established in Section 2 of Decree No. 892/20; |
(ii) | the funds have been deposited and settled through the FX Market as of November 16, 2020; and |
(iii) | the indebtedness has an average life of not less than two years. |
(i) | the institution has documentation that proves the effective inflow of the direct investment in the resident company; |
(ii) | access occurs not earlier than two years from the date of settlement on the FX Market of the transaction that qualifies for inclusion in this point; |
(iii) | in case of a capital reduction and/or return of irrevocable contributions made by the local company, the institution has documentation that proves that the relevant legal mechanisms have been complied with and has verified that the external liability in pesos generated as from the date of the non-acceptance of the irrevocable contribution or the capital reduction, as applicable, has been disclosed in the last filing due under the External Assets and Liabilities Reporting Regime. |
(a) | Both legal entities and individuals, residents or non-residents, may apply. |
(b) | Present an “Investment for Exports Project” consisting of a minimum direct investment of US$ 100,000,000. |
(c) | Comply with the terms and conditions of the projects presented and approved by the regulators. |
(d) | Individuals and legal entities may not apply to the Exports Promotion Regime if (i) their representatives or directors have been convicted for certain offenses with imprisonment and/or disbarment penalties for a certain period of time, (ii) they have due and unpaid tax or social security debts, or where imposed the payment of taxes, duties, fines or surcharges by a final judicial or administrative decision in connection with customs, foreign exchange, tax or social security matters, or (iii) they have defaulted on their obligations under other promotion regimes, without justification. |
Accumulated net taxable income |
Shall pay ARS |
Plus % |
On the amount exceeding | |||||
More than ARS |
To ARS | |||||||
ARS 0 |
ARS 5,000,000 |
ARS 0 |
25% |
ARS 0 | ||||
ARS 5,000,000 |
ARS 50,000,000 |
ARS 1,250,000 |
30% |
ARS 5,000,000 | ||||
ARS 50,000,000 |
Onwards |
ARS 14,750,000 |
35% |
ARS 50,000,000 |
• | income tax would be assessed at 110% of the amount of funds transferred; |
• | value added tax would be assessed at 110% of the amount of funds transferred. |
(i) | from an account in a non-cooperative/low or nil tax jurisdiction or from a bank account opened outside of a non-cooperative or low or nil tax jurisdiction but owned by an entity located in a non-cooperative or low or nil tax jurisdiction; |
(ii) | to a bank account located in Argentina or to a bank account opened outside of Argentina but owned by an Argentine party. |
• | certain financial institutions; |
• | insurance companies; |
• | dealers and traders in securities or financial instruments, who use a mark-to-market |
• | persons holding Class D shares or ADSs as part of a hedge, “straddle,” wash sale, conversion transaction, integrated transaction or similar transaction or persons entering into a constructive sale with respect to the Class D shares or ADSs; |
• | persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar; |
• | entities classified as partnerships for U.S. federal income tax purposes (or partners therein); |
• | persons who acquired our Class D shares or ADSs pursuant to the exercise of an employee stock option or otherwise as compensation; |
• | persons holding Class D shares or ADSs in connection with a trade or business conducted outside of the United States; |
• | tax-exempt entities, including “individual retirement accounts” or “Roth IRAs”; or |
• | persons holding Class D shares or ADSs that own or are deemed to own ten percent or more of our stock by vote or value. |
ITEM 11. |
Quantitative and qualitative disclosures about market risk |
Expected Maturity Date | ||||||||||||||||||||
Less than 1 year |
1 – 2 years |
2 – 3 years |
3 – 4 years |
4 – 5 years |
More than 5 years |
Total |
Fair Value | |||||||||||||
(in millions of pesos) | ||||||||||||||||||||
Assets |
||||||||||||||||||||
Fixed rate |
||||||||||||||||||||
Other Receivables |
58,116 | 2,832 | — | — | — | — | 60,948 | 60,948 | ||||||||||||
Interest rate |
0%-LIBOR +5% |
5%-LIBOR + 5% |
||||||||||||||||||
Variable rate |
||||||||||||||||||||
Other Receivables |
88 | 77 | 25 | — | — | — | 190 | 190 | ||||||||||||
Interest rate |
Badlar (1) +6% |
Badlar (1) +6% |
Badlar (1) +6% |
|||||||||||||||||
Liabilities |
||||||||||||||||||||
Fixed rate |
||||||||||||||||||||
YPF’s Negotiable Obligations |
47,575 | 70,634 | 74,715 | 145,030 | 30,147 | 322,193 | 690,294 | 508,603 | ||||||||||||
Interest rate |
0%-16.5% |
2%-8.75% |
3.5%-8.75% |
4%-8.5% |
2.5%-5.75% |
1.5%-10% |
||||||||||||||
Related Parties |
||||||||||||||||||||
Interest rate |
||||||||||||||||||||
Other debt |
6,099 | 4,643 | — | — | — | — | 10,742 | 10,742 | ||||||||||||
Interest rate |
2.5%-9.48% |
5.5%-6.25% |
||||||||||||||||||
Variable rate |
||||||||||||||||||||
YPF’s Negotiable Obligations |
835 | 833 | 167 | — | — | — | 1,835 | 1,771 | ||||||||||||
Interest rate |
BADLAR (1) +0.1% -0.1% |
BADLAR (1) +0.1% -0.1% |
BADLAR (1) +0.1% -0.1% |
|||||||||||||||||
Related parties |
||||||||||||||||||||
Interest rate |
||||||||||||||||||||
Other debt |
16,912 | 11,821 | 9,132 | 606 | 479 | 135 | 39,085 | 39,085 | ||||||||||||
Interest rate |
LIBOR + 0.65%- 8.75% / BADLAR (1) +6.5%-9.85% / SELIC +4.75%- 4.75% / SOFR +5.75%-5.75% |
LIBOR + 0.65%- 8.5% / BADLAR (1) +6.5%-9.85% / SELIC +4.75%- 4.75% |
LIBOR + 0.65%-8.5% / BADLAR (1) +6.5%-9.85% / SELIC +4.75%- 4.75% |
LIBOR + 0.65%-8.5% / BADLAR (1) +9.85%-9.85% |
LIBOR + 0.65%-1.5% / SELIC +4.75%- 4.75% |
LIBOR + 0.65% |
(1) | Refers to the average interest rate that banks pay for deposits of more than Ps. 1 million. |
ITEM 12. |
Description of securities other than equity securities |
Persons depositing or withdrawing shares must pay to the Depositary: |
For: | |
US$ 5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | Issuance of ADRs (including, without limitation, issuance pursuant to a stock dividend or stock split declared by YPF, an exchange of stock or a distribution of rights) and surrender of ADRs. Cancellation of ADSs for the purpose of withdrawal | |
A fee equivalent to the fee that would be payable if securities distributed to a holder had been shares and the shares had been deposited for issuance of ADSs | Sale, on behalf of the holder, of rights to subscribe for additional shares or any right of any nature distributed by YPF | |
US$ 0.5 (or less) per ADS per calendar year | Depositary services | |
Transfer fees, as may from time to time be in effect | Transfer and registration of shares on YPF share register to or from the name of the depositary or its agent when a holder deposits or withdraws shares | |
Expenses of the depositary | Cable, telex and facsimile transmission expenses, as provided in the deposit agreement | |
Expenses incurred by the depositary in the conversion of foreign currency (1) | ||
Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes | As necessary | |
Any charges incurred by the depositary, the custodian, or any of their agents (or any agent of the depositary’s or the custodian’s agents) for servicing the deposited securities | As necessary |
(1) |
Pursuant to our deposit agreement, whenever the depositary receives foreign currency, by way of dividends or other distributions or the net proceeds from the sale of securities, property or rights which, in the judgment of the depositary, can be converted on a reasonable basis into U.S. dollars transferable to the United States, the depositary (or one of its agents or affiliates or the custodian) will convert or cause to be converted by sale or in any other manner that it may determine such foreign currency into U.S. dollars and will distribute U.S. dollars as promptly as practicable (after deduction of its customary charges and expenses in effecting such conversion) to the persons entitled thereto. |
ITEM 13. |
Defaults, dividend arrearages and delinquencies |
ITEM 14. |
Material modifications to the rights of security holders and use of proceeds |
ITEM 15. |
Controls and procedures |
• | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of YPF; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS, and that our receipts and expenditures are being made only in accordance with authorizations of YPF’s management and directors; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements. |
ITEM 16. |
ITEM 16A. |
Audit Committee Financial Expert |
ITEM 16B. |
Code of Ethics |
ITEM 16 C. |
Principal accountant fees and services |
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||
Services Rendered |
Fees |
Expenses |
Fees |
Expenses |
Fees |
Expenses |
||||||||||||||||||||||||||
Audit Fees |
268,748 | 454 | 147,190 | 454 | 109,377 | 861 | ||||||||||||||||||||||||||
Audit-Related Fees (1) |
4,541 | - | 2,641 | - | 2,524 | - | ||||||||||||||||||||||||||
Tax Fees |
2,481 | - | 3,370 | - | 3,056 | - | ||||||||||||||||||||||||||
All Other Fees |
84,899 | - | 47,931 | - | 53,600 | - | ||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||
360,669 |
454 |
201,132 |
454 |
168,557 |
861 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
(1) |
Includes mainly accounting certifications, special purpose reports, agreed upon procedures and other assurance reports provided by auditors to be presented to regulatory agencies and bodies, financial institutions and others. |
1. | The Audit Committee must pre-approve all audit and non-audit services to be provided to YPF or any of its subsidiaries by the external auditor (or any of its affiliates) of YPF. |
2. | The Chairman of the Audit Committee has been delegated the authority to approve the hiring of YPF’s external auditor (or any of its affiliates) without first obtaining the approval of the Audit Committee for any of the services which require pre-approval as described in (1) above. |
ITEM 17. |
Financial Statements |
ITEM 18. |
Financial Statements |
ITEM 19. |
Exhibits |
1.1 |
By-laws (Estatutos) of YPF S.A. as amended (Spanish Version) | |
1.2 |
By-laws (Estatutos) of YPF S.A. as amended (English Version) | |
2(d) |
Description of Securities Other than Equity Securities | |
11.1 |
Code of Ethics * | |
12.1 |
Section 302 Certification by Chief Executive Officer | |
12.2 |
Section 302 Certification by Chief Financial Officer | |
13 |
Section 906 Certification | |
15.1 |
Consent of DeGolyer and MacNaughton | |
15.2 |
Reserves Audit Report of DeGolyer and MacNaughton for YPF S.A. as of December 31, 2021, dated February 08, 2022. | |
101 |
Interactive data files | |
101.INS |
Inline XBRL Instance Document | |
101.SCH |
Inline XBRL Taxonomy Extension Schema Document | |
101.CAL |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF |
Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB |
Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101 |
* | Incorporated by reference to YPF’s 2019 annual report on Form 20-F filed on April 24, 2020. |
YPF SOCIEDAD ANÓNIMA | ||
By: |
/s/ Alejandro Lew | |
Name: Alejandro Lew | ||
Title: Chief Financial Officer |
YPF SOCIEDAD ANONIMA CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
Note |
Description |
Page | ||
F - 1 | ||||
F - 2 | ||||
F - 3 | ||||
F - 4 | ||||
F - 5 | ||||
F - 8 | ||||
1 |
F - 9 | |||
2 |
F - 10 | |||
3 |
F - 40 | |||
4 |
F - 41 | |||
5 |
F - 45 | |||
6 |
F - 48 | |||
7 |
F - 52 | |||
8 |
F - 54 | |||
9 |
F - 58 | |||
10 |
F - 58 | |||
11 |
F - 62 | |||
12 |
F - 62 | |||
13 |
F - 62 | |||
14 |
F - 63 | |||
15 |
F - 63 | |||
16 |
F - 63 | |||
17 |
F - 69 | |||
18 |
F - 70 | |||
19 |
F - 71 | |||
20 |
F - 71 | |||
21 |
F - 72 | |||
22 |
F - 76 | |||
23 |
F - 76 | |||
24 |
F - 76 | |||
25 |
F - 79 | |||
26 |
F - 79 | |||
27 |
F - 81 | |||
28 |
F - 81 | |||
29 |
F - 81 | |||
30 |
F - 83 | |||
31 |
F - 83 | |||
32 |
F - 84 | |||
33 |
F - 91 | |||
34 |
F - 95 | |||
35 |
F -100 | |||
36 |
F -117 | |||
37 |
F -121 | |||
38 |
F -124 | |||
39 |
F -125 | |||
40 |
F -126 |
YPF SOCIEDAD ANONIMA CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
Term |
Definition | |
ADR | American Depositary Receipt | |
ADS | American Depositary Share | |
AESA | Subsidiary A-Evangelista S.A. | |
AFIP | Argentine Tax Authority (Administración Federal de Ingresos Públicos) | |
ANSES | National Administration of Social Security (Administración Nacional de la Seguridad Social) | |
ASC | Accounting Standards Codification | |
Associate | Company over which YPF has significant influence as provided for in IAS 28 | |
BCRA | Central Bank of the Argentine Republic (Banco Central de la República Argentina) | |
BNA | Argentine Nation Bank (Banco de La Nación Argentina) | |
BO | Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina) | |
BONAR | Argentine Treasury Bonds (Bonos de La Nación Argentina) | |
CAMMESA | Compañía Administradora del Mercado Mayorista Eléctrico S.A. | |
CDS | Associate Central Dock Sud S.A. | |
CFO | Chief Financial Officer | |
CGU | Cash-Generating Units | |
CNDC | Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia) | |
CNV | Argentine Securities Commission (Comisión Nacional de Valores) | |
CPI | Consumer Price Index | |
CSJN | Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina) | |
CT Barragán | Joint Venture CT Barragán S.A. | |
Dollar | United States Dollar | |
Eleran | Subsidiary Eleran Inversiones 2011 S.A.U. | |
ENARGAS | Argentine Gas Regulator (Ente Nacional Regulador del Gas) | |
FACPCE | Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales de Ciencias Económicas) | |
FASB | Financial Accounting Standards Board | |
FOB | Free on board | |
Group | YPF and its subsidiaries | |
GPA | Associate Gasoducto del Pacífico (Argentina) S.A. | |
IAS | International Accounting Standard | |
IASB | International Accounting Standards Board | |
IDS | Associate Inversora Dock Sud S.A. | |
IEASA (formerly ENARSA) | Integración Energética Argentina S.A. (formerly Energía Argentina S.A.) | |
IFRIC | International Financial Reporting Interpretations Committee | |
IFRS | International Financial Reporting Standard | |
IIBB | Turnover tax (Impuesto a los ingresos brutos) | |
INDEC | National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos) | |
IWPI | Internal Wholesale Price Index | |
Joint venture | Company jointly owned by YPF as provided for in IFRS 11 | |
JO | Joint operation | |
LGS | Argentine General Corporations Law (Ley General de Sociedades de la República Argentina) | |
LNG | Liquified natural gas | |
LPG | Liquefied Petroleum Gas | |
MEGA | Joint Venture Company Mega S.A. | |
Metroenergía | Subsidiary Metroenergía S.A. | |
Metrogas | Subsidiary Metrogas S.A. | |
MINEM | Former Ministry of Energy and Mining (Ministerio de Energía y Minería) | |
MBtu | 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 OleoductoTrasandino (Argentina) S.A. | |
OTC | Associate OleoductoTrasandino (Chile) S.A. | |
PEN | National Executive Power (Poder Ejecutivo Nacional) | |
Peso | Argentine Peso | |
PIST | Transportation system entry point (Punto de ingreso al sistema de transporte) | |
Profertil | Joint Venture Profertil S.A. | |
Refinor | Joint Venture Refinería del Norte S.A. | |
ROD | Record of decision | |
RTI | Integral Tariff Review (Revisión Tarifaria Integral) | |
RTT | Transitional Tariff Regime (Régimen Tarifario de Transición) | |
SE | Secretariat of Energy (Secretaría de Energía) | |
SEC | U.S. Securities and Exchange Commission | |
SEE | Secretariat of Electric Energy (Secretaría de Energía Eléctrica) | |
SGE | Government Secretariat of Energy (Secretaría de Gobierno de Energía) | |
SRH | Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos) | |
SSHyC | Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles) | |
Subsidiary | Company controlled by YPF in accordance with the provisions of IFRS 10. | |
Termap | Associate Terminales Marítimas Patagónicas S.A. | |
TFN | National Fiscal Tribunal (Tribunal Fiscal de la Nación) | |
UNG | Unaccounted Natural Gas | |
US$ | United States Dollar | |
US$/Bbl | Dollar per barrel | |
VAT | Value Added Tax | |
Y-GEN I | Joint venture Y-GEN Eléctrica S.A.U. | |
Y-GEN II | Joint venture Y-GEN Eléctrica II S.A.U. | |
YPF Brasil | Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda. | |
YPF Chile | Subsidiary YPF Chile S.A. | |
YPF EE | Joint venture YPF Energía Eléctrica S.A. | |
YPF Gas | Associate YPF Gas S.A. | |
YPF Holdings | Subsidiary YPF Holdings, Inc. | |
YPF International | Subsidiary YPF International S.A. | |
YPF or the Company | YPF S.A. | |
YPF Perú | Subsidiary YPF E&P Perú S.A.C. | |
YPF Ventures | Subsidiary YPF Ventures S.A.U. | |
YTEC | Subsidiary YPF Tecnología S.A. | |
WEM | Wholesale Electricity Market |
YPF SOCIEDAD ANONIMA CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
YPF SOCIEDAD ANONIMA CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
YPF SOCIEDAD ANONIMA CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (Amounts expressed in millions of Argentine Pesos except per share information, expressed in Argentine Pesos) |
Notes |
2021 |
2020 |
2019 |
|||||||||||||
Net income |
||||||||||||||||
Revenues |
|
24 | |
1,271,330 | 669,186 | 678,595 | ||||||||||
Costs |
|
25 | |
(1,028,180 | ) | (626,212 | ) | (575,608 | ) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
|
|
243,150 |
42,974 |
102,987 |
|||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses |
|
26 | |
(101,969 | ) | (71,835 | ) | (49,898 | ) | |||||||
Administrative expenses |
|
26 | |
(45,896 | ) | (34,490 | ) | (24,701 | ) | |||||||
Exploration expenses |
|
26 | |
(2,604 | ) | (5,846 | ) | (6,841 | ) | |||||||
(Impairment) / Recovery of property, plant and equipment and intangible assets, net |
|
7-8 |
|
(11,258 | ) | 6,851 | (41,429 | ) | ||||||||
Other net operating results |
|
27 | |
(23,253 | ) | 3,949 | (1,130 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating profit / (loss) |
|
|
58,170 |
(58,397 |
) |
(21,012 |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Income from equity interests in associates and joint ventures |
|
10 | |
26,977 | 13,270 | 7,968 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income |
|
28 | |
87,226 | 107,603 | 93,405 | ||||||||||
Financial loss |
|
28 | |
(132,832 | ) | (138,753 | ) | (91,533 | ) | |||||||
Other financial results |
|
28 | |
24,060 | 19,849 | 4,162 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net financial results |
|
28 | |
(21,546 | ) | (11,301 | ) | 6,034 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit / (loss) before income tax |
|
|
63,601 |
(56,428 |
) |
(7,010 |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
|
17 | |
(64,409 | ) | (14,589 | ) | (26,369 | ) | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss for the year |
|
|
(808 |
) |
(71,017 |
) |
(33,379 |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
||||||||||||||
|
||||||||||||||||
Items that may be reclassified subsequently to profit or loss: |
|
|
||||||||||||||
Translation differences from subsidiaries, associates and joint ventures |
|
|
(7,542 | ) | (9,001 | ) | (8,011 | ) | ||||||||
Result from net monetary position in subsidiaries, associates and joint ventures (1) |
|
|
19,525 | 10,154 | 8,953 | |||||||||||
Items that may not be reclassified subsequently to profit or loss: |
|
|
||||||||||||||
Translation differences from YPF |
|
|
153,429 | 205,347 | 220,425 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income for the year |
|
|
165,412 |
206,500 |
221,367 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total comprehensive income for the year |
|
|
164,604 |
135,483 |
187,988 |
|||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) / income for the year attributable to: |
|
|
||||||||||||||
Shareholders of the parent company |
|
|
257 | (69,649 | ) | (34,071 | ) | |||||||||
Non-controlling interest |
|
|
(1,065 | ) | (1,368 | ) | 692 | |||||||||
Other comprehensive income for the year attributable to: |
|
|
||||||||||||||
Shareholders of the parent company |
|
|
162,286 | 204,517 | 219,666 | |||||||||||
Non-controlling interest |
|
|
3,126 | 1,983 | 1,701 | |||||||||||
Total comprehensive income for the year attributable to: |
|
|
||||||||||||||
Shareholders of the parent company |
|
|
162,543 | 134,868 | 185,595 | |||||||||||
Non-controlling interest |
|
|
2,061 | 615 | 2,393 | |||||||||||
Earnings per share attributable to shareholders of the parent company: |
|
|
||||||||||||||
Basic and diluted |
|
31 | |
0.65 | (177.42 | ) | (86.85 | ) |
(1) | Result associated to subsidiaries, associates and joint ventures with the Peso as functional currency. See accounting policy in Note 2.b.1). |
YPF SOCIEDAD ANONIMA CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (Amounts expressed in millions of Argentine Pesos) |
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 (4) |
— | — | — | — | 342 | — | — | — | 342 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) |
5 | 7 | (5 | ) | (7 | ) | 174 | (995 | ) | 598 | — | (223 | ) | |||||||||||||||||||||||
As decided by the Shareholders´ Meeting on April 30, 2021 (3) |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the end of the fiscal year |
3,931 | 6,095 | 2 | 6 | 372 | (493 | ) | (49 | ) | 640 | 10,504 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - basedplans (4) |
— | — | — | — | — | — | 342 | — | 342 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) |
— | — | — | — | — | — | (223 | ) | — | (223 | ) | |||||||||||||||||||||||||
As decided by the Shareholders´ Meeting on April 30, 2021 (3) |
— | (3,700 | ) | (8,934 | ) | (550 | ) | — | 13,184 | — | — | — | ||||||||||||||||||||||||
Other |
— | — | — | — | 162,286 | — | 162,286 | 3,126 | 165,412 | |||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | 257 | 257 | (1,065 | ) | (808 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the end of the fiscal year |
2,007 | — | — | — | 883,589 | (1) |
(56,208 | ) | 839,892 | 8,226 | 848,118 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes 886,921 corresponding to the effect of the translation of the financial statements of YPF, (46,234) 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 dollar and 42,902 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). |
(2) | Net of employees’ income tax withholdings related to the share-based benefit plans. |
(3) | See Note 30. |
(4) | See Note 37. |
YPF SOCIEDAD ANONIMA CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (Amounts expressed in millions of Argentine Pesos) |
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 fiscal year |
3,924 | 6,085 | 9 | 16 | 117 | 177 | (396 | ) | 640 | 10,572 | ||||||||||||||||||||||||||
Accrual of share-based benefit plans (3) |
— | — | — | — | 541 | — | — | — | 541 | |||||||||||||||||||||||||||
Repurchase of treasury shares |
(3 | ) | (5 | ) | 3 | 5 | — | (550 | ) | — | — | (550 | ) | |||||||||||||||||||||||
Settlement of share-based benefit plans (2) |
5 | 8 | (5 | ) | (8 | ) | (802 | ) | 875 | (251 | ) | — | (178 | ) | ||||||||||||||||||||||
As decided by the Shareholder s ´Meeting on April 30, 2020 |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the end of the fiscal year |
3,926 | 6,088 | 7 | 13 | (144 | ) | 502 | (647 | ) | 640 | 10,385 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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) |
— | — | — | — | — | — | 541 | — | 541 | |||||||||||||||||||||||||||
Repurchase |
— | — | — | — | — | — | (550 | ) | — | (550 | ) | |||||||||||||||||||||||||
Settlement of share-based benefit plans (2) |
— | — | — | — | — | — | (178 | ) | — | (178 | ) | |||||||||||||||||||||||||
As decided by the Shareholders´ Meeting on April 30, 2020 |
— | 1,200 | (35,321 | ) | 50 | — | 34,071 | — | — | — | ||||||||||||||||||||||||||
Other |
— | — | — | — | 204,517 | — | 204,517 | 1,983 | 206,500 | |||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | (69,649 | ) | (69,649 | ) | (1,368 | ) | (71,017 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance fiscal year |
2,007 | 3,700 | 8,934 | 550 | 721,303 | (1) |
(69,649 | ) | 677,230 | 6,165 | 683,395 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes 733,492 corresponding to the effect of the translation of the financial statements of YPF, (38,692) 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 dollar and 26,503 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). |
(2) | Net of employees’ income tax withholdings related to the share-based benefit plans. |
(3) | See Note 37. |
YPF SOCIEDAD ANONIMA CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (Amounts expressed in millions of Argentine Pesos) |
|
2019 |
||||||||||||||||||||||||||||||||||||
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 fiscal year |
3,923 | 6,084 | 10 | 17 | 115 | 11 | (282 | ) | 640 | 10,518 | ||||||||||||||||||||||||||
Accrual of share-based benefit plans (3) |
— | — | — | — | 493 | — | — | — | 493 | |||||||||||||||||||||||||||
Repurchase of treasury shares |
(4 | ) | (6 | ) | 4 | 6 | — | (280 | ) | — | — | (280 | ) | |||||||||||||||||||||||
Settlement of share-based benefit plans (2) |
5 | 7 | (5 | ) | (7 | ) | (491 | ) | 446 | (114 | ) | — | (159 | ) | ||||||||||||||||||||||
As decided by the Shareholders´ Meeting on April 26, 2019 |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
As decided by the Board of Directors on June 27, 2019 |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net (loss) profit |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the end of the fiscal year |
3,924 | 6,085 | 9 | 16 | 117 | 177 | (396 | ) | 640 | 10,572 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 fiscal year |
2,007 | — | 11,020 | 220 | 297,120 | 38,315 | 359,200 | 3,157 | 362,357 | |||||||||||||||||||||||||||
Accrual of share-based benefit plans (3) |
— | — | — | — | — | — | 493 | — | 493 | |||||||||||||||||||||||||||
Repurchase of treasury shares |
— | — | — | — | — | — | (280 | ) | — | (280 | ) | |||||||||||||||||||||||||
Settlement of share-based benefit plans (2) |
— | — | — | — | — | — | (159 | ) | — | (159 | ) | |||||||||||||||||||||||||
As decided by the Shareholders´ Meeting on April 26, 2019 |
— | 4,800 | 33,235 | 280 | — | (38,315 | ) | — | — | — | ||||||||||||||||||||||||||
As decided by the Board of Directors on June 27, 2019 |
— | (2,300 | ) | — | — | — | — | (2,300 | ) | — | (2,300 | ) | ||||||||||||||||||||||||
Other comprehensive income |
— | — | — | — | 219,666 | — | 219,666 | 1,701 | 221,367 | |||||||||||||||||||||||||||
Net (loss) profit |
— | — | — | — | — | (34,071 | ) | (34,071 | ) | 692 | (33,379 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the end of the fiscal year |
2,007 | 2,500 | 44,255 | 500 | 516,786 | (1) |
(34,071 | ) | 542,549 | 5,550 | 548,099 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes 528,145 corresponding to the effect of the translation of the financial statements of YPF, (29,691) 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 dollar and 18,332 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). |
(2) | Net of employees’ income tax withholdings related to the share-based benefit plans. |
(3) | See Note 37. |
YPF SOCIEDAD ANONIMA CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE YEARS ENDED DECEMBER 31, 2021, 2020 AND 2019 (Amounts expressed in millions of Argentine Pesos) |
2021 |
2020 |
2019 |
||||||||||
Cash flows from operating activities |
||||||||||||
Net loss |
(808 | ) | (71,017 | ) | (33,379 | ) | ||||||
Adjustments to reconcile net loss to cash flows provided by operating activities: |
||||||||||||
Income from equity interests in associates and joint ventures |
(26,977 | ) | (13,270 | ) | (7,968 | ) | ||||||
Depreciation of property, plant and equipment |
267,686 | 171,452 | 145,894 | |||||||||
Depreciation of right-of-use |
19,200 | 17,873 | 10,509 | |||||||||
Amortization of intangible assets |
4,833 | 3,428 | 2,374 | |||||||||
Retirement of property, plant and equipment and intangible assets and consumption of materials |
32,269 | 24,314 | 19,124 | |||||||||
Charge on income tax |
64,409 | 14,589 | 26,369 | |||||||||
Net increase in provisions |
49,777 | 28,179 | 13,090 | |||||||||
Impairment / (Recovery) of property, plant and equipment and intangible assets, net |
11,258 | (6,851 | ) | 41,429 | ||||||||
Exchange differences, interest and other |
33,536 | 3,143 | (5,939 | ) | ||||||||
Share-based benefit plans |
342 | 541 | 493 | |||||||||
Other insurance income |
(1,503 | ) | (3,643 | ) | (498 | ) | ||||||
Result from debt exchange |
(1,855 | ) | 2,097 | — | ||||||||
Result from financial instruments exchange |
— | (1,330 | ) | — | ||||||||
Result from the assignment of areas |
(2,034 | ) | (12,233 | ) | (778 | ) | ||||||
Result from sale of assets held for disposal |
(5,549 | ) | — | — | ||||||||
Changes in assets and liabilities |
||||||||||||
Trade receivables |
10,151 | 35,073 | (11,833 | ) | ||||||||
Other receivables |
(21,921 | ) | 5,482 | (13,076 | ) | |||||||
Inventories |
(27,560 | ) | 13,332 | 6,726 | ||||||||
Accounts payable |
148 | (21,039 | ) | 29,435 | ||||||||
Taxes payables |
(3,639 | ) | 862 | (1,145 | ) | |||||||
Salaries and social security |
1,938 | 8,611 | 4,534 | |||||||||
Other liabilities |
(8,168 | ) | 8,988 | 803 | ||||||||
Decrease in provisions included in liabilities due to payment/use |
(8,166 | ) | (2,803 | ) | (4,862 | ) | ||||||
Contract assets |
(664 | ) | (754 | ) | 445 | |||||||
Contract liabilities |
6,864 | 526 | 776 | |||||||||
Dividends received |
5,073 | 2,616 | 811 | |||||||||
Proceeds from collection of profit loss insurance |
1,889 | 3,756 | 758 | |||||||||
Income tax payments |
(515 | ) | (2,706 | ) | (6,955 | ) | ||||||
|
|
|
|
|
|
|||||||
Net cash flows from operating activities (1) |
400,014 |
209,216 |
217,137 |
|||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities: (3) |
||||||||||||
Acquisition of property, plant and equipment and intangible assets |
(234,801 | ) | (114,616 | ) | (161,455 | ) | ||||||
Contributions and acquisitions of interests in associates and joint ventures |
— | — | (4,826 | ) | ||||||||
Proceeds from sales of financial assets |
38,624 | 38,332 | 957 | |||||||||
Payments from purchase of financial assets |
(56,009 | ) | (46,762 | ) | — | |||||||
Interests received from financial assets |
3,694 | 18 | 1,063 | |||||||||
Proceeds from sales of interest in areas and sale of assets |
4,500 | 13,867 | 382 | |||||||||
|
|
|
|
|
|
|||||||
Net cash flows used in investing activities |
(243,992 |
) |
(109,161 |
) |
(163,879 |
) | ||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities: (3) |
||||||||||||
Payments of loans |
(161,016 | ) | (174,913 | ) | (93,456 | ) | ||||||
Payments of interests |
(58,454 | ) | (60,681 | ) | (41,606 | ) | ||||||
Proceeds from loans |
97,420 | 139,018 | 97,351 | |||||||||
Repurchase of treasury shares |
— | (550 | ) | (280 | ) | |||||||
Payments of leases |
(28,526 | ) | (23,290 | ) | (15,208 | ) | ||||||
Payments of interests in relation to income tax |
(83 | ) | (696 | ) | (583 | ) | ||||||
Dividends paid |
— | — | (2,300 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net cash flows used in financing activities |
(150,659 |
) |
(121,112 |
) |
(56,082 |
) | ||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation differences on cash and cash equivalents |
2,697 |
9,575 |
22,896 |
|||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in cash and cash equivalents |
8,060 |
(11,482 |
) |
20,072 |
||||||||
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the fiscal year |
54,618 | 66,100 | 46,028 | |||||||||
Cash and cash equivalents at the end of the fiscal year |
62,678 | 54,618 | 66,100 | |||||||||
|
|
|
|
|
|
|||||||
Net Increase (Decrease) in cash and cash equivalents |
8,060 |
(11,482 |
) |
20,072 |
||||||||
|
|
|
|
|
|
(1) | Does not include exchange differences generated by cash and cash equivalents, which is exposed separately in the statement. |
(2) | Includes 10,853, 11,101 and 11,184 for the fiscal year ended December 31, 2021, 2020 and 2019, respectively, for payment of short-term leases and payments of the variable charge of leases related to the underlying asset performance/use. |
(3) | The main investing and financing transactions that have not affected cash and cash equivalents correspond to: |
2021 |
2020 |
2019 |
||||||||||
Unpaid acquisitions of property, plant and equipment |
36,371 | 17,691 | 24,909 | |||||||||
Hydrocarbon wells abandonment obligation costs |
3,349 | (13,918 | ) | 1,172 | ||||||||
Additions of right-of-use |
27,745 | 11,421 | 39,779 | |||||||||
Capitalization of depreciation of right-of-use |
4,166 | 3,789 | 2,021 | |||||||||
Capitalization of financial accretion for lease liabilities |
1,020 | 967 | 311 | |||||||||
Capitalization in associates and joint ventures |
— | — | 738 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020, AND 2019 |
1. |
GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP |
(1) |
Held directly and indirectly. |
(2) |
See Note 3. |
(3) |
See Note 35.c.3). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
1. |
GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP ( c |
- |
Upstream; |
- |
Gas and Power; |
- |
Downstream; |
- |
Central administration and others, which covers the remaining activities not included in the previous categories. |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
i. | Assets and liabilities of each of the financial statements presented are translated using the exchange rate on the financial statement closing date . |
ii. | Items of the consolidated statement of comprehensive income are translated using the exchange rate at the time the transactions were generated (or, for practical reasons, and provided the exchange rate has not changed significantly, using each month’s average exchange rate) . |
iii. | All translation differences resulting from the foregoing are recognized under “Other Comprehensive Income” in the statement of comprehensive income. |
- |
Financial assets at amortized cost |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
- |
Financial assets at fair value through profit or loss |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
- |
Transport oil, gas and petroleum products. |
- |
Build and operate pipelines for oil, gas and their derivatives, storage facilities, pump stations, compressor plants, roads, railways and other facilities and equipment necessary for the efficient operation of a pipeline system. |
- |
La Plata / Dock Sud |
- |
Puerto Rosales / La Plata |
- |
Monte Cristo / San Lorenzo |
- |
Puesto Hernández / Luján de Cuyo |
- |
Luján de Cuyo / Villa Mercedes |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
Years of Estimated Useful Life |
|
| ||
Buildings and other constructions |
50 | |
| |
Refinery equipment and petrochemical plants |
20-25 | |
| |
Infrastructure for natural gas distribution |
20-50 | |
| |
Transportation equipment |
5-25 | |
| |
Furniture, fixtures and installations |
10 | |
| |
Selling equipment |
10 | |
| |
Other property |
10 | |
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( cont |
i. | Upstream Segment |
ii. | Gas and Power Segment |
iii. | Downstream Segment |
iv. | Central Administration and Others |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( cont |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
- | For equity-settled share-based payment transactions, a cost is recognized on a linear basis over the period of service, based on the Group’s estimate of the number of equity instruments that will finally be granted considering their fair value on the date the plan is awarded, with an offsetting credit entry in the equity account entitle d “Share-based benefit plans”. At the end of each reporting period, the Group reviews the number of equity instruments it expects will be finally granted based on the conditions of the award specified under the respective plan. |
- | For cash-settled share-based payment transactions, a liability is recognized for the goods or services acquired, originally measured at the liability’s fair value. At the end of each reporting period until the liability is settled, and on the settlement date, the liability’s fair value is remeasured and any change in such value is recognized in profit or loss for the fiscal year . |
- | Contracts for the sale of fuel in consignment |
- | Contracts for the direct sale of fuel |
- | Contracts for the sale of natural gas |
- | Contracts and agreements for the sale of other refined products |
- | Construction contracts |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( C ont.) |
- |
GasAr Plan, benefits for the Stimulus Program for Additional Injection of Natural Gas and the Resolution 46 Program. See Note 35.d.1). |
- |
They consist of economic compensation for the companies committed to increase their respective gas production. These incentives have been included in “Revenues” in the statement of comprehensive income. |
• |
- Compensation for providing diesel to public transport of passengers at a differential price. |
- |
They consist of economic compensations to hydrocarbon producing and refining companies committed to ensuring the supply of diesel in the necessary volumes to meet domestic needs. These incentives have been included in “Revenues” in the statement of comprehensive income. |
- |
Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks. |
- |
Procedure to compensate for the lower income that Natural Gas Distribution Service Licensed Companies receive from their users. |
- |
Compensations received as a result of the application of benefits and/or discounts to users under the regulations in force regarding social tariffs of the natural gas distribution service through networks. The aforementioned incentives have been included in “Revenues” in the statement of comprehensive income. |
- |
Payment of the accumulated daily differences on a monthly basis between the price of gas purchased by distributors and the natural gas price included in the tariff schemes effective from April 1, 2018 to March 31, 2019. |
- |
Incentive for investment in capital goods, computers and telecommunications for domestic manufacturers. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( C ont.) |
- |
Right-of-use assets, whose cost includes: |
(i) |
the amount of the initial measurement of the lease liability; |
(ii) |
any rent paid to the lessor prior to the commencement date or on the same date, after discounting any incentive received for the lease; |
(iii) |
the initial direct costs incurred by the lessee; and |
(iv) |
an estimate of the costs to be incurred by the lessee in dismantling and eliminating the underlying asset, restoring the place where the underlying asset is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless such costs are incurred at the time of making of the inventories. The Group could incur in certain liabilities because of such costs either on the date of commencement of the term of the lease, or because of having used the underlying asset during a specified period. |
- |
Exploitation equipment and facilities, which include equipment for installations and production equipment in reservoirs, such as drilling equipment, work-over and lifting pumps. The average term of these contracts is from 3 to 5 years, establishing minimum guaranteed payments based on the availability of these assets, and also variable payments estimated based on a rate per unit of use (Pesos per hour/day of use). |
- |
Machinery and equipment, which include: |
(i) |
equipment for natural gas compression and generation of energy. The average term of these contracts is 3 years, featuring minimum payments based on the available power. Variable payments are calculated on the basis of a rate per generation unit; |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Cont.) |
(ii) |
regasification and gas liquefaction equipment. The average term of these contracts is 6 years, establishing a minimum guaranteed payment on the basis of the availability of these assets. |
- |
Transportation equipment, including: |
(i) |
vessels and crafts for hydrocarbon transportation, whose average contract term is 3 years, establishing monthly guaranteed payments associated to the Group’s availability over such assets; |
(ii) |
truck fleets with average contract terms of 3 years, for which variable payments are estimated based on a rate per unit of use (Pesos per kilometer travelled), featuring in some cases minimum payments associated to the availability of such assets. |
- |
Gas station lands and facilities, whose contracts include the lease of land and associated installations with average contract terms of 20 years and for which payments are determined based on a given quantity of fuel. |
- |
Land and buildings which include mainly: |
(i) |
An underground reservoir and the land necessary to mount the surface installations necessary for the underground storage of natural gas, whose contract lasts for 4 years, for which there are minimum guaranteed quotas; |
(ii) |
permits for the use of ports and land, for which there are minimum guaranteed quotas. |
- |
fixed payments (including in substance fixed payments), less any lease incentive receivable; |
- |
variable payments, which depend on an index or a rate, initially measured by using the index or rate on the effective date of the contract; |
- |
amounts that the lessee expects to pay as residual value guarantees; |
- |
the price for the exercise of a purchase option if the Group is reasonably certain to exercise that option; and |
- |
payment of penalties for terminating the lease, if the lease period reflects that the Group will exercise the option to terminate it (i.e., because there is a reasonable certainty thereon). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
- |
when there is a change in the amount expected to be paid under a residual value guarantee; |
- |
when there is a change in future rental payments to reflect the variation of an index or an interest rate used to determine such rental payments (including, for example, a market rent review); |
- |
when there is a change in the term of duration of the lease as a result of a change in the non-cancellable period of the lease (for example, if the lessee does not exercise an option previously included in the determination of the lease period); or |
- |
when there is a change in the evaluation of the purchase option of the underlying asset. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( cont |
• | During the fiscal year ended December 31, 2021, the Group entered into term purchase transactions for dollars and grains and has not applied hedge accounting. |
• | During the fiscal year ended December 31, 2020, the Group entered into term purchase transactions for dollars and grains and has not applied hedge accounting. |
• | During the fiscal year ended December 31, 2019, the Group conducted operations with forward dollars - Swiss francs contracts and entered into term purchase transactions for dollars and has not applied hedge accounting. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( cont |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( cont |
• |
Amendments to IFRS 16 – COVID-19 Related rent concessions |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
- |
the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; |
- |
any reduction in lease payments affects only payments originally due or before June 30, 2021 (for example, a rent concession would meet this condition if it results in reduced lease payments on or before June 30, 2021, and increased lease payments that extend beyond June 30, 2021); and |
- |
there is no substantive change to other terms and conditions of the lease. |
● |
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 17 and IFRS 16 - Interest Rate Benchmark Reform Phase 2. |
- |
Financial assets, financial liabilities and lease liabilities: A practical solution was issued for financial assets and liabilities measured at amortized cost, which are modified as a direct consequence of the interbank benchmark interest rate reform. As a practical solution, the IASB establishes that these amendments are not to be treated as specified under IFRS 9 for changes to contractual cash flows, but rather as established under such standard for assets and liabilities at variable rate. This accounting treatment comprises the prospective revaluation of these financial instruments at the revised effective interest rate. This only applies when the change is a direct consequence of the rate reform and the basis used to determine the cash flows is economically equivalent to the basis immediately preceding rate replacement. In the case of lease liabilities revalued based on an interest rate that is being replaced with an alternative interest rate, a similar treatment is proposed. |
- |
Hedges: The IASB issued further practical solutions in addition to those issued in Phase 1, seeking to prevent the benchmark rate reform from discontinuing hedge accounting or the designation of a new relationship of this type. The hedging relationships (and related documentation) must be amended to reflect the effects on i) the hedged item, ii) the hedging instrument and iii) the hedged risk. Any valuation adjustments resulting from the amendments are recognized as part of the inefficiency. |
- |
Disclosure: The information disclosed must allow the user to understand the nature and extent of the risks to which the entity is exposed and how those risks generated by the interbank benchmark rate reform will be managed. The progress and management of the transition to alternative benchmark rates is also required to be informed. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
● |
Amendments to IFRS 10 and IAS 28 - Sale or contribution of assets between an investor and its associate or joint venture |
● |
Amendments to IAS 1 - Classification of liabilities |
- |
Must be based on existing rights at the end of the reporting period to defer settlement by at least twelve months and make explicit that only rights in place “at the end of the reporting period” should affect the classification of a liability. |
- |
Is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability. |
● |
Amendments to IAS 16 - Proceeds before intended use |
● |
Amendments to IAS 37 - Onerous Contracts |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
● |
Amendments to IFRS 3 - Reference to the Conceptual Framework |
● |
Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies |
● |
Amendments to IAS 8 - Definition of accounting estimates |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (cont.) |
● |
Amendments to IFRS 16 - Reductions in lease payments related to COVID-19 as from June 2021 |
- |
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; |
- |
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 |
- |
there is no significant change in the terms and conditions of the lease. |
● |
Amendments to IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
• |
Anual improvements to IFRS – Standards 2018-2020 |
Standard |
Amended Subject |
Detail | ||
IFRS 1 “First-time adoption of IFRS” |
Subsidiary as a First-time IFRS adopter |
When a subsidiary becomes a first-time adopter later than its parent company, it may elect to measure its assets and liabilities according to how their parent measured them in their consolidated financial statements, based on the parent´s date of transition to IFRSs (without considering consolidation adjustments and for the purposes of the business combination for which the parent company acquired the subsidiary). After the amendment, this exception is extended to accumulated translation differences. A similar election is available for an associate or joint venture. | ||
IFRS 9 “Financial Instruments” |
Fees in the “10 per cent” Test for Derecognition of financial liabilities |
An entity must derecognise the original financial liability and recognise a new financial liability when, among other requirements, there is a substantial modification of the terms of an existing financial liability. The terms are substantially different if the discounted present value of the cash flows under the new terms using the original effective interest rate is at least 10% different from the discounted present value remaining cash flows of the original financial liability, including any fees paid net of any fees received in the 10 per cent test. The amendment clarifies that when determining this value, only the items paid or received between the borrower and the lender are included, including those paid or received by one or the other on behalf of the other. | ||
IFRS 16 “Leases” |
Illustrative examples- Lease incentives |
Reimbursement relating to leasehold improvements is removed from illustrative Example 13. | ||
IAS 41 “Agriculture” |
Taxation in fair value measurements |
Paragraph 22 was amended to remove the requirement to exclude cash flows for taxation when measuring fair value, as to aline the requirements in IAS 41 on fair value measurements with those in IFRS 13 “Fair Value Measurement”. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( cont |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2. |
BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
3. |
ACQUISITIONS AND DISPOSITIONS |
• |
Acquisition of Ensenada de Barragán Thermal Power Plant |
Fair value as of the acquisition date |
| ||||
Fair value of identifiable assets and assumed liabilities: |
| ||||
Financial assets at fair value |
682 |
| |||
Property, plant and equipment |
20,330 |
| |||
Inventories |
341 |
| |||
VRD |
(9,760 |
) |
| ||
|
|
| |||
Total identifiable net assets / consideration |
11,593 |
| |||
|
|
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
3. |
ACQUISITIONS AND DISPOSITIONS ( c ont.) |
4. |
FINANCIAL RISK MANAGEMENT |
• |
Market Risk management |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
4. |
FINANCIAL RISK MANAGMENT ( c ont.) |
Appreciation (+) / depreciation (-) of exchange rate of Peso against dollar |
Income (loss) for fiscal year ended December 31, 2021 |
|||||||
Impact on net income before income tax corresponding to financial assets and liabilities |
+10 -10 |
% % |
(2,235 2,235 |
) |
Financial Assets (1) |
Financial Liabilities (2) |
|||||||
Fixed interest rate |
60,948 | 713,791 | ||||||
Variable interest rate |
190 | 43,424 | ||||||
|
|
|
|
|||||
Total (3) |
61,138 | 757,215 | ||||||
|
|
|
|
(1) | Includes temporary investments, loans with related parties and trade receivables with interest-bearing payment agreements. It does not include the rest of the trade receivables that are mostly non-interest bearing. |
(2) | Includes only financial loans. Does not include accounts payable, which mostly do not accrue interest, nor the leases liabilities. |
(3) | Includes principal and interest. |
Increase (+) / decrease (-) in the interest rates |
Income (loss) for fiscal year |
|||||||
Impact on net income for the year |
+100 b.p. -100 b.p. |
|
(312 312 |
) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
4. |
FINANCIAL RISK MANAGMENT ( c ont.) |
Increase (+) / decrease (-) in the prices of investments in financial instruments |
Income (loss) for the fiscal year ended December 31, 2021 |
|||||||
Impact on net income before income tax |
+10 -10 |
% % |
4,022 (4,022 |
) |
• |
Liquidity Risk management |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
4. |
FINANCIAL RISK MANAGMENT ( c ont.) |
December 31, 2021 |
||||||||||||||||||||||||||||
Maturity date |
||||||||||||||||||||||||||||
0 - 1 year |
1 - 2 years |
2 - 3 years |
3 - 4 years |
4 - 5 years |
More than 5 years |
Total |
||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||
Lease liabilities |
27,287 | 15,159 | 6,226 | |
3,482 | 1,455 | |
2,013 | 55,622 | |||||||||||||||||||
Loans |
86,680 | 87,931 | 84,013 | |
145,637 | 30,626 | |
322,328 | 757,215 | |||||||||||||||||||
Other liabilities (1) |
3,468 | 187 | 41 | |
740 | — | |
— | 4,436 | |||||||||||||||||||
Accounts payable (1) |
194,671 | 49 | — | |
— | — | |
703 | 195,423 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
312,106 | 103,326 | 90,280 | |
149,859 | 32,081 | |
325,044 | 1,012,696 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Corresponds to the contractual, undiscounted cash flows associated to the financial liabilities given that they do not differ significantly from their face values. |
• |
Credit Risk management |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
4. |
FINANCIAL RISK MANAGMENT ( c ont.) |
Maximum exposure as of December 31, 2021 |
||||
Cash and cash equivalents |
62,678 | |||
Investment in financial assets |
53,546 | |||
Other financial assets |
181,122 |
Current trade receivable |
Other current receivables |
|||||||
Less than three months past due |
22,910 | 620 | ||||||
Between three and six months past due |
6,464 | 37 | ||||||
More than six months past due |
19,181 | 848 | ||||||
|
|
|
|
|||||
48,555 | 1,505 | |||||||
|
|
|
|
5. |
SEGMENT INFORMATION |
• |
Upstream |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
5. |
SEGMENT INFORMATION ( c ont.) |
• |
Gas and Power |
• |
Downstream |
• |
Central Administration and Others |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
(Amounts expressed in millions of Argentine Pesos, except shares and per shares amounts expressed in Argentine Pesos, and as otherwise indicated) |
5. |
SEGMENT INFORMATION ( c ont.) |
Upstream |
Gas and Power |
Downstream |
Central Administration and Others |
Consolidation Adjustments (1) |
Total |
|||||||||||||||||||
For the year ended December 31, 2021 |
||||||||||||||||||||||||
Revenues from sales |
4,678 | 199,612 | 1,046,089 | 31,948 | (10,997 | ) | 1,271,330 | |||||||||||||||||
Revenues from intersegment sales |
544,384 | 15,375 | 6,121 | 48,498 | (614,378 | ) | — |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues |
549,062 | 214,987 | 1,052,210 | 80,446 | (625,375 | ) | 1,271,330 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating profit / (loss) |
1,688 | 1,333 | 86,496 | (18,625 | ) | (12,722 | ) | 58,170 | ||||||||||||||||
Income from equity interests in associates and joint ventures |
— | 12,738 | 14,239 | — | — | 26,977 | ||||||||||||||||||
Depreciation of property, plant and equipment |
213,495 | (3) |
2,810 | 43,413 | 7,968 | — | 267,686 | |||||||||||||||||
Impairment of property, plant and equipment and intangible assets, net (2) |
11,258 | — | — | — | — | 11,258 | ||||||||||||||||||
Acquisition of property, plant and equipment |
210,186 | 2,775 | 39,942 | 7,085 | — | 259,988 | ||||||||||||||||||
Assets |
1,075,503 | 266,056 | 879,985 | 182,180 | (13,656 | ) | 2,390,068 | |||||||||||||||||
For the year ended December 31, 2020 |
||||||||||||||||||||||||
Revenues from sales |
2,419 | 122,254 | 536,714 | 14,108 | (6,309 | ) | 669,186 | |||||||||||||||||
Revenues from intersegment sales |
289,421 | 8,060 | 3,349 | 28,787 | (329,617 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues |
291,840 | 130,314 | 540,063 | 42,895 | (335,926 | ) | 669,186 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating (loss) / profit |
(25,878 | ) | (18,994 | ) | 4,839 | (22,305 | ) | 3,941 | (58,397 | ) | ||||||||||||||
Income from equity interests in associates and joint ventures |
— | 9,199 | 4,071 | — | — | 13,270 | ||||||||||||||||||
Depreciation of property, plant and equipment |
128,132 | (3) |
1,858 | 34,295 | 7,167 | — | 171,452 | |||||||||||||||||
(Recovery) / Impairment of property, plant and equipment (2) |
(7,475 | ) | 527 | — | 97 | — | (6,851 | ) | ||||||||||||||||
Acquisition of property, plant and equipment |
63,071 | 4,905 | 23,420 | 4,882 | — | 96,278 | ||||||||||||||||||
Assets |
914,257 | 209,225 | 646,589 | 152,816 | 338 | 1,923,225 | ||||||||||||||||||
For the year ended December 31, 2019 |
||||||||||||||||||||||||
Revenues from sales |
2,046 | 131,055 | 531,724 | 19,743 | (5,973 | ) | 678,595 | |||||||||||||||||
Revenues from intersegment sales |
286,585 | 8,697 | 3,447 | 27,502 | (326,231 | ) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues |
288,631 | 139,752 | 535,171 | 47,245 | (332,204 | ) | 678,595 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating (loss) / profit |
(49,194 | ) | 2,944 | 40,653 | (15,866 | ) | 451 | (21,012 | ) | |||||||||||||||
Income from equity interests in associates and joint ventures |
— | 5,339 | 2,629 | — | — | 7,968 | ||||||||||||||||||
Depreciation of property, plant and equipment |
119,821 | (3) |
1,378 | 20,805 | 3,890 | — | 145,894 | |||||||||||||||||
Impairment of property, plant and equipment (2) |
40,561 | 868 | — | — | — | 41,429 | ||||||||||||||||||
Acquisition of property, plant and equipment |
136,589 | 6,170 | 22,455 | 7,630 | — | 172,844 | ||||||||||||||||||
Assets |
742,850 | 199,357 | 508,026 | 129,331 | (6,275 | ) | 1,573,289 |
(1) | Corresponds to the elimination among segments of the YPF Group. |
(2) | See Notes 2.c), 7 and 8. |
(3) | Includes depreciation of charges for impairment of property, plant and equipment. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
5. |
SEGMENT INFORMATION (Cont.) |
Revenues |
Property, plant and equipment |
|||||||||||||||||||||||
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
|||||||||||||||||||
Argentina |
1,120,935 | 585,652 | 589,653 | 1,642,156 | 1,379,191 | 1,068,832 | ||||||||||||||||||
Mercosur and associated countries |
60,243 | 26,834 | 36,154 | 103 | 336 | 179 | ||||||||||||||||||
Rest of the world |
65,905 | 23,620 | 35,836 | — | — | — | ||||||||||||||||||
Europe |
24,247 | 33,080 | 16,952 | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
1,271,330 | 669,186 | 678,595 | 1,642,259 | 1,379,527 | 1,069,011 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
6. |
FINANCIAL INSTRUMENTS BY CATEGORY |
2021 |
||||||||||||||||||||
Financial Assets at amortized cost |
Financial Assets at fair value through profit or loss |
Subtotal Financial Assets |
Non-financial Assets |
Total |
||||||||||||||||
Other receivables (1) |
22,635 | — | 22,635 | 61,790 | 84,425 | |||||||||||||||
Trade receivables (2) |
158,487 | — | 158,487 | — | 158,487 | |||||||||||||||
Investment in financial assets |
43,514 | 10,032 | 53,546 | — | 53,546 | |||||||||||||||
Cash and cash equivalents |
32,489 | 30,189 | 62,678 | — | 62,678 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
257,125 | 40,221 | 297,346 | 61,790 | 359,136 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
2020 |
||||||||||||||||||||
Financial Assets at amortized cost |
Financial Assets at fair value through profit or loss |
Subtotal Financial Assets |
Non-financial Assets |
Total |
||||||||||||||||
Other receivables (1) |
15,391 | — | 15,391 | 35,029 | 50,420 | |||||||||||||||
Trade receivables (2) |
136,057 | — | 136,057 | — | 136,057 | |||||||||||||||
Investment in financial assets |
19,052 | 9,882 | (3) |
28,934 | — | 28,934 | ||||||||||||||
Cash and cash equivalents |
20,032 | 34,586 | 54,618 | — | 54,618 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
190,532 | 44,468 | 235,000 | 35,029 | 270,029 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
2019 |
||||||||||||||||||||
Financial Assets at amortized cost |
Financial Assets at fair value through profit or loss |
Subtotal Financial Assets |
Non-financial Assets |
Total |
||||||||||||||||
Other receivables (1) |
19,078 | — | 19,078 | 29,892 | 48,970 | |||||||||||||||
Trade receivables (2) |
139,982 | — | 139,982 | — | 139,982 | |||||||||||||||
Investment in financial assets |
— | 8,370 | 8,370 | — | 8,370 | |||||||||||||||
Cash and cash equivalents |
59,062 | 7,038 | 66,100 | — | 66,100 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
218,122 | 15,408 | 233,530 | 29,892 | 263,422 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Does not include the provision for other doubtful receivables. |
(2) |
Does not include the provision for doubtful trade receivables. |
(3) |
Granted guarantees for contractual commitments with Exmar. See Notes 34.d) and 34.e). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
6. |
FINANCIAL INSTRUMENTS BY CATEGORY ( c ont.) |
2021 |
||||||||||||||||||||
Financial liabilities at amortized cost |
Financial liabilities at fair value through profit or loss |
Subtotal financial liabilities |
Non-financial liabilities |
Total |
||||||||||||||||
Lease liabilities |
55,622 | — | 55,622 | — | 55,622 | |||||||||||||||
Loans |
757,215 | — | 757,215 | — | 757,215 | |||||||||||||||
Other liabilities |
4,436 | — | 4,436 | — | 4,436 | |||||||||||||||
Accounts payable |
195,423 | — | 195,423 | 7,016 | 202,439 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
1,012,696 | — | 1,012,696 | 7,016 | 1,019,712 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2020 |
||||||||||||||||||||
Financial liabilities at amortized cost |
Financial liabilities at fair value through profit or loss |
Subtotal financial liabilities |
Non-financial liabilities |
Total |
||||||||||||||||
Lease liabilities |
46,270 | — | 46,270 | — | 46,270 | |||||||||||||||
Loans |
678,306 | — | 678,306 | — | 678,306 | |||||||||||||||
Other liabilities |
12,023 | — | 12,023 | — | 12,023 | |||||||||||||||
Accounts payable |
139,219 | — | 139,219 | 5,874 | 145,093 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
875,818 | — | 875,818 | 5,874 | 881,692 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2019 |
||||||||||||||||||||
Financial liabilities at amortized cost |
Financial liabilities at fair value through profit or loss |
Subtotal financial liabilities |
Non-financial liabilities |
Total |
||||||||||||||||
Lease liabilities |
61,780 | — | 61,780 | — | 61,780 | |||||||||||||||
Loans |
526,760 | — | 526,760 | — | 526,760 | |||||||||||||||
Other liabilities |
2,013 | — | 2,013 | — | 2,013 | |||||||||||||||
Accounts payable |
149,880 | — | 149,880 | 1,180 | 151,060 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
740,433 | — | 740,433 | 1,180 | 741,613 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2021 |
||||||||||||
Financial and non financial Assets / Liabilities at amortized cost |
Financial Assets / Liabilities at fair value through profit or loss |
Total |
||||||||||
Interest income |
16,880 | — | 16,880 | |||||||||
Interest loss |
(71,870 | ) | — | (71,870 | ) | |||||||
Net financial accretion |
(13,628 | ) | — | (13,628 | ) | |||||||
Net exchange differences |
23,012 | — | 23,012 | |||||||||
Fair value loss on financial assets at fair value through profit or loss |
— | 10,869 | 10,869 | |||||||||
Result from derivative financial instruments |
— | (1,048 | ) | (1,048 | ) | |||||||
Results from transactions with financial assets |
— | — | — | |||||||||
Result from financial instruments exchange |
— | — | — | |||||||||
Result from debt exchange (2) |
1,855 | — | 1,855 | |||||||||
Result from net monetary position |
12,384 | — | 12,384 | |||||||||
|
|
|
|
|
|
|||||||
(31,367 | ) | 9,821 | (21,546 | ) | ||||||||
|
|
|
|
|
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
6. |
FINANCIAL INSTRUMENTS BY CATEGORY ( c ont.) |
2020 |
||||||||||||
Financial and non financial Assets / Liabilities at amortized cost |
Financial Assets / Liabilities at fair value through profit or loss |
Total |
||||||||||
Interest income |
7,363 | — | 7,363 | |||||||||
Interest loss |
(65,821 | ) | — | (65,821 | ) | |||||||
Net financial accretion |
(8,794 | ) | — | (8,794 | ) | |||||||
Net exchange differences |
36,102 | — | 36,102 | |||||||||
Fair value loss on financial assets at fair value through profit or loss |
— | 3,862 | 3,862 | |||||||||
Result from derivative financial instruments |
— | (860 | ) | (860 | ) | |||||||
Results from transactions with financial assets |
— | 9,786 | 9,786 | |||||||||
Result from financial instruments exchange (1) |
— | 1,330 | 1,330 | |||||||||
Result from debt exchange (2) |
(2,097 | ) | — | (2,097 | ) | |||||||
Result from net monetary position |
7,828 | — | 7,828 | |||||||||
|
|
|
|
|
|
|||||||
(25,419 | ) | 14,118 | (11,301 | ) | ||||||||
|
|
|
|
|
|
2019 |
||||||||||||
Financial and non financial Assets / Liabilities at amortized cost |
Financial Assets / Liabilities at fair value through profit or loss |
Total |
||||||||||
Interest income |
7,665 | — | 7,665 | |||||||||
Interest loss |
(48,136 | ) | — | (48,136 | ) | |||||||
Net financial accretion |
(5,592 | ) | — | (5,592 | ) | |||||||
Net exchange differences |
47,935 | — | 47,935 | |||||||||
Fair value loss on financial assets at fair value through profit or loss |
— | (1,449 | ) | (1,449 | ) | |||||||
Result from derivative financial instruments |
— | (293 | ) | (293 | ) | |||||||
Results from transactions with financial assets |
— | — | — | |||||||||
Result from financial instruments exchange |
— | — | — | |||||||||
Result from debt exchange |
— | — | — | |||||||||
Result from net monetary position |
5,904 | — | 5,904 | |||||||||
|
|
|
|
|
|
|||||||
7,776 | (1,742 | ) | 6,034 | |||||||||
|
|
|
|
|
|
(1) | See Note 6 “Public securities and public debt restructuring”. |
(2) | See Note 21. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
6. |
FINANCIAL INSTRUMENTS BY CATEGORY ( c ont.) |
2021 |
||||||||||||||||
Financial Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Investments in financial assets: (1) |
||||||||||||||||
- Public securities |
10,032 | — | — | 10,032 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
10,032 | — | — | 10,032 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents: |
||||||||||||||||
- Mutual funds |
30,189 | — | — | 30,189 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
30,189 | — | — | 30,189 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
40,221 | — | — | 40,221 | |||||||||||||
|
|
|
|
|
|
|
|
2020 |
||||||||||||||||
Financial Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Investments in financial assets: (1) |
||||||||||||||||
- 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 | |||||||||||||
|
|
|
|
|
|
|
|
2019 |
||||||||||||||||
Financial Assets |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
Investments in financial assets: (1) |
||||||||||||||||
- Public securities |
8,370 | — | — | 8,370 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
8,370 | — | — | 8,370 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents: |
||||||||||||||||
- Mutual funds |
7,038 | — | — | 7,038 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
7,038 | — | — | 7,038 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
15,408 | — | — | 15,408 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | See Note 14. |
(2) | Granted guarantees for contractual commitments with Exmar. See Notes 34.d) and 34.e). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
6. |
FINANCIAL INSTRUMENTS BY CATEGORY ( c ont.) |
7. |
INTANGIBLE ASSETS |
2021 |
2020 |
2019 |
||||||||||
Net book value of intangible assets |
47,474 | 41,245 | 37,608 | |||||||||
Provision for impairment of intangible assets |
(4,460 | ) | (2,126 | ) | (429 | ) | ||||||
|
|
|
|
|
|
|||||||
43,014 | 39,119 | 37,179 | ||||||||||
|
|
|
|
|
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
7. |
INTANGIBLE ASSETS ( c ont.) |
Service concessions |
Exploration rights |
Other intangibles |
Total |
|||||||||||||
Cost |
31,702 | 6,907 | 14,722 | 53,331 | ||||||||||||
Accumulated amortization |
20,110 | — | 12,819 | 32,929 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of December 31, 2018 |
11,592 | 6,907 | 1,903 | 20,402 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cost |
||||||||||||||||
Increases |
1,271 | 4,171 | (2) |
705 | 6,147 | |||||||||||
Translation effect |
18,969 | 5,680 | 7,862 | 32,511 | ||||||||||||
Adjustment for inflation (1) |
— | — | 833 | 833 | ||||||||||||
Decreases, reclassifications and other movements |
(6 | ) | (103 | ) | 181 | 72 | ||||||||||
Accumulated amortization |
||||||||||||||||
Increases |
1,848 | — | 526 | 2,374 | ||||||||||||
Translation effect |
12,332 | — | 7,475 | 19,807 | ||||||||||||
Adjustment for inflation (1) |
— | — | 199 | 199 | ||||||||||||
Decreases, reclassifications and other movements |
— | — | (23 | ) | (23 | ) | ||||||||||
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 |
2,380 | 34 | 694 | 3,108 | ||||||||||||
Translation effect |
16,547 | 2,739 | 7,495 | 26,781 | ||||||||||||
Adjustment for inflation (1) |
— | — | 2,028 | 2,028 | ||||||||||||
Decreases, reclassifications and other movements |
— | (2,199 | ) | 158 | (2,041 | ) | ||||||||||
Accumulated amortization |
||||||||||||||||
Increases |
3,485 | — | 1,348 | 4,833 | ||||||||||||
Translation effect |
11,623 | — | 6,718 | 18,341 | ||||||||||||
Adjustment for inflation (1) |
— | — | 473 | 473 | ||||||||||||
Decreases, reclassifications and other movements |
— | — | — | — | ||||||||||||
Cost |
93,124 | 14,010 | 45,705 | 152,839 | ||||||||||||
Accumulated amortization |
66,452 | — | 38,913 | 105,365 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance as of December 31, 2021 |
26,672 | 14,010 | 6,792 | 47,474 | ||||||||||||
|
|
|
|
|
|
|
|
(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. |
(2) | See Note 34.b). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
7. |
INTANGIBLE ASSETS ( c ont.) |
2021 |
2020 |
2019 |
||||||||||
Amount at beginning of year |
2,126 | 429 | — | |||||||||
Increase charged to profit or loss |
1,482 | 1,399 | 429 | |||||||||
Transfers and other movements |
— | — | — | |||||||||
Adjustment for inflation (1) |
— | 152 | — | |||||||||
Translation differences |
852 | 146 | — | |||||||||
|
|
|
|
|
|
|||||||
Amount at end of year |
4,460 | 2,126 | 429 | |||||||||
|
|
|
|
|
|
(1) |
Corresponds to adjustment for inflation of opening balances of the provision for impairment of intangible assets in subsidiaries with the Peso as functional currency which was charged to other comprehensive income. |
8. |
PROPERTY, PLANT AND EQUIPMENT |
2021 |
2020 |
2019 |
||||||||||
Net book value of property, plant and equipment |
1,721,628 | 1,456,148 | 1,156,950 | |||||||||
Provision for obsolescence of materials and equipment |
(12,576 | ) | (11,267 | ) | (6,610 | ) | ||||||
Provision for impairment of property, plant and equipment |
(66,793 | ) | (65,354 | ) | (81,329 | ) | ||||||
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1,642,259 | 1,379,527 | 1,069,011 | ||||||||||
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YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
8. |
PROPERTY, PLANT AND EQUIPMENT ( c ont.) |
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 |
48,047 | 1,604,868 | 280,451 | 16,162 | 34,990 | 124,381 | 7,972 | 24,717 | 40,998 | 24,168 | 31,637 | 2,238,391 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation |
22,114 | 1,231,930 | 152,295 | 10,579 | — | — | — | 20,707 | 25,697 | 12,508 | 22,458 | 1,498,288 | ||||||||||||||||||||||||||||||||||||
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Balance as of December 31, 2018 |
25,933 | 372,938 | (1) |
128,156 | 5,583 | 34,990 | 124,381 | 7,972 | 4,010 | 15,301 | 11,660 | 9,179 | 740,103 | |||||||||||||||||||||||||||||||||||
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Cost |
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Increases |
46 | 1,980 | (4) |
4,676 | 83 | 43,089 | 114,878 | 6,532 | 106 | — | 865 | 589 | 172,844 | (6) | ||||||||||||||||||||||||||||||||||
Translation effect |
24,838 | 967,212 | 171,788 | 8,723 | 21,044 | 70,818 | 5,014 | 14,289 | 25,116 | — | 13,581 | 1,322,423 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (5) |
3,382 | — | — | 716 | 920 | 1,326 | — | 828 | — | 13,010 | 4,793 | 24,975 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements |
880 | 114,493 | 15,715 | 1,358 | (37,620 | ) | (116,818 | ) | (8,132 | ) | 1,077 | 4,021 | 6,600 | (3,894 | ) | (22,320 | ) (3) | |||||||||||||||||||||||||||||||
Accumulated depreciation |
||||||||||||||||||||||||||||||||||||||||||||||||
Increases |
1,260 | 137,017 | (4) |
16,092 | 1,345 | — | — | — | 2,536 | 2,765 | 989 | 1,325 | 163,329 | |||||||||||||||||||||||||||||||||||
Translation effect |
11,444 | 758,928 | 93,611 | 5,917 | — | — | — | 11,935 | 15,822 | — | 9,862 | 907,519 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (5) |
1,726 | — | — | 486 | — | — | — | 773 | — | 6,733 | 3,270 | 12,988 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements |
9 | (2,287 | ) | (33 | ) | (376 | ) | — | — | — | (834 | ) | (13 | ) | 3,647 | (2,874 | ) | (2,761 | ) ( 3) | |||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
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Balance as of December 31, 2019 |
40,640 | 562,965 | (1) |
210,665 | 9,091 | 62,423 | 194,585 | 11,386 | (2) |
5,900 | 25,864 | 20,766 | 12,665 | 1,156,950 | ||||||||||||||||||||||||||||||||||
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Cost |
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Increases |
62 | (13,412 | ) (4) |
1,724 | 119 | 33,422 | 72,162 | 152 | 121 | — | 1,587 | 341 | 96,278 | (6) | ||||||||||||||||||||||||||||||||||
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 (5) |
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 | ) ( 3)(7)(8) | ||||||||||||||||||||||||||||||
Accumulated depreciation |
||||||||||||||||||||||||||||||||||||||||||||||||
Increases |
2,054 | 171,786 | (4) |
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 (5) |
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 | ) (3)(7)(8) | ||||||||||||||||||||||||||||
Cost |
107,764 | 3,879,215 | 683,186 | 38,319 | 89,726 | 223,909 | 3,898 | 62,805 | 106,419 | 64,099 | 64,916 | 5,324,256 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation |
51,774 | 3,185,191 | 400,536 | 26,699 | — | — | — | 53,975 | 67,530 | 33,572 | 48,831 | 3,868,108 | ||||||||||||||||||||||||||||||||||||
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Balance as of December 31, 2020 |
55,990 | 694,024 | (1) |
282,650 | 11,620 | 89,726 | 223,909 | 3,898 | (2) |
8,830 | 38,889 | 30,527 | 16,085 | 1,456,148 | ||||||||||||||||||||||||||||||||||
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YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
8. |
PROPERTY, PLANT AND EQUIPMENT ( c ont.) |
Land and buildings |
Mining property, wells and related equipment |
Refinery equipment and petrochemical plants |
Transportation equipment |
Materials and equipment in warehouse |
Drilling and work in progress |
Exploratory drilling in progress |
Furniture, fixtures and installations |
Selling equipment |
Infrastructure for natural gas distribution |
Other property |
Total |
|||||||||||||||||||||||||||||||||||||
Cost |
107,764 | 3,879,215 | 683,186 | 38,319 | 89,726 | 223,909 | 3,898 | 62,805 | 106,419 | 64,099 | 64,916 | 5,324,256 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation |
51,774 | 3,185,191 | 400,536 | 26,699 | — | — | — | 53,975 | 67,530 | 33,572 | 48,831 | 3,868,108 | ||||||||||||||||||||||||||||||||||||
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Balance as of December 31, 2020 |
55,990 | 694,024 | (1) |
282,650 | 11,620 | 89,726 | 223,909 | 3,898 | 8,830 | 38,889 | 30,527 | 16,085 | 1,456,148 | |||||||||||||||||||||||||||||||||||
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Cost |
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Increases |
522 | 3,896 | (4) |
4,548 | 589 | 61,152 | 186,030 | 2,092 | 91 | — | — | 1,068 | 259,988 | (6) | ||||||||||||||||||||||||||||||||||
Translation effect |
21,309 | 867,307 | 153,012 | 7,842 | 16,918 | 46,760 | 702 | 13,923 | 24,027 | — | 11,391 | 1,163,191 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (5) |
6,839 | — | — | 1,734 | 749 | 5,093 | — | 1,049 | — | 32,652 | 6,712 | 54,828 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements |
1,533 | 150,411 | (9) |
13,746 | 1,813 | (60,031 | ) | (172,436 | ) | (2,464 | ) | 4,848 | 5,026 | 5,360 | 4,539 | (47,655 | ) (3) | |||||||||||||||||||||||||||||||
Accumulated depreciation |
||||||||||||||||||||||||||||||||||||||||||||||||
Increases |
2,526 | 234,245 | (4) |
33,888 | 2,163 | — | — | — | 5,206 | 6,331 | 1,931 | 2,670 | 288,960 | |||||||||||||||||||||||||||||||||||
Translation effect |
10,021 | 722,567 | 91,187 | 5,487 | — | — | — | 11,898 | 15,415 | — | 8,731 | 865,306 | ||||||||||||||||||||||||||||||||||||
Adjustment for inflation (5) |
3,545 | — | — | 1,121 | — | — | — | 961 | — | 17,102 | 5,118 | 27,847 | ||||||||||||||||||||||||||||||||||||
Decreases, reclassifications and other movements |
(541 | ) | (14,973 | ) (9) |
(127 | ) | (851 | ) | — | — | — | 18 | (42 | ) | (561 | ) | (164 | ) | (17,241 | ) (3) | ||||||||||||||||||||||||||||
Cost |
137,967 | 4,900,829 | 854,492 | 50,297 | 108,514 | 289,356 | 4,228 | 82,716 | 135,472 | 102,111 | 88,626 | 6,754,608 | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation |
67,325 | 4,127,030 | 525,484 | 34,619 | — | — | — | 72,058 | 89,234 | 52,044 | 65,186 | 5,032,980 | ||||||||||||||||||||||||||||||||||||
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Balance as of December 31, 2021 |
70,642 | 773,799 | (1) |
329,008 | 15,678 | 108,514 | 289,356 | 4,228 | (2) |
10,658 | 46,238 | 50,067 | 23,440 | 1,721,628 | ||||||||||||||||||||||||||||||||||
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(1) | Includes 36,541, 34,801 and 22,343 of mineral property as of December 31, 2021, 2020 and 2019, respectively. |
(2) | As of December 31, 2021, there are 19 exploratory wells in progress. During the year ended on such date, 15 wells were started, 5 wells were charged to exploratory expense and 1 well was transferred to properties with proven reserves in the mining property, wells and related equipment account. |
(3) | Includes 134, 1,256 and 48 of net book value charged to property, plant and equipment provisions for the years ended December 31, 2021, 2020 and 2019, respectively. |
(4) | Includes 3,349, (13,918) and 1,172 corresponding to hydrocarbon wells abandonment costs and 3, 12,492 and 4,664 of depreciation recovery for the years ended December 31, 2021, 2020 and 2019, respectively. |
(5) | 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. |
(6) | Includes 1,003, 599 and 2,109 corresponding to short-term leases as of December 31, 2021, 2020 and 2019, respectively; includes 658, 1,669 and 1,228 corresponding to the variable charge of leases related to the underlying asset performance/use as of December 31, 2021, 2020 and 2019, respectively. Additionally, it includes 4,166, 3,789 and 2,021 corresponding to the depreciation capitalization of right-of-use |
(7) | Includes 2,027 and 204 of cost and accumulated depreciation, respectively, corresponding to the disposal of the 11% interest of Bandurria Sur area. See Note 34.b). |
(8) | Includes 2,715 and 2,221 of cost and accumulated depreciation, respectively, corresponding to the reclassification of assets held for disposal. |
(9) | Includes 14,559 of cost and accumulated depreciation corresponding to the reversal of Loma de La Mina area. See Note 34.a). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
8. |
PROPERTY, PLANT AND EQUIPMENT ( c ont.) |
2021 |
2020 |
2019 |
||||||||||
Amount at beginning of year |
11,267 | 6,610 | 3,955 | |||||||||
Increases charged to profit or loss |
593 | 1,977 | 410 | |||||||||
Decreases charged to profit or loss |
(1,676 | ) | (1 | ) | (22 | ) | ||||||
Applications due to utilization |
(98 | ) | (6 | ) | (48 | ) | ||||||
Translation differences |
2,485 | 2,687 | 2,315 | |||||||||
Adjustment for inflation (1) |
5 | — | — | |||||||||
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Amount at end of year |
12,576 | 11,267 | 6,610 | |||||||||
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(1) | Corresponds to adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment in subsidiaries with the Peso as functional currency which was charged to other comprehensive income. |
2021 |
2020 |
2019 |
||||||||||
Amount at beginning of year |
65,354 | 81,329 | 37,061 | |||||||||
Increases charged to profit or loss (1) |
9,776 | 57,920 | 41,429 | |||||||||
Decreases charged to profit or loss (1) |
— | (66,170 | ) | — | ||||||||
Applications due to utilization |
(36 | ) | (1,250 | ) | — | |||||||
Depreciation (2) |
(21,274 | ) | (42,861 | ) | (17,435 | ) | ||||||
Translation differences |
12,820 | 36,386 | 20,274 | |||||||||
Adjustment for inflation (3) |
236 | — | — | |||||||||
Transfers and other movements |
(83 | ) | — | — | ||||||||
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Amount at end of year |
66,793 | 65,354 | 81,329 | |||||||||
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(1) | See Note 2.c). |
(2) | Included in “Depreciation of property, plant and equipment” in Note 26. |
(3) | Corresponds to adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment in subsidiaries with the Peso as functional currency which was charged to other comprehensive income. |
2021 |
2020 |
2019 |
||||||||||
Amount at beginning of year |
2,536 | 8,456 | 4,067 | |||||||||
Additions pending the determination of proved reserves |
601 | 86 | 5,229 | |||||||||
Decreases charged to exploration expenses |
— | (1,174 | ) | (1,036 | ) | |||||||
Reclassifications to mineral property, wells and related equipment with proved reserves |
(1,533 | ) | (6,760 | ) | (2,716 | ) | ||||||
Translation difference |
389 | 1,928 | 2,912 | |||||||||
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Amount at end of year |
1,993 | 2,536 | 8,456 | |||||||||
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Amount |
Number of projects |
Number of wells |
||||||||||
Between 1 and 5 years |
1,399 | 1 | 1 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
9. |
RIGHT-OF-USE ASSETS |
Land and buildings |
Exploitation facilities and equipment |
Machinery and equipment |
Gas stations |
Transportation equipment |
Total |
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Balances for initial application of IFRS 16 |
450 | 6,732 | 8,612 | 3,356 | 3,909 | 23,059 | ||||||||||||||||||
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Cost |
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Increases |
266 | 13,129 | 19,429 | 163 | 6,792 | 39,779 | ||||||||||||||||||
Translation differences |
310 | 4,587 | 6,189 | 1,687 | 2,545 | 15,318 | ||||||||||||||||||
Adjustment for inflation (2) |
— | — | — | 275 | — | 275 | ||||||||||||||||||
Decreases, reclassifications and other movements |
— | (1,162 | ) | (1,264 | ) | (58 | ) | (64 | ) | (2,548 | ) | |||||||||||||
Accumulated depreciation |
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Increases |
208 | 6,051 | 3,174 | 667 | 2,430 | 12,530 | (1) | |||||||||||||||||
Translation differences |
45 | 1,138 | 850 | 117 | 619 | 2,769 | ||||||||||||||||||
Decreases, reclassifications and other movements |
— | (507 | ) | (283 | ) | (7 | ) | (10 | ) | (807 | ) | |||||||||||||
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 | ||||||||||||||||||
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Balance as of December 31, 2019 |
773 | 16,604 | 29,225 | 4,646 | 10,143 | 61,391 | ||||||||||||||||||
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Cost |
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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 (2) |
7 | — | — | 321 | — | 328 | ||||||||||||||||||
Decreases, reclassifications and other movements |
(90 | ) | (9,212 | ) | (23,984 | ) (3) |
— | (1,771 | ) | (35,057 | ) | |||||||||||||
Accumulated depreciation |
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Increases |
325 | 7,315 | 6,336 | 973 | 6,713 | 21,662 | (1) | |||||||||||||||||
Translation differences |
155 | 3,675 | 2,497 | 380 | 2,525 | 9,232 | ||||||||||||||||||
Adjustment for inflation (2) |
5 | — | — | 68 | — | 73 | ||||||||||||||||||
Decreases, reclassifications and other movements |
(10 | ) | (5,260 | ) | (2,833 | ) (3) |
— | (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 | ||||||||||||||||||
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Balance as of December 31, 2020 |
622 | 14,965 | 15,297 | 5,506 | 7,691 | 44,081 | ||||||||||||||||||
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Cost |
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Increases |
1,734 | 3,843 | 2,702 | 1,098 | 18,368 | 27,745 | ||||||||||||||||||
Translation differences |
295 | 6,101 | 5,509 | 1,391 | 4,414 | 17,710 | ||||||||||||||||||
Adjustment for inflation (2) |
18 | — | — | 614 | — | 632 | ||||||||||||||||||
Decreases, reclassifications and other movements |
— | (1,213 | ) | (4,441 | ) | (531 | ) | (10,625 | ) | (16,810 | ) | |||||||||||||
Accumulated depreciation |
||||||||||||||||||||||||
Increases |
208 | 7,720 | 6,400 | 1,089 | 7,949 | 23,366 | (1) | |||||||||||||||||
Translation differences |
172 | 3,288 | 2,611 | 425 | 2,514 | 9,010 | ||||||||||||||||||
Adjustment for inflation (2) |
17 | — | — | 256 | — | 273 | ||||||||||||||||||
Decreases, reclassifications and other movements |
— | (707 | ) | (1,930 | ) | (230 | ) | (9,684 | ) | (12,551 | ) | |||||||||||||
Cost |
3,397 | 36,108 | 28,808 | 10,276 | 31,358 | 109,947 | ||||||||||||||||||
Accumulated depreciation |
1,125 | 22,713 | 16,822 | 3,738 | 12,289 | 56,687 | ||||||||||||||||||
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Balance as of December 31, 2021 |
2,272 | 13,395 | 11,986 | 6,538 | 19,069 | 53,260 | ||||||||||||||||||
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(1) | Includes 19,200, 17,873 and 10,509 that were charged to “Depreciation of right-of-use |
(2) | Corresponds to adjustment for inflation of opening balances of right-of-use |
(3) | Includes (21,103) and (2,110) of cost and acumulated depreciation, respectively, for a decrease in liquefaction barge with Exmar. See Note 34.d). |
10. |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES |
2021 |
2020 |
2019 |
||||||||||
Amount of investments in associates |
16,450 | 9,938 | 6,419 | |||||||||
Amount of investments in joint ventures |
140,475 | 97,186 | 61,183 | |||||||||
Provision for impairment of investments in associates and joint ventures |
— | (12 | ) | (12 | ) | |||||||
|
|
|
|
|
|
|||||||
156,925 | 107,112 | 67,590 | ||||||||||
|
|
|
|
|
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
10. |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES ( c ont.) |
2021 |
2020 |
2019 |
||||||||||
Amount at the beginning of year |
107,112 | 67,590 | 32,686 | |||||||||
Acquisitions and contributions |
— | — | 4,826 | |||||||||
Income on investments in associates and joint ventures |
26,977 | 13,270 | 7,968 | |||||||||
Translation differences |
24,801 | 26,458 | 20,673 | |||||||||
Distributed dividends |
(5,499 | ) | (2,717 | ) | (811 | ) | ||||||
Adjustment for inflation (1) |
3,534 | 2,511 | 1,510 | |||||||||
Capitalization in associates and joint ventures |
— | — | 738 | |||||||||
|
|
|
|
|
|
|||||||
Amount at the end of year |
156,925 | 107,112 | 67,590 | |||||||||
|
|
|
|
|
|
(1) | Corresponds to adjustment for inflation of opening balances of associates and joint ventures with the Peso as functional currency which was charged to other comprehensive income. |
Associates |
Joint ventures |
|||||||||||||||||||||||
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
|||||||||||||||||||
Net income |
4,068 | 1,618 | 2,032 | 22,909 | 11,652 | 5,936 | ||||||||||||||||||
Other comprehensive income |
3,434 | 2,844 | 1,764 | 24,901 | 26,125 | 20,419 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Comprehensive income for the year |
7,502 | 4,462 | 3,796 | 47,810 | 37,777 | 26,355 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
2021 (1) |
2020 (1) |
2019 (1) |
||||||||||
Non-current assets |
183,767 | 148,384 | 96,219 | |||||||||
Current assets |
24,849 | 30,659 | 26,622 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
208,616 | 179,043 | 122,841 | |||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities |
80,626 | 70,190 | 57,799 | |||||||||
Current liabilities |
33,211 | 38,059 | 19,503 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
113,837 | 108,249 | 77,302 | |||||||||
|
|
|
|
|
|
|||||||
Total shareholders’ equity |
94,779 | 70,794 | 45,539 | |||||||||
|
|
|
|
|
|
2021 (1) |
2020 (1) |
2019 (1) |
||||||||||
Revenues |
42,023 | 21,416 | 16,114 | |||||||||
Costs |
(20,077 | ) | (10,013 | ) | (7,706 | ) | ||||||
|
|
|
|
|
|
|||||||
Gross profit |
21,946 | 11,403 | 8,408 | |||||||||
|
|
|
|
|
|
|||||||
Operating profit |
21,364 | 11,366 | 7,796 | |||||||||
Income from equity interests in associates and joint ventures |
(250 | ) | 356 | 778 | ||||||||
Net financial results |
(6,747 | ) | (2,015 | ) | (1,989 | ) | ||||||
|
|
|
|
|
|
|||||||
Net profit before income tax |
14,367 | 9,707 | 6,585 | |||||||||
|
|
|
|
|
|
|||||||
Income tax |
(8,049 | ) | (3,797 | ) | (2,359 | ) | ||||||
|
|
|
|
|
|
|||||||
Net profit |
6,318 | 5,910 | 4,226 | |||||||||
|
|
|
|
|
|
(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. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
10. |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES ( c ont.) |
Information of the Issuer |
||||||||||||||||||||||||||||||||||||||||
Description of the Securities |
Last available financial statements |
|||||||||||||||||||||||||||||||||||||||
Name and Issuer |
Class |
Face Value |
Amount |
Main Business |
Registered Address |
Date |
Capital stock |
Net profit / (loss) |
Equity |
Holding in Capital Stock |
||||||||||||||||||||||||||||||
Subsidiaries: (7) |
||||||||||||||||||||||||||||||||||||||||
YPF Internacional (6) |
Common | Bs. | 100 | 66,897 | Investment | La Plata 19 Street, Santa Cruz de la Sierra, Bolivia | 12/31/2021 | 240 | (10 | ) | 123 | 100.00 | % | |||||||||||||||||||||||||||
YPF Holdings (6) |
Common | US$ | 0.1 | 810,513 | Investment and finance | 10333 Richmond Avenue I, Suite 1050, TX, United States | 12/31/2021 | 83,175 | (12 | ) | (22,075 | ) | 100.00 | % | ||||||||||||||||||||||||||
OPESSA |
Common | $ | 1 | 163,701,747 | Commercial management of YPF’s gas stations | Macacha Güemes 515, Buenos Aires, Argentina | 12/31/2021 | 164 | (329 | ) | 7,236 | 99.99 | % | |||||||||||||||||||||||||||
AESA |
Common | $ | 1 | 11,714,952,101 | Engineering and construction services | Macacha Güemes 515, Buenos Aires, Argentina | 12/31/2021 | 11,715 | 1,911 | 14,210 | 100.00 | % | ||||||||||||||||||||||||||||
Metrogas |
Common | $ | 1 | 398,419,700 | Providing the public service of natural gas distribution | Gregorio Aráoz de Lamadrid 1360, Buenos Aires, Argentina | 12/31/2021 | 569 | (4,369 | ) | 17,347 | 70.00 | % | |||||||||||||||||||||||||||
YPF Chile (6) |
Common | — | — | 115,058,933 | Lubricants and aviation fuels trading and hydrocarbons research and exploration | Villarica 322; Módulo B1, Qilicura, Santiago, Chile | 12/31/2021 | 4,686 | 427 | 3,998 | 100.00 | % | ||||||||||||||||||||||||||||
YTEC |
Common | $ | 1 | 234,291,000 | Investigation, development, production and marketing of technologies, knowledge, goods and services | Macacha Güemes 515, Buenos Aires, Argentina | 12/31/2021 | 459 | 410 | 5,989 | 51.00 | % |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
10. |
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES ( c ont.) |
(1) | Corresponds to cost and contributions, net of dividends collected and capital reductions. |
(2) | Corresponds to holding in shareholders’ equity plus adjustments to conform to YPF accounting principles. |
(3) | Includes GPA, OTC, OTA, Bizoy S.A., Bioceres S.A. and Petrofaro S.A. |
(4) | Additionally, the Group has a 22.49% indirect holding in capital stock through YPF EE. |
(5) | As stipulated by shareholders’ agreement, joint control is held in this company by shareholders. |
(6) | The dollar has been defined as the functional currency of this company. |
(7) | Additionally, consolidates YPF Services USA Corp., YPF Brasil, Wokler Investment S.A., YPF Colombia S.A.S., Miwen S.A., Eleran, Lestery S.A., YPF Perú, YPF Ventures and Metroenergía. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
11. |
INVENTORIES |
2021 |
2020 |
2019 |
||||||||||
Refined products |
105,123 | 59,971 | 50,563 | |||||||||
Crude oil and natural gas |
37,521 | 33,066 | 24,756 | |||||||||
Products in process |
3,500 | 1,966 | 2,259 | |||||||||
Raw materials, packaging materials and others |
7,783 | 5,134 | 2,901 | |||||||||
|
|
|
|
|
|
|||||||
153,927 | (1) |
100,137 | (1) |
80,479 | (1) | |||||||
|
|
|
|
|
|
(1) | As of December 31, 2021, 2020 and 2019, the cost of inventories does not exceed their net realizable value. |
12. |
OTHER RECEIVABLES |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||
Receivables from services and sales of other assets |
2,091 | 1,950 | 548 | 2,330 | 455 | 2,706 | ||||||||||||||||||
Tax credit and export rebates |
15,263 | 14,616 | 9,283 | 10,060 | 6,896 | 6,076 | ||||||||||||||||||
Loans to third parties and balances with related parties (1) |
975 | 1,617 | 814 | 997 | 2,435 | 3,288 | ||||||||||||||||||
Collateral deposits |
2 | 3,509 | 2,062 | 2,152 | 2 | 640 | ||||||||||||||||||
Prepaid expenses |
933 | 9,000 | 740 | 3,503 | 603 | 2,370 | ||||||||||||||||||
Advances and loans to employees |
71 | 411 | 17 | 263 | 29 | 596 | ||||||||||||||||||
Advances to suppliers and custom agents (2) |
— | 15,377 | — | 8,525 | — | 10,896 | ||||||||||||||||||
Receivables with partners in JO |
1,059 | 14,542 | 2,334 | 4,143 | 2,248 | 7,932 | ||||||||||||||||||
Insurance receivables |
— | 148 | — | 1,133 | — | 498 | ||||||||||||||||||
Miscellaneous |
707 | 2,154 | 177 | 1,339 | 45 | 1,255 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
21,101 | 63,324 | 15,975 | 34,445 | 12,713 | 36,257 | |||||||||||||||||||
Provision for other doubtful receivables |
(1,552 | ) | (65 | ) | (1,318 | ) | (76 | ) | (924 | ) | (65 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
19,549 | 63,259 | 14,657 | 34,369 | 11,789 | 36,192 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
13. |
TRADE RECEIVABLES |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||
Accounts receivable and related parties (1) (2) |
14,151 | 4,336 | 17,392 | 118,665 | 15,325 | 124,657 | ||||||||||||||||||
Provision for doubtful trade receivables |
(9,788 | ) | (10,432 | ) | (8,861 | ) | (10,519 | ) | — | (6,580 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
4,363 | 133,904 | 8,531 | 108,146 | 15,325 | 118,077 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See Note 36 for information about related parties. |
(2) | See Note 24 for information about credits for contracts included in trade receivables. |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||
Balance at beginning of year |
8,861 | 10,519 | — | 6,580 | — | 2,776 | ||||||||||||||||||
Increases charged to expenses |
927 | 3,918 | 2,228 | 10,818 | — | 3,891 | ||||||||||||||||||
Decreases charged to income |
— | (1,857 | ) | — | (729 | ) | — | (707 | ) | |||||||||||||||
Applications due to utilization |
— | (2,424 | ) | — | — | — | (112 | ) | ||||||||||||||||
Reclassifications and other movements |
— | — | 6,633 | (6,633 | ) | — | (12 | ) | ||||||||||||||||
Net exchange and translation differences |
— | 674 | — | 715 | — | 847 | ||||||||||||||||||
Result from net monetary position (1) |
— | (398 | ) | — | (232 | ) | — | (103 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at the end of year |
9,788 | (2) |
10,432 | 8,861 | (2) |
10,519 | — | 6,580 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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) | It includes 8,861 corresponding to credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1,053/2018. See Note 35.c.1). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
14. |
INVESTMENT IN FINANCIAL ASSETS |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||
Investments at amortized cost |
||||||||||||||||||||||||
Public securities (1) |
2,225 | 34,116 | — | 19,052 | — | — | ||||||||||||||||||
Private securities - NO |
309 | 836 | — | — | — | — | ||||||||||||||||||
Term deposits |
— | 6,028 | (2) |
— | — | — | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
2,534 | 40,980 | — | 19,052 | — | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Investments at fair value with changes in results |
||||||||||||||||||||||||
Public securities (1) |
— | 10,032 | — | 9,882 | — | 8,370 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
— | 10,032 | — | 9,882 | — | 8,370 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
2,534 | 51,012 | — | 28,934 | — | 8,370 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | See Note 36. |
(2) | Corresponds to term deposits with the BNA. |
15. |
CASH AND CASH EQUIVALENTS |
2021 |
2020 |
2019 |
||||||||||
Cash and banks |
22,923 | 14,843 | 6,983 | |||||||||
Short-term investments (1) |
9,566 | 5,189 | 52,079 | |||||||||
Financial assets at fair value with changes in results (2) |
30,189 | 34,586 | 7,038 | |||||||||
|
|
|
|
|
|
|||||||
62,678 | 54,618 | 66,100 | ||||||||||
|
|
|
|
|
|
(1) | Includes term deposits and other invetsments with the BNA for 1,075, 2,000 and 10,043 as of December 31, 2021, 2020 and 2019, respectively. |
(2) | See Note 6. |
16. |
PROVISIONS |
Provision for lawsuits and contingencies |
Provision for environmental liabilities |
Provision for hydrocarbon wells abandonment obligations |
Total |
|||||||||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||||||||
Balance as of December 31, 2018 |
21,235 | 1,123 | 3,720 | 1,622 | 58,433 | 1,784 | 83,388 | 4,529 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Increases charged to expenses |
18,460 | (3) |
9 | 1,695 | — | 7,409 | — | 27,564 | 9 | |||||||||||||||||||||||
Decreases charged to income |
(2,358 | ) | (744 | ) | (63 | ) | — | (2,950 | ) | — | (5,371 | ) | (744 | ) | ||||||||||||||||||
Applications due to utilization |
(73 | ) | (194 | ) | — | (1,821 | ) | — | (2,774 | ) | (73 | ) | (4,789 | ) | ||||||||||||||||||
Reclassifications and other movements |
(744 | ) | 648 | (2,003 | ) | 2,003 | (1,004 | ) (1) |
2,176 | (1) |
(3,751 | ) | 4,827 | |||||||||||||||||||
Net exchange and translation differences |
7,405 | 443 | 479 | 106 | 35,219 | 1,079 | 43,103 | 1,628 | ||||||||||||||||||||||||
Result from net monetary position (2) |
(92 | ) | — | — | — | — | — | (92 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
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 | (4) |
219 | 3,428 | — | 11,117 | — | 23,462 | 219 | |||||||||||||||||||||||
Decreases charged to income |
(6,331 | ) (5) |
(1,039 | ) | (224 | ) | — | (5,249 | ) | — | (11,804 | ) | (1,039 | ) | ||||||||||||||||||
Applications due to utilization |
(43 | ) | (132 | ) | — | (1,330 | ) | — | (1,298 | ) | (43 | ) | (2,760 | ) | ||||||||||||||||||
Reclassifications and other movements |
(5,447 | ) (6) |
1,103 | (2,026 | ) | 2,026 | (13,572 | ) (1) |
(346 | ) (1) |
(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 (2) |
(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 |
40,607 | (7) |
199 | 10,876 | — | 14,955 | — | 66,438 | 199 | |||||||||||||||||||||||
Decreases charged to income |
(4,278 | ) | (3,574 | ) | (12 | ) | — | (9,632 | ) | — | (13,922 | ) | (3,574 | ) | ||||||||||||||||||
Applications due to utilization |
(655 | ) | (676 | ) | — | (2,489 | ) | — | (1,788 | ) | (655 | ) | (4,953 | ) | ||||||||||||||||||
Reclassifications and other movements |
(4,283 | ) | 3,938 | (6,888 | ) | 6,888 | (6,567 | ) (1) |
9,916 | (1) |
(17,738 | ) | 20,742 | |||||||||||||||||||
Net exchange and translation differences |
7,758 | 383 | 295 | 6 | 29,859 | 361 | 37,912 | 750 | ||||||||||||||||||||||||
Result from net monetary position (2) |
(45 | ) | — | — | — | — | — | (45 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as of December 31, 2021 |
89,473 | 2,204 | 9,802 | 7,023 | 159,203 | 10,070 | 258,478 | 19,297 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes 3,349, (13,918) and 1,172 corresponding to the annual recalculation of abandonment of hydrocarbon wells cost for the years ended December 31, 2021, 2020 and 2019, respectively. |
(2) | 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 fiscal year, which was charged to results. |
(3) | Includes 10,572 corresponding to the recognition of the dispute relating to the tax deduction of hydrocarbon well abandonment costs for periods 2011-2017 plus the accrual of financial interest since March 31, 2019, date on which the Company decided to adhere to the regime of extended moratorium. See Note 17. |
(4) | Includes the accrual of financial interest corresponding to the recognition of the dispute relating to the tax deduction of hydrocarbon well abandonment costs for periods 2011-2017. |
(5) | Includes 3,645 corresponding to the recovery of liabilities with the regime of extended moratorium for periods 2011-2013 of the dispute relating to the tax deduction of hydrocarbon well abandonment costs. See Note 17. |
(6) | Includes 2,953 reclassified as “Income tax liability” with the regime of extended moratorium for 2011-2013 of the dispute relating to the tax deduction of hydrocarbon well abandonment costs. See Note 17. |
(7) | Includes the accrual of financial interest corresponding to the recognition of the dispute relating to the tax deduction of hydrocarbon well abandonment costs for periods 2014-2017. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
16. |
PROVISIONS ( c |
• |
AES Uruguaiana Empreendimentos S.A. (“AESU”) and Transportadora de Gas del Mercosur S.A. (“TGM”) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
16. |
PROVISIONS ( c ont.) |
• |
Transportadora de Gas del Norte S.A. (“TGN”) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
16. |
PROVISIONS ( c |
• |
La Plata |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
16. |
PROVISIONS ( c ont.) |
• |
Quilmes |
• |
Other environmental claims |
• |
Dispute over the cost deduction for hydrocarbon well abandonment |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
16. |
PROVISIONS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
16. |
PROVISIONS ( c |
17. |
INCOME TAX |
2021 |
2020 |
2019 |
||||||||||
|
|
|
|
|
|
|||||||
Current income tax |
(1,882 | ) | (1,247 | ) | (1,938 | ) | ||||||
Deferred income tax |
(62,527 | ) | (19,752 | ) | (3,588 | ) (1) | ||||||
|
|
|
|
|
|
|||||||
Subtotal |
(64,409 | ) | (20,999 | ) | (5,526 | ) | ||||||
|
|
|
|
|
|
|||||||
Income tax – Well abandonment |
— | 6,410 | (4) |
(16,239 | ) (2) | |||||||
Special tax – Tax revaluation, Law No. 27,430 |
— | — | (4,604 | ) (3) | ||||||||
|
|
|
|
|
|
|||||||
(64,409 | ) | (14,589 | ) | (26,369 | ) | |||||||
|
|
|
|
|
|
(1) | Includes (5,175) corresponding to the reversal of tax loss carryforwards related to the dispute relating to cost deduction for hydrocarbon wells abandonment. See Note 16. |
(2) | Includes (10,610) corresponding to interest related to the dispute relating to cost deduction for hydrocarbon wells abandonment determined on the date the Company decided to adhere to the payment facility plan. See Note 16. |
(3) | Includes (4,562) corresponding to YPF (see Note 35.e.1)) and (42) corresponding to YTEC. |
(4) | Corresponds mainly to income of condoned interests as a result of the implementation of the regime of extended moratorium relating to the tax deduction of well abandonment costs. See Note 16. |
2021 |
2020 |
2019 |
||||||||||
Net income before income tax |
63,601 | (56,428 | ) | (7,010 | ) | |||||||
Average tax rate |
34.37 | % (4) |
30.00 | % | 30.00 | % | ||||||
|
|
|
|
|
|
|||||||
Average tax rate applied to net income before income tax |
(21,857 | ) | 16,928 | 2,103 | ||||||||
Effect of the valuation of property, plant and equipment and intangible assets, net |
49,300 | (62,218 | ) | (20,189 | ) | |||||||
Effect of exchange differences and other results associated to the valuation of the currency, net (1) |
(49,946 | ) | 24,242 | 22,553 | ||||||||
Effect of the valuation of inventories |
(10,503 | ) | (11,102 | ) | (11,553 | ) | ||||||
Income on investments in associates and joint ventures |
9,442 | 3,981 | 2,390 | |||||||||
Effect of tax rate change |
(40,743 | ) (3) |
4,286 | (2) |
1,956 | (2) | ||||||
Dispute relating to cost deduction for hydrocarbon wells abandonment |
— | — | (5,175 | ) | ||||||||
Interest related to the payment facility plan for the dispute associated to cost deduction for hydrocarbon wells abandonment. |
— | (657 | ) | 1,333 | ||||||||
Miscellaneous |
(102 | ) | 3,541 | 1,056 | ||||||||
|
|
|
|
|
|
|||||||
Income tax |
(64,409 | ) | (20,999 | ) | (5,526 | ) | ||||||
|
|
|
|
|
|
(1) |
Includes the effect of tax inflation. |
(2) |
Corresponds to the remedation of deferred income tax at the current rate. See Notes 2.b.16) and 35.e.1). |
(3) |
Corresponds to the effect of tax rate change on opening deferred tax balances at the rate prevailing at the time of reversal pursuant to amendment introduced by Law No. 27,630. See Note 35.e.1). |
(4) |
Corresponds to the projected average tax rate of YPF and its subsidiaries pursuant to amendment introduced by Law No. 27,630. See Nota 35.e.1). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
17. |
INCOME TAX ( c |
2021 |
2020 |
2019 |
||||||||||
Deferred tax assets |
||||||||||||
Provisions and other non-deductible liabilities |
39,028 | 14,701 | 5,344 | |||||||||
Tax losses carryforward |
2,763 | 82,601 | 52,443 | |||||||||
Miscellaneous |
1,637 | 1,629 | 937 | |||||||||
|
|
|
|
|
|
|||||||
43,428 | 98,931 | 58,724 | ||||||||||
|
|
|
|
|
|
|||||||
Deferred tax liabilities |
||||||||||||
Property, plant and equipment |
(156,554 | ) | (144,900 | ) | (110,704 | ) | ||||||
Adjustment for tax inflation |
(66,056 | ) | (67,107 | ) | (38,177 | ) | ||||||
Miscellaneous |
(4,076 | ) | (3,904 | ) | (5,491 | ) | ||||||
|
|
|
|
|
|
|||||||
Total deferred tax liabilities |
(226,686 | ) | (215,911 | ) | (154,372 | ) | ||||||
|
|
|
|
|
|
|||||||
Total Net deferred tax |
(183,258 | ) (1) |
(116,980 | ) (1) |
(95,648 | ) (1) | ||||||
|
|
|
|
|
|
(1) | Includes (3,751), (1,957) and (1,523) as of December 31, 2021, 2020 and 2019, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency which was charged to other comprehensive income. |
Date of generation |
Date of expiration |
Jurisdiction |
Amount |
|||||
2016 |
2021 | Argentina | — | |||||
2017 |
2022 | Argentina | — | |||||
2018 |
2023 | Argentina | — | |||||
2019 |
2024 | Argentina | 575 | |||||
2020 |
2025 | Argentina | 2,188 | |||||
|
|
|||||||
2,763 | ||||||||
|
|
18. |
TAXES PAYABLE |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non- current |
Current |
Non- current |
Current |
Non- current |
Current |
|||||||||||||||||||
VAT |
— | 2,002 | — | 3,523 | — | 3,532 | ||||||||||||||||||
Withholdings and perceptions |
— | 3,251 | — | 1,838 | — | 2,070 | ||||||||||||||||||
Royalties |
— | 6,304 | — | 3,886 | — | 1,268 | ||||||||||||||||||
Tax on Fuels |
— | 711 | — | 3,142 | — | 635 | ||||||||||||||||||
IIBB |
— | 322 | — | 227 | — | 512 | ||||||||||||||||||
Miscellaneous |
201 | 2,081 | 215 | 3,148 | 1,428 | 3,420 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
201 | 14,671 | 215 | 15,764 | 1,428 | 11,437 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
19. |
SALARIES AND SOCIAL SECURITY |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non- current |
Current |
Non- current |
Current |
Non- current |
Current |
|||||||||||||||||||
Salaries and social security |
— | 4,955 | — | 3,318 | — | 2,976 | ||||||||||||||||||
Bonuses and incentives provision |
— | 6,874 | — | 4,403 | — | 3,468 | ||||||||||||||||||
Vacation provision |
— | 7,196 | — | 4,812 | — | 3,610 | ||||||||||||||||||
Other employee benefits |
3,262 | (1) |
4,434 | (1) |
3,860 | (1) |
2,401 | (1) |
— | 150 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
3,262 | 23,459 | 3,860 | 14,934 | — | 10,204 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Includes the voluntary retirement plan executed by the Company. |
20. |
LEASE LIABILITIES |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||
Lease liabilities |
28,335 | 27,287 | 24,172 | 22,098 | 40,391 | 21,389 |
Lease term |
2021 |
Effective average monthly rate used |
2020 |
Effective average monthly rate used |
2019 |
Effective average monthly rate used |
||||||||||||||||||
0 to 1 year |
3,312 | 0.80 | % | 5,370 | 0.93 | % | 3,778 | 0.56 | % | |||||||||||||||
1 to 2 years |
11,952 | 1.03 | % | 10,544 | 0.76 | % | 7,634 | 0.73 | % | |||||||||||||||
2 to 3 years |
15,318 | 1.15 | % | 6,602 | 0.79 | % | 11,813 | 0.72 | % | |||||||||||||||
3 to 4 years |
11,134 | 1.25 | % | 9,610 | 0.87 | % | 5,404 | 0.70 | % | |||||||||||||||
4 to 5 years |
4,310 | 0.96 | % | 2,674 | 0.92 | % | 10,732 | 0.70 | % | |||||||||||||||
5 to 9 years |
8,836 | 0.89 | % | 7,917 | 0.92 | % | 2,498 | 0.78 | % | |||||||||||||||
More than 9 years |
760 | 0.80 | % | 3,553 | 0.82 | % | 19,921 | 0.98 | % | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
55,622 | 46,270 | 61,780 | ||||||||||||||||||||||
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||
Balance at the beginning of the year |
46,270 | 61,780 | 23,059 | (2) | ||||||||
Leases increase |
27,745 | 11,421 | 39,779 | |||||||||
Financial accretion |
5,331 | 5,706 | 2,885 | |||||||||
Leases decrease |
(4,352 | ) | (28,914 | ) (3) |
(1,741 | ) | ||||||
Payments |
(28,526 | ) | (23,290 | ) | (15,208 | ) | ||||||
Exchange and translation differences, net |
9,213 | 19,548 | 12,999 | |||||||||
Result from net monetary position (1) |
(59 | ) | 19 | 7 | ||||||||
|
|
|
|
|
|
|||||||
Balance at the end of year |
55,622 | 46,270 | 61,780 | |||||||||
|
|
|
|
|
|
(1) | Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the Peso as functional currency, which was charged to other comprehensive income and the adjustment for inflation of the period, which was charged to results. |
(2) | Corresponds to the balance related to initial application of IRFS 16. |
(3) | Includes decrease in liquefaction barge with Exmar. See Note 34.d). |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
21. |
LOANS |
(1) | Nominal annual interest rate as of December 31, 2021. |
(2) | Disclosed net of 360 and 326 corresponding to YPF’s own NO repurchased through open market transactions, as of December 31, 2021 and 2019, respectively. |
(3) | Includes 61,811, 20,496 and 4,643 as of December 31, 2021, 2020 and 2019, respectively, of nominal value of negotiable obligations that will be canceled in Pesos at the applicable exchange rate in accordance with the terms of the series issued. |
(4) | Includes 4,602, 4,602 and 15,850 as of December 31, 2021, 2020 and 2019, respectively, of nominal value of NO that will be canceled in dollars at the applicable exchange rate according to the conditions of the issued series. |
(5) | Includes 174, 4,791 and 4,933 as of December 31, 2021, 2020 and 2019, respectively, of pre-financing of exports granted by BNA, which accrue a 5.50%, 5.85% and 6.89%, respectively, weighted average rate. |
2021 |
2020 |
2019 |
||||||||||
Balance at beginning of the year |
678,306 | 526,760 | 335,078 | |||||||||
|
|
|
|
|
|
|||||||
Proceeds from loans |
97,420 | 139,018 | 97,351 | |||||||||
Payments of loans |
(161,016 | ) | (174,913 | ) | (93,456 | ) | ||||||
Payments of interest |
(58,454 | ) | (60,681 | ) | (41,606 | ) | ||||||
Accrued interest (1) |
66,950 | 58,979 | 44,570 | |||||||||
Net exchange differences and translation |
136,280 | 187,455 | 185,420 | |||||||||
Result from debt exchange |
(1,855 | ) | 2,097 | — | ||||||||
Result from net monetary position (2) |
(416 | ) | (409 | ) | (597 | ) | ||||||
|
|
|
|
|
|
|||||||
Balance at the end of the year |
757,215 | 678,306 | 526,760 | |||||||||
|
|
|
|
|
|
(1) | Includes capitalized financial costs. |
(2) | 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. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
21. |
LOANS ( c |
|
|
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||||||||||
Month |
Year |
|
|
Principal Value |
Ref. |
Class |
Interest rate (1) |
Principal Maturity |
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
||||||||||||||||||||||||||||||||
YPF |
|
|
||||||||||||||||||||||||||||||||||||||||||||
— |
1998 | |
US$ | 15 | (1)(6) | — | Fixed | 10.00 | % | 2028 | 1,521 | 26 | 1,245 | 20 | 886 | 15 | ||||||||||||||||||||||||||||||
April |
2013 | |
$ |
2,250 | (2)(4)(6)(7) | Class XVII | — | — | — | — | — | — | — | — | 1,217 | |||||||||||||||||||||||||||||||
June |
2013 | |
$ |
1,265 | (2)(4)(6) | Class XX | — | — | — | — | — | — | — | — | 643 | |||||||||||||||||||||||||||||||
July |
2013 | |
US$ | 92 | (2)(5)(6) | Class XXII | — | — | — | — | — | — | — | — | 729 | |||||||||||||||||||||||||||||||
April, February, October |
2014/15/16 | |
US$ | 1,522 | (2)(4)(6) | Class XXVIII | Fixed | 8.75 | % | 2024 | 62,193 | 28,598 | 127,938 | 2,705 | 91,010 | 1,925 | ||||||||||||||||||||||||||||||
March |
2014 | |
$ |
500 | (2)(6)(7) | Class XXIX | — | — | — | — | — | — | — | — | 206 | |||||||||||||||||||||||||||||||
September |
2014 | |
$ |
1,000 | (2)(6)(7) | Class XXXIV | BADLAR + 0.1% |
34.27 | % | 2024 | 334 | 213 | 500 | 224 | 667 | 279 | ||||||||||||||||||||||||||||||
February |
2015 | |
$ |
950 | (2)(6)(7) | Class XXXVI | — | — | — | — | — | — | — | — | 1,161 | |||||||||||||||||||||||||||||||
April |
2015 | |
$ |
935 | (2)(4)(6) | Class XXXVIII | — | — | — | — | — | — | — | — | 349 | |||||||||||||||||||||||||||||||
April |
2015 | |
US$ | 1,500 | (2)(6) | Class XXXIX | Fixed | 8.50 | % | 2025 | 116,140 | 4,167 | 126,075 | 4,554 | 89,416 | 3,230 | ||||||||||||||||||||||||||||||
September |
2015 | |
$ |
1,900 | (2)(6)(7) | Class XLI | — | — | — | — | — | — | — | — | 719 | |||||||||||||||||||||||||||||||
September, December |
2015/19 | |
$ |
5,196 | (2)(4)(6) | Class XLII | — | — | — | — | — | — | — | — | 5,952 | |||||||||||||||||||||||||||||||
October |
2015 | |
$ |
2,000 | (2)(6)(7) | Class XLIII | BADLAR | 34.17 | % | 2023 | 667 | 755 | 1,333 | 794 | 2,000 | 183 | ||||||||||||||||||||||||||||||
March, January |
2016/20 | |
$ |
5,455 | (2)(4)(6) | Class XLVI | — | — | — | — | — | — | 6,116 | 1,350 | 251 | |||||||||||||||||||||||||||||||
March |
2016 | |
US$ | 1,000 | (2)(6) | Class XLVII | — | — | — | — | — | — | 35,488 | 59,790 | 1,383 | |||||||||||||||||||||||||||||||
April |
2016 | |
US$ | 46 | (2)(5)(6) | Class XLVIII | — | — | — | — | — | — | — | — | 2,785 | |||||||||||||||||||||||||||||||
April |
2016 | |
$ |
535 | (2)(6) | Class XLIX | — | — | — | — | — | — | — | — | 593 | |||||||||||||||||||||||||||||||
July |
2016 | |
$ |
11,248 | (2)(6)(8) | Class L | — | — | — | — | — | — | — | — | 12,902 | |||||||||||||||||||||||||||||||
May |
2017 | |
$ |
4,602 | (2)(6)(8) | Class LII | Fixed | 16.50 | % | 2022 | — | 4,712 | 4,602 | 110 | 4,602 | 108 | ||||||||||||||||||||||||||||||
July, December |
2017 | |
US$ | 1,000 | (2)(6) | Class LIII | Fixed | 6.95 | % | 2027 | 83,658 | 2,531 | 84,920 | 2,588 | 60,399 | 1,890 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
21. |
LOANS ( c ont.) |
(1) | Corresponds to the 1997 M.T.N. Program for US$ 1,000 million. |
(2) | Corresponds to the 2008 M.T.N. Program for US$ 10,000 million. |
(3) | Nominal annual Interest rate as of December 31, 2021. |
(4) | The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded. |
(5) | The payment currency of these Negotiable Obligations is the Peso at the Exchange rate applicable under the terms of the series issued. |
(6) | As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements. |
(7) | NO classified as productive investments computable as such for the purposes of section 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau. |
(8) | The payment currency of this issue is the dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series. |
(9) | Corresponds to the Frequent Issuer program. |
(10) | The payment currency of this issue is the peso at the UVA rate applicable in accordance with the conditions of the relevant issued series. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
21. |
LOANS ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
21. |
LOANS ( c ont.) |
- |
Class XLVII NO for a principal amount of US$ 247.3 |
- |
Class XXVIII NO for a principal amount of US$ 656.4 |
- |
Class XIII NO for a principal amount of US$ 201.7 |
- |
Class XXXIX NO for a principal amount of US$ 368.2 |
- |
Class LIII NO for a principal amount of US$ 190.7 |
- |
Class I NO for a principal amount of US$ 101.0 |
- |
Class LIV NO for a principal amount of US$ 213.4 |
22. |
OTHER LIABILITIES |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||
Extension of concessions |
823 | 824 | 710 | 711 | 529 | 593 | ||||||||||||||||||
Liabilities for contractual claims (1) |
145 | 2,618 | 2,250 | 7,250 | 170 | 59 | ||||||||||||||||||
Miscellaneous |
— | 26 | 1 | 1,101 | 4 | 658 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
968 | 3,468 | 2,961 | 9,062 | 703 | 1,310 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See Note 34.d). |
23. |
ACCOUNTS PAYABLE |
2021 |
2020 |
2019 |
||||||||||||||||||||||
Non-current |
Current |
Non-current |
Current |
Non-current |
Current |
|||||||||||||||||||
Trade payable and related parties (1) |
752 | 193,159 | 682 | 136,930 | 1,869 | 145,942 | ||||||||||||||||||
Guarantee deposits |
44 | 677 | 28 | 766 | 21 | 704 | ||||||||||||||||||
Payables with partners of JO |
92 | 6,203 | — | 5,080 | 575 | 851 | ||||||||||||||||||
Miscellaneous |
— | 1,512 | — | 1,607 | — | 1,098 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
888 | 201,551 | 710 | 144,383 | 2,465 | 148,595 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) | For more information about related parties, see Note 36. |
24. |
REVENUES |
2021 |
2020 |
2019 |
||||||||||
Sales of goods and services |
1,286,688 | 682,928 | 686,644 | |||||||||
Government incentives (1) |
28,259 | 9,586 | 13,266 | |||||||||
Turnover tax |
(43,617 | ) | (23,328 | ) | (21,315 | ) | ||||||
|
|
|
|
|
|
|||||||
1,271,330 | 669,186 | 678,595 | ||||||||||
|
|
|
|
|
|
(1) | See Note 36. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
24. |
REVENUES ( c ont.) |
• |
Breakdown of revenues |
2021 |
||||||||||||||||||||
Upstream |
Downstream |
Gas and Power |
Central Administration and others |
Total |
||||||||||||||||
Diesel |
— | 430,175 | — | — | 430,175 | |||||||||||||||
Gasolines |
— | 262,326 | — | — | 262,326 | |||||||||||||||
Natural Gas (1) |
— | 1,623 | 166,456 | — | 168,079 | |||||||||||||||
Crude Oil |
— | 6,055 | — | — | 6,055 | |||||||||||||||
Jet fuel |
— | 32,446 | — | — | 32,446 | |||||||||||||||
Lubricants and by-products |
— | 50,925 | — | — | 50,925 | |||||||||||||||
Liquefied Petroleum Gas |
— | 43,903 | — | — | 43,903 | |||||||||||||||
Fuel oil |
— | 20,045 | — | — | 20,045 | |||||||||||||||
Petrochemicals |
— | 45,501 | — | — | 45,501 | |||||||||||||||
Fertilizers and crop protection products |
— | 49,582 | — | — | 49,582 | |||||||||||||||
Flours, oils and grains |
— | 60,112 | — | — | 60,112 | |||||||||||||||
Asphalts |
— | 11,149 | — | — | 11,149 | |||||||||||||||
Goods for resale at gas stations |
— | 7,204 | — | — | 7,204 | |||||||||||||||
Income from services |
— | — | — | 8,150 | 8,150 | |||||||||||||||
Income from construction contracts |
— | — | — | 13,298 | 13,298 | |||||||||||||||
Virgin naphtha |
— | 16,546 | — | — | 16,546 | |||||||||||||||
Petroleum coke |
— | 18,453 | — | — | 18,453 | |||||||||||||||
LNG Regasification |
— | — | 4,079 | — | 4,079 | |||||||||||||||
Other goods and services |
4,780 | 11,326 | 10,012 | 12,542 | 38,660 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
4,780 | 1,067,371 | 180,547 | 33,990 | 1,286,688 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2020 |
||||||||||||||||||||
Upstream |
Downstream |
Gas and Power |
Central Administration and others |
Total |
||||||||||||||||
Diesel |
— | 237,732 | — | — | 237,732 | |||||||||||||||
Gasolines |
— | 127,139 | — | — | 127,139 | |||||||||||||||
Natural Gas (1) |
— | 823 | 105,285 | — | 106,108 | |||||||||||||||
Crude Oil |
— | 14,524 | — | — | 14,524 | |||||||||||||||
Jet fuel |
— | 15,429 | — | — | 15,429 | |||||||||||||||
Lubricants and by-products |
— | 22,139 | — | — | 22,139 | |||||||||||||||
Liquefied Petroleum Gas |
— | 13,089 | — | — | 13,089 | |||||||||||||||
Fuel oil |
— | 13,653 | — | — | 13,653 | |||||||||||||||
Petrochemicals |
— | 20,186 | — | — | 20,186 | |||||||||||||||
Fertilizers and crop protection products |
— | 23,042 | — | — | 23,042 | |||||||||||||||
Flours, oils and grains |
— | 31,315 | — | — | 31,315 | |||||||||||||||
Asphalts |
— | 3,288 | — | — | 3,288 | |||||||||||||||
Goods for resale at gas stations |
— | 3,825 | — | — | 3,825 | |||||||||||||||
Income from services |
— | — | — | 3,574 | 3,574 | |||||||||||||||
Income from construction contracts |
— | — | — | 8,428 | 8,428 | |||||||||||||||
Virgin naphtha |
— | 6,393 | — | — | 6,393 | |||||||||||||||
Petroleum coke |
— | 5,619 | — | — | 5,619 | |||||||||||||||
LNG Regasification |
— | — | 5,025 | — | 5,025 | |||||||||||||||
Other goods and services |
2,472 | 7,977 | 8,866 | 3,105 | 22,420 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
2,472 | 546,173 | 119,176 | 15,107 | 682,928 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2019 |
||||||||||||||||||||
Upstream |
Downstream |
Gas and Power |
Central Administration and others |
Total |
||||||||||||||||
Diesel |
— | 222,472 | — | — | 222,472 | |||||||||||||||
Gasolines |
— | 141,511 | — | — | 141,511 | |||||||||||||||
Natural Gas (1) |
— | 1,521 | 112,501 | — | 114,022 | |||||||||||||||
Crude Oil |
— | 14,703 | — | — | 14,703 | |||||||||||||||
Jet fuel |
— | 44,075 | — | — | 44,075 | |||||||||||||||
Lubricants and by-products |
— | 14,525 | — | — | 14,525 | |||||||||||||||
Liquefied Petroleum Gas |
— | 14,643 | — | — | 14,643 | |||||||||||||||
Fuel oil |
— | 7,040 | — | — | 7,040 | |||||||||||||||
Petrochemicals |
— | 21,742 | — | — | 21,742 | |||||||||||||||
Fertilizers and crop protection products |
— | 9,541 | — | — | 9,541 | |||||||||||||||
Flours, oils and grains |
— | 19,612 | — | — | 19,612 | |||||||||||||||
Asphalts |
— | 4,429 | — | — | 4,429 | |||||||||||||||
Goods for resale at gas stations |
— | 4,819 | — | — | 4,819 | |||||||||||||||
Income from services |
— | — | — | 3,555 | 3,555 | |||||||||||||||
Income from construction contracts |
— | — | — | 13,695 | 13,695 | |||||||||||||||
Virgin naphtha |
— | 5,625 | — | — | 5,625 | |||||||||||||||
Petroleum coke |
— | 6,013 | — | — | 6,013 | |||||||||||||||
LNG Regasification |
— | — | 2,731 | — | 2,731 | |||||||||||||||
Other goods and services |
2,087 | 5,520 | 10,621 | 3,663 | 21,891 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
2,087 | 537,791 | 125,853 | 20,913 | 686,644 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 125,376, 70,256 and 71,491 corresponding to sales of natural gas produced by the Company for the years ended December 31, 2021, 2020 and 2019, respectively. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
24. |
REVENUES ( c ont.) |
2021 |
||||||||||||||||||||
Upstream |
Downstream |
Gas and Power |
Central Administration and others |
Total |
||||||||||||||||
Gas Stations |
— | 468,952 | — | — | 468,952 | |||||||||||||||
Power Plants |
— | 12,297 | 46,283 | — | 58,580 | |||||||||||||||
Distribution Companies |
— | — | 24,347 | — | 24,347 | |||||||||||||||
Retail distribution of natural gas |
— | — | 39,523 | — | 39,523 | |||||||||||||||
Industries, transport and aviation |
— | 202,128 | 56,303 | — | 258,431 | |||||||||||||||
Agriculture |
— | 183,204 | — | — | 183,204 | |||||||||||||||
Petrochemical industry |
— | 64,238 | — | — | 64,238 | |||||||||||||||
Trading |
— | 55,469 | — | — | 55,469 | |||||||||||||||
Oil Companies |
— | 54,705 | — | — | 54,705 | |||||||||||||||
Commercialization of liquefied petroleum gas |
— | 14,105 | — | — | 14,105 | |||||||||||||||
Other sales channels |
4,780 | 12,273 | 14,091 | 33,990 | 65,134 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
4,780 | 1,067,371 | 180,547 | 33,990 | 1,286,688 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2020 |
||||||||||||||||||||
Upstream |
Downstream |
Gas and Power |
Central Administration and others |
Total |
||||||||||||||||
Gas Stations |
— | 241,547 | — | — | 241,547 | |||||||||||||||
Power Plants |
— | 14,600 | 13,411 | — | 28,011 | |||||||||||||||
Distribution Companies |
— | — | 28,895 | — | 28,895 | |||||||||||||||
Retail distribution of natural gas |
— | — | 33,995 | — | 33,995 | |||||||||||||||
Industries, transport and aviation |
— | 87,757 | 28,984 | — | 116,741 | |||||||||||||||
Agriculture |
— | 92,677 | — | — | 92,677 | |||||||||||||||
Petrochemical industry |
— | 23,215 | — | — | 23,215 | |||||||||||||||
Trading |
— | 40,359 | — | — | 40,359 | |||||||||||||||
Oil Companies |
— | 26,032 | — | — | 26,032 | |||||||||||||||
Commercialization of liquefied petroleum gas |
— | 6,544 | — | — | 6,544 | |||||||||||||||
Other sales channels |
2,472 | 13,442 | 13,891 | 15,107 | 44,912 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
2,472 | 546,173 | 119,176 | 15,107 | 682,928 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2019 |
||||||||||||||||||||
Upstream |
Downstream |
Gas and Power |
Central Administration and others |
Total |
||||||||||||||||
Gas Stations |
— | 257,648 | — | — | 257,648 | |||||||||||||||
Power Plants |
— | 709 | 15,705 | — | 16,414 | |||||||||||||||
Distribution Companies |
— | — | 19,506 | — | 19,506 | |||||||||||||||
Retail distribution of natural gas |
— | — | 49,699 | — | 49,699 | |||||||||||||||
Industries, transport and aviation |
— | 116,742 | 27,591 | — | 144,333 | |||||||||||||||
Agriculture |
— | 64,344 | — | — | 64,344 | |||||||||||||||
Petrochemical industry |
— | 24,475 | — | — | 24,475 | |||||||||||||||
Trading |
— | 39,341 | — | — | 39,341 | |||||||||||||||
Oil Companies |
— | 20,066 | — | — | 20,066 | |||||||||||||||
Commercialization of liquefied petroleum gas |
— | 6,087 | — | — | 6,087 | |||||||||||||||
Other sales channels |
2,087 | 8,379 | 13,352 | 20,913 | 44,731 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
2,087 | 537,791 | 125,853 | 20,913 | 686,644 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
• | Contract balances |
|
|
2021 |
|
|
2020 |
|
|
2019 |
| |||||||||||||||
|
|
Non-current |
|
|
Current |
|
|
Non-current |
|
|
Current |
|
|
Non-current |
|
|
Current |
| ||||||
Credits for contracts included in “Trade receivables” |
11,942 | 136,751 | 15,505 | 98,832 | 6,785 | 100,706 | ||||||||||||||||||
Contract assets |
— | 1,360 | — | 871 | — | 203 | ||||||||||||||||||
Contract liabilities |
— | 13,329 | — | 6,824 | 294 | 7,404 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
24. |
REVENUES ( c ont.) |
25. |
COSTS |
2021 |
2020 |
2019 |
||||||||||
Inventories at beginning of year |
100,137 | 80,479 | 53,324 | |||||||||
Purchases |
391,984 | 170,616 | 190,601 | |||||||||
Production costs (1) |
663,756 | 442,264 | 378,281 | |||||||||
Translation effect |
24,915 | 32,427 | 33,385 | |||||||||
Adjustment for inflation (2) |
1,315 | 563 | 496 | |||||||||
Inventories at end of the period |
(153,927 | ) | (100,137 | ) | (80,479 | ) | ||||||
|
|
|
|
|
|
|||||||
1,028,180 | 626,212 | 575,608 | ||||||||||
|
|
|
|
|
|
(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 |
2021 |
||||||||||||||||||||
Production costs (3) |
Administrative expenses (2) |
Selling expenses |
Exploration expenses |
Total |
||||||||||||||||
Salaries and social security taxes |
53,176 | 14,260 | 8,088 | 388 | 75,912 | (5) | ||||||||||||||
Fees and compensation for services |
4,476 | 13,517 | 2,915 | 14 | 20,922 | |||||||||||||||
Other personnel expenses |
13,650 | 1,113 | 607 | 135 | 15,505 | |||||||||||||||
Taxes, charges and contributions |
11,802 | 685 | 29,129 | (1) |
95 | 41,711 | ||||||||||||||
Royalties, easements and fees |
79,381 | — | 60 | 178 | 79,619 | |||||||||||||||
Insurance |
7,075 | 495 | 223 | — | 7,793 | |||||||||||||||
Rental of real estate and equipment |
12,372 | 34 | 1,168 | — | 13,574 | (4) | ||||||||||||||
Survey expenses |
— | — | — | 333 | 333 | |||||||||||||||
Depreciation of property, plant and equipment |
253,837 | 5,695 | 8,154 | — | 267,686 | |||||||||||||||
Amortization of intangible assets |
3,640 | 1,143 | 50 | — | 4,833 | |||||||||||||||
Depreciation of right-of-use |
18,075 | 15 | 1,110 | — | 19,200 | |||||||||||||||
Industrial inputs, consumable materials and supplies |
36,376 | 440 | 782 | 41 | 37,639 | |||||||||||||||
Operation services and other service contracts |
36,662 | 761 | 4,990 | 173 | 42,586 | (4) | ||||||||||||||
Preservation, repair and maintenance |
89,200 | 1,985 | 2,311 | 87 | 93,583 | (4) | ||||||||||||||
Unproductive exploratory drillings |
— | — | — | 931 | 931 | |||||||||||||||
Transportation, products and charges |
34,673 | 5 | 29,832 | — | 64,510 | (4) | ||||||||||||||
Provision for doubtful trade receivables |
— | — | 2,988 | — | 2,988 | |||||||||||||||
Publicity and advertising expenses |
— | 4,302 | 1,842 | — | 6,144 | |||||||||||||||
Fuel, gas, energy and miscellaneous |
9,361 | 1,446 | 7,720 | 229 | 18,756 | (4) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
663,756 | 45,896 | 101,969 | 2,604 | 814,225 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 19,707 corresponding to export withholdings. |
(2) | Includes 482 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors. On April 30, 2021, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2020 of 194 and to approve as fees on account of such fees and remunerations for the fiscal year 2021, the sum of 463. |
(3) | The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 1,938. |
(4) | Includes 3,783 and 5,509 corresponding to short-term leases and to the lease charge related to the underlying asset performance and/or use, respectively. |
(5) | Includes 1,726 corresponding to Productive Recovery Program II (“REPRO II”) in benefit of OPESSA. See Note 36. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
26. |
EXPENSES BY NATURE ( c ont.) |
2020 |
||||||||||||||||||||
Production costs (3) |
Administrative expenses (2) |
Selling expenses |
Exploration expenses |
Total |
||||||||||||||||
Salaries and social security taxes |
43,315 | 13,056 | 7,230 | 826 | 64,427 | (5) | ||||||||||||||
Fees and compensation for services |
2,469 | 8,667 | 1,694 | 12 | 12,842 | |||||||||||||||
Other personnel expenses |
8,789 | 768 | 326 | 36 | 9,919 | |||||||||||||||
Taxes, charges and contributions |
7,287 | 430 | 14,664 | (1) |
71 | 22,452 | ||||||||||||||
Royalties, easements and fees |
42,709 | — | 74 | 80 | 42,863 | |||||||||||||||
Insurance |
5,314 | 403 | 137 | — | 5,854 | |||||||||||||||
Rental of real estate and equipment |
7,332 | 48 | 1,892 | — | 9,272 | (4) | ||||||||||||||
Survey expenses |
— | — | — | 526 | 526 | |||||||||||||||
Depreciation of property, plant and equipment |
161,453 | 4,170 | 5,829 | — | 171,452 | |||||||||||||||
Amortization of intangible assets |
2,821 | 567 | 40 | — | 3,428 | |||||||||||||||
Depreciation of right-of-use |
16,868 | 16 | 989 | — | 17,873 | |||||||||||||||
Industrial inputs, consumable materials and supplies |
22,838 | 258 | 406 | 27 | 23,529 | |||||||||||||||
Operation services and other service contracts |
34,492 | 588 | 3,298 | 544 | 38,922 | (4) | ||||||||||||||
Preservation, repair and maintenance |
50,850 | 1,365 | 1,501 | 52 | 53,768 | (4) | ||||||||||||||
Unproductive exploratory drillings |
— | — | — | 3,586 | 3,586 | |||||||||||||||
Transportation, products and charges |
20,966 | 2 | 16,997 | — | 37,965 | (4) | ||||||||||||||
Provision for doubtful trade receivables |
— | — | 12,317 | — | 12,317 | |||||||||||||||
Publicity and advertising expenses |
— | 2,481 | 782 | — | 3,263 | |||||||||||||||
Fuel, gas, energy and miscellaneous |
14,761 | 1,671 | 3,659 | 86 | 20,177 | (4) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
442,264 | 34,490 | 71,835 | 5,846 | 554,435 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 9,393 corresponding to export withholdings. |
(2) | Includes 193 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 20, 2020, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2019 of 83 and to approve as fees on account of such fees and remunerations for the fiscal year 2020, the sum of 123. |
(3) | The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 1,602. |
(4) | Includes 4,164 and 5,332 corresponding to short-term leases and to the lease charge related to the underlying asset performance and/or use, respectively. |
(5) | Includes 1,539 corresponding to the Work and Production Assistance Program received in benefit of AESA and OPESSA. See Note 36. |
2019 |
||||||||||||||||||||
Production costs (3) |
Administrative expenses (2) |
Selling expenses |
Exploration expenses |
Total |
||||||||||||||||
Salaries and social security taxes |
33,991 | 8,075 | 4,226 | 666 | 46,958 | |||||||||||||||
Fees and compensation for services |
2,491 | 6,389 | 1,265 | 172 | 10,317 | |||||||||||||||
Other personnel expenses |
8,941 | 962 | 513 | 66 | 10,482 | |||||||||||||||
Taxes, charges and contributions |
7,370 | 312 | 10,627 | (1) |
48 | 18,357 | ||||||||||||||
Royalties, easements and fees |
42,135 | — | 122 | 283 | 42,540 | |||||||||||||||
Insurance |
2,692 | 181 | 118 | — | 2,991 | |||||||||||||||
Rental of real estate and equipment |
11,079 | 38 | 861 | — | 11,978 | (4) | ||||||||||||||
Survey expenses |
— | — | — | 1,212 | 1,212 | |||||||||||||||
Depreciation of property, plant and equipment |
139,345 | 2,839 | 3,710 | — | 145,894 | |||||||||||||||
Amortization of intangible assets |
2,020 | 323 | 31 | — | 2,374 | |||||||||||||||
Depreciation of right-of-use |
9,835 | — | 674 | — | 10,509 | |||||||||||||||
Industrial inputs, consumable materials and supplies |
22,095 | 183 | 201 | 51 | 22,530 | |||||||||||||||
Operation services and other service contracts |
18,512 | 744 | 2,249 | 287 | 21,792 | (4) | ||||||||||||||
Preservation, repair and maintenance |
48,762 | 1,021 | 1,081 | 125 | 50,989 | (4) | ||||||||||||||
Unproductive exploratory drillings |
— | — | — | 3,832 | 3,832 | |||||||||||||||
Transportation, products and charges |
23,137 | 15 | 16,222 | — | 39,374 | (4) | ||||||||||||||
Provision for doubtful trade receivables |
— | — | 3,184 | — | 3,184 | |||||||||||||||
Publicity and advertising expenses |
— | 2,551 | 1,065 | — | 3,616 | |||||||||||||||
Fuel, gas, energy and miscellaneous |
5,876 | 1,068 | 3,749 | 99 | 10,792 | (4) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
378,281 | 24,701 | 49,898 | 6,841 | 459,721 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes 6,541 corresponding to export withholdings. |
(2) | Includes 80 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 26, 2019, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2018 of 65 and to approve as fees on account of such fees and remunerations for the fiscal year 2019, the sum of 87. |
(3) | The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 1,261. |
(4) | Includes 7,223 and 3,326 corresponding to short-term leases and to the lease charge related to the underlying asset performance and/or use, respectively. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
27. |
OTHER NET OPERATING RESULTS |
2021 |
2020 |
2019 |
||||||||||
Result for sale of participation in areas (1) |
2,034 | 12,233 | 778 | |||||||||
Result from sale of assets held for disposal |
5,549 | — | — | |||||||||
Construction incentive (2) |
686 | — | 688 | |||||||||
Lawsuits |
(34,592 | ) | (5,300 | ) | (2,732 | ) | ||||||
Insurance |
1,503 | 3,925 | 498 | |||||||||
Unrecoverable credit - Resolution MINEM No. 508-E/2017 (3) |
— | — | (622 | ) | ||||||||
Result for contractual commitment Exmar (4) |
— | (8,285 | ) | — | ||||||||
Miscellaneous |
1,567 | 1,376 | 260 | |||||||||
|
|
|
|
|
|
|||||||
(23,253 | ) | 3,949 | (1,130 | ) | ||||||||
|
|
|
|
|
|
(1) | See Note 34.b). |
(2) | See Note 34.b). |
(3) | See Note 35.c.3). |
(4) | See Note 34.d). |
28. |
NET FINANCIAL RESULTS |
2021 |
2020 |
2019 |
||||||||||
Financial income |
||||||||||||
Interest income |
16,880 | 7,363 | 7,665 | |||||||||
Exchange differences |
60,188 | 92,694 | 80,490 | |||||||||
Financial accretion |
10,158 | 7,546 | 5,250 | |||||||||
|
|
|
|
|
|
|||||||
Total financial income |
87,226 | 107,603 | 93,405 | |||||||||
|
|
|
|
|
|
|||||||
Financial loss |
||||||||||||
Interest loss |
(71,870 | ) | (65,821 | ) | (48,136 | ) | ||||||
Exchange differences |
(37,176 | ) | (56,592 | ) | (32,555 | ) | ||||||
Financial accretion |
(23,786 | ) | (16,340 | ) | (10,842 | ) | ||||||
|
|
|
|
|
|
|||||||
Total financial costs |
(132,832 | ) | (138,753 | ) | (91,533 | ) | ||||||
|
|
|
|
|
|
|||||||
Other financial results |
||||||||||||
Results on financial assets at fair value with changes in results |
10,869 | 3,862 | (1,449 | ) | ||||||||
Results from derivative financial instruments |
(1,048 | ) | (860 | ) | (293 | ) | ||||||
Result from net monetary position |
12,384 | 7,828 | 5,904 | |||||||||
Results from transactions with financial assets |
— | 9,786 | — | |||||||||
Result from financial instruments exchange (1) |
— | 1,330 | — | |||||||||
Result from debt exchange (2) |
1,855 | (2,097 | ) | — | ||||||||
|
|
|
|
|
|
|||||||
Total other financial results |
24,060 | 19,849 | 4,162 | |||||||||
|
|
|
|
|
|
|||||||
Total net financial results |
(21,546 | ) | (11,301 | ) | 6,034 | |||||||
|
|
|
|
|
|
(1) | See Note 6. |
(2) | See Note 21. |
29. |
INVESTMENTS IN JOINT OPERATIONS |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
29. |
INVESTMENTS IN JOINT OPERATIONS ( c ont.) |
2021 |
2020 |
2019 |
||||||||||
Non-current assets (1) |
358,863 | 282,381 | 221,219 | |||||||||
Current assets |
11,629 | 6,122 | 8,723 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
370,492 | 288,503 | 229,942 | |||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities |
27,672 | 21,136 | 17,754 | |||||||||
Current liabilities |
36,564 | 21,574 | 27,641 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
64,236 | 42,710 | 45,395 | |||||||||
|
|
|
|
|
|
|||||||
2021 |
2020 |
2019 |
||||||||||
Production cost |
135,238 | 87,322 | 70,552 | |||||||||
Exploration expenses |
306 | 265 | 123 |
(1) |
It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and other agreements. |
Name |
Location |
Participation |
Operator | |||
Acambuco |
Salta | 22.50% | Pan American Energy LLC | |||
Aguada Pichana Este—Área Vaca Muerta (1) |
Neuquén | 22.50% | Total Austral S.A. | |||
Aguada Pichana Este—Residual (1) |
Neuquén | 27.27% | Total Austral S.A. | |||
Aguaragüe |
Salta | 53.00% | Tecpetrol S.A. | |||
CAM-2/A SUR |
Tierra del Fuego | 50.00% | Enap Sipetrol Argentina S.A. | |||
Campamento Central / Cañadón Perdido |
Chubut | 50.00% | YPF | |||
Consorcio CNQ 7/A |
La Pampa y Mendoza | 50.00% | Pluspetrol Energy S.A. | |||
El Tordillo |
Chubut | 12.20% | Tecpetrol S.A. | |||
La Tapera y Puesto Quiroga |
Chubut | 12.20% | Tecpetrol S.A. | |||
Lindero Atravesado |
Neuquén | 37.50% | Pan American Energy LLC | |||
Magallanes |
Santa Cruz, Tierra del Fuego and Plataforma Continental Nacional | 50.00% | Enap Sipetrol Argentina S.A. | |||
Loma Campana |
Neuquén y Mendoza | 50.00% | YPF | |||
Ramos |
Salta | 42.00% | Pluspetrol Energy S.A. | |||
Rincón del Mangrullo |
Neuquén | 50.00% | YPF | |||
San Roque |
Neuquén | 34.11% | Total Austral S.A. | |||
Yacimiento La Ventana – Río Tunuyán |
Mendoza | 70.00% | YPF | |||
Zampal Oeste (3) |
Mendoza | - | - | |||
Narambuena |
Neuquén | 50.00% | YPF | |||
La Amarga Chica |
Neuquén | 50.00% | YPF | |||
El Orejano |
Neuquén | 50.00% | YPF | |||
Bajo del Toro (1) |
Neuquén | 50.00% | YPF | |||
Bandurria Sur (1) |
Neuquén | 51.00% | YPF | |||
Aguada de Castro and Aguada Pichana Oeste (1) |
Neuquén | 30.00% | Pan American Energy LLC | |||
Cerro Las Minas (4) |
Neuquén | - | - | |||
Las Tacanas |
Neuquén | 50.00% | YPF | |||
Rio Neuquén |
Neuquén | 33.33% | YPF | |||
Chachahuen |
Mendoza | 70.00% | YPF | |||
Pampa Yeguas I |
Neuquén | 50.00% | EXXON | |||
Loma del Molle |
Neuquén | 50.00% | EXXON | |||
CAN 100 (2) |
Argentine Government | - | - | |||
La Calera |
Neuquén | 50.00% | PLUSPETROL | |||
Bajada Añelo |
Neuquén | 50.00% | O&G (Shell) | |||
La Yesera (2) |
Río Negro | 35.00% | CAPEX |
(1) | See Note 34.b). |
(2) | See Note 34.a). |
(3) | On November 15, 2021, YPF was notified of Administrative Decision No. 82/2021 whereby the Province of Mendoza approved the reversion of the Zampal Oeste exploitation block corresponding to the JO Zampal Oeste. |
(4) | On December 16, 2021, in compliance with Decree No. 2,203/2021 of the Province of Neuquén, the Company’s partner Total Austral S.A. was authorized to assign its interest in the exploration permit with unconventional objective in Cerro Las Minas area to YPF. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
30. |
SHAREHOLDERS’ EQUITY |
31. |
EARNINGS PER SHARE |
2021 |
2020 |
2019 |
||||||||||
Net loss |
257 | (69,649 | ) | (34,071 | ) | |||||||
Average number of shares outstanding |
392,792,602 | 392,555,569 | 392,314,842 | |||||||||
Basic and diluted earnings per share |
0.65 | (177.42 | ) | (86.85 | ) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
32. |
ISSUES RELATED TO MAXUS ENTITIES |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
32. |
ISSUES RELATED TO MAXUS ENTITIES ( c |
• |
Feasibility Study and 2016 ROD for the environmental remediation of the lower 8.3 miles of the Passaic River |
• |
Removal Action Next to Lister Site |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
32. |
ISSUES RELATED TO MAXUS ENTITIES ( c ont.) |
• |
Feasibility study for the lower 17 miles of the Passaic River and the 2021 ROD for the upper 9 miles of the Passaic River |
• |
Feasibility study for the Newark Bay |
• |
Other environmental proceedings |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
32. |
ISSUES RELATED TO MAXUS ENTITIES ( c ont.) |
• |
Denied YPF’s motion requesting that summary judgment be granted to YPF in connection with Occidental’s alter ego claims. |
• |
Determined that under Chemicals’ sale agreement, Maxus was responsible to indemnify Occidental for the entirety of Occidental’s environmental liabilities at the Lister Site, notwithstanding any Occidental conduct, but that Occidental would have to prove the reasonableness of the US$190 million it had agreed to pay to the DEP in order to pass that cost on to Maxus. |
• |
Granted Repsol’s motion requesting that summary judgment be granted to Repsol in connection with the alter ego claims brought by Occidental. This decision in favor of Repsol was reversed by the Superior Court of New Jersey – Appellate Division on December 27, 2021. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
32. |
ISSUES RELATED TO MAXUS ENTITIES ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
32. |
ISSUES RELATED TO MAXUS ENTITIES ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
32. |
ISSUES RELATED TO MAXUS ENTITIES ( c ont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
33. |
CONTINGENT ASSETS AND LIABILITIES |
• |
Asociación Superficiarios de la Patagonia (“ASSUPA”) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
33. |
CONTINGENT ASSETS AND LIABILITIES ( c |
• |
Dock Sud, Río Matanza, Riachuelo, Quilmes and Refinería Luján de Cuyo |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
33. |
CONTINGENT ASSETS AND LIABILITIES ( c |
• |
Determined that the Authority of the Matanza Riachuelo Basin (“ACUMAR”) (Law No. 26,168) should be in charge of executing the program for environmental remediation of the basin, being the Argentine Government, the Province of Buenos Aires and the City of Buenos Aires responsible for its performance; delegated to the Federal Lower Court of Quilmes the knowledge of all the matters concerning the execution of the remediation and sanitation; declared that all the litigations related to the execution of the remediation plan will be accumulated and be processed by this court and that this process produces lis pendens relating to the other collective actions seeking the environmental remediation of the basin, which should be archived. YPF was notified of certain resolutions issued by ACUMAR, whereby the Company was required to present an industrial reconversion plan in connection with certain YPF installations. Despite the appeal by the Company of the aforementioned resolutions, the plan was still presented. |
• |
Decided that the proceedings to determine liabilities arising from past behaviors to repair the environmental damage will continue being heard by that Court. |
• |
Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”) – Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
33. |
CONTINGENT ASSETS AND LIABILITIES ( c |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 33. CONTINGENT ASSETS AND LIABILITIES ( c ont.) |
|
• |
Claims for fuel sale prices |
34. |
CONTRACTUAL COMMITMENTS |
• |
Loma Negra and La Yesera |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 34. CONTRACTUAL COMMITMENTS ( c ont.) |
|
• |
Bajo del Toro |
• |
Letter of intent with the Province of Mendoza |
• |
Exploration agreement in the Charagua block (Bolivia) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 34. CONTRACTUAL COMMITMENTS ( c ont.) |
|
• |
Agreements for the development of the Chihuído de la Sierra Negra Sudeste– Narambuena area |
• |
Acquisition of Aguada del Chañar area |
• |
Assignment agreement of CAN 100 exploration permit (offshore) – Block E-1 Reconversion |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 34. CONTRACTUAL COMMITMENTS ( c ont.) |
|
• |
Assigment of Bandurria Sur area |
• |
Assignment agreement of the Bajo del Piche, Barranca de Los Loros, El Medanito and El Santiagueño areas |
• |
Assignment agreement of Río Mayo and Sarmiento areas |
• |
Assignment agreement of the Al Sur de la Dorsal, Anticlinal Campamento, Dos Hermanas and Ojo de Agua areas |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 34. CONTRACTUAL COMMITMENTS ( c ont.) |
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
35. |
MAIN REGULATIONS AND OTHER |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
35. |
MAIN REGULATIONS AND OTHER (cont.) |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
• |
Provincial Stimulus Program – Province of Río Negro |
• |
Provincial Stimulus Program – Province of Chubut |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
- |
The client’s total holdings in foreign currency are deposited in a local bank account and it does not have available foreign liquid assets; and |
- |
The client agrees to settle through the official market, within 5 business days after they are made available, any proceeds received from abroad from the collection of loans granted to third parties, collection of a time deposit, and collection of the sales price of any other asset, provided such asset shall have been acquired, or the deposit made, or the loan granted after May 28, 2020. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
- |
Such issuance is made under (a) an exchange of debt securities, or (b) the refinancing of foreign financial debt whose final maturity is scheduled between March 31, 2021 and December 31, 2022; |
- |
Considering the transaction as a whole, the average life of the new debt is at least 18 longer than the maturities being refinanced. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
- |
For information to be filed on a quarterly basis: |
- |
Section 12 of Chapter II, Title IV of the Rules (N.T. 2013 as amended) was repealed. |
- |
Information required in Exhibits may be disclosed in Notes. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
Exhibit A – Fixed Assets |
Note 8 Property, plant and equipment | |
Exhibit B – Intangible assets |
Note 7 Intangible assets | |
Exhibit C – Investments in companies |
Note 10 Investments in associates and joint ventures | |
Exhibit D – Other investments |
Note 6 Financial instruments by category Note 14 Investments in financial assets | |
Exhibit E – Provisions |
Note 13 Trade receivables Note 12 Other receivables Note 10 Investments in associates and joint ventures Note 8 Property, plant and equipment Note 7 Intangible assets Note 16 Provisions | |
Exhibit F – Cost of goods sold and services rendered |
Note 25 Costs | |
Exhibit G – Assets and liabilities in foreign currency |
Note 38 Assets and liabilities in currencies other than the Peso |
General |
Resolution No. 622 |
- |
AdeA S.A. located in Barn 3 – Route 36, Km. 31.5 – Florencio Varela – Province of Buenos Aires. |
- |
File S.R.L., located in Panamericana and R.S. Peña – Blanco Encalada – Luján de Cuyo – Province of Mendoza. |
- |
Custodia Archivos del Comahue S.A. – Parque Industrial Este, Block N Plot 2 – Capital of Neuquén, Province of Neuquen. |
36. |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
36. |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES ( c |
2021 |
||||||||||||||||||||
Other receivables |
Trade receivables |
Investment in financial assets |
Accounts payable |
Contract liabilities |
||||||||||||||||
Current |
Current |
Current |
Current |
Current |
||||||||||||||||
Joint Ventures: |
||||||||||||||||||||
Profertil |
19 | 1,146 | — | 884 | — | |||||||||||||||
MEGA |
— | 4,397 | — | 572 | — | |||||||||||||||
Refinor |
— | 1,949 | — | 64 | — | |||||||||||||||
Bizoy S.A. |
— | — | — | — | — | |||||||||||||||
YPF EE |
385 | 1,277 | 803 | 3,375 | 74 | |||||||||||||||
Petrofaro S.A. |
— | — | — | — | — | |||||||||||||||
OLCLP |
31 | — | — | 164 | — | |||||||||||||||
Sustentator S.A. |
— | — | — | 5 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
435 | 8,769 | 803 | 5,064 | 74 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Associates: |
||||||||||||||||||||
CDS |
— | 1 | — | — | — | |||||||||||||||
YPF Gas |
114 | 749 | — | 220 | — | |||||||||||||||
Oldelval |
— | 2 | — | 366 | — | |||||||||||||||
Termap |
— | — | — | 139 | — | |||||||||||||||
OTA |
14 | — | — | 11 | — | |||||||||||||||
OTC |
— | — | — | — | — | |||||||||||||||
GPA |
— | — | — | 310 | — | |||||||||||||||
Oiltanking |
— | 1 | — | 209 | — | |||||||||||||||
Gas Austral S.A. |
— | 42 | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
128 | 795 | — | 1,255 | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
563 | 9,564 | 803 | 6,319 | 74 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2020 |
||||||||||||||||||||
Other receivables |
Trade receivables |
Investment in financial assets |
Accounts payable |
Contract liabilities |
||||||||||||||||
Current |
Current |
Current |
Current |
Current |
||||||||||||||||
Joint Ventures: |
||||||||||||||||||||
Profertil |
12 | 641 | — | 484 | — | |||||||||||||||
MEGA |
— | 2,650 | — | 261 | — | |||||||||||||||
Refinor |
— | 577 | — | 75 | — | |||||||||||||||
Bizoy S.A. |
— | — | — | — | — | |||||||||||||||
YPF EE |
389 | 794 | — | 2,504 | 56 | |||||||||||||||
Petrofaro S.A. |
— | — | — | — | — | |||||||||||||||
OLCLP |
79 | 7 | — | 168 | — | |||||||||||||||
Sustentator S.A. |
— | — | — | 2 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
480 | 4,669 | — | 3,494 | 56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Associates: |
||||||||||||||||||||
CDS |
— | 144 | — | 10 | — | |||||||||||||||
YPF Gas |
51 | 322 | — | 180 | — | |||||||||||||||
Oldelval |
— | 1 | — | 450 | — | |||||||||||||||
Termap |
— | — | — | 182 | — | |||||||||||||||
OTA |
12 | — | — | 9 | — | |||||||||||||||
OTC |
8 | — | — | — | — | |||||||||||||||
GPA |
— | — | — | 25 | — | |||||||||||||||
Oiltanking |
— | 1 | — | 304 | — | |||||||||||||||
Gas Austral S.A. |
— | 23 | — | 1 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
71 | 491 | — | 1,161 | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
551 | 5,160 | — | 4,655 | 56 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
36. |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES ( c |
2019 |
||||||||||||||||||||
Other receivables |
Trade receivables |
Investment in financial assets |
Accounts payable |
Contract liabilities |
||||||||||||||||
Current |
Current |
Current |
Current |
Current |
||||||||||||||||
Joint Ventures: |
||||||||||||||||||||
Profertil |
12 | 587 | — | 114 | — | |||||||||||||||
MEGA |
— | 2,995 | — | 350 | — | |||||||||||||||
Refinor |
— | 956 | — | 123 | — | |||||||||||||||
Bizoy S.A. |
— | 17 | — | — | — | |||||||||||||||
YPF EE |
296 | 2,278 | — | 2,183 | 679 | |||||||||||||||
Petrofaro S.A. |
— | 6 | — | — | — | |||||||||||||||
OLCLP |
56 | 59 | — | 70 | — | |||||||||||||||
Sustentator S.A. |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
364 | 6,898 | — | 2,840 | 679 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Associates: |
||||||||||||||||||||
CDS |
— | 1,063 | — | — | — | |||||||||||||||
YPF Gas |
90 | 317 | — | 73 | — | |||||||||||||||
Oldelval |
— | 77 | — | 401 | — | |||||||||||||||
Termap |
— | — | — | 182 | — | |||||||||||||||
OTA |
9 | — | — | 14 | — | |||||||||||||||
OTC |
4 | — | — | — | — | |||||||||||||||
GPA |
— | — | — | 99 | — | |||||||||||||||
Oiltanking |
— | — | — | 198 | — | |||||||||||||||
Gas Austral S.A. |
— | 12 | — | 1 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
103 | 1,469 | — | 968 | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
467 | 8,367 | — | 3,808 | 679 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Revenues |
Purchases and services |
Net interest income (loss) |
Revenues |
Purchases and services |
Net interest income (loss) |
Revenues |
Purchases and services |
Net interest income (loss) |
||||||||||||||||||||||||||||
Joint Ventures: |
||||||||||||||||||||||||||||||||||||
Profertil |
5,454 | 11,019 | — | 5,111 | 4,883 | — | 4,418 | 3,044 | — | |||||||||||||||||||||||||||
MEGA |
18,974 | 1,298 | — | 12,408 | 2,281 | — | 10,672 | 1,854 | — | |||||||||||||||||||||||||||
Refinor |
12,580 | 1,407 | — | 2,750 | 706 | — | 3,310 | 481 | (16 | ) | ||||||||||||||||||||||||||
Y-GEN I |
— | — | — | — | — | — | 5 | — | — | |||||||||||||||||||||||||||
YPF EE |
6,145 | 9,734 | — | 3,647 | 5,184 | — | 5,016 | 3,862 | — | |||||||||||||||||||||||||||
Petrofaro S.A. |
— | — | — | — | — | — | 9 | 23 | — | |||||||||||||||||||||||||||
OLCLP |
95 | 774 | — | 115 | 571 | — | 66 | 316 | — | |||||||||||||||||||||||||||
Sustentator S.A. |
— | 18 | — | — | 4 | — | — | — | — | |||||||||||||||||||||||||||
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|
|||||||||||||||||||
43,248 | 24,250 | — | 24,031 | 13,629 | — | 23,496 | 9,580 | (16 | ) | |||||||||||||||||||||||||||
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|
|||||||||||||||||||
Associates: |
||||||||||||||||||||||||||||||||||||
CDS |
390 | — | (72 | ) | 838 | 8 | 8 | 1,955 | 1 | — | ||||||||||||||||||||||||||
YPF Gas |
5,597 | 775 | — | 2,401 | 345 | 3 | 2,217 | 252 | 162 | |||||||||||||||||||||||||||
Oldelval |
16 | 3,521 | — | 57 | 2,893 | 2 | 238 | 2,192 | — | |||||||||||||||||||||||||||
Termap |
— | 1,791 | — | — | 1,309 | — | — | 1,302 | — | |||||||||||||||||||||||||||
OTA |
2 | 167 | — | 2 | 76 | — | 1 | 80 | — | |||||||||||||||||||||||||||
GPA |
— | 1,757 | — | — | 1,176 | — | — | 845 | — | |||||||||||||||||||||||||||
Oiltanking |
7 | 2,368 | — | 5 | 1,542 | — | 3 | 1,350 | — | |||||||||||||||||||||||||||
Gas Austral S.A. |
496 | 3 | — | 223 | — | — | 206 | 1 | — | |||||||||||||||||||||||||||
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|
|
|
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|
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|
|||||||||||||||||||
6,508 | 10,382 | (72 | ) | 3,526 | 7,349 | 13 | 4,620 | 6,023 | 162 | |||||||||||||||||||||||||||
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|
|||||||||||||||||||
49,756 | 34,632 | (72 | ) | 27,557 | 20,978 | 13 | 28,116 | 15,603 | 146 | |||||||||||||||||||||||||||
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|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
36. |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES ( c |
Balances |
Transactions |
|||||||||||||||||||||||||
Receivables / (Liabilities) |
Income / (Costs) |
|||||||||||||||||||||||||
Customers / Suppliers |
Ref. |
2021 |
2020 |
2019 |
2021 |
2020 |
2019 |
|||||||||||||||||||
SGE |
(1) (20) | — | 12,607 | 26,223 | — | — | — | |||||||||||||||||||
SGE |
(2) (20) | 1,610 | 3,330 | 3,416 | 3,696 | 3,992 | 5,684 | |||||||||||||||||||
SGE |
(3) (20) | 4,397 | — | — | 16,473 | — | — | |||||||||||||||||||
SGE |
(4) (20) | 472 | 228 | 155 | 837 | 234 | 657 | |||||||||||||||||||
SGE |
(5) (20) | — | 240 | 166 | — | — | 7 | |||||||||||||||||||
SGE |
(6) (20) | 188 | 625 | 475 | — | 150 | 475 | |||||||||||||||||||
SGE |
(7) (20) | 131 | 440 | 172 | 880 | 845 | 995 | |||||||||||||||||||
SGE |
(8) (20) | 6,775 | 6,126 | 4,417 | — | — | 361 | |||||||||||||||||||
Ministry of Transport |
(9) (20) | 918 | 2,802 | 2,056 | 6,373 | 4,515 | 5,923 | |||||||||||||||||||
Secretariat of Industry |
|
(10) |
|
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|
|
(20) |
— | — | — | 686 | — | 688 | |||||||||||||||||||
CAMMESA |
(11) | 12,779 | 7,098 | 627 | 56,633 | 26,054 | 6,650 | |||||||||||||||||||
CAMMESA |
(12) | (1,173 | ) | (983 | ) | 386 | (8,063 | ) | (5,678 | ) | (3,778 | ) | ||||||||||||||
IEASA |
(13) | 8,970 | 5,998 | 5,041 | 11,924 | 10,992 | 11,994 | |||||||||||||||||||
IEASA |
(14) | (7,866 | ) | (2,640 | ) | (505 | ) | (3,429 | ) | (1,650 | ) | (462 | ) | |||||||||||||
Aerolíneas Argentinas S.A. |
(15) | 2,618 | 6,009 | 5,033 | 12,340 | 4,641 | 16,036 | |||||||||||||||||||
Aerolíneas Argentinas S.A. |
(16) | — | — | — | (133 | ) | — | — | ||||||||||||||||||
ANSES |
(17) | — | — | — | — | 1,539 | — | |||||||||||||||||||
Agua y Saneamientos Argentinos S.A. |
(18) | 1,754 | — | — | 3,121 | — | — | |||||||||||||||||||
Ministry of Work, Employment and Social Security and AFIP |
(19) | — | — | — | 230 | — | — |
(1) | Benefits for the Stimulus Program for the Additional Injection of Natural Gas corresponding to Resolution No. 1/2013 issued by the Strategic Planning and Coordination Commission of the Hydrocarbon Investments National Plan. |
(2) | Benefits for the Resolution 46 Program. See Note 35.d.1). |
(3) | Benefits for the GasAr Plan. See Note 35.d.1). |
(4) | Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. See Note 35.d.2). |
(5) | Benefits for the Bottle-to Bottle Program. See Note 35.d.2). |
(6) | Benefits for recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks. |
(7) | Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas. |
(8) | Procedure to compensate the payment of the daily differences accumulated on a monthly basis between the price of the gas purchased by Natural Gas Piping Distribution Service Companies and the price of the natural gas included in the respective tariff schemes for the benefit of Metrogas. See Note 35.c.1). |
(9) | The compensation for providing diesel to public transport of passengers at a differential price. |
(10) | Incentive for domestic manufacturing of capital goods, for the benefit of AESA. |
(11) | The provision of fuel oil, diesel and natural gas. |
(12) | Purchases of energy. As of December 31, 2019, the Group had a credit balance for energy purchases. |
(13) | Sales of natural gas, LNG and provision of regasification service of LNG in Escobar. |
(14) | The purchase of natural gas and crude oil. |
(15) | The provision of jet fuel. |
(16) | The purchase of miles for the YPF Serviclub Program. |
(17) | Income recognized by the Work and Production Assistance Program received in benefit of AESA and OPESSA. |
(18) | Sale of assets held for disposal. |
(19) | Income recognized by the Productive Recovery Program II (“REPRO II”) in benefit of OPESSA. |
(20) | Income recognized under the guidelines of IAS 20. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
36 |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES ( c ont.) |
2021 |
2020 |
2019 |
||||||||||
Short-term employee benefits (1) |
1,209 | 719 | 515 | |||||||||
Share-based benefits |
135 | 161 | 123 | |||||||||
Post-retirement benefits |
56 | 32 | 22 | |||||||||
Termination benefits |
154 | 242 | — | |||||||||
|
|
|
|
|
|
|||||||
1,554 | 1,154 | 660 | ||||||||||
|
|
|
|
|
|
(1) | Does not include Social Security contributions of 257, 182 and 133 for the years ended December 31, 2021, 2020 and 2019, respectively. |
37. |
EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS |
• | at its meeting held on May 10, 2016, approved the creation of a new share-based benefit plan 2016-2019 effective for 3 years from July 1, 2016 (grant date), with similar characteristics to the previously implemented schemes. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
36 |
EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS ( c |
• | at its meeting held on May 9, 2017, approved the creation of a new shared-based benefit plan for 2017-2020 effective for 3 years from July 1, 2017 (grant date), with similar characteristics to the previously implemented schemes. |
• | at its meeting held on May 8, 2018, approved the creation of a new shared-based benefit plan for 2018-2021 effective for 3 years from July 1, 2018 (grant date), with similar characteristics to the previously implemented schemes. |
• | at its meeting held on May 9, 2019, approved the creation of a new shared-based benefit plan for 2019-2022 effective for 3 years from July 1, 2019 (grant date), with similar characteristics to the previously implemented schemes. |
• | at its meeting held on November 10, 2020, approved the creation of a new shared-based benefit plan for 2020-2023 effective for 3 years from July 1, 2020 (grant date), with similar characteristics to the previously implemented schemes. |
• | at its meeting held on September 23, 2021, approved the creation of a new shared-based benefit plan for 2021-2024 effective for 3 years from July 1, 2021 (grant date), with similar characteristics to the previously implemented schemes. |
2021 |
2020 |
2019 |
||||||||||
Amount at the beginning of the fiscal year |
— | — | 183,080 | |||||||||
- Granted |
— | — | — | |||||||||
- Settled |
— | — | (180,478 | ) | ||||||||
- Expired |
— | — | (2,602 | ) | ||||||||
|
|
|
|
|
|
|||||||
Amount at the end of the fiscal year (1) |
— | — | — | |||||||||
|
|
|
|
|
|
|||||||
Expense recognized during the fiscal year |
— | — | 21 | |||||||||
Fair value of shares on grant date (in dollars) |
— | — | 16.99 |
(1) | The life of the plan in 2019 was 7 months. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
37. |
EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS ( c ont.) |
2021 |
2020 |
2019 |
||||||||||
Amount at the beginning of the fiscal year |
— | 183,201 | 375,552 | |||||||||
- Granted |
— | — | — | |||||||||
- Settled |
— | (179,160 | ) | (182,445 | ) | |||||||
- Expired |
— | (4,041 | ) | (9,906 | ) | |||||||
Amount at the end of the fiscal year (1) |
— | — | 183,201 | |||||||||
Expense recognized during the fiscal year |
— | 37 | 98 | |||||||||
Fair value of shares on grant date (in dollars) |
— | 20.26 | 20.26 |
(1) | The life of the plan in 2020 was 7 months, whereas the remaining life of the plan was 7 months as of December 31, 2019. |
2021 |
2020 |
2019 |
||||||||||
Amount at the beginning of the fiscal year |
237,082 | 508,458 | 761,512 | |||||||||
- Granted |
— | — | — | |||||||||
- Settled |
(230,254 | ) | (246,457 | ) | (246,987 | ) | ||||||
- Expired |
(6,828 | ) | (24,919 | ) | (6,067 | ) | ||||||
Amount at the end of the fiscal year (1) |
— | 237,082 | 508,458 | |||||||||
Expense recognized during the fiscal year |
38 | 127 | 212 | |||||||||
Fair value of shares on grant date (in dollars) |
13.60 | 13.60 | 13.60 |
(1) | The life of the plan in 2021 was 7 months, whereas the remaining life of the plan was 7 months as of December 31, 2020, and between 7 and 19 months as of December 31, 2019. |
2021 |
2020 |
2019 |
||||||||||
Amount at the beginning of the fiscal year |
467,368 | 758,690 | — | |||||||||
- Granted |
— | — | 758,690 | |||||||||
- Settled |
(182,510 | ) | (246,236 | ) | — | |||||||
- Expired |
(25,954 | ) | (45,086 | ) | — | |||||||
Amount at the end of the fiscal year (1) |
258,904 | 467,368 | 758,690 | |||||||||
Expense recognized during the fiscal year |
168 | 293 | 189 | |||||||||
Fair value of shares on grant date (in dollars) |
9.97 | 9.97 | 9.97 |
(1) | The average remaining life of the plan is 7 months as of December 31, 2021, between 7 and 19 months as of December 31, 2020 and between 7 and 31 months as of December 31, 2019. |
2021 |
2020 |
2019 |
||||||||||
Amount at the beginning of the fiscal year |
774,150 | — | — | |||||||||
- Granted |
— | 774,150 | — | |||||||||
- Settled |
(263,914 | ) | — | — | ||||||||
- Expired |
(40,457 | ) | — | — | ||||||||
Amount at the end of the fiscal year (1) |
469,779 | 774,150 | — | |||||||||
Expense recognized during the fiscal year |
180 | 108 | — | |||||||||
Fair value of shares on grant date (in dollars) |
4.75 | 4.75 | — |
(1) | The average remaining life of the plan is between 7 and 19 months as of December 31, 2021, and between 7 and 31 months as of December 31, 2020. |
2021 |
2020 |
2019 |
||||||||||
Amount at the beginning of the fiscal year |
— | — | — | |||||||||
- Granted |
1,252,400 | — | — | |||||||||
- Settled |
— | — | — | |||||||||
- Expired |
— | — | — | |||||||||
Amount at the end of the fiscal year (1) |
1,252,400 | — | — | |||||||||
Expense recognized during the fiscal year |
160 | — | — | |||||||||
Fair value of shares on grant date (in dollars) |
8.00 | — | — |
(1) | The average remaining life of the plan is between 7 and 31 months as of December 31, 2021. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
38. |
ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO |
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Amount in currencies other than the Peso |
Exchange rate in force (1) |
Total |
Amount in currencies other than the Peso |
Exchange rate in force (1) |
Total |
Amount in currencies other than the Peso |
Exchange rate in force (1) |
Total |
||||||||||||||||||||||||||||
Non-current assets |
||||||||||||||||||||||||||||||||||||
Other receivables |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
27 | 102.52 | 2,771 | 27 | 83.95 | 2,233 | 1 | 59.69 | 60 | |||||||||||||||||||||||||||
Bolivian peso |
7 | 14.73 | 103 | 7 | 12.06 | 84 | 14 | 8.58 | 119 | |||||||||||||||||||||||||||
Trade receivables |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
28 | 102.52 | 2,836 | 98 | 83.95 | 8,221 | 220 | 59.69 | 13,132 | |||||||||||||||||||||||||||
Investments in financial assets |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
25 | 102.52 | 2,534 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total non-current assets |
8,244 | 10,538 | 13,311 | |||||||||||||||||||||||||||||||||
Current assets |
||||||||||||||||||||||||||||||||||||
Other receivables |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
267 | 102.52 | 27,403 | 176 | 83.95 | 14,762 | 276 | 59.69 | 16,474 | |||||||||||||||||||||||||||
Euro |
— | 115.89 | 43 | 3 | 103.07 | 259 | 4 | 66.85 | 267 | |||||||||||||||||||||||||||
Real |
13 | 18.39 | 239 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Chilean peso |
9,733 | 0.12 | 1,168 | 9,242 | 0.12 | 1,109 | 5,241 | 0.08 | 419 | |||||||||||||||||||||||||||
Yen |
— | — | — | 105 | 0.81 | 85 | 151 | 0.55 | 83 | |||||||||||||||||||||||||||
Bolivian peso |
14 | 14.73 | 205 | 14 | 12.06 | 168 | — | — | — | |||||||||||||||||||||||||||
Pound sterling |
— | 138.54 | — | 1 | 114.22 | 143 | — | — | — | |||||||||||||||||||||||||||
Trade receivables |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
552 | 102.52 | 56,589 | 657 | 83.95 | 55,196 | 939 | 59.69 | 56,030 | |||||||||||||||||||||||||||
Chilean peso |
11,825 | 0.12 | 1,419 | 7,108 | 0.12 | 853 | 17,221 | 0.08 | 1,378 | |||||||||||||||||||||||||||
Euro |
— | 115.89 | 1 | — | (2) |
103.07 | 2 | — | — | — | ||||||||||||||||||||||||||
Real |
54 | 18.39 | 993 | — | (2 ) |
— | — | — | — | — | ||||||||||||||||||||||||||
Investments in financial assets |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
342 | 102.52 | 35,063 | 118 | (2) |
83.95 | 9,882 | 140 | 59.69 | 8,370 | ||||||||||||||||||||||||||
Cash and cash equivalents |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
175 | 102.52 | 17,952 | 126 | (2) |
83.95 | 10,593 | 723 | 59.69 | 43,172 | ||||||||||||||||||||||||||
Chilean peso |
1,017 | 0.12 | 122 | 608 | (2) |
0.12 | 73 | 1,685 | 0.08 | 135 | ||||||||||||||||||||||||||
Bolivian peso |
7 | 14.73 | 105 | — | (2) |
12.06 | — | 10 | 8.58 | 90 | ||||||||||||||||||||||||||
Real |
18 | 18.39 | 331 | — | (2) |
— | — | — | — | — | ||||||||||||||||||||||||||
Total current assets |
141,633 | 93,125 | 126,418 | |||||||||||||||||||||||||||||||||
Total assets |
149,877 | 103,663 | 139,729 | |||||||||||||||||||||||||||||||||
Non-current liabilities |
||||||||||||||||||||||||||||||||||||
Provisions |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
2,315 | 102.72 | 237,848 | 1,991 | (2) |
84.15 | 167,542 | 2,020 | 59.89 | 120,968 | ||||||||||||||||||||||||||
Real |
10 | 18.39 | 184 | — | (2) |
— | — | — | — | — | ||||||||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
276 | 102.72 | 28,335 | 274 | (2) |
84.15 | 23,069 | 674 | 59.89 | 40,388 | ||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
6,321 | 102.72 | 649,260 | 6,129 | (2) |
84.15 | 515,765 | 6,863 | 59.89 | 411,032 | ||||||||||||||||||||||||||
Real |
23 | 18.39 | 423 | — | (2) |
— | — | — | — | — | ||||||||||||||||||||||||||
Other liabilities |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
9 | 102.72 | 968 | 35 | (2) |
84.15 | 2,960 | 12 | 59.89 | 699 | ||||||||||||||||||||||||||
Accounts payable |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
4 | 102.72 | 399 | 3 | (2) |
84.15 | 275 | 6 | 59.89 | 359 | ||||||||||||||||||||||||||
Total non-current liabilities |
917,417 | 709,611 | 573,446 | |||||||||||||||||||||||||||||||||
Current liabilities |
||||||||||||||||||||||||||||||||||||
Provisions |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
120 | 102.72 | 12,360 | 40 | 84.15 | 3,367 | 59 | 59.89 | 3,555 | |||||||||||||||||||||||||||
Chilean peso |
— | 0.12 | — | 575 | 0.12 | 69 | — | — | — | |||||||||||||||||||||||||||
Income tax |
||||||||||||||||||||||||||||||||||||
Real |
2 | 18.39 | 37 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Taxes payable |
||||||||||||||||||||||||||||||||||||
Bolivian peso |
21 | 14.76 | 316 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Chilean peso |
3,360 | 0.12 | 403 | 1,375 | 0.12 | 165 | 3,102 | 0.08 | 248 | |||||||||||||||||||||||||||
Real |
10 | 18.39 | 184 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Salaries and social security |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
10 | 102.72 | 990 | 9 | 84.15 | 731 | 7 | 59.89 | 406 | |||||||||||||||||||||||||||
Chilean peso |
430 | 0.12 | 52 | — | 0.12 | — | — | 0.08 | — | |||||||||||||||||||||||||||
Real |
1 | 18.39 | 18 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
266 | 102.72 | 27,277 | 263 | 84.15 | 22,093 | 357 | 59.89 | 21,384 | |||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
698 | 102.72 | 71,674 | 1,436 | 84.15 | 120,839 | 1,229 | 59.89 | 73,599 | |||||||||||||||||||||||||||
Chilean peso |
2,950 | 0.12 | 354 | 2,958 | 0.12 | 355 | 2,993 | 0.08 | 239 | |||||||||||||||||||||||||||
Real |
51 | 18.39 | 938 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Other liabilities |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
34 | 102.72 | 3,468 | 108 | 84.15 | 9,062 | 22 | 59.89 | 1,310 | |||||||||||||||||||||||||||
Accounts payable |
||||||||||||||||||||||||||||||||||||
U.S. dollar |
846 | 102.72 | 86,878 | 831 | 84.15 | 69,942 | 1,181 | 59.89 | 70,711 | |||||||||||||||||||||||||||
Euro |
20 | 116.37 | 2,280 | 17 | 103.53 | 1,770 | 16 | 67.23 | 1,053 | |||||||||||||||||||||||||||
Chilean peso |
3,379 | 0.12 | 405 | 6,400 | 0.12 | 768 | 3,744 | 0.08 | 300 | |||||||||||||||||||||||||||
Bolivian peso |
— | — | — | — | 12.06 | — | 7 | 8.58 | 60 | |||||||||||||||||||||||||||
Yen |
164 | 0.89 | 146 | 384 | 0.82 | 315 | 133 | 0.55 | 73 | |||||||||||||||||||||||||||
Pound sterling |
1 | (2) |
138.54 | 80 | — | (2) |
113.81 | 25 | — | — | — | |||||||||||||||||||||||||
Swiss franc |
1 | (2) |
112.40 | 84 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Real |
42 | (2) |
18.39 | 777 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total current liabilities |
208,721 | 229,501 | 172,938 | |||||||||||||||||||||||||||||||||
Total liabilities |
1,126,138 | 939,112 | 746,384 | |||||||||||||||||||||||||||||||||
(1) | Exchange rate in force at December 31, 2021, 2020 and 2019 according to BNA. |
(2) | Registered value less than 1. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
39. |
SUBSEQUENT EVENTS |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
For the year ended December 31, |
||||||||||||||||||||||||||||||||||||
(millions of barrels) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Oil and condensate |
||||||||||||||||||||||||||||||||||||
Consolidated entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
483 |
- |
483 |
613 |
- |
613 |
582 |
- |
582 |
|||||||||||||||||||||||||||
Developed |
229 | - |
229 | 301 | - |
301 | 339 | - |
339 | |||||||||||||||||||||||||||
Undeveloped |
254 | - |
254 | 312 | - |
312 | 243 | - |
243 | |||||||||||||||||||||||||||
Revisions of previous estimates (1) |
161 | - |
161 | (92) | - |
(92) | 21 | * |
21 | |||||||||||||||||||||||||||
Extensions and discoveries |
76 | - |
76 | 47 | - |
47 | 86 | - |
86 | |||||||||||||||||||||||||||
Improved recovery |
* |
- |
* |
* |
- |
* |
8 | - |
8 | |||||||||||||||||||||||||||
Purchase of minerals in place |
* |
- |
* |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
(9) | - |
(9) | (1) | - |
(1) | |||||||||||||||||||||||||||
Production for the year (2) |
(77) | - |
(77) | (76) | - |
(76) | (83) | * |
(83) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, (3) |
643 |
- |
643 |
483 |
- |
483 |
613 |
- |
613 |
|||||||||||||||||||||||||||
Developed |
322 | - |
322 | 229 | - |
229 | 301 | - |
301 | |||||||||||||||||||||||||||
Undeveloped |
321 | - |
321 | 254 | - |
254 | 312 | - |
312 | |||||||||||||||||||||||||||
Equity-accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Revisions of previous estimates (1) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Extensions and discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Improved recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Purchase of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Production for the year (2) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, (3) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
For the year ended December 31, |
||||||||||||||||||||||||||||||||||||
(millions of barrels) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Oil and condensate |
||||||||||||||||||||||||||||||||||||
Consolidated and Equity-accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
||||||||||||||||||||||||||||||||||||
Developed |
229 |
- |
229 |
301 |
- |
301 |
339 |
- |
339 |
|||||||||||||||||||||||||||
Undeveloped |
254 |
- |
254 |
312 |
- |
312 |
243 |
- |
243 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
483 |
- |
483 |
613 |
- |
613 |
582 |
- |
582 |
|||||||||||||||||||||||||||
As of December 31, |
||||||||||||||||||||||||||||||||||||
Developed |
322 |
- |
322 |
229 |
- |
229 |
301 |
- |
301 |
|||||||||||||||||||||||||||
Undeveloped |
321 |
- |
321 |
254 |
- |
254 |
312 |
- |
312 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
643 |
- |
643 |
483 |
- |
483 |
613 |
- |
613 |
(1) |
Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves is considered prospectively in the calculation of depreciation. |
(2) |
Crude oil production for the years ended on December 31, 2021, 2020 and 2019 includes an estimated of 11, 11 and 12 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(3) |
Proved crude oil reserves of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 92, 70 and 88 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
For the year ended December 31, |
||||||||||||||||||||||||||||||||||||
(millions of barrels) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Natural gas liquids |
||||||||||||||||||||||||||||||||||||
Consolidated entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
63 |
- |
63 |
60 |
- |
60 |
56 |
- |
56 |
|||||||||||||||||||||||||||
Developed |
32 |
- |
32 |
38 |
- |
38 |
41 |
- |
41 |
|||||||||||||||||||||||||||
Undeveloped |
31 |
- |
31 |
22 |
- |
22 |
15 |
- |
15 |
|||||||||||||||||||||||||||
Revisions of previous estimates ( 1 ) |
(5) |
- |
(5) |
8 |
- |
8 |
4 |
- |
4 |
|||||||||||||||||||||||||||
Extensions and discoveries |
19 |
- |
19 |
9 |
- |
9 |
14 |
- |
14 |
|||||||||||||||||||||||||||
Improved recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Purchase of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
(1) |
- |
(1) |
- |
- |
- |
|||||||||||||||||||||||||||
Production for the year (2) |
(13) |
- |
(13) |
(13) |
- |
(13) |
(14) |
- |
(14) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, (3) |
64 |
- |
64 |
63 |
- |
63 |
60 |
- |
60 |
|||||||||||||||||||||||||||
Developed |
34 |
- |
34 |
32 |
- |
32 |
38 |
- |
38 |
|||||||||||||||||||||||||||
Undeveloped |
30 |
- |
30 |
31 |
- |
31 |
22 |
- |
22 |
|||||||||||||||||||||||||||
Equity-accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Revisions of previous estimates (1) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Extensions and discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Improved recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Purchase of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Production for the year (2) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, (3) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
For the year ended December 31, |
||||||||||||||||||||||||||||||||||||
(millions of barrels) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Natural gas liquids |
||||||||||||||||||||||||||||||||||||
Consolidated and Equity- accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
||||||||||||||||||||||||||||||||||||
Developed |
32 |
- |
32 |
38 |
- |
38 |
41 |
- |
41 |
|||||||||||||||||||||||||||
Undeveloped |
31 |
- |
31 |
22 |
- |
22 |
15 |
- |
15 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
63 |
- |
63 |
60 |
- |
60 |
56 |
- |
56 |
|||||||||||||||||||||||||||
As of December 31, |
||||||||||||||||||||||||||||||||||||
Developed |
34 |
- |
34 |
32 |
- |
32 |
38 |
- |
38 |
|||||||||||||||||||||||||||
Undeveloped |
30 |
- |
30 |
31 |
- |
31 |
22 |
- |
22 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
64 |
- |
64 |
63 |
- |
63 |
60 |
- |
60 |
(1) |
Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves is considered prospectively in the calculation of depreciation. |
(2) |
Natural gas liquids production for the years ended on December 31, 2021, 2020 and 2019 includes an estimated of 1, 1 and 1 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(3) |
Proved natural gas liquids reserves of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 8, 7 and 6 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
For the year ended December 31, |
||||||||||||||||||||||||||||||||||||
(billions of standard cubic feet) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Natural gas |
||||||||||||||||||||||||||||||||||||
Consolidated entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
2,110 |
- |
2,110 |
2,241 |
- |
2,241 |
2,481 |
- |
2,481 |
|||||||||||||||||||||||||||
Developed |
1,486 |
- |
1,486 |
1,743 |
- |
1,743 |
1,915 |
- |
1,915 |
|||||||||||||||||||||||||||
Undeveloped |
624 |
- |
624 |
498 |
- |
498 |
566 |
- |
566 |
|||||||||||||||||||||||||||
Revisions of previous estimates (1) |
347 |
- |
347 |
136 |
- |
136 |
(104) |
- |
(104) |
|||||||||||||||||||||||||||
Extensions and discoveries |
450 |
- |
450 |
199 |
- |
199 |
384 |
- |
384 |
|||||||||||||||||||||||||||
Improved recovery |
* |
- |
* |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Purchase of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
(6) |
- |
(6) |
(8) |
- |
(8) |
|||||||||||||||||||||||||||
Production for the year (2) |
(460) |
- |
(460) |
(460) |
- |
(460) |
(512) |
- |
(512) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, (3) (4) |
2,447 |
- |
2,447 |
2,110 |
- |
2,110 |
2,241 |
- |
2,241 |
|||||||||||||||||||||||||||
Developed |
1,676 |
- |
1,676 |
1,486 |
- |
1,486 |
1,743 |
- |
1,743 |
|||||||||||||||||||||||||||
Undeveloped |
771 |
- |
771 |
624 |
- |
624 |
498 |
- |
498 |
|||||||||||||||||||||||||||
Equity-accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Revisions of previous estimates (1) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Extensions and discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Improved recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Purchase of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Production for the year (2) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, (3) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
40. |
SUPPLEMENTAL INFORMATION ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (cont.) |
For the year ended December 31, |
||||||||||||||||||||||||||||||||||||
(billions of standard cubic feet) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Natural gas |
||||||||||||||||||||||||||||||||||||
Consolidated and Equity-accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
||||||||||||||||||||||||||||||||||||
Developed |
1,486 |
- |
1,486 |
1,743 |
- |
1,743 |
1,915 |
- |
1,915 |
|||||||||||||||||||||||||||
Undeveloped |
624 |
- |
624 |
498 |
- |
498 |
566 |
- |
566 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
2,110 |
- |
2,110 |
2,241 |
- |
2,241 |
2,481 |
- |
2,481 |
|||||||||||||||||||||||||||
As of December 31, |
||||||||||||||||||||||||||||||||||||
Developed |
1,676 |
- |
1,676 |
1,486 |
- |
1,486 |
1,743 |
- |
1,743 |
|||||||||||||||||||||||||||
Undeveloped |
771 |
- |
771 |
624 |
- |
624 |
498 |
- |
498 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
2,447 |
- |
2,447 |
2,110 |
- |
2,110 |
2,241 |
- |
2,241 |
(1) |
Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves is considered prospectively in the calculation of depreciation. |
(2) |
Natural gas production for the years ended on December 31, 2021, 2020 and 2019 includes an estimated of 53, 53 and 60 bcf, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(3) |
Proved natural gas reserves of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 288, 245 and 259 bcf, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(4) |
Proved natural gas reserves of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 337, 290 and 321 bcf, respectively, which is consumed as fuel at the field. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
40. |
SUPPLEMENTAL INFORMATION ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (cont.) |
For the year ended December 31, (millions of barrels of oil equivalent) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Oil equivalent (1) |
||||||||||||||||||||||||||||||||||||
Consolidated entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
922 |
- |
922 |
1,073 |
- |
1,073 |
1,080 |
- |
0 |
|||||||||||||||||||||||||||
Developed |
526 | - |
526 | 650 | - |
650 | 722 |
- |
722 | |||||||||||||||||||||||||||
Undeveloped |
396 | - |
396 | 423 | - |
423 | 358 |
- |
358 | |||||||||||||||||||||||||||
Revisions of previous estimates (2) |
216 | * |
216 | (61) | * |
(61) | 7 |
* |
7 | |||||||||||||||||||||||||||
Extensions and discoveries |
176 | - |
176 | 92 | - |
92 | 169 |
- |
169 | |||||||||||||||||||||||||||
Improved recovery |
* |
- |
* |
- |
- |
- |
8 |
- |
8 | |||||||||||||||||||||||||||
Purchase of minerals in place |
* |
- |
* |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
(11) | - |
(11) | (3) | - |
(3) | |||||||||||||||||||||||||||
Production for the year (3) |
(171) | * |
(171) | (171) | * |
(171) | (188) | * |
(188) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December (4) |
1,143 |
- |
1,143 |
922 |
- |
922 |
1,073 |
- |
1,073 |
|||||||||||||||||||||||||||
Developed |
655 | - |
655 | 526 | - |
526 | 650 |
- |
650 | |||||||||||||||||||||||||||
Undeveloped |
488 | - |
488 | 396 | - |
396 | 423 |
- |
423 | |||||||||||||||||||||||||||
Equity-accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Revisions of previous estimates (2) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Extensions and discoveries |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Improved recovery |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Purchase of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Sale of minerals in place |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Production for the year (3) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, (4) |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Developed |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||
Undeveloped |
- |
- |
- |
- |
- |
- |
- |
- |
- |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
40. |
SUPPLEMENTAL INFORMATION ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (cont.) |
For the year ended December 31, (millions of barrels of oil equivalent) |
||||||||||||||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
||||||||||||||||||||||||||||
Oil equivalent |
||||||||||||||||||||||||||||||||||||
Consolidated and Equity-accounted entities |
||||||||||||||||||||||||||||||||||||
As of January 1, |
||||||||||||||||||||||||||||||||||||
Developed |
526 | - |
526 | 650 | - |
650 | 722 | - |
722 | |||||||||||||||||||||||||||
Undeveloped |
396 | - |
396 | 423 | - |
423 | 358 | - |
358 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total |
922 |
- |
922 |
1,073 |
- |
1,073 |
1,080 |
- |
1,080 |
|||||||||||||||||||||||||||
As of December 31, |
||||||||||||||||||||||||||||||||||||
Developed |
655 | - |
655 | 526 | - |
526 | 650 | - |
650 | |||||||||||||||||||||||||||
Undeveloped |
488 | - |
488 | 396 | - |
396 | 423 | - |
423 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
1,143 |
- |
1,143 |
922 |
- |
922 |
1,073 |
- |
1,073 |
(1) |
Volumes of natural gas have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel. |
(2) |
Revisions in estimates of reserves are performed at least once a year. Revisions of crude oil, natural gas liquids and natural gas reserves are considered prospectively in the calculation of depreciation. |
(3) |
Barrel of oil equivalent production of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 includes an estimated of 22, 22 and 24 mmboe, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
(4) |
Proved oil equivalent reserves of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 151, 120 and 140 mmboe, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. |
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
40. |
SUPPLEMENTAL INFORMATION ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) (cont.) |
• |
Total liquids and gas production performance from existing wells was better than expected, resulting in an addition of approximately 44 mmboe to proved developed reserves, according to new reserves estimates, mainly in the Neuquina basin. |
• |
An increase of 186 mmboe of proved reserves as a result of the impact of higher average oil prices on incomes and fields economic limit, in conjunction with higher average prices due to Plan GasAr, as a secondary effect. Changes occurred mainly in mature fields with high operating costs. |
• |
A downwards revision of 17 mmboe resulted from existing projects in the Neuquina basin and Austral basin due to changes in the development strategy in certain areas and the production performance, respectively. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2021 |
2020 |
2019 | ||||||||||||||||||||||||||||||||||||||
Consolidated capitalized costs |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide | |||||||||||||||||||||||||||||||
Proved oil and gas properties |
||||||||||||||||||||||||||||||||||||||||
Mineral property, wells and related equipment |
4,904,375 |
- |
4,904,375 |
(1) |
3,889,483 |
3,052 |
3,892,535 |
2,693,690 |
2,033 |
2,695,723 |
||||||||||||||||||||||||||||||
Support equipment and facilities |
168,749 |
- |
168,749 |
(2) |
113,563 |
- |
113,563 |
80,012 |
- |
80,012 |
||||||||||||||||||||||||||||||
Drilling and work in progress |
199,964 |
- |
199,964 |
159,614 |
- |
159,614 |
142,122 |
- |
142,122 |
|||||||||||||||||||||||||||||||
Unproved oil and gas properties |
22,628 |
- |
22,628 |
20,044 |
- |
20,044 |
30,012 |
- |
30,012 |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Total capitalized costs |
5,295,716 |
- |
5,295,716 |
4,182,704 |
3,052 |
4,185,756 |
2,945,836 |
2,033 |
2,947,869 |
|||||||||||||||||||||||||||||||
Accumulated depreciation and valuation allowances |
(4,277,053) |
- |
(4,277,053) |
(3) |
(3,306,031) |
(2,827) |
(3,308,858) |
(2,239,487) |
(1,973) |
(2,241,460) |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
Net capitalized costs |
1,018,663 |
- |
1,018,663 |
876,673 |
225 |
876,898 |
706,349 |
60 |
706,409 |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes 43,423 corresponding to Upstream wells related equipment contracts comprised in right-of-use assets. |
(2) |
Includes 27,770 corresponding to Upstream support equipment and facilities contracts comprised in righ-of-use assest. |
(3) |
Includes (39,315) corresponding to Accumulated Depreciation of all Upstream contracts of right-of-use assets. |
2021 |
2020 |
2019 | ||||||||||||||||||||||||||||||||||||||
Consolidated costs incurred |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide | |||||||||||||||||||||||||||||||
Acquisition of unproved properties |
34 |
- |
34 |
715 |
- |
715 |
4,171 |
- |
4,171 |
|||||||||||||||||||||||||||||||
Acquisition of proved properties |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|||||||||||||||||||||||||||||||
Exploration costs |
4,316 |
237 |
4,553 |
2,348 |
141 |
2,489 |
9,115 |
771 |
9,886 |
|||||||||||||||||||||||||||||||
Development costs |
189,992 |
- |
189,992 |
(1 |
) |
61,441 |
- |
61,441 |
132,289 |
- |
132,289 |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Total costs incurred |
194,342 |
237 |
194,579 |
64,504 |
141 |
64,645 |
145,575 |
771 |
146,346 |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes 11,875 corresponding to development cost related to Upstream contracts comprised in right-of-use assets. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
2021 |
2020 |
2019 | ||||||||||||||||||||||||||||||||||
Consolidated results of operations |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide | |||||||||||||||||||||||||||
Net sales to unaffiliated parties |
4,678 |
- |
4,678 |
2,419 |
6 |
2,425 |
1,949 |
120 |
2,069 |
|||||||||||||||||||||||||||
Net intersegment sales |
544,384 |
- |
544,384 |
289,421 |
- |
289,421 |
286,585 |
- |
286,585 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total net revenues |
549,062 |
- |
549,062 |
291,840 |
6 |
291,846 |
288,534 |
120 |
288,654 |
|||||||||||||||||||||||||||
Production costs |
(282,235) |
(220) |
(282,455) |
(193,166) |
(165) |
(193,331) |
(164,562) |
(242) |
(164,804) |
|||||||||||||||||||||||||||
Exploration expenses |
(2,303) |
(191) |
(2,494) |
(5,688) |
(169) |
(5,857) |
(6,045) |
(734) |
(6,779) |
|||||||||||||||||||||||||||
Depreciation of property, plant and equipment; intangible and right-of-use assets |
(225,836) |
(29) |
(225,865) |
(137,183) |
(21) |
(137,204) |
(124,977) |
(980) |
(125,957) |
|||||||||||||||||||||||||||
Impairment of Property, plant and equipment |
(11,258) |
- |
(11,258) |
7,475 |
- |
7,475 |
(40,561) |
- |
(40,561) |
|||||||||||||||||||||||||||
Other (1) |
(30,648) |
924 |
(29,724) |
889 |
231 |
1,120 |
(6,569) |
(56) |
(6,625) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Pre-tax income (loss) from producing activities |
(3,218) |
484 |
(2,734) |
(35,833) |
(118) |
(35,951) |
(54,180) |
(1,892) |
(56,072) |
|||||||||||||||||||||||||||
Income tax expense / benefit |
1,126 |
47 |
1,173 |
10,750 |
41 |
10,791 |
16,254 |
417 |
16,671 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Results of oil and gas producing activities |
(2,092) |
531 |
(1,561) |
(25,083) |
(77) |
(25,160) |
(37,926) |
(1,475) |
(39,401) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Mainly includes lawsuits, result for sale of participation in areas and financial accretion for the hydrocarbon wells abandonment obligations, among others. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
2021 |
2020 |
2019 |
||||||||||||||||||||||||||||||||||
Consolidated standardized measure of discounted future net cash flows |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
Argentine |
Other foreign |
Worldwide |
|||||||||||||||||||||||||||
Future cash inflows (1) |
5,217,508 |
- |
5,217,508 |
2,071,924 |
- |
2,071,924 |
2,545,028 |
- |
2,545,028 |
|||||||||||||||||||||||||||
Future production costs |
(2,309,885) |
- |
(2,309,885) |
(1,128,613) |
- |
(1,128,613) |
(1,333,468) |
- |
(1,333,468) |
|||||||||||||||||||||||||||
Future development costs |
(919,196) |
- |
(919,196) |
(644,714) |
- |
(644,714) |
(482,015) |
- |
(482,015) |
|||||||||||||||||||||||||||
Future income tax expenses |
(542,492) |
- |
(542,492) |
(13,420) |
- |
(13,420) |
(120,966) |
- |
(120,966) |
|||||||||||||||||||||||||||
10% annual discount for estimated timing of cash flows |
(516,736) |
- |
(516,736) |
(105,899) |
- |
(105,899) |
(227,670) |
- |
(227,670) |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total standardized measure of discounted future net cash flows |
929,199 |
- |
929,199 |
179,278 |
- |
179,278 |
380,909 |
- |
380,909 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
For the years ended December 31, 2020 and 2019, future cash inflows are stated net of the effect of withholdings on exports until 2021 in accordance with Law No. 27,541. |
YPF SOCIEDAD ANONIMA NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2021, 2020 AND 2019 |
|
2021 |
2020 |
2019 |
||||||||||
Beginning of year |
179,278 |
380,909 |
308,233 |
|||||||||
Sales and transfers, net of production costs |
(87,203) |
(176,237) |
(197,278) |
|||||||||
Net change in sales and transfer prices, net of future production costs |
348,474 |
(401,237) |
(239,226) |
|||||||||
Changes in reserves and production rates (timing) |
514,410 |
(26,428) |
(26,496) |
|||||||||
Net changes for extensions, discoveries and improved recovery |
341,578 |
120,070 |
228,354 |
|||||||||
Net change due to purchases and sales of minerals in place |
- |
(19,624) |
(1,152) |
|||||||||
Changes in estimated future development and abandonment costs |
(199,745) |
(104,300) |
(82,799) |
|||||||||
Development costs incurred during the year that reduced future development costs |
101,572 |
94,505 |
102,784 |
|||||||||
Accretion of discount |
24,692 |
48,400 |
43,534 |
|||||||||
Net change in income taxes |
(334,063) |
106,148 |
66,705 |
|||||||||
Others (1) |
40,206 |
157,072 |
178,250 |
|||||||||
|
|
|
|
|
|
|||||||
End of year |
929,199 |
179,278 |
380,909 |
|||||||||
|
|
|
|
|
|
(1) |
Corresponds mainly to exchange differences arising from the translation of our cash flows in the functional currency to the presentation currency. |
Exhibit 1.1
ESTATUTO
DE
YPF SOCIEDAD ANONIMA
TITULO I
DENOMINACIÓN, DOMICILIO Y DURACIÓN
Artículo 1°Denominación
La Sociedad se denomina YPF SOCIEDAD ANÓNIMA. En el cumplimiento de las actividades propias de su objeto social y en todos los actos jurídicos que formalice, podrá usar, indistintamente, su nombre completo o el abreviado YPF S.A.
Artículo 2°Domicilio
El domicilio legal de la Sociedad se fija en la Ciudad de Buenos Aires, República Argentina, sin perjuicio de lo cual podrá establecer administraciones regionales, delegaciones, sucursales, agencias o cualquier especie de representación dentro o fuera del país.
Artículo 3°Duración
El término de duración de la Sociedad se establece en cien (100) años contados desde la inscripción de este Estatuto en el Registro Público de Comercio.
TITULO II
OBJETO
Artículo 4°Objeto
La Sociedad tendrá por objeto llevar a cabo por sí, por intermedio de terceros o asociada a terceros, el estudio, la exploración y la explotación de los yacimientos de hidrocarburos líquidos y/o gaseosos y demás minerales, como asimismo, la industrialización, transporte y comercialización de estos productos y sus derivados directos e indirectos, incluyendo también productos petroquímicos, químicos derivados o no de hidrocarburos y combustibles de origen no fósil, biocombustibles y sus componentes, así como la generación de energía eléctrica a partir de hidrocarburos, a cuyo efecto podrá elaborarlos, utilizarlos, comprarlos, venderlos, permutarlos, importarlos o exportarlos, así como también tendrá por objeto prestar, por sí, a través de una sociedad controlada, o asociada a terceros, servicios de telecomunicaciones en todas las formas y modalidades autorizadas por la legislación vigente y previa solicitud de las licencias respectivas en los casos que así lo disponga el marco regulatorio aplicable, así como también la producción, industrialización, procesamiento, comercialización, servicios de acondicionamiento, transporte y acopio de granos y sus derivados, así como también realizar cualquier otra actuación complementaria de su actividad industrial y comercial o que resulte necesaria para facilitar la consecución de su objeto. Para el mejor cumplimiento de estos objetivos podrá fundar, asociarse con o participar en personas jurídicas de carácter público o privado domiciliadas en el país o en el exterior, dentro de los límites establecidos en este Estatuto.
Artículo 5°Medios para el cumplimiento del objeto social
a) | Para cumplir su objeto la sociedad podrá realizar toda clase de actos jurídicos y operaciones cualesquiera sea su carácter legal, incluso financieros, excluida la intermediación, que hagan al objeto de la Sociedad, o estén relacionados con el mismo, dado que, a los fines del cumplimiento de su objeto, la Sociedad tiene plena capacidad jurídica para adquirir derechos, contraer obligaciones y ejercer todos los actos que no sean prohibidos por las leyes o por este Estatuto. |
b) | En particular, la Sociedad podrá: |
(i) | Adquirir por compra o cualquier título, bienes inmuebles, muebles, semovientes, instalaciones y toda clase de derechos, títulos, acciones o valores, venderlos, permutarlos, cederlos y disponer de ellos bajo cualquier título, darlos en garantía y gravarlos, incluso con prendas, hipotecas o cualquier otro derecho real y constituir sobre ellos servidumbres, asociarse con personas de existencia visible o jurídica, concertar contratos de unión transitoria de empresas y de agrupación de colaboración empresaria. |
(ii) | Celebrar toda clase de contratos y contraer obligaciones, incluso préstamos y otras obligaciones, con bancos oficiales o particulares, nacionales o extranjeros, organismos internacionales de crédito y/o de cualquier otra naturaleza, aceptar consignaciones, comisiones y/o mandatos y otorgarlos, conceder créditos comerciales vinculados con su giro. |
(iii) | Emitir, en el país o en el extranjero, debentures, obligaciones negociables y otros títulos de deudas en cualquier moneda con o sin garantía real, especial o flotante, convertibles o no. |
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TITULO III
CAPITAL. ACCIONES
Artículo 6°Capital
a) | Monto del capital social: El capital social se fija en la suma de pesos TRES MIL NOVECIENTOS TREINTA Y TRES MILLONES CIENTO VEINTISIETE MIL NOVECIENTOS TREINTA ($ 3.933.127.930) totalmente suscripto e integrado, representado por TRESCIENTOS NOVENTA Y TRES MILLONES TRESCIENTOS DOCE MIL SETECIENTOS NOVENTA Y TRES (393.312.793) de acciones ordinarias escriturales, de DIEZ PESOS ($10,00) valor nominal cada una y un voto por acción. |
b) | Clases de acciones ordinarias: El capital social se divide en cuatro clases de acciones ordinarias de acuerdo al siguiente detalle: |
(i) | Acciones clase A, sólo el Estado Nacional podrá ser titular de acciones clase A. |
(ii) | Acciones clase B, destinadas originariamente a ser adquiridas por tenedores de Bonos de Consolidación de Regalías de Gas y Petróleo o titulares de acreencias contra la Nación por regalías de gas y petróleo. La acción clase B adquirida por un tenedor de los citados Bonos que no fuera una Provincia o el Estado Nacional se convertirá en acción clase D. |
(iii) | Acciones clase C, destinadas originariamente por el Estado Nacional a los empleados de la Sociedad bajo el régimen del Programa de Propiedad Participada de la Ley 23.696. Las acciones clase C no adquiridas por los empleados de la Sociedad bajo el Programa de Propiedad Participada se convertirán en acciones clase A; y |
(iv) | Acciones clase D, convertidas en tales por transferencia a cualquier persona de acciones clase A, B o C de acuerdo a las siguientes reglas: |
| Las acciones clase A que el Estado Nacional transfiera a cualquier persona se convertirán en acciones clase D, salvo transferencias a Provincias si una ley previamente lo autoriza en cuyo caso no cambiarán de clase. |
| Las acciones clase B que las Provincias transfieran a cualquier persona que no sea una Provincia se convertirán en acciones clase D. |
| Las acciones clase C que se transfieran a terceros fuera del Programa de Propiedad Participada se convertirán en acciones clase D. |
| Las acciones clase D no cambiarán de clase por ser eventualmente suscriptas o adquiridas por el Estado Nacional, las Provincias, otra persona jurídica de carácter público o por personal que participa en el Programa de Propiedad Participada. |
c) | Derechos especiales de la clase A: Se requerirá el voto favorable de las acciones clase A, cualquiera sea el porcentaje del capital social que dichas acciones clase A representen para que la Sociedad válidamente resuelva: |
(i) | Decidir la fusión con otra u otras sociedades; |
(ii) | Aceptar que la Sociedad, a través de la adquisición por terceros de sus acciones, sufra una situación de copamiento accionario consentido u hostil que represente la posesión de más del cincuenta por ciento (50 %) del capital social de la Sociedad; |
(iii) | Transferir a terceros, la totalidad de los derechos de explotación concedidos en el marco de la Ley 17.319, sus normas complementarias y reglamentarias, y la Ley 24.145, de modo tal que ello determine el cese total de la actividad exploratoria y de explotación de la Sociedad; |
(iv) | La disolución voluntaria de la Sociedad. |
(v) | El cambio de domicilio social y/o fiscal de la Compañía fuera de la República Argentina. |
Se requerirá, además, previa aprobación de una ley nacional para resolver favorablemente sobre los subincisos (iii) y (iv) anteriores.
d) | Acciones preferidas: La Sociedad puede emitir acciones preferidas con o sin derecho de voto divididas también en clases A, B, C y D. Se aplicarán a cada clase de acciones preferidas las mismas reglas sobre titularidad y conversión que las previstas para la misma clase de acciones ordinarias en el inciso b) precedente. Cuando las acciones preferidas ejerzan el derecho de voto (ya sea transitoria o permanentemente) lo harán, en su caso, como integrantes, a ese efecto, de la clase a la cual pertenezcan. |
e) | Aumentos de Capital: El capital puede ser aumentado hasta su quíntuplo por decisión de la asamblea ordinaria, conforme lo dispuesto por el artículo 188 de la Ley 19.550, no rigiendo tal límite si la Sociedad es autorizada a hacer oferta pública de sus acciones. Corresponde a la Asamblea establecer las características de las acciones a emitir en razón del aumento, dentro de las condiciones dispuestas en el presente Estatuto, pudiendo delegar en el directorio la facultad de fijar la época de las emisiones, como también la determinación de la forma y condiciones de pago de las acciones, pudiendo efectuar, asimismo, toda otra delegación admitida por la ley. Toda emisión de acciones ordinarias o preferidas se hará por clases respetando la proporción existente entre las distintas clases a la fecha de esa emisión, sin perjuicio de las modificaciones que ulteriormente resulten del ejercicio del derecho de preferencia y del derecho de acrecer según se prevé en el artículo 8° de este Estatuto. |
Artículo 7°Transferencia de acciones
a) | Acciones escriturales: Las acciones no se representarán en títulos sino que serán escriturales y se inscribirán en cuentas llevadas a nombre de sus titulares en la Sociedad, bancos comerciales, de inversión o cajas de valores autorizados, según lo disponga el directorio. Las acciones son indivisibles. Si existiese copropiedad, la representación para el ejercicio de los derechos o el cumplimiento de las obligaciones deberá unificarse. |
b) | Transferencia de acciones clase A o C: Toda transferencia de acciones clase A efectuada en violación de lo dispuesto por el último párrafo de artículo 8° de la Ley 24.145, o de acciones clase C efectuada en violación de las normas del Programa de Propiedad Participada o del respectivo Acuerdo General de Transferencia comunicado fehacientemente a la Sociedad, será nula, carecerá de todo efecto y no será reconocida por la Sociedad. |
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c) | Deber de información: Toda persona que, directa o indirectamente, adquiera por cualquier medio o título, acciones clase D, o que al transferirse se conviertan en clase D, o títulos de la Sociedad de cualquier tipo que sean convertibles en acciones clase D (incluyendo, dentro del significado del término título, pero sin limitarse, a los debentures, obligaciones negociables y cupones de acciones) que otorguen control sobre más del tres por ciento (3%) de las acciones de la clase D, deberá dentro de los cinco (5) días de efectuada la adquisición que causó la superación de dicho límite, informar esa circunstancia a la Sociedad, sin perjuicio de cumplir con los recaudos adicionales que las normas aplicables en los mercados de capitales impongan para tal evento. La información referida deberá detallar, además, la fecha de la operación, el precio, el número de acciones adquiridas y si es propósito del adquirente de esa participación adquirir una participación mayor o alcanzar el control de la voluntad social de la Sociedad. Si el adquirente está conformado por un grupo de personas, deberá identificar los miembros del grupo. La información aquí prevista deberá proporcionarse con relación a adquisiciones posteriores a la informada originariamente brindada, cuando se vuelva a exceder, según lo aquí previsto, los montos de acciones clase D indicados en la última información. |
d) | Toma de control: Sin cumplirse con lo indicado en los incisos e) y f) de este artículo no podrán adquirirse, directa o indirectamente, por cualquier medio o título, acciones de la Sociedad o títulos de la Sociedad (incluyendo dentro del significado del término título, pero sin limitarse, a los debentures, obligaciones negociables y cupones de acciones) convertibles en acciones cuando, como consecuencia de dicha adquisición, el adquirente resulte titular de, o ejerza el control sobre acciones Clase D de la Sociedad que, sumadas a sus tenencias anteriores de dicha clase (si las hubiere) representen, en total, el QUINCE POR CIENTO (15%) o más del capital social, o el VEINTE POR CIENTO (20%) o más de las acciones clase D en circulación, si las acciones representativas de dicho VEINTE POR CIENTO (20%) constituyeran, al mismo tiempo, menos del QUINCE POR CIENTO (15%) del capital social. |
No obstante lo indicado: (i) estarán excluidas de las previsiones de los incisos e) y f) de este artículo, las adquisiciones que realice quien ya sea titular o ejerza el control de acciones que representen más del CINCUENTA POR CIENTO (50%) del capital social; y (ii) estarán excluidas de las previsiones del inciso e) punto (ii) y del inciso f) de este artículo, las adquisiciones posteriores que realice quien ya sea titular o ejerza el control de acciones que representen el QUINCE POR CIENTO (15%) o más del capital social, o el VEINTE POR CIENTO (20%) o más de las acciones clase D en circulación, si las acciones representativas de dicho VEINTE POR CIENTO (20%) constituyeran, al mismo tiempo, menos del QUINCE POR CIENTO (15%) del capital social, siempre que las acciones de las que fuera y/o pase a ser titular el adquirente (incluyendo las acciones de las que fuera titular al momento de la adquisición y de las que pase a ser titular en virtud de la misma) no superen el CINCUENTA POR CIENTO (50%) del capital social.
Las adquisiciones a las que se refiere este inciso d) se denominan Adquisiciones de control.
e) | Requisitos: La persona que desee llevar a cabo una Adquisición de Control (en adelante, en este inciso el oferente) deberá: |
(i) | Obtener el consentimiento previo de la asamblea especial de los accionistas de la clase A y |
(ii) | Realizar una oferta pública de adquisición de todas las acciones de todas las clases de la Sociedad y de todos los títulos convertibles en acciones. |
Toda decisión que la asamblea especial de la clase A adopte en relación con las materias previstas en este inciso e) será definitiva y no generará derecho a indemnización alguna para ninguna parte.
f) | Oferta Pública de Adquisición: Cada oferta pública de adquisición será realizada de acuerdo con el procedimiento indicado en este inciso y, en la medida que las normas aplicables en las jurisdicciones en que la oferta pública de adquisición sea hecha y las disposiciones de las bolsas y mercados de valores en donde coticen las acciones y títulos de la Sociedad impongan requisitos adicionales o más estrictos a los aquí indicados, se cumplirá con dichos requisitos adicionales o más estrictos en las bolsas y mercados en que ellos sean exigibles. |
(i) El Oferente deberá notificar por escrito a la Sociedad de la oferta pública de adquisición con por lo menos quince días hábiles de anticipación a la fecha de inicio de la misma. En la notificación se informará a la Sociedad todos los términos y condiciones de cualquier acuerdo o preacuerdo que el oferente hubiera realizado o proyectara realizar con un tenedor de acciones de la Sociedad en virtud del cual, si dicho acuerdo o preacuerdo se consumara, el Oferente se encontraría en la situación descripta por el primer párrafo del inciso d) de este Artículo (en adelante, el Acuerdo Previo), y, además, toda la siguiente información mínima adicional:
(A) | La identidad, nacionalidad, domicilio y número de teléfono del Oferente; |
(B) | Si el oferente está conformado por un grupo de personas, la identidad y domicilio de cada Oferente en el grupo y de la persona directiva de cada persona o entidad que conforme el grupo; |
(C) | La contraprestación ofrecida por las acciones y/o títulos. Si la oferta está condicionada a que un número determinado de acciones resulte adquirido, se deberá indicar dicho mínimo; |
(D) | La fecha programada de vencimiento del plazo de validez de la oferta pública de adquisición, si la misma puede ser prorrogada, y en su caso el procedimiento para su prórroga; |
(E) | Una declaración por parte del Oferente sobre las fechas exactas con anterioridad y posterioridad a las cuales los accionistas y tenedores de títulos que los sujetaron para su venta al régimen de la oferta pública de adquisición tendrán el derecho de retirarlos, la forma en la cual las acciones y títulos así sujetos a la venta serán aceptados y sujeta a la cual se realizará el retiro de las acciones y títulos de su sujeción al régimen de la oferta pública de adquisición; |
(F) | Una declaración indicando que la oferta pública de adquisición estará abierta a todos los tenedores de acciones y de títulos convertibles en acciones; |
(G) | La información adicional, incluyendo los estados contables del Oferente, que la Sociedad pueda razonablemente requerir o que pueda ser necesaria para que la notificación arriba indicada no conduzca a conclusiones erróneas o cuando la información suministrada sea incompleta o deficiente. |
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(ii) | El Directorio de la Sociedad convocará por cualquier medio fehaciente a una Asamblea especial de la clase A a celebrarse a los diez días hábiles contados a partir de la recepción por la Sociedad del aviso indicado en el subinciso (i), a fin de considerar la aprobación de la oferta pública de adquisición y someterá a dicha Asamblea su recomendación al respecto. Si tal asamblea no se celebra pese a la convocatoria, o si se celebrara y en ella se rechazara la oferta pública de adquisición, ésta no podrá cumplirse y tampoco se llevará a cabo el Acuerdo Previo, si existiera. |
(iii) | La Sociedad enviará por correo, a cada accionista o tenedor de títulos convertibles en acciones, a costa del Oferente, con la diligencia razonable, copia de la notificación entregada a la Sociedad de acuerdo con lo indicado en el subinciso (i). El Oferente deberá adelantar a la Sociedad los fondos requeridos para este fin. |
(iv) | El Oferente enviará por correo o de otra forma suministrará, con una diligencia razonable, a cada accionista o tenedor de títulos convertibles en acciones que se lo requiera, copia de la notificación suministrada a la Sociedad y publicará un aviso conteniendo sustancialmente la información indicada en el subinciso (i), al menos una vez por semana, comenzando en la fecha en que dicha notificación es entregada a la Sociedad de acuerdo con el subinciso (i) y terminando al expirar la fecha para la oferta pública de adquisición. Sujeto a las disposiciones legales aplicables, esta publicación se hará en la sección de negocios de diarios de circulación general en la República Argentina, en la ciudad de Nueva York, EE.UU. y en cualquier otra ciudad en cuya bolsa o mercado coticen las acciones. |
(v) | La contraprestación por cada acción o título convertible en acción pagadera a cada accionista o tenedor del título será la misma, en dinero, y no será inferior al precio por acción clase D o en su caso título convertible en acción clase D, más alto de los precios siguientes: |
(A) | el mayor precio por acción o título pagado por el Oferente, o por cuenta del Oferente, en relación con cualquier adquisición de acciones clase D o títulos convertibles en acciones clase D dentro del período de dos años inmediatamente anterior al aviso de la adquisición de Control, ajustado a raíz de cualquier división accionaria, dividendo en acciones, subdivisión o reclasificación que afecte o se relacione a la clase D de acciones; o |
(B) | El precio más alto cierre vendedor durante el período de treinta días inmediatamente precedente a dicho aviso, de una acción clase D según su cotización en la Bolsa de Comercio de Buenos Aires, en cada caso ajustado a raíz de cualquier división accionaria, dividendo en acciones, subdivisión o reclasificación que afecte o se relacione a la clase D de acciones; o |
(C) | Un precio por acción igual al precio de mercado por acción de la clase D determinado según lo indicado en el subinciso (B) de esta cláusula multiplicado por la relación entre: (a) el precio por acción más alto pagado por el Oferente o por cuenta del mismo, por cualquier acción de la clase D, en cualquier adquisición de acciones de la clase dentro de los dos años inmediatamente precedentes a la fecha del aviso indicado en el subinciso (i), y (b) dicho precio de mercado por acción de la clase D en el día inmediatamente precedente al primer día del período de dos años en el cual el Oferente adquirió cualquier tipo de interés o derecho en una acción de la clase D. En cada caso el precio será ajustado teniendo en cuenta cualquier subsiguiente división accionaria, dividendo en acciones, subdivisión o reclasificación que afecte o esté relacionada a la clase D; o |
(D) | El ingreso neto de la Sociedad por acción de la clase D durante los cuatro últimos trimestres fiscales completos inmediatamente precedentes a la fecha del aviso indicado en el subinciso (i), multiplicado por la más alta de las siguientes relaciones: la relación precio/ingreso para ese período para las acciones de la clase D (si lo hubiere) o la relación precio/ingreso más alta para la Sociedad en el período de dos años inmediatamente precedente a la fecha del aviso indicado en el subinciso (i). Dichos múltiplos serán determinados en la forma común en la cual se los computa e informa en la comunidad financiera. |
(vi) | Los accionistas o tenedores de títulos que los hayan sujetado a la oferta pública de adquisición podrán retirarlos de la misma antes de la fecha fijada para el vencimiento de dicha oferta. |
(vii) | La oferta pública de adquisición no podrá ser inferior a VEINTE (20) días, ni exceder de TREINTA (30) días contados desde la fecha de autorización de la solicitud de oferta pública por la Comisión Nacional de Valores de Argentina. |
(viii) | El Oferente adquirirá todas las acciones y/o títulos convertibles en acciones que antes de la fecha de la expiración de la oferta, sean puestos a venta de acuerdo al régimen de la oferta pública de adquisición. Si el número de dichas acciones o títulos es menor al mínimo al cual condicionó el Oferente la oferta pública de adquisición, el Oferente podrá retirarla. |
(ix) | Si el Oferente no ha fijado un mínimo al cual condiciona su oferta pública de adquisición según lo indicado en el subinciso (i) (C) de este inciso, finalizado dicho procedimiento podrá concretar el Acuerdo Previo, si lo hubiera, cualquiera sea el número de acciones y/o títulos que haya adquirido bajo el régimen de la oferta pública de adquisición. Si hubiere fijado tal mínimo, podrá concretar el Acuerdo Previo sólo si bajo el régimen de la oferta pública de adquisición ha superado dicho mínimo. El acuerdo previo deberá concretarse dentro de los treinta días de finalizada la oferta pública de adquisición, caso contrario, para poder concretarlo será necesario repetir el procedimiento previsto en este Artículo. |
Si no hubiese Acuerdo Previo, el Oferente, en los supuestos y oportunidades indicados previamente en que se podría concretar un Acuerdo Previo, podrá adquirir libremente el número de acciones y/o títulos que informó a la Sociedad en la comunicación indicada en el subinciso (i) de este inciso, en tanto no haya adquirido dicho número de acciones y/o títulos bajo el régimen de la oferta pública de adquisición.
g) | Transacciones relacionadas: Toda fusión, consolidación u otra forma de combinación que tenga substancialmente los mismos efectos (en adelante, en este artículo la Transacción Relacionada) que comprenda a la Sociedad y cualquier otra persona (en adelante en este artículo el Accionista Interesado), que haya realizado previamente una Adquisición de control o que tenga para el Accionista Interesado los efectos, en cuanto a la tenencia de acciones clase D, de una Adquisición de control, sólo será realizada si la contraprestación que recibirá cada accionista de la Sociedad en dicha Transacción Relacionada fuera igual para todos los accionistas y no menor a: |
(i) | El precio por acción más alto pagado por o por cuenta de dicho Accionista Interesado con relación a la adquisición de: |
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(A) | Acciones de la clase del tipo a ser transferidas por los accionistas en dicha Transacción Relacionada (en adelante, La clase), dentro del período de dos años inmediatamente anterior al primer anuncio público de la Transacción Relacionada (en adelante, la Fecha del Anuncio), o |
(B) | Acciones de la Clase adquiridas por dicho Accionista Interesado en cualquier Adquisición de control. |
En ambos casos según dicho precio sea ajustado con motivo de cualquier división accionaria, dividendo en acciones, subdivisión o reclasificación que afecte o esté relacionada a la clase.
(ii) | El precio, cierre vendedor, más alto durante el período de treinta días inmediatamente precedente a la fecha del anuncio o la fecha en que el Accionista Interesado adquiera acciones de la Clase en cualquier Adquisición de control, de una acción de la clase según su cotización en la Bolsa de Comercio de Buenos Aires, ajustado por cualquier división accionaria, dividendo en acciones, subdivisión o reclasificación que afecte o esté relacionada a la Clase. |
(iii) | Un precio por acción igual al precio de mercado por acción de la Clase determinado según lo indicado en el inciso (ii) de esta cláusula multiplicado por la relación entre: (a) el precio por acción más alto pagado por el Accionista Interesado o por cuenta del mismo, por cualquier acción de la Clase, en cualquier adquisición de acciones de la Clase dentro de los dos años inmediatamente precedentes a la Fecha del Anuncio, y (b) dicho precio de mercado por acción de la Clase en el día inmediatamente precedente al primer día del período de dos años en el cual el Accionista Interesado adquirió cualquier tipo de interés o derecho en una acción de la Clase. En cada caso el precio será ajustado teniendo en cuenta cualquier subsiguiente división accionaria, dividendo en acciones, subdivisión o reclasificación que afecte o esté relacionada a la Clase. |
(iv) | El ingreso neto de la Sociedad por acción de la Clase durante los cuatro últimos trimestres fiscales completos inmediatamente precedentes a la Fecha del Anuncio, multiplicado por la más alta de las siguientes relaciones: la relación precio/ ingreso para ese período para las acciones de la Clase (si lo hubiere) o la relación precio/ingreso más alta para la Sociedad en el período de dos años inmediatamente precedente a la Fecha del Anuncio. Dichos múltiplos serán determinados en la forma común en la cual se los computa e informa en la comunidad financiera. |
h) | Violación de requisitos: Las acciones y títulos adquiridos en violación a lo establecido en los incisos 7 c) a 7 g), ambos inclusive, de este artículo, no darán derecho a voto o a cobrar dividendos u otras distribuciones que realice la Sociedad y no serán computadas a los fines de determinar el quórum en cualquiera de las asambleas de accionistas de la Sociedad, hasta tanto las acciones no sean enajenadas, en el caso de que el adquirente haya obtenido el control directo sobre YPF, o hasta tanto el adquirente pierda el control sobre la sociedad controlante de YPF, si la toma de control ha sido indirecta. |
i) | Interpretación: A los efectos de este artículo 7, el término indirectamente incluirá a las sociedades controlantes del adquirente, las sociedades por él controladas o que resultarían controladas como consecuencia de la Adquisición de control, Oferta Pública de Adquisición, Acuerdo Previo, o Transacción Relacionada, según sea el caso, que otorgarían a su vez el control de la Sociedad, las sociedades sometidas a control común con el adquirente y a las demás personas que actúen concertadamente con el adquirente; asimismo quedarán incluidas las tenencias accionarias que una persona posea a través de fideicomisos, certificados de depósito de acciones (ADR) u otros mecanismos análogos. |
La Sociedad no se encuentra adherida al Régimen Estatutario Optativo de Oferta Pública de Adquisición Obligatoria previsto por el artículo 24 del Decreto 677/01.
Artículo 8°Derecho de preferencia
a) | Reglas generales: Los tenedores de acciones ordinarias o preferidas de cada clase gozarán del derecho de preferencia en la suscripción de las acciones de la misma clase que se emitan, en proporción a las que posean. Este derecho deberá ejercerse en las condiciones y dentro del plazo fijados por la Ley y reglamentaciones aplicables. Las condiciones de emisión, suscripción e integración de las acciones clase C podrán ser más ventajosas para sus adquirentes que las previstas para el resto de las acciones pero en ningún caso podrán ser más gravosas. Todo titular de un derecho de preferencia, cualquiera sea la clase de acción que lo origina, podrá cederlo a cualquier tercero, en cuyo caso la acción objeto de dicho derecho de preferencia se convertirá o consistirá en una acción clase D. |
b) | Derecho de acrecer: El derecho de acrecer se ejercerá dentro del mismo plazo fijado para el derecho de preferencia, y respecto de todas las clases de acciones que no hayan sido inicialmente suscriptas. A estos efectos: |
(i) | Las acciones clase A que no hayan sido suscriptas en ejercicio del derecho de preferencia por el Estado Nacional se convertirán en acciones clase D y serán ofrecidas a los accionistas de dicha Clase que hubieran manifestado la intención de acrecer con relación a las acciones clase A no suscriptas; |
(ii) | Las acciones clase B que no hayan sido suscriptas por Provincias en ejercicio de sus derechos de preferencia originales, por omisión de ejercicio o por cesión del mismo, se asignarán seguidamente a las Provincias que hayan suscripto acciones clase B y manifestado la intención de acrecer, y el excedente se convertirá en acciones clase D para ser ofrecidas a los accionistas de dicha clase D que hubieran manifestado la intención de acrecer con relación a las acciones clase B no suscriptas; |
(iii) | Las acciones clase C que no hayan sido suscriptas por personas comprendidas en el Programa de Propiedad Participada en ejercicio de sus derechos de preferencia originales, por omisión de ejercicio o por cesión del mismo, se asignarán a aquellas de las personas comprendidas en dicho régimen que hayan suscripto acciones clase C y manifestado la intención de acrecer, y el excedente se convertirá en acciones clase D para ser ofrecidas a los accionistas de dicha clase que hubieran manifestado la intención de acrecer con relación a las acciones clase C no suscriptas; |
(iv) | Las acciones clase D que no hubieren sido suscriptas en ejercicio de derechos de preferencia emanados de acciones de esa clase serán asignadas a aquellos de los suscriptores de esa clase que hayan manifestado la intención de acrecer; |
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(v) | Las acciones clase D remanentes se asignarán a los accionistas de las demás clases que hubieren manifestado intención de acrecer, en paridad de rango. |
c) | Límites: Los derechos de preferencia y de acrecer previstos en los párrafos precedentes existirán sólo en la medida en que sean exigidos por la legislación societaria vigente en cada momento o sean necesarios para cumplir las disposiciones aplicables de las Leyes 23.696 y 24.145. |
Artículo 9°Oferta pública y privada. Derogado
TITULO IV
OBLIGACIONES NEGOCIABLES, BONOS DE
PARTICIPACION Y OTROS TITULOS
Artículo 10°Títulos emitibles
a) | Obligaciones negociables: La Sociedad podrá emitir obligaciones negociables, convertibles o no. Cuando fuere legalmente necesario que la emisión de obligaciones negociables sea decidida por la asamblea, ésta podrá delegar en el Directorio todas o algunas de las condiciones de emisión. |
b) | Otros títulos: La Sociedad podrá emitir bonos de preferencia y otros títulos admitidos por la legislación aplicable. Los bonos de preferencia otorgarán a sus titulares el derecho de suscripción preferente en los aumentos de capital que se decidan en el futuro y hasta el monto que dichos bonos prevean. En la suscripción de dichos bonos y otros títulos convertibles, los accionistas tendrán derecho de preferencia en los términos y en los casos previstos en el artículo 8º de este Estatuto. |
c) | Conversión a clase D: Todo título convertible emitido por la Sociedad dará derecho a conversión sólo en acciones clase D. Su emisión deberá ser autorizada por asamblea especial de la clase D. |
TITULO V
DIRECCION Y ADMINISTRACION
Artículo 11°Directorio
a) | Integración: La dirección y administración de la Sociedad estará a cargo de un directorio integrado por un número de once (11) a veintiún (21) directores titulares, según lo determine la Asamblea, los que serán designados con mandato entre 1 y 3 ejercicios según lo determine la Asamblea en cada caso, pudiendo ser reelegidos indefinidamente, sin perjuicio de lo establecido por el inciso e) de este artículo. |
b) | Directores suplentes: Cada clase de acciones designará un número de directores suplentes igual o menor al de titulares que le corresponda designar. Los directores suplentes llenarán las vacantes que se produzcan dentro de su respectiva clase en el orden de su designación cuando tal vacante se produzca, sea por ausencia, renuncia, licencia, incapacidad, inhabilidad o fallecimiento, previa aceptación por el directorio de la causal de sustitución cuando ésta sea temporaria. |
c) | Designación: Los directores serán designados por voto mayoritario dentro de cada una de las clases de acciones ordinarias, de la siguiente manera: |
(i) | la clase A elegirá un director titular y un suplente mientras exista al menos una acción clase A; |
(ii) | la designación del resto de los directores titulares y suplentes (que en ningún caso será menor de seis titulares y un número igual o menor de suplentes) corresponderá a la clase D. Las clases B y C votarán conjuntamente con las acciones clase D en la asamblea especial de ésta última convocada para la elección de Directores; |
(iii) | en las asambleas especiales de clase D convocadas para la elección de directores se podrá votar por voto acumulativo con arreglo a las previsiones del artículo 263 de la Ley 19.550, incluso cuando a ella concurran accionistas tenedores de acciones A, B ó C conforme a lo previsto anteriormente. |
d) | Ausencia de una clase: Si no hubiere ninguna acción de una determinada clase con derecho a elegir directores de clase, presente en una asamblea celebrada en segunda convocatoria y convocada para elegir directores, los directores de dicha clase serán elegidos por los accionistas de las restantes clases votando conjuntamente como si constituyeran una sola clase salvo en caso en que la ausencia de accionistas ocurriera en las asambleas de las clases A, B o C en cuyo caso el síndico designado por las acciones clase A o por las acciones clase A, B y C en conjunto, según corresponda con arreglo a lo previsto en el Artículo 21 inciso b) procederá a efectuar la designación de directores titulares y suplentes de aquella de dichas clases que hubieren estado ausentes. |
e) | Elección escalonada: La elección será por el plazo que establezca la Asamblea según lo previsto en el art. 11 inc. a), salvo cuando se elijan directores para completar el mandato de los reemplazados. |
f) | Nominación de candidatos: En cada asamblea que deba elegir directores para la clase D, todo accionista, o grupo de accionistas de la clase D que posea más del tres por ciento (3%) del capital representado por acciones clase D, podrá requerir que se envíe a todos los accionistas de esa clase la lista de candidatos que ese accionista o grupo de accionistas propondrá a la asamblea de dicha clase para su elección. En el caso de bancos depositarios que tengan acciones registradas a su nombre, esta regla se aplicará con respecto a los beneficiarios. Igualmente, el directorio podrá proponer candidatos a directores a ser electos por las asambleas de las clases respectivas, cuyos nombres se comunicarán a todos los accionistas junto con las listas propuestas por los accionistas mencionados en primer término. Las reglas anteriores no impedirán a ningún accionista presente en la asamblea proponer candidatos no incluidos en las propuestas circularizadas por el directorio. No podrá efectuarse ninguna propuesta de elección de directores para ninguna de las clases, antes del acto de la asamblea o en el curso de la misma, sin presentar a la Sociedad prueba escrita de la aceptación del cargo por los candidatos propuestos. |
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g) | Forma de la elección: Sin perjuicio de lo establecido sobre voto acumulativo por el subinciso (vi) del inciso (c) de este Artículo la elección de directores de la clase D se efectuará por lista siempre que ningún accionista lo objete; en caso contrario, se efectuará individualmente. Se declarará electa a la lista o persona, según el caso, que obtenga la mayoría absoluta de las acciones clase D presentes en la asamblea; si ninguna lista obtuviera tal mayoría, se realizará una nueva votación en la que participarán las dos listas o personas más votadas, considerándose electa la lista o persona que en tal votación obtenga la mayor cantidad de votos. |
h) | Remoción: Sujeto a los requisitos de quórum aplicables, cada clase, por mayoría de las acciones de la clase presente en la asamblea, podrá remover a los directores por ella elegidos siempre que la remoción haya sido incluida en el orden del día. |
Artículo 12°Garantía
Los directores titulares deben constituir, cada uno de ellos, una garantía de diez mil pesos ($ 10.000) o su equivalente, como mínimo, la que podrá consistir en bonos, títulos públicos o sumas de moneda nacional o extranjera depositados en entidades financieras o cajas de valores, a la orden de la sociedad, o en fianzas o avales bancarios o seguros de caución o de responsabilidad civil a favor de la sociedad, cuyo costo deberá ser soportado por cada director; en ningún caso procederá constituir garantía mediante el ingreso directo de fondos a la caja social. Cuando la garantía consista en depósito de bonos, títulos públicos o sumas de moneda nacional o extranjera, las condiciones de su constitución deberán asegurar su indisponibilidad mientras esté pendiente el plazo de prescripción de eventuales acciones de responsabilidad. Los directores suplentes solamente deberán constituir la garantía aludida en caso de asumir como titulares en reemplazo de un director titular saliente para completar el período o períodos que correspondan.
Artículo 13°Vacantes
Los síndicos podrán designar directores, en caso de vacancia, cuyo mandato se extenderá hasta la elección de nuevos directores por la asamblea. Corresponderá al síndico designado por las acciones clase A nombrar a un director por la clase A, después de consultar con el accionista clase A, y a los síndicos designados por las acciones clase D nombrar a los directores por esa clase.
Artículo 14°Remuneración
a) | Miembros no ejecutivos: Las funciones de los miembros no ejecutivos del directorio serán remuneradas según lo resuelva anualmente la asamblea ordinaria en forma global y se repartirá entre ellos en forma igualitaria, y entre sus suplentes en proporción al tiempo que reemplazaron a esos titulares. La asamblea autorizará los montos que podrán pagarse a cuenta de dichos honorarios durante el ejercicio en curso, sujeto a ratificación por la asamblea que considerara dicho ejercicio. |
b) | Miembros ejecutivos: Los directores de la Sociedad que cumplan funciones ejecutivas, técnico-administrativas o comisiones especiales recibirán una remuneración por dichas funciones o comisiones de nivel acorde con el vigente en el mercado, que será fijada por el Directorio, con la abstención de los nombrados. Estas remuneraciones, juntamente con las de la totalidad del Directorio, estarán sujetas a ratificación por la asamblea según el régimen del artículo 261 de la Ley 19.550. |
c) | Regla general: Las remuneraciones de los directores establecidas por los incisos a) y b) anteriores deberán respetar los límites fijados por el Artículo 261 de la Ley 19.550, salvo el caso previsto en el último párrafo de dicho artículo. |
Artículo 15ºReuniones
El Directorio se reunirá, como mínimo, una vez por trimestre, sin perjuicio de que el Presidente del Directorio, o quien lo reemplace, lo convoque cuando lo considere conveniente. Asimismo, el Presidente del Directorio o quien lo reemplace, debe citar al Directorio cuando lo solicite cualquiera de los directores. La convocatoria se hará, en este último caso, por el Presidente del Directorio, para llevar a cabo la reunión dentro del quinto día de recibido el pedido; en su defecto, la convocatoria podrá ser efectuada por cualquiera de los directores. Las reuniones de Directorio deberán ser convocadas por escrito con indicación del orden del día, pero podrán tratarse temas no incluidos en el orden del día, si se hubieran originado con posterioridad y tuvieran carácter urgente.
Artículo 16°Quórum y mayorías
El Directorio podrá funcionar con los miembros presentes, o comunicados entre sí por otros medios de transmisión simultánea de sonido, imágenes o palabras. El Directorio funcionará con la presidencia del Presidente del Directorio o quien lo reemplace, pudiendo delegarse la firma del acta por parte de aquellos que se encuentren a distancia a los miembros presentes. El quórum se constituirá con la mayoría absoluta de los miembros que lo integren, computándose la asistencia de los miembros participantes, presentes o comunicados entre sí a distancia. Se dejará constancia en el Acta de la asistencia y la participación de los miembros presentes y de los miembros a distancia. En caso de que en una reunión convocada regularmente, una hora después de la fijada en la convocatoria no se hubiese alcanzado quórum, el Presidente del Directorio o quien lo reemplace podrá invitar al o los suplentes de las clases correspondientes a los ausentes a incorporarse a la reunión hasta alcanzar el quórum mínimo o convocar la reunión para otra fecha. No obstante, en caso de que las ausencias no afecten el quórum, el Directorio podrá invitar a los suplentes de las clases correspondientes a incorporarse a la reunión. El Directorio adoptará sus resoluciones por el voto de la mayoría de los miembros presentes y a distancia. La Comisión Fiscalizadora dejará constancia en el Acta del Directorio de la regularidad de las decisiones adoptadas. El Presidente del Directorio, o quien lo reemplace tendrá, en todos los casos, derecho a voto y doble voto en caso de empate. Los directores ausentes podrán autorizar a otro director a votar en su nombre, siempre que existiera quórum, en cuyo caso no se incorporarán suplentes en reemplazo de quienes así hubieren autorizado. Las actas serán confeccionadas y firmadas dentro de los CINCO (5) días hábiles de celebrada la reunión por los miembros presentes del Directorio y por el representante de la Comisión Fiscalizadora.
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Artículo 17°Facultades del Directorio
El directorio tendrá amplias facultades para organizar, dirigir y administrar la Sociedad, incluso lo que requiera poderes especiales a tenor del Artículo 375 del Código Civil y Comercial de la Nación y del Artículo 9 del Decreto Ley 5965/63. Podrá especialmente operar con toda clase de bancos, compañías financieras o entidades crediticias oficiales y privadas; dar y revocar poderes especiales y generales, judiciales, de administración u otros, con o sin facultad de sustituir; iniciar, proseguir, contestar o desistir denuncias o querellas penales y realizar todo otro hecho o acto jurídico que haga adquirir derechos o contraer obligaciones a la Sociedad, sin otras limitaciones que las que resulten de las leyes que le fueren aplicables, del presente Estatuto y de los acuerdos de asambleas, correspondiéndole:
(i) Otorgar poderes generales y especiales -inclusive aquellos cuyo objeto sea lo previsto en el artículo 375 del Código Civil y Comercial de la Nación- así como aquellos que faculten para querellar criminalmente, y revocarlos. A los efectos de absolver posiciones, reconocer documentos en juicios, prestar indagatoria o declarar en procedimientos administrativos, el directorio podrá otorgar poderes para que la Sociedad sea representada por cualquier director, gerente o apoderado, debidamente instituido.
(ii) Comprar, vender, ceder, donar, permutar y dar o tomar en comodato toda clase de bienes muebles e inmuebles, establecimientos comerciales e industriales, buques, artefactos navales y aeronaves, derechos, inclusive marcas, patentes de invención y derechos de propiedad industrial e intelectual; constituir servidumbres, como sujeto activo o pasivo, hipotecas, hipotecas navales, prendas o cualquier otro derecho real y, en general, realizar todos los demás actos y celebrar, dentro o fuera del país, los contratos que sean atinentes al objeto de la Sociedad, inclusive arrendamientos por el plazo máximo que establezca la ley.
(iii) Asociarse con otras personas de existencia visible o jurídica, conforme a la legislación vigente y a estos Estatutos y celebrar con ellas contratos de unión transitoria de empresas, o de agrupaciones de colaboración empresaria.
(iv) Tramitar ante las autoridades nacionales o extranjeras todo cuanto sea necesario para el cumplimiento del objeto de la Sociedad.
(v) Aprobar la dotación del personal, efectuar nombramientos de los gerentes generales o especiales, fijar sus niveles de retribuciones, condiciones de trabajo y cualquier otra medida de política de personal y disponer promociones, pases, traslados y remociones y aplicar las sanciones que pudieren corresponder.
(vi) Emitir, dentro o fuera del país, en moneda nacional o extranjera, debentures, obligaciones negociables y otros títulos de deuda con garantía real, especial o flotante o sin garantía, convertibles o no, conforme las disposiciones legales que fueren aplicables y previa resolución de la asamblea competente cuando ello fuere legalmente requerido.
(vii) Transar judicial o extrajudicialmente toda clase de cuestiones, comprometer en árbitros o amigables componedores, promover y contestar toda clase de acciones judiciales y administrativas y asumir el papel de querellante en jurisdicción penal o correccional competente, otorgar toda clase de fianzas y prorrogar jurisdicciones dentro o fuera del país, renunciar al derecho de apelar o a prescripciones adquiridas, absolver o poner posiciones en juicio, hacer novaciones, otorgar quitas o esperas y, en general, efectuar todos los actos que según la ley requieren poder especial.
(viii) Efectuar toda clase de operaciones con bancos y entidades financieras inclusive el Banco de la Nación Argentina, de la Provincia de Buenos Aires, y demás instituciones bancarias y financieras oficiales, privadas o mixtas del país o del exterior. Celebrar operaciones y contratar préstamos, empréstitos y otras obligaciones con bancos oficiales o particulares, incluidos los enumerados en la frase anterior, instituciones y organismos internacionales de crédito o de cualquier otra naturaleza, personas de existencia visible o jurídica, del país o del extranjero.
(ix) Crear, mantener, suprimir, reestructurar o trasladar las dependencias y sectores de la Sociedad y crear nuevas administraciones regionales, agencias o sucursales dentro o fuera del país; constituir y aceptar representaciones.
(x) Aprobar y someter a la consideración de la asamblea la Memoria, Inventario, Balance General y Estado de Resultados de la Sociedad proponiendo, anualmente, el destino de las utilidades del Ejercicio.
(xi) Aprobar el régimen de contrataciones de la Sociedad, el que asegurará la concurrencia de oferentes, transparencia y publicidad de procedimientos.
(xii) Disponer, si lo considera conveniente y necesario, la creación e integración del Comité Ejecutivo y de otros comités de Directorio, fijar las funciones y límites de su actuación dentro de las facultades que le otorga este Estatuto y dictar su reglamento interno.
(xiii) Aprobar la designación del Gerente General y del Subgerente General, de acuerdo con lo dispuesto en el artículo 18 (c).
(xiv) Resolver cualquier duda o cuestión que pudiera suscitarse en la aplicación del presente Estatuto, a cuyo efecto el Directorio queda investido de amplios poderes sin perjuicio de dar cuenta, oportunamente, a la asamblea.
(xv) Dictar su propio reglamento interno.
(xvi) Solicitar y mantener la cotización, en bolsas y mercados de valores nacionales e internacionales, de sus acciones, y demás títulos cuando fuere pertinente.
(xvii) Aprobar el presupuesto anual, las estimaciones de gastos e inversiones, los niveles de endeudamiento necesario y los planes anuales de acción de la Sociedad.
(xviii) Ejercer las demás facultades que le confiere este Estatuto.
La enumeración que antecede es enunciativa y no taxativa y, en consecuencia, el directorio tiene todas las facultades para administrar y disponer de los bienes de la Sociedad y celebrar todos los actos que hagan al objeto social, salvo las excepciones previstas en el presente Estatuto, incluso por apoderados especialmente designados al efecto, a los fines y con la amplitud de facultades que, en cada caso particular, se determine.
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Artículo 18ºPresidente y Vicepresidente del DirectorioGerente General y Subgerente General.
a) | Designación: El Directorio designará de entre los miembros elegidos por las acciones Clase D a un Presidente del Directorio y podrá designar, en su caso, a un Vicepresidente del Directorio. En caso de empate se resolverá por votación de los directores elegidos por la clase D. El Presidente y el Vicepresidente del Directorio durarán en sus cargos dos (2) ejercicios, pero no más allá de su permanencia en el Directorio, pudiendo ser reelegidos indefinidamente en esas condiciones si fueran electos o reelectos como directores por la clase D. |
b) | Vicepresidente del Directorio: El Vicepresidente del Directorio reemplazará al Presidente del Directorio en caso de renuncia, fallecimiento, incapacidad, inhabilidad, remoción o ausencia temporaria o definitiva de este último. En todos estos casos, salvo en el de ausencia temporaria, el Directorio deberá elegir nuevo Presidente del Directorio dentro de los sesenta días de producida la vacancia y según lo previsto en el inciso a) de este artículo. |
c) | Gerente General: El Directorio designará un Gerente General, quien podrá o no ser director, pero en el primer caso la elección deberá recaer sobre un director electo por la clase D, no pudiendo el Presidente del Directorio revestir el carácter de Gerente General. El Gerente General será el principal ejecutivo de la Sociedad y tendrá a su cargo la conducción de las funciones ejecutivas de la administración. El Gerente General deberá proponer al Directorio las personas que integrarán la primera línea de su equipo de gestión así como el Subgerente General, (que podrá o no ser director, pero en el primer caso deberá haber sido electo por la clase D), quienes lo asistirán en el gerenciamiento de las operaciones de la Sociedad y en las demás funciones ejecutivas que les sean atribuidas, sujeto a la aprobación del Directorio. El Subgerente General, en caso de existir, actuará como Director General de Operaciones y reportará directamente al Gerente General, quien será reemplazado por aquél ante ausencia u otro impedimento transitorio. |
d) | En caso de empate en la aprobación de la designación del Gerente General o del Subgerente General, se resolverá por votación de los directores elegidos por la clase D. |
e) | A los efectos de su actuación en el extranjero y ante los mercados internacionales de capitales, el Gerente General será designado como Chief Executive Officer y el Director General de Operaciones, será designado como Chief Operating Officer. El Gerente General y el Subgerente General, estarán facultados para firmar todos los contratos, papeles de comercio, escrituras públicas y demás actos públicos o privados que obliguen y/u otorguen derechos a la Sociedad dentro de los límites de los poderes que les otorgue el Directorio, sin perjuicio de la representación legal que le corresponde al Presidente del Directorio y en su caso al Vicepresidente del Directorio, y de los demás poderes y delegaciones de firma que el Directorio disponga. |
Artículo 19ºFacultades del Presidente del Directorio
Son facultades y deberes del Presidente del Directorio o, a falta de éste, del Vicepresidente del Directorio, además de las que pudieren corresponderles según se prevé en el artículo 18º de este Estatuto:
(i) Ejercer la representación legal de la Sociedad conforme a lo dispuesto en el artículo 268 de la Ley 19.550 y cumplir y hacer cumplir las leyes, los decretos, el presente Estatuto y las resoluciones que tomen la asamblea, el Directorio y el Comité Ejecutivo.
(ii) Convocar y presidir las reuniones del Directorio con voto en todos los casos y doble voto en caso de empate.
(iii) Firmar actos públicos y privados en representación de la Sociedad, sin perjuicio de las delegaciones de firmas o de poderes que el Directorio haya conferido y de las facultades que, en su caso, competen al Gerente General y al Subgerente General.
(iv) Ejecutar o hacer ejecutar las resoluciones del Directorio, sin perjuicio de las facultades que competen, en su caso, al Gerente General y al Subgerente General o de que el Directorio resuelva asumir por sí la ejecución de una resolución o de un tipo de funciones o atribuciones determinadas.
(v) Presidir las asambleas de la Sociedad.
TITULO VI
FISCALIZACION
Artículo 20°Comisión Fiscalizadora
a) | Integración: La fiscalización de la Sociedad será ejercida por una comisión fiscalizadora compuesta por un número de tres (3) a cinco (5) síndicos titulares y tres (3) a cinco (5) suplentes, según lo determine la Asamblea. |
b) | Designación: Un síndico y un suplente serán designados por las acciones clase A mientras exista al menos una acción clase A, y los restantes titulares y suplentes serán designados por las acciones clase D. Los síndicos serán elegidos por el período de un (1) ejercicio y tendrán las facultades establecidas en la Ley 19.550 y en las disposiciones legales vigentes. La Comisión Fiscalizadora podrá ser convocada por cualquiera de los síndicos, sesionará con la totalidad de sus miembros y adoptará las resoluciones por mayoría. El síndico disidente tendrá los derechos, atribuciones y deberes establecidos en la Ley 19.550. |
c) | Retribución: Las retribuciones de los síndicos serán fijadas por la asamblea ordinaria dentro de los límites establecidos por la ley vigente. |
d) | Las reuniones de la Comisión Fiscalizadora podrán llevarse a cabo con los miembros presentes, o comunicados entre sí por otros medios de transmisión simultánea de sonido, imágenes y palabras. A los efectos del quórum y las mayorías se computarán tanto a los miembros presentes como a los comunicados a distancia. Se dejará constancia en el acta de la asistencia y la participación de los miembros presentes y de los miembros a distancia y del método de comunicación utilizado. Los miembros que participen a distancia podrán delegar su firma en aquellos que estén presentes. |
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TITULO VII
ASAMBLEAS GENERALES
Artículo 21°Convocatoria
Se convocará a asamblea ordinaria o extraordinaria, en su caso, para considerar los asuntos establecidos en los artículos 234 y 235 de la Ley 19.550. Las convocatorias se harán de acuerdo con las disposiciones legales vigentes.
Artículo 22°Publicación
a) | Edictos: Las convocatorias para las asambleas de accionistas, tanto ordinarias como extraordinarias se efectuarán por medio de avisos publicados en el Boletín Oficial, en uno de los diarios de mayor circulación general en la República y en los boletines de las bolsas y mercados de valores del país en los que coticen las acciones de la Sociedad, por el término y con la anticipación establecidos en las disposiciones legales vigentes. El directorio ordenará las publicaciones a efectuar en el exterior para cumplir con las normas y prácticas vigentes de las jurisdicciones correspondientes a los mercados y Bolsas donde se coticen esas acciones. |
b) | Otros medios de difusión: El directorio podrá emplear los servicios de empresas especializadas en la comunicación con accionistas, y recurrir a otros medios de difusión a fin de hacerles llegar sus puntos de vista sobre los temas a someterse a las asambleas que se convoquen. El costo de tales servicios y difusión estará a cargo de la Sociedad. |
Artículo 23ºRepresentación
Los accionistas pueden hacerse representar en el acto de la asamblea de la que se trate, mediante el otorgamiento de un mandato en instrumento privado con su firma certificada en forma judicial, notarial o bancaria. Presidirá las asambleas de accionistas el Presidente del Directorio o, en su defecto, la persona que designe la asamblea.
Artículo 24°Celebración
a) | Quórum y mayorías: Rigen el quórum y mayoría determinados por los artículos 243 y 244 de la Ley 19.550 según la clase de asamblea, convocatoria y materias de que se trate, excepto: |
(i) | en cuanto al quórum de la asamblea extraordinaria en segunda convocatoria la que se considerará constituida cualquiera sea el número de acciones presentes con derecho a voto; |
(ii) | para resolver sobre las cuestiones enumeradas en el inciso (c) del Artículo 6 en que se requerirá el voto afirmativo de las acciones clase A otorgado en Asamblea Especial; |
(iii) | para resolver sobre las cuestiones enumeradas en el inciso (b) siguiente en los que se requerirá tanto en primera como en segunda convocatoria, una mayoría equivalente al 75% (setenta y cinco por ciento) de las acciones con derecho a voto; |
(iv) | para resolver sobre las cuestiones enumeradas en el inciso (c) siguiente en los que se requerirá tanto en primera como en segunda convocatoria, una mayoría equivalente al 66% (sesenta y seis por ciento) de las acciones con derecho a voto. |
(v) | para afectar los derechos de una clase de acciones en que se requerirá la conformidad de dicha clase otorgada en asamblea especial; |
(vi) | para modificar cualquier regla de este Estatuto que exija una mayoría especial, en que se requerirá también a ese efecto la mayoría especial; y |
(vii) | en los demás casos de que el presente requiera la votación por clase o la conformidad de cada una de las clases. |
b) | Las decisiones que requerirán la mayoría especial prevista en el subinciso (iii) del inciso precedente, sin perjuicio de la conformidad de la Asamblea Especial de la clase cuyos derechos afecten son: (i) la transferencia al extranjero del domicilio social; (ii) el cambio fundamental del objeto social de modo que la actividad definida por el artículo 4° de este Estatuto deje de ser la actividad principal o prioritaria de la sociedad, (iii) el retiro de la cotización de las acciones de la Sociedad de las Bolsas de Buenos Aires o Nueva York y (iv) la escisión de la Sociedad en varias sociedades, cuando como resultado de la escisión se transfieran a las sociedades resultantes el 25% o más de los activos de la sociedad incluso cuando ese resultado se alcanzara por sucesivas escisiones operadas en el plazo de un año. |
c) | Las decisiones que requerirán la mayoría especial prevista en el subinciso (iv) del inciso precedente, sin perjuicio de la conformidad de la Asamblea Especial de la clase cuyos derechos afecten, son: (i) la modificación del Estatuto en cuanto signifique (A) modificar los porcentajes establecidos en los subincisos 7 (c) o 7 (d) o (B) eliminar los requisitos previstos en los subincisos 7(e) (ii) 7 (f) (i) (F) y 7 (f) (v) del artículo 7° en el sentido de que la oferta pública de adquisición alcance el 100% de las acciones y títulos convertibles, sea pagadera en dinero efectivo y no sea inferior al precio resultante de los mecanismos allí previstos; (ii) el otorgamiento de garantías a favor de accionistas de la Sociedad salvo cuando la garantía y la obligación garantizada se hubieran asumido en consecución del objeto social; (iii) la cesación total de las actividades de refinación, comercialización y distribución; y (iv) las normas sobre número, nominación, elección y composición del Directorio. |
d) | Asambleas especiales: Para las asambleas especiales de clases se seguirán las normas sobre quórum de la asamblea ordinaria aplicadas al total de acciones de esa clase en circulación. Existiendo quórum general de todas las clases presentes, cualquier número de acciones de las clases A, B y C constituirán quórum en primera y ulteriores convocatorias para las asambleas especiales de dichas clases. Mientras el titular de las acciones de la clase A sea únicamente el Estado Nacional, la asamblea especial de esa clase podrá reemplazarse con una comunicación firmada por el funcionario público competente para votar dichas acciones. |
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e) | Las asambleas podrán celebrarse encontrándose, todos o parte de quienes participen, a distancia. Deberá respetarse en todo momento la igualdad de trato entre todos los participantes y la libre accesibilidad por parte de estos. A los efectos del quórum y las mayorías se computarán tanto los accionistas presentes como los que participaren a distancia. A los fines de celebrar una asamblea a distancia deberá darse cumplimiento a la normativa que resulte aplicable. |
TITULO VIII
BALANCES Y CUENTAS
Artículo 25°Ejercicio Social
a) | Fecha: El ejercicio social comenzará el 1 de enero de cada año y concluirá el 31 de diciembre del mismo año, a cuya fecha debe confeccionarse el Inventario, el Balance General y la Cuenta de Ganancias y Pérdidas conforme las disposiciones legales en vigencia y normas técnicas en la materia. |
b) | Modificación: La asamblea puede modificar la fecha de cierre del ejercicio, inscribiendo la resolución pertinente en el Registro Público de Comercio y comunicándola a las autoridades del control. |
c) | Destino de las utilidades: Las utilidades líquidas y realizadas se distribuirán conforme al siguiente detalle: |
(i) | Cinco por ciento (5%) hasta alcanzar el veinte por ciento del capital social, para el Fondo de Reserva Legal; |
(ii) | Remuneración al directorio y síndicos, en su caso; |
(iii) | Dividendos fijos de las acciones preferidas, si las hubiere con esa preferencia, y en su caso, los acumulativos impagos; |
(iv) | El saldo, en todo o en parte, como dividendo en efectivo a los accionistas ordinarios o a Fondos de Reserva facultativos o de previsión o a cuenta nueva o al destino que determine la asamblea. |
d) | Pago de dividendos: Los dividendos deben ser pagados en proporción a las respectivas integraciones, dentro de los noventa (90) días de su sanción y el derecho a su percepción prescribe en favor de la Sociedad a los tres (3) años contados desde que fueran puestos a disposición de los accionistas. La asamblea o en su caso el directorio, podrá autorizar el pago de dividendos trimestrales, en la medida que no se infrinjan disposiciones aplicables. |
TITULO IX
LIQUIDACION
Artículo 26°Reglas que la rigen
La liquidación de la Sociedad, originada en cualquier causa que fuere se regirá por lo dispuesto en el capítulo I, sección XIII de la Ley 19.550.
TITULO X
OTRAS DISPOSICIONES
Artículo 27°
Todas las menciones efectuadas en el presente a la fecha de este Estatuto deben entenderse referidas a la fecha en que se inscriba en el Registro Público de Comercio, la modificación estatutaria aprobada por el Decreto Nº 1106/93.
Artículo 28°Normas especiales para adquisiciones del Estado Nacional
(A) | Las previsiones de los incisos e) y f) del Artículo 7 (con la única excepción de lo establecido en el apartado (B) de este Artículo) se aplicarán a las adquisiciones que directa o indirectamente efectúe el Estado Nacional, por cualquier medio o título, de acciones o títulos de la Sociedad, 1) cuando como consecuencia de dicha adquisición el Estado Nacional resulte titular de, o ejerza el control sobre, acciones de la Sociedad que, sumadas a sus tenencias anteriores de cualquier clase, representen, en total, el 49% o más del capital social; o 2) cuando el Estado Nacional adquiera un 8 % o más de las acciones clase D en circulación, mientras retenga acciones de la clase A que alcancen o superen el 5% del capital social establecido en el inciso (a) del artículo 6 de estos Estatutos al tiempo del registro de los mismos en el Registro Público de Comercio. En caso que las acciones clase A en poder del Estado Nacional representen un porcentaje inferior al anteriormente mencionado, no regirá lo previsto en el punto 2) de este Artículo, aplicándose en tal caso los criterios generales previstos en el inciso d) del Artículo 7. |
(B) | La oferta de compra prevista para los supuestos contemplados en los puntos (1) y (2) del apartado (A) anterior, se limitará a la totalidad de las acciones de la clase D. |
(C) | Las sanciones previstas en el inciso (h) del Artículo 7 se limitarán, en el caso del Estado Nacional, a la pérdida del derecho de voto, cuando la adquisición violatoria de lo previsto en el Artículo 7 y en el presente artículo se haya producido a título gratuito o por efecto de una situación de hecho o de derecho en la que el Estado Nacional no haya actuado con el fin y la voluntad de adquirir acciones por encima del límite establecido, salvo que como consecuencia de dicha adquisición, el Estado Nacional resulte titular de, o ejerza el control sobre, 49% o más del capital social, o 50% o más de las acciones clase D. En todos los demás casos se aplicarán las sanciones contempladas en el inciso h) del Artículo 7 sin limitación. |
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(D) | A los efectos previstos en este artículo y en los incisos e) y f) del artículo 7º, el término sociedades contemplado en el inciso (i) del artículo 7º, en lo que resulte pertinente, incluye cualquier tipo de ente u organismo respecto del cual el Estado Nacional tenga una vinculación de las características descriptas en el mencionado inciso. El término títulos empleado en este artículo tendrá el alcance previsto en el inciso d) del artículo 7º. El término adquisición de control empleado por el artículo 7º se aplica a las adquisiciones previstas por el apartado (A) de este artículo con las salvedades, excepciones y régimen establecido en este artículo 28º. |
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Exhibit 1.2
BY-LAWS OF YPF SOCIEDAD ANÓNIMA
ARTICLE INAME, OFFICES AND DURATION
Section 1 Name
The Corporation name is YPF SOCIEDAD ANÓNIMA. In the performance of the activities incidental to its corporate purpose and in all legal acts carried out thereby, it shall indistinctly use either its full name or the short form YPF S.A.
Section 2 Office
The legal domicile of the Corporation shall be located at the City of Buenos Aires, Argentine Republic, notwithstanding which, it may establish regional administrations, delegations, branches, agencies or any other kind of representation within the country or abroad.
Section 3 Duration
The term of duration of the Corporation shall be of one hundred (100) years as from the registration of these By-laws with the Public Registry of Commerce (Registro Público de Comercio).
ARTICLE IIPURPOSE
Section 4 Purpose
The Corporations purpose shall be to perform, on its own, through third parties or in association with third parties, the survey, exploration and exploitation of liquid and/or gaseous hydrocarbon fields and other minerals, as well as the industrialization, transportation and commercialization of these products and their direct or indirect by-products, including petrochemical products, chemical products, whether derived from hydrocarbons or not, and non-fossil fuels, biofuels and their components, as well as the generation of electrical energy through the use of hydrocarbons, to which effect it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Corporations purpose the rendering, on its own, through a controlled company or in association with third parties, of 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 object. To better achieve these purposes, it may set up, become associated with or have an interest in any public or private entity domiciled in the country or abroad, within the limits set forth in these By-laws.
Section 5 Actions for the achievement of the corporate purpose
a) To accomplish its purpose, the Corporation may carry out any kind of legal act or transaction, including those of a financial nature but excluding intermediation, which are incidental to its corporate purpose, or related thereto, since for the purpose of fulfilling its purpose, the Corporation has full legal capacity to acquire rights, undertake obligations, and exercise any act not prohibited by the laws or these By-laws.
b) In particular, the Corporation may:
(i) | Purchase or otherwise acquire real estate, personal property, livestock, facilities and any other class of rights, titles, shares or securities, sell, exchange, assign or dispose of them under any instrument, give them as security and encumber them, including pledges, mortgages or any other real-property interests and constitute ease of ways thereon, become associated with individuals or legal persons, enter into joint ventures and business collaboration agreements. |
(ii) | Enter into any kind of agreement and undertake obligations, even loans or other liabilities, with official or private banks, whether national or foreign, international credit institutions and/or organizations of any other nature, accept and grant consignments, commissions and/or agency agreements and grant commercial credits related to its business activities. |
(iii) | Issue, in the country or abroad, debentures, corporate bonds, and other debt securities in any currency with or without a security interest, whether special or floating, convertible or not. |
ARTICLE IIICAPITAL. SHARES OF STOCK
Section 6 Principal
a) Amount of capital stock: The capital stock is fixed in the amount of THREE THOUSAND NINE HUNDRED THIRTYTHREE MILLION ONE HUNDRED AND TWENTY-SEVEN THOUSAND NINE HUNDRED AND THIRTY ($ 3,933,127,930) fully subscribed and paid in, represented by THREE HUNDRED NINTY-THREE MILLION THREE HUNDRED AND TWELVE THOUSAND SEVEN HUNDRED NINETY-THREE (393,312,793) book-entry shares of common stock, of TEN PESOS ($10.00) nominal value each, entitled to one vote per share.
b) Classes of shares of common stock: The capital stock is divided into four classes of shares of common stock as per the following detail:
(i) | Class A shares of stock, only the National Government shall be the holder of class A shares of stock; |
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(ii) | Class B shares of stock, originally destined to be acquired by holders of Consolidation Bonds of Gas and Oil Royalties or creditors of the Nation on account of gas and oil royalties. Class B shares of stock acquired by a holder of such Bonds other than a Province or the National Government shall become Class D shares of stock; |
(iii) | Class C shares of stock, originally destined by the National Government to the Corporations employees under the Shared Ownership Program set forth in Act 23,696. Class C shares of stock not purchased by the Corporations employees under the Shared Ownership Program shall become class A shares of stock; and |
(iv) | Class D shares of stock, thus converted due to the transfer of class A, B or C shares of stock to any person in accordance with the following rules: |
| Class A shares of stock transferred by the National Government to any person shall become class D shares of stock, except for transfers to the Provinces, if previously authorized by law, in which case they shall not change their class. |
| Class B shares of stock that the Provinces transfer to any person other than a Province shall become class D shares of stock. |
| Class C shares of stock that are transferred to third parties beyond the Shared Ownership Program shall become class D shares of stock. |
| Class D shares of stock shall not change to other classes by virtue of the subscription or acquisition thereof by the National Government, the Provinces, other public legal entity or by the personnel participating in the Shared Ownership Program. |
c) Class A special rights: The affirmative vote of class A shares of stock, whatever the percentage of capital stock that such class of shares represents, shall be required so that the Corporation validly resolves to:
(i) | Determine the merger with another or other companies; |
(ii) | Accept that the Corporation, through the acquisition of its shares by third parties, shall become subject to a takeover, whether consented or hostile, representing the holding of more than fifty percent (50 %) of the capital stock of the Corporation; |
(iii) | Transfer to third parties all of the exploitation rights granted within the framework of Act 17,319, its supplementary and regulatory rules, and Act 24,145, for it to determine the full suspension of the exploration and exploitation activities of the Corporation; |
(iv) | Determine the voluntary dissolution of the Corporation; |
(v) | Transfer the corporate or fiscal domicile of the Corporation outside the Argentine Republic. |
Besides, the prior enactment of a national law will be required to resolve favorably on paragraphs (iii) and (iv) above.
d) Preferred shares of stock: The Corporation may issue preferred shares with or without voting right, which shall be divided into classes A, B, C, and D. The same rules on ownership and conversion set forth in subsection b) above for the same class of shares of common stock shall be applied to each class of preferred stock. When preferred shares of stock exercise their voting right (whether temporarily or permanently), they shall do so as members, to such effect, of the class they belong to.
e) Capital Increases: The capital may be increased up to five times its original amount by resolution passed at the regular shareholders meeting, in accordance with the provisions of section 188 of Act 19,550, such limit being ruled out if the Corporation is authorized to make a public offering of its shares of stock. The regular shareholders meeting shall establish the nature of the shares to be issued on account of the capital increase, pursuant to the conditions set forth in these By-laws, it being able to delegate to the Board of Directors the power to set the time of issuance, as well as the determination of the payment terms and conditions of the shares, being also empowered to carry out any other delegation authorized by law. The issuance of shares of preferred or common stock shall be carried out per classes, respecting the proportion existing among the different classes as of the date of issuance, without prejudice to the modifications that may subsequently be derived from the exercise of the preemptive and accretion rights, as provided for in section 8 hereof.
Section 7 Transfer of stock
a) Book-entry stocks: Shares shall not be represented by certificates. Instead, they shall be book-entry shares and shall be recorded in accounts kept under their holders names in the Corporation, commercial banks, investment banks or securities clearing houses as authorized by the Board of Directors. Shares of stock shall be indivisible. Should there be co-ownership, the representation to exercise the rights or the fulfillment of obligations shall be unified.
b) Transfer of class A or C shares: Any transfer of class A shares carried out in breach of the provisions of the last paragraph of section 8 of Act 24,145, or of class C shares carried out in breach of the rules of the Shared Ownership Program or the relevant General Transfer Agreement notified by effective means to the Corporation, shall be null and void and shall not be acknowledged by the Corporation.
c) Information duty: Any person who shall, directly or indirectly, acquire by any means or instrument, class D shares, or which upon transfer shall be converted into class D, or securities of the Corporation of any type that may be convertible into class D shares (including, within the meaning of the term securities, but without limitation, debentures, corporate bonds, and stock coupons), which shall grant control over more than three per cent (3%) of the class D shares, shall notify the Corporation within five (5) days as from the acquisition that caused such excess, and report such circumstance to the Corporation, notwithstanding the compliance of the additional measures imposed by the applicable regulations on capital markets for this kind of event. The information referred to above shall also include the transaction date, the price, the number of shares purchased and the intent of the purchaser to acquire a larger stake or to take over control of the corporate will. If the purchaser is made up of a group of individuals, it shall be bound to identify the members composing the group. The information herein provided for shall be furnished in relation to acquisitions carried out after the one informed first, when the limit on the amounts of class D shares indicated in the latest information shall be exceeded again in accordance with the provisions hereunder.
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d) Takeover: If the terms of subsections e) and f) of this section are not complied with, it shall be forbidden to acquire shares or securities of the Corporation, whether directly or indirectly, by any means or instrument (including within the meaning of the term securities, without limitation, debentures, corporate bonds and stock coupons) convertible into shares if, as a result of such acquisition, the purchaser becomes the holder of, or exercises the control of, class D shares of stock of the Corporation which, in addition to its prior holdings of such class (if any), represent, in the aggregate, FIFTEEN PERCENT (15%) or more of the capital stock, or TWENTY PERCENT (20%) or more of the outstanding class D shares of stock, if the shares representing such TWENTY PERCENT (20%) constitute, at the same time, less than FIFTEEN PERCENT (15%) of the capital stock.
Notwithstanding the foregoing: (i) acquisitions by the person already holding, or the person already exercising control of, shares representing more than FIFTY PERCENT (50%) of the capital stock shall be excluded from the provisions of subsections e) and f) of this section; and (ii) any subsequent acquisitions by any person already holding, or any person already exercising the control of, shares representing FIFTEEN PERCENT (15%) or more of the capital stock, or TWENTY PERCENT (20%) or more of outstanding Class D shares, if the shares representing such TWENTY PERCENT (20%) constitute, at the same time, less than FIFTEEN PERCENT (15%) of the capital stock, provided the shares the purchaser already holds or becomes a holder of (including the shares it held prior to the acquisition and those it acquired by virtue thereof) do not exceed FIFTY PERCENT (50%) of the capital stock, shall be excluded from the provisions of subsection e) paragraph (ii) and subsection f) of this section.
Acquisitions referred to in this subsection d) are called Takeovers.
e) Requirements: The person wishing to a Takeover (hereinafter called the Bidder) shall:
(i) | Obtain the prior consent of the special shareholders meeting of class A shareholders; and |
(ii) | Arrange a takeover bid for the acquisition of all the shares of all classes of the Corporation and all securities convertible into shares. |
Any decision passed at special shareholders meeting of Class A shares regarding the matters provided for in this subsection e) shall be final and shall not entitle any of the parties to claim any kind of compensation.
f) Takeover Bid: Each takeover bid shall be conducted in accordance with the procedure herein stipulated and, to the extent that applicable regulations in the jurisdictions where the takeover bid takes place and the provisions of the stock exchanges where the Corporations shares and securities are listed impose additional or stricter requirements than the ones provided hereunder, such additional or stricter requirements shall be complied with in the stock exchanges or markets where they are applicable.
(i) The Bidder shall notify the Corporation in writing about the takeover bid at least fifteen business days in advance to the starting date thereof. The Corporation shall be notified about all terms and conditions of any agreement or memorandum of understanding that the Bidder might have entered into or might intend to enter into with a holder of shares of the Corporation whereby, if such agreement or memorandum of understanding were executed, the Bidder would be in the situation described in the first paragraph of subsection d) of this Section (hereinafter called Prior Agreement). Such notice shall include the following minimum information:
(A) | The Bidders identification, nationality, domicile, and telephone number; |
(B) | If the Bidder is made up by a group of persons, the identification and domicile of each Bidder of the group and of the managing officer of each person or entity making up the group; |
(C) | (c) The consideration offered for the shares of stock and/or securities. If the takeover bid is subject to the condition that a certain number of shares be acquired, such minimum number shall be indicated; |
(D) | The scheduled expiration date of the takeover bid period, whether it can be extended, and if so, the procedure therefor; |
(E) | A statement by the Bidder indicating the exact dates before and after which the shareholders and security holders, who subjected them for sale subject to the takeover bid regime, shall be entitled to withdraw them, how the shares and securities thus subjected to sale shall be accepted, and in accordance to which the withdrawal of the shares and securities from sale under the takeover bid regime shall be carried out; |
(F) | A statement indicating that the takeover bid shall be open to all shareholders and holders of securities convertible into shares of stock; |
(G) | Any additional information, including the Bidders accounting statements, as the Corporation may reasonably request or which may be necessary so as to avoid the above-mentioned notice from leading to wrong conclusions or when the information submitted is incomplete or insufficient. |
(ii) The Board of Directors shall call special meeting of class A shares of stock, by any effective means, to be held ten business days following the receipt by the Corporation of the notice indicated under paragraph (i), for the purpose of considering the approval of the takeover bid, and it shall submit to such meeting its recommendation in that regard. If the meeting is not held despite the call, or if it is held but the takeover bid is rejected, the latter shall not be carried out, nor shall the Prior Agreement, if any, be executed.
(iii) The Corporation shall send by mail to each shareholder or holder of securities convertible into stock, at the Bidders cost and expense, and with reasonable due diligence, a copy of the notice delivered to the Corporation in accordance with the provisions of paragraph (i). The Bidder shall make an advance payment to Corporation of the funds required for such purpose.
(iv) The Bidder shall send by mail or otherwise deliver, with reasonable due diligence, to each shareholder or holder of securities convertible into stock who shall so request, a copy of the notice delivered to the Corporation and shall publish a notice containing substantially the information stated in paragraph (i), at least once a week, starting on the date such notice is served on the Corporation pursuant to paragraph (i) and ending upon the expiration date of the takeover bid. Subject to the applicable legal provisions, this information shall be published in the business section of the major newspapers of the Argentine Republic, in the City of New York, U.S.A. and any other city where the shares shall be listed.
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(v) The consideration for each share of stock or security convertible into stock payable to each shareholder or security holder shall be the same, in cash, and shall not be lower than the highest of the following prices of each class D share of stock or security convertible into a class D share:
(A) | the highest price per share or security paid by the Bidder, or on behalf thereof, in relation to any acquisition of class D shares of stock or securities convertible into class D shares of stock within the two-year period immediately preceding the notice of Takeover, adjusted as a consequence of any division of shares, stock dividend, subdivision or reclassification affecting or related to class D shares of stock; or |
(B) | The highest closing price, at the sellers rate, during the thirty-day period immediately preceding such notice, of a class D share of stock as quoted by the Buenos Aires Stock Exchange, in each case as adjusted as a consequence of any division of shares, stock dividend, subdivision or reclassification affecting or related to class D shares of stock; or |
(C) | A price per share equal to the market price per class D share of stock determined as stated in paragraph (B) herein multiplied by the ratio between: (a) the highest price per share paid by the Bidder, or on his behalf, for any class D share of stock, in any share acquisition of this class within the two-year term immediately preceding the notice date indicated in paragraph (i), and (b) the market price for class D share of stock on the day immediately preceding the first day of the two-year period in which the Bidder acquired any type of interest or right in a class D share of stock. In each case the price shall be adjusted taking into account the subsequent division of shares, stock dividend, subdivision or reclassification affecting or related to class D; or |
(D) | The Corporations net income per class D share during the last four complete fiscal quarters immediately preceding the notice date indicated in paragraph (i), multiplied by the higher of the following ratios: the price/income ratio for that period for class D shares of stock (if any) or the highest price/income ratio for the Corporation during the two-year period immediately preceding the notice date indicated in paragraph (i). Such multiples shall be determined by applying the regular method used by the financial community for computing and reporting purposes. |
(vi) The shareholders or security holders that have subjected them to the takeover bid may withdraw them from the bid before the date established for the expiration of such bid.
(vii) The takeover bid shall be open for a minimum term of TWENTY (20) days and a maximum term of THIRTY (30) days as from the date the bid was authorized by Comisión Nacional de Valores de Argentina (Argentine Securities Exchange Commission).
(viii) The Bidder shall acquire all shares and/or securities convertible into stock that before the expiration date of the takeover bid are set on sale in accordance with the regime ruling takeover bids. If the number of such shares or securities is lower than the minimum number to which the Bidder conditioned the takeover bid, the Bidder may withdraw it.
(ix) If the Bidder has not set a minimum number as a condition to the takeover bid as stated in paragraph (i) (C) of this subsection, once this procedure has finished, the Bidder may execute the Prior Agreement, if any, whatever the number of shares of stock and/or securities purchased thereby under the regime regulating takeover bids. If he has set that minimum number, the Bidder shall execute the Prior Agreement only if the minimum number required under the regime ruling takeover bids has been exceeded. The prior agreement shall be executed within thirty days as from the closing of the takeover bid, otherwise, it shall be necessary to repeat the procedure provided for in this section to execute it.
If there existed no Prior Agreement, the Bidder, in the afore-mentioned cases and opportunities where such Prior Agreement could be executed, may purchase freely the number of shares of stock and/or securities that he reported to the Corporation through the communication set forth in paragraph (i) of this subsection, provided the Bidder has not purchased such number of shares of stock and/or securities under the takeover bid regime.
g) Related transactions: Any merger, consolidation or any other combination leading to substantially the same effects (hereinafter called the Related Transaction) comprising the Corporation or any other person (hereinafter the Interested Shareholder) that has previously carried out a Takeover, or having for the Interested Shareholder the effects, regarding the holding of class D shares of stock, of a Takeover, shall only be performed if the consideration to be received by each shareholder from the Corporation in such Related Transaction is equal for all shareholders and not lower than:
i) | The highest price per share of stock paid by or on account of such Interested Shareholder in relation to the acquisition of: |
(A) | Shares of the class to be transferred by the shareholders in such Related Transaction (hereinafter called the Class), within the two-year period immediately preceding the first public announcement of the Related Transaction (hereinafter called the Announcement Date), or |
(B) | Shares of the Class purchased by said Interested Shareholder in any Takeover. |
In both cases as adjusted by virtue of any stock division, share dividend, subdivision or reclassification affecting or related to the class.
(ii) The highest closing price, at the sellers rate, during the thirty-day period immediately preceding the announcement date or the date of purchase of the shares of the Class by the Interested Shareholder in any Takeover, of a share of the Class as quoted at the Buenos Aires Stock Exchange, adjusted by any division of shares, stock dividend, subdivision or reclassification affecting or related to the Class.
(iii) A price per share equal to the market price of a share of the Class determined as established in subsection (ii) of this section multiplied by the ratio between: (a) the highest price per share paid by the Interested Shareholder or on his behalf, for any share of the Class, in any acquisition of shares of the Class within the two-year period immediately preceding the Announcement Date, and (b) the market price per share of the Class on the day immediately preceding the first day of the two-year period in which the Interested Shareholder acquired any type of interest or right in a share of the Class. In each case the price shall be adjusted taking into account the subsequent division of shares, stock dividend, subdivision or reclassification affecting or related to the Class.
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(iv) The net income of the Corporation per each share of the Class during the last four complete fiscal quarters immediately preceding the Announcement Date, multiplied by the higher of the following ratios: the price / income ratio for that period for the shares of stock of the Class (if
any) or the highest price / income for the Corporation in the two-year period immediately preceding the Announcement Date. Such multiples shall be determined using the regular method used by the financial community for their computation and reporting.
h) Breach of Requirements: Shares of stock and securities acquired in breach of the provisions of subsections 7 c) through 7 g), both included, of this section, shall not grant any right to vote or collect dividends or other distributions that the Corporation may carry out, nor shall they be computed to determine the presence of the quorum at any of the shareholders meetings of the Corporation, until such shares of stock are sold, in the case the purchaser has obtained the direct control of YPF, or until the purchaser loses the control of the YPFs parent company, if the takeover has been indirect.
i) Construction: For the purposes of section 7, the term indirectly shall include the purchasers parent companies, the companies controlled by it or that would end up under the control thereof as a consequence of the Takeover, Takeover Bid, Prior Agreement, or Related Transaction, as the case may be, that would grant at the same time the control of the Corporation, the companies submitted to the common control of the purchaser and other persons acting jointly with the purchaser; likewise, the holdings a person has through trusts, American Depositary Receipts (ADR) or other similar mechanisms shall be included.
The Corporation is not adhered to the Optional Statutory Regime for the Mandatory Acquisition of Shares in a Takeover Bid (Régimen Estatutario Optativo de Oferta Pública de Adquisición Obligatoria) under the regulations of section 24 of Decree 677/01.
Section 8 Preemptive right
a) General rules: The holders of each class of common or preferred stock shall be entitled to a preemptive right in the subscription of the shares of stock of the same class to be issued, pro rata their holdings. This right shall be exercised under the conditions and terms established in the applicable Law and regulations. The conditions of issuance, subscription and payment of class C shares of stock may be more advantageous for their purchasers than the ones provided for the rest of the shares; however, under no circumstances shall they be more onerous. Any preemptive right holder, whatever the class of stock originating it, may assign it to any third party, in which case the share of stock entitled to such preemptive right shall become or consist of a class D share of stock.
b) Accretion Right: The accretion right shall be exercised within the same period fixed for the preemptive right, and with respect to all classes of shares that have not been initially subscribed. To such purposes:
(i) Class A shares that have not been subscribed in exercise of the preemptive right of by the National Government shall be converted into class D shares and shall be offered to the shareholders of such Class that have expressed their intention to exercise their accretion right with respect to non-subscribed class A shares;
(ii) Class B shares that have not been subscribed by the Provinces in exercise of their original preemptive rights, for failure to exercise such right or due to the assignment thereof, shall be allocated to the Provinces having subscribed class B shares and having expressed their intention to exercise their accretion right, and the balance shall be converted into class D shares to be offered to class D shareholders who have expressed their intention to exercise their accretion right with respect to non-subscribed class B shares;
(iii) Class C shares that have been subscribed by the persons comprised in the Shared Ownership Program in exercise of their original preemptive rights, due to failure to do so or to assignment thereof, shall be assigned to those persons comprised in such regime that have subscribed class C shares and have stated their intention to exercise their accretion right, and the balance shall be converted into class D shares to be offered to shareholders of that class who have stated their intention to exercise their accretion right with respect to non-subscribed class C shares;
(iv) Class D shares not subscribed in exercise of the preemptive rights incidental to that class of shares shall be assigned to the subscribers of that class who have stated their intention to exercise their accretion right;
(v) The remaining class D shares shall be assigned to shareholders of other classes who have stated their intention to exercise their accretion right.
c) Limits: The preemptive and accretion rights set forth in the preceding paragraphs shall only exist provided they are required by the corporate legislation in force at the time or that they are necessary to comply with the applicable provisions of Acts 23,696 and 24,145.
Section 9 Public and private offering. Revoked
ARTICLE IVCORPORATE BONDS, PROFIT SHARING STOCK (BONOS DE PARTICIPACIÓN) AND OTHER SECURITIES
Section 10 Securities the Corporation may Issue
a) Corporate bonds: The Corporation may issue corporate bonds, whether convertible or not. When it is required by law that the issuance of corporate bonds be decided by the shareholders meeting, said meeting may delegate all or some of the issuance conditions to the Board of Directors.
b) Other securities: The Corporation may issue preferential right securities (bonos de preferencia) and other securities authorized by the applicable law. The preferential right securities shall grant their holders the preemptive subscription right in the event of capital increases decided in the future and up to the amount that such securities shall allow. In the subscription of such securities and other convertible securities, the shareholders shall have the preemptive right under the terms and in the cases established in section 8 of these By-laws.
c) Conversion into class D: Any convertible security issued by the Corporation shall grant the conversion right only into class D shares of stock. Its issuance shall be authorized at a special meeting of class D shareholders.
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ARTICLE VADMINISTRATION AND MANAGEMENT
Section 11 Board of Directors
a) Number: The administration and management of the Corporation shall be in the hands of a Board of Directors composed of at least eleven (11) and not more than twenty-one (21) regular Directors, as may be decided at the Shareholders Meeting, who shall be appointed to serve for a term of 1 to 3 fiscal years, as may be decided at the Shareholders Meeting in each case, and may be reelected indefinitely, notwithstanding the provisions of subsection e) of this section.
b) Alternate directors: Each class of shares shall appoint an equal or lower number of alternate directors than the number of regular directors it is authorized to appoint. Alternate directors shall fill the vacancies within their respective class in the order of their appointment upon the occurrence of such vacancy, whether by absence, resignation, license, incapacity, disability or death, prior acceptance by the Board of the grounds for substitution, should it be temporary.
c) Appointment: Directors shall be appointed by the majority vote within each of the classes of ordinary shares of stock, as indicated below:
(i) Class A shall appoint a regular and an alternate director provided there exists at least one class A share;
(ii) The appointment of the other regular and alternate directors (which shall in no case be lower than six regular directors and an equal or lower number of alternate directors) shall correspond to class D. Classes B and C shall cast their votes together with class D shares at the special meeting of shareholders of such class called for the appointment of Directors;
(iii) At Class D special meetings of shareholders called for the appointment of directors, directors may be elected by cumulative voting in compliance with provisions of section 263 of Act 19,550, even when such meeting is attended by holders of shares A, B or C as afore-mentioned.
d) Absence of a class: If no shares of a given class entitled to vote in the election of directors of a class of shares are present at a meeting held on second call for the appointment of directors, then the directors of such class shall be elected by the shareholders of the remaining classes voting jointly as if they belonged to a single class, except when the absence of shareholders shall occur at meetings of Class A, B or C shareholders, in which case the statutory auditor elected by class A shares or jointly by classes A, B and C, as appropriate pursuant to the provisions of section 21, subsection b), shall appoint the regular and alternate directors of those classes that are absent.
e) Staggered Appointment: Directors shall be appointed for the term decided at the meeting as provided for in section 11, subsection a), except when directors are appointed to complete the term of office of the directors being replaced.
f) Candidate nomination: Each meeting at which directors for class D shares are to be elected, any class D shareholder or group of shareholders holding more than three per cent (3%) of the capital represented by class D shares, may request that all shareholders of such class be sent a list of the candidates to be proposed by such shareholder or group of shareholders at the meeting of such class for the election thereof. In the case of depositary banks having shares registered in their name, these provisions shall apply with respect to the beneficiaries. Likewise, the board of directors may propose candidates for the office of directors to be elected at the shareholders meetings of the respective classes, whose names shall be notified to all shareholders together with the lists proposed by the shareholders first above-mentioned. The preceding provisions shall not prevent any shareholder present at the meeting from proposing candidates not included in the nominations notified by the Board. No proposal for the election of directors for any of the classes may be made, prior to the meeting or during the course thereof, unless the written acceptance of the offices by the nominated candidates is presented to the Corporation.
g) Manner of election: Notwithstanding the provisions related to cumulative voting set forth in paragraph (vi), subsection c) of this Section, class D Directors shall be elected by voting a whole list provided no shareholder shall object thereto; otherwise, it shall be carried out individually. The list or person, as the case may be, shall be considered elected when it has obtained the absolute majority vote of class D shares of stock present at the meeting. Should no list obtain a majority vote, a new voting shall take place in which the two lists or persons receiving the higher number of votes shall participate, and the list or person obtaining the higher number of votes shall be deemed elected.
h) Removal: Subject to the requirements of applicable quorums, each class, by a majority vote of the shares of the class present at the meeting, may remove the directors elected thereby, provided the removal has been included in the agenda.
Section 12 Performance Bond Each
Regular Director shall furnish a bond for the amount of at least ten thousand Pesos ($ 10,000) or its equivalent, which may consist of securities, sovereign bonds or amounts of money in domestic or foreign currencies deposited with financial institutions or securities clearing houses, to the order of the Corporation, or sureties or bank guaranties, or surety bonds or third party insurance to the name of the Corporation, which cost shall be borne by each Director; no bond shall be furnished by depositing funds in the corporate safe deposit box. When the bond is furnished by depositing securities, sovereign bonds or sums of money in domestic or foreign currencies, the conditions under which such deposits are made shall ensure their unavailability during the course of any liability claims against him. Alternate Directors shall only furnish the mentioned bond in the event of taking office in replacement of a regular Director to complete the relevant term or terms of office.
Section 13 Vacancies
Statutory auditors may appoint directors in the event vacancies, who shall hold office until the election of new Directors at the shareholders meeting. The statutory auditor appointed by Class A shares shall appoint one Director for Class A shareholder, following consultation with Class A shareholder, and the statutory auditors appointed by Class D shares shall appoint Directors for such class.
Section 14 Remuneration
a) Non-executive members: The duties of non-executive Board members shall be compensated pursuant to the resolution passed annually at the regular meeting in global terms and shall be distributed in equal parts among them, whereas among alternate directors, such distribution shall be made pro rata the term during which they replaced such regular members. The meeting shall authorize the amounts that may be paid on account of such fees during the current fiscal year, subject to the approval at the meeting at which such fiscal year shall be considered.
b) Executive members: The Corporation directors performing executive, technical and administrative functions or special assignments shall receive a remuneration for such duties or assignments which shall be in line with those prevailing in the market, and which shall be fixed by the Board, with abstention of the above-mentioned. Such remunerations, together with those of the whole Board, shall be subject to the approval of the shareholders meeting, pursuant to the system provided for by section 261 of Act. 19,550.
c) General rule: Directors remunerations set forth in the foregoing subsections a) and b) shall comply with the limits provided for by section 261 of Act 19,550, except for the case provided for in the last paragraph of such section.
Section 15 Meetings
The Board shall meet at least once a quarter, and may be called by the Chairman of the Board of Directors, or his replacement, whenever he shall deem it convenient. Likewise, the Chairman of the Board, or his replacement, shall call a meeting of the Board at any of the directors request. In this case, the meeting shall be called by Chairman of the Board, and the meeting shall be held within a term of five days as from the request receipt; otherwise, the meeting may be called by any of the directors. The Meetings of the Board of Directors shall be called by written notice and shall include the agenda. However, items not included in the agenda may be considered in the event of urgent matters occurring after the call.
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Section 16 Quorum and majorities
At the meetings, the Board may transact business with the members present thereat, or communicated with one another by other means of simultaneous transmission of sound, images or words. The Board shall be presided over by the Chairman of the Board of Directors, or his replacement, and the signing of the minutes may be delegated by those who attend the meeting from another place to the members present at the meeting. The absolute majority of the board members shall constitute a quorum for the transaction of business, considering the attendance of participating and present members as well as those communicated with one another from another place. The attendance and participation of the members present and of the members attending the meeting from another place shall be entered in the minutes. If at a regularly called meeting, after one hour of the time fixed in the meeting notice the quorum shall not be present, the Chairman of the Board, or his replacement, may invite the alternate directors of the classes corresponding to those absent at the meeting to join the meeting until the minimum quorum shall be present or may call the meeting to another date. Notwithstanding the above, in the event the absences shall not affect the quorum, the board may invite the alternate directors of the corresponding classes to join the meeting. The Board shall adopt resolutions by the majority vote of the members present at the meeting and of those participating thereat from another place. The Statutory Committee shall register in the Board Minutes the adoption of resolutions according to the appropriate procedure. The Chairman of the Board, or his replacement, shall, in all cases, be entitled to vote and double vote should the ballots result in a tie. Absent directors may authorize another director to vote on their behalf, provided the quorum shall be present, in which case no alternate directors shall join the meeting in replacement of the directors granting such authorization. Minutes shall be prepared and signed within FIVE (5) business days from the date on which the meeting was held by the present members of the Board and by the representative of the Statutory Committee.
Section 17 Powers of the Board of Directors
The Board of Directors shall have wide powers to organize, conduct and manage the affairs of the Corporation, including those powers which require the granting of special powers of attorney as provided for in Section 375 of the Civil and Commercial Code of Argentina, and Section 9 of Decree Law 5965/63. It may specifically operate with all kind of banks, financial companies or public and private credit institutions; grant or revoke special, general, judicial, administrative or other kind of powers of attorney, with or without power of substitution; bring in, prosecute, answer or waive claims or criminal actions, and carry out any other proceedings or legal acts by which the Corporation shall acquire rights or assume obligations, with no further restriction than those arising from the applicable laws, these By-laws or the decisions adopted at the meetings, being empowered to:
(i) Grant general and special powers of attorney including those having the purpose set forth in section 375 of the Civil and Commercial Code of Argentina, as well as those authorizing to lodge criminal actions, and to revoke them. For the purposes of filing and answering interrogatories, acknowledge documents in court proceedings, make statements answering charges at the preliminary investigation proceedings or declare at administrative proceedings, the Board shall be allowed to grant powers so that the Corporation be represented by a duly appointed director, manager, or attorney-in-fact.
(ii) Purchase, sell, assign, grant, exchange and give and accept in gratuitous bailment all kinds of real and personal property, business and industrial facilities, vessels, shipping equipment and aircraft, rights, including trade-marks and letters patent and industrial and intellectual property rights; enter into easement agreements, either as grantor or grantee, mortgages, ship mortgages, pledges or any other security interest and, in general, carry out any and all acts and enter into all the contracts deemed convenient with respect to the Corporate purpose, whether within the country or abroad, including leases for the maximum term established by law.
(iii) Become associated with individuals or legal persons, in compliance with the legislation in force and these By-laws and enter into joint ventures or business collaboration agreements.
(iv) Take all the necessary steps before national or foreign authorities for the fulfillment of the Corporations purpose.
(v) Approve staff appointments, appoint general or special managers, fix the compensation levels and working conditions thereof, and any other action related to staff policy, decide promotions, transfers and removals, and apply the penalties that might be applicable.
(vi) Issue, within the country or abroad, in national or foreign currency, debentures, corporate bonds or bonds guaranteed by a security interest, or by a special or floating guarantee or unsecured, whether convertible or not, pursuant to the legal applicable provisions and with the prior consent of the pertinent shareholders meeting when legally required.
(vii) Make court or out-of-court settlements in all kind of matters, submit to arbitration proceedings, file and answer all kinds of legal and administrative complaints and assume the capacity as accuser in the competent criminal or correctional jurisdiction, grant all kinds of bonds and extend jurisdictions within the country or abroad, waive the right to appeal and any applicable statutes of limitation, file or answer interrogatories in court, make novations, grant debt reductions or grace periods and, in general, perform all acts for which the law requires a special power of attorney.
(viii) Carry out all kinds of transactions with banks and financial institutions, including Banco de la Nación Argentina, Banco de la Provincia de Buenos Aires, and other official banking and financial institutions, whether private, semi-private existing within the country or abroad. Perform transactions and take out loans and other liabilities with official or private banks, including those mentioned in the preceding phrase, international credit institutions or agencies or of any other nature, individuals or legal persons domiciled in the country or abroad.
(ix) Create, maintain, close, restructure or transfer the offices and divisions of the Corporation and create new regional administrations, agencies or branches within the country or abroad; set up and accept representations.
(x) Approve and submit the Annual Report, Inventory, General Balance Sheet and Statement of Income of the Corporation at the shareholders meeting for the consideration thereof, proposing, on an annual basis, the allocation of the Fiscal Year profits.
(xi) Approve the contracting system of the Corporation, which shall ensure the participation of bidders as well as the transparency and publicity of the bidding process.
(xii) Decide, if he shall deem it convenient and necessary, the creation of an executive committee and other committees of the Board, determine the functions and performance restrictions thereof within the powers granted by these By-laws and issue the internal rules of procedure thereof.
(xiii) Approve the appointment of the General Manager and Assistant General Manager, as provided for in section 18 (c).
(xiv) Resolve all doubts or issues derived from the application of these By-laws, for which purpose the Board of Directors shall be vested with ample powers, all of which shall be reported in due time at the shareholders meeting.
(xv) Issue its own internal rules of procedure.
(xvi) Request and maintain the quotation, on the domestic and foreign stock and security markets, of its shares of stock and other securities when deemed necessary.
(xvii) Approve the annual budget, expenditure and investment estimates, the necessary borrowing levels and the annual action plan of the Corporation.
(xviii) Exercise the other powers granted by these By-laws.
The above list of powers is merely illustrative and not restrictive, and therefore, the Board is vested with all the powers to manage and dispose of the assets of the Corporation and to perform all the acts for the best fulfillment of the corporate purpose, save as otherwise provided for in these By-laws. Such powers may be exercised by attorneys-in-fact specifically appointed to such end, for the purposes and to the extent determined in each particular case.
Section 18 Chairman and Vice Chairman of the Board of Directors General Manager Assistant General Manager
a) Appointment: The Board shall appoint a Chairman from among the members elected by Class D shares, and it may appoint, as applicable, a Vice Chairman of the Board. In the event of a tie, it shall be decided by the votes cast by the Directors elected by Class D. The Chairman and Vice Chairman of the Board shall hold office for two (2) fiscal years, provided such term shall not exceed their respective terms of office, and may be indefinitely reelected under such conditions should they be elected or reelected as Directors by Class D.
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b) Vice Chairman of the Board: The Vice Chairman of the Board shall replace the Chairman of the Board in case of resignation, death, incapacity, disability, removal or temporary or definite absence of the latter. In all these cases, save in the case of temporary absence, the Board shall appoint a new Chairman of the Board within sixty days as from the date in which the vacancy occurred and in compliance with the provisions of subsection a) of this section.
c) General Manager: The Board shall appoint a General Manager, who may be a Director or not, but in the first case he shall have been elected by Class D shareholders. The Chairman of the Board shall not serves as General Manager. The General Manager shall be the Corporations chief executive officer and shall be responsible for the executive management functions. The General Manager shall propose to the Board the persons who should be part of its senior management team and the Assistant General Manager (who may be a director or not, but in the first case he shall have been elected by Class D shareholders), who shall assist the General Manager in the management of corporate affairs as well as in any other executive functions that may be assigned upon him, subject to the Boards approval. The Assistant General Manager, if any, shall serve as General Operating Officer and shall report directly to the General Manager, whom he shall replace in case of absence or other interim impediment.
d) In case of a tie vote in the approval of the General Managers or the Assistant General Managerss designation, it shall be decided by the votes cast by the Directors elected by Class D.
e) A For the purposes of his activities abroad and with respect to the international capital markets, the General Manager shall be appointed as Chief Executive Officer and the General Operations Director shall be designated as Chief Operating Officer. The General Manager and the Assistant General Managers shall be authorized to sign all contracts, commercial papers, public deeds and other public and private documents binding and/or granting rights to the Corporation within the scope of the powers granted by the Board, without detriment to the legal representation corresponding to the Chairman of the Board and the Vice Chairman of the Board, as the case may be, and notwithstanding the other powers and delegations of executing authority as the Board shall decide.
Section 19 Powers of the Chairman of the Board
The Chairman of the Board, or the Vice Chairman of the Board, in absence of the former, shall have the following rights and duties, in addition to those established in section 18 of these Bylaws:
(i) | To exercise the legal representation of the Corporation in compliance with the provisions of section 268 of Act 19,550 and to comply with and verify the compliance of the laws, decrees, these By-laws and the resolutions adopted by the shareholders meeting, the Board and the Executive Committee. |
(ii) | To call and preside over all meetings of the Board of Directors, being entitled to vote in all cases and to cast two votes in case of a tie. |
(iii) | To execute public and private documents in the name and on behalf of the Corporation, without detriment to the delegation of executing authority or powers granted by the Board thereto and to the powers which, as the case may be, are vested in the General Manager and Assistant General Manager. |
(iv) | To perform or order the performance of Board resolutions, without detriment to the powers vested, as the case may be, on the General Manager and Assistant General Manager, and notwithstanding the fact that the Board may decide to undertake on its own behalf the performance of a resolution or functions or powers of a particular nature. |
(v) | To preside over the shareholders meetings of the Corporation. |
ARTICLE VISUPERVISION
Section 20 Statutory Audit Committee
a) Number of members: The supervision of the Corporation shall be in the hands of a statutory audit committee composed of three (3) to five (five) regular statutory auditors and three (3) to five (5) alternate statutory auditors, as shall be decided by the shareholders meeting.
b) Appointment: Class A shares shall appoint one regular and one alternate statutory auditors, provided at last one share of such class shall exist; the remaining regular and alternate statutory auditors shall be appointed by Class D shares. Statutory auditors shall serve for one (1) fiscal year and shall have the powers established in Act No. 19,550 and in the legal regulations in force. Meetings of the Statutory Audit Committee may be called by any of the statutory auditors. The presence of all its members shall be necessary at such meetings and resolutions shall be adopted by a majority vote. The dissident statutory auditor shall have the rights, powers and duties established in Act No. 19,550.
c) Compensation: Statutory auditors compensation shall be fixed at shareholders regular meeting within the limits provided for by the legislation in force.
d) Meetings of the Statutory Auditing Committee shall be validly held with the members present thereat, or communicated by other means of simultaneous transmission of sound, images, or words. The members present at the meeting as well as those communicated by remote means will count for quorum and majority purposes. The attendance of members, the remote participation of members and the communication method used shall be recorded in the meeting minutes. Members participating remotely may delegate their signature to the attending members.
ARTICLE VIIREGULAR MEETINGS OF SHAREHOLDERS
Section 21 Notice
Shareholders regular or special meetings, as the case may be, shall be called for the purpose of considering the matters established in sections 234 and 235 of Act 19,550. Notices of meetings shall be given pursuant to the legal provisions in force.
Section 22 Publicity
a) Public notice: Notice of shareholders meetings, whether regular or special, shall be published in the Official Gazette (Boletín Oficial), in one of the major newspapers in the Argentine Republic and in the reports of the stock and securities exchange markets of the country where the shares of the company shall be listed. Such notice shall be published during the term with the anticipation provided for by legal provisions in force. The Board shall order the publications to be made abroad in order to comply with the rules and practices in force in the jurisdictions corresponding to the stock and exchange markets where the said shares shall be listed.
b) Other media: The Board may hire the services of companies specialized in the communication with shareholders, and may resort to other media in order to inform them about their points of view regarding the items of the agenda to be submitted for consideration at the shareholders meetings being called. The cost of such services and publicity shall be borne by the Corporation.
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Section 23 Proxies
Shareholders may be represented at any meeting by a written proxy granted by private instrument with the shareholders signature certified either in court, by a notary public or a bank. The Chairman of the Board of Directors, shall preside over the shareholders meetings, or in his absence, they shall be presided over by the person appointed at the meeting.
Section 24 Decision-making
a) Quorum and majorities: The applicable quorum and majorities are those provided for in sections 243 and 244 of Act 19,550 according to the nature of the meeting, notice and matters to be considered, except for:
(i) quorum at special meeting at second call, which shall be deemed validly held whatever the number of shares entitled to vote present thereat;
(ii) decisions regarding the matters listed in subsection (c) of Section 6, which shall require the affirmative vote of class A shares of stock cast at a Special Meeting;
(iii) decisions related to the issues listed in subsection (b) below, which shall require, both at meetings on first and second call, a majority equivalent to 75% (seventy-five percent) of the shares entitled to vote;
(iv) decisions regarding the issues listed in subsection (c) below, which shall require both at first and second call a majority equivalent to 66% (sixty-six percent) of the shares entitled to vote;
(v) decisions modifying the rights of a class of shares, which shall require the consent of such class given at special meeting;
(vi) decisions related to the amendment of any provision of these By-laws requiring a special majority, which shall require to such end a special majority; and
(vii) other cases in which these By-laws require the voting per class or the consent of each of the classes.
b) The decisions requiring the special majority provided for in paragraph (iii) of the preceding subsection, notwithstanding the consent given by at the Special Meeting of the class which rights are being modified, are the following: (i) the transfer of the corporate office to a foreign country; (ii) a substantial change of the corporate purpose whereby the activity defined in section 4 of these By-laws shall cease to be the main or principal activity of the corporation, (iii) the approval to cancel the listing of shares in the Buenos Aires and New York Stock Exchanges (iv) the Corporation splitting-up into various companies, if as a result thereof at least 25% of the assets of the Corporation are transferred to the resulting companies, even when such percentage shall be reached by successive splitting-ups operated in a one-year term.
c) The decisions that shall require the special majority provided for in paragraph (iv) of the preceding subsection, notwithstanding the consent given at the Special Meeting of Shareholders by the class of shares the rights of which are being affected, are the following: (i) the amendment of these By-laws when it shall imply (A) modifying the percentages set forth in paragraphs 7 (c) or 7 (d) or (B) or eliminating the requirements set forth in paragraphs 7(e) (ii) 7 (f) (i) (F) and 7 (f) (v) of section 7 in the sense that the public offering shall reach 100% of the shares of stock and convertible securities, shall be payable in cash and shall not be lower than the price resulting form the mechanisms provided therein; (ii) the granting of guarantees in favor of the shareholders of the Corporation, except when the guarantee and the guaranteed obligation shall have been assumed in furtherance of the corporate purpose; (iii) the complete suspension of all refining, commercialization and distribution activities; and (iv) the amendment of the provisions related to the number, nomination, election and structure of the Board of Directors.
d) Special shareholders meetings: Special meetings of classes of shares shall follow the quorum rules provided for regular shareholders meetings applied to the total number of outstanding shares of such class. Should the general quorum of all classes of shares be present, any number of shares of the classes A, B and C shall constitute quorum at first and subsequent calls for special meetings of the said classes. Should the holder of all class A shares be the National Government, the special meeting of such class may be replaced by a notice signed by the public officer authorized to vote such shares.
e) Shareholders meetings shall be validly held if all or a part of its participants attend the meeting remotely. At all times, equal treatment and free access shall be given to all participants. The shareholders present at the meeting as well as those participating remotely will count for quorum and majority purposes. In order to hold remote meetings, the applicable regulations shall be complied with.
ARTICLE VIIIBALANCE SHEETS AND ACCOUNTS
Section 25 Fiscal year of the Corporation
a) Date: the fiscal year of the Corporation shall commence on January 1 of each year and shall close on December 31 of like year. The Inventory, General Balance Sheet and Statement of Income shall be drawn up as of that date according to the pertinent legal regulations and technical accounting standards.
b) Modification: The fiscal year closing date may be modified by decision passed at the shareholders meeting, which shall be registered with the Public Registry of Commerce and notified to the supervisory authorities.
c) Allocation of profits: The liquid and realized profits shall be allocated as follows:
(i) Five percent (5%) up to the twenty percent of the capital stock, to the Legal Reserve Fund;
(ii) To fees payable to the Board of Directors and statutory auditors, as the case may be;<
(iii) To payment of fixed dividends on preferred shares of stock, if any with such preference, and otherwise the unpaid cumulative dividends;
(iv) The balance, in whole or in part, to dividends in cash to holders of shares of common stock or to contingency Reserve Funds or carried forward to the next fiscal year or to the purpose that the shareholders meeting shall determine.
d) Dividend payment: Dividends shall be paid pro rata the respective holdings, within ninety (90) days as from the approval thereof and the collection right shall revert to the Company upon the expiration of a three (3) year term as from the date they were made available to the shareholders. The shareholders meeting, or the Board of Directors, as the case may be, may authorize the payment of dividends on a quarterly basis, provided the applicable provisions are not be infringed.
ARTICLE IXLIQUIDATION
Section 26 Applicable rules
Upon the dissolution, liquidation or winding up of the affairs of the Corporation for any cause whatsoever, the pertinent procedures shall be carried out in accordance with the provisions of Chapter I, Article XIII of Act Number 19,550.
ARTICLE XOTHER PROVISIONS
Section 27
All references made in these By-laws to the date of these By-laws shall mean the date on which the By-laws amendment passed by Decree Number 1106/93 is registered with the Public Registry of Commerce.
Section 28 Provisions applicable to acquisitions by the National Government
(A) The provisions of subsections e) and f) of Section 7 (with the sole exception of the provisions of paragraph B of the said Section) shall apply to all acquisitions made by the National Government, whether directly or indirectly, by any means or instrument, of shares or securities of the Corporation, 1) if, as a consequence of such acquisition, the National Government becomes the owner, or exercises the control of, the shares of the Corporation, which, in addition to the prior holdings thereof of any class of shares, represent, in the aggregate, at least 49% of the capital stock; or 2) if the National Government acquires at least 8% of class D outstanding shares of stock, while withholding class A shares of stock amounting at least to 5% of the capital stock provided for in subsection (a) of section 6 of these By-laws upon registration thereof with the Public Registry of Commerce. Should class A shares represent a lower percentage than the one previously mentioned, the provisions set forth in point 2) of this Section shall not be applicable. Instead, the general criteria set forth in subsection d) of Section 7 shall apply.
9
(B) The purchase offer provided for in the cases contemplated in the preceding points (1) and (2) in A) above shall be limited to the aggregate amount of class D shares of stock.
(C) The penalties provided for in subsection (h) of Section 7 shall be limited, in the case of the National Government, to the loss of the right to vote, provided the acquisition in breach of the provisions of Section 7 and this section has occurred gratuitously or due to a question of fact or a question of law in which the National Government has acted with the intention and purpose of acquiring shares exceeding the established limits, except if, as a consequence of such acquisition, the National Government becomes the owner of, or exercises the control over at least 49% of the capital stock, or over at least 50% of class D shares of stock. In all other cases, the penalties provided for in subsection h) of Section 7 shall be applied with no kind of limitation whatsoever.
(D) For the purposes provided for in this section and in subsections e) and f) of section 7, the term companies contemplated in paragraph (i) of section 7, in its relevant parts, comprises any kind of entity or organization having a relationship with the National Government of the nature described in the mentioned subsection. The term securities as used in this section shall have the scope provided for in subsection d) of section 7. The term Takeover used in section 7 is applied to the acquisitions provided for in paragraph (A) of this section 28.
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EXHIBIT 2 (d)
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
REGISTERED UNDER SECTION 12 OF THE EXCHANGE ACT
As of December 31, 2021, the registrant had the following series of securities registered pursuant to Section 12 of the U.S. Securities Exchange Act of 1934, as amended:
Title of each class: |
Name of each exchange on which registered: | |
Class D Shares | New York Stock Exchange* | |
American Depositary Shares, each representing one Class D Share, par value 10 pesos per share |
New York Stock Exchange |
* | Not for trading purposes, but only in connection with the trading on the New York Stock Exchange of American Depositary Shares representing those Class D shares. |
The Bank of New York Mellon, as depositary (the Depositary), registers and delivers American Depositary Shares, also referred to as ADSs. Each ADS represents one Class D share. Each ADS also represents any other securities, cash or other property which may be held by the Depositary. The deposited shares together with any other securities, cash or other property held by the Depositary are referred to as the deposited securities. The Depositarys office at which the ADSs are administered and its principal executive office are located at 240 Greenwich Street, New York, NY, 10286, USA. The ADSs are listed on the NYSE under the trading symbol YPF, which trading began on June 28, 1993.
According to data provided by The Bank of New York Mellon, as of, April 11, 2022, there were 154,784,922 ADSs outstanding and 48 holders of record of ADSs. Such ADSs represented approximately 39% of the total number of issued and outstanding Class D shares as of such date.
You may hold ADSs either (A) directly (i) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific number of ADSs, registered in your name, or (ii) by having uncertificated ADSs registered in your name, or (B) indirectly by holding a security entitlement in ADSs through your broker or other financial institution that is a direct or indirect participant in The Depository Trust Company, also called DTC. If you hold ADSs directly, you are a registered ADS holder, also referred to as an ADS holder. This description assumes you are an ADS holder. If you hold the ADSs indirectly, you must rely on the procedures of your broker or other financial institution to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.
Registered holders of uncertificated ADSs will receive statements from the Depositary confirming their holdings.
As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. Argentine law governs shareholder rights. The Depositary will be the holder of the Class D shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. A deposit agreement (the Deposit Agreement) among us, the Depositary, ADS holders and all other persons indirectly or beneficially holding ADSs sets out ADS holder rights as well as the rights and obligations of the Depositary. New York law governs the Deposit Agreement and the ADSs.
The following is a summary of the material provisions of the Deposit Agreement. For more complete information, you should read the entire Deposit Agreement and the form of ADR. You can find a copy of the Deposit Agreement in the report on Form 6 furnished by us to the SEC on March 1, 2022.
Deposit, Withdrawal and Cancellation
How are ADSs issued?
The Depositary will deliver ADSs if you or your broker deposits Class D shares or evidence of rights to receive Class D shares with the custodian. Upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the Depositary will register the appropriate number of ADSs in the names you request and will deliver the ADSs to the persons you request.
How do ADS holders cancel ADSs and obtain shares?
If you surrender ADSs to the Depositary, upon payment of its fees and expenses and of any taxes or charges, such as stamp taxes or stock transfer taxes or fees, the Depositary will deliver the Class D shares and any other deposited securities underlying the surrendered ADSs to you or a person you designate at the office of the custodian. Or, at your request, risk and expense, the Depositary will deliver the deposited securities at its office, if feasible. The Depositary may charge you a fee and its expenses for instructing the custodian regarding delivery of deposited securities.
How do ADS holders interchange between certificated ADSs and uncertificated ADSs?
You may surrender your ADR to the Depositary for the purpose of exchanging your ADR for uncertificated ADSs. The Depositary will cancel that ADR and will send to the ADS holder a statement confirming that the ADS holder is the registered ADS holder of the same number of uncertificated ADSs. Upon receipt by the Depositary of a proper instruction from a registered ADS holder of uncertificated ADSs requesting the exchange of uncertificated ADSs for certificated ADSs, the Depositary will cancel those uncertificated ADSs, and register and deliver to the ADS holder an ADR evidencing the same number of certificated ADSs.
Dividends
Under our by-laws, all Class A, Class B, Class C and Class D shares rank equally with respect to the payment of dividends. All shares outstanding as of a particular record date share equally in the dividend being paid, except for shares issued during the period to which a dividend relates may be entitled only to a partial dividend with respect to such period if the shareholders meeting that approved the issuance so resolved. No preferred shares have been issued by us as of the date of this annual report.
The amount and payment of dividends are determined by majority vote of our shareholders voting as a single class, generally, but not necessarily, on the recommendation of the Board of Directors. The Board of Directors may resolve to distribute interim dividends if certain requirements are met. The directors, members of the Supervisory Committee and members of the Surveillance Committee, as the ease may be, are jointly and severally responsible for such payments and distributions.
Although we have not adopted a formal policy regarding dividends, the Board prudently evaluates on each fiscal exercise the possibility to recommend a payment of dividends to the shareholders, within the framework of a management that will also consider, among other factors, the capital requirements related to investment plans, the attention of debt services, working capital needs, legal, tax and / or contractual restrictions that apply at all times, and the general conditions of the economic and financial context.
On March 4, 2021, the Board decided to propose the following to the general ordinary shareholders meeting: (i) to fully disallow the reserve for future dividends, the reserve for the purchase of own shares and the reserve for investments; (ii) partially absorb the accumulated losses in retained earnings up to Ps. 13,184 million against the amounts corresponding to the deactivated reserves for up to said amount. The proposal of the Board was approved by the Ordinary and Extraordinary Shareholders´ Meeting on April 30, 2021.
Additionally, as mentioned in Note 16.a.5) to the Consolidated Financial Statements, we adhered to the Extended Moratorium provided for by Law 27,541 on Social Solidarity and Recovery of the Productive Sector within the Public Emergency Framework and its amendments. By virtue of the restrictions established in point 6.6.1 of article 13 of Law 27,541, in the event that we decide to distribute dividends prior to August 26, 2022, we must first proceed to pre-cancel said tax debt, which would not imply incurring additional costs. However, in October 2021 that restriction was declared ineffective by Law 27,653, which is applicable to us.
The following table sets forth for the periods and dates indicated, the dividend payments made by us, expressed in pesos.
Pesos Per Share/ADS | ||||||||||||||||||||
Year Ended December 31, |
1Q | 2Q | 3Q | 4Q | Total | |||||||||||||||
2017 |
| | | 1.82 | 1.82 | |||||||||||||||
2018 |
| | | 3.05 | 3.05 | |||||||||||||||
2019 |
| | 5.85 | | 5.85 | |||||||||||||||
2020 |
| | | | | |||||||||||||||
2021 |
| | | | |
Amount Available for Distribution
Under Argentine General Corporations Law, dividends of a listed Argentine company that makes public offering of its shares may be lawfully paid only out of liquid and realized profits reflected in the annual audited financial statements of the Company prepared in accordance with accounting rules prevailing in Argentina and CNV regulations and approved at a shareholders meeting. The Board of Directors of a listed Argentine company that makes public offering of its shares may declare interim or provisional dividends, in cash, or based on special or quarterly financial statements with the report of the external auditor and the Supervisory Committee, in which case the members of the Board, the members of the Shareholders Surveillance Committee (Consejo de Vigilancia) when applicable, and of the Supervisory Committee are jointly and severally liable for the repayment of such dividends if retained earnings at the close of the fiscal year in which such dividends were paid would not have been sufficient to permit the payment of them.
According to the Argentine General Corporations Law and our by-laws, we are required to maintain a legal reserve of at least 5% of the fiscal years income until such reserve equals 20% of our then-outstanding capital stock. The legal reserve is not available for distribution to shareholders.
Under our by-laws, our liquid and realized profits are applied as follows:
1) | at least 5% of net income, plus (less) prior fiscal year adjustments, is segregated to build the legal reserve until such reserve is equal to 20% of our subscribed capital; |
2) | an amount is segregated to pay the accrued fees of the members of the Board of Directors and of the Supervisory Committee. See Item 6. Directors, Senior Management and EmployeesCompensation of members of our Board of Directors; |
3) | an amount is segregated to pay dividends on preferred stock, if any; and to unpaid cumulative dividends, as the case may be (we do not currently have preferred stock); and |
4) | the remainder, in whole or in part may be distributed as dividends to common shareholders or allocated for voluntary or contingent reserves or otherwise as determined by the shareholders meeting. |
Our Board of Directors submits our financial statements for the preceding fiscal year, together with reports thereon by the Supervisory Committee and the external auditor, at the annual ordinary shareholders meeting for approval. Within four months as from the end of each fiscal year, an ordinary shareholders meeting must be held to consider our yearly financial statements and determine the allocation of our net income for such year.
Under applicable CNV regulations, cash dividends must be paid to shareholders within 30 calendar days from the shareholders meeting approving such dividends. In cases where the shareholders meeting delegates the authority for the distribution of dividends to the Board of Directors, the payment of dividends has been usually resolved within 30 days from the relevant Board of Directors resolution.
In the case of payment of stock dividends, or payment of both stock and cash dividends, both shares and cash as the ease may be are required to be available within three months of the receipt of notice of the authorization of the CNV for the public offering of the shares arising from such dividends. In accordance with the Argentine Civil and Commercial Code, the statute of limitations to the right of any shareholder to receive dividends declared by the shareholders meeting is five years from the date on which it has been made available to the shareholder.
Under the Deposit Agreement, subject to certain terms and conditions set out in the Deposit Agreement ¬ including, among others, the Depositary´s determination that currency it receives other than U.S. dollars can be converted on a reasonable basis into U.S. dollars in a manner consistent with legal restrictions on foreign exchange ¬ the Depositary converts dividends it receives on deposited shares in currency other than the U.S. dollar into U.S. dollars and distributes the amount thus received to the ADS holders associated with those shares.
For information about exchange regulation on dividends payments see Exchange regulationsSpecific Provisions Regarding Access to the FX MarketDistribution of profits and dividends.
Voting of the Underlying Class D Shares
Pursuant to our by-laws, each Class A, Class B, Class C and Class D share entitles the holder thereof to one vote at any shareholders meeting of YPF, except that specific procedures apply to the election of Directors. See DirectorsElection of Directors. The Depositary has agreed that, as soon as practicable after receipt of a notice of any meeting of shareholders of YPF, it will mail a notice to the holders of ADRs evidencing ADSs, which will contain the following:
| a summary in English of the information contained in the notice of such meeting; |
| a statement that the holders of ADRs at the close of business on a specified record date will be entitled, subject to any applicable provisions of Argentine law, our by-laws and the Class D shares, to instruct the Depositary to exercise the voting rights, if any, pertaining to the Class D shares evidenced by their respective ADSs; and |
| a statement as to the manner in which such instructions may be given to the depositary. |
The Depositary shall endeavor, to the extent practicable, to vote or cause to be voted the amount of Class D shares represented by the ADSs in accordance with the written instructions of the holders of the ADRs evidencing the ADSs. With regards to the Class D shares as to which the Depositary receives no instructions, the Depositary will vote them in accordance with the recommendations of our Board of Directors, provided that YPF delivers to the Depositary an opinion of Argentine counsel stating that the action recommended by the Board of Directors is not illegal under Argentine law or contrary to our by-laws or Board regulations. In addition, the Depositary will, if requested by the Board of Directors and unless prohibited by any applicable provision of Argentine law, deposit all Class D shares represented by ADSs for purposes of establishing a quorum at meetings of shareholders, whether or not voting instructions with respect to such shares have been received.
Voting
Under our by-laws, each Class A, Class B, Class C and Class D share entitles the holder thereof to one vote at any meeting of our shareholders, except that the Class A shares (i) vote separately with respect to the election of members of the Board of Directors and the Supervisory Committee and are entitled to appoint one director, and the alternate director and one member of the Supervisory Committee and the alternate member, (ii) have certain veto rights.
Class A Veto Rights
Under our by-laws, so long as any Class A shares remain outstanding, the affirmative vote of such shares is required in order to: (i) decide upon our merger; (ii) approve any acquisition of shares by a third party representing more than 50% of our capital; (iii) transfer to third parties all the exploitation rights granted to YPF pursuant to the Argentine Hydrocarbons Law, applicable regulations thereunder or the Privatization Law, if such transfer would result in the total suspension of our exploration and production activities; (iv) voluntarily dissolve us; (v) transfer our legal or fiscal domicile outside Argentina and vi) an acquisition that would result in the purchaser holding 15% or more of our capital stock, or 20% or more of the outstanding Class D shares. The actions described in clauses (iii) and (iv) above also require prior approval of the Argentine Congress through enactment of a law.
Reporting Requirements
Pursuant to our by-laws, any person who, directly or indirectly, through any means or title, acquires Class D shares or securities convertible into Class D shares, so that such person controls more than 3% of the Class D shares, is required to notify us of such acquisition within 5 days of its closing, in addition to complying with any additional requirements imposed by any other authority in Argentina or elsewhere where our Class D shares are traded. Such notice must include the name or names of the person or persons, if any, acting in concert with it, the date of the acquisition, the number of shares acquired, the price at which the acquisition was made, and a statement as to whether it is the purpose of the person or persons to acquire a greater shareholding in, or control of, us. Each subsequent acquisition by such person or persons, as long as it exceeds the above mentioned 3% of the Class D shares, requires a similar notice.
In addition, pursuant to the regulations of CNV, any person or entity that directly or indirectly, or any group of persons acting in concerted form, by any means and with a certain purpose:
a) acquire or dispose of shares or securities convertible into shares, or acquire call or put options over them;
b) alter the integration or configuration of its direct or indirect interest over the capital stock of an issuer;
c) convert notes (obligaciones negociables) into shares;
d) exercise the put or call options of the securities referred to in a); or
e) change their purpose regarding their interest in an issuer at the time of occurrence of any the abovementioned events;
is required to inform CNV and BYMA of such circumstances, immediately after executing the acquisition, disposal, alteration of the integration or configuration of the interest, conversion into shares, and/or exercise of the calls or put options referred to above, or after the occurrence of the change in the purpose referred to above.
In any case, the information shall be submitted only as long as the acquisitions involved and/or facts referred to above grant 5% or more of the voting rights that can be exercised in the shareholders meetings of YPF.
Similar information is required to be submitted to CNV and BYMA in the event of changes over the interests previously informed, until becoming a controlling shareholder in which case the regulations applicable to him shall become applicable.
Preemptive and Accretion Rights
Except as described below, in the event of a capital increase, a holder of existing shares of a given class has a preferential right to subscribe a number of shares of the same class sufficient to maintain the holders existing proportionate holding of shares of that class. Preemptive rights also apply to issuances of convertible securities, but the shareholders of the issuer shall not have preemptive rights in relation to the shares issued to attend conversion requests of such securities.
Pursuant to the Argentine General Corporations Law, in exceptional cases and on a case-by-case basis when required for our best interest, the shareholders at an extraordinary meeting with a special majority may decide to limit or suspend shareholders preemptive rights, provided that such limitation or suspension of the shareholders preemptive rights is included in the agenda of the meeting and the shares to be issued are paid in kind or are issued to cancel preexisting obligations.
Under our by-laws, we may only issue securities convertible into Class D shares, and the issuance of any such convertible securities must be approved by a special meeting of the holders of Class D shares.
Holders of ADSs may not be able to exercise the preemptive or accretion rights relating to the shares underlying the ADSs unless a registration statement under the U.S. Securities Act is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available (see Item 3. Key informationRisk factorsRisks relating to our Class D shares and ADSsYou may be unable to exercise preemptive, accretion or other rights with respect to the Class D shares underlying your ADSs).
Preemptive rights are exercisable during the 30 days following the last publication of notice (which shall be made for 3 days) informing shareholders of their right to exercise such preemptive rights in the Official Gazette and in an Argentine newspaper of wide circulation. Pursuant to the Argentine General Corporations Law, if authorized by an extraordinary shareholders meeting, companies authorized to make public offering of their securities, such as YPF, may shorten the period during which preemptive rights may be exercised from 30 to 10 days following the last publication of notice of the offering to the shareholders to exercise preemptive rights in the Official Gazette and a newspaper of wide circulation in Argentina. Pursuant to our by-laws, the terms and conditions on which preemptive rights may be exercised with respect to Class C shares may be more favorable than those applicable to Class A, Class B and Class D shares.
Shareholders who have exercised their preemptive rights have the right to exercise accretion rights, in proportion to their respective ownership, with respect to any non-preempted shares, in accordance with the following procedure:
| Any non-preempted Class A shares will be converted into Class D shares and offered to holders of Class D shares that exercised preemptive rights and indicated their intention to exercise additional preemptive rights with respect to any such Class A shares. |
| Any non-preempted Class B shares will be assigned to those provinces that exercised preemptive rights and indicated their intention to exercise accretion rights with respect to such shares; any excess will be converted into Class D shares and offered to holders of Class D shares that exercised preemptive rights and indicated their intention to exercise accretion rights with respect to any such Class B shares. |
| Any non-preempted Class C shares will be assigned to any PPP participants who exercised preemptive rights and indicated their intention to exercise accretion rights with respect to such shares; any excess will be converted into Class D shares and offered to holders of Class D shares that exercised preemptive rights and indicated their intention to exercise accretion rights with respect to any such Class C shares. |
| Any non-preempted rights will be assigned to holders of Class D shares that exercised their preemptive rights and indicated their intention to exercise accretion rights; any remaining Class D shares will be assigned pro rata to any holder of shares of another class that indicated his or her intention to exercise accretion rights. |
The term for exercise of accretion rights is the same as that fixed for exercising preemptive rights.
In addition, under the Argentine General Corporations Law, foreign companies that own shares in an Argentine corporation are required to register with the National Corporations Registry (under the purview of the Ministry of Justice and Human Rights) in order to exercise certain shareholder rights, including voting rights. If you own our Class D shares directly (rather than through ADSs) and you are a non-Argentine company and you fail to register with the respective National Corporations Registry, your ability to exercise your rights as a holder of our Class D shares may be limited. Pursuant to Capital Markets Law No. 26,831 and to General Resolution No. 789 of the CNV, both applicable to the Company, foreign companies that are shareholders of YPF may participate and vote in the shareholders meetings through duly authorized attorneys in fact.
Amendment and Termination
How may the Deposit Agreement be amended?
The Deposit Agreement may at any time, and from time to time, be amended by agreement between us and the Depositary in any respect which we may deem necessary or desirable. Any amendment which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable (including SWIFT) or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial existing right of the ADS holders, shall, however, not become effective until the expiration of 30 days after notice of such amendment shall have been given to the ADS holders.
Every ADS holder at the time any amendment so becomes effective, shall be deemed, by continuing to hold ADSs or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the ADR holder to surrender ADSs and receive delivery of the deposited securities represented thereby, except in order to comply with mandatory provisions of applicable law.
How may the Deposit Agreement be terminated?
We may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the Deposit Agreement if (i) at any time 60 days shall have expired after the Depositary delivered us a written resignation notice and a successor Depositary has not been appointed and accepted its appointment as provided in Section 5.04 of the Deposit Agreement or (ii) a termination option event (as defined in the Deposit Agreement) has occurred. If termination of the Deposit Agreement is initiated, the Depositary shall disseminate a notice of termination to the holders of all ADSs then outstanding setting a date for termination, which shall be at least 90 days after the date of that notice, and the Deposit Agreement shall terminate on that termination date.
Limitations on Obligations and Liability
The Deposit Agreement expressly limits our obligations and the obligations of the Depositary. It also limits our liability and the liability of the Depositary. We and the Depositary:
| are only obligated to take the actions specifically set forth in the Deposit Agreement without negligence or bad faith; |
| are not liable if we are or it is, directly or indirectly, prevented from, forbidden to or delayed in, or could be subject to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms of the Deposit Agreement or the deposited securities, it is provided shall be done or performed; |
| are not liable if we or it exercises, or fails to exercise, any discretion provided for under the Deposit Agreement (including any determination by the Depositary or us, to take, or not take, any action that the Deposit Agreement provides the Depositary or us, as the case may be, may take); |
| are not liable for the inability of any holder to benefit from any distribution, offering, right or other benefit that is made available to holders of deposited securities but is not, under the terms of the Deposit Agreement, made available to holders; |
| are not liable for any special, consequential or punitive damages for any breach of the terms of the Deposit Agreement; |
| have no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities or in respect of the ADSs on behalf of any ADS holder or any other person; |
| are not liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting shares for deposit, any ADS holder or any other person believed by it in good faith to be competent to give such advice or information; |
| are not liable for relying upon, any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties, including any written notice, request, direction or other document delivered by electronic mail (e-mail); |
| the Depositary shall not be liable for any acts or omissions made by a successor Depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary; |
| the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the deposited securities, or for the manner in which any such vote is cast or the effect of any such vote, provided that any such action or non-action is in good faith; and |
| are not liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement of ADSs or deposited securities or otherwise. |
Further, the Depositary has no duty to make any determination or provide any information as to our tax status. Neither we nor the Depositary have any liability for any tax consequences that may be incurred by ADS holders as a result of owning or holding ADSs. In addition, neither we nor the Depositary shall be liable for the inability or failure of an ADS holder to obtain the benefit of a foreign tax credit, reduced rate of withholding or refund of amounts withheld in respect of tax or any other tax benefit.
In the Deposit Agreement, we and the Depositary agree to indemnify each other under certain circumstances.
Direct Registration System
In the Deposit Agreement, all parties to the Deposit Agreement acknowledge that the DTC Direct Registration System, also referred to as DRS, and Profile Modification System, also referred to as Profile, will apply to the ADSs upon acceptance thereof to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS that allows a DTC participant, claiming to act on behalf of an ADS Holder, to direct the Depositary to register a transfer of those ADSs to DTC or its nominee and to deliver those ADSs to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the ADS holder to register that transfer.
In connection with DRS/Profile, the parties to the Deposit Agreement understand that the Depositary will not determine whether the DTC participant that is claiming to be acting on behalf of an ADS holder in requesting registration of transfer and delivery as described in the paragraph above has the actual authority to act on behalf of that ADS holder (notwithstanding any requirements under the Uniform Commercial Code). In the Deposit Agreement, the parties agree that the Depositarys reliance on and compliance with instructions received by the Depositary through the DRS/Profile system and otherwise in accordance with the Deposit Agreement will not constitute negligence or bad faith on the part of the Depositary.
Shareholder Communications; Inspection of Register of Holders of ADSs
The Depositary will make available for your inspection at its office any reports and communications including any proxy solicitation material, that it receives from us as a holder of deposited securities that we make generally available to holders of deposited securities, including any proxy soliciting material. We shall furnish reports and communications, including any applicable proxy soliciting material, to the Depositary in English, to the extent those materials are required to be translated into English pursuant to any regulations of the Comisión Nacional de Valores (Argentine National Securities and Exchange Commission). The Depositary will send you copies of those communications or otherwise make those communications available to you if we ask it to. The Depositary shall keep a register of all ADS holders and all outstanding ADSs, which shall be open to you for inspection at the Depositarys Office during regular business hours, but only for the purpose of communicating with ADS holders regarding our business or a matter related to the Deposit Agreement or the ADSs.
Memorandum and Articles of Association
YPFs by-laws were approved by National Executive Decree No. 1,106, dated May 31, 1993, and notarized by public deed No. 175, dated June 15, 1993 at the National Notary Public Office, sheet 801 of the National Registry, and registered at the Inspection Board of Legal Entities of the Argentine Republic on the same date, June 15, 1993 under number 5,109 of the book of Corporations number 113, volume A.
At a shareholders meeting on April 30, 2021, YPFs shareholders approved an amendment to YPFs by-laws, registered with the Argentine Registrar of Companies (Inspección General de Justicia) on August 5, 2021, under No. 12,049, Book 103 of Corporations, which are also available at the offices of YPF, and on its own web site at https://www.ypf.com/english/investors/Corporate-governance/Paginas/By-Laws.aspx
Corporate Purpose
Pursuant to article four of our bylaws, the corporate purpose of YPF is to carry out, per se, through or in association with third parties, the following activities:
(i) | survey, exploration and exploitation activities of liquid and/or gaseous hydrocarbon fields and other minerals; |
(ii) | processing, transportation and marketing of these products and of the direct or indirect by-products thereof, including petrochemical and chemical products, whether by-products of hydrocarbons or not; and |
(iii) | generation of electricity from hydrocarbons. |
For this purpose, the Company shall be entitled to process, use, purchase, sell, exchange, import and export the said products and/or by-products and to carry out any other operation complementary to its industrial and commercial activities, or any such operation as shall be necessary for the fulfillment of its purposes. For a better discharge of these purposes, the Company shall be entitled to create, associate with, or participate in private or public entities domiciled in the country or abroad, to the extent permitted by these by-laws.
For a detailed description of YPFs corporate purpose, see Item 4. Information on the Company. YPFs object is set forth in Section 4 of its by-laws.
Shareholders Meetings
Pursuant to the Argentine General Corporations Law, the Board of Directors or the Supervisory Committee shall call either annual ordinary or extraordinary shareholders meetings in the cases provided by law and whenever they consider appropriate. Shareholders representing not less than 5% of our capital stock may also request that a shareholders meeting be called, in which case the meeting must be held within 40 days of such shareholders request. If the Board of Directors or the Supervisory Committee fails to call a meeting following such a request, a meeting may be ordered by the CNV or by the courts.
Shareholders meetings may be ordinary meetings or extraordinary meetings. We are required to convene and hold an ordinary meeting of shareholders within four months of the closing of each fiscal year to consider the matters specified in the first two paragraphs of Section 234 of the Argentine General Corporations Law, such as the consideration of our financial statements, allocation of net income for such fiscal year, consideration of the reports of the Board of Directors and of the Supervisory Committee, consideration of the performance and determination of the remuneration of directors and members of the Supervisory Committee. In addition, pursuant to the Capital Markets Law, at ordinary shareholders meetings, shareholders must consider (i) the disposition of, or creation of any lien over, all or a substantial part of our assets as long as such decision has not been performed in the ordinary course of business, and (ii) the execution of administration or management agreements and whether to approve any agreement by virtue of which the assets or services provided to us are paid partially or totally with a percentage of the income, our results or earnings, if the payment is material when measured against the volume of the ordinary course of business and our shareholders equity. Other matters which may be considered at an ordinary shareholders meeting convened and held at any time include the liability of directors and members of the Supervisory Committee, capital increases and the issuance of certain notes. Extraordinary shareholders meetings may be called at any time to consider matters beyond the authority of an ordinary meeting including, without limitation, the amendment of our by-laws, issuance of debentures, early dissolution, merger, spin-off, reduction of capital stock and redemption of shares, transformation from one type of entity to another and limitation or suspension of shareholders preemptive rights.
Notices of meetings
Notice of shareholders meetings must be published in the Official Gazette, and in an Argentine newspaper of wide circulation for 5 days and also in the bulletin of the BASE, at least 20 but not more than 45 calendar days prior to the date on which the meeting is to be held. Such notice must include information regarding the type of meeting to be held, the date, time and place of such meeting, the agenda, and the specific requirements shareholders must meet to attend the meeting. If a quorum is not available at such meeting, a notice for a meeting on second call, which must be held within 30 days of the date on which the first meeting was called, must be published for 3 days, at least 8 days before the date of the meeting on second call. Shareholders meetings may be called simultaneously on first and second in the same notice, only in the case of ordinary meetings. Shareholders meetings may be validly held (with an interval of at least one hour from the hour for the first call) without publication of the call if all the shares of our outstanding share capital are present in the meeting and resolutions are adopted by unanimous vote of shares entitled to vote.
Quorum and voting requirements
Except as described below, the quorum for ordinary meetings of shareholders on first call is a majority of the shares entitled to vote, and action may be taken by the affirmative vote of an absolute majority of the shares present that are entitled to vote on such action. In case of a meeting on second call (provided that the quorum is not available at the first meeting) quorum is of whichever number of shares present in the meeting. Action may be taken by the holders of an absolute majority of the shares present that may be issued. The quorum for an extraordinary shareholders meeting on first call is 60% of the shares entitled to vote and pursuant to our by-laws if such quorum is not available, a meeting on second call may be held, with the presence of any number of shares entitled to vote. In both cases action may be taken, by the holders of an absolute majority of the shares present.
Our by-laws establish that in order to approve (i) the transfer of our domicile outside Argentina, (ii) a fundamental change of the corporate purpose set forth in our by-laws, (iii) delisting of our shares from ByMA or NYSE, and (iv) a spin-off by us, when as a result of such spin-off 25% or more of our assets are transferred to the resulting corporations, (even in case that such result is reached by several spin-offs during a one year term), a majority of the shares representing at least 75% of our voting shares is required, either in first and second call.
Our by-laws also establish that in order to approve (i) certain amendments to our by-laws concerning transfer of shares and tender offers, (ii) the granting of certain guarantees in favor of our shareholders, (except when the guarantee and the guaranteed obligation were assumed while procuring the corporate purpose set forth in our by-laws) (iii) total cessation of refining, commercialization and distribution activities and (iv) rules regarding appointment, election and number of members of our Board of Directors, a majority of the shares representing 66% or more of our voting shares is required, both in first and second call.
The affirmative vote of Class A shares, voting at a special meeting of the holders of such shares is also needed to: (i) decide upon our merger; (ii) approve any acquisition of shares by a third party representing more than 50% of our capital; (iii) transfer to third parties all the exploitation rights granted to YPF pursuant to the Argentine Hydrocarbons Law, applicable regulations thereunder or the Privatization Law, if such transfer would result in the total suspension of our exploration and production activities; (iv) voluntarily dissolve us; (v) transfer our legal or fiscal domicile outside Argentina and (vi) an acquisition that would result in the purchaser holding 15% or more of our capital stock, or 20% or more of the outstanding Class D shares. The actions described in clauses (iii) and (iv) above also require prior approval of the Argentine Congress through enactment of a law
To affect the rights of any class of shares, the affirmative vote of such Class of shares, voting at a special meeting of the holders of such shares, is required.
A special majority is required to amend any rule provided by our by-laws in which such same special majority is required.
In order to attend the meeting, shareholders must deposit their shares, or a certificate representing book-entry shares issued by a bank, clearing house or depository trust company, with us. This certificate will allow each shareholder to be registered in the attendance book which closes 3 business days before the date on which the meeting will be held. We will issue to each shareholder a deposit certificate required for admission into the meeting. Shares certified and registered in the attendance book may not be disposed of before the meeting is held unless the corresponding deposit is cancelled.
Under the Argentine General Corporations Law, foreign companies that own shares in an Argentine corporation are required to register in the National Corporations Registry (held by the Ministry of Justice and Human Rights, or the agency to be determined by such ministry to that effect, according to Decree No. 27/2018 - published on January 11, 2018 in the Official Gazette) in order to exercise certain shareholder rights, including voting rights. Such registration may require the filing of certain corporate and accounting documents. Accordingly, if a non-Argentine company owns Class D shares directly (rather than in the form of ADSs) and fails to register in the National Corporations Registry, its capacity to exercise its rights as a holder of Class D shares may be limited.
According to Section 62 Bis of the Capital Markets Law and to General Resolution No. 789 of the CNV, issued on March 29, 2019, foreign companies may vote in shareholders meetings by a duly authorized attorney in fact.
Directors, members of the Supervisory Committee and senior managers are both entitled and required to attend all shareholders meetings. These persons may only exercise voting power to the extent they have been previously registered as shareholders, in accordance with the provisions described in the above paragraph. Nevertheless, these persons are not allowed to vote on resolutions regarding the approval of their management duties, their responsibility or removal for cause.
A shareholder who has a conflict of interest with us and who does not abstain from voting may be liable for damages to us, but only if without such shareholders votes the majority required to validly adopt the relevant resolution would not be reached. Furthermore, shareholders who willfully or negligently vote in favor of a resolution that is subsequently declared void by a court as contrary to the law, our by-laws or its internal regulation, may be held jointly and severally liable for damages to us or to other third parties, including shareholders.
The affirmative vote of our majority is needed to adopt certain of our resolutions.
For information on specific provisions relating to acquisitions of shares, please see Item 10. Additional Information Certain Provisions Relating to Acquisitions of Shares of our annual report.
Foreign Investment Legislation
Under the Argentine Foreign Investment Law, as amended, and its implementing regulations (together, referred to as the Foreign Investment Legislation), the purchase of shares of an Argentine corporation by an individual or legal entity domiciled abroad or by an Argentine company of foreign capital (as defined in the Foreign Investment Legislation) constitutes foreign investment. Currently, foreign investment, other than broadcasting, acquisition of land located in frontier border areas (and other security areas) according to Law-Decree No. 15,385/1944 (as amended and supplemented from time to time) or rural land by foreign individuals or legal entities according to Law No. 26,737 (as amended and supplemented from time to time), is not restricted, and no prior approval is required to make foreign investments. No prior approval is required in order to purchase Class D shares or ADSs or to exercise financial or corporate rights thereunder (with respect to us, see Item 4. Information on the Company History and Development of YPF).
Exhibit 12.1
302 CERTIFICATION
I, Sergio Pablo Antonio Affronti, certify that:
1. I have reviewed this annual report on Form 20-F of YPF S.A.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting; and
5. The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting.
Date: April 20, 2022
/s/ Sergio Pablo Antonio Affronti |
Sergio Pablo Antonio Affronti |
Chief Executive Officer |
Exhibit 12.2
302 CERTIFICATION
I, Alejandro Lew certify that:
1. I have reviewed this annual report on Form 20-F of YPF S.A.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
4. The companys other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the companys disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the companys internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the companys internal control over financial reporting; and
5. The companys other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the companys auditors and the audit committee of the companys board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the companys ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the companys internal control over financial reporting.
Date: April 20, 2022
/s/ Alejandro Lew Alejandro Lew |
Chief Financial Officer |
Exhibit 13
906 CERTIFICATION
The certification set forth below is being submitted in connection with the Annual Report on Form 20-F for the year ended December 31, 2021 (the report) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the Exchange Act) and Section 1350 of Chapter 63 of Title 18 of the United States Code.
Sergio Pablo Antonio Affronti, the Chief Executive Officer and, Alejandro Lew, the Chief Financial Officer of YPF S.A., each certifies that, to the best of their knowledge:
1. the report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and
2. the information contained in the report fairly presents, in all material respects, the financial condition and results of operations of YPF S.A.
Date: April 20, 2022.
/s/ Sergio Pablo Antonio Affronti |
Sergio Pablo Antonio Affronti |
Chief Executive Officer |
/s/ Alejandro Lew |
Alejandro Lew |
Chief Financial Officer |
Exhibit 15.1
DeGolyer and MacNaughton
5001 Spring Valley Road
Suite 800 East
Dallas, Texas 75244
April 20, 2022
YPF Sociedad Anónima
Macacha Güemes 515
C1106BKK Buenos Aires
Argentina
Ladies and Gentlemen:
We hereby consent to the references to DeGolyer and MacNaughton and to the inclusion of and information derived from our report of third party dated February 8, 2022, containing our opinions regarding our estimates, as of December 31, 2021, of the proved oil, condensate, natural gas liquids, gasoline, marketable gas, and oil equivalent reserves of certain selected properties in Argentina in which YPF Sociedad Anónima (YPF S.A.) has represented it holds an interest as set forth under the headings Item 4. Information on the CompanyBusiness organizationUpstreamOil and Gas ReservesInternal controls on reserves and reserves audits and Item 19. Exhibits and as Exhibit 15.2 in the Annual Report on Form 20-F of YPF S.A. for the year ended December 31, 2021, to be filed with the United States Securities and Exchange Commission.
Very truly yours, |
/s/ DeGolyer and MacNaughton |
DeGOLYER and MacNAUGHTON |
Texas Registered Engineering Firm F-716 |
Exhibit 15.2
DeGolyer and MacNaughton
5001 Spring Valley Road
Suite 800 East
Dallas, Texas 75244
February 08, 2022
YPF Sociedad Anónima
Macacha Güemes 515
Ciudad Autónoma de Buenos Aires
Argentina
Ladies and Gentlemen:
Pursuant to your request, this report of third party presents an independent evaluation as of December 31, 2021, of the extent of the estimated net proved oil, condensate, natural gas liquids (NGL), gasoline, and gas reserves of certain properties in which YPF Sociedad Anónima (YPF S.A.) has represented it holds an interest. This evaluation was completed on February 08, 2022. The properties evaluated herein are located in Argentina. YPF S.A. has represented that these properties account for approximately 34 percent on a net equivalent barrel basis of YPF S.A.s net proved reserves as of December 31, 2021, and approximately 40 percent on a net equivalent barrel basis of YPF S.A.s net proved undeveloped reserves as of December 31, 2021. The net proved reserves estimates have been prepared in accordance with the reserves definitions of Rules 410(a) (1)(32) of Regulation SX of the United States Securities and Exchange Commission (SEC). This report was prepared in accordance with guidelines specified in Item 1202 (a)(8) of Regulation SK and is to be used for inclusion in certain SEC filings by YPF S.A.
Reserves estimates included herein are expressed as net reserves. Gross reserves are defined as the total estimated petroleum remaining to be produced from these properties after December 31, 2021. Net reserves are defined as that portion of the gross reserves attributable to the interests held by YPF S.A. after deducting all interests held by others.
Estimates of reserves should be regarded only as estimates that may change as further production history and additional information become available. Not only are such reserves estimates based on that information, which is currently available, but such estimates are also subject to the uncertainties inherent in the application of judgmental factors in interpreting such information.
The properties evaluated herein are listed in the following table:
Basin Area Reservoir(s) |
Basin Area Reservoir(s) | |
Cuyana |
Neuquina (continued) | |
Ceferino |
Loma Alta Sur | |
Río Tunuyán |
Loma Campana | |
Golfo San Jorge |
Loma de La Mina | |
Cañadón Perdido |
Loma La Lata Central | |
Cañadón Vasco |
Loma La Lata Norte | |
Cerro Piedra - Cerro Guadal Norte |
Quintuco - Vaca Muerta | |
El Cordón |
Sierras Blancas | |
El Destino |
Los Cavaos | |
El Trébol |
Octógono | |
Escalante |
Pampa Palauco | |
Pico Truncado |
Piedras Negras - Señal Lomita | |
Neuquina |
Puesto Molina | |
Bajada de Añelo |
Puesto Molina Norte | |
Bajo del Toro Norte |
Punta Barda | |
Cañadón Amarillo |
Puntilla del Huicán | |
Cerro Hamaca |
Rincón del Mangrullo | |
Cerro Morado Este |
Vaca Muerta | |
El Orejano |
Mulichinco | |
Llancanelo |
Señal Cerro Bayo |
Information used in the preparation of this report was obtained from YPF S.A. In the preparation of this report we have relied, without independent verification, upon information furnished by YPF S.A. with respect to the property interests being evaluated, production from such properties, current costs of operation and development, current prices for production, agreements relating to current and future operations and sale of production, and various other information and data that were accepted as represented. A field examination was not considered necessary for the purposes of this report.
Definition of reserves
Petroleum reserves estimated in this report are classified as proved. Only proved reserves have been evaluated for this report. Reserves classifications used by us in this report are in accordance with the reserves definitions of Rules 410(a) (1)(32) of Regulation SX of the SEC. Reserves are judged to be economically producible in future years from known reservoirs under existing economic and operating conditions and assuming continuation of current regulatory practices using conventional production methods and equipment. In the analyses of production-decline curves, reserves were estimated only to the limit of economic rates of production under existing economic and operating conditions using prices and costs consistent with the effective date of this report, including consideration of changes in existing prices provided only by contractual arrangements but not including escalations based upon future conditions. The petroleum reserves are classified as follows:
Proved oil and gas reserves Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically produciblefrom a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulationsprior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
(i) The area of the reservoir considered as proved includes: (A) The area identified by drilling and limited by fluid contacts, if any; and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.
(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
(iii) Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when: (A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.
(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
Developed oil and gas reserves Developed oil and gas reserves are reserves of any category that can be expected to be recovered:
(i) Through existing wells with existing equipment and operating methods or in which the cost of the required equipment is relatively minor compared to the cost of a new well; and
(ii) Through installed extraction equipment and infrastructure operational at the time of the reserves estimate if the extraction is by means not involving a well.
Undeveloped oil and gas reserves Undeveloped oil and gas reserves are reserves of any category that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion.
(i) Reserves on undrilled acreage shall be limited to those directly offsetting development spacing areas that are reasonably certain of production when drilled, unless evidence using reliable technology exists that establishes reasonable certainty of economic producibility at greater distances.
(ii) Undrilled locations can be classified as having undeveloped reserves only if a development plan has been adopted indicating that they are scheduled to be drilled within five years unless the specific circumstances justify a longer time.
(iii) Under no circumstances shall estimates for undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective by actual projects in the same reservoir or an analogous reservoir, as defined in [section 210.410 (a) Definitions], or by other evidence using reliable technology establishing reasonable certainty.
Methodology and procedures
Estimates of reserves were prepared by the use of appropriate geologic, petroleum engineering, and evaluation principles and techniques that are in accordance with the reserves definitions of Rules 410(a) (1)(32) of Regulation SX of the SEC and with practices generally recognized by the petroleum industry as presented in the publication of the Society of Petroleum Engineers entitled Standards Pertaining to the Estimating and Auditing of Oil and Gas Reserves Information (revised June 2019) Approved by the SPE Board on 25 June 2019 and in Monograph 3 and Monograph 4 published by the Society of Petroleum Evaluation Engineers. The method or combination of methods used in the analysis of each reservoir was tempered by experience with similar reservoirs, stage of development, quality and completeness of basic data, and production history.
2
Based on the current stage of field development, production performance, the development plans provided by YPF S.A., and analyses of areas offsetting existing wells with test or production data, reserves were classified as proved. The undeveloped reserves estimates were based on opportunities identified in the plan of development provided by YPF S.A.
YPF S.A. has represented that its senior management is committed to the development plan provided by YPF S.A. and that YPF S.A. has the financial capability to execute the development plan, including the drilling and completion of wells and the installation of equipment and facilities.
For the evaluation of unconventional reservoirs, a performance-based methodology integrating the appropriate geology and petroleum engineering data was utilized for this report. Performance-based methodology primarily includes (1) production diagnostics, (2) decline-curve analysis, and (3) model-based analysis (if necessary, based on availability of data). Production diagnostics include data quality control, identification of flow regimes, and characteristic well performance behavior. These analyses were performed for all well groupings (or type-curve areas).
Characteristic rate-decline profiles from diagnostic interpretation were translated to modified hyperbolic rate profiles, including one or multiple b-exponent values followed by an exponential decline. Based on the availability of data, model-based analysis may be integrated to evaluate long-term decline behavior, the effect of dynamic reservoir and fracture parameters on well performance, and complex situations sourced by the nature of unconventional reservoirs.
For depletion-type reservoirs or those whose performance disclosed a reliable decline in producing-rate trends or other diagnostic characteristics, reserves were estimated by the application of appropriate decline curves or other performance relationships. In the analyses of production-decline curves, reserves were estimated only to the limits of economic production as defined under the Definition of Reserves heading of this report or the expiration of the fiscal agreement, as appropriate.
Where adequate data were available and where circumstances justified, material balance and other engineering methods were used to estimate original oil in place (OOIP) and original gas in place (OGIP) based on an analysis of reservoir performance, including production rate, reservoir pressure, and reservoir fluid properties.
In certain cases, reserves were estimated by incorporating elements of analogy with similar wells or reservoirs for which more complete data were available.
In the evaluation of undeveloped reserves, type-well analysis was performed using well data from analogous reservoirs for which more complete historical performance data were available.
Data provided by YPF S.A. from wells drilled through December 31, 2021 and made available for this evaluation were used to prepare the reserves estimates herein. These reserves estimates were based on consideration of monthly production data available for certain properties only through September, October, or November 2021. Estimated cumulative production, as of December 31, 2021, was deducted from the estimated gross ultimate recovery to estimate gross reserves. This required that production be estimated for up to 3 months.
Oil and condensate reserves estimated herein are to be recovered by normal field separation. NGL reserves estimated herein include propane and butane fractions, and gasoline reserves estimated herein consist of pentanes and heavier fractions (C5+). NGL and gasoline reserves are the result of low-temperature plant processing and were estimated in accordance with YPF S.A.s internal reporting standards. Oil, condensate, NGL, and gasoline reserves included in this report are expressed in thousands of barrels (103bbl). In these estimates, 1 barrel equals 42 United States gallons. For reporting purposes, oil and condensate reserves have been estimated separately and are presented herein as a summed quantity.
Gas quantities estimated herein are expressed as marketable gas and fuel gas. Marketable gas is defined as the total gas produced from the reservoir after reduction for shrinkage resulting from field separation; processing, including removal of the nonhydrocarbon gas to meet pipeline specifications; and flare and other losses but not from fuel usage. Fuel gas is defined as that portion of the gas consumed in field operations. Gas reserves herein are reported as marketable gas reserves; therefore, fuel gas is included as reserves. Gas quantities are expressed at a temperature base of 60 degrees Fahrenheit (°F) and at a pressure base of 14.696 pounds per square inch absolute (psia). Gas quantities included in this report are expressed in millions of cubic feet (106ft3).
Gas quantities are identified by the type of reservoir from which the gas will be produced. Nonassociated gas is gas at initial reservoir conditions with no oil present in the reservoir. Associated gas is both gas-cap gas and solution gas. Gas-cap gas is gas at initial reservoir conditions and is in communication with an underlying oil zone. Solution gas is gas dissolved in oil at initial reservoir conditions. Gas quantities estimated herein include both associated and nonassociated gas.
At the request of YPF S.A., marketable gas reserves estimated herein were converted to oil equivalent using an energy equivalent factor of 5,615 cubic feet of gas per 1 barrel of oil equivalent.
Primary economic assumptions
This report has been prepared using initial prices, expenses, and costs provided by YPF S.A. in United States dollars (US$). Future prices were estimated using guidelines established by the SEC and the Financial Accounting Standards Board (FASB). The following economic assumptions were used for estimating the reserves reported herein.
Oil, condensate, NGL and gasoline prices
YPF S.A. has represented that the oil, condensate, and gasoline prices were based on a reference price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual agreements. YPF S.A. supplied differentials by field to a Brent reference price of US$ 69.18 per barrel and the prices were held constant thereafter. The volume-weighted average adjusted price attributable to the estimated proved reserves was US$ 68.10 per barrel of oil, condensate, and gasoline.
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YPF S.A. has represented that the NGL prices are defined by contractual agreements. The volume-weighted average adjusted price attributable to the estimated proved reserves was US$ 11.66 per barrel of NGL.
Gas prices
YPF S.A. has represented that the gas prices were based on a reference price, calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices are defined by contractual agreements. YPF S.A. has represented that the gas prices were US$ 3.34 per million Btu (106 Btu) for the properties in the Austral and Cuyana basins and US$ 2.96 per 106 Btu for the properties in the Golfo San Jorge basin. These prices were held constant for the producing lives of the properties.
For certain properties located in the Neuquina basin, YPF S.A. has represented that it is paid an incentive gas price that is subsidized by the Argentine government through 2024. The gas sales price used for 2022 was US$ 3.51 per 106 Btu, for 2023 was US$ 3.49 per 106 Btu, for 2024 was US$ 3.50 per 106 Btu, and for 2025 forward was US$ 3.08 per 106 Btu.
Btu factors provided by YPF S.A. were used to convert prices from dollars per million Btu to dollars per thousand cubic feet. The volume-weighted average adjusted price attributable to the estimated proved reserves was US$ 3.11 per thousand cubic feet of gas.
Operating expenses, capital costs and abandonment costs
Operating expenses and capital costs, based on information provided by YPF S.A., were used in estimating future costs required to operate the properties. In certain cases, future costs, either higher or lower than existing costs, may have been used because of anticipated changes in operating conditions. These costs were not escalated for inflation. Abandonment costs, which are those costs associated with the removal of equipment, plugging of wells, and reclamation and restoration associated with the abandonment, were provided by YPF S.A. Estimates of operating expenses, capital costs, and abandonment costs were considered in determining the economic viability of the undeveloped reserves estimated herein.
In our opinion, the information relating to estimated proved reserves of oil, condensate, NGL, gasoline, and gas contained in this report has been prepared in accordance with Paragraphs 932-235-50-4, 932-235-50-6, 932-235-50-7, and 932-235-50-9 of the Accounting Standards Update 932-235-50, Extractive Industries Oil and Gas (Topic 932): Oil and Gas Reserve Estimation and Disclosures (January 2010) of the FASB and Rules 410(a) (1)(32) of Regulation SX and Rules 302(b), 1201, 1202(a) (1), (2), (3), (4), (8), and 1203(a) of Regulation SK of the SEC; provided, however, that estimates of proved developed and proved undeveloped reserves are not presented at the beginning of the year.
To the extent the above-enumerated rules, regulations, and statements require determinations of an accounting or legal nature, we, as engineers, are necessarily unable to express an opinion as to whether the above-described information is in accordance therewith or sufficient therefor.
Summary of conclusions
The estimated net proved reserves, as of December 31, 2021, of the properties evaluated herein were based on the definition of proved reserves of the SEC and are summarized as follows, expressed in thousands of barrels (103 bbl), millions of cubic feet (106ft3), and thousands of barrels of oil equivalent (103 boe):
Estimated by DeGolyer and MacNaughton Net proved reserves As of December 31, 2021 |
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Oil and condensate (103 bbl) |
NGL (103 bbl) |
Gasoline (103 bbl) |
Marketable gas (106 ft3) |
Oil equivalent (103 boe) |
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Argentina |
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Proved developed |
73,308 | 24,944 | 2,203 | 531,428 | 195,099 | |||||||||||||||
Proved undeveloped |
118,833 | 21,532 | 261 | 317,225 | 197,122 | |||||||||||||||
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Total Proved |
192,141 | 46,476 | 2,464 | 848,653 | 392,222 |
Notes:
1. | Marketable gas reserves estimated herein were converted to oil equivalent using an energy equivalent factor of 5,615 cubic feet of gas per 1 barrel of oil equivalent. |
2. | The marketable gas reserves estimated herein include fuel gas. The fuel gas portion of the marketable gas reserves estimated herein is 32,978 106ft3 of the proved developed marketable gas reserves, 16,059 106ft3 of the proved undeveloped marketable gas reserves, and 49,037 106ft3 of the total proved marketable gas reserves. |
4
While the oil and gas industry may be subject to regulatory changes from time to time that could affect an industry participants ability to recover its reserves, we are not aware of any such governmental actions which would restrict the recovery of the December 31, 2021, estimated reserves.
DeGolyer and MacNaughton is an independent petroleum engineering consulting firm that has been providing petroleum consulting services throughout the world since 1936. DeGolyer and MacNaughton does not have any financial interest, including stock ownership, in YPF S.A. Our fees were not contingent on the results of our evaluation. This report has been prepared at the request of YPF S.A. DeGolyer and MacNaughton has used all assumptions, data, procedures, and methods that it considers necessary and appropriate to prepare this report.
Submitted, |
/s/ DeGolyer and MacNaughton |
DeGOLYER and MacNAUGHTON Texas Registered Engineering Firm F-716 |
/s/ Federico Dordoni | ||||
[SEAL] Federico Dordoni, P.E. | ||||
Senior Vice President | ||||
DeGolyer and MacNaughton |
5
CERTIFICATE of QUALIFICATION
I, Federico Dordoni, Petroleum Engineer with DeGolyer and MacNaughton, 5001 Spring Valley Road, Suite 800 East, Dallas, Texas, 75244 U.S.A., hereby certify:
1. | That I am a Senior Vice President with DeGolyer and MacNaughton, which firm did prepare the report of third party addressed to YPF S.A. dated February 08, 2022, and that I, as Senior Vice President, was responsible for the preparation of this report of third party. |
2. | That I attended Buenos Aires Institute of Technology (ITBA) University, and that I graduated with a degree in Petroleum Engineering in the year 2004; that I am a Registered Professional Engineer in the State of Texas; that I am a member of the Society of Petroleum Engineers and the Society of Petroleum Evaluation Engineers; and that I have in excess of 17 years of experience in oil and gas reservoir studies and reserves evaluations. |
/s/ Federico Dordoni | ||||
[SEAL] Federico Dordoni, P.E. | ||||
Senior Vice President | ||||
DeGolyer and MacNaughton |