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Loans | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Loans | 21. LOANS
|  |  |  |  |  |  |  |  |  |  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Interest rate (1) |  | Maturity |  |  | Non- current |  |  | Current |  |  | Non- current |  |  | Current |  |  | Non- current |  |  | Current |
Pesos: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NO |  | 122.41% |  | - |  | 126.90% |  |  | 2024 |  |  |  | - |  |  |  | 60 |  |  |  | 64 |  |  |  | 5 |  |  |  | 67 |  |  |  | 56 | (4)
Loans |  | 143.65% |  | - |  | 143.65% |  |  | 2024-2025 |  |  |  | 9 |  |  |  | 15 |  |  |  | 46 |  |  |  | 25 |  |  |  | 136 |  |  |  | 70 |
Account overdraft |  | 94.00% |  | - |  | 103.00% |  |  | 2024 |  |  |  | - |  |  |  | 56 |  |  |  | - |  |  |  | 71 |  |  |  | - |  |  |  | 8 |
|  |  |  |  |  |  |  |  |  |  |  |  | 9 |  |  |  | 131 |  |  |  | 110 |  |  |  | 101 |  |  |  | 203 |  |  |  | 134 |
Currencies other than the Peso: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NO (2) (3) |  | 0.00% |  | - |  | 10.00% |  |  | 2024-2047 |  |  |  | 6,191 |  |  |  | 767 |  |  |  | 5,594 |  |  |  | 828 |  |  |  | 6,206 |  |  |  | 541 |
Export pre-financing |  | 1.90% |  | - |  | 10.95% |  |  | 2024-2025 |  |  |  | 102 |  |  |  | 545 | (5) |  |  | - |  |  |  | 22 |  |  |  | 12 |  |  |  | 42 | (5)
Imports financing |  |  |  | - |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 21 |  |  |  | - |  |  |  | 3 |
Loans |  | 6.28% |  | - |  | 19.54% |  |  | 2024-2030 |  |  |  | 380 |  |  |  | 65 |  |  |  | 244 |  |  |  | 168 |  |  |  | 113 |  |  |  | 125 |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,673 |  |  |  | 1,377 |  |  |  | 5,838 |  |  |  | 1,039 |  |  |  | 6,331 |  |  |  | 711 |
|  |  |  |  |  |  |  |  |  |  |  |  | 6,682 |  |  |  | 1,508 |  |  |  | 5,948 |  |  |  | 1,140 |  |  |  | 6,534 |  |  |  | 845 |
(1) | Nominal annual interest rate as of December 31, 2023.
(2) | Disclosed net of 3, 9 and 4 corresponding to YPF’s own NO repurchased through open market transactions, as of December 31, 2023, 2022 and 2021, respectively.
(3) | Includes 1,327, 523 and 602 as of December 31, 2023, 2022 and 2021, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.
(4) | Includes 45 as of December 31, 2021, of nominal value that were canceled in U.S. dollars at the applicable exchange rate according to the conditions of the issued series.
(5) | Includes 85 and 2 as of December 31, 2023 and 2021, respectively, of pre-financing of exports granted by BNA, which accrue a 1.90% fixed interest rate as of December 31, 2023 and a 5.50% weighted average rate as of December 31, 2021.
Set forth below is the evolution of the loans for the fiscal years ended December 31, 2023, 2022 and 2021:
|  | 2023 |  | 2022 |  | 2021
Balance at beginning of the year |  |  | 7,088 |  |  |  | 7,379 |  |  |  | 8,070 |
Proceeds from loans |  |  | 2,667 |  |  |  | 402 |  |  |  | 963 |
Payments of loans |  |  | (1,396) |  |  |  | (780) |  |  |  | (1,653) |
Payments of interest |  |  | (623) |  |  |  | (543) |  |  |  | (615) |
Account overdrafts, net |  |  | (3) |  |  |  | 71 |  |  |  | 8 |
Accrued interest (1) |  |  | 702 |  |  |  | 680 |  |  |  | 701 |
Net exchange and translation differences |  |  | (239) |  |  |  | (113) |  |  |  | (70) |
Result from debt exchange |  |  | - |  |  |  | - |  |  |  | (21) |
Result from net monetary position (2) |  |  | (6) |  |  |  | (8) |  |  |  | (4) |
Balance at the end of the year |  |  | 8,190 |  |  |  | 7,088 |  |  |  | 7,379 |
(1) | Includes capitalized financial costs.
(2) | Includes the adjustment for inflation of opening balances of loans of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the fiscal year, which was charged to net income in the statement of comprehensive income.
Details regarding the NO of the Group are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  | 2023 |  |  |  | 2022 |  | 2021
Month |  | Year |  |  | Principal value (11) |  |  | Ref. |  |  | Class |  |  | Interest rate (3) |  |  | Principal maturity |  | Non-current |  | Current |  |  |  | Non-current |  | Current |  | Non-current |  | Current
YPF |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- |  |  | 1998 |  |  |  | U.S. dollar |  |  |  | 15 |  |  |  | (1) (6) |  |  |  | - |  |  |  | Fixed |  |  |  | 10.00% |  |  | 2028 |  |  | 15 |  |  |  | - |  |  |  |  |  | 15 |  |  |  | - |  |  |  | 15 |  |  |  | - |
April, February, October |  |  | 2014/15/16 |  |  |  | U.S. dollar |  |  |  | 866 |  |  |  | (2) (4) (6) |  |  |  | Class XXVIII |  |  |  | Fixed |  |  |  | 8.75% |  |  | 2024 |  |  | - |  |  |  | 354 |  |  |  |  |  | 346 |  |  |  | 273 |  |  |  | 606 |  |  |  | 278 |
September |  |  | 2014 |  |  |  | Peso |  |  |  | 1,000 |  |  |  | (2) (6) (7) |  |  |  | Class XXXIV |  |  |  | BADLAR + 0.1% |  |  |  | 122.41% |  |  | 2024 |  |  | - |  |  |  | - |  |  | (12) |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 2 |
April |  |  | 2015 |  |  |  | U.S. dollar |  |  |  | 1,132 |  |  |  | (2) (6) |  |  |  | Class XXXIX |  |  |  | Fixed |  |  |  | 8.50% |  |  | 2025 |  |  | 1,132 |  |  |  | 41 |  |  |  |  |  | 1,132 |  |  |  | 41 |  |  |  | 1,132 |  |  |  | 41 |
October |  |  | 2015 |  |  |  | Peso |  |  |  | 2,000 |  |  |  | (2) (6) (7) |  |  |  | Class XLIII |  |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  |  | - |  |  |  |  |  | - |  |  |  | 4 |  |  |  | 6 |  |  |  | 7 |
May |  |  | 2017 |  |  |  | Peso |  |  |  | 4,602 |  |  |  | (2) (6) (8) |  |  |  | Class LII |  |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  |  | - |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 47 |
July, December |  |  | 2017 |  |  |  | U.S. dollar |  |  |  | 809 |  |  |  | (2) (6) |  |  |  | Class LIII |  |  |  | Fixed |  |  |  | 6.95% |  |  | 2027 |  |  | 816 |  |  |  | 25 |  |  |  |  |  | 818 |  |  |  | 25 |  |  |  | 816 |  |  |  | 25 |
December |  |  | 2017 |  |  |  | U.S. dollar |  |  |  | 537 |  |  |  | (2) (6) |  |  |  | Class LIV |  |  |  | Fixed |  |  |  | 7.00% |  |  | 2047 |  |  | 530 |  |  |  | 1 |  |  |  |  |  | 529 |  |  |  | 1 |  |  |  | 533 |  |  |  | 2 |
June |  |  | 2019 |  |  |  | U.S. dollar |  |  |  | 399 |  |  |  | (6) (9) |  |  |  | Class I |  |  |  | Fixed |  |  |  | 8.50% |  |  | 2029 |  |  | 397 |  |  |  | - |  |  |  |  |  | 397 |  |  |  | - |  |  |  | 397 |  |  |  | - |
June |  |  | 2020 |  |  |  | U.S. dollar |  |  |  | 78 |  |  |  | (5) (6) (9) |  |  |  | Class XII |  |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  |  | - |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 75 |
July |  |  | 2020 |  |  |  | U.S. dollar |  |  |  | 341 |  |  |  | (6) (9) |  |  |  | Class XIII |  |  |  | Fixed |  |  |  | 8.50% |  |  | 2025 |  |  | 43 |  |  |  | 88 |  |  |  |  |  | 127 |  |  |  | 90 |  |  |  | 211 |  |  |  | 91 |
December, February |  |  | 2020/21 |  |  |  | U.S. dollar |  |  |  | 133 |  |  |  | (5) (6) (9) |  |  |  | Class XIV |  |  |  | - |  |  |  | - |  |  | - |  |  | - |  |  |  | - |  |  |  |  |  | - |  |  |  | 139 |  |  |  | 143 |  |  |  | - |
February |  |  | 2021 |  |  |  | U.S. dollar |  |  |  | 776 |  |  |  | (6) (9) |  |  |  | Class XVI |  |  |  | Fixed |  |  |  | 9.00% |  |  | 2026 |  |  | 307 |  |  |  | 235 |  |  |  |  |  | 542 |  |  |  | 238 |  |  |  | 740 |  |  |  | 9 |
February |  |  | 2021 |  |  |  | U.S. dollar |  |  |  | 748 |  |  |  | (6) (9) |  |  |  | Class XVII |  |  |  | Fixed |  |  |  | 9.00% |  |  | 2029 |  |  | 758 |  |  |  | - |  |  |  |  |  | 760 |  |  |  | - |  |  |  | 716 |  |  |  | - |
February |  |  | 2021 |  |  |  | U.S. dollar |  |  |  | 576 |  |  |  | (6) (9) |  |  |  | Class XVIII |  |  |  | Fixed |  |  |  | 7.00% |  |  | 2033 |  |  | 553 |  |  |  | 11 |  |  |  |  |  | 544 |  |  |  | 10 |  |  |  | 513 |  |  |  | 10 |
February |  |  | 2021 |  |  |  | Peso |  |  |  | 4,128 |  |  |  | (6) (9) (10) |  |  |  | Class XIX |  |  |  | Fixed |  |  |  | 3.50% |  |  | 2024 |  |  | - |  |  |  | 35 |  |  |  |  |  | 63 |  |  |  | - |  |  |  | 58 |  |  |  | - |
July |  |  | 2021 |  |  |  | U.S. dollar |  |  |  | 384 |  |  |  | (4) (5) (6) (9) |  |  |  | Class XX |  |  |  | Fixed |  |  |  | 5.75% |  |  | 2032 |  |  | 384 |  |  |  | 10 |  |  |  |  |  | 384 |  |  |  | 11 |  |  |  | 384 |  |  |  | 10 |
January |  |  | 2023 |  |  |  | U.S. dollar |  |  |  | 230 |  |  |  | (5) (6) (9) |  |  |  | Class XXI |  |  |  | Fixed |  |  |  | 1.00% |  |  | 2026 |  |  | 229 |  |  |  | 1 |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
January, April |  |  | 2023 |  |  |  | Peso |  |  |  | 15,761 |  |  |  | (6) (9) |  |  |  | Class XXII |  |  |  | BADLAR + 3.0% |  |  |  | 126.90% |  |  | 2024 |  |  | - |  |  |  | 25 |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
April |  |  | 2023 |  |  |  | U.S. dollar |  |  |  | 147 |  |  |  | (5) (6) (9) |  |  |  | Class XXIII |  |  |  | Fixed |  |  |  | 0.00% |  |  | 2025 |  |  | 158 |  |  |  | - |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
April |  |  | 2023 |  |  |  | U.S. dollar |  |  |  | 38 |  |  |  | (5) (6) (9) |  |  |  | Class XXIV |  |  |  | Fixed |  |  |  | 1.00% |  |  | 2027 |  |  | 38 |  |  |  | - |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
June |  |  | 2023 |  |  |  | U.S. dollar |  |  |  | 263 |  |  |  | (6) (9) |  |  |  | Class XXV |  |  |  | Fixed |  |  |  | 5.00% |  |  | 2026 |  |  | 262 |  |  |  | 1 |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
September |  |  | 2023 |  |  |  | U.S. dollar |  |  |  | 400 |  |  |  | (4) (5) (9) |  |  |  | Class XXVI |  |  |  | Fixed |  |  |  | 0.00% |  |  | 2028 |  |  | 400 |  |  |  | - |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
October |  |  | 2023 |  |  |  | U.S. dollar |  |  |  | 128 |  |  |  | (5) (9) |  |  |  | Class XXVII |  |  |  | Fixed |  |  |  | 0.00% |  |  | 2028 |  |  | 169 |  |  |  | - |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,191 |  |  |  | 827 |  |  |  |  |  | 5,658 |  |  |  | 833 |  |  |  | 6,273 |  |  |  | 597 |
(1) | Corresponds to the 1997 MTN Program for 1,000.
(2) | Corresponds to the 2008 MTN Program for 10,000 .
(3) | Nominal annual interest rate as of December 31, 2023.
(4) | The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded.
(5) | The payment currency of these NO is the peso at the exchange rate applicable under the terms of the series issued.
(6) | As of the date of issuance of these financial statements, the Company has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.
(7) | NO classified as productive investments computable as such for the purposes of item 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau.
(8) | The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series.
(9) | Corresponds to the Frequent Issuer Regime for an amount of 7,215.
(10) | The payment currency of this issue is the peso at the UVA value applicable in accordance with the conditions of the relevant issued series.
(11) | Total nominal value issued without including the nominal values canceled through exchanges, expressed in millions.
(12) | As of December 31, 2023 the registered amount is less than 1.
Exchange of NO In the context of the foreign exchange restrictions established by BCRA (see Note 35.g)) and complying to said regulation through the refinancing reached in July 2020 in relation to the Class XLVII NO with maturity in 2021, and with the additional objective of easing the financial commitments of the Company for the next 2 years, on January 7, 2021, YPF launched an exchange offer of Classes XLVII, XXVIII, XIII, XXXIX, LIII, I and LIV NO (“Existing Negotiable Obligations”), for new Classes XVI, XVII and XVIII NO (“New Negotiable Obligations”) denominated in U.S. dollars at a step up fixed interest rate, ranging from 1.5% to 9%, repayable between 2023 and 2033, including an initial cash payment for Class XLVII NO. The New Negotiable Obligations contain covenants, similar to those of the Existing Negotiable Obligations. In addition, Class XVI NO are secured by (i) the assignment of collection rights arising from the export of certain exportable products under sale agreements entered into by YPF with widely recognized market traders; and (ii) a first pledge on YPF EE shares representing 50% of the outstanding capital stock and voting rights in this company, as long as at least 50% of the principal of Class XVI NO remains outstanding. On February 11, 2021, upon expiration of the early participation period for holders of Class XLVII NO and the exchange offer for the rest of the Existing Negotiable Obligations, YPF announced that it had reached a global participation to the exchange of 32% and 59.8% of Class XLVII NO. With such results, and taking into account that the refinancing of principal and interest of Existing Negotiable Obligations that were included in the exchange largely exceeds the required 60% refinancing of the Class XLVII NO, on that same day the BCRA approved YPF’ s access to the free Exchange Market to pay the cash component offered to holders that submitted Class XLVII NO in exchange, and to pay Class XLVII NO that were not exchanged at their maturity. Therefore, on February 12, 2021, and March 1, 2021 (closing date for late participation of Class XLVII NO holders), YPF issued new Classes XVI, XVII and XVIII NO for a total principal amount of 775.8, 747.8 and 575.6, respectively, and tender instructions were received to submit the Existing Negotiable Obligation as detailed below:
| - | Class XLVII NO for a principal amount of 247.3.
| - | Class XXVIII NO for a principal amount of 656.4.
| - | Class XIII NO for a principal amount of 201.7.
| - | Class XXXIX NO for a principal amount of 368.2.
| - | Class LIII NO for a principal amount of 190.7.
| - | Class I NO for a principal amount of 101.0.
| - | Class LIV NO for a principal amount of 213.4.
YPF assessed whether the instruments subject to exchange were substantially different, considering both qualitative (e.g., currency, term, rate, among others) and quantitative aspects (if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received, and discounted using the original effective interest rates, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liabilities). In this regard, the Company recognized the exchange of the NO as a debt modification according to IFRS 9 due to the fact that the instruments subject to exchange were not substantially different. As a result of the transaction, YPF recognized a profit of 21 in the fiscal year ended December 31, 2021 (see Note 28).

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