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Financial Instruments by Category

12 Months Ended

Dec. 31, 2020

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”, “Accounts payable” and “Other liabilities” 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


	2020
	Financial Assets at amortized cost		Financial Assets at fair value through profit or loss			Subtotal Financial Assets		Non-financial Assets		Total
Other receivables (1)		15,391		—			15,391		35,029		50,420
Trade receivables (2)		136,057		—			136,057		—		136,057
Investment in financial assets		19,052		9,882	(3)		28,934		—		28,934
Cash and cash equivalents		20,032		34,586			54,618		—		54,618

		190,532		44,468			235,000		35,029		270,029

	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

(1)	Does not include the provision for other doubtful receivables.

(2)	Does not include the provision for doubtful trade receivables.

(3)	Granted guarantees for contractual commitments with Exmar. See Note 33.e and 33.f.

Financial Liabilities


	2020
	Financial liabilities at amortized cost		Financial liabilities at fair value through profit or loss		Subtotal financial liabilities		Non-financial liabilities		Total
Lease liabilities		46,270		—		46,270		—		46,270
Loans		678,306		—		678,306		—		678,306
Other liabilities		12,023		—		12,023		—		12,023
Accounts payable		139,219		—		139,219		5,874		145,093

		875,818		—		875,818		5,874		881,692


	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

Gains and losses on financial and

non-financial

instruments are allocated to the following categories:


	2020
	Financial and non- financial Assets / Liabilities at amortized cost			Financial Assets / Liabilities at fair value through profit or loss			Total
Interest income		7,363			—			7,363
Interest loss		(65,821	)		—			(65,821	)
Net financial accretion		(8,794	)		—			(8,794	)
Net exchange differences		36,102			—			36,102
Fair value loss on financial assets at fair value through profit or loss		—			3,862			3,862
Result from derivative financial instruments		—			(860	)		(860	)
Results from transactions with financial assets		—			9,786			9,786
Result from financial instruments exchange (1)		—			1,330			1,330
Result from debt exchange (2)		(2,097	)		—			(2,097	)
Result from net monetary position		7,828			—			7,828

		(25,419	)		14,118			(11,301	)

(1)	See Note 6 “Public securities and public debt restructuring”.

(2)	See Note 20.


	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 gains 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

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 3 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.

The tables below show the Group’s financial assets measured at fair value as of December 31, 2020, 2019 and 2018 and their allocation to their fair value levels.


	2020
Financial Assets	Level 1		Level 2		Level 3		Total
Investment in financial assets (1) (2) :
- Public securities		9,882		—		—		9,882

		9,882		—		—		9,882

Cash and cash equivalents:
- Mutual funds		34,586		—		—		34,586

		34,586		—		—		34,586

		44,468		—		—		44,468

(1)	Additionally, the Group has Treasury Bills as financial assets measured at amortized cost of 19,052 as of December 31, 2020.

(2)	Granted guarantees for contractual commitments with Exmar. See Note 33.e and 33.f.


	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
Investments 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

The Group has no financial liabilities measured at fair value through profit or loss.

Public securities and public debt restructuring

On April 6, 2020, Decree No. 346/2020 was published in the BO, which deferred payments of interest services and capital of national public debt instrumented by dollar-denominated securities governed by Argentine law until December 31, 2020, or until such previous date established by the Ministry of Economy considering the degree of progress and execution of the public debt sustainability restoration process. This included the BONAR 2020. Among the exceptions established by such Decree are the “Natural Gas Program Bonds” issued through Joint Resolution No. 21/2019 of the Secretariat of Finance and Secretariat of Treasury, of which the Group is a creditor, which are valued at amortized cost (see Note 35). Later, on July 17, 2020, the Ministry of Economy informed through a press release that it had submitted to the Argentine Congress a Bill to restore the sustainability of the external public debt instrumented by

US-denominated

securities governed by argentine law.

Additionally, on April 22, 2020, the Argentine Government announced a proposal for restructuring Public Securities governed by foreign law under Decree No. 391/2020, which included BONAR 2021. On the same date, the Argentine Government failed to pay interest due on certain global bonds, among which were BONAR 2021. On May 6, 2020, the Group adhered to the restructuring proposal. Later, on July 6, 2020 and pursuant to Decree No. 582/2020, the Argentine Government filed an amendment to the terms and conditions established in Decree No. 391/2020.

On August 4, 2020, the Argentine Government reached an agreement with the representatives of the Ad Hoc Group of Argentine Bondholders, Argentina’s Creditors Committee and the Exchange Bondholder Group and other holders. On August 18, 2020, the Argentine Government issued Decree No. 676/2020, amending the terms and conditions of the proposal in order to reflect the improvements agreed with the creditors holding foreign law-goverened bonds.

On August 31, 2020, the Argentine Government informed the results of the restructuring of the Public Securities issued under foreign law, announcing it had obtained the required consents to exchange and/or modify 99.01% of the total outstanding principal amount of all the series of eligible bonds issued under the 2005 and 2016 Indenture.

As a result of this deal, YPF exchanged its BONAR 2020 and BONAR 2021 for new Bonds 2029 and 2030, which are valued at fair value with changes in results, and recorded a gain of 1,330 (see Note 27).

Fair value estimates

During the fiscal year ended December 31, 2020, there have been significant changes mainly in macroeconomic circumstances (mainly variations in country risk and in the prices of public securities, among others) affecting the financial instruments measured at fair value with changes in results by the Group.

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, 2020, 2019 and 2018, 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 560,267, 476,750 and 293,972 as of December 31, 2020, 2019 and 2018, respectively.

The fair value of other receivables, trade receivables, investment in financial assets, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their book value.