Form 6-K

 

 

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of May, 2014

Commission File Number: 001-12102

 

 

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

 

 

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file

annual reports under cover of Form 20-F or Form 40-F:

Form 20-F   x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨            No   x

 

 

 


YPF Sociedád Anonima

TABLE OF CONTENTS

ITEM

 

1 Translation of Q1 2014 Earnings Presentation.

 

2


1st Quarter 2014
Earnings Webcast
May 9, 2014


Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.
This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform
Act of 1995.
These
forward-looking
statements
may
include
statements
regarding
the
intent,
belief,
plans,
current
expectations
or
objectives
of
YPF
and
its
management,
including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business
strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives
with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and
dividend
payout
policies.
These
forward-looking
statements
may
also
include
assumptions
regarding
future
economic
and
other
conditions,
such
as
future
crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins,
exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF’s control or may be
difficult to predict.
YPF’s
actual
future
financial
condition,
financial,
operating,
reserve
replacement
and
other
ratios,
results
of
operations,
business
strategy,
geographic
concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects,
exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such
as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking
statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels,
currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share,
industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments,
economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or
advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange
Commission,
in
particular,
those
described
in
“Item
3.
Key
Information—Risk
Factors”
and
“Item
5.
Operating
and
Financial
Review
and
Prospects”
in
YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2013 filed with the US Securities and Exchange Commission. In light of the
foregoing, the forward-looking statements included in this document may not occur.
Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it
clear that the projected performance, conditions or events expressed or implied therein will not be realized.
These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise.
Disclaimer
2


Contents
Q1 2014 Results
Financial Situation
YSUR –
Yacimientos del Sur
Summary
1
2
3
4
3


4
Revenues of ARS 30.7 bn (+65% vs. Q1 2013)
Crude oil production 241.6 Kbbl/d (+6.8%)
Natural gas production 37.2 Mm3/d (+18.5%)
Crude processed 275 Kbbl/d (-4.5%)
Operating Income was ARS 4.4 bn (+73%)
Net Income was ARS 2.9 bn (+129%)
Total
Capex
2
was
ARS
9.7
bn
(+127%)
Q1 2014 Results Highlights
Acquisition of:
Adj.
EBITDA
1
reached
ARS
8.4
bn
(+76%)
Operating cash flow topped 6.7bn (+78%)
100% of all Apache Group assets in Argentina
38.45% of UTE Puesto Hernández
(1)
See description of Adj. EBITDA in  footnote (2) on page 5
(2) Excludes acquisitions of YSUR and 38,45% interest in
Puesto Hernández joint venture


Despite the 52% depreciation of the peso, Revenues, Adj. EBITDA and
Operating Income presented solid y-o-y growth.
Revenues
(1)
(MUSD)
Operating Income
(1)
(MUSD)
Adj. EBITDA
(1) (2) 
(MUSD)
+8.4%
+14%
+16.1%
Q1 2014 Results Expressed in US Dollars
5
3,727
4,040
Q1 2013
Q1 2014
949
1,102
Q1 2013
Q1 2014
507
578
Q1 2013
Q1 2014
(1)
YPF financial statement values in IFRS converted to USD using average FX of 5.0 and 7.6 for Q1 2013 and Q1 2014, respectively
(2)
Adjusted EBITDA  = Net income attributable to shareholders + Net income for non controlling interest - Deferred income tax - Income tax - Financial income (Losses) gains on
liabilities - Financial income gains (Losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets


6
In million of ARS
Q1 2014 Operating Income
Revenue growth drove Q1 2014 Operating Income increase of 73%.
Other
expenses
2,533
4,384
12,030
11
-4,567
-2,776
-1,735
-
991
-121
Q1 2013
Revenues
Other costs
of sales
Purchases
DD&A
SG&A
Exploration
expenses
Q1 2014


Q1 2014 Operating Income
Solid performance across both business segments resulted in balanced growth
and margin expansion.
In million of ARS
2,533
4,384
1,243
1,141
-533
Q1 2013
Downstream
Upstream
Others
Q1 2014
7


Q1 2014 Upstream Results
Upstream Operating Income reached 3,013 MARS (+61%) due to higher revenues driven by the
increase of both crude oil and natural gas production and by higher prices in pesos.
In million of ARS
(1)
Includes stocks variation and purchases for -650 MARS, SG&A for -165MARS, exploration expenses (without YPF Chile) for -94 MARS and others for -25 MARS.
Other
expenses
1,872
3,013
6,010
190
-2,042
-1,353
-934
-730
Q1 2013
Revenues
Affiliates
Production
costs
DD&A
Royalties
Q1 2014
1
8


Crude oil production
(1)
(Kbbl/d)
Natural gas production
(1)
(Mm  /d)
Q1 2014 Upstream Results
Production
(1)
Q1 2014 includes production by YSUR of 10.4 Kboe/d (2 Kbbl/d of crude oil, 1.3 Mm3/d of natural gas) and by Puesto Hernández of 3.94 Kbbl/d of crude oil.
Total production
(1)
(Kboe/d)
+6.8%
+18.5%
+10.7%
Fourth consecutive quarter of production growth.
Total y-o-y production growth of 10.7%, 6.8% in crude oil and 18.5% in natural gas.
9
226.3
241.6
31.4
37.2
478.3
529.7
Q1 2013
Q1 2014
Q1 2013
Q1 2014
Q1 2013
Q1 2014
3


Q1 2014 Upstream Results
Production
Crude oil production
(kbbl/d)
Natural gas production
Solid conventional production increase, y-o-y increase of 5.9% in crude oil and 11.2% in
natural gas, coupled with inorganic growth and continued Shale and Tight progress.
YSUR + Puesto Hernández
Tight + Shale
Conventional
30.7
32.3
34.7
33.2
32.8
0.7
0.7
0.9
2.3
3.1
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
222.1
222.8
227.2
229.9
229.2
4.2
5.4
7.9
9.4
6.4
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
6
1.3
(Mm  /d)
3
10
Solid conventional production increase, y-o-y increase of 5.9% in crude oil and 11.2% in
natural gas, coupled with inorganic growth and continued Shale and Tight progress.


Q1 2014 Downstream Results
Downstream Operating Income grew 102.7% in Q1 2014, due to higher revenues both
in the domestic market and in the export market.
In million of ARS
11
1,210
2,453
10,546
Q1 2013
Revenues
Purchases
Production
costs
SG&A
DD&A
Affiliates
Q1 2014
-32
-173
-444
-878
-7,776


-4.5%
Crude processed
(kbbl/d)
Domestic sales of refined products
(Km
)
+2.8%
Q1 2014 Downstream Results -
Sales
+6%
-1.4%
Solid demand reflected in an increase in volumes sold; slight market share growth.
288
275
Q1 2013
Q1 2014
Q1 2013
Q1 2014
3,889
3,999
Others
LPG
Fuel Oil
JP1
Gasoline
Diesel
12
3


Q1
2014
Capex
1
(1)
Economic capex figures as expressed in Note 2.g of Q1 2014 YPF financial statements.
Purchase of YSUR and 38.5% of Puesto Hernández for ARS 6,524 million not included.
(2)
End of period active rigs.
+279%
4,282
In million of ARS
16,246
Downstream
Upstream
Progress of the new coke unit
at the La Plata Refinery
Neuquina
basin:
Loma
La
Lata,
Loma Campana, Aguada Toledo,  
and Chihuido Sierra Negra
Golfo San Jorge basin:
Manantiales Behr, El Trébol
and Los Perales
Drilling
rigs
(2)
25
36
42
46
52
58
63
65
69
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
+176%
6,524
9,722
+127%
Q1 2013
Q1 2014
Acquisitions
Others
Downstream
Upstream
13


Contents
Q1 2014 Results
Financial Situation
YSUR –
Yacimientos del Sur
Summary
1
2
3
4
14


In million of ARS
(1)
Includes effect of changes in exchange rates.
(2)
Effective
spendings
in
fixed
assets
acquisitions
during
the
quarter
.
(3)
Net
debt
to
Adj.EBITDA
calculated
in
USD,
Net
debt
at
period
end
FX
of
7.95
and
Adj.
EBITDA
LTM
at
6.1;
4,473
/
4,448
=
1.01.
Q1 2014 Cash Flow From Operations
Cash flow from operations grew 78% against Q1 2013.
Sound
capital
structure
(Net
Debt
/
Adj.
EBITDA
LTM
of
1x)
3
.
2
+78%
15
10,713
3,109
11,500
6,715
1,872
16,191
Cash at the
beginning of Q1
2014
Cashflow from
operations
Net financing
Capex
Cash at the end
of Q1 2014
Cash at the end
of April 2014
1
3,770
6,715
Q1 2013
Q1 2014


16
Cash
4/30/2014
2014        
(May -
Dec)
2015
2016
2017
2018
2019
+2020
8%
14%
78%
Peso denominated debt 32%
Financial debt amortization schedule
(1) (2)
(MUSD)
Average
interest
rates
of
24.14%
in USD and 6.74%
in ARS
(1)
As of April 30, 2014    /   (2) Converted to USD using April 30, 2014 FX of 8
Cash position larger than full year debt maturities.
Continued to extend average life of debt.
Financial
Situation
Update
1
Trade facilities
Term Loans
Senior Bonds
and Notes
Average
life
of
almost
4
years


Contents
Q1 2014 Results
Financial Situation
YSUR –
Yacimientos del Sur
Summary
1
2
3
4
17


Actual figures
YSUR
Argentina
Buenos Aires
Neuquen
Basin
Austral
Basin
49.1
Kboe/d production
(1)
Capex
250
MUSD
3 to 4
drilling rigs at year end
(1)
Average daily production of the 19 days  consolidated.
(2)
Full Q1 2014 figures.
Revenues
(2)
: 977
MARS
Operating Income
(2)
: 159
MARS
EBITDA
(2)
: 472
MARS
Crude oil price: 73.8
USD/bbl
Natural gas price: 3
USD/Mbtu
Preliminary 2014 plan
+30
wells to be drilled
2
drilling rigs
YSUR -
Yacimientos del Sur
9.8
Kbbl/d of crude
6
Mm /d
of
natural
gas
1.7
Kbbl/d of NGL
18
3


Contents
Q1 2014 Results
Financial Situation
YSUR –
Yacimientos del Sur
Summary
1
2
3
4
19


Summary
Increased results and margins in dollar terms
Increased hydrocarbon production more than 10%
Solid demand; volume and price increases
Strong operating cash flow; Proven access to debt capital markets
Continued full scale development of Loma Campana with Chevron
Started integration of YSUR with very favorable prospects
Crude Oil
+5%
Natural Gas
+18%
Full Year
2014
20


Quarter
2014
Earnings
Webcast
Questions and Answers
st


1st Quarter 2014
Earnings Webcast
May 9, 2014


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    YPF Sociedad Anónima
Date: May 9, 2014     By:  

/s/ Alejandro Cherñacov

   

Name:

Title:

 

Alejandro Cherñacov

Market Relations Officer