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Investments in Associates and Joint Ventures
 12 Months Ended
Dec. 31, 2020
Text block [abstract]  
Investments in Associates and Joint Ventures

10.
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
The following table shows the value of the investments in associates and joint ventures at an aggregate level as of December 31, 2020, 2019 and 2018:
 
 
  
    2020    
 
  
    2019    
 
  
    2018    
 
Amount of investments in associates
  
 
9,938
 
  
 
6,419
 
  
 
2,374
 
Amount of investments in joint ventures
  
 
97,186
 
  
 
61,183
 
  
 
30,324
 
Provision for impairment of investments in associates and joint ventures
  
 
(12
) 
  
 
(12
) 
  
 
(12
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
  
 
107,112
 
  
 
67,590
 
  
 
32,686
 
 
  
 
 
 
  
 
 
 
  
 
 
The main movements during the years ended December 31, 2020, 2019 and 2018, which affected the value of the aforementioned investments, correspond to:
 
 
  
2020
 
  
2019
 
  
2018
 
Amount at the beginning of year
  
 
67,590
 
  
 
32,686
 
  
 
6,045
 
Acquisitions and contributions
  
 
—  
 
  
 
4,826
 
  
 
280
 
Income on investments in associates and joint ventures
  
 
13,270
 
  
 
7,968
 
  
 
4,839
 
Translation differences
  
 
26,458
 
  
 
20,673
 
  
 
3,180
 
Distributed dividends
  
 
(2,717
) 
  
 
(811
) 
  
 
(583
) 
Interest maintained in YPF EE
  
 
—  
 
  
 
—  
 
  
 
17,285
(1)
 
Adjustment for inflation
(2)
  
 
2,511
 
  
 
1,510
 
  
 
1,640
 
Capitalization in joint ventures
  
 
—  
 
  
 
738
 
  
 
—  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Amount at the end of year
  
 
107,112
 
  
 
67,590
 
  
 
32,686
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(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.
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, 2020, 2019 and 2018. 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
 
 
  
2020
 
  
2019
 
  
2018
 
  
2020
 
  
2019
 
  
2018
 
Net income
  
 
1,618
 
  
 
2,032
 
  
 
1,025
 
  
 
11,652
 
  
 
5,936
 
  
 
3,814
 
Other comprehensive income
  
 
2,844
 
  
 
1,764
 
  
 
406
 
  
 
26,125
 
  
 
20,419
 
  
 
4,414
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Comprehensive income for the year
  
 
4,462
 
  
 
3,796
 
  
 
1,431
 
  
 
37,777
 
  
 
26,355
 
  
 
8,228
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
The Group does not have investments in subsidiaries with significant
non-controlling
interests. Likewise, the Group does not have investments in associates and joint ventures that are significant, with the exception of the investment in YPF EE.
The management information corresponding to YPF EE’s assets and liabilities as of December 31, 2020, 2019 and 2018, as well as the net profit as of such dates are detailed below:
 
 
  
2020
(1)
 
  
2019
(1)
 
  
2018
(1)
 
Noncurrent assets
  
 
148,384
 
  
 
96,219
 
  
 
35,682
 
Current assets
  
 
30,659
 
  
 
26,622
 
  
 
12,596
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total assets
  
 
179,043
 
  
 
122,841
 
  
 
48,278
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Noncurrent liabilities
  
 
70,190
 
  
 
57,799
 
  
 
13,348
 
Current liabilities
  
 
38,059
 
  
 
19,503
 
  
 
9,776
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
 
108,249
 
  
 
77,302
 
  
 
23,124
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total shareholders’ equity
  
 
70,794
 
  
 
45,539
 
  
 
25,154
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
  
2020
(1)
 
  
2019
(1)
 
  
2018
(1)
 
Revenues
  
 
21,416
 
  
 
16,114
 
  
 
4,181
 
Costs
  
 
(10,013
) 
  
 
(7,706
) 
  
 
(1,655
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
Gross profit
  
 
11,403
 
  
 
8,408
 
  
 
2,526
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Operating profit
  
 
11,366
 
  
 
7,796
 
  
 
4,686
 
Income from equity interests in associates and joint ventures
  
 
356
 
  
 
778
 
  
 
673
 
Net financial results
  
 
(2,015
) 
  
 
(1,989
) 
  
 
280
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net profit before income tax
  
 
9,707
 
  
 
6,585
 
  
 
5,639
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Income tax
  
 
(3,797
) 
  
 
(2,359
) 
  
 
(1,150
) 
 
  
 
 
 
  
 
 
 
  
 
 
 
Net profit
  
 
5,910
 
  
 
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.

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 La Plata 19 Street, Santa Cruz de la Sierra, Bolivia  
12-31-20
   15   —     109   100.00% 
            
YPF Holdings Inc.
(6)
 Common  US$   0.01   810,513  Investment and finance 10333 Richmond Avenue I, Suite 1050, TX, United States  
12-31-20
   68,124   (8)   (18,070)   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  
12-31-20
   164   (831)   5,036   99.99% 
            
A-Evangelista
S.A.
 Common  $   1   11,714,952,101  Engineering and construction services Macacha Güemes 515, Buenos Aires, Argentina  
12-31-20
   307   (2,596)   8,188   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  
12-31-20
   569   (5,401)   14,398   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, Chile  
12-31-20
   3,838   (137)   2,568   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  
12-31-20
   459   16   3,714   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  
12-31-20
   236   (90)   12   100.00% 
 
The following table shows the investments in associates and joint ventures:
 

 
 
 
12-31-2020
 
 
12-31-2019
 
 
 
 
 
 
 
 
 
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
 
 
 
53,609
 
 
 
1,085
 
 
 








Exploration,
exploitation,
industrialization
and marketing
of
hydrocarbons
and generation,
transport and
marketing of
electric energy
 
 
 
 
 
 
 
 
 
 
 
 




Macacha
Güemes
515,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
 
12-31-20
 
 
 
3,747
 
 
 
5,911
 
 
 
70,795
 
 
 
75.00
% 
 
 
35,382
 
               
Compañía Mega S.A.
(6)
 
 
Common
 
 
 
 
$
1
 
 
 
244,246,140
 
 
 
7,733
 
 
 
—  
 
 
 




Separation,
fractionation
and
transportation
of natural gas
liquids
 
 
 
 
 
 
 
 





San
Martín
344, 10th
floor,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
 
 
09-30-20
 
 
 
643
 
 
 
1,148
 
 
 
17,694
 
 
 
38.00
% 
 
 
5,211
 
               
Profertil S.A.
(6)
 
 
Common
 
 
 
 
$
1
 
 
 
391,291,320
 
 
 
16,951
 
 
 
—  
 
 
 

Production and
marketing of
fertilizers
 
 
 
 
 






Alicia
Moreau
de Justo
740, 3rd
floor,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
 
 
 
09-30-20
 
 
 
783
 
 
 
3,870
 
 
 
34,055
 
 
 
50.00
% 
 
 
10,778
 
               
Refinería del Norte S.A.
 
 
Common
 
 
 
 
$
1
 
 
 
45,803,655
 
 
 
2,220
 
 
 
—  
 
 
 
Refining
 
 
 



Maipú 1,
2nd floor,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
09-30-20
 
 
 
92
 
 
 
(652
)) 
 
 
4,432
 
 
 
50.00
% 
 
 
1,881
 
               
Oleoducto Loma Campana-Lago Pellegrini S.A. 
(6)
 
 
Common
 
 
 
 
$
1
 
 
 
738,139,164
 
 
 
1,143
 
 
 
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
 
 
 
 
 
 
 
 
12-31-20
 
 
 
868
 
 
 
(226
)) 
 
 
1,006
 
 
 
85.00
% 
 
 
762
 
               
CT Barragán S.A. 
(6)
 
 
Common
 
 
 
 
$
1
 
 
 
4,279,033,952
 
 
 
14,981
 
 
 
4,348
 
 
 

Production and
generation of
electric energy
 
 
 
 
 


Maipú 1,
Buenos
Aires,
Argentina
 
 
 
 
 
 
12-31-20
 
 
 
8,558
 
 
 
9,528
 
 
 
29,998
 
 
 
50.00
% 
 
 
6,799
 
 
 
   
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 
 
 
 
   
 
 
 
   
 
   
 
 
96,637
 
 
 
6,171
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
60,813
 
 
 
   
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 
 
               
Associates:
 
   
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
               
Oleoductos del Valle S.A.
(6)
 
 
Common
 
 
 
 
$
10
 
 
 
4,072,749
 
 
 
2,998
 
 
 
—  
 
 
 

Oil
transportation
by pipeline
 
 
 
 
 



Florida 1,
10th floor,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
09-30-20
 
 
 
110
 
 
 
1,684
 
 
 
10,442
 
 
 
37.00
% 
 
 
1,778
 
               
Terminales Marítimas Patagónicas S.A.
 
 
Common
 
 
 
 
$
10
 
 
 
476,034
 
 
 
1,295
 
 
 
—  
 
 
 
Oil storage and
shipment
 
 
 
 






Av.
Leandro
N. Alem
1180,
11th floor,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
 
 
 
09-30-20
 
 
 
14
 
 
 
478
 
 
 
3,522
 
 
 
33.15
% 
 
 
711
 
               
Oiltanking Ebytem S.A.
(6)
 
 
Common
 
 
 
 
$
10
 
 
 
351,167
 
 
 
1,145
 
 
 
—  
 
 
 

Hydrocarbon
transportation
and storage
 
 
 
 
 






Terminal
Marítima
Puerto
Rosales –
Provincia
de Buenos
Aires,
Argentina.
 
 
 
 
 
 
 
 
 
 
12-31-20
 
 
 
12
 
 
 
1,043
 
 
 
3,654
 
 
 
30.00
% 
 
 
871
 
               
Central Dock Sud S.A.
(6)
 
 
Common
 
 
 
 
$
0.01
 
 
 
11,869,095,145
 
 
 
2,079
 
 
 
—  
 
 
 

Electric power
generation and
bulk marketing
 
 
 
 
 





Pasaje
Ingeniero
Butty 220,
16th floor,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
 
 
12-31-20
 
 
 
1,231
 
 
 
1,087
 
 
 
20,286
 
 
 
10.25
%
(4)
 
 
 
1,542
 
               
YPF Gas S.A.
 
 
Common
 
 
 
 
$
1
 
 
 
59,821,434
 
 
 
1,655
 
 
 
—  
 
 
 






Gas
fractionation,
bottling,
distribution and
transport for
industrial and/
or residential
use
 
 
 
 
 

 
 
 
 




Macacha
Güemes
515,
Buenos
Aires,
Argentina
 
 
 
 
 
 
 
 
09-30-20
 
 
 
176
 
 
 
1,116
 
 
 
6,316
 
 
 
33.99
% 
 
 
965
 
              
Other companies:
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
               
Other
(3)
 
 
—  
 
 
—  
 
 
—  
 
 
 
—  
 
 
 
1,315
 
 
 
648
 
 
   
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
922
 
 
 
   
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 
 
 
 
   
 
 
 
   
 
   
 
 
10,487
 
 
 
648
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
6,789
 
 
 
   
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 
 
 
 
   
 
 
 
   
 
   
 
 
107,124
 
 
 
6,819
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
67,602
 
 
 
   
 
 
 
   
 
   
 
 
 
 
 
 
 
 
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
 
 
 
 
(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 Trasandino (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 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.