Loans (Tables)

12 Months Ended

Dec. 31, 2018


									2018					2017					2016
Pesos	Interest rate⁽¹⁾						Maturity		Noncurrent		Current			Noncurrent		Current			Noncurrent		Current
Negotiable obligations⁽⁷⁾		16.50	%	–	57.81	%		2019-2024		26,118		6,999			29,640		5,753			29,194		4,400
Loans⁽³⁾		37.88	%	–	54.28	%		2019-2020		40		789			728		2,794			2,416		1,459
Account overdraft		—			—			—		—		—			—		10			—		4,037	⁽⁵⁾

										26,158		7,788			30,368		8,557			31,610		9,896

Currencies other than the Peso
Negotiable obligations^(2)(4)(6)		3.50	%	–	10.00	%		2019-2047		219,510		17,417			114,686		15,075			86,116		4,360
Export pre-financing		2.00	%	–	6.75	%		2019		—		20,724	⁽⁸⁾		383		6,521	⁽⁸⁾		1,908		6,491
Imports financing		3.79	%	–	6.56	%		2019-2020		968		13,176			—		4,595			—		2,439
Loans⁽⁶⁾		4.20	%	–	6.70	%		2019-2024		23,616		5,721			6,290		4,588			7,934		3,591

										244,094		57,038			121,359		30,779			95,958		16,881

										270,252		64,826			151,727		39,336			127,568		26,777

(1)	Annual interest rate as of December 31, 2018.

(2)	Disclosed net of 410, 309 and 672 corresponding to YPF’s own negotiable obligations repurchased through open market transactions, as of December 31, 2018, 2017, and 2016, respectively.

(3)

Includes loans granted by BNA. As of December 31, 2018, it includes 500, which accrues variable interest at a BADLAR plus a margin of 3.5 points. As of December 31, 2017, it includes 2,500, 1,500 of which accrues variable interest at a BADLAR plus a margin of 3.5 points and 1,000 at a fixed rate of 20%. As of December 31, 2016, it includes 2,105; 105 of which accrues interest at a BADLAR variable rate plus a spread of 4 percentage points and 2,000 of which accrues interest at a BADLAR variable rate plus a spread of 3.5 percentage points. See Note 31.

(4)	Includes 2,634, 1,528 and 3,253 as of December 31, 2018, 2017, and 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 BNA as of December 31, 2016. See Note 31.

(6)	Includes 492 and 4,960 corresponding to financial loans and NO secured by cash flows as of December 31, 2017, and 2016, respectively.

(7)	Includes 15,850, 15,850 and 11,248 as of December 31, 2018, 2017 and 2016, respectively, of nominal value of NO that will be canceled in U.S. dollars at the applicable exchange rate according to the conditions of the issued series.

(8)	Includes pre-financing of exports granted by BNA. As of December 31 2018, it includes 5,264, 3,008 of which accrue a 2% fixed interest rate and 2,256 a 6.5% fixed interest rated. As of December 31, 2017, it includes 1,116 accruing a 2% fixed interest rate.

Breakdown of Group's Borrowings

The breakdown of the Group’s borrowings as of the year ended on December 31, 2018, 2017 and 2016 is as follows:


	2018			2017			2016
Balance at beginning of the year		191,063			154,345			105,751
Proceed from loans		39,673			54,719			101,322
Payments of loans		(55,734	)		(36,346	)		(73,286	)
Payments of interest		(26,275	)		(17,912	)		(16,330	)
Accrued interest⁽¹⁾		27,998			17,995			16,623
Net exchange differences and translation		160,016			21,465			20,265
Result from net monetary position⁽²⁾		(1,663	)		—			—
Reclassifications and other movements		—			(3,203	)⁽³⁾		—

Balance at the end of the year		335,078			191,063			154,345

(1)	Includes capitalized financial costs. See Note 8.

(2)	Includes adjustment for inflation of opening balances which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results.

(3)	Includes 3,130 of loans reclassified to the item “Liabilities associated with assets held for disposal”. See Note 3.

Detailed Information of Negotiable Obligations

Details regarding the NO of the Group are as follows:


														2018				2017				2016
Month	Year		Principal value		Ref.	Class		Interest rate⁽³⁾				Principal Maturity		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current
YPF
—		1998	US$	15	(1) (6)		—		Fixed	10.00	%		2028		557		9		276		5		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		—	—			—		—		—		—		1,427		1,414		1,439
April		2013	$	2,250	(2) (4) (6) (7)		Class XVII		BADLAR plus 2.25%	52.75	%		2020		1,125		1,330		2,250		96		2,250		101
April		2013	US$	89	(2) (5) (6)		Class XIX		—	—			—		—		—		—		—		—		1,413
June		2013	$	1,265	(2) (4) (6)		Class XX		BADLAR plus 2.25%	50.70	%		2020		633		657		1,265		12		1,265		12
July		2013	US$	92	(2) (5) (6)		Class XXII		Fixed	3.50	%		2020		456		461		451		230		576		197
October		2013	US$	150	(2) (6)		Class XXIV		—	—			—		—		—		—		498		419		570
December, April, February and December		2013/4/5	US$	862	(2) (6)		Class XXVI		—	—			—		—		—		—		8,422		13,410		40
April, February and October		2014/5/6	US$	1,522	(2) (4) (6)		Class XXVIII		Fixed	8.75	%		2024		57,233		1,210		28,311		599		24,111		509
March		2014	$	500	(2) (6) (7)		Class XXIX		BADLAR	48.99	%		2020		200		162		350		158		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%	48.97	%		2024		833		299		1,000		54		1,000		76
September		2014	$	750	(2) (4) (6)		Class XXXV		BADLAR plus 3.5%	52.37	%		2019		—		571		500		298		750		64
February		2015	$	950	(2) (6) (7)		Class XXXVI		BADLAR plus 4.74%	49.92	%		2020		950		187		950		92		950		126
February		2015	$	250	(2) (6)		Class XXXVII		—	—			—		—		—		—		—		—		260
April		2015	$	935	(2) (4) (6)		Class XXXVIII		BADLAR plus 4.75%	54.72	%		2020		312		390		626		362		935		69
April		2015	US$	1,500	(2) (6)		Class XXXIX		Fixed	8.50	%		2025		56,062		2,025		27,731		1,002		23,617		853
July		2015	$	500	(2) (6)		Class XL		—	—			—		—		—		—		—		—		529
September		2015	$	1,900	(2) (6) (7)		Class XLI		BADLAR	48.87	%		2020		633		801		1,267		736		1,900		145
September and December		2015	$	1,697	(2) (4) (6)		Class XLII		BADLAR plus 4%	52.87	%		2020		1,697		243		1,697		110		1,697		148
October		2015	$	2,000	(2) (6) (7)		Class XLIII		BADLAR	50.48	%		2023		2,000		196		2,000		80		2,000		106
December		2015	$	1,400	(2) (6)		Class XLIV		—	—			—		—		—		—		1,422		1,400		23
March		2016	$	150	(2) (6)		Class XLV		—	—			—		—		—		—		—		—		153
March		2016	$	1,350	(2) (4) (6)		Class XLVI		BADLAR plus 6%	53.09	%		2021		1,350		234		1,350		114		1,350		152
March		2016	US$	1,000	(2) (6)		Class XLVII		Fixed	8.50	%		2021		37,600		870		18,599		430		15,840		367
April		2016	US$	46	(2) (5) (6)		Class XLVIII		Fixed	8.25	%		2020		1,723		29		852		14		726		12
April		2016	$	535	(2) (6)		Class XLIX		BADLAR plus 6%	56.42	%		2020		535		62		535		31		535		33
July		2016	$	11,248	(2) (6) (8)		Class L		BADLAR plus 4%	47.84	%		2020		11,248		1,238		11,248		651		11,248		696
September		2016	CHF	300	(2) (6)		Class LI		Fixed	3.75	%		2019		—		11,563		5,731		54		4,673		45
May		2017	$	4,602	(2) (6) (8)		Class LII		Fixed	16.50	%		2022		4,602		110		4,602		110		—		—
July and December		2017	US$	1,000	(2) (6)		Class LIII		Fixed	6.95	%		2027		38,024		1,180		18,889		445		—		—
December		2017	US$	750	(2) (6)		Class LIV		Fixed	7.00	%		2047		27,855		70		13,846		44		—		—
Metrogas
January		2013	US$	177			Series A-L		—	—			—		—		—		—		3,076		2,461		—
January		2013	US$	18			Series A-U		—	—			—		—		—		—		256		220		—
December		2018	$	513			Class II		BADLAR plus 10%	57.81	%		2019		—		519		—		—		—		—

															245,628		24,416		144,326		20,828		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 December 31, 2018.

(4)	The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded.

(5)	The payment currency of these Negotiable Obligations is the Peso at the Exchange rate applicable under the terms of the series issued.

(6)	As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the pricing supplements.

(7)	NO classified as productive investments computable as such for the purposes of section 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau.

(8)	The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series.