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Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2024

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.