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Investments in Associates and Joint Ventures | 12 Months Ended
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Dec. 31, 2017
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Investments in Associates and Joint Ventures | 9. 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 December 31, 2017, 2016 and 2015:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Amount of investments in associates |  |  | 911 |  |  |  | 1,478 |  |  |  | 1,248 |
Amount of investments in joint ventures |  |  | 5,146 |  |  |  | 4,022 |  |  |  | 3,135 |
Provision for impairment of investments in associates and joint ventures |  |  | (12 | ) |  |  | (12 | ) |  |  | (12 | )
|  |  | 6,045 |  |  |  | 5,488 |  |  |  | 4,371 |
Disclosed in investments in associates and joint ventures |  |  | 6,045 |  |  |  | 5,488 |  |  |  | 4,372 |
Disclosed in Other liabilities |  |  | — |  |  |  | — |  |  |  | 1 |
The main movements during the years ended December 31, 2017, 2016 and 2015, which affected the value of the aforementioned investments, correspond to:
|  | 2017 |  |  | 2016 |  |  | 2015 |
Amount at the beginning of year |  |  | 5,488 |  |  |  | 4,371 |  |  |  | 3,175 |
Acquisitions and contributions |  |  | 910 |  |  |  | 448 |  |  |  | 163 |
Income on investments in associates and joint ventures |  |  | 1,428 |  |  |  | 588 |  |  |  | 318 |
Conversion differences |  |  | 662 |  |  |  | 601 |  |  |  | 999 |
Distributed dividends |  |  | (328 | ) |  |  | (520 | ) |  |  | (280 | )
Other movements |  |  | 2 |  |  |  | — |  |  |  | (4 | )
Reclassification of assets held for disposal |  |  | (2,117 | ) |  |  | — |  |  |  | — |
Amount at the end of year |  |  | 6,045 |  |  |  | 5,488 |  |  |  | 4,371 |
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 years ended December 31, 2017, 2016 and 2015. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the proportional equity value in the aforementioned dates:
|  | Associates |  |  | Joint ventures |
|  | 2017 |  |  | 2016 |  |  | 2015 |  |  | 2017 |  |  | 2016 |  |  | 2015 |
Net income |  |  | 543 |  |  |  | 225 |  |  |  | 321 |  |  |  | 885 |  |  |  | 363 |  |  |  | (3 | )
Other comprehensive income |  |  | 34 |  |  |  | 35 |  |  |  | 50 |  |  |  | 628 |  |  |  | 566 |  |  |  | 949 |
Comprehensive income for the year |  |  | 577 |  |  |  | 260 |  |  |  | 371 |  |  |  | 1,513 |  |  |  | 929 |  |  |  | 946 |
On May 13, 2016, the companies Y-GEN I and Y-GEN II were created, for the purpose of submitting a bid to the tender No. 21/2016 launched by the MINEM, for the new generation of energy and thermal power, which, if awarded, they would enter into with Compañía Administradora del Mercado Mayorista Eléctrico S.A. (“CAMMESA”) a contract of sale of offered energy for a term of between 5 and 10 years, as offered, and with a price denominated in U.S. dollars. The created companies submitted their bids for the construction of new thermal power plants in Loma Campana (Añelo, Province of Neuquén) and in Central El Bracho (Province of Tucumán), which were finally awarded. In both companies, 66.67% of the shareholding is owned by the subsidiary YPF EE and the remaining 33.33% is owned by Guayama PR Holdings of the General Electric Group. The Group has followed the guidelines set forth in IFRS 10 “Consolidated financial statements” and has concluded that it exercises joint control over Y-GEN I and Y-GEN II. As a result, it has applied IFRS 11 “Joint Arrangements” which defines these companies as joint ventures, and has measured them in accordance with the equity method in accordance with IAS 28 “Investments in associates and joint ventures”. Some of the main assumptions under evaluation were as follows: (i) Contractually, both shareholders exercise joint control over each of the companies, so any decisions on their relevant activities are taken jointly, requiring their unanimous vote to do so and there is no power of one party (shareholder) over the other in relation to the investment, regardless of the different percentages of ownership thereof; (ii) there is no power as defined in IFRS 10 of one party to the detriment of another, either in relation to the voting rights in the nomination of directors or even personnel (whether key or not), in the management of the entity to benefit itself or to unilaterally modify the variable return on investment, or ultimately to unilaterally address any of the decisions associated with the relevant activities. In addition, see Note 3. The following table shows information of the subsidiaries:
|  |  |  |  | Information of the issuer |
|  | Description of the Securities |  |  |  |  |  |  | Last available financial statements |  |  |  |
Name and Issuer |  | Class |  |  | Face Value |  |  | Amount |  |  | Main Business |  | Registered Address |  | Date |  |  | Capital stock |  |  | Net profit / (loss) |  |  | Equity |  |  | Holding in Capital Stock |
Subsidiaries:(8) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
YPF International S.A.(6) |  |  | Common |  |  | Bs. | 100 |  |  |  | 66,897 |  |  | Investment |  | Street La Plata 19, Santa Cruz de la Sierra, República de Bolivia |  |  | 12-31-17 |  |  |  | 15 |  |  |  | (1 | ) |  |  | 24 |  |  |  | 100.00 | %
YPF Holdings Inc.(6) |  |  | Common |  |  | US$ | 0.01 |  |  |  | 810,614 |  |  | Investment and finance |  | 10333 Richmond Avenue I, Suite 1050, TX, U.S.A. |  |  | 12-31-17 |  |  |  | 15,075 |  |  |  | (429 | ) |  |  | (3,726 | ) |  |  | 100.00 | %
Operadora de Estaciones de Servicios S.A. |  |  | Common |  |  | $ | 1 |  |  |  | 163,701,747 |  |  | Commercial management of YPF’s gas stations |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-17 |  |  |  | 164 |  |  |  | 709 |  |  |  | 907 |  |  |  | 99.99 | %
A-Evangelista S.A. |  |  | Common |  |  | $ | 1 |  |  |  | 307,095,088 |  |  | Engineering and construction services |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-17 |  |  |  | 307 |  |  |  | 3 |  |  |  | 1,127 |  |  |  | 100.00 | %
YPF Servicios Petroleros S.A. |  |  | Common |  |  | $ | 1 |  |  |  | 50,000 |  |  | Wells perforation and/or reparation services |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-17 |  |  |  | — | (7) |  |  | (174 | ) |  |  | (192 | ) |  |  | 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. |  |  | 12-31-17 |  |  |  | 569 |  |  |  | 773 |  |  |  | 8,985 |  |  |  | 70.00 | %
YPF Energía Eléctrica S.A. |  |  | Common |  |  | $ | 1 |  |  |  | 2,506,555,895 |  |  | Exploration, development, industrialization and marketing of hydrocarbons, and generation, transportation and marketing of electric power |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-17 |  |  |  | 2,507 |  |  |  | 928 |  |  |  | 3,441 |  |  |  | 100.00 | %
YPF Chile S.A.(6) |  |  | Common |  |  | — | — |  |  |  | 50,968,649 |  |  | Lubricants and aviation fuels trading and hydrocarbons research and exploration |  | Villarica 322; Módulo B1, Qilicura, Santiago |  |  | 12-31-17 |  |  |  | 849 |  |  |  | (103 | ) |  |  | 1,389 |  |  |  | 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 |  |  | 12-31-17 |  |  |  | 459 |  |  |  | 38 |  |  |  | 690 |  |  |  | 51.00 | %
YSUR Inversora S.A.U.(6)(9) |  |  | — |  |  |  | — |  |  |  | — |  |  | Investment |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-16 |  |  |  | 2,657 |  |  |  | (1 | ) |  |  | 5,397 |  |  |  | 100.00 | %
YSUR Inversiones Petroleras S.A.U.(6)(9) |  |  | — |  |  |  | — |  |  |  | — |  |  | Investment |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-16 |  |  |  | 230 |  |  |  | — | (7) |  |  | 391 |  |  |  | 100.00 | %
YSUR Petrolera Argentina S.A. (6)(9) |  |  | — |  |  |  | — |  |  |  | — |  |  | Exploration, extraction, exploitation, storage, transportation, industrialization and marketing of hydrocarbons, as well as other related operations |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-16 |  |  |  | 634 |  |  |  | 106 |  |  |  | 570 |  |  |  | 100.00 | %
Compañía de Inversiones Mineras S.A. |  |  | Common |  |  | $ | 1 |  |  |  | 236,474,420 |  |  | 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 |  |  | 12-31-17 |  |  |  | 236 |  |  |  | (21 | ) |  |  | 182 |  |  |  | 100.00 | %
Bajo del Toro II S.R.L. |  |  | Social cuotes |  |  | $ | 1 |  |  |  | 1,270,815,165 |  |  | Exploration, discovery, exploitation, purchase, production, storage, transport, import, export and marketing of all types of liquid or gaseous hydrocarbons and exercise all acts that are not prohibited by law including but not limited to the execution of money loans as lender and/or borrower. |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-17 |  |  |  | 1,271 |  |  |  | 90 |  |  |  | 1,341 |  |  |  | 100.00 | %
The following table shows the investments in associates and joint ventures:
|  | 12-31-2017 |  |  | 12-31-2016 |
|  |  |  |  |  |  |  |  |  |  | Information of the issuer |  |  |  |
|  | Description of the Securities |  |  |  |  |  |  |  |  |  |  |  |  | Last available financial statements |  |  |  |  |  |  |
Name and Issuer |  | Class |  |  | Face Value |  |  | Amount |  |  | Book value(2) |  |  | Cost (1) |  |  | Main Business |  | Registered Address |  | Date |  |  | Capital stock |  |  | Net profit / (loss) |  |  | Equity |  |  | Holding in Capital Stock |  |  | Book Value (2) |
Joint Ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Compañía Mega S.A.(5)(6) |  |  | Common |  |  | $ | 1 |  |  |  | 244,246,140 |  |  |  | 1,725 |  |  |  | — |  |  | Separation, fractionation and transportation of natural gas liquids |  | San Martín 344, P. 10º, Buenos Aires, Argentina |  |  | 09-30-17 |  |  |  | 643 |  |  |  | 1,071 |  |  |  | 2,381 |  |  |  | 38.00 | % |  |  | 1,208 |
Profertil S.A.(6) |  |  | Common |  |  | $ | 1 |  |  |  | 391,291,320 |  |  |  | 2,862 |  |  |  | — |  |  | Production and marketing of fertilizers |  | Alicia Moreau de Justo 740, P. 3, Buenos Aires, Argentina |  |  | 09-30-17 |  |  |  | 783 |  |  |  | 197 |  |  |  | 1,249 |  |  |  | 50.00 | % |  |  | 1,897 |
Refinería del Norte S.A. |  |  | Common |  |  | $ | 1 |  |  |  | 45,803,655 |  |  |  | 483 |  |  |  | — |  |  | Refining |  | Maipú 1, P. 2º, Buenos Aires, Argentina |  |  | 09-30-17 |  |  |  | 92 |  |  |  | (10 | ) |  |  | 980 |  |  |  | 50.00 | % |  |  | 468 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,070 |  |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,573 |
Associates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oleoductos del Valle S.A. |  |  | Common |  |  | $ | 10 |  |  |  | 4,072,749 |  |  |  | 242 |  |  |  | — |  |  | Oil transportation by pipeline |  | Florida 1, P. 10º, Buenos Aires, Argentina |  |  | 09-30-17 |  |  |  | 110 |  |  |  | 135 |  |  |  | 576 |  |  |  | 37.00 | % |  |  | 174 |
Terminales Marítimas Patagónicas S.A. |  |  | Common |  |  | $ | 10 |  |  |  | 476,034 |  |  |  | 103 |  |  |  | — |  |  | Oil storage and shipment |  | Av. Leandro N. Alem 1180, P. 11º, Buenos Aires, Argentina |  |  | 09-30-17 |  |  |  | 14 |  |  |  | 20 |  |  |  | 304 |  |  |  | 33.15 | % |  |  | 94 |
Oiltanking Ebytem S.A. |  |  | Common |  |  | $ | 10 |  |  |  | 351,167 |  |  |  | 211 |  |  |  | — |  |  | Hydrocarbon transportation and storage |  | Terminal Marítima Puerto Rosales – Provincia de Buenos Aires, Argentina. |  |  | 09-30-17 |  |  |  | 12 |  |  |  | 247 |  |  |  | 279 |  |  |  | 30.00 | % |  |  | 184 |
Gasoducto del Pacífico (Argentina) S.A. |  |  | Preferred |  |  | $ | 1 |  |  |  | 15,579,578 |  |  |  | 44 |  |  |  | — |  |  | Gas transportation by pipeline |  | San Martín 323, P.13°, Buenos Aires, Argentina |  |  | 12-31-17 |  |  |  | 156 |  |  |  | 116 |  |  |  | 445 |  |  |  | 10.00 | % |  |  | 33 |
Central Dock Sud S.A. |  |  | Common |  |  | $ | 0.01 |  |  |  | 11,869,095,145 |  |  |  | — | (10) |  |  | — |  |  | Electric power generation and bulk marketing |  | Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina |  |  | 03-31-17 |  |  |  | 1,231 |  |  |  | 46 |  |  |  | 1,865 |  |  |  | 10.25 | %(4) |  |  | 175 |
Inversora Dock Sud S.A. |  |  | Common |  |  | $ | 1 |  |  |  | 355,270,303 |  |  |  | — | (10) |  |  | — |  |  | Investment and finance |  | Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina |  |  | 03-31-17 |  |  |  | 829 |  |  |  | 32 |  |  |  | 1,343 |  |  |  | 42.86 | % |  |  | 569 |
Oleoducto Trasandino (Argentina) S.A. |  |  | Preferred |  |  | $ | 1 |  |  |  | 12,135,167 |  |  |  | 41 |  |  |  | — |  |  | Oil transportation by pipeline |  | Macacha Güemes 515, P.3º, Buenos Aires, Argentina |  |  | 09-30-17 |  |  |  | 34 |  |  |  | 9 |  |  |  | 118 |  |  |  | 36.00 | % |  |  | 37 |
YPF Gas S.A |  |  | Common |  |  | $ | 1 |  |  |  | 59,821,434 |  |  |  | 235 |  |  |  | — |  |  | Gas fractionation, bottling, distribution and transport for industrial and/or residential use |  | Macacha Güemes 515, P.3º, Buenos Aires, Argentina |  |  | 09-30-17 |  |  |  | 176 |  |  |  | 215 |  |  |  | 884 |  |  |  | 34.00 | % |  |  | 172 |
Other companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other(3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 111 | (10) |  |  | 208 |  |  | — |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 489 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 987 |  |  |  | 208 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,927 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,057 |  |  |  | 208 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,500 |
(1) | Corresponds to cost and contributions, net of dividends collected and capital reductions.
(2) | Corresponds to Holding in shareholders’ equity plus adjustments to conform to YPF accounting principles.
(3) | Includes 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. and Petrofaro S.A.
(4) | Additionally, the Group has a 29.99% indirect holding in capital stock through Inversora Dock Sud S.A.
(5) | As stipulated by shareholders’ agreement, joint control is held in this company by shareholders.
(6) | The U.S. dollar has been defined as the functional currency of this company.
(7) | No value is disclosed because the carrying value is less than 1.
(8) | Additionally, consolidates Compañía Minera de Argentina S.A., YPF Services USA Corp., YPF Europe B.V., 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 Resources Netherlands B.V. and Bajo de Toro I S.R.L.
(9) | Companies merged with YPF.
(10) | The investments that YPF holds in CDS, IDS, YGEN I e YGEN II through its subsidiary YPF EE were reclassified to Assets held for disposal. See Note 3 and the evolution of Investments in associates and joint ventures in this Note.

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