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Segment Information

12 Months Ended

Dec. 31, 2020

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.

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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.

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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.