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Investments in Associates and Joint Ventures (Tables) | 12 Months Ended
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Dec. 31, 2024
Text Block1 [Abstract] |
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, 2024, 2023 and 2022:
|  | 2024 |  | 2023 |  | 2022
Amount of investments in associates |  |  | 212 |  |  |  | 142 |  |  |  | 172 |
Amount of investments in joint ventures |  |  | 1,748 |  |  |  | 1,534 |  |  |  | 1,733 |
|  |  | 1,960 |  |  |  | 1,676 |  |  |  | 1,905 |
Summary of Movements which Affected the Value of the Investments in Associates and Joint Ventures | The main concepts which affected the value of the aforementioned investments during the years ended December 31, 2024, 2023 and 2022, correspond to:
|  | 2024 |  | 2023 |  | 2022
Balance at the beginning of the year |  |  | 1,676 |  |  |  | 1,905 |  |  |  | 1,529 |
Acquisitions and contributions |  |  | - |  |  |  | 5 |  |  |  | 2 |
Income on investments in associates and joint ventures |  |  | 396 |  |  |  | 94 |  |  |  | 446 |
Distributed dividends |  |  | (174) |  |  |  | (275) |  |  |  | (94) |
Translation differences |  |  | (13) |  |  |  | (99) |  |  |  | (40) |
Adjustment for inflation (1) |  |  | 75 |  |  |  | 46 |  |  |  | 61 |
Capitalization in associates and joint ventures |  |  | - |  |  |  | - |  |  |  | 1 |
Balance at the end of the year |  |  | 1,960 |  |  |  | 1,676 |  |  |  | 1,905 |
(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, for the years ended December 31, 2024, 2023 and 2022. 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
|  | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Net income |  |  | 29 |  |  |  | (2) |  |  |  | 13 |  |  |  | 367 |  |  |  | 96 |  |  |  | 433 |
Other comprehensive income |  |  | 42 |  |  |  | (23) |  |  |  | 8 |  |  |  | 20 |  |  |  | (30) |  |  |  | 13 |
Comprehensive income for the year |  |  | 71 |  |  |  | (25) |  |  |  | 21 |  |  |  | 387 |  |  |  | 66 |  |  |  | 446 |
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, 2024, 2023 and 2022, as well as the results as of such dates, are detailed below:
|  | 2024 (1) |  |  |  | 2023 (1) |  |  |  | 2022 (1)
Total non-current assets |  |  | 2,147 |  |  |  |  |  | 2,102 |  |  |  |  |  |  |  | 1,839 |
Cash and cash equivalents |  |  | 240 |  |  |  |  |  | 114 |  |  |  |  |  |  |  | 94 |
Other current assets |  |  | 243 |  |  |  |  |  | 152 |  |  |  |  |  |  |  | 178 |
Total current assets |  |  | 483 |  |  |  |  |  | 266 |  |  |  |  |  |  |  | 272 |
Total assets |  |  | 2,630 |  |  |  |  |  | 2,368 |  |  |  |  |  |  |  | 2,111 |
Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”) |  |  | 736 |  |  |  |  |  | 720 |  |  |  |  |  |  |  | 721 |
Other non-current liabilities |  |  | 64 |  |  |  |  |  | 204 |  |  |  |  |  |  |  | 97 |
Total non-current liabilities |  |  | 800 |  |  |  |  |  | 924 |  |  |  |  |  |  |  | 818 |
Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”) |  |  | 291 |  |  |  |  |  | 188 |  |  |  |  |  |  |  | 150 |
Other current liabilities |  |  | 213 |  |  |  |  |  | 143 |  |  |  |  |  |  |  | 110 |
Total current liabilities |  |  | 504 |  |  |  |  |  | 331 |  |  |  |  |  |  |  | 260 |
Total liabilities |  |  | 1,304 |  |  |  |  |  | 1,255 |  |  |  |  |  |  |  | 1,078 |
Total shareholders’ equity (2) |  |  | 1,326 |  |  |  |  |  | 1,113 |  |  |  |  |  |  |  | 1,033 |
Dividends received (3) |  |  | 36 |  |  |  |  |  | 35 |  |  |  |  |  |  |  | 25 |
Closing exchange rates (4) |  |  | 1,030.50 |  |  |  |  |  | 806.95 |  |  |  |  |  |  |  | 177.06 |
|  | 2024 (1) |  |  |  | 2023 (1) |  |  |  | 2022 (1)
Revenues |  |  | 534 |  |  |  |  |  | 531 |  |  |  |  |  |  |  | 486 |
Interest income |  |  | 31 |  |  |  |  |  | 42 |  |  |  |  |  |  |  | 17 |
Depreciation and amortization |  |  | (161) |  |  |  |  |  | (143) |  |  |  |  |  |  |  | (107) |
Interest loss |  |  | (66) |  |  |  |  |  | (56) |  |  |  |  |  |  |  | (68) |
Income tax |  |  | 195 |  |  |  |  |  | (266) |  |  |  |  |  |  |  | (11) |
Operating profit |  |  | 120 |  |  |  |  |  | 273 |  |  |  |  |  |  |  | 247 |
Net income |  |  | 276 |  |  |  |  |  | (53) |  |  |  |  |  |  |  | 134 |
Other comprehensive income |  |  | 292 |  |  |  |  |  | 2,414 |  |  |  |  |  |  |  | 585 |
Total comprehensive income |  |  | 568 |  |  |  |  |  | 2,361 |  |  |  |  |  |  |  | 719 |
Average exchange rates (4) |  |  | 914.67 |  |  |  |  |  | 294.95 |  |  |  |  |  |  |  | 130.71 |
(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 method value and in the 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.
(4) | Corresponds to the average seller/buyer exchange rate of BNA.
Summary of the investments in associates and joint ventures on a disaggregated basis | The following table shows the value of the investments in associates and joint ventures on a disaggregated basis:
Name of entity |  | 2024 |  |  |  | 2023 |  |  |  | 2022
Associates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Oldelval |  |  | 63 |  |  |  |  |  | 55 |  |  |  |  |  | 58 |
Termap |  |  | 20 |  |  |  |  |  | 15 |  |  |  |  |  | 20 |
Oiltanking |  |  | 38 |  |  |  |  |  | 25 |  |  |  |  |  | 26 |
CDS (1) |  |  | 31 |  |  |  |  |  | 26 |  |  |  |  |  | 28 |
YPF Gas |  |  | 52 |  |  |  |  |  | 17 |  |  |  |  |  | 34 |
Joint ventures: (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
YPF EE |  |  | 875 |  |  |  |  |  | 735 |  |  |  |  |  | 776 |
MEGA |  |  | 182 |  |  |  |  |  | 133 |  |  |  |  |  | 164 |
Profertil |  |  | 345 |  |  |  |  |  | 339 |  |  |  |  |  | 449 |
OLCLP |  |  | 43 |  |  |  |  |  | 34 |  |  |  |  |  | 25 |
CT Barragán |  |  | 230 |  |  |  |  |  | 250 |  |  |  |  |  | 268 |
Other companies (3) |  |  | 81 |  |  |  |  |  | 47 |  |  |  |  |  | 57 |
|  |  | 1,960 |  |  |  |  |  | 1,676 |  |  |  |  |  | 1,905 |
(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) | Includes Refinor, OTA, OTC, GPA, Petrofaro S.A., Bioceres S.A., VMOS and Bizoy S.A.

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