9.	INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table shows the value of the investments in associates and joint ventures at an aggregate level as of December 31, 2018, 2017 and 2016:


	2018			2017			2016
Amount of investments in associates		2,374			911			1,478
Amount of investments in joint ventures		30,324			5,146			4,022
Provision for impairment of investments in associates and joint ventures		(12	)		(12	)		(12	)

		32,686			6,045			5,488

The main movements during the years ended December 31, 2018, 2017 and 2016, which affected the value of the aforementioned investments, correspond to:


	2018			2017			2016
Amount at the beginning of year		6,045			5,488			4,371
Acquisitions and contributions		280			910			448
Income on investments in associates and joint ventures		4,839			1,428			588
Translation differences		3,180			662			601
Distributed dividends		(583	)		(328	)		(520	)
Interest maintained in YPF EE		17,285	⁽¹⁾		—			—
Adjustment for inflation⁽²⁾		1,640			—			—
Reclassification of assets held for disposal		—			(2,117	)		—
Other movements		—			2			—

Amount at the end of year		32,686			6,045			5,488

(1)	Corresponds to the fair value of the interest maintained in the investment in YPF EE following the loss of control. See Note 3.

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

The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the years ended December 31, 2018, 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 calculation of the equity method value in the aforementioned dates:


	Associates						Joint ventures
	2018		2017		2016		2018		2017		2016
Net income		1,025		543		225		3,814		885		363
Other comprehensive income		406		34		35		4,414		628		566

Comprehensive income for the year		1,431		577		260		8,228		1,513		929

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

The management information corresponding to the assets and liabilities as of December 31, 2018 of YPF EE are detailed below:


	December 31, 2018⁽¹⁾
Noncurrent assets		35,682
Current assets		12,596

Total assets		48,278

Noncurrent liabilities		13,348
Current liabilities		9,776

Total liabilities		23,124

Total shareholders’ equity		25,154


	Results as from loss of control date
Revenues		4,181
Costs		(1,655	)

Gross profit		2,526

Operating profit		4,686
Income from equity interest in associates and joint ventures		673
Net financial results		280

Net profit before income tax		5,639

Income tax		(1,150	)

Net profit		4,489

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

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:⁽⁷⁾
YPF International S.A.⁽⁶⁾	Common		Bs.	100		66,897	Investment	Calle La Plata 19, Santa Cruz de la Sierra, República de Bolivia		12-31-18		15		(2	)		52			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.		12-31-18		30,475		(415	)		(8,075	)		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		12-31-18		164		993			2,017			99.99	%
A-Evangelista S.A.	Common	$		1		307,095,088	Engineering and construction services	Macacha Güemes 515, Buenos Aires, Argentina		12-31-18		307		(373	)		1,780			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.		12-31-18		569		(6	)		13,322			70.00	%
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		12-31-18		1,717		(475	)		2,171			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		12-31-18		459		(21	)		1,485			51.00	%
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		12-31-18		236		(92	)		312			100.00	%
Bajo del Toro II S.R.L.	Quotas	$		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		12-31-18		1,271		152			2,131			100.00	%

The following table shows the investments in associates and joint ventures:


	12-31-2018																									12-31-2017
												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:
YPF Energía Eléctrica S.A.^{(5) (6)}	Common	$			1		1,879,916,921		19,320		1,085	Exploration, mining and marketing of hydrocarbons and generation, transport and marketing of electric energy	Macacha Güemes 515, Buenos Aires, Argentina		09-30-18		3,747		1,812			24,569		75.00	%		—	⁽⁸⁾
Compañía Mega S.A.^{(5) (6)}	Common	$			1		244,246,140		3,405		—	Separation, fractionation and transportation of natural gas liquids	San Martín 344, P. 10º, Buenos Aires, Argentina		12-31-18		643		953			8,718		38.00	%		1,725
Profertil S.A.⁽⁶⁾	Common	$			1		391,291,320		6,133		—	Production and marketing of fertilizers	Alicia Moreau de Justo 740, P. 3, Buenos Aires, Argentina		09-30-18		783		(542	)		1,054		50.00	%		2,862
Refinería del Norte S.A.	Common	$			1		45,803,655		1,307		—	Refining	Maipú 1, P. 2º, Buenos Aires, Argentina		09-30-18		92		(113	)		968		50.00	%		483

									30,165		1,085																5,070

Associates:
Oleoductos del Valle S.A.	Common	$			10		4,072,749		710		—	Oil transportation by pipeline	Florida 1, P. 10º, Buenos Aires, Argentina		09-30-18		110		561			1,044		37.00	%		242
Terminales Marítimas Patagónicas S.A.	Common	$			10		476,034		226		—	Oil storage and shipment	Av. Leandro N. Alem 1180, P. 11º, Buenos Aires, Argentina		09-30-18		14		364			675		33.15	%		103
Oiltanking Ebytem S.A.⁽⁶⁾	Common	$			10		351,167		424		—	Hydrocarbon transportation and storage	Terminal Marítima Puerto Rosales – Provincia de Buenos Aires, Argentina.		12-31-18		12		600			1,396		30.00	%		211
Gasoducto del Pacífico (Argentina) S.A.	Preferred			$	1		15,579,578		42		—	Gas transportation by pipeline	San Martín 323, P.13°, Buenos Aires, Argentina		12-31-17		156		116			445		10.00	%		44
Central Dock Sud S.A.⁽⁶⁾	Common			$	0.01		11,869,095,145		625		280	Electric power generation and bulk marketing	Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina		09-30-18		1,231		1,932			4,330		10.25	%⁽⁴⁾		—	⁽⁸⁾
Oleoducto Trasandino (Argentina) S.A.	Preferred			$	1		12,135,167		60		—	Oil transportation by pipeline	Macacha Güemes 515, P.3º, Buenos Aires, Argentina		09-30-18		34		98			223		36.00	%		41
YPF Gas S.A.	Common			$	1		59,821,434		258		—	Gas fractionation, bottling, distribution and transport for industrial and/or residential use	Macacha Güemes 515, P.3º, Buenos Aires, Argentina		09-30-18		176		134			951		33.99	%		235
Other companies:
Other ⁽³⁾	—		—		—		—		188		208		—		—		—		—			—		—			111

									2,533		488																987

									32,698		1,573																6,057

(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., Petrofaro S.A. and Oleoducto Loma Campana-Lago Pellegrini.

(4)	Additionally, the Group has a 22.49% indirect holding in capital stock through YPF EE.

(5)	As stipulated by shareholders’ agreement, joint control is held in this company by shareholders.

(6)	The U.S. dollar has been defined as the functional currency of this company.

(7)	Additionally, consolidates 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, Bajo de Toro I S.R.L. and YPF Ventures S.A.U.

(8)	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 on December 31, 2017.