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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2022
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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, 2022, 2021 and 2020:
|  | 2022 |  |  |  | 2021 |  |  |  | 2020
Amount of investments in associates |  |  | 172 |  |  |  |  |  |  |  | 160 |  |  |  |  |  |  |  | 118 |
Amount of investments in joint ventures |  |  | 1,733 |  |  |  |  |  |  |  | 1,369 |  |  |  |  |  |  |  | 1,156 |
|  |  | 1,905 |  |  |  |  |  |  |  | 1,529 |  |  |  |  |  |  |  | 1,274 |
Summary of Movements which Affected the Value of the Investments in Associates and Joint Ventures | The main movements during the years ended December 31, 2022, 2021 and 2020, which affected the value of the aforementioned investments, correspond to:
|  | 2022 |  |  |  | 2021 |  |  |  | 2020
Amount at the beginning of year |  |  | 1,529 |  |  |  |  |  |  |  | 1,274 |  |  |  |  |  |  |  | 1,130 |
Acquisitions and contributions |  |  | 2 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | - |
Income on investments in associates and joint ventures |  |  | 446 |  |  |  |  |  |  |  | 287 |  |  |  |  |  |  |  | 188 |
Translation differences |  |  | (40) |  |  |  |  |  |  |  | (7) |  |  |  |  |  |  |  | (36) |
Distributed dividends |  |  | (94) |  |  |  |  |  |  |  | (59) |  |  |  |  |  |  |  | (41) |
Adjustment for inflation (1) |  |  | 61 |  |  |  |  |  |  |  | 34 |  |  |  |  |  |  |  | 33 |
Capitalization in associates and joint ventures |  |  | 1 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | - |
Amount at the end of year |  |  | 1,905 |  |  |  |  |  |  |  | 1,529 |  |  |  |  |  |  |  | 1,274 |
(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, 2022, 2021 and 2020. It has adjusted, if applicable, the values reported by these companies to adapt them to the accounting policy used by the Company for the calculation of the equity method value in the aforementioned dates:
|  | Associates |  | Joint ventures
|  | 2022 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2020
Net income |  |  | 13 |  |  |  |  |  |  |  | 46 |  |  |  |  |  |  |  | 23 |  |  |  |  |  |  |  | 433 |  |  |  |  |  |  |  | 241 |  |  |  |  |  |  |  | 165 |
Other comprehensive income |  |  | 8 |  |  |  |  |  |  |  | 7 |  |  |  |  |  |  |  | 1 |  |  |  |  |  |  |  | 13 |  |  |  |  |  |  |  | 20 |  |  |  |  |  |  |  | (4) |
Comprehensive income for the year |  |  | 21 |  |  |  |  |  |  |  | 53 |  |  |  |  |  |  |  | 24 |  |  |  |  |  |  |  | 446 |  |  |  |  |  |  |  | 261 |  |  |  |  |  |  |  | 161 |
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, 2022, 2021 and 2020, as well as the net profit as of such dates are detailed below:
|  | 2022 (1) |  |  |  | 2021 (1) |  |  |  | 2020 (1)
Total non-current assets |  |  | 1,839 |  |  |  |  |  |  |  | 1,791 |  |  |  |  |  |  |  | 1,765 |
Cash and cash equivalents |  |  | 94 |  |  |  |  |  |  |  | 97 |  |  |  |  |  |  |  | 215 |
Other current assets |  |  | 178 |  |  |  |  |  |  |  | 145 |  |  |  |  |  |  |  | 150 |
Total current assets |  |  | 272 |  |  |  |  |  |  |  | 242 |  |  |  |  |  |  |  | 365 |
Total assets |  |  | 2,111 |  |  |  |  |  |  |  | 2,033 |  |  |  |  |  |  |  | 2,130 |
Financial liabilities (excluding Accounts Payable, Provisions and Other Liabilities) |  |  | 721 |  |  |  |  |  |  |  | 652 |  |  |  |  |  |  |  | 711 |
Other non-current liabilities |  |  | 97 |  |  |  |  |  |  |  | 134 |  |  |  |  |  |  |  | 124 |
Total non-current liabilities |  |  | 818 |  |  |  |  |  |  |  | 786 |  |  |  |  |  |  |  | 835 |
Financial liabilities (excluding Accounts Payable, Provisions and Other Liabilities) |  |  | 150 |  |  |  |  |  |  |  | 195 |  |  |  |  |  |  |  | 349 |
Other current liabilities |  |  | 110 |  |  |  |  |  |  |  | 128 |  |  |  |  |  |  |  | 104 |
Total current liabilities |  |  | 260 |  |  |  |  |  |  |  | 323 |  |  |  |  |  |  |  | 453 |
Total liabilities . |  |  | 1,078 |  |  |  |  |  |  |  | 1,109 |  |  |  |  |  |  |  | 1,288 |
Total shareholders’ equity |  |  | 1,033 |  |  |  |  |  |  |  | 924 |  |  |  |  |  |  |  | 842 |
Dividends received |  |  | 25 |  |  |  |  |  |  |  | - |  |  |  |  |  |  |  | - |
Closing exchange rates |  |  | 177.06 |  |  |  |  |  |  |  | 102.62 |  |  |  |  |  |  |  | 84.05 |
. |  | 2022 (1) |  |  |  | 2021 (1) |  |  |  | 2020 (1)
Revenues |  |  | 486 |  |  |  |  |  |  |  | 442 |  |  |  |  |  |  |  | 304 |
Interest income |  |  | 41 |  |  |  |  |  |  |  | 18 |  |  |  |  |  |  |  | 16 |
Depreciation and Amortization |  |  | 107 |  |  |  |  |  |  |  | 96 |  |  |  |  |  |  |  | 71 |
Interest loss |  |  | (68) |  |  |  |  |  |  |  | (80) |  |  |  |  |  |  |  | (63) |
Income tax |  |  | (11) |  |  |  |  |  |  |  | (85) |  |  |  |  |  |  |  | (54) |
Operating profit . |  |  | 247 |  |  |  |  |  |  |  | 225 |  |  |  |  |  |  |  | 161 |
Net profit |  |  | 134 |  |  |  |  |  |  |  | 66 |  |  |  |  |  |  |  | 84 |
Other comprehensive income |  |  | 585 |  |  |  |  |  |  |  | 186 |  |  |  |  |  |  |  | 274 |
Total comprehensive income |  |  | 719 |  |  |  |  |  |  |  | 252 |  |  |  |  |  |  |  | 358 |
Average exchange rates |  |  | 130.71 |  |  |  |  |  |  |  | 95.06 |  |  |  |  |  |  |  | 70.53 |
(1) | The financial information arises from the statutory consolidated financial statements of YPF EE and the amounts are translate to dollars using the exchange rates indicated. 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 financial information disclosed here.
Summary of Investments Information | The following table shows information of the subsidiaries, associates and joint ventures:
Name of entity |  | Main Business |  | Country |  | % WI |  |  |  |  |  |
Subsidiaries: (4) |  |  |  |  |  |  |  |
YPF Internacional (3) |  | Investment |  | Bolivia |  |  | 100.00 | %
YPF Holdings (3) |  | Investment and finance |  | United States |  |  | 100.00 | %
OPESSA |  | Commercial management of YPF’s gas stations |  | Argentina |  |  | 99.99 | %
AESA |  | Engineering and construction services |  | Argentina |  |  | 100.00 | %
Metrogas |  | Providing the public service of natural gas distribution |  | Argentina |  |  | 70.00 | %
YPF Chile (3) |  | Lubricants and aviation fuels trading and hydrocarbons research and exploration |  | Chile |  |  | 100.00 | %
YTEC |  | Investigation, development, production and marketing of technologies, knowledge, goods and services |  | Argentina |  |  | 51.00 | %
Name of entity |  | Main Business |  | Country |  | % WI |  | 2022 |  | 2021 |  | 2020
Joint Ventures: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
YPF EE (1) (3) |  | Exploration, exploitation, industrialization and marketing of hydrocarbons and generation, transport and marketing of electric energy |  | Argentina |  |  | 75.00 | % |  |  | 776 |  |  |  | 699 |  |  |  | 638 |
MEGA (3) |  | Separation, fractionation and transportation of natural gas liquids |  | Argentina |  |  | 38.00 | % |  |  | 164 |  |  |  | 111 |  |  |  | 92 |
Profertil (3) |  | Production and marketing of fertilizers |  | Argentina |  |  | 50.00 | % |  |  | 449 |  |  |  | 276 |  |  |  | 202 |
Refinor |  | Refining |  | Argentina |  |  | 50.00 | % |  |  | 35 |  |  |  | 32 |  |  |  | 26 |
OLCLP (3) |  | Construction and exploitation of a pipeline, oil transport and storage, import, export, purchase and sale of raw materials, industrial equipment and machinery |  | Argentina |  |  | 85.00 | % |  |  | 25 |  |  |  | 16 |  |  |  | 14 |
CT Barragán (3) |  | Production and generation of electric energy |  | Argentina |  |  | 50.00 | % |  |  | 268 |  |  |  | 227 |  |  |  | 178 |
Associates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oldelval (3) |  | Oil transportation by pipeline |  | Argentina |  |  | 37.00 | % |  |  | 58 |  |  |  | 47 |  |  |  | 36 |
Termap |  | Oil storage and shipment |  | Argentina |  |  | 33.15 | % |  |  | 20 |  |  |  | 24 |  |  |  | 15 |
Oiltanking (3) |  | Hydrocarbon transportation and storage |  | Argentina |  |  | 30.00 | % |  |  | 26 |  |  |  | 19 |  |  |  | 14 |
CDS (3) |  | Electric power generation and bulk marketing |  | Argentina |  |  | 10.25 | % |  |  | 28 |  |  |  | 27 |  |  |  | 25 |
YPF Gas |  | Gas fractionation, bottling, distribution and transport for industrial and/or residential use |  | Argentina |  |  | 33.99 | % |  |  | 34 |  |  |  | 30 |  |  |  | 20 |
Other companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | - |  | - |  |  | - |  |  |  | 22 |  |  |  | 21 |  |  |  | 14 |
. |  |  |  |  |  |  |  |  |  |  | 1,905 |  |  |  | 1,529 |  |  |  | 1,274 |
(1) | Additionally, the Group has a 22.49% indirect holding in capital stock through YPF EE.
(2) | As stipulated by shareholders’ agreement, joint control is held in this company by shareholders.
(3) | The dollar has been defined as the functional currency of this company.
(4) | 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, Metroenergía and YPF Litio S.A.U.

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