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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2023
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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, 2023, 2022 and 2021:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Amount of investments in associates |  |  | 142 |  |  |  | 172 |  |  |  | 160 |
Amount of investments in joint ventures |  |  | 1,534 |  |  |  | 1,733 |  |  |  | 1,369 |
|  |  | 1,676 |  |  |  | 1,905 |  |  |  | 1,529 |
Summary of Movements which Affected the Value of the Investments in Associates and Joint Ventures | The main movements during the years ended December 31, 2023, 2022 and 2021, which affected the value of the aforementioned investments, correspond to:
|  | 2023 |  | 2022 |  | 2021
Amount at the beginning of year |  |  | 1,905 |  |  |  | 1,529 |  |  |  | 1,274 |
Acquisitions and contributions |  |  | 5 |  |  |  | 2 |  |  |  | - |
Income on investments in associates and joint ventures |  |  | 94 |  |  |  | 446 |  |  |  | 287 |
Translation differences |  |  | (99) |  |  |  | (40) |  |  |  | (7) |
Distributed dividends |  |  | (275) |  |  |  | (94) |  |  |  | (59) |
Adjustment for inflation (1) |  |  | 46 |  |  |  | 61 |  |  |  | 34 |
Capitalization in associates and joint ventures |  |  | - |  |  |  | 1 |  |  |  | - |
Amount at the end of year |  |  | 1,676 |  |  |  | 1,905 |  |  |  | 1,529 |
(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” in the statement of 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, 2023, 2022 and 2021. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:
|  | Associates |  | Joint ventures
|  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Net income |  |  | (2) |  |  |  | 13 |  |  |  | 46 |  |  |  | 96 |  |  |  | 433 |  |  |  | 241 |
Other comprehensive income |  |  | (23) |  |  |  | 8 |  |  |  | 7 |  |  |  | (30) |  |  |  | 13 |  |  |  | 20 |
Comprehensive income for the year |  |  | (25) |  |  |  | 21 |  |  |  | 53 |  |  |  | 66 |  |  |  | 446 |  |  |  | 261 |
Summary of analysis of assets and liabilities of significant associates and joint ventures | The financial information corresponding to YPF EE’s assets and liabilities as of December 31, 2023, 2022 and 2021, as well as the results as of such dates, are detailed below:
|  | 2023 (1) |  |  |  | 2022 (1) |  |  |  | 2021 (1)
Total non-current assets |  |  | 2,102 |  |  |  |  |  | 1,839 |  |  |  |  |  |  |  | 1,791 |
Cash and cash equivalents |  |  | 114 |  |  |  |  |  | 94 |  |  |  |  |  |  |  | 97 |
Other current assets |  |  | 152 |  |  |  |  |  | 178 |  |  |  |  |  |  |  | 145 |
Total current assets |  |  | 266 |  |  |  |  |  | 272 |  |  |  |  |  |  |  | 242 |
Total assets |  |  | 2,368 |  |  |  |  |  | 2,111 |  |  |  |  |  |  |  | 2,033 |
Financial liabilities (excluding Accounts payable, Provisions and Other liabilities) |  |  | 720 |  |  |  |  |  | 721 |  |  |  |  |  |  |  | 652 |
Other non-current liabilities |  |  | 204 |  |  |  |  |  | 97 |  |  |  |  |  |  |  | 134 |
Total non-current liabilities |  |  | 924 |  |  |  |  |  | 818 |  |  |  |  |  |  |  | 786 |
Financial liabilities (excluding Accounts payable, Provisions and Other liabilities) |  |  | 188 |  |  |  |  |  | 150 |  |  |  |  |  |  |  | 195 |
Other current liabilities |  |  | 143 |  |  |  |  |  | 110 |  |  |  |  |  |  |  | 128 |
Total current liabilities |  |  | 331 |  |  |  |  |  | 260 |  |  |  |  |  |  |  | 323 |
Total liabilities |  |  | 1,255 |  |  |  |  |  | 1,078 |  |  |  |  |  |  |  | 1,109 |
Total shareholders’ equity |  |  | 1,113 |  |  | (2) |  |  | 1,033 |  |  |  |  |  |  |  | 924 |
Dividends received (3) |  |  | 35 |  |  |  |  |  | 25 |  |  |  |  |  |  |  | - |
Closing exchange rates |  |  | 806.95 |  |  |  |  |  | 177.06 |  |  |  |  |  |  |  | 102.62 |
|  | 2023 (1) |  | 2022 (1) |  | 2021 (1)
Revenues |  |  | 531 |  |  |  | 486 |  |  |  | 442 |
Interest income |  |  | 6 |  |  |  | 41 |  |  |  | 18 |
Depreciation and amortization |  |  | (143) |  |  |  | (107) |  |  |  | (96) |
Interest loss |  |  | (56) |  |  |  | (68) |  |  |  | (80) |
Income tax |  |  | (266) |  |  |  | (11) |  |  |  | (85) |
Operating profit |  |  | 273 |  |  |  | 247 |  |  |  | 225 |
Net income |  |  | (53) |  |  |  | 134 |  |  |  | 66 |
Other comprehensive income |  |  | 2,414 |  |  |  | 585 |  |  |  | 186 |
Total comprehensive income |  |  | 2,361 |  |  |  | 719 |  |  |  | 252 |
Average exchange rates |  |  | 294.95 |  |  |  | 130.71 |  |  |  | 95.06 |
(1) | The financial information arises from the statutory consolidated financial statements of YPF EE and the amounts are translated to U.S. 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 from the financial information disclosed here.
(2) | Includes the non-controlling interest.
(3) | The amounts are translated to U.S. dollars using the exchange rate at the date of the dividends’ payment.
Summary of Investments Information | The following table shows information of the subsidiaries, associates and joint ventures:
Name of entity |  | Main Business |  | Country |  | % of ownership of capital stock |  |
Subsidiaries: (4)
YPF International (3) |  | Investment |  | Bolivia |  | 100.00%
YPF Holdings (3) (5) |  | 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, diesel, petrochemicals and aviation fuels trading and natural gas commercialization |  | Chile |  | 100.00%
YTEC |  | Investigation, development, production, import, export and commercialization of technologies, knowledge, goods and services |  | Argentina |  | 51.00%
Name of entity |  | Main Business |  | Country |  | % of ownership of capital stock |  | 2023 |  | 2022 |  | 2021
Joint Ventures: (2) |
YPF EE (3) |  | Generation, transportation and commercialization of electric energy from all primary production sources |  | Argentina |  | 75.00% |  |  | 735 |  |  |  | 776 |  |  |  | 699 |
MEGA (3) |  | Separation, fractionation, storage and transportation of natural gas liquids, and its commercialization |  | Argentina |  | 38.00% |  |  | 133 |  |  |  | 164 |  |  |  | 111 |
Profertil (3) |  | Production and commercialization of fertilizers |  | Argentina |  | 50.00% |  |  | 339 |  |  |  | 449 |  |  |  | 276 |
Refinor |  | Industrialization, transportation and commercialization of hydrocarbons |  | Argentina |  | 50.00% |  |  | 23 |  |  |  | 35 |  |  |  | 32 |
OLCLP (3) |  | Construction and exploitation of a pipeline, oil transportation and storage, import, export, purchase and sale of raw materials, industrial equipment and machinery |  | Argentina |  | 85.00% |  |  | 34 |  |  |  | 25 |  |  |  | 16 |
CT Barragán (3) |  | Production and generation of electric energy |  | Argentina |  | 50.00% |  |  | 250 |  |  |  | 268 |  |  |  | 227 |
Associates: |
Oldelval (3) |  | Hydrocarbon transportation and storage |  | Argentina |  | 37.00% |  |  | 55 |  |  |  | 58 |  |  |  | 47 |
Termap |  | Hydrocarbon storage and shipment |  | Argentina |  | 33.15% |  |  | 15 |  |  |  | 20 |  |  |  | 24 |
Oiltanking (3) |  | Hydrocarbon transportation and storage |  | Argentina |  | 30.00% |  |  | 25 |  |  |  | 26 |  |  |  | 19 |
CDS (3) |  | Electric power generation and its commercialization |  | Argentina |  | 10.25% (1) |  |  | 26 |  |  |  | 28 |  |  |  | 27 |
YPF Gas |  | Gas fractionation, bottling, distribution and transportation for industrial and/or residential use |  | Argentina |  | 33.99% |  |  | 17 |  |  |  | 34 |  |  |  | 30 |
Other companies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other |  | - |  | - |  | - |  |  | 24 |  |  |  | 22 |  |  |  | 21 |
|  |  |  |  |  |  |  |  | 1,676 |  |  |  | 1,905 |  |  |  | 1,529 |
(1) | Additionally, the Group has a 22.36% 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 U.S. 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, YPF Litio S.A.U and YPF Digital S.A.U.
(5) | See Note 3.

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