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Segment Information | 12 Months Ended
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Dec. 31, 2020
Text block [abstract] |
Segment Information |
5. | SEGMENT INFORMATION
The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest decision-making authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment also considering the Group’s business strategy.
• |  | Upstream
The Upstream segment carries out all activities relating to the exploration, development and production of oil and natural gas. Revenue is generated from (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third parties; (ii) the sale of produced gas to the Gas and Power segment.
• |  | Gas and Power
The Gas and Power segment generates its revenue from the development of activities relating to: (i) the natural gas transport and commercialization to third parties and the Downstream segment, (ii) the commercial and technical operation of LNG regasification terminals in Bahía Blanca (until October 31, 2018) and Escobar, by hiring regasification vessels, and (iii) the natural gas distribution. Additionally, for the 3 months period as of March 31, 2018, it included revenues derived from the generation of conventional and renewable electricity corresponding to YPF EE. See Note 3. In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a purchase to the Upstream segment, and including Stimulus Plan for Natural Gas production in force (see Note 34.g), Gas and Power segment accrues a fee in its favor with the Upstream segment to carry out such commercialization.
• |  | Downstream
The Downstream segment develops activities relating to: (i) crude oil refining and petrochemical production, (ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of crude oil and gas to refineries and the transportation and distribution of refined and petrochemical products to be marketed in the different sales channels. It obtains its income from the marketing mentioned in item (ii) above, which is developed through the Retail, Industry, Aviation, Agro, LPG, Chemicals and Lubricants and Specialties businesses. It incurs in all expenses relating to the aforementioned activities, including the purchase of crude oil from the Upstream segment and third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment.
• |  | Central Administration and Others
It covers other activities, not falling into the aforementioned categories or constitues other reporting business segments, mainly including corporate administrative expenses and assets and construction activities. Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices. Operating profit and assets for each segment have been determined after consolidation adjustments.
|  | Upstream |  |  | Gas and Power |  |  | Downstream |  |  | Central Administration and Others |  |  | Consolidation Adjustments (1) |  |  | Total |
For the year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from sales |  |  | 2,419 |  |  |  | 122,254 |  |  |  | 536,714 |  |  |  | 14,108 |  |  |  | (6,309 | ) |  |  | 669,186 |
Revenues from intersegment sales |  |  | 289,421 |  |  |  | 8,060 |  |  |  | 3,349 |  |  |  | 28,787 |  |  |  | (329,617 | ) |  |  | — |
Revenues |  |  | 291,840 |  |  |  | 130,314 |  |  |  | 540,063 |  |  |  | 42,895 |  |  |  | (335,926 | ) |  |  | 669,186 |
Operating profit / (loss) |  |  | (25,878 | ) |  |  | (18,994 | ) |  |  | 4,839 |  |  |  | (22,305 | ) |  |  | 3,941 |  |  |  | (58,397 | )
Income from equity interests in associates and joint ventures |  |  | — |  |  |  | 9,199 |  |  |  | 4,071 |  |  |  | — |  |  |  | — |  |  |  | 13,270 |
Depreciation of property, plant and equipment |  |  | 128,132 | (3) |  |  | 1,858 |  |  |  | 34,295 |  |  |  | 7,167 |  |  |  | — |  |  |  | 171,452 |
(Recovery) / Impairment of property, plant and equipment and intangible assets, net (2) |  |  | (7,475 | ) |  |  | 527 |  |  |  | — |  |  |  | 97 |  |  |  | — |  |  |  | (6,851 | )
Acquisition of property, plant and equipment |  |  | 63,071 |  |  |  | 4,905 |  |  |  | 23,420 |  |  |  | 4,882 |  |  |  | — |  |  |  | 96,278 |
Assets |  |  | 914,257 |  |  |  | 209,225 |  |  |  | 646,589 |  |  |  | 152,816 |  |  |  | 338 |  |  |  | 1,923,225 |
For the year ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from sales |  |  | 2,046 |  |  |  | 131,055 |  |  |  | 531,724 |  |  |  | 19,743 |  |  |  | (5,973 | ) |  |  | 678,595 |
Revenues from intersegment sales |  |  | 286,585 |  |  |  | 8,697 |  |  |  | 3,447 |  |  |  | 27,502 |  |  |  | (326,231 | ) |  |  | — |
Revenues |  |  | 288,631 |  |  |  | 139,752 |  |  |  | 535,171 |  |  |  | 47,245 |  |  |  | (332,204 | ) |  |  | 678,595 |
Operating profit / (loss) |  |  | (49,194 | ) |  |  | 2,944 | (4) |  |  | 40,653 |  |  |  | (15,866 | ) |  |  | 451 |  |  |  | (21,012 | )
Income from equity interests in associates and joint ventures |  |  | — |  |  |  | 5,339 |  |  |  | 2,629 |  |  |  | — |  |  |  | — |  |  |  | 7,968 |
Depreciation of property, plant and equipment |  |  | 119,821 | (3) |  |  | 1,378 |  |  |  | 20,805 |  |  |  | 3,890 |  |  |  | — |  |  |  | 145,894 |
Impairment of property, plant and equipment (2) |  |  | 40,561 |  |  |  | 868 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 41,429 |
Acquisition of property, plant and equipment |  |  | (136,589 | ) |  |  | (6,170 | ) |  |  | (22,455 | ) |  |  | (7,630 | ) |  |  | — |  |  |  | (172,844 | )
Assets |  |  | 742,850 |  |  |  | 199,357 |  |  |  | 508,026 |  |  |  | 129,331 |  |  |  | (6,275 | ) |  |  | 1,573,289 |
For the year ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from sales |  |  | 3,108 |  |  |  | 91,176 |  |  |  | 338,042 |  |  |  | 8,363 |  |  |  | (4,869 | ) |  |  | 435,820 |
Revenues from intersegment sales |  |  | 207,480 |  |  |  | 7,862 |  |  |  | 1,688 |  |  |  | 13,186 |  |  |  | (230,216 | ) |  |  | — |
Revenues |  |  | 210,588 |  |  |  | 99,038 |  |  |  | 339,730 |  |  |  | 21,549 |  |  |  | (235,085 | ) |  |  | 435,820 |
Operating profit / (loss) |  |  | 22,483 |  |  |  | 16,786 |  |  |  | 7,818 |  |  |  | (6,055 | ) |  |  | 2,748 |  |  |  | 43,780 |
Income from equity interests in associates and joint ventures |  |  | — |  |  |  | 4,435 |  |  |  | 404 |  |  |  | — |  |  |  | — |  |  |  | 4,839 |
Depreciation of property, plant and equipment |  |  | 72,052 | (3) |  |  | 928 |  |  |  | 12,285 |  |  |  | 2,304 |  |  |  | — |  |  |  | 87,569 |
(Recovery) of property, plant and equipment (2) |  |  | (2,900 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,900 | )
Acquisition of property, plant and equipment |  |  | 63,171 |  |  |  | 1,968 |  |  |  | 15,632 |  |  |  | 2,877 |  |  |  | — |  |  |  | 83,648 |
Assets |  |  | 480,263 |  |  |  | 129,885 |  |  |  | 307,312 |  |  |  | 82,762 |  |  |  | (6,206 | ) |  |  | 994,016 |
(1) | Corresponds to the elimination among segments of the YPF Group.
(2) | See Notes 2.c., 7 and 8.
(3) | Includes depreciation of charges for impairment of property, plant and equipment.
(4) | Includes the result for revaluation of the interest in YPF EE. See Note 3.
The distribution of revenues by geographic area, according to the markets for which they are intended, for the years ended on December 31, 2020, 2019 and 2018, and property, plant and equipment by geographic area as of December 31, 2020, 2019 and 2018 are as follows:
|  | Revenues |  |  | Property, plant and equipment |
|  | 2020 |  |  | 2019 |  |  | 2018 |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Argentina |  |  | 585,652 |  |  |  | 589,653 |  |  |  | 390,892 |  |  |  | 1,379,191 |  |  |  | 1,068,832 |  |  |  | 698,222 |
Mercosur and associated countries |  |  | 26,834 |  |  |  | 36,154 |  |  |  | 20,056 |  |  |  | 336 |  |  |  | 179 |  |  |  | 865 |
Rest of the world |  |  | 23,620 |  |  |  | 35,836 |  |  |  | 15,711 |  |  |  | — |  |  |  | — |  |  |  | — |
Europe |  |  | 33,080 |  |  |  | 16,952 |  |  |  | 9,161 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 669,186 |  |  |  | 678,595 |  |  |  | 435,820 |  |  |  | 1,379,527 |  |  |  | 1,069,011 |  |  |  | 699,087 |
Intangible assets are geographically located in Argentina. As of December 31, 2020, no foreign client represents 10% or more of the Group’s revenue from its ordinary activities.

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