SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May, 2017
Commission File Number: 001-12102
YPF Sociedad Anónima
(Exact name of registrant as specified in its charter)
Macacha Güemes 515
C1106BKK Buenos Aires, Argentina
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
YPF Sociedád Anonima
TABLE OF CONTENTS
ITEM |
1 Translation of Condensed Interim Consolidated Financial Statements as of March 31, 2017 and Comparative Information.
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED
FINANCIAL STATEMENTS AS OF MARCH 31, 2017
AND COMPARATIVE INFORMATION
English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (CNV).
In case of discrepancy, the financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
Note |
Description |
Page | ||||
1 | ||||||
2 | ||||||
Condensed interim consolidated statements of financial position |
3 | |||||
Condensed interim consolidated statements of comprehensive income |
4 | |||||
Condensed interim consolidated statements of changes in shareholders equity |
5 | |||||
7 | ||||||
Notes to the condensed interim consolidated financial statements: |
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1 | General information, structure and organization of the business of the Group |
8 | ||||
2 | Basis of preparation of the condensed interim consolidated financial statements |
9 | ||||
3 | 10 | |||||
4 | 10 | |||||
5 | 11 | |||||
6 | 11 | |||||
7 | 14 | |||||
8 | 15 | |||||
9 | 16 | |||||
10 | 17 | |||||
11 | 21 | |||||
12 | 21 | |||||
13 | 21 | |||||
14 | 21 | |||||
15 | 22 | |||||
16 | 23 | |||||
17 | 24 | |||||
18 | 26 | |||||
19 | 26 | |||||
20 | 26 | |||||
21 | 26 | |||||
22 | 27 | |||||
23 | 28 | |||||
24 | 28 | |||||
25 | 28 | |||||
26 | 29 | |||||
27 | 29 | |||||
28 | 30 | |||||
29 | 30 | |||||
30 | 31 | |||||
31 | 32 | |||||
32 | 35 | |||||
33 | 38 | |||||
34 | Assets and liabilities in currencies other than the Argentine peso |
39 | ||||
35 | 40 |
English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (CNV).
In case of discrepancy, the financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
Term |
Definition | |
AESA | Subsidiary A-Evangelista S.A. | |
Annual consolidated financial statements | Consolidated financial statements as of December 31, 2016 | |
Associate | Company over which YPF has significant influence as provided for in IAS 28 | |
BONAR | Argentine public bonds | |
CDS | Associate Central Dock Sud S.A. | |
CGU | Cash-Generating Units | |
CIMSA | Subsidiary Compañía de Inversiones Mineras S.A. | |
CNV | Argentine Securities Commission | |
Condensed interim consolidated financial statements | Condensed interim consolidated financial statements as of March 31, 2017 | |
Eleran | Subsidiary Eleran Inversiones 2011 S.A.U. | |
ENARGAS | Argentine National Gas Regulatory Authority | |
FACPCE | Argentine Federation of Professional Councils in Economic Sciences | |
Group | YPF and its subsidiaries | |
IAS | International Accounting Standard | |
IASB | International Accounting Standards Board | |
IFRS | International Financial Reporting Standard | |
IDS | Associate Inversora Dock Sud S.A. | |
Joint venture | Company jointly owned by YPF as provided for in IAS 28 | |
JO | Joint operation | |
LGS | Argentine General Corporations Law No. 19,550 (T.O. 1984), as amended | |
MEGA | Joint venture Compañía Mega S.A. | |
Metroenergía | Subsidiary Metroenergía S.A. | |
Metrogas | Subsidiary Metrogas S.A. | |
MINEM | Ministry of Energy and Mining | |
MMBtu | Million British thermal units | |
Oldelval | Associate Oleoductos del Valle S.A. | |
OPESSA | Subsidiary Operadora de Estaciones de Servicios S.A. | |
OTA | Associate Oleoducto Trasandino (Argentina) S.A. | |
OTC | Associate Oleoducto Trasandino (Chile) S.A. | |
Profertil | Joint Venture Profertil S.A. | |
Refinor | Joint Venture Refinería del Norte S.A. | |
SEC | U.S. Securities and Exchange Commission | |
Subsidiary | Company controlled by YPF in accordance with the provisions of IFRS 10 | |
Termap | Associate Terminales Marítimas Patagónicas S.A. | |
US$ | U.S. dollar | |
US$/Bbl | U.S. dollar per barrel | |
Y-GEN I | Joint venture Y-GEN Eléctrica S.R.L. | |
Y-GEN II | Joint venture Y-GEN Eléctrica II S.R.L. | |
YPF Brasil | Subsidiary YPF Brasil Comércio Derivado de Petróleo Ltda. | |
YPF Chile | Subsidiary YPF Chile S.A. | |
YPF EE | Subsidiary YPF Energía Eléctrica S.A. | |
YPF Gas | Associate YPF Gas S.A. | |
YPF Holdings | Subsidiary YPF Holdings, Inc. | |
YPF International | Subsidiary YPF International S.A. | |
YPF or the Company | YPF Sociedad Anónima | |
YPF SP | Subsidiary YPF Servicios Petroleros S.A. | |
YTEC | Subsidiary YPF Tecnología S.A. |
1
English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (CNV).
In case of discrepancy, the financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
Legal address
Macacha Güemes 515 Ciudad Autónoma de Buenos Aires, Argentina
Fiscal year number 41
Beginning on January 1, 2017
Principal business of the Company:
The Companys purpose shall be to perform, on its own, through third parties or in association with third parties, the exploration, development and production of oil, natural gas and other minerals and refining, marketing and distribution of oil and petroleum products and direct and indirect petroleum derivatives, including petrochemicals, chemicals, including those derived from hydrocarbons, and non-fossil fuels, biofuels and their components, as well as production of electric power from hydrocarbons, through which it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Companys purpose to render, on its own, through a subsidiary or in association with third parties, telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its object. In order to fulfill these objectives, the Company may set up, become associated with or have an interest in any public or private entity domiciled in the country or abroad, within the limits set forth in the Bylaws.
Filing with the Public Registry
Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Buenos Aires City, in charge of the Argentine Registrar of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5109, Book 113, Volume A, Sociedades Anónimas, with the above mentioned Registry.
Duration of the Company
Through June 15, 2093.
Last amendment to the Bylaws
April 29, 2016 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on December 21, 2016 under No. 25,244, Book 82 of Corporations.
Optional Statutory Regime related to Compulsory Tender Offer provided by Decree No. 677/2001 art. 24
Not incorporated (modified by Law No. 26,831).
Capital structure
393,312,793 shares of common stock, Argentine pesos 10 par value and 1 vote per share.
Subscribed, paid-in and authorized for stock exchange listing
3,933,127,930
MIGUEL ANGEL GUTIERREZ President |
2
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF MARCH 31, 2017 AND DECEMBER 31, 2016 (Amounts expressed in millions of Argentine Pesos) |
Notes | March 31, 2017 |
December 31, 2016 |
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ASSETS |
||||||||||||
Noncurrent Assets |
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Intangible assets |
8 | 8,045 | 8,114 | |||||||||
Property, plant and equipment |
9 | 297,613 | 308,014 | |||||||||
Investments in associates and joint ventures |
10 | 5,591 | 5,488 | |||||||||
Deferred income tax assets, net |
16 | 362 | 564 | |||||||||
Other receivables |
12 | 1,887 | 3,909 | |||||||||
Trade receivables |
13 | 128 | 87 | |||||||||
Investment in financial assets |
7 | 7,315 | 7,737 | |||||||||
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Total noncurrent assets |
320,941 | 333,913 | ||||||||||
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Current Assets |
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Inventories |
11 | 21,032 | 21,820 | |||||||||
Other receivables |
12 | 10,161 | 13,456 | |||||||||
Trade receivables |
13 | 31,919 | 33,645 | |||||||||
Investment in financial assets |
7 | 7,532 | 7,548 | |||||||||
Cash and cash equivalents |
14 | 11,424 | 10,757 | |||||||||
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Total current assets |
82,068 | 87,226 | ||||||||||
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TOTAL ASSETS |
403,009 | 421,139 | ||||||||||
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SHAREHOLDERS EQUITY |
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Shareholders contributions |
10,429 | 10,403 | ||||||||||
Reserves, other comprehensive income and retained earnings |
104,734 | 108,352 | ||||||||||
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Shareholders equity attributable to shareholders of the parent company |
115,163 | 118,755 | ||||||||||
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Non-controlling interest |
73 | (94 | ) | |||||||||
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TOTAL SHAREHOLDERS EQUITY |
115,236 | 118,661 | ||||||||||
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LIABILITIES |
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Noncurrent Liabilities |
||||||||||||
Provisions |
15 | 50,317 | 47,358 | |||||||||
Deferred income tax liabilities, net |
16 | 39,360 | 42,465 | |||||||||
Taxes payable |
262 | 98 | ||||||||||
Loans |
17 | 123,532 | 127,568 | |||||||||
Other liabilities |
18 | 319 | 336 | |||||||||
Accounts payable |
19 | 1,747 | 2,187 | |||||||||
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Total noncurrent liabilities |
215,537 | 220,012 | ||||||||||
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Current Liabilities |
||||||||||||
Provisions |
15 | 1,772 | 1,994 | |||||||||
Income tax liability |
213 | 176 | ||||||||||
Taxes payable |
6,391 | 4,440 | ||||||||||
Salaries and social security |
2,440 | 3,094 | ||||||||||
Loans |
17 | 22,756 | 26,777 | |||||||||
Other liabilities |
18 | 466 | 4,390 | |||||||||
Accounts payable |
19 | 38,198 | 41,595 | |||||||||
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Total current liabilities |
72,236 | 82,466 | ||||||||||
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TOTAL LIABILITIES |
287,773 | 302,478 | ||||||||||
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TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
403,009 | 421,139 | ||||||||||
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Accompanying notes are an integral part of these condensed interim consolidated financial statements.
MIGUEL ANGEL GUTIERREZ President |
3
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2017 AND 2016 (Amounts expressed in millions of Argentine Pesos) |
For the three-month periods ended March 31, |
||||||||||||
Notes | 2017 | 2016 | ||||||||||
Revenues |
20 | 57,003 | 46,934 | |||||||||
Cost |
21 | (45,798 | ) | (40,131 | ) | |||||||
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Gross profit |
11,205 | 6,803 | ||||||||||
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Selling expenses |
22 | (3,887 | ) | (3,045 | ) | |||||||
Administrative expenses |
22 | (1,790 | ) | (1,486 | ) | |||||||
Exploration expenses |
22 | (593 | ) | (454 | ) | |||||||
Other operating results, net |
23 | (424 | ) | (200 | ) | |||||||
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Operating income |
4,511 | 1,618 | ||||||||||
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Income from equity interests in associates and joint ventures |
10 | 22 | 97 | |||||||||
Financial income |
24 | 1,612 | 9,121 | |||||||||
Financial loss |
24 | (8,848 | ) | (5,480 | ) | |||||||
Other financial results |
24 | 75 | 377 | |||||||||
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Financial results, net |
24 | (7,161 | ) | 4,018 | ||||||||
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Net (loss) income before income tax |
(2,628 | ) | 5,733 | |||||||||
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Income tax |
16 | 2,820 | (4,878 | ) | ||||||||
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Net income for the period |
192 | 855 | ||||||||||
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Net income for the period attributable to: |
||||||||||||
- Shareholders of the parent company |
25 | 996 | ||||||||||
- Non-controlling interest |
167 | (141 | ) | |||||||||
Earnings per share attributable to shareholders of the parent company basic and diluted |
27 | 0.06 | 2.54 | |||||||||
Other comprehensive income |
||||||||||||
Translation differences from investments in subsidiaries, associates and joint ventures (1) |
159 | (535 | ) | |||||||||
Translation differences from YPF (2) |
(3,802 | ) | 15,942 | |||||||||
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Total other comprehensive income for the period (3) |
(3,643 | ) | 15,407 | |||||||||
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Total comprehensive income for the period |
(3,451 | ) | 16,262 | |||||||||
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(1) | Will be reversed to net income at the moment of the sale of the investment or full or partial reimbursement of the capital. |
(2) | Will not be reversed to net income. |
(3) | Entirely assigned to the parent companys shareholders. |
Accompanying notes are an integral part of these condensed interim consolidated financial statements.
MIGUEL ANGEL GUTIERREZ President |
4
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
For the three-month period ended March 31, 2017 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Balances at the beginning of the fiscal year |
3,923 | 6,085 | 10 | 16 | 61 | (152 | ) | (180 | ) | 640 | 10,403 | |||||||||||||||||||||||||
Accrual of share-based benefit plans(3) |
| | | | 26 | | | | 26 | |||||||||||||||||||||||||||
Settlement of share-based benefit plans (2) |
| | | | (1 | ) | 1 | | | | ||||||||||||||||||||||||||
Other comprehensive income |
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Net income |
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Balances at the end of the period |
3,923 | 6,085 | 10 | 16 | 86 | (151 | ) | (180 | ) | 640 | 10,429 | |||||||||||||||||||||||||
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For the three-month period ended March 31, 2017 | ||||||||||||||||||||||||||||||||||||||||
Reserves | Equity attributable to | |||||||||||||||||||||||||||||||||||||||
Legal | Future dividends |
Investments | Purchase of treasury shares |
Initial IFRS adjustment |
Other comprehensive income |
Retained earnings |
Shareholders of the parent company |
Non- controlling interest |
Total shareholders equity |
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Balances at the beginning of the fiscal year |
2,007 | 5 | 24,904 | 490 | 3,648 | 105,529 | (28,231 | ) | 118,755 | (94 | ) | 118,661 | ||||||||||||||||||||||||||||
Accrual of share-based benefit plans (2) |
| | | | | | | 26 | | 26 | ||||||||||||||||||||||||||||||
Settlement of share-based benefit plans |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Other comprehensive income |
| | | | | (3,643 | ) | | (3,643 | ) | | (3,643 | ) | |||||||||||||||||||||||||||
Net income |
| | | | | | 25 | 25 | 167 | 192 | ||||||||||||||||||||||||||||||
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Balances at the end of the period |
2,007 | 5 | 24,904 | 490 | 3,648 | 101,886 | (1) | (28,206 | ) | 115,163 | 73 | 115,236 | ||||||||||||||||||||||||||||
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(1) | Includes 105,532 corresponding to the effect of the translation of the financial statements of YPF S.A. and (3,646) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, as detailed in Note 2.b.1. to the annual consolidated financial statements. |
(2) | Net of employees income tax withholding related to the share-based benefit plans. |
(3) | See Note 33. |
MIGUEL ANGEL GUTIERREZ President |
5
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2017 AND 2016 (Cont.) (Amounts expressed in millions of Argentine Pesos) |
For the three-month period ended March 31, 2016 | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Balances at the beginning of the fiscal year |
3,922 | 6,083 | 11 | 18 | 67 | (277 | ) | (115 | ) | 640 | 10,349 | |||||||||||||||||||||||||
Accrual of share-based benefit plans(2) |
| | | | 40 | | | | 40 | |||||||||||||||||||||||||||
Other comprehensive income |
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Net income |
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Balances at the end of the period |
3,922 | 6,083 | 11 | 18 | 107 | (277 | ) | (115 | ) | 640 | 10,389 | |||||||||||||||||||||||||
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For the three-month period ended March 31, 2016 | ||||||||||||||||||||||||||||||||||||||||
Reserves | Equity attributable to | |||||||||||||||||||||||||||||||||||||||
Legal | Future dividends |
Investments | Purchase of treasury shares |
Initial IFRS adjustment |
Other comprehensive income |
Retained earnings |
Shareholders of the parent company |
Non-controlling interest |
Total shareholders equity |
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Balances at the beginning of the fiscal year |
2,007 | 5 | 21,264 | 440 | 3,648 | 78,115 | 4,585 | 120,413 | 48 | 120,461 | ||||||||||||||||||||||||||||||
Accrual of share-based benefit plans(2) |
| | | | | | | 40 | | 40 | ||||||||||||||||||||||||||||||
Other comprehensive income |
| | | | | 15,407 | | 15,407 | | 15,407 | ||||||||||||||||||||||||||||||
Net income |
| | | | | | 996 | 996 | (141 | ) | 855 | |||||||||||||||||||||||||||||
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Balances at the end of the period |
2,007 | 5 | 21,264 | 440 | 3,648 | 93,522 | (1) | 5,581 | 136,856 | (93 | ) | 136,763 | ||||||||||||||||||||||||||||
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(1) | Includes 96,924 corresponding to the effect of the translation of the financial statements of YPF and (3,402) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, as detailed in Note 2.b.1. to the annual consolidated financial statements. |
(2) | See Note 33. |
Accompanying notes are an integral part of these condensed interim consolidated financial statements.
MIGUEL ANGEL GUTIERREZ President |
6
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2017 AND 2016 (Amounts expressed in millions of Argentine Pesos) |
For the three-month periods ended March 31, |
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2017 | 2016 | |||||||
Cash flows from operating activities |
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Net income |
192 | 855 | ||||||
Adjustments to reconcile net income to cash flows provided by operating activities: |
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Income from equity interest in associates and joint ventures |
(22 | ) | (97 | ) | ||||
Depreciation of property, plant and equipment |
11,764 | 10,534 | ||||||
Amortization of intangible assets |
181 | 153 | ||||||
Consumption of materials and retirement of property, plant and equipment and intangible assets |
869 | 1,183 | ||||||
Charge on income tax |
(2,820 | ) | 4,878 | |||||
Net increase in provisions |
1,671 | 1,092 | ||||||
Exchange differences, interest and other (1) |
6,369 | (4,666 | ) | |||||
Share-based benefit plan |
26 | 40 | ||||||
Changes in assets and liabilities: |
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Trade receivables |
1,894 | (7,966 | ) | |||||
Other receivables |
3,175 | 4,518 | ||||||
Inventories |
111 | 1,089 | ||||||
Accounts payable |
1,145 | 778 | ||||||
Taxes payables |
2,119 | (760 | ) | |||||
Salaries and social security |
(651 | ) | (419 | ) | ||||
Other liabilities |
(950 | ) | 100 | |||||
Decrease in provisions due to payment/use |
(273 | ) | (354 | ) | ||||
Dividends received |
95 | | ||||||
Proceeds from collection of lost profit insurance |
| 607 | ||||||
Income tax payments |
(245 | ) | (740 | ) | ||||
|
|
|
|
|||||
Net cash flows provided by operating activities |
24,650 | 10,825 | ||||||
|
|
|
|
|||||
Investing activities:(2) |
||||||||
Acquisition of property, plant and equipment and intangible assets |
(14,574 | ) | (17,303 | ) | ||||
Contributions and acquisitions of interests in associates and joint ventures |
(272 | ) | | |||||
Investments in financial assets |
(3 | ) | (13 | ) | ||||
Proceeds from collection of damaged propertys insurance |
| 355 | ||||||
Interests received from financial assets |
8 | | ||||||
|
|
|
|
|||||
Net cash flows used in investing activities |
(14,841 | ) | (16,961 | ) | ||||
|
|
|
|
|||||
Financing activities:(2) |
||||||||
Payments of loans |
(8,393 | ) | (17,179 | ) | ||||
Payments of interest |
(5,369 | ) | (3,515 | ) | ||||
Proceeds from loans |
4,769 | 36,603 | ||||||
Contributions of non-controlling interests |
| 50 | ||||||
|
|
|
|
|||||
Net cash flows (used in) provided by financing activities |
(8,993 | ) | 15,959 | |||||
|
|
|
|
|||||
Translation differences provided by cash and cash equivalents |
(149 | ) | 953 | |||||
|
|
|
|
|||||
Net increase in cash and cash equivalents |
667 | 10,776 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at the beginning of year |
10,757 | 15,387 | ||||||
Cash and cash equivalents at the end of period |
11,424 | 26,163 | ||||||
|
|
|
|
|||||
Net increase in cash and cash equivalents |
667 | 10,776 | ||||||
|
|
|
|
(1) | Does not include exchange differences generated by cash and cash equivalents, which are disclosed separately in this statement. |
(2) | The main investing and financing transactions that have not affected cash and cash equivalents correspond to: |
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Acquisition of property, plant and equipment and concession extension easements not paid |
4,204 | 4,482 | ||||||
Capital contributions in joint ventures |
10 | |
Accompanying notes are an integral part of these condensed interim consolidated financial statements.
MIGUEL ANGEL GUTIERREZ President |
7
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP
General information
YPF Sociedad Anónima is a sociedad anónima (stock corporation) incorporated under the laws in force in the Argentine Republic, with a registered office at Macacha Güemes 515, in the City of Buenos Aires.
YPF and its subsidiaries form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream and Downstream segments.
Structure and organization of the economic group
The following chart shows the organizational structure, including the main companies of the Group, as of March 31, 2017:
(1) | Held directly and indirectly. |
8
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP (Cont.)
Organization of the business
As of March 31, 2017, the Group carries out its transactions and operations in accordance with the following structure:
| Upstream; |
| Gas and Power; |
| Downstream; |
| Central administration and others, which covers the remaining activities not included in the previous categories. |
Activities covered by each business segment are detailed in Note 6.
Almost all operations, properties and clients are located in Argentina. However, the Group holds equity interests in one exploratory area in Chile. The Group also sells lubricants and derivatives in Brazil and Chile.
2. BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
2.a) Basis of preparation
The condensed interim consolidated financial statements of YPF and its subsidiaries for the three-month period ended March 31, 2017, are presented in accordance with IAS 34 Interim Financial Reporting. The adoption of the IFRS, as issued by the IASB, was determined by the Technical Resolution No. 26 (ordered text) issued by FACPCE and CNV regulations.
Also, some additional information required by the LGS and/or regulations of the CNV was included. Such information is contained in the Notes to these condensed interim consolidated financial statements only to comply with regulatory requirements.
These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements of the Group as of December 31, 2016 prepared in accordance with IFRS.
These condensed interim consolidated financial statements were approved by the Board of Directors meeting and authorized to be issued on May 9, 2017.
These condensed interim consolidated financial statements corresponding to the three-month period ended on March 31, 2017 are unaudited. The Companys Management believes they have included all necessary adjustments to reasonably present the results of each period on a basis consistent with the annual consolidated financial statements. Income for the three-month period ended on March 31, 2017 does not necessarily reflect the proportion of the Groups full-year income.
2.b) Significant Accounting Policies
The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for Income Tax detailed in Note 16. The most significant accounting policies are described in Note 2.b) to the annual consolidated financial statements.
Functional and reporting currency
As mentioned in Note 2.b.1. to the annual consolidated financial statements, YPF has defined the U.S. dollar as its functional currency. In addition, according to CNV Resolution No. 562, YPF must present its financial statements in Argentine pesos.
9
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
2. BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Cont.)
2.c) Accounting Estimates and Judgments
The preparation of financial statements at a certain date requires Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made as of the date of preparation of these condensed interim consolidated financial statements.
In preparing these condensed interim consolidated financial statements, significant estimates and judgments made by Management in applying the Groups accounting policies and the main sources of uncertainty were consistent with those applied by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Note 2.c) to the annual consolidated financial statements.
2.d) Comparative information
Amounts and other information corresponding to the year ended on December 31, 2016 and to the three-month period ended on March 31, 2016 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements.
Historically, the Groups results have been subject to seasonal fluctuations during the year, particularly as a result of the increase in natural gas sales during the winter. After the 2002 devaluation of the Argentine peso, and as a consequence of the natural gas price freeze imposed by the Argentine government, the use of natural gas has been diversified, generating an increase in demand throughout the entire year. However, sales of natural gas are still typically higher in the winter for the residential sector of the Argentine domestic market, which has lower prices than other sectors of the Argentine market. Notwithstanding the foregoing, under the Additional Injection Stimulus Program (see Note 30.h) to the annual consolidated financial statements), gas producing companies were invited to file with the MINEM before June 30, 2013 projects to increase natural gas injection, in order to receive an increased price of US$ 7.50/MMBTU for all additional natural gas injected. These projects shall comply with the minimum requirements established in the aforementioned Program, and will be subject to approval by the MINEM, including a maximum term of five years, renewable at the request of the beneficiary, upon the decision of the MINEM. If the beneficiary company does not reach the committed production increase in a given month, it will have to make up for such volumes not produced. The natural gas pricing program was incorporated into the Hydrocarbons Law, as modified by Law No. 27,007.
In view of the foregoing, seasonality of the Group operations is not significant.
4. ACQUISITIONS AND DISPOSITIONS
During the three-month period ended March 31, 2017, there have been no significant acquisitions or dispositions.
10
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
The Groups activities are exposed to a variety of financial risks: market risk (including foreign currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group maintains an organizational structure and systems that allow for the identification, measurement and control of the risks to which it is exposed.
The condensed interim consolidated financial statements do not include all the information and disclosures on financial risk management; therefore, they should be read in conjunction with the Groups annual consolidated financial statements.
There have been no significant changes in the risk management or risk management policies applied by the Group since the last year end. See Note 4 to the annual consolidated financial statements.
The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest authority in the decision-making process analyzes the main financial and operating magnitudes while making decisions about resource allocation and performance assessment also considering the Groups business strategy.
Upstream
The Upstream segment carries out all activities related to the oil and natural gas exploration, development and production.
It obtains its revenues from (i) the sale of produced oil to the Downstream segment and, marginally, from its sale to third parties; and (ii) the sale of produced gas to the Gas and Power segment, which includes the receipt of incentives from the Natural Gas Additional Injection Stimulus Program.
Gas and Power
On March 15, 2016, the Gas and Power Executive Vice-presidency was created, and during the previous fiscal year, the complete scope of management of this new business unit was determined.
The Gas and Power segment obtains its income from the development of activities related to: (i) the natural gas commercialization to third parties and the Downstream segment, (ii) the commercial and technical operation of LNG regasification terminals in Bahía Blanca and Escobar, by hiring two regasification vessels, (iii) the natural gas distribution, and (iv) the generation of conventional and renewable electricity,
In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a purchase to the Upstream segment, Gas and Power accrues a fee in its favor with the Upstream segment to carry out such commercialization.
The Gas and Power Executive Vice-presidency assumed, as of 2017, all responsibility for the administration and management of collections related to the Natural Gas Additional Injection Stimulus Program, and therefore began to record revenues derived from sales in the segment, to later be transferred to the Upstream segment as an intersegment operation.
11
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
6. SEGMENT INFORMATION (Cont.)
Downstream
The Downstream segment develops activities related to: (i) oil refining and petrochemical production, (ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of oil and gas to refineries and the transportation and distribution of refined and petrochemical products to be marketed in the different sales channels.
It obtains its income from the marketing mentioned in item (ii) above, which is developed through the Retail, Industry, Agro, LPG, Chemicals and Lubricants and Specialties businesses.
It incurs in all expenses related to the aforementioned activities, including the oil purchase from the Upstream segment and third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment.
Central Administration and Others
It covers other activities, not falling into the aforementioned categories, mainly including corporate administrative expenses and assets and construction activities.
Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices.
Operating income and assets for each segment have been determined after consolidation adjustments.
As required by IFRS 8, comparative information has been given retroactive effect by the creation of the new segment.
12
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
6. SEGMENT INFORMATION (Cont.)
Upstream | Gas and Power | Downstream | Central Administration and Others |
Consolidation Adjustments(1) |
Total | |||||||||||||||||||
For the three-month period ended March 31, 2017 |
||||||||||||||||||||||||
Revenues from sales |
155 | 12,755 | 43,978 | 714 | (599 | ) | 57,003 | |||||||||||||||||
Revenues from intersegment sales |
27,622 | 990 | 202 | 1,566 | (30,380 | ) | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues |
27,777 | 13,745 | 44,180 | 2,280 | (30,979 | ) | 57,003 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (loss) |
899 | 558 | 4,364 | (1,006 | ) | (304 | ) | 4,511 | ||||||||||||||||
Income (loss) from equity interests in associates and joint ventures |
| 56 | (34 | ) | | | 22 | |||||||||||||||||
Depreciation of property, plant and equipment |
9,935 | 65 | 1,569 | 195 | | 11,764 | ||||||||||||||||||
Acquisition of property, plant and equipment |
9,448 | 943 | 1,279 | 280 | | 11,950 | ||||||||||||||||||
Assets |
210,579 | 36,553 | 123,151 | 34,090 | (1,364 | ) | 403,009 | |||||||||||||||||
For the three-month period ended March 31, 2016 |
||||||||||||||||||||||||
Revenues from sales |
5,897 | 4,750 | 35,750 | 537 | | 46,934 | ||||||||||||||||||
Revenues from intersegment sales |
23,433 | 706 | 210 | 1,661 | (26,010 | ) | | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues |
29,330 | 5,456 | 35,960 | 2,198 | (26,010 | ) | 46,934 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (loss) |
4,441 | 4 | (798 | ) | (526 | ) | (1,503 | ) | 1,618 | |||||||||||||||
Income from equity interests in associates and joint ventures |
| 66 | 31 | | | 97 | ||||||||||||||||||
Depreciation of property, plant and equipment |
9,096 | 88 | 1,202 | 148 | | 10,534 | ||||||||||||||||||
Acquisition of property, plant and equipment |
12,255 | 457 | 1,634 | 395 | | 14,741 | ||||||||||||||||||
As of December 31, 2016 |
||||||||||||||||||||||||
Assets |
236,173 | 25,866 | 125,536 | 34,739 | (1,175 | ) | 421,139 |
(1) | Corresponds to the elimination of income among segments of the YPF Group. |
13
English translation of the financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2016 AND COMPARATIVE INFORMATION |
7. FINANCIAL INSTRUMENTS BY CATEGORY
Fair value measurements
Fair value measurements are described in Note 6 to the annual consolidated financial statements
The tables below show the Groups financial assets measured at fair value as of March 31, 2017 and December 31, 2016, and their allocation to their fair value hierarchies:
As of March 31, 2017 | ||||||||||||||||
Financial assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in financial assets: |
||||||||||||||||
- Mutual funds |
113 | | | 113 | ||||||||||||
- Government securities |
14,734 | (1) | | | 14,734 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
14,847 | | | 14,847 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents: |
||||||||||||||||
- Mutual funds |
5,333 | | | 5,333 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
5,333 | | | 5,333 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
20,180 | | | 20,180 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
As of December 31, 2016 | ||||||||||||||||
Financial assets |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments in financial assets: |
||||||||||||||||
- Mutual funds |
53 | | | 53 | ||||||||||||
- Government securities |
15,232 | (1) | | | 15,232 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
15,285 | | | 15,285 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents: |
2,808 | | | 2,808 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
- Mutual funds |
2,808 | | | 2,808 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
18,093 | | | 18,093 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | As of March 31, 2017, 7,315 has been classified as noncurrent and 7,419 as current. As of December 31, 2016, 7,737 has been classified as noncurrent and 7,495 as current. |
The Group has no financial liabilities at fair value through profit or loss.
Fair value estimates
From December 31, 2016 until March 31, 2017, there have been no significant changes in the commercial or economic circumstances affecting the fair value of the Groups assets and financial liabilities, whether measured at fair value or amortized cost.
During the three-month period ended March 31, 2017, there were no transfers between the different hierarchies used to determine the fair value of the Groups financial instruments.
Fair value of financial assets and financial liabilities measured at amortized cost
The estimated fair value of loans, considering unadjusted listed prices (Level 1) for Negotiable Obligations and interest rates offered to the Group (Level 3) in connection with the remaining financial loans, amounted to 153,163 and 157,133 as of March 31, 2017 and December 31, 2016, respectively.
The fair value of the following financial assets and financial liabilities do not differ significantly from their book value:
| Other receivable |
| Trade receivables |
| Cash and cash equivalents |
| Accounts payable |
| Other liabilities |
14
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
Changes in the Groups intangible assets for the three-month period ended March 31, 2017 and the year ended December 31, 2016 are as follows:
Service concession |
Exploration rights |
Other intangibles |
Total | |||||||||||||
Cost |
9,527 | 2,990 | 4,260 | 16,777 | ||||||||||||
Accumulated amortization |
5,553 | 155 | 3,710 | 9,418 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balances as of December 31, 2015 |
3,974 | 2,835 | 550 | 7,359 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cost |
||||||||||||||||
Increases |
642 | 75 | 171 | 888 | ||||||||||||
Translation effect |
2,127 | 612 | 936 | 3,675 | ||||||||||||
Decreases and reclassifications |
(547 | ) | (584 | ) | 127 | (1,004 | ) | |||||||||
Accumulated amortization |
||||||||||||||||
Increases |
437 | | 280 | 717 | ||||||||||||
Translation effect |
1,245 | | 848 | 2,093 | ||||||||||||
Decreases and reclassifications |
| (6 | ) | | (6 | ) | ||||||||||
Cost |
11,749 | 3,093 | 5,494 | 20,336 | ||||||||||||
Accumulated amortization |
7,235 | 149 | 4,838 | 12,222 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balances as of December 31, 2016 |
4,514 | 2,944 | 656 | 8,114 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cost |
||||||||||||||||
Increases |
156 | | 54 | 210 | ||||||||||||
Translation effect |
(373 | ) | (93 | ) | (172 | ) | (638 | ) | ||||||||
Decreases and reclassifications |
| | 173 | 173 | ||||||||||||
Accumulated amortization |
||||||||||||||||
Increases |
130 | | 51 | 181 | ||||||||||||
Translation effect |
(227 | ) | | (157 | ) | (384 | ) | |||||||||
Decreases and reclassifications |
| | 17 | 17 | ||||||||||||
Cost |
11,532 | 3,000 | 5,549 | 20,081 | ||||||||||||
Accumulated amortization |
7,138 | 149 | 4,749 | 12,036 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balances as of March 31, 2017 |
4,394 | 2,851 | 800 | 8,045 | ||||||||||||
|
|
|
|
|
|
|
|
15
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
9. PROPERTY, PLANT AND EQUIPMENT
March 31, 2017 | December 31, 2016 | |||||||
Net book value of property, plant and equipment |
332,016 | 345,679 | ||||||
Provision for obsolescence of materials and equipment |
(1,401 | ) | (1,380 | ) | ||||
Provision for impairment of property, plant and equipment |
(33,002 | ) | (36,285 | ) | ||||
|
|
|
|
|||||
297,613 | 308,014 | |||||||
|
|
|
|
Changes in Groups property, plant and equipment for the three-month period ended March 31, 2017 and the year ended December 31, 2016 are as follows:
Land and buildings |
Mineral 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 |
Electric power generation facilities |
Other property |
Total | ||||||||||||||||||||||||||||||||||||||||
Cost |
13,949 | 458,066 | 69,429 | 3,650 | 13,478 | 76,803 | 3,647 | 5,603 | 10,778 | 2,931 | 1,573 | 8,291 | 668,198 | |||||||||||||||||||||||||||||||||||||||
Accumulated depreciation |
5,920 | 324,922 | 41,138 | 2,392 | | | | 4,699 | 6,921 | 1,181 | 1,283 | 5,620 | 394,076 | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balances as of December 31, 2015 |
8,029 | 133,144 | 28,291 | 1,258 | 13,478 | 76,803 | 3,647 | 904 | 3,857 | 1,750 | 290 | 2,671 | 274,122 | |||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Cost |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Increases |
140 | 3,831 | 1 | 3 | 6,968 | 52,610 | 1,392 | 25 | | | 2 | 76 | 65,048 | |||||||||||||||||||||||||||||||||||||||
Translation effect |
2,975 | 104,086 | 16,601 | 802 | 2,494 | 14,602 | 626 | 1,260 | 2,430 | | | 1,658 | 147,534 | |||||||||||||||||||||||||||||||||||||||
Decreases and reclassifications |
1,365 | 59,645 | 26,529 | 1,096 | (8,701 | ) | (91,342 | ) | (3,687 | ) | 1,201 | 1,138 | 260 | 187 | (60 | ) | (12,369 | ) | ||||||||||||||||||||||||||||||||||
Accumulated depreciation |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Increases |
360 | 40,729 | 4,312 | 414 | | | | 668 | 642 | 75 | 111 | 318 | 47,629 | |||||||||||||||||||||||||||||||||||||||
Translation effect |
1,257 | 73,288 | 9,288 | 516 | | | | 1,052 | 1,558 | | | 1,142 | 88,101 | |||||||||||||||||||||||||||||||||||||||
Decreases and reclassifications |
(40 | ) | (6,937 | ) | (3 | ) | (37 | ) | | | | (18 | ) | (2 | ) | 45 | | (82 | ) | (7,074 | ) | |||||||||||||||||||||||||||||||
Cost |
18,429 | 625,628 | 112,560 | 5,551 | 14,239 | 52,673 | 1,978 | 8,089 | 14,346 | 3,191 | 1,762 | 9,965 | 868,411 | |||||||||||||||||||||||||||||||||||||||
Accumulated depreciation |
7,497 | 432,002 | 54,735 | 3,285 | | | | 6,401 | 9,119 | 1,301 | 1,394 | 6,998 | 522,732 | |||||||||||||||||||||||||||||||||||||||
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|
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Balances as of December 31, 2016 |
10,932 | 193,626 | (1) | 57,825 | 2,266 | 14,239 | 52,673 | 1,978 | 1,688 | 5,227 | 1,890 | 368 | 2,967 | 345,679 | ||||||||||||||||||||||||||||||||||||||
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Cost |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Increases |
35 | 353 | | 54 | 1,397 | 9,259 | 751 | 6 | | | | 95 | 11,950 | |||||||||||||||||||||||||||||||||||||||
Translation effect |
(546 | ) | (19,881 | ) | (3,519 | ) | (170 | ) | (412 | ) | (1,617 | ) | (90 | ) | (250 | ) | (459 | ) | | | (290 | ) | (27,234 | ) | ||||||||||||||||||||||||||||
Decreases and reclassifications |
16 | 5,439 | (987 | ) | 107 | (1,360 | ) | (5,990 | ) | (328 | ) | 41 | 197 | 54 | 1 | (1 | ) | (2,811 | ) | |||||||||||||||||||||||||||||||||
Accumulated depreciation |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Increases |
121 | 11,985 | 1,232 | 173 | | | | 124 | 185 | 19 | 18 | 74 | 13,931 | |||||||||||||||||||||||||||||||||||||||
Translation effect |
(230 | ) | (13,771 | ) | (1,714 | ) | (101 | ) | | | | (201 | ) | (290 | ) | | | (206 | ) | (16,513 | ) | |||||||||||||||||||||||||||||||
Decreases and reclassifications |
| (942 | ) | (923 | ) | | | | | 35 | (7 | ) | | | (13 | ) | (1,850 | ) | ||||||||||||||||||||||||||||||||||
Cost |
17,934 | 611,539 | 108,054 | 5,542 | 13,864 | 54,325 | 2,311 | 7,886 | 14,084 | 3,245 | 1,763 | 9,769 | 850,316 | |||||||||||||||||||||||||||||||||||||||
Accumulated depreciation |
7,388 | 429,274 | 53,330 | 3,357 | | | | 6,359 | 9,007 | 1,320 | 1,412 | 6,853 | 518,300 | |||||||||||||||||||||||||||||||||||||||
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Balances as of March 31, 2017 |
10,546 | 182,265 | (1) | 54,724 | 2,185 | 13,864 | 54,325 | 2,311 | (2) | 1,527 | 5,077 | 1,925 | 351 | 2,916 | 332,016 | |||||||||||||||||||||||||||||||||||||
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(1) | Includes 9,395 and 9,147 of mineral property as of March 31, 2017 and December 31, 2016, respectively. |
(2) | As of March 31, 2017, there are 35 exploratory wells in progress. During period ended on such date, 7 wells were drilled, 5 wells were charged to exploratory expense and 4 were transferred to proved properties which are included in the account Mineral property, wells and related equipment. |
16
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
9. PROPERTY, PLANT AND EQUIPMENT (Cont.)
The Group capitalizes the financial cost as part of the cost of the assets. For the three-month periods ended March 31, 2017 and 2016, the rate of capitalization was 12.54% and 12.38%, respectively, and the amount capitalized amounted to 204 and 302, respectively, for the periods mentioned above.
Set forth below is the evolution of the provision for obsolescence of materials and equipment for the three-month periods ended March 31, 2017 and 2016:
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Amount at beginning of year |
1,380 | 762 | ||||||
Increase charged to expenses |
1 | | ||||||
Amounts incurred due to utilization |
(4 | ) | | |||||
Transfers and other movements |
68 | | ||||||
Translation differences |
(44 | ) | 98 | |||||
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|
|
|||||
Amount at end of period |
1,401 | 860 | ||||||
|
|
|
|
Set forth below is the evolution of the provision for impairment of property, plant and equipment for three-month periods ended on March 31, 2017 and 2016:
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Amount at beginning of year |
36,285 | 2,455 | ||||||
Depreciation(1) |
(2,167 | ) | (153 | ) | ||||
Translation differences |
(1,116 | ) | 313 | |||||
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|
|||||
Amount at end of period |
33,002 | 2,615 | ||||||
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|
|
(1) | Included in Depreciation of property, plant and equipment in Note 22. |
10. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
The Group does not participate in subsidiaries with a significant non-controlling interest. Furthermore, no investments in associates or joint ventures are deemed individually material.
The following table shows the value of the investments in associates and joint ventures at an aggregate level, considering that none of the individual companies is material, as of March 31, 2017 and December 31, 2016:
March 31, 2017 |
December 31, 2016 |
|||||||
Amount of investments in associates |
1,360 | 1,478 | ||||||
Amount of investments in joint ventures |
4,243 | 4,022 | ||||||
Provision for impairment of investments in associates and joint ventures |
(12 | ) | (12 | ) | ||||
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|||||
5,591 | 5,488 | |||||||
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|||||
Disclosed in investments in associates and joint ventures |
5,591 | 5,488 |
17
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
10. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.)
The main movements during the three-month periods ended March 31, 2017 and 2016, which affected the value of the aforementioned investments, correspond to:
2017 | 2016 | |||||||
Amount at the beginning of year |
5,488 | 4,372 | ||||||
Acquisitions and contributions |
282 | | ||||||
Income on investments in associates and joint ventures |
22 | 97 | ||||||
Translation differences |
(106 | ) | 370 | |||||
Distributed dividends |
(95 | ) | | |||||
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|
|
|||||
Amount at the end of period |
5,591 | 4,839 | ||||||
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|
|
The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity value therein, for the three-month periods ended March 31, 2017 and 2016. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the valuation equity method in the aforementioned dates:
Associates | Joint ventures | |||||||||||||||
For the three-month periods ended March 31, |
For the three-month periods ended March 31, |
|||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net income (loss) |
(18 | ) | 91 | 40 | 6 | |||||||||||
Other comprehensive income |
(7 | ) | 19 | (99 | ) | 351 | ||||||||||
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Comprehensive income for the period |
(25 | ) | 110 | (59 | ) | 357 | ||||||||||
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|
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18
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
10. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.)
The following table shows information of the subsidiaries:
Information of the issuer | ||||||||||||||||||||||||||||||||||||
Description of the Securities | Last Financial Statements Available |
|||||||||||||||||||||||||||||||||||
Name and Issuer |
Class | Face Value |
Amount | Main Business |
Registered Address |
Date | Capital stock |
Net profit (loss) |
Equity | Holding in Capital Stock |
||||||||||||||||||||||||||
Subsidiaries:(9) |
||||||||||||||||||||||||||||||||||||
YPF International S.A.(7) |
Common | Bs. | 100 | 66,897 | Investment | La Plata Street 19, Santa Cruz de la Sierra, República de Bolivia | 03-31-17 | 15 | | (8) | 24 | 100.00 | % | |||||||||||||||||||||||
YPF Holdings Inc.(7) |
Common | US$ | 0.01 | 810,614 | Investment and finance | 10333 Richmond Avenue I, Suite 1050, TX, U.S.A. | 03-31-17 | 12,668 | (313 | ) | (3,038 | ) | 100.00 | % | ||||||||||||||||||||||
Operadora de Estaciones de Servicios S.A. |
Common | $ | 1 | 163,701,747 | Commercial management of YPFs gas stations | Macacha Güemes 515, Buenos Aires, Argentina | 03-31-17 | 164 | 127 | 744 | 99.99 | % | ||||||||||||||||||||||||
A-Evangelista S.A. |
Common | $ | 1 | 307,095,088 | Engineering and construction services | Macacha Güemes 515, Buenos Aires, Argentina | 03-31-17 | 307 | 7 | 1,131 | 100.00 | % | ||||||||||||||||||||||||
YPF Servicios Petroleros S.A. |
Common | $ | 1 | 50,000 | Wells perforation and/or reparation services | Macacha Güemes 515, Buenos Aires, Argentina | 03-31-17 | | (8) | (38 | ) | (56 | ) | 100.00 | % | |||||||||||||||||||||
Metrogas S.A. |
Common | $ | 1 | 398,419,700 | Providing the public service of natural gas distribution | Gregorio Aráoz de Lamadrid 1360, Buenos Aires, Argentina. | 03-31-17 | 569 | 517 | (858 | ) | 70.00 | % | |||||||||||||||||||||||
YPF Energía Eléctrica S.A. |
Common | $ | 1 | 30,006,540 | Exploration, development, industrialization and marketing of hydrocarbons, and generation, transportation and marketing of electric power | Macacha Güemes 515, Buenos Aires, Argentina | 12-31-16 | 30 | 580 | 1,736 | 100.00 | % | ||||||||||||||||||||||||
YPF Chile S.A.(7) |
Common | | 50,968,649 | Lubricants and aviation fuels trading and hydrocarbons research and exploration | Villarica 322; Módulo B1, Qilicura, Santiago | 03-31-17 | 700 | | (8) | 1,241 | 100.00 | % | ||||||||||||||||||||||||
YPF Tecnología S.A. |
Common | $ | 1 | 234,291,000 | Investigation, development, production and marketing of technologies, knowledge, goods and services | Macacha Güemes 515, Buenos Aires, Argentina | 03-31-17 | 459 | 22 | 675 | 51.00 | % | ||||||||||||||||||||||||
YPF Europe B.V.(7) |
Common | US$ | 0.01 | 15,660,437,309 | Investment and finance | Prins Bernardplein 200, 1097 JB, Amsterdam, Holanda | 12-31-16 | | (8) | 132 | 12 | 100.00 | % | |||||||||||||||||||||||
YSUR Inversora S.A.U.(10) |
| | | Investment | Macacha Güemes 515, Buenos Aires, Argentina | 12-31-16 | 2,657 | (1 | ) | 5,397 | 100.00 | % | ||||||||||||||||||||||||
YSUR Inversiones Petroleras S.A.U.(10) |
| | | Investment | Macacha Güemes 515, Buenos Aires, Argentina | 12-31-16 | 230 | | (8) | 391 | 100.00 | % | ||||||||||||||||||||||||
YSUR Petrolera Argentina |
| | | Exploration, extraction, exploitation, storage, transportation, industrialization and marketing of hydrocarbons, as well as other operations related thereto | Macacha Güemes 515, Buenos Aires, Argentina | 12-31-16 | 634 | 106 | 570 | 100.00 | % | |||||||||||||||||||||||||
Compañía de Inversiones Mineras S.A. |
Common | $ | 1 | 17,043,060 | Exploration, exploitation, processing, management, storage and transport of all types of minerals; assembly, construction and operation of facilities and structures and processing of products related to mining | Macacha Güemes 515, Buenos Aires, Argentina | 03-31-17 | 17 | (5 | ) | (22 | ) | 100.00 | % |
19
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
10. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (Cont.)
The following table shows the investments in associates and joint ventures:
03-31-2017 |
12-31-2016 | |||||||||||||||||||||||||||||||||||||||||||
Information of the issuer |
||||||||||||||||||||||||||||||||||||||||||||
Description of the Securities |
Last Financial Statements Available |
|||||||||||||||||||||||||||||||||||||||||||
Name and Issuer |
Class |
Face Value |
Amount | Book value(3) |
Cost (2) | Main Business |
Registered Address |
Date | Capital stock |
Net profit (loss) |
Equity | Holding in Capital Stock |
Book Value(3) |
|||||||||||||||||||||||||||||||
Joint ventures: |
||||||||||||||||||||||||||||||||||||||||||||
Compañía Mega S.A.(7) (6) |
Common | $ | 1 | 244,246,140 | 1,262 | | Separation, fractionation and transportation of natural gas liquids | San Martín 344, P. 10º, Buenos Aires, Argentina | 12-31-16 | 643 | 1,088 | 1,849 | 38.00 | % | 1,208 | |||||||||||||||||||||||||||||
Profertil S.A.(7) |
Common | $ | 1 | 391,291,320 | 1,837 | | Production and marketing of fertilizers | Alicia Moreau de Justo 740, P. 3, Buenos Aires, Argentina | 12-31-16 | 783 | 600 | 1,052 | 50.00 | % | 1,897 | |||||||||||||||||||||||||||||
Refinería del Norte S.A. |
Common | $ | 1 | 45,803,655 | 431 | | Refining | Maipú 1, P. 2º, Buenos Aires, Argentina | 12-31-16 | 92 | (12 | ) | 861 | 50.00 | % | 468 | ||||||||||||||||||||||||||||
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|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
3,530 | | 3,573 | ||||||||||||||||||||||||||||||||||||||||||
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|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Associates: |
||||||||||||||||||||||||||||||||||||||||||||
Oleoductos del Valle S.A. |
Common | $ | 10 | 4,072,749 | 177 | | Oil transportation by pipeline | Florida 1, P. 10º, Buenos Aires, Argentina | 03-31-17 | 110 | 8 | 480 | 37.00 | % | 174 | (1) | ||||||||||||||||||||||||||||
Terminales Marítimas Patagónicas S.A. |
Common | $ | 10 | 476,034 | 96 | | Oil storage and shipment | Av. Leandro N. Alem 1180, P. 11º, Buenos Aires, Argentina | 12-31-16 | 14 | 37 | 292 | 33.15 | % | 94 | |||||||||||||||||||||||||||||
Oiltanking Ebytem S.A. |
Common | $ | 10 | 351,167 | 132 | | Hydrocarbon transportation and storage | Terminal Marítima Puerto Rosales Provincia de Buenos Aires, Argentina. | 12-31-16 | 12 | 181 | 212 | 30.00 | % | 184 | |||||||||||||||||||||||||||||
Gasoducto del Pacífico (Argentina) S.A. |
Preferred | $ | 1 | 15,579,578 | 35 | | Gas transportation by pipeline | San Martín 323, P.13°, Buenos Aires, Argentina | 12-31-16 | 156 | 100 | 329 | 10.00 | % | 33 | |||||||||||||||||||||||||||||
Central Dock Sud S.A. |
Common | $ | 0.01 | 11,869,095,145 | 159 | 126 | Electric power generation and bulk marketing | Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina | 12-31-16 | 1,231 | 305 | 1,919 | 10.25 | %(5) | 175 | |||||||||||||||||||||||||||||
Inversora Dock Sud S.A. |
Common | $ | 1 | 355,270,303 | 521 | 415 | Investment and finance | Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina | 12-31-16 | 829 | 215 | 1,381 | 42.86 | % | 569 | |||||||||||||||||||||||||||||
Oleoducto Trasandino (Argentina) S.A. |
Preferred | $ | 1 | 12,135,167 | 38 | | Oil transportation by pipeline | Macacha Güemes 515, P.3º, Buenos Aires, Argentina | 12-31-16 | 34 | 9 | 96 | 36.00 | % | 37 | |||||||||||||||||||||||||||||
YPF Gas S.A |
Common | $ | 1 | 175,997,158 | 162 | | Gas fractionation, bottling, distribution and transport for industrial and/or residential use | Macacha Güemes 515, P.3º, Buenos Aires, Argentina | 09-30-16 | 176 | (25 | ) | 699 | 34.00 | % | 172 | ||||||||||||||||||||||||||||
Other companies: |
||||||||||||||||||||||||||||||||||||||||||||
Other (4) |
| | | 753 | 135 | | | | | | | | 489 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
2,073 | 676 | 1,927 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
5,603 | 676 | 5,500 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
(1) | Holding shareholders equity, net of intercompany profits (losses). |
(2) | Cost net of cash dividends and stock redemption. |
(3) | Holding in shareholders equity plus adjustments to conform to YPF accounting principles. |
(4) | Includes Gasoducto del Pacífico (Cayman) Ltd., A&C Pipeline Holding Company, Poligás Luján S.A.C.I.,Oleoducto Transandino (Chile) S.A., Bizoy S.A., Civeny S.A., Bioceres S.A., Y-GEN Eléctrica S.R.L., Y-GEN Eléctrica II S.R.L., Y-GEN Eléctrica III S.R.L., Y-GEN Eléctrica IV S.R.L. and Petrofaro S.A. |
(5) | Additionally, the Company has a 29.99% indirect holding in capital stock through Inversora Dock Sud S.A. |
(6) | As stipulated by shareholders agreement, joint control is held in this company by shareholders. |
(7) | The U.S. dollar has been defined as the functional currency of this company. |
(8) | No value is disclosed as the carrying value is less than 1. |
(9) | In addition, Compañía Minera de Argentina S.A., YPF Services USA Corp., YPF Brasil Comércio Derivado de Petróleo Ltda., Wokler Investment S.A., YPF Colombia S.A.S., Miwen S.A., Eleran Inversiones 2011 S.A.U., Lestery S.A., Energía Andina S.A. and EOG Resources Netherlands B.V. are consolidated. |
(10) | Companies merged with YPF. |
20
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
March 31, 2017 |
December 31, 2016 |
|||||||
Refined products |
13,193 | 13,390 | ||||||
Crude oil and natural gas |
5,910 | 6,551 | ||||||
Products in process |
463 | 411 | ||||||
Construction works in progress for third parties |
118 | 12 | ||||||
Raw materials, packaging materials and others |
1,348 | 1,456 | ||||||
|
|
|
|
|||||
21,032 | (1) | 21,820 | (1) | |||||
|
|
|
|
(1) | As of March 31, 2017 and December 31, 2016, the cost of inventories does not exceed their realization net value. |
March 31, 2017 | December 31, 2016 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Trade |
| 1,330 | | 1,733 | ||||||||||||
Tax credit and export rebates |
295 | 1,736 | 291 | 4,648 | ||||||||||||
Loans to third parties and balances with related parties (1) |
571 | 497 | 2,495 | 1,703 | ||||||||||||
Collateral deposits |
1 | 233 | 17 | 214 | ||||||||||||
Prepaid expenses |
131 | 1,389 | 159 | 702 | ||||||||||||
Advances and loans to employees |
11 | 334 | 12 | 335 | ||||||||||||
Advances to suppliers and custom agents (2) |
| 2,392 | | 1,691 | ||||||||||||
Receivables with partners in JO and consortia |
845 | 1,182 | 816 | 1,361 | ||||||||||||
Miscellaneous |
48 | 1,109 | 134 | 1,111 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,902 | 10,202 | 3,924 | 13,498 | |||||||||||||
Provision for other doubtful receivables |
(15 | ) | (41 | ) | (15 | ) | (42 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
1,887 | 10,161 | 3,909 | 13,456 | |||||||||||||
|
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|
|
|
|
|
|
(1) | See Note 32 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. |
March 31, 2017 | December 31, 2016 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Accounts receivable and related parties (1) |
128 | 33,002 | 87 | 34,729 | ||||||||||||
Provision for doubtful trade receivables |
| (1,083 | ) | | (1,084 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
128 | 31,919 | 87 | 33,645 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | See Note 32 for information about related parties. |
Changes in the provision for doubtful trade receivables
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Current | Current | |||||||
Amount at beginning of year |
1,084 | 848 | ||||||
Increases charged to expenses |
35 | 19 | ||||||
Decreases charged to income |
(15 | ) | (9 | ) | ||||
Amounts incurred due to payment/utilization |
(3 | ) | (1 | ) | ||||
Translation differences |
(18 | ) | 66 | |||||
|
|
|
|
|||||
Amount at end of period |
1,083 | 923 | ||||||
|
|
|
|
March 31, 2017 |
December 31, 2016 |
|||||||
Cash and banks |
5,620 | 7,922 | ||||||
Short-term investments |
471 | 27 | ||||||
Financial assets at fair value through profit or loss (1) |
5,333 | 2,808 | ||||||
|
|
|
|
|||||
11,424 | 10,757 | |||||||
|
|
|
|
(1) | See Note 7. |
21
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
Changes in the Groups provisions for the three-month period ended March 31, 2017 and for the fiscal year ended December 31, 2016 are as follows:
Provision for pending lawsuits and contingencies |
Provision for environmental liabilities |
Provision for hydrocarbon wells abandonment obligations |
Provision for pensions | Total | ||||||||||||||||||||||||||||||||||||
Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | |||||||||||||||||||||||||||||||
Amount as of December 31, 2015 |
10,375 | 149 | 1,620 | 1,400 | 27,380 | 429 | 248 | 31 | 39,623 | 2,009 | ||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Increases charged to expenses |
1,579 | 335 | 962 | 32 | 3,023 | | 97 | | 5,661 | 367 | ||||||||||||||||||||||||||||||
Decreases charged to income |
(158 | ) | (258 | ) | | | (10 | ) | (77 | ) | (1 | ) | | (169 | ) | (335 | ) | |||||||||||||||||||||||
Amounts incurred due to payments/utilization |
9 | (239 | ) | | (869 | ) | (48 | ) | (584 | ) | | (13 | ) | (39 | ) | (1,705 | ) | |||||||||||||||||||||||
Exchange and translation differences, net |
1,221 | 7 | 159 | 52 | 6,245 | 94 | 26 | 3 | 7,651 | 156 | ||||||||||||||||||||||||||||||
Deconsolidation of subsidiaries |
(2,213 | ) | (11 | ) | (1,351 | ) | (607 | ) | (515 | ) | | (357 | ) | (34 | ) | (4,436 | ) | (652 | ) | |||||||||||||||||||||
Reclassifications and other movements |
(1,608 | ) | 586 | (860 | ) | 860 | 1,548 | 695 | (13 | ) | 13 | (933 | ) | 2,154 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Amount as of December 31, 2016 |
9,205 | 569 | 530 | 868 | 37,623 | 557 | | | 47,358 | 1,994 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Increases charged to expenses |
720 | 25 | 274 | | 770 | | | | 1,764 | 25 | ||||||||||||||||||||||||||||||
Decreases charged to income |
| (133 | ) | (6 | ) | | | | | | (6 | ) | (133 | ) | ||||||||||||||||||||||||||
Amounts incurred due to payments/utilization |
(3 | ) | (18 | ) | | (160 | ) | | (92 | ) | | | (3 | ) | (270 | ) | ||||||||||||||||||||||||
Exchange and translation differences, net |
(297 | ) | (7 | ) | | | (1,256 | ) | (12 | ) | | | (1,553 | ) | (19 | ) | ||||||||||||||||||||||||
Reclassifications and other movements |
2,900 | (1) | 32 | (175 | ) | 175 | 32 | (32 | ) | | | 2,757 | 175 | |||||||||||||||||||||||||||
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Amount as of March 31, 2017 |
12,525 | 468 | 623 | 883 | 37,169 | 421 | | | 50,317 | 1,772 | ||||||||||||||||||||||||||||||
|
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|
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|
|
|
(1) | Includes 2,932 of reclassifications from Other liabilities. |
Provisions for lawsuits, claims and environmental liabilities are described in Note 14 to the annual consolidated financial statements.
No significant new provisions have been identified for the three-month period ended on March 31, 2017, nor have there been amendments to the evaluations of the ongoing matters as of December 31, 2016, except for the provisions in Note 28.
22
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected as of year-end. Amounts calculated for income tax expense for the three-month period ended March 31, 2017 may need to be adjusted in subsequent periods if, based on new factors of judgment, the estimate of the effective expected income tax rate changes.
The calculation of the income tax expense accrued for the three-month periods ended March 31, 2017 and 2016 is as follows:
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Current income tax |
(139 | ) | (261 | ) | ||||
Deferred income tax |
2,959 | (4,617 | ) | |||||
|
|
|
|
|||||
2,820 | (4,878 | ) | ||||||
|
|
|
|
The reconciliation between the charge to income for income tax for the three-month periods ended March 31, 2017 and 2016 and the one that would result from applying the prevailing tax rate on net (loss) income before income tax arising from the consolidated statements of comprehensive income for each year is as follows:
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Net (loss)/income before income tax |
(2,628 | ) | 5,733 | |||||
Statutory tax rate |
35 | % | 35 | % | ||||
|
|
|
|
|||||
Statutory tax rate applied to net income (loss) before income tax |
920 | (2,007 | ) | |||||
Effect of the valuation of property, plant and equipment and intangible assets measured in functional currency |
3,782 | (9,108 | ) | |||||
Exchange differences |
(2,476 | ) | 7,585 | |||||
Effect of the valuation of inventories |
274 | (1,027 | ) | |||||
Income on investments in subsidiaries, associates and joint ventures |
8 | 34 | ||||||
Miscellaneous |
312 | (355 | ) | |||||
|
|
|
|
|||||
Income tax expense |
2,820 | (4,878 | ) | |||||
|
|
|
|
Breakdown of deferred tax as of March 31, 2017 and December 31, 2016 is as follows:
March 31, 2017 |
December 31, 2016 |
|||||||
Deferred tax assets |
||||||||
Provisions and other non-deductible liabilities |
3,709 | 3,607 | ||||||
Tax losses carryforward and other tax credits |
1,034 | 3,837 | ||||||
Miscellaneous |
79 | 82 | ||||||
|
|
|
|
|||||
Total deferred tax assets |
4,822 | 7,526 | ||||||
|
|
|
|
|||||
Deferred tax liabilities |
||||||||
Property, plant and equipment |
(40,114 | ) | (45,579 | ) | ||||
Miscellaneous |
(3,706 | ) | (3,848 | ) | ||||
|
|
|
|
|||||
Total deferred tax liabilities |
(43,820 | ) | (49,427 | ) | ||||
|
|
|
|
|||||
Total deferred tax, net |
(38,998 | ) | (41,901 | ) | ||||
|
|
|
|
As of March 31, 2017 and December 31, 2016, the Group has classified as deferred tax assets for 362 and 564, respectively, and as deferred tax liability 39,360 and 42,465, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.
As of March 31, 2017 and December 31, 2016, the causes that generate allocations to Other comprehensive income, did not create temporary differences for income tax.
23
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||||||||
Interest rate (1) | Maturity | Noncurrent | Current | Noncurrent | Current | |||||||||||||||||||||||||
Argentine pesos: |
||||||||||||||||||||||||||||||
Negotiable obligations |
19.97 | % | - | 27.23 | % | 2017-2024 | 29,044 | 3,462 | 29,194 | 4,400 | ||||||||||||||||||||
Loans(3) |
20.00 | % | - | 29.64 | % | 2017-2020 | 1,694 | 3,809 | 2,416 | 1,459 | ||||||||||||||||||||
Account overdraft(5) |
| - | | | | | | 4,037 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
30,738 | 7,271 | 31,610 | 9,896 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
Currencies other than the Argentine peso: |
||||||||||||||||||||||||||||||
Negotiable obligations(2)(4) (6) |
1.29 | % | - | 10.00 | % | 2017-2028 | 83,455 | 3,220 | 86,116 | 4,360 | ||||||||||||||||||||
Export pre-financing |
2.00 | % | - | 8.07 | % | 2017-2019 | 1,853 | 5,742 | 1,908 | 6,491 | ||||||||||||||||||||
Imports financing |
1.60 | % | - | 6.23 | % | 2017-2018 | | 2,295 | | 2,439 | ||||||||||||||||||||
Loans(6) |
1.00 | % | - | 8.50 | % | 2017-2025 | 7,486 | 4,228 | 7,934 | 3,591 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
92,794 | 15,485 | 95,958 | 16,881 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
123,532 | 22,756 | 127,568 | 26,777 | |||||||||||||||||||||||||||
|
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|
|
|
|
|
|
(1) | Annual interest rate in force as of March 31, 2017. |
(2) | Disclosed net of 637 and 672 corresponding to YPFs own negotiable obligations repurchased through open market transactions, as of March 31, 2017 and December 2016, respectively. |
(3) | Includes loans granted by Banco Nación Argentina. As of March 31, 2017, it includes 4,105; 105 of which accrues interest at a BADLAR variable rate plus a spread of 4 percentage points, 2,000 of which accrues interest at a BADLAR variable rate plus a spread of 3.5 percentage points and 2,000 of which accrues interest at a fixed rate of 20 percentage points. As of December 31, 2016, it includes 2,105, 105 of which accrues interest at a variable BADLAR rate plus a margin of 4 percentage points and 2,000 of which accrues interest at a variable BADLAR rate plus a spread of 3.5 percentage points. See Note 32. |
(4) | Includes 2,812 and 3,253 as of March 31, 2017 and December 31, 2016, 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. |
(5) | Includes 1,440 corresponding to overdrafts granted by Banco Nación Argentina as of December 31, 2016. See Note 32. |
(6) | Includes 4,583 and 4,960 corresponding to financial loans and negotiable obligations secured by cash flows as of March 31, 2017 and December 31, 2016. |
The breakdown of the Groups loans as of the three-month periods ended on March 31, 2017 and 2016 is as follows:
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Amount at beginning of the year |
154,345 | 105,751 | ||||||
Proceeds from loans |
4,769 | 36,603 | ||||||
Payments of loans |
(8,393 | ) | (17,179 | ) | ||||
Payments of interest |
(5,369 | ) | (3,515 | ) | ||||
Accrued interest(1) |
4,080 | 3,674 | ||||||
Exchange differences and translation, net |
(3,144 | ) | 9,664 | |||||
|
|
|
|
|||||
Amount at the end of the period |
146,288 | 134,998 | ||||||
|
|
|
|
(1) | Includes capitalized financial costs. See Note 9. |
On April 28, 2017, the General and Extraordinary Shareholders Meeting approved the extension of the effective term of the Global Medium Term Notes Program of the Company for a term of 5 years.
24
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
17. LOANS (Cont.)
Details regarding the Negotiable Obligations of the Group are as follows:
Principal | March 31, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||||||||
Month |
Year | Principal value | Ref. |
Class |
Interest rate(3) |
Maturity | Noncurrent | Current | Noncurrent | Current | ||||||||||||||||||||||||||||
YPF | ||||||||||||||||||||||||||||||||||||||
- |
1998 | US$ | 15 | (1)(6) | - | Fixed | 10.00 | % | 2028 | 227 | 9 | 63 | 4 | |||||||||||||||||||||||||
November and December |
2012 | $ | 2,110 | (2)(4)(6)(7) | Class XI | - | | | | | | 260 | ||||||||||||||||||||||||||
December and March |
2012/3 | $ | 2,828 | (2)(4)(6)(7) | Class XIII | BADLAR plus 4.75% | 24.66 | % | 2018 | 1,414 | 1,437 | 1,414 | 1,439 | |||||||||||||||||||||||||
April |
2013 | $ | 2,250 | (2)(4)(6)(7) | Class XVII | BADLAR plus 2.25% | 22.87 | % | 2020 | 2,250 | 86 | 2,250 | 101 | |||||||||||||||||||||||||
April |
2013 | US$ | 89 | (2)(5)(6) | Class XIX | Fixed | 1.29 | % | 2017 | | 1,368 | | 1,413 | |||||||||||||||||||||||||
June |
2013 | $ | 1,265 | (2)(4)(6) | Class XX | BADLAR plus 2.25% | 22.17 | % | 2020 | 1,265 | 11 | 1,265 | 12 | |||||||||||||||||||||||||
July |
2013 | US$ | 92 | (2)(5)(6) | Class XXII | Fixed | 3.50 | % | 2020 | 558 | 190 | 576 | 197 | |||||||||||||||||||||||||
October |
2013 | US$ | 150 | (2)(6) | Class XXIV | Libor plus 7.50% | 8.54 | % | 2018 | 271 | 550 | 419 | 570 | |||||||||||||||||||||||||
December, February and December |
2013/5 | US$ | 862 | (2) | Class XXVI | Fixed | 8.88 | % | 2018 | 12,912 | 249 | 13,410 | 40 | |||||||||||||||||||||||||
April, February and October |
2014/5/6 | US$ | 1,522 | (2)(4) | Class XXVIII | Fixed | 8.75 | % | 2024 | 23,349 | 315 | 24,111 | 509 | |||||||||||||||||||||||||
March |
2014 | $ | 500 | (2)(6)(7) | Class XXIX | BADLAR | 19.97 | % | 2020 | 350 | 157 | 500 | 8 | |||||||||||||||||||||||||
June |
2014 | US$ | 66 | (2)(5)(6) | Class XXXIII | - | | | | | | 350 | ||||||||||||||||||||||||||
September |
2014 | $ | 1,000 | (2)(6)(7) | Class XXXIV | BADLAR plus 0.1% | 20.86 | % | 2024 | 1,000 | 5 | 1,000 | 76 | |||||||||||||||||||||||||
September |
2014 | $ | 750 | (2)(4)(6) | Class XXXV | BADLAR plus 3.5% | 24.26 | % | 2019 | 750 | 4 | 750 | 64 | |||||||||||||||||||||||||
February |
2015 | $ | 950 | (2)(6)(7) | Class XXXVI | BADLAR plus 4.74% | 26.61 | % | 2020 | 950 | 35 | 950 | 126 | |||||||||||||||||||||||||
February |
2015 | $ | 250 | (2)(6)(7) | Class XXXVII | - | | | | | | 260 | ||||||||||||||||||||||||||
April |
2015 | $ | 935 | (2)(4)(6) | Class XXXVIII | BADLAR plus 4.75% | 25.23 | % | 2020 | 935 | 112 | 935 | 69 | |||||||||||||||||||||||||
April |
2015 | US$ | 1,500 | (2) | Class XXXIX | Fixed | 8.50 | % | 2025 | 22,872 | 340 | 23,617 | 853 | |||||||||||||||||||||||||
July |
2015 | $ | 500 | (2)(6) | Class XL | BADLAR plus 3.49% | 24.47 | % | 2017 | | 525 | | 529 | |||||||||||||||||||||||||
September |
2015 | $ | 1,900 | (2)(7) | Class XLI | BADLAR | 20.76 | % | 2020 | 1,900 | 9 | 1,900 | 145 | |||||||||||||||||||||||||
September and December |
2015 | $ | 1,697 | (2)(4) | Class XLII | BADLAR plus 4% | 24.76 | % | 2020 | 1,697 | 9 | 1,697 | 148 | |||||||||||||||||||||||||
October |
2015 | $ | 2,000 | (2)(7) | Class XLIII | BADLAR | 26.98 | % | 2023 | 2,000 | 240 | 2,000 | 106 | |||||||||||||||||||||||||
December |
2015 | $ | 1,400 | (2) | Class XLIV | BADLAR plus 4.75% | 24.72 | % | 2018 | 1,400 | 21 | 1,400 | 23 | |||||||||||||||||||||||||
March |
2016 | $ | 150 | (2) | Class XLV | BADLAR plus 4% | 23.99 | % | 2017 | | 153 | | 153 | |||||||||||||||||||||||||
March |
2016 | $ | 1,350 | (2)(4) | Class XLVI | BADLAR plus 6% | 27.23 | % | 2021 | 1,350 | 28 | 1,350 | 152 | |||||||||||||||||||||||||
March |
2016 | US$ | 1,000 | (2) | Class XLVII | Fixed | 8.50 | % | 2021 | 15,340 | 29 | 15,840 | 367 | |||||||||||||||||||||||||
April |
2016 | US$ | 46 | (2)(5) | Class XLVIII | Fixed | 8.25 | % | 2020 | 703 | 12 | 726 | 12 | |||||||||||||||||||||||||
April |
2016 | $ | 535 | (2) | Class XLlX | BADLAR plus 6% | 26.94 | % | 2020 | 535 | 27 | 535 | 33 | |||||||||||||||||||||||||
July |
2016 | $ | 11,248 | (2)(8) | Class L | BADLAR plus 4% | 23.85 | % | 2020 | 11,248 | 603 | 11,248 | 696 | |||||||||||||||||||||||||
September |
2016 | CHF | 300 | (2) | Class Ll | Fixed | 3.75 | % | 2019 | 4.595 | 88 | 4,673 | 45 | |||||||||||||||||||||||||
Metrogas |
||||||||||||||||||||||||||||||||||||||
January |
2013 | US$ | 177 | Series A-L | Fixed | 8.88 | % | 2018 | 2,418 | 70 | 2,461 | | ||||||||||||||||||||||||||
January |
2013 | US$ | 18 | Series A-U | Fixed | 8.88 | % | 2018 | 210 | | 220 | | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
112,499 | 6,682 | 115,310 | 8,760 | |||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(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) | Interest rate as of March 31, 2017. |
(4) | The ANSES and/or the Fondo Argentino de Hidrocarburos have participated in the primary subscription of these negotiable obligations, 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 Argentine 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 pricing supplements. |
(7) | Negotiable obligations 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 U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series. |
25
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
March 31, 2017 | December 31, 2016 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Extension of concessions |
319 | 466 | 336 | 508 | ||||||||||||
Maxus Entities agreements |
| | | 2,932 | ||||||||||||
Liabilities for contractual claims |
| | | 950 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
319 | 466 | 336 | 4,390 | |||||||||||||
|
|
|
|
|
|
|
|
March 31, 2017 | December 31, 2016 | |||||||||||||||
Noncurrent | Current | Noncurrent | Current | |||||||||||||
Trade and related parties (1) |
1,711 | 37,319 | 2,145 | 40,667 | ||||||||||||
Guarantee deposits |
13 | 436 | 13 | 482 | ||||||||||||
Payables with partners of JO |
| | | 9 | ||||||||||||
Miscellaneous |
23 | 443 | 29 | 437 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,747 | 38,198 | 2,187 | 41,595 | |||||||||||||
|
|
|
|
|
|
|
|
(1) | For more information about related parties, see Note 32. |
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Sales (1) |
58,500 | 48,418 | ||||||
Revenues from construction contracts |
483 | 140 | ||||||
Turnover tax |
(1,980 | ) | (1,624 | ) | ||||
|
|
|
|
|||||
57,003 | 46,934 | |||||||
|
|
|
|
(1) | Includes 1,857 and 5,230 for the three-month periods ended March 31, 2017 and 2016, respectively, associated with revenues related to the natural gas additional injection stimulus program created by Resolution No. 1/2013 of the Planning and Strategic Coordination Commission of the National Plan of Hydrocarbons Investment. See Note 32. |
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Inventories at beginning of year |
21,820 | 19,258 | ||||||
Purchases |
12,263 | 9,828 | ||||||
Production costs(1) |
33,424 | 29,214 | ||||||
Translation effect |
(677 | ) | 2,386 | |||||
Inventories at end of the period |
(21,032 | ) | (20,555 | ) | ||||
|
|
|
|
|||||
45,798 | 40,131 | |||||||
|
|
|
|
(1) | See Note 22. |
26
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the Costs, Administrative expenses, Selling expenses and Exploration expenses lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the three-month periods ended March 31, 2017 and 2016:
For the three-month period ended March 31, 2017 | ||||||||||||||||||||
Production costs(3) |
Administrative expenses |
Selling expenses |
Exploration expenses |
Total | ||||||||||||||||
Salaries and social security taxes |
2,505 | 763 | 433 | 83 | 3,784 | |||||||||||||||
Fees and compensation for services |
234 | 461 | (2) | 124 | | 819 | ||||||||||||||
Other personnel expenses |
761 | 74 | 37 | 11 | 883 | |||||||||||||||
Taxes, charges and contributions(1) |
491 | 79 | 822 | | 1,392 | |||||||||||||||
Royalties, easements and canons |
4,108 | | 7 | 9 | 4,124 | |||||||||||||||
Insurance |
200 | 10 | 19 | | 229 | |||||||||||||||
Rental of real estate and equipment |
1,346 | 4 | 118 | | 1,468 | |||||||||||||||
Survey expenses |
| | | 89 | 89 | |||||||||||||||
Depreciation of property, plant and equipment |
11,363 | 147 | 254 | | 11,764 | |||||||||||||||
Amortization of intangible assets |
148 | 27 | 6 | | 181 | |||||||||||||||
Industrial inputs, consumable materials and supplies |
1,107 | 4 | 32 | 3 | 1,146 | |||||||||||||||
Operation services and other service contracts |
3,869 | 47 | 215 | 16 | 4,147 | |||||||||||||||
Preservation, repair and maintenance |
4,225 | 88 | 170 | 11 | 4,494 | |||||||||||||||
Unproductive exploratory drillings |
| | | 370 | 370 | |||||||||||||||
Transportation, products and charges |
1,977 | 3 | 1,375 | | 3,355 | |||||||||||||||
Provision for doubtful trade receivables |
| | 20 | | 20 | |||||||||||||||
Publicity and advertising expenses |
1 | 54 | 74 | | 129 | |||||||||||||||
Fuel, gas, energy and miscellaneous |
1,089 | 29 | 181 | 1 | 1,300 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
33,424 | 1,790 | 3,887 | 593 | 39,694 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes approximately 259 corresponding to export withholdings. |
(2) | Includes 11 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPFs Board of Directors. On April 28, 2017, the General and Extraordinary Shareholders Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2016 of 127 and to approve as fees on account for such fees and remunerations for the fiscal year 2017, the approximate sum of 48. |
(3) | The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 81. |
For the three-month period ended March 31, 2016 | ||||||||||||||||||||
Production costs(3) |
Administrative expenses |
Selling expenses |
Exploration expenses |
Total | ||||||||||||||||
Salaries and social security taxes |
2,013 | 566 | 341 | 63 | 2,983 | |||||||||||||||
Fees and compensation for services |
204 | 336 | (2) | 90 | 17 | 647 | ||||||||||||||
Other personnel expenses |
671 | 55 | 25 | 11 | 762 | |||||||||||||||
Taxes, charges and contributions(1) |
355 | 76 | 687 | | 1,118 | |||||||||||||||
Royalties, easements and canons |
4,340 | | 6 | 8 | 4,354 | |||||||||||||||
Insurance |
179 | 10 | 83 | | 272 | |||||||||||||||
Rental of real estate and equipment |
1,225 | 8 | 117 | | 1,350 | |||||||||||||||
Survey expenses |
| | | 123 | 123 | |||||||||||||||
Depreciation of property, plant and equipment |
10,169 | 143 | 222 | | 10,534 | |||||||||||||||
Amortization of intangible assets |
94 | 50 | 9 | | 153 | |||||||||||||||
Industrial inputs, consumable materials and supplies |
1,348 | 9 | 21 | 3 | 1,381 | |||||||||||||||
Operation services and other service contracts |
2,297 | 80 | 169 | 27 | 2,573 | |||||||||||||||
Preservation, repair and maintenance |
3,685 | 82 | 59 | 10 | 3,836 | |||||||||||||||
Unproductive exploratory drillings |
| | | 188 | 188 | |||||||||||||||
Transportation, products and charges |
1,605 | 3 | 1,024 | | 2,632 | |||||||||||||||
Provision for doubtful trade receivables |
| | 10 | | 10 | |||||||||||||||
Publicity and advertising expenses |
| 37 | 25 | | 62 | |||||||||||||||
Fuel, gas, energy and miscellaneous |
1,029 | 31 | 157 | 4 | 1,221 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
29,214 | 1,486 | 3,045 | 454 | 34,199 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) | Includes approximately 223 corresponding to export withholdings. |
(2) | Includes 40 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPFs Board of Directors. On April 29, 2016, the General and Extraordinary Shareholders Meetings of YPF resolved to ratify the fees corresponding to fiscal year 2015 for 140 and to approve as fees on account for such fees and remunerations for the fiscal year 2016 the approximate sum of 127. |
(3) | The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 70. |
27
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
23. OTHER OPERATING RESULTS, NET
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Lawsuits |
(636 | ) | (182 | ) | ||||
Miscellaneous |
212 | (18 | ) | |||||
|
|
|
|
|||||
(424 | ) | (200 | ) | |||||
|
|
|
|
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Financial income |
||||||||
Interest income |
476 | 328 | ||||||
Exchange differences |
1,136 | 8,793 | ||||||
|
|
|
|
|||||
Total financial income |
1,612 | 9,121 | ||||||
|
|
|
|
|||||
Financial loss |
||||||||
Interest loss |
(4,078 | ) | (4,027 | ) | ||||
Financial accretion |
(806 | ) | (724 | ) | ||||
Exchange differences |
(3,964 | ) | (729 | ) | ||||
|
|
|
|
|||||
Total financial costs |
(8,848 | ) | (5,480 | ) | ||||
|
|
|
|
|||||
Other financial results |
||||||||
Fair value gains on financial assets at fair value through profit or loss |
75 | 89 | ||||||
Gains on derivative financial instruments |
| 288 | ||||||
|
|
|
|
|||||
Total other financial results |
75 | 377 | ||||||
|
|
|
|
|||||
Other financial results, net |
(7,161 | ) | 4,018 | |||||
|
|
|
|
25. INVESTMENTS IN JOINT OPERATIONS
The assets and liabilities as of March 31, 2017 and December 31, 2016, and expenses for the three-month periods ended on March 31, 2017 and 2016 of JO and other agreements are as follows:
March 31, 2017 |
December 31, 2016 |
|||||||
Noncurrent assets(1) |
56,600 | 63,145 | ||||||
Current assets |
969 | 2,602 | ||||||
|
|
|
|
|||||
Total assets |
57,569 | 65,747 | ||||||
|
|
|
|
|||||
Noncurrent liabilities |
4,982 | 5,946 | ||||||
Current liabilities |
5,931 | 6,293 | ||||||
|
|
|
|
|||||
Total liabilities |
10,913 | 12,239 | ||||||
|
|
|
|
|||||
For the three-month periods ended March 31, |
||||||||
2017 | 2016 | |||||||
Production Cost |
5,326 | 4,599 | ||||||
Exploration expenses |
219 | 207 |
(1) | Does not include impairment of property, plant and equipment since such impairment is recorded by the participating partners of the JO. |
28
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
The Companys subscribed capital as of March 31, 2017, is 3,923 and is represented by 393,312,793 shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of Argentine pesos 10 and one vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.
As of March 31, 2017, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of Argentine Government is required for: 1) mergers, 2) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, 3) transfers of all the YPFs exploitation and exploration rights, 4) the voluntary dissolution of YPF or 5) change of corporate and/or tax address outside the Argentine Republic. Items 3) and 4) will also require prior approval by the Argentine Congress.
On April 28, 2017, the General and Extraordinary Shareholders Meeting was held, which approved YPFs financial statements corresponding to the fiscal year ended December 31, 2016 and approved the following in relation to the distribution of profits: a) the complete elimination of the special reserve for initial adjustment for the implementation of IFRS pursuant to the provisions of Article 10, Chapter III, Title IV of the CNV Rules (T.O. 2013), the reserve for future dividends, the reserve for purchase of Company shares and the reserve for investments; b) to fully absorb the losses accumulated in Retained earnings of up to 28,231 against amounts corresponding to discontinued reserves for up to that amount; and c) to allocate the remaining amount of the discontinued reserves as follows: (i) the amount of 100 to establish a reserve to purchase Company shares, in order to make it possible for the Board of Directors to acquire Company shares when they consider it opportune, and to fulfill commitments under the bonus and incentive plans, both currently existing and those that may arise in the future, and (ii) the amount of 716 to a reserve for payment of dividends, authorizing the Board of Directors to determine when to distribute such dividends prior to the end of the fiscal year.
The following table shows the net income and the number of shares that have been used for the calculation of the basic earnings per share:
For the three-month periods ended on March 31, |
||||||||
2017 | 2016 | |||||||
Net income |
25 | 996 | ||||||
Average number of shares outstanding |
390,550,426 | 392,101,191 | ||||||
Basic and diluted earnings per share |
0.06 | 2.54 |
Basic and diluted earnings per share are calculated as shown in Note 2.b.13 to the annual consolidated financial statements.
29
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
28. DECONSOLIDATION OF MAXUS ENTITIES
Reorganization process under Chapter 11 of the US Bankruptcy Law of Maxus Entities
On March 28, 2017, in connection with the reorganization proceedings under Chapter 11 of the United States Bankruptcy Code filed by Maxus Energy Corporation, Tierra Solutions Inc., Maxus International Energy Company, Maxus (US) Exploration Company and Gateway Coal Company (collectively, the Maxus Entities), the Creditors Committee and the Maxus Entities submitted an alternative restructuring plan (the Alternative Plan) that does not incorporate the agreement (the Agreement) with YPF, jointly with its subsidiaries YPF Holdings, CLH Holdings Inc., YPF International and YPF Services USA Corp (jointly, the YPF Entities), to settle any and all claims held by the Maxus Entities against the YPF Entities, including any alter ego claims, all of which claims the YPF Entities believe are without merit.
Under the Alternative Plan, a liquidating trust (the Liquidating Trust) may pursue alter ego claims or any other estate claims against the YPF Entities. The Liquidating Trust will be funded by Occidental Chemical Corporation, a creditor of the Maxus Entities.
As YPF does not approve of such Alternative Plan and the Alternative Plan does not contemplate the implementation of the Agreement originally submitted, this situation creates an event of default (Event of Default) under the loan granted within the scope of the Agreement with YPF and the YPF Entities (the DIP Loan), and on April 10, 2017, YPF Holdings sent a note to communicate this development. Additionally, on April 17, 2017, YPF Holdings communicated that the amounts due under the DIP Loan terms are an approximate total of US$ 12.2 million.
On April 21, 2017, the Judge issued an order to authorize the repayment of amounts due under the terms of the DIP Loan through the approval of the financing offered by Occidental (Post-petition DIP Facility) within the scope of the Alternative Plan. The Alternative Plan remains subject to confirmation by the United States Bankruptcy Court of the District of Delaware. The hearing on the confirmation of the Alternative Plan is currently scheduled to begin in late May 2017.
Considering the preceding events mentioned, the Companys Management, in consultation with its legal advisors, estimates that the Agreement originally submitted has no reasonable prospect of final approval by the Judge and, accordingly, has reassessed the amounts reported considering the existing uncertainties and classified them as provisions in accordance with the accounting policies explained in Note 2.b.7) to the annual consolidated financial statements.
29. CONTINGENT ASSETS AND LIABILITIES
Contingent liabilities and contingent assets are described in Note 28 to the annual consolidated financial statements.
29.a) Contingent assets
No new significant contingent assets have been identified for the three-month period ended March 31, 2017, nor have there been amendments to the evaluations of contingencies pending as of December 31, 2016.
29.b) Contingent liabilities
Development for the three-month period ended on March 31, 2017 are described below:
29.b.1) Environmental claims
Asociación Superficiarios de la Patagonia (ASSUPA)
In connection with the judicial claims filed by ASSUPA against the companies operating concessions in the Northwestern Basin, on April 19, 2017, YPF was notified of the Courts ruling to resume the proceedings. The Company will timely respond to the claim by filing all relevant procedural defenses.
30
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
29. CONTINGENT ASSETS AND LIABILITIES (Cont.)
29.b.2) Contentious claims
Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U.
The Appeals Court scheduled a hearing on June 15, 2017 for the parties to be able to verbally explain their arguments.
29.b.3) Claims under the scope of the National Antitrust Commission (CNDC)
Claims for the sale of diesel to public transportation companies
On March 14, 2017, YPF was notified of SC Resolution No. 137 which, based on the prior opinion given by the CNDC, ordered the case closed for failure to establish collusive behavior by the companies sued and abuse of dominant market position by YPF.
29.b.4) Tax claims
Dispute over customs duties
On March 31, 2017, the Company resolved to pay the differences in export duties which had been objected to by several Customs authorities arising from future commitments to deliver crude oil, in accordance with the moratorium provided for by Law No. 27,260. This action made it possible to reduce interest and release the fines applied which were related to the substantial obligation. In that regard, the summaries and processes in which the application of a fine is in disputed when there are no export duties remain ongoing, in which case the fine provided for in Article 954 subsection c) would be applied, which figure amounts to 450 as of the date of these condensed interim consolidated financial statements.
Contractual commitments are described in Note 29 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2017 are described below:
30.a) Concession extension agreements
Salta
On April 3, 2017, YPF entered into with the Province of Salta an Amendment Agreement to the one signed on October 23, 2012. The signatories are the same in both Agreements. The Amendment Agreement sets forth that the obligations described in items (i), (ii) and (iv) mentioned in the annual consolidated financial statements have been complied with, and in respect of the obligations referenced in item (v), it sets forth that the same will be replaced by the drilling of 2 development wells for a minimum amount of US$ 26 million. In case the development wells yield satisfactory productive results for YPF and associated companies, and contingent on such results, the parties agreed to drill an additional development well. Execution of this commitment shall be initiated within 90 days of the effective date of the Amendment Agreement, subject to the availability of equipment and the issuance of permits, and shall be finished within 365 calendar days as from the same date. Likewise, YPF and signatory associated companies shall drill an exploration well for an amount of US$ 4 million within 365 calendar days as from the effective date of the Amendment Agreement.
31
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
30. CONTRACTUAL COMMITMENTS (Cont.)
30.b) Investment project agreements
Agreement for the development of Loma La Lata Norte and Loma Campana areas
In relation to the Investment Agreement entered into between the Company and subsidiaries of Chevron Corporation for the joint exploitation of unconventional hydrocarbons in the province of Neuquen, in the Loma Campana area, for the three-month period ended March 31, 2017, the Company and Compañía de Hidrocarburo No Convencional S.R.L. (CHNC) have carried out transactions which include the purchase of gas and crude oil by YPF for 1,044. These transactions were executed based on the markets general and regulatory framework. The net balance to be paid to CHNC as of March 31, 2017 amounts to 280.
Agreement for interest assignment in Aguada de la Arena area
On February 23, 2017, YPF and Petrouruguay S.A. signed a definitive agreement for the transfer of a 20% participating interest in the Aguada de la Arena area located in the province of Neuquén, for a total of US$ 18 million. As a result, YPF has increased its participating interest in the Aguada de la Arena area to 100%.
Agreement for the development of Bajada de Añelo area
On February 23, 2017, YPF and O&G Developments Ltd. S.A. (hereinafter O&G), an affiliate of Shell Compañía Argentina de Petróleo S.A., executed an agreement through which YPF and O&G agreed on the principal terms and conditions for the joint development of a shale oil and shale gas pilot in two phases, for a joint investment amount of US$ 305.8 million plus VAT, in the Bajada de Añelo area in the province of Neuquén, of which O&G will contribute 97.6% and YPF will contribute 2.4%. O&G will be the operator of the area. The agreement provides for a period of exclusivity for the negotiation and execution of definitive agreements. Once definitive agreements have been signed and certain conditions precedent have been fulfilled, including the relevant regulatory approval of the province of Neuquén authorities, the execution of the project will begin, through which O&G will acquire a 50% participating interest in the exploitation concession that covers an area of 204 km2.
31. MAIN REGULATIONS AND OTHERS
Main regulations and others are described in Note 30 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 2017 are described below:
31.a) Incentive programs for the production of natural gas
Incentive program for investment in development of natural gas production from non-conventional reservoirs
On March 6, 2017, MINEM Resolution No. 46-E/2017 was published in the Official Gazette, which created the Investment in Natural Gas Production from Non-Conventional Reservoirs Stimulus Program (hereinafter the Program), established in order to stimulate investments in natural gas from non-conventional reservoirs in the Neuquina basin, and in effect as of its publication until December 31, 2021.
The Resolution establishes compensation for the volume of non-conventional gas production from concessions located in the Neuquina basin included in the Program, for which such concessions must first have a specific investment plan approved by the provinces application authority and the Secretariat of Hydrocarbon Resources.
32
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
31. MAIN REGULATIONS AND OTHERS (Cont.)
The compensation will be determined by deducting from the effective sales price obtained from sales to the internal market, including conventional and non-conventional natural gas, the minimum sales prices established by the Resolution each year, multiplied by the volumes of production of non-conventional natural gas. The minimum prices established by the Resolution are US$ 7.50 /MMBtu for 2018, US$ 7.00 /MMBtu for 2019, US$ 6.50 /MMBtu for 2020 and US$ 6.00/MMBtu for 2021.
The compensation from the Program will be distributed, for each concession included in the Program, as follows: 88% to the companies and 12% to the province corresponding to each concession included in the Program.
31.b) Regulatory requirements applicable to the natural gas industry
| Tariff renegotiation |
i. | Transitional Agreement 2017 |
On March 30, 2017, Metrogas signed a Transitional Agreement (Transitional Agreement 2017) with MINEM and the Ministry of Economy which provides for the temporary price and tariff adjustment to the Natural Gas Distribution Public Service, the specific allocation of the amounts set forth therein until the execution of the Memorandum of Agreement for the Comprehensive Contractual Renegotiation and the effective application of the final tariff schemes which result from the General Tariff Review. The Temporary Agreement 2017 is supplemental to the agreement approved by Decree No. 234 dated March 26, 2009, which extends the one approved by Decree No. 445 dated April 1, 2014 and the Transitional Agreement 2016.
The Transitional Agreement 2017, which is not subject to ratification by the National Executive Power, sets forth a temporary tariff scheme as of April 1, 2017 consisting of the readjustment of tariffs pursuant to the necessary guidelines to maintain the continuity of service in order to allow the licensee to manage its operation, maintenance, management and commercialization expenses, the disbursements corresponding to the execution of the mandatory investment plan determined by ENARGAS and to comply with the respective payment obligations, keeping its payment procedure for the purpose of ensuring the continued normal provision of the public service it is responsible for until the effective date of the tariff scheme that derives from the Memorandum of Agreement for the Comprehensive Contractual Renegotiation.
Additionally, the Transitional Agreement 2017 incorporates a Mandatory Investment Plan led by Metrogas.
Finally, Metrogas may not distribute dividends without prior accreditation before the ENARGAS of its comprehensive compliance with the Mandatory Investment Plan.
On March 30, 2017, the MINEM instructed the ENARGAS, by means of Resolution No. 74 - E/2017, to make effective the tariff schemes resulting from the General Tariff Review stated in Article 1 of the MINEM Resolution No. 31 dated March 29, 2016 and carried out as per the provisions in the Memorandum of Agreement for the Comprehensive Contractual Renegotiation entered into with the licensees within the provisions of Law No. 25,561, as amended and supplemented.
In this sense, for the purpose of the gradual and progressive implementation of such measure, it established that the ENARGAS should apply the tariff increases resulting from the Comprehensive Tariff Review in stages according to the following progression: thirty percent (30%) of the increase, as from April 1, 2017; forty percent (40%) of the increase, as from December 1, 2017; and the remaining thirty percent (30%), as from April 1, 2018.
Moreover, and for the cases in which the corresponding Memorandum of Agreement for the Comprehensive Contractual Renegotiation had not become effective, it instructed the ENARGAS to apply to the licensees (among them, Metrogas) a transitional tariff adjustment on account of the Comprehensive Tariff Review.
33
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
31. MAIN REGULATIONS AND OTHER (Cont.)
Under the terms of the Transitional Agreement 2017, on March 31, 2017, ENARGAS Resolution No. 4,356/2017 was published in the Official Gazette, whereby the tariff schemes resulting from the Metrogas General Tariff Review and temporary tariff schemes applicable to Metrogas users became effective as of April 1, 2017. By means of differential tariffs, ENARGAS Resolution No. 4,356/2017 determined tariff schemes for those residential users who showed a saving in their consumption equal to or higher than 15% as compared with the same period of year 2015, as well as those which would be applicable to beneficiaries of the Social Tariff (MINEM Resolution No. 28/2016 and ENARGAS Resolutions No. I-2,905/2014 and No. 3,784/2016) and the Public Welfare Entities (Law No. 27,218). The tariff schemes corresponding to the Social Tariff beneficiaries were rectified by ENARGAS Resolution No. 4,369/2017. Invoicing resulting from the application of the new temporary tariff schemes must comply with the limits set forth in Article 10 of MINEM Resolution No. 212/2016, which are in accordance with the criteria of ENARGAS Resolution No. I-4,044/2016.
Additionally, ENARGAS Resolution No. 4,356/2017 superseded ENARGAS Resolutions No. I-2,407/12 and No. I-3,249/15, which allowed the collection of a fixed amount per invoice under the FOCEGAS operation.
Finally, ENARGAS Resolution No. 4,356/2017 approved the Semiannual Adjustment Methodology attached as Annex V and which will become effective jointly with the Memorandum of Agreement for the License Adjustment.
ii. Memorandum of Agreement for the Natural Gas Distribution License Contract
On March 30, 2017, Metrogas signed a Memorandum of Agreement for the Natural Gas Distribution License Contract Adjustment with MINEM and the Ministry of Economy. In the terms provided therein, a number of guidelines were established which shall contemplate the General Tariff Review process (non-automatic mechanisms for the adjustment of the distribution tariff among five-year tariff reviews, criteria for determining the capital base and the rate of return to apply, fees and charges, investment plan, etc.) and, subject to the effective application of the Memorandum of Agreement, it sets forth the suspension and withdrawal of all claims, appeals and lawsuits filed, pending or in the process of execution, whether in administrative, arbitration or judicial venues, in the Argentine Republic or abroad, which are based on or related to the facts or measures taken, regarding the License Contract, as from the Emergency Law and/or the annulment of the PPI (Producer Price Index of the United States of America).
For the effective implementation of the Memorandum of Agreement, this must be ratified by Metrogas Shareholders Meeting, in order for the National Executive Power to issue the ratifying Decree of the terms of the Memorandum of Agreement.
The Memorandum of Agreement also states that Metrogas shall commit to make, during the extension term of the license, plus its eventual ten-year extension and within the license area, additional sustainable investments equivalent to the amount of the award granted in the BG Group Plc. vs. The Argentine Republic (UNC 54 KGA) arbitration with the proportional percentage that had been established in the payment agreement and excluding the amounts corresponding to interest for a delay in the payment of the award. The plan of additional investments will be determined by ENARGAS at the Companys proposal, and they shall not be incorporated into the tariff base.
iii. Supplementary Agreement with Natural Gas Producers
By means of Resolution No. 74 E/2017, MINEM determined the new prices at the Entry Point to the Transportation System for natural gas which shall be applicable as of April 1, 2017 to the user categories therein indicated. Likewise, it determined the new discounted prices at the Entry Point to the Transportation System for residential users of natural gas that show savings in consumption equal to or higher than fifteen percent (15%) as compared to the same period of year 2015. These new prices at the Entry Point to the Transportation System have been contemplated in ENARGAS Resolution No. 4,356/2017.
Note from ENARGAS referred to the participation of YPF in Metrogas
On March 30, 2017, YPF filed for reconsideration and requested to render the note null and void and to issue a new decision that sets a reasonable and consistent term with the current reality of the gas market to comply with the provisions of Article 34 of Law No. 24,076.
34
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
31. MAIN REGULATIONS AND OTHER (Cont.)
CNV Regulatory Framework
a) CNV General Resolution No. 622
I. | Pursuant to section 1, Chapter III, Title IV of such Resolution, a description of the notes to the condensed interim consolidated financial statements containing information required under the Resolution in the form of exhibits follows. |
Exhibit A Fixed Assets | Note 9 Property, plant and equipment | |
Exhibit B Intangible assets | Note 8 Intangible assets | |
Exhibit C Investments in companies | Note 10 Investments in associates and joint ventures | |
Exhibit D Other investments | Note 7 Financial instruments by category | |
Exhibit E Provisions | Note 13 Trade receivables
Note 12 Other receivables
Note 10 Investments in associates and joint ventures
Note 9 Property, plant and equipment
Note 15 Provisions | |
Exhibit F Cost of goods sold and services rendered | Note 21 Costs | |
Exhibit G Assets and liabilities in foreign currency | Note 34 Assets and liabilities in currencies other than the Argentine peso |
II. | On March 18, 2015, the Company was registered with the CNV under the category Settlement and Clearing Agent and Trading Agent - Own account, record No. 549. Considering the Companys business, and the CNV Rules and its Interpretative Criterion No. 55, the Company shall not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it shall also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV. |
Besides, in accordance with the provisions of Section VI, Chapter II, Title VII of the CNV Rules and its Interpretative Criterion No. 55, the Companys equity exceeds the minimum required equity under such rules, which is 15, while the minimum required counterparty capital, which is 3, is comprised of 8,522,815 Class B Units of Compass Ahorro Mutual Fund with 24-hour settlement upon redemption, the total value of the Companys Units as of March 31, 2017, amounts to 19.
b) CNV General Resolution No. 629
Due to General Resolution No. 629 of the CNV, the Company informs that supporting documentation of YPFs operations, which is not in YPFs headquarters, is stored in the following companies:
| 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. |
Additionally, it is placed on record that the detail of the documentation given in custody is available at the registered office, as well as the documents mentioned in section 5, subsection a.3), Section I, Chapter V, Title II of the CNV Rules.
32. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
The Group enters into operations and transactions with related parties according to general market conditions, which are part of the normal operation of the Group with respect to their purpose and conditions.
The information detailed in the tables below shows the balances with associates and joint ventures as of March 31, 2017 and December 31, 2016 and transactions with the mentioned parties for the three-month periods ended March 31, 2017 and 2016.
35
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
32. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Cont.)
March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
Other receivables |
Trade receivables |
Accounts payable |
Other receivables |
Trade receivables |
Accounts payable |
|||||||||||||||||||
Current | Current | Current | Current | Current | Current | |||||||||||||||||||
Joint ventures: |
||||||||||||||||||||||||
Profertil |
97 | 204 | 63 | 97 | 162 | 99 | ||||||||||||||||||
MEGA |
| 839 | 87 | | 797 | 80 | ||||||||||||||||||
Refinor |
| 158 | 35 | | 296 | 39 | ||||||||||||||||||
Bizoy S.A. |
5 | | | 9 | | | ||||||||||||||||||
Y-GEN I |
16 | 1 | | | 2 | | ||||||||||||||||||
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118 | 1,202 | 185 | 106 | 1,257 | 218 | |||||||||||||||||||
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Associates: |
||||||||||||||||||||||||
CDS |
| 111 | | | 108 | | ||||||||||||||||||
YPF Gas |
44 | 495 | 17 | 35 | 375 | 35 | ||||||||||||||||||
Oldelval |
| | 67 | | | 81 | ||||||||||||||||||
Termap |
| | 41 | | | 44 | ||||||||||||||||||
OTA |
| | 4 | | | 5 | ||||||||||||||||||
OTC |
2 | | | 2 | | | ||||||||||||||||||
Gasoducto del Pacífico (Argentina) S.A. |
4 | | 30 | 4 | | 31 | ||||||||||||||||||
Oiltanking Ebytem S.A. |
| | 51 | | | 50 | ||||||||||||||||||
Emp. Perforaciones de Argentina S.A. |
2 | | | | | | ||||||||||||||||||
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52 | 606 | 210 | 41 | 483 | 246 | |||||||||||||||||||
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|||||||||||||
170 | 1,808 | 395 | 147 | 1,740 | 464 | |||||||||||||||||||
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|
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|
|
|
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|
|
|
|
For the three-month periods ended on March 31, | ||||||||||||||||
2017 | 2016 | |||||||||||||||
Revenues | Purchases and services |
Revenues | Purchases and services |
|||||||||||||
Joint ventures: |
||||||||||||||||
Profertil |
234 | 79 | 283 | 77 | ||||||||||||
MEGA |
1,051 | 99 | 556 | 120 | ||||||||||||
Refinor |
190 | 83 | 340 | 37 | ||||||||||||
Y-GEN I |
17 | | | | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,492 | 261 | 1,179 | 234 | |||||||||||||
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|
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|
|||||||||
Associates: |
||||||||||||||||
CDS |
25 | | 230 | | ||||||||||||
YPF Gas |
160 | 11 | 98 | 8 | ||||||||||||
Oldelval |
| 97 | | 93 | ||||||||||||
Termap |
| 90 | | 83 | ||||||||||||
OTA |
| 6 | | 6 | ||||||||||||
Gasoducto del Pacífico (Argentina) S.A. |
| 46 | | 42 | ||||||||||||
Oiltanking Ebytem S.A. |
| 93 | | 93 | ||||||||||||
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|
|
|
|
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|
|||||||||
185 | 343 | 328 | 325 | |||||||||||||
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|
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|
|||||||||
1,677 | 604 | 1,507 | 559 | |||||||||||||
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|
|
36
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
32. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Cont.)
Additionally, in the normal course of business, and taking into consideration that YPF is the main oil and gas company in Argentina, the Groups client/suppliers portfolio encompasses both private sector entities as well as national, provincial and municipal public sector entities. As required by IAS 24 Related party disclosures, among the major transactions above mentioned the most important are:
Balances | Transactions | |||||||||||||||||
Credits / (Liabilities) | Income / (Costs) | |||||||||||||||||
For the three-month periods ended March 31, |
||||||||||||||||||
Customers / Suppliers |
Ref. | March 31, 2017 |
December 31, 2016 |
2017 | 2016 | |||||||||||||
CAMMESA |
(1) | 3,506 | 3,782 | 4,977 | 5,052 | |||||||||||||
CAMMESA |
(2) | (82 | ) | (170 | ) | (486 | ) | (446 | ) | |||||||||
ENARSA |
(3) | 716 | 727 | 604 | 477 | |||||||||||||
ENARSA |
(4) | (1,312 | ) | (1,357 | ) | (28 | ) | (35 | ) | |||||||||
Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. |
(5) | 414 | 364 | 988 | 642 | |||||||||||||
Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. |
(6) | (4 | ) | (2 | ) | (4 | ) | | ||||||||||
MINEM |
(7) | 9,199 | 10,881 | 1,857 | 5,230 | |||||||||||||
MINEM |
(8) | 113 | 129 | 19 | 11 | |||||||||||||
MINEM |
(9) | 110 | 142 | 26 | 25 | |||||||||||||
Ministry of Transport |
(10) | 1,417 | 1,152 | 1,240 | 1,053 | |||||||||||||
Secretariat of Industry |
(11) | | 378 | | 28 |
(1) | The provision of fuel oil and natural gas, and electric power generation. |
(2) | Purchases of energy. |
(3) | Rendering of regasification service in the regasification projects of liquefied natural gas in Escobar and Bahía Blanca. |
(4) | The purchase of natural gas and crude oil. |
(5) | The provision of jet fuel. |
(6) | The purchase of miles for the YPF Serviclub program. |
(7) | The benefits of the incentive scheme for the Additional Injection of natural gas. |
(8) | Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. |
(9) | Benefits for the bottle-to-bottle program. |
(10) | The compensation for providing gas oil to public transport of passengers at a differential price. |
(11) | Incentive for domestic manufacturing of capital goods, for the benefit of AESA. |
Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector, as defined in IAS 24. Such transactions consist of certain financial transactions that are described in Note 17 of these financial statements, and transactions with Nación Seguros S.A. related to certain insurance policies contracts, and in connection therewith, to the reimbursement from the insurance coverage for the incident mentioned in Note 28.a) to the annual consolidated financial statements.
In addition, the Group holds BONAR 2020 (see Note 30.h) to the annual consolidated financial statements and 2021 (see Note 4 to the annual consolidated financial statements), classified as Investments in financial assets.
Furthermore, in relation to the investment agreement signed between YPF and Chevron subsidiaries, YPF has an indirect non-controlling interest in CHNC with which YPF carries out transactions in connection with the above mentioned investment agreement. See Note 30.b).
37
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
32. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Cont.)
The table below discloses the compensation for the Companys key management personnel, including members of the Board of Directors and vice presidents (managers with executive functions appointed by the Board of Directors), for the three-month periods ended March 31, 2017 and 2016:
For the three-month periods ended March 31, |
||||||||
2017(1) | 2016(1) | |||||||
Short-term employee benefits (2) |
56 | 42 | ||||||
Share-based benefits |
10 | 9 | ||||||
Post-retirement benefits |
2 | 2 | ||||||
|
|
|
|
|||||
68 | 53 | |||||||
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|
|
(1) | Includes the compensation for YPFs key management personnel which developed their functions during the mentioned periods. |
(2) | Does not include Social Security contributions of 11 and 9 for the three-month periods ended March 31, 2017 and 2016. |
33. EMPLOYEE BENEFIT PLANS AND SHARE-BASED PAYMENTS
Note 2.b.10 to the annual consolidated financial statements describes the main characteristics and accounting treatment for benefit plans implemented by the Group.
i. | Retirement plan |
The total charges recognized under the Retirement Plan amounted to approximately 18 and 22 for the three-month periods ended March 31, 2017 and 2016, respectively.
ii. | Performance Bonus Programs and Performance evaluation |
The amount charged to expense related to the Performance Bonus Programs was 446 and 320 for the three-month periods ended March 31, 2017 and 2016, respectively.
iii. | Share-based benefit plan |
The amount charged to expense in relation with the share-based plans, which are disclosed according to their nature, amounted to 26 and 40 for the three-month periods ended March 31, 2017 and 2016, respectively.
38
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
34. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE ARGENTINE PESO
March 31, 2017 | December 31, 2016 | |||||||||||||||||||||||
Amount in currencies other than the Argentine peso |
Exchange rate(1) | Total | Amount in currencies other than the Argentine peso |
Exchange rate(1) | Total | |||||||||||||||||||
Noncurrent assets |
||||||||||||||||||||||||
Other receivables |
||||||||||||||||||||||||
U.S. Dollar |
60 | 15.29 | 917 | 169 | 15.79 | 2,669 | ||||||||||||||||||
Real |
10 | 4.82 | 48 | 10 | 4.84 | 48 | ||||||||||||||||||
Trade receivables |
||||||||||||||||||||||||
U.S. Dollar |
2 | 15.29 | 31 | | | | ||||||||||||||||||
Investments in financial assets U.S. Dollar |
478 | 15.29 | 7,315 | 490 | 15.79 | 7,737 | ||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total noncurrent assets |
8,311 | 10,454 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Current assets |
||||||||||||||||||||||||
Trade receivables |
||||||||||||||||||||||||
U.S. Dollar |
371 | 15.29 | 5,673 | 397 | 15.79 | 6,269 | ||||||||||||||||||
Chilean peso |
7,365 | 0.02 | 147 | 10,542 | 0.02 | 211 | ||||||||||||||||||
Real |
23 | 4.82 | 111 | 23 | 4.84 | 111 | ||||||||||||||||||
Other receivables |
||||||||||||||||||||||||
U.S. Dollar |
189 | 15.29 | 2,890 | 349 | 15.79 | 5,511 | ||||||||||||||||||
Euro |
8 | 16.31 | 130 | 15 | 16.63 | 249 | ||||||||||||||||||
Real |
5 | 4.82 | 24 | 4 | 4.84 | 19 | ||||||||||||||||||
Chilean peso |
2,277 | 0.02 | 46 | | | | ||||||||||||||||||
Swiss franc |
1 | 15.26 | 15 | | | | ||||||||||||||||||
Investments in financial assets U.S. Dollar |
493 | 15.29 | 7,532 | 478 | 15.79 | 7,548 | ||||||||||||||||||
Cash and cash equivalents |
||||||||||||||||||||||||
U.S. Dollar |
288 | 15.29 | 4,404 | 414 | 15.79 | 6,537 | ||||||||||||||||||
Chilean peso |
563 | 0.02 | 11 | 240 | 0.02 | 5 | ||||||||||||||||||
Real |
4 | 4.82 | 19 | 2 | 4.84 | 10 | ||||||||||||||||||
Swiss franc |
| | | | (2) | 15.52 | 6 | |||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total current assets |
21,002 | 26,476 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total assets |
29,313 | 36,930 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Noncurrent liabilities |
||||||||||||||||||||||||
Provisions |
||||||||||||||||||||||||
U.S. Dollar |
3,008 | 15.39 | 46,293 | 2,675 | 15.89 | 42,506 | ||||||||||||||||||
Real |
1 | 4.84 | 5 | | | | ||||||||||||||||||
Loans |
||||||||||||||||||||||||
U.S. Dollar |
5,727 | 15.39 | 88,141 | 5,741 | 15.89 | 91,222 | ||||||||||||||||||
Real |
12 | 4.84 | 58 | 13 | 4.88 | 63 | ||||||||||||||||||
Swiss franc |
299 | 15.38 | 4,595 | 300 | 15.57 | 4,673 | ||||||||||||||||||
Other liabilities |
||||||||||||||||||||||||
U.S. Dollar |
21 | 15.39 | 319 | 21 | 15.89 | 334 | ||||||||||||||||||
Accounts payable |
||||||||||||||||||||||||
U.S. Dollar |
12 | 15.39 | 185 | 133 | 15.89 | 2,113 | ||||||||||||||||||
Real |
13 | 4.84 | 63 | | | | ||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total noncurrent liabilities |
139,659 | 140,911 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Current liabilities |
||||||||||||||||||||||||
Provisions |
||||||||||||||||||||||||
U.S. Dollar |
50 | 15.39 | 770 | 45 | 15.89 | 715 | ||||||||||||||||||
Taxes payable |
||||||||||||||||||||||||
Real |
6 | 4.84 | 29 | 5 | 4.88 | 24 | ||||||||||||||||||
Chilean peso |
1,123 | 0.02 | 22 | 1,055 | 0.02 | 21 | ||||||||||||||||||
Loans |
||||||||||||||||||||||||
U.S. Dollar |
989 | 15.39 | 15,218 | 1,054 | 15.89 | 16,754 | ||||||||||||||||||
Real |
37 | 4.84 | 179 | 17 | 4.88 | 82 | ||||||||||||||||||
Swiss franc |
6 | 15.38 | 88 | 3 | 15.57 | 45 | ||||||||||||||||||
Salaries and social security |
||||||||||||||||||||||||
U.S. Dollar |
7 | 15.39 | 108 | 6 | 15.89 | 96 | ||||||||||||||||||
Real |
1 | 4.84 | 5 | 2 | 4.88 | 10 | ||||||||||||||||||
Chilean peso |
403 | 0.02 | 8 | 501 | 0.02 | 10 | ||||||||||||||||||
Other liabilities |
||||||||||||||||||||||||
U.S. Dollar |
30 | 15.39 | 462 | 275 | 15.89 | 4,371 | ||||||||||||||||||
Accounts payable |
||||||||||||||||||||||||
U.S. Dollar |
898 | 15.39 | 13,820 | 1,197 | 15.89 | 19,020 | ||||||||||||||||||
Euro |
40 | 16.46 | 658 | 15 | 16.77 | 252 | ||||||||||||||||||
Chilean peso |
2,568 | 0.02 | 51 | 4,915 | 0.02 | 98 | ||||||||||||||||||
Real |
| | | 9 | 4.88 | 44 | ||||||||||||||||||
Swiss franc |
| | | | (2) | 15.57 | 3 | |||||||||||||||||
Yen |
31 | 0.14 | 4 | | | | ||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total current liabilities |
31,422 | 41,545 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Total liabilities |
171,081 | 182,456 | ||||||||||||||||||||||
|
|
|
|
(1) | Exchange rate in force at March 31, 2017 and December 31, 2016 according to Banco Nación Argentina. |
(2) | Registered value less than 1. |
39
English translation of the condensed interim consolidated financial statements originally filed in Spanish with the Argentine Securities Commission (CNV). In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation
YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2017 AND COMPARATIVE INFORMATION |
Bandurria Sur Area Development Agreement
On April 12, 2017, YPF executed an agreement (hereinafter the Agreement) with Schlumberger Oilfield Eastern Ltd. (hereinafter SPM), an affiliate of Schlumberger Argentina S.A., through which YPF and SPM agreed on the main terms and conditions for the joint development of a shale oil pilot project in two phases, with a total investment of US$ 390 million plus VAT in the Bandurria Sur area (hereinafter the Area), located in the Province of Neuquén, 100% of which will be contributed by SPM. YPF will continue as the Area operator. The Agreement provides for an exclusivity period to negotiate and execute definitive agreements. Once definitive agreements have been signed and conditions precedent have been fulfilled, SPM will acquire a 49% stake in the unconventional exploitation concession of the Area, and YPF will keep the remaining 51%.
Bloque Llancanelo Interest Assignment Agreement
On April 18, 2017, YPF executed an agreement with Patagonia Oil Corp. (Patagonia), an affiliate of PentaNova Energy Corp., through which Patagonia will acquire YPFs 11% interest in the block known as Bloque Llancanelo, located in the Province of Mendoza, for a total price of US$ 40 million (hereinafter the Price), and YPF will keep a 50% stake in such block. Additionally, both companies agreed on the main terms and conditions for the development of a pilot project of heavy crude oil in the same block with a total investment of US$ 54 million over the next 36 months (hereinafter the Project), where YPF will be the operator and Patagonia will contribute its expertise in heavy crude oil. The project investment corresponding to YPFs stake shall be paid by Patagonia by way of partial payment of the Price. The agreement provides for an exclusivity term to negotiate and execute definitive agreements. Once definitive agreements have been signed and certain conditions precedent have been fulfilled, including the relevant approval by the Province of Mendoza, the execution of the Project will begin.
Issuance of negotiable obligations
In May 2017, the Company is in the process of issuing Series LII negotiable obligations for an amount of 4,602 to be paid in U.S. Dollars. Series LII negotiable obligations will accrue interest at a fixed nominal annual rate of 16.50% due every six months, and maturity of the principal will take place in 2022.
As of the date of issuance of these condensed interim consolidated financial statements, there have been no further significant subsequent events that require adjustments or disclosure in the financial statements of the Company as of March 31, 2017, which were not already considered in such condensed interim consolidated financial statements in accordance with IFRS.
MIGUEL ANGEL GUTIERREZ President |
40
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
YPF Sociedad Anónima | ||||||
Date: May 17, 2017 | By: | /s/ Diego Celaá | ||||
Name: | Diego Celaá | |||||
Title: | Market Relations Officer |