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Financial Instruments by Category | 12 Months Ended
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Dec. 31, 2019
Text block [abstract] |
Financial Instruments by Category |
6. | FINANCIAL INSTRUMENTS BY CATEGORY
The following tables show the financial assets and liabilities by category of financial instrument and a reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Other receivables” and “Accounts payable” contain both financial instruments and non-financial assets and liabilities (such as tax receivables, and receivables and payables in kind, among other) reconciliation is presented in the columns headed “Non-financial assets” and “Non-financial Liabilities”. Financial Assets
|  | 2019 |
|  | Financial Assets at amortized cost |  |  | Financial Assets at fair value through profit or loss |  |  | Subtotal Financial Assets |  |  | Non-financial Assets |  |  | Total |
Other receivables (1) |  |  | 19,078 |  |  |  | — |  |  |  | 19,078 |  |  |  | 29,892 |  |  |  | 48,970 |
Trade receivables (2) |  |  | 139,982 |  |  |  | — |  |  |  | 139,982 |  |  |  | — |  |  |  | 139,982 |
Investment in financial assets |  |  | — |  |  |  | 8,370 |  |  |  | 8,370 |  |  |  | — |  |  |  | 8,370 |
Cash and cash equivalents |  |  | 59,062 |  |  |  | 7,038 |  |  |  | 66,100 |  |  |  | — |  |  |  | 66,100 |
|  |  | 218,122 |  |  |  | 15,408 |  |  |  | 233,530 |  |  |  | 29,892 |  |  |  | 263,422 |
|  | 2018 |
|  | Financial Assets at amortized cost |  |  | Financial Assets at fair value through profit or loss |  |  | Subtotal Financial Assets |  |  | Non-financial Assets |  |  | Total |
Other receivables (1) |  |  | 14,860 |  |  |  | — |  |  |  | 14,860 |  |  |  | 17,250 |  |  |  | 32,110 |
Trade receivables (2) |  |  | 98,930 |  |  |  | — |  |  |  | 98,930 |  |  |  | — |  |  |  | 98,930 |
Investment in financial assets |  |  | — |  |  |  | 10,941 |  |  |  | 10,941 |  |  |  | — |  |  |  | 10,941 |
Cash and cash equivalents |  |  | 38,236 |  |  |  | 7,792 |  |  |  | 46,028 |  |  |  | — |  |  |  | 46,028 |
|  |  | 152,026 |  |  |  | 18,733 |  |  |  | 170,759 |  |  |  | 17,250 |  |  |  | 188,009 |
|  | 2017 |
|  | Financial Assets at amortized cost |  |  | Financial Assets at fair value through profit or loss |  |  | Subtotal Financial Assets |  |  | Non-financial Assets |  |  | Total |
Other receivables (1) |  |  | 6,793 |  |  |  | — |  |  |  | 6,793 |  |  |  | 7,541 |  |  |  | 14,334 |
Trade receivables (2) |  |  | 44,182 |  |  |  | — |  |  |  | 44,182 |  |  |  | — |  |  |  | 44,182 |
Investment in financial assets |  |  | — |  |  |  | 12,936 |  |  |  | 12,936 |  |  |  | — |  |  |  | 12,936 |
Cash and cash equivalents |  |  | 9,687 |  |  |  | 19,051 |  |  |  | 28,738 |  |  |  | — |  |  |  | 28,738 |
|  |  | 60,662 |  |  |  | 31,987 |  |  |  | 92,649 |  |  |  | 7,541 |  |  |  | 100,190 |
(1) | Does not include the provision for other doubtful receivables.
(2) | Does not include the provision for doubtful trade receivables.
Financial Liabilities
|  | 2019 |
|  | Financial liabilities at amortized cost |  |  | Financial liabilities at fair value through profit or loss |  |  | Subtotal financial liabilities |  |  | Non-financial liabilities |  |  | Total |
Lease liabilities |  |  | 61,780 |  |  |  | — |  |  |  | 61,780 |  |  |  | — |  |  |  | 61,780 |
Loans |  |  | 526,760 |  |  |  | — |  |  |  | 526,760 |  |  |  | — |  |  |  | 526,760 |
Other liabilities |  |  | 2,013 |  |  |  | — |  |  |  | 2,013 |  |  |  | — |  |  |  | 2,013 |
Accounts payable |  |  | 149,880 |  |  |  | — |  |  |  | 149,880 |  |  |  | 1,180 |  |  |  | 151,060 |
|  |  | 740,433 |  |  |  | — |  |  |  | 740,433 |  |  |  | 1,180 |  |  |  | 741,613 |
|  | 2018 |
|  | Financial liabilities at amortized cost |  |  | Financial liabilities at fair value through profit or loss |  |  | Subtotal financial liabilities |  |  | Non-financial liabilities |  |  | Total |
Lease liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans |  |  | 335,078 |  |  |  | — |  |  |  | 335,078 |  |  |  | — |  |  |  | 335,078 |
Other liabilities |  |  | 1,271 |  |  |  | — |  |  |  | 1,271 |  |  |  | — |  |  |  | 1,271 |
Accounts payable |  |  | 87,087 |  |  |  | — |  |  |  | 87,087 |  |  |  | 511 |  |  |  | 87,598 |
|  |  | 423,436 |  |  |  | — |  |  |  | 423,436 |  |  |  | 511 |  |  |  | 423,947 |
|  | 2017 |
|  | Financial liabilities at amortized cost |  |  | Financial liabilities at fair value through profit or loss |  |  | Subtotal financial liabilities |  |  | Non-financial liabilities |  |  | Total |
Lease liabilities |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loans |  |  | 191,063 |  |  |  | — |  |  |  | 191,063 |  |  |  | — |  |  |  | 191,063 |
Other liabilities |  |  | 2,660 |  |  |  | — |  |  |  | 2,660 |  |  |  | — |  |  |  | 2,660 |
Accounts payable |  |  | 45,638 |  |  |  | — |  |  |  | 45,638 |  |  |  | 458 |  |  |  | 46,096 |
|  |  | 239,361 |  |  |  | — |  |  |  | 239,361 |  |  |  | 458 |  |  |  | 239,819 |
Gains and losses on financial and non-financial instruments are allocated to the following categories:
|  | 2019 |
|  | Financial and non- financial Assets / Liabilities at amortized cost |  |  | Financial Assets / Liabilities at fair value through profit or loss |  |  | Total |
Interest income |  |  | 7,665 |  |  |  | — |  |  |  | 7,665 |
Interest loss |  |  | (48,136 | ) |  |  | — |  |  |  | (48,136 | )
Net financial accretion |  |  | (5,592 | ) |  |  | — |  |  |  | (5,592 | )
Net exchange differences |  |  | 47,935 |  |  |  | — |  |  |  | 47,935 |
Fair value loss on financial assets at fair value through profit or loss |  |  | — |  |  |  | (1,449 | ) |  |  | (1,449 | )
Result from derivative financial instruments |  |  | — |  |  |  | (293 | ) |  |  | (293 | )
Result from net monetary position |  |  | 5,904 |  |  |  | — |  |  |  | 5,904 |
|  |  | 7,776 |  |  |  | (1,742 | ) |  |  | 6,034 |
|  | 2018 |
|  | Financial and non-financial Assets / Liabilities at amortized cost |  |  | Financial Assets / Liabilities at fair value through profit or loss |  |  | Total |
Interest income |  |  | 3,033 |  |  |  | — |  |  |  | 3,033 |
Interest loss |  |  | (28,717 | ) |  |  | — |  |  |  | (28,717 | )
Net financial accretion |  |  | 7,627 |  |  |  | — |  |  |  | 7,627 |
Net exchange differences |  |  | 54,459 |  |  |  | — |  |  |  | 54,459 |
Fair value gains on financial assets at fair value through profit or loss |  |  | — |  |  |  | 2,596 |  |  |  | 2,596 |
Result from derivative financial instruments |  |  | — |  |  |  | 933 |  |  |  | 933 |
Result from net monetary position |  |  | 1,594 |  |  |  | — |  |  |  | 1,594 |
|  |  | 37,996 |  |  |  | 3,529 |  |  |  | 41,525 |
|  | 2017 |
|  | Financial and non- financial Assets / Liabilities at amortized cost |  |  | Financial Assets / Liabilities at fair value through profit or loss |  |  | Total |
Interest income |  |  | 1,598 |  |  |  | — |  |  |  | 1,598 |
Interest loss |  |  | (18,385 | ) |  |  | — |  |  |  | (18,385 | )
Net financial accretion |  |  | (3,169 | ) |  |  | — |  |  |  | (3,169 | )
Net exchange differences |  |  | 8,950 |  |  |  | — |  |  |  | 8,950 |
Fair value gains on financial assets at fair value through profit or loss |  |  | — |  |  |  | 2,208 |  |  |  | 2,208 |
Result from derivative financial instruments |  |  | — |  |  |  | — |  |  |  | — |
Result from net monetary position |  |  | — |  |  |  | — |  |  |  | — |
|  |  | (11,006 | ) |  |  | 2,208 |  |  |  | (8,798 | )
Fair value measurements IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, independent parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. In the case of Level 1, valuation is based on unadjusted quoted prices in active markets for identical financial assets or liabilities that the Group can refer to at the end of the period. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. Financial instruments assigned by the Group to this level comprise investments in listed mutual funds and public securities. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. The Group has not valued financial instruments under this category. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group’s assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group has not valued financial instruments under this category. YPF’s Corporative Finance Division has a team in place in charge of the valuation of financial instruments required to be reported in the financial statements, including the fair value of Level 3 instruments. The team directly reports to the CFO. The CFO and the valuation team discuss the valuation methods and results upon the acquisition of a financial instrument and, if necessary, on a quarterly basis, in line with the Group’s quarterly reports. The tables below show the Group’s financial assets measured at fair value as of December 31, 2019, 2018 and 2017 and their allocation to their fair value levels.
|  | 2019 |
Financial Assets |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investment in financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 8,370 |  |  |  | — |  |  |  | — |  |  |  | 8,370 |
|  |  | 8,370 |  |  |  | — |  |  |  | — |  |  |  | 8,370 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 7,038 |  |  |  | — |  |  |  | — |  |  |  | 7,038 |
|  |  | 7,038 |  |  |  | — |  |  |  | — |  |  |  | 7,038 |
|  |  | 15,408 |  |  |  | — |  |  |  | — |  |  |  | 15,408 |
|  | 2018 |
Financial Assets |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investment in financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 10,941 |  |  |  | — |  |  |  | — |  |  |  | 10,941 |
|  |  | 10,941 |  |  |  | — |  |  |  | — |  |  |  | 10,941 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 7,792 |  |  |  | — |  |  |  | — |  |  |  | 7,792 |
|  |  | 7,792 |  |  |  | — |  |  |  | — |  |  |  | 7,792 |
|  |  | 18,733 |  |  |  | — |  |  |  | — |  |  |  | 18,733 |
|  | 2017 |
Financial Assets |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Investments in financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Public securities |  |  | 12,936 |  |  |  | — |  |  |  | — |  |  |  | 12,936 |
|  |  | 12,936 |  |  |  | — |  |  |  | — |  |  |  | 12,936 |
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- Mutual funds |  |  | 19,051 |  |  |  | — |  |  |  | — |  |  |  | 19,051 |
|  |  | 19,051 |  |  |  | — |  |  |  | — |  |  |  | 19,051 |
|  |  | 31,987 |  |  |  | — |  |  |  | — |  |  |  | 31,987 |
The Group has no financial liabilities measured at fair value through profit or loss. The Group’s policy is to acknowledge transfers among the several categories of valuation hierarchies when occurred, or when there are changes in the prevailing circumstances requiring such transfer. During the years ended December 31, 2019, 2018 and 2017, there were no transfers between the different hierarchies used to determine the fair value of the Group’s 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 NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 476,750, 293,972 and 200,264 as of December 31, 2019, 2018 and 2017, respectively. The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable do not differ significantly from their book value.

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