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Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2023

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, 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

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.

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

The Company has no significant investments in associates and joint ventures, except for the investment in YPF EE.

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.

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.