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Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2022

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, 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

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.

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

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, 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.

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.