Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Investments in Associates and Joint Ventures at an Aggregate Level

The following table shows the value of the investments in associates and joint ventures at an aggregate level as of December 31, 2021, 2020 and 2019:


	2021		2020			2019
Amount of investments in associates		16,450		9,938			6,419
Amount of investments in joint ventures		140,475		97,186			61,183
Provision for impairment of investments in associates and joint ventures		—		(12	)		(12	)

		156,925		107,112			67,590

Summary of Movements which Affected the Value of the Investments in Associates and Joint Ventures

The main movements during the years ended December 31, 2021, 2020 and 2019, which affected the value of the aforementioned investments, correspond to:


	2021			2020			2019
Amount at the beginning of year		107,112			67,590			32,686
Acquisitions and contributions		—			—			4,826
Income on investments in associates and joint ventures		26,977			13,270			7,968
Translation differences		24,801			26,458			20,673
Distributed dividends		(5,499	)		(2,717	)		(811	)
Adjustment for inflation (1)		3,534			2,511			1,510
Capitalization in associates and joint ventures		—			—			738

Amount at the end of year		156,925			107,112			67,590

(1)	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.

Summary of the principal amounts of the results of the investments in associates and joint ventures

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, 2021, 2020 and 2019. 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
	2021		2020		2019		2021		2020		2019
Net income		4,068		1,618		2,032		22,909		11,652		5,936
Other comprehensive income		3,434		2,844		1,764		24,901		26,125		20,419

Comprehensive income for the year		7,502		4,462		3,796		47,810		37,777		26,355

Summary of analysis of assets and liabilities on date control was lost

The management information corresponding to YPF EE’s assets and liabilities as of December 31, 2021, 2020 and 2019, as well as the net profit as of such dates are detailed below:


	2021 (1)		2020 (1)		2019 (1)
Non-current assets		183,767		148,384		96,219
Current assets		24,849		30,659		26,622

Total assets		208,616		179,043		122,841

Non-current liabilities		80,626		70,190		57,799
Current liabilities		33,211		38,059		19,503

Total liabilities		113,837		108,249		77,302

Total shareholders’ equity		94,779		70,794		45,539


	2021 (1)			2020 (1)			2019 (1)
Revenues		42,023			21,416			16,114
Costs		(20,077	)		(10,013	)		(7,706	)

Gross profit		21,946			11,403			8,408

Operating profit		21,364			11,366			7,796
Income from equity interests in associates and joint ventures		(250	)		356			778
Net financial results		(6,747	)		(2,015	)		(1,989	)

Net profit before income tax		14,367			9,707			6,585

Income tax		(8,049	)		(3,797	)		(2,359	)

Net profit		6,318			5,910			4,226

(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.

Summary of Investments Information

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 Internacional (6)		Common		Bs.	100		66,897	Investment	La Plata 19 Street, Santa Cruz de la Sierra, Bolivia		12/31/2021		240		(10	)		123			100.00	%

YPF Holdings (6)		Common		US$	0.1		810,513	Investment and finance	10333 Richmond Avenue I, Suite 1050, TX, United States		12/31/2021		83,175		(12	)		(22,075	)		100.00	%

OPESSA		Common		$	1		163,701,747	Commercial management of YPF’s gas stations	Macacha Güemes 515, Buenos Aires, Argentina		12/31/2021		164		(329	)		7,236			99.99	%

AESA		Common		$	1		11,714,952,101	Engineering and construction services	Macacha Güemes 515, Buenos Aires, Argentina		12/31/2021		11,715		1,911			14,210			100.00	%

Metrogas		Common		$	1		398,419,700	Providing the public service of natural gas distribution	Gregorio Aráoz de Lamadrid 1360, Buenos Aires, Argentina		12/31/2021		569		(4,369	)		17,347			70.00	%

YPF Chile (6)		Common		—	—		115,058,933	Lubricants and aviation fuels trading and hydrocarbons research and exploration	Villarica 322; Módulo B1, Qilicura, Santiago, Chile		12/31/2021		4,686		427			3,998			100.00	%

YTEC		Common		$	1		234,291,000	Investigation, development, production and marketing of technologies, knowledge, goods and services	Macacha Güemes 515, Buenos Aires, Argentina		12/31/2021		459		410			5,989			51.00	%

The following table shows the investments in associates and joint ventures:


	2021																										2020
									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 EE (6)		Common	$	1		2,810,302,500		71,685		1,085		Exploration, exploitation, industrialization and marketing of hydrocarbons and generation, transport and marketing of electric energy		Macacha Güemes 515, Buenos Aires, Argentina		12/31/2021		3,747		6,318			94,779		75.00	%		53,609

MEGA (6)		Common	$	1		244,246,140		11,348		—		Separation, fractionation and transportation of natural gas liquids		San Martín 344, 10th floor, Buenos Aires, Argentina		9/30/2021		643		6,492			28,958		38.00	%		7,733

Profertil (6)		Common	$	1		391,291,500		28,358		—		Production and marketing of fertilizers		Alicia Moreau de Justo 740, 3rd floor, Buenos Aires, Argentina		9/30/2021		783		5,461			46,563		50.00	%		16,951

Refinor		Common	$	1		45,803,500		3,237		—		Refining		Maipú 1, 2nd floor, Buenos Aires, Argentina		9/30/2021		92		(554	)		6,355		50.00	%		2,220

OLCLP (6)		Common	$	1		738,139,164		1,657		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		12/31/2021		868		851			2,363		85.00	%		1,143

CT Barragán (6)		Common	$	1		4,279,033,952		23,307		4,348		Production and generation of electric energy		Maipú 1, Buenos Aires, Argentina		12/31/2021		8,558		9,417			46,659		50.00	%		14,981

								139,592		6,171																		96,637


Associates:

Oldelval (6)		Common	$	10		4,072,749		4,856		—		Oil transportation by pipeline		Florida 1, 10th floor, Buenos Aires, Argentina		9/30/2021		110		1,256			14,175		37.00	%		2,998

Termap		Common	$	10		476,034		2,464		—		Oil storage and shipment		Av. Leandro N. Alem 1180, 11th floor, Buenos Aires, Argentina		9/30/2021		14		188			5,539		33.15	%		1,295

Oiltanking (6)		Common	$	10		351,167		1,931		—		Hydrocarbon transportation and storage		Terminal Marítima Puerto Rosales – Provincia de Buenos Aires, Argentina		12/31/2021		12		1,796			6,720		30.00	%		1,145

CDS (6)		Common	$	0.01		11,870,716,511		2,788		—		Electric power generation and bulk marketing		Pasaje Ingeniero Butty 220, 16th floor, Buenos Aires, Argentina		12/31/2021		1,158		(1,328	)		27,239		10.25	% (4)		2,079

YPF Gas		Common	$	1		59,821,434		3,079		—		Gas fractionation, bottling, distribution and transport for industrial and/ or residential use		Macacha Güemes 515, Buenos Aires, Argentina		9/30/2021		176		1,268			9,648		33.99	%		1,655

Other companies:

Other (3)		—	—	—		—		2,215		161		—		—		—		—		—			—		0.00	%		1,315

								17,333		161																		10,487

								156,925		6,332																		107,124

(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 GPA, OTC, OTA, Bizoy S.A., Bioceres S.A. and Petrofaro 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 Brasil, Wokler Investment S.A., YPF Colombia S.A.S., Miwen S.A., Eleran, Lestery S.A., YPF Perú, YPF Ventures and Metroenergía.