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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Summary of Investments in Associates and Joint Ventures at an Aggregate Level | The following table shows the value of the investments in associates and joint ventures at an aggregate level as of December 31, 2019, 2018 and 2017:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Amount of investments in associates |  |  | 6,419 |  |  |  | 2,374 |  |  |  | 911 |
Amount of investments in joint ventures |  |  | 61,183 |  |  |  | 30,324 |  |  |  | 5,146 |
Provision for impairment of investments in associates and joint ventures |  |  | (12 | ) |  |  | (12 | ) |  |  | (12 | )
|  |  | 67,590 |  |  |  | 32,686 |  |  |  | 6,045 |
Summary of Movements which Affected the Value of the Investments in Associates and Joint Ventures | The main movements during the years ended December 31, 2019, 2018 and 2017, which affected the value of the aforementioned investments, correspond to:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Amount at the beginning of year |  |  | 32,686 |  |  |  | 6,045 |  |  |  | 5,488 |
Acquisitions and contributions |  |  | 4,826 |  |  |  | 280 |  |  |  | 910 |
Income on investments in associates and joint ventures |  |  | 7,968 |  |  |  | 4,839 |  |  |  | 1,428 |
Translation differences |  |  | 20,673 |  |  |  | 3,180 |  |  |  | 662 |
Distributed dividends |  |  | (811 | ) |  |  | (583 | ) |  |  | (328 | )
Interest maintained in YPF EE |  |  | — |  |  |  | 17,285 | (1) |  |  | — |
Adjustment for inflation (2) |  |  | 1,510 |  |  |  | 1,640 |  |  |  | — |
Reclassification of assets held for disposal |  |  | — |  |  |  | — |  |  |  | (2,117 | )
Capitalization in joint ventures |  |  | 738 |  |  |  | — |  |  |  | — |
Other movements |  |  | — |  |  |  | — |  |  |  | 2 |
Amount at the end of year |  |  | 67,590 |  |  |  | 32,686 |  |  |  | 6,045 |
(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 adjustment for inflation of opening balances of associates and joint ventures with the Peso as functional currency, which was charged to other comprehensive income, as detailed in Note 2.b.1.
Summary of the principal amounts of the results of the investments in associates and joint ventures | 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, 2019, 2018 and 2017. 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 |
|  | 2019 |  |  | 2018 |  |  | 2017 |  |  | 2019 |  |  | 2018 |  |  | 2017 |
Net income |  |  | 2,032 |  |  |  | 1,025 |  |  |  | 543 |  |  |  | 5,936 |  |  |  | 3,814 |  |  |  | 885 |
Other comprehensive income |  |  | 1,764 |  |  |  | 406 |  |  |  | 34 |  |  |  | 20,419 |  |  |  | 4,414 |  |  |  | 628 |
Comprehensive income for the year |  |  | 3,796 |  |  |  | 1,431 |  |  |  | 577 |  |  |  | 26,355 |  |  |  | 8,228 |  |  |  | 1,513 |
Summary of analysis of assets and liabilities on date control was lost | The management information corresponding to YPF EE’s assets and liabilities as of December 31, 2019 and 2018, as well as the net profit as of such dates are detailed below:
|  | 2019 (1) |  |  | 2018 (1) |
Noncurrent assets |  |  | 96,219 |  |  |  | 35,682 |
Current assets |  |  | 26,622 |  |  |  | 12,596 |
Total assets |  |  | 122,841 |  |  |  | 48,278 |
Noncurrent liabilities |  |  | 57,799 |  |  |  | 13,348 |
Current liabilities |  |  | 19,503 |  |  |  | 9,776 |
Total liabilities |  |  | 77,302 |  |  |  | 23,124 |
Total shareholders’ equity |  |  | 45,539 |  |  |  | 25,154 |
|  | 2019 (1) |  |  | 2018 (1) |
Revenues |  |  | 16,114 |  |  |  | 4,181 |
Costs |  |  | (7,706 | ) |  |  | (1,655 | )
Gross profit |  |  | 8,408 |  |  |  | 2,526 |
Operating profit |  |  | 7,796 |  |  |  | 4,686 |
Income from equity interests in associates and joint ventures |  |  | 778 |  |  |  | 673 |
Net financial results |  |  | (1,989 | ) |  |  | 280 |
Net profit before income tax |  |  | 6,585 |  |  |  | 5,639 |
Income tax |  |  | (2,359 | ) |  |  | (1,150 | )
Net profit |  |  | 4,226 |  |  |  | 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 financial information disclosed here.
Summary of Investments Information | 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 |  |  | 12-31-19 |  |  |  | 15 |  |  |  | 5 |  |  |  | 78 |  |  |  | 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. |  |  | 12-31-19 |  |  |  | 48,461 |  |  |  | (6 | ) |  |  | (12,848 | ) |  |  | 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 |  |  | 12-31-19 |  |  |  | 164 |  |  |  | 1,193 |  |  |  | 4,307 |  |  |  | 99.99 | %
A-Evangelista S.A. |  | Common |  |  | $ |  |  |  | 1 |  |  |  | 307,095,088 |  |  | Engineering and construction services |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-19 |  |  |  | 307 |  |  |  | (3,446 | ) |  |  | (698 | ) |  |  | 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. |  |  | 12-31-19 |  |  |  | 569 |  |  |  | 110 |  |  |  | 19,500 |  |  |  | 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 |  |  | 12-31-19 |  |  |  | 2,730 |  |  |  | (1,013 | ) |  |  | 2,196 |  |  |  | 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 |  |  | 12-31-19 |  |  |  | 459 |  |  |  | 436 |  |  |  | 2,729 |  |  |  | 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 |  |  | 12-31-19 |  |  |  | 236 |  |  |  | (407 | ) |  |  | 76 |  |  |  | 100.00 | %
The following table shows the investments in associates and joint ventures:
|  | 12-31-2019 |  |  | 12-31-2018 |
|  |  |  |  |  |  |  |  |  |  | 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: (5) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
YPF Energía Eléctrica S.A. (6) |  |  | Common |  |  | $ |  |  |  |  | 1 |  |  |  | 1,879,916,921 |  |  |  | 35,382 |  |  |  | 1,085 |  |  | Exploration, exploitation, industrialization and marketing of hydrocarbons and generation, transport and marketing of electric energy |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-19 |  |  |  | 3,747 |  |  |  | 4,227 |  |  |  | 45,539 |  |  |  | 75.00 | % |  |  | 19,320 |
Compañía Mega S.A. (6) |  |  | Common |  |  | $ |  |  |  |  | 1 |  |  |  | 244,246,140 |  |  |  | 5,211 |  |  |  | — |  |  | Separation, fractionation and transportation of natural gas liquids |  | San Martín 344, P. 10º, Buenos Aires, Argentina |  |  | 09-30-19 |  |  |  | 643 |  |  |  | 220 |  |  |  | 12,612 |  |  |  | 38.00 | % |  |  | 3,405 |
Profertil S.A. (6) |  |  | Common |  |  | $ |  |  |  |  | 1 |  |  |  | 391,291,320 |  |  |  | 10,778 |  |  |  | — |  |  | Production and marketing of fertilizers |  | Alicia Moreau de Justo 740, P. 3, Buenos Aires, Argentina |  |  | 09-30-19 |  |  |  | 783 |  |  |  | 335 |  |  |  | 23,498 |  |  |  | 50.00 | % |  |  | 6,133 |
Refinería del Norte S.A. |  |  | Common |  |  | $ |  |  |  |  | 1 |  |  |  | 45,803,655 |  |  |  | 1,881 |  |  |  | — |  |  | Refining |  | Maipú 1, P. 2º, Buenos Aires, Argentina |  |  | 09-30-19 |  |  |  | 92 |  |  |  | (298 | ) |  |  | 3,296 |  |  |  | 50.00 | % |  |  | 1,307 |
Oleoducto Loma Campana-Lago Pellegrini S.A. (6) |  |  | Common |  |  | $ |  |  |  |  | 1 |  |  |  | 738,139,164 |  |  |  | 762 |  |  |  | 738 |  |  | Construction and exploitation of a pipeline, oil transport and storage, import, export, purchase and sale of raw materials, industrial equipment and machinery |  | Macacha Güemes 515, Buenos Aires, Argentina |  |  | 12-31-19 |  |  |  | 868 |  |  |  | (303 | ) |  |  | 909 |  |  |  | 85.00 | % |  |  | — |
CT Barragán S.A. (6) |  |  | Common |  |  | $ |  |  |  |  | 1 |  |  |  | 4,279,033,952 |  |  |  | 6,799 |  |  |  | 4,348 |  |  | Production and generation of electric energy |  | Maipú 1, Buenos Aires, Argentina |  |  | 12-31-19 |  |  |  | 8,558 |  |  |  | 2,370 |  |  |  | 13,619 |  |  |  | 50.00 | % |  |  | — |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 60,813 |  |  |  | 6,171 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 30,165 |
Associates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oleoductos del Valle S.A. |  |  | Common |  |  | $ |  |  |  |  | 10 |  |  |  | 4,072,749 |  |  |  | 1,778 |  |  |  | — |  |  | Oil transportation by pipeline |  | Florida 1, P. 10º, Buenos Aires, Argentina |  |  | 12-31-19 |  |  |  | 110 |  |  |  | 1,707 |  |  |  | 4,728 |  |  |  | 37.00 | % |  |  | 710 |
Terminales Marítimas Patagónicas S.A. |  |  | Common |  |  | $ |  |  |  |  | 10 |  |  |  | 476,034 |  |  |  | 711 |  |  |  | — |  |  | Oil storage and shipment |  | Av. Leandro N. Alem 1180, P. 11º, Buenos Aires, Argentina |  |  | 09-30-19 |  |  |  | 14 |  |  |  | 713 |  |  |  | 2,111 |  |  |  | 33.15 | % |  |  | 226 |
Oiltanking Ebytem S.A. (6) |  |  | Common |  |  | $ |  |  |  |  | 10 |  |  |  | 351,167 |  |  |  | 871 |  |  |  | — |  |  | Hydrocarbon transportation and storage |  | Terminal Marítima Puerto Rosales – Provincia de Buenos Aires, Argentina. |  |  | 12-31-19 |  |  |  | 12 |  |  |  | 869 |  |  |  | 2,775 |  |  |  | 30.00 | % |  |  | 424 |
Central Dock Sud S.A. (6) |  |  | Common |  |  | $ |  |  |  |  | 0.01 |  |  |  | 11,869,095,145 |  |  |  | 1,542 |  |  |  | — |  |  | Electric power generation and bulk marketing |  | Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina |  |  | 12-31-19 |  |  |  | 1,231 |  |  |  | 3,447 |  |  |  | 15,284 |  |  |  | 10.25 | % (4) |  |  | 625 |
YPF Gas S.A. |  |  | Common |  |  | $ |  |  |  |  | 1 |  |  |  | 59,821,434 |  |  |  | 965 |  |  |  | — |  |  | Gas fractionation, bottling, distribution and transport for industrial and/or residential use |  | Macacha Güemes 515, P.3º, Buenos Aires, Argentina |  |  | 09-30-19 |  |  |  | 176 |  |  |  | 1,388 |  |  |  | 4,218 |  |  |  | 33.99 | % |  |  | 258 |
Other companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other (3) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 922 |  |  |  | 611 |  |  |  |  | — |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 290 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,789 |  |  |  | 611 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,533 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 67,602 |  |  |  | 6,782 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 32,698 |
(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., Gasoducto del Pacífico (Argentina) S.A., A&C Pipeline Holding Company, Oleoducto Transandino (Chile) S.A., Oleoducto Trasandino (Argentina) S.A., Bizoy S.A., Civeny S.A., Bioceres S.A., Petrofaro S.A. and Sustentator S.A.
(4) | Additionally, the Group has a 22.49% indirect holding in capital stock through YPF EE.
(5) | As stipulated by shareholders’ agreement, joint control is held in this company by shareholders.
(6) | The U.S. dollar has been defined as the functional currency of this company.
(7) | Additionally, consolidates 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 and YPF Ventures S.A.U.

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