Form 6-K
Table of Contents

 

 

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 November, 2015

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

 

 

 


Table of Contents

YPF Sociedád Anonima

TABLE OF CONTENTS

 

ITEM

 

1   Translation of Consolidated Results Q3 2015.


Table of Contents
LOGO  

 

YPF S.A.

Consolidated Results

Q3 2015


Table of Contents
LOGO   Consolidated Results Q3 2015    

 

 

CONTENT

 

1.

  MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q3 2015      1   

2.

  ANALYSIS OF RESULTS FOR Q3 2015      2   

3.

  ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q3 2015      4   
  3.1 UPSTREAM      4   
  3.2 DOWNSTREAM      6   
  3.3 CORPORATE      7   
  3.4 RELATED COMPANIES      7   

4.

  LIQUIDITY AND SOURCES OF CAPITAL      8   

5.

  TABLES AND NOTES      9   
  5.1 CONSOLIDATED STATEMENT OF INCOME      10   
  5.2 CONSOLIDATED BALANCE SHEET      11   
  5.3 CONSOLIDATED STATEMENT OF CASH FLOW      12   
  5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION      13   
  5.5 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES      14   
  5.6 MAIN PHYSICAL MAGNITUDES      15   

Investor Relations

     16   

 

2


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LOGO   Consolidated Results Q3 2015    

 

 

Adj. EBITDA for Q3 2015 reached Ps 13.4 billion, 1.8% less than Q3 2014.

 

Q3
2014
     Q2
2015
     Q3
2015
     Var.%
Q3 15/ Q3 14
         Jan-Sep
2014
     Jan-Sep
2015
     Var.%
2015 / 2014
 
  38,209         39,557         40,931         7.1  

Revenues

(Million Ps)

     104,203         115,190         10.5
  8,044         5,578         5,631         -30.0  

Operating income

(Million Ps)

     18,378         15,678         -14.7
  3,212         2,297         1,850         -42.4  

Net income (*)

(Million Ps)

     7,619         6,274         -17.7
  13,603         12,395         13,363         -1.8  

Adj. EBITDA

(Million Ps)

     32,975         35,967         9.1
  8.19         5.86         4.72         -42.3  

Earnings per share (*)

(Ps per Share)

     19.43         16.00         -17.6
  13,787         14,758         15,730         14.1  

Capital Expenditures (**)

(Million Ps)

     40,912         42,839         4.7

Adj.EBITDA = Net income attributable to shareholders + Net income (loss) 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 (*) Attributable to controlling shareholder (**) Capital expenditures for Jan-Sep 2014 include additions relating to the acquisitions of Apache Group assets in Argentina (net of Pluspetrol assignment) and an additional 38.45% stake in Puesto Hernández joint venture.

(Amounts are expressed in billions of Argentine pesos, except where indicated)

 

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q3 2015

 

    Revenues for Q3 2015 were Ps 40.9 billion, 7.1% higher than Q3 2014.

 

    Operating income for Q3 2015 was Ps 5.6 billion, 30.0% lower than Q3 2014.

 

    Adjusted EDITDA for Q3 2015 was Ps 13.4 billion, 1.8% less than Q3 2014.

 

    Net income for Q3 2015 was Ps 1.9 billion, 42.4% less than the Ps 3.2 billion in Q3 2014.

 

    During Q3 2015, total hydrocarbon production remained at approximately the same level compared to Q3 2014, reaching 571.9 Kboed. Natural gas production was 44.4 Mm3d, 1.4% less than Q3 2014, while crude oil production increased by 1.3% to 249.3 Kbbld.

 

    In the Downstream segment, processing levels in refineries reached 93% in Q3 2015, 0.6% less than Q3 2014.

 

    Capital expenditures for Q3 2015 were Ps 15.7 billion, a 14.1% increase compared Ps 13.8 billion in Q3 2014.

 


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LOGO   Consolidated Results Q3 2015    

 

 

2. ANALYSIS OF RESULTS FOR Q3 2015

Revenues for Q3 2015 were Ps 40.9 billion, 7.1% higher than Q3 2014. Among the main reasons for this variation in the company’s revenues are:

 

  i. Gasoline sales increased by Ps 1.0 billion due to a 10.0% increase in the average price obtained and an overall 4.3% increase in sales volumes, notably including a 33.7% increase in sales volumes of Infinia gasoline.

 

  ii. Diesel sales fell Ps 0.2 billion due to a 5.5% decrease in sales volumes, which was partially offset by an 8.8% increase in the average prices obtained. The lower sales volumes were driven by adverse weather events during the period that disrupted the agricultural and transportation sectors. Nonetheless, sales volumes of Eurodiesel, which is a premium diesel product, increased 24.3%.

 

  iii. Local sales of fuel oil increased Ps 0.7 billion as a result of an increase in average prices obtained, and a 47.0% increase in sales volumes.

 

  iv. Natural gas sales in the domestic market increased by Ps 0.6 billion due to an approximately 12.1% increase the average price obtained in pesos on flat sales volumes, principally as a result of applying excess production to the Natural Gas Additional Injection Stimulus Program.

 

  v. For petrochemical products sales, revenues in the domestic market decreased Ps 0.2 billion due to lower prices in Argentine peso terms, mainly stemming from the drop in the price of products tied to the Brent oil price as well as an 11.0% decrease in sales volumes.

 

  vi. Exports decreased 17.2% (a decrease of Ps 0.6 billion) mainly due to the fall in international prices, however exports of flour, grains and oils increased 9.5%, totaling Ps 1.0 billion.

 

  vii. Ps. 0.5 billion was earned from the Crude oil Stimulus Production Program pursuant to Resolution 12/2015.

Costs of sales for Q3 2015 were Ps 30.7 billion, 16.3% higher than Q3 2014. Among the main reasons for this variation are:

 

a) Purchases:

 

    A net increase in crude oil purchases from third parties of approximately Ps 0.6 billion, due to a 22.0% increase in volumes purchased and a 2.5% increase in the purchase price in Argentine peso terms;

 

    An increase in diesel and jet fuel imports of Ps 0.2 billion due to greater volumes imported, which was partially offset by lower prices;

 

    Accrual of a Ps 0.5 billion insurance payout in Q3 2014 related to incident at the La Plata refinery in April 2013, which was applied primarily as a reduction to costs of purchases; and

 

    Accrual of a Ps 0.6 billion insurance payout related to the incident that impacted our facilities at the Cerro Divisadero crude oil treatment plant in March 2014. Of this amount, Ps 0.4 billion were applied as a reduction to costs of purchases.

 

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LOGO   Consolidated Results Q3 2015    

 

 

b) Other production costs:

 

    Increases in depreciation of fixed assets of Ps 1.5 billion due to increased investments in assets, particularly with respect to development of unconventional resources, and due additionally to increases in Argentine peso terms, given the functional currency of the company;

 

    Increases in items relating to lifting costs of approximately Ps 0.9 billion, considering a 14.0% increase in the unit indicator in Argentine peso terms;

 

    Increases in refinancing costs of approximately Ps 0.3 billion, due primarily to a 25.6% increase in the unit indicator in Argentine peso terms;

 

    Higher royalty payments of Ps 206 million. Of this net increase, Ps 141 million are related to higher royalties for crude oil production and Ps 65 million are related to natural gas production; and

 

    Increases of approximately Ps 0.2 billion in environmental remediation provisions.

Selling expenses for Q3 2015 were Ps 2.6 billion, a decrease of Ps 0.2 billion (or 6.5%) compared to Q3 2014. The increases in transport expenses for products, primarily due to higher rates paid for domestic transport of combustibles, were completely offset by lower withholdings on exports. The lower withholdings occurred as a result of the fall of international prices for the products exported and reversals of provisions for doubtful accounts related to renegotiating certain agreements with natural gas distribution companies to regularize their debt.

Administration expenses for Q3 2015 were Ps 1.3 billion, an increase of Ps 0.2 billion (or 16.3%) compared to Q3 2014. The increase was principally due to higher personnel expenses and higher technological service costs.

Exploratory expenses were Ps 1.2 billion, an increase of 286.3% compared to Q3 2014. This change was due to greater expenses from unproductive exploratory drillings during Q3 2015 compared to Q3 2014 of Ps. 0.6 billion. This was due to greater exploratory activity carried out in Q3 2015, in which exploration investments increased by 30.0% compared to Q3 2014. Additionally, a Ps 0.2 billion increase in geological and geophysical studies related primarily to seismic mapping in the Chachahuen area in the province of Mendoza contributed to the increase in expenses.

Our subsidiary, Metrogas S.A., accrued Ps. 0.2 billion corresponding to temporary economic assistance provided by Resolution No. 263/2015 by the Argentine Secretary of Energy. It recorded operating profits of Ps. 249 million and Ps. 73 million for Q3 2015 and Q3 2014, respectively.

The financial results for Q3 2015 were a loss of Ps 0.7 billion compared to a loss of Ps 53 million for Q3 2014. This occurred as a consequence of increased interest accrual related to greater financial debt.

Income tax for Q3 2015 was Ps 3.1 billion, compared to Ps 4.8 billion in Q3 2014. This difference arose principally from a lower profit before tax (a decrease of 38.1%) for the reasons discussed above.

Net income for Q3 2015 was Ps 1.9 billion, 42.4% lower than Q3 2014.

Total investment in fixed assets for Q3 2015 was Ps 15.7 billion, 14.1% higher than investments in fixed assets for Q3 2014.

 

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LOGO   Consolidated Results Q3 2015    

 

 

3. ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q3 2015

3.1 UPSTREAM

 

Q3
2014
     Q2
2015
     Q3
2015
     Var.%
Q3 15/ Q3 14
         Jan-Sep
2014
     Jan-Sep
2015
     Var.%
2015 / 2014
 
  4,463         2,534         2,171         -51.4  

Operating income

(Million Ps)

     10,781         6,965         -35.4
  19,357         19,557         20,491         5.9  

Revenues

(Million Ps)

     50,961         58,623         15.0
  246.0         249.8         249.3         1.3  

Crude oil production

(Kbbld)

     242.9         248.8         2.4
  43.2         38.7         43.7         1.1  

NGL production

(Kbbld)

     45.5         47.6         4.5
  45.0         44.6         44.4         -1.4  

Gas production

(Mm3d)

     42.0         44.3         5.5
  572.0         569.3         571.9         0.0  

Total production

(Kboed)

     552.5         574.9         4.1
  306         387         1,182         286.3  

Exploration costs

(Million Ps)

     1,230         1,760         43.1
  11,131         12,409         12,292         10.4  

Capital Expenditures (*)

(Million Ps)

     34,943         35,402         1.3
  4,618         5,633         6,023         30.4  

Depreciation

(Million Ps)

     11,664         16,444         41.0
           Realization Prices         
  76.1         69.1         68.9         -9.6  

Crude oil prices in domestic market

Period average (USD/bbl)

     72.7         68.9         -5.3
  4.28         4.58         4.56         6.5  

Average gas price

(USD/Mmbtu)

     4.24         4.58         8.0

 

(*) Capital expenditures for Jan-Sep 2014 include additions relating to the acquisitions of Apache Group assets in Argentina (net of Pluspetrol assignment) and an additional 38.45% stake in Puesto Hernández joint venture.

Upstream operating income was Ps 2.2 billion, 51.4% lower compared to Q3 2014.

During Q3 2015, crude oil and natural gas revenues increased by 5.9% compared to Q3 2014. This increase was driven mainly by higher average sales prices in pesos of both products, which offset the approximately 6.0% and 28.6% decreases in the volume of crude oil transferred to the Downstream business segment and sold to third parties, respectively. Sales volumes of natural gas were flat compared to Q3 2014

During Q3 2015, Ps. 0.5 billion was earned from the Crude Oil Stimulus Production Program discussed above.

With respect to the incident impacting our facilities at the Cerro Divisadero crude oil treatment plant in March 2014, a Ps 0.6 billion insurance payout was received, of which Ps 0.4 billion was applied as ordinary income in this line of business and Ps 0.2 billion as other operational results.

The average price in U.S. dollar terms for crude oil in the domestic market for Q3 2015 decreased by 9.6% to USD $68.90/bbl. As for natural gas, the average price was USD $4.56/Mmbtu, 6.5% higher than Q3 2014. For both products, the average sales price for YSUR crude oil and natural gas, USD $75.80/bbl and USD $3.40/Mmbtu respectively, was consolidated in Q3 2015.

During Q3 2015, total hydrocarbon production was 571.9 Kboed, maintaining a similar level as Q3 2014; crude oil production was 249.3 Kbbld (an increase of 1.3%); natural gas production was 44.4 Mm3d (a decrease of 1.4%) and NGL production was 43.6 Kbbld (an increase of 1.1%). In Q3 2015, in comparison with Q3 2014, production of gas was principally affected by the assignment of certain

 

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areas in the Neuquén basin to Gas y Petróleo del Neuquén in December 2014, and to a lesser extent by certain technical contingencies in non-operated areas in Magallanes and Neuquén. Additionally, the delay in the initiation of development at certain sites prevented an offset of some of the natural decline.

During Q3 2015, production from unconventional areas totaled 46.2 Kboed of hydrocarbons, including 21.3 Kbbld of crude oil, 11.5 Kbbld of NGL and 2.1 Mm3d of natural gas, of which YPF consolidates approximately 50%. As for development activity, 34 oil wells have been put into production (33 in Loma Campana and one in Bandurrias) and nine for natural gas (eight in El Orejano and one in La Ribera Sur), targeting Vaca Muerta, reaching a total of approximately 388 wells to date.

With respect to tight gas activity: (i) in the project to develop the Las Lajas formation, five wells were put into production in Q3 2015 and the average production of natural gas was 4.4 Mm3d and (ii) in the project to develop the Mulichinco formation in the Rincón del Mangrullo area 12 wells were developed and natural gas production net to YPF was 1.0 Mm3d.

Production costs for Q3 2015 increased by 17.5% (an increase of Ps 2.6 billion), mainly due to (i) higher amortization of Ps 1.4 billion resulting from higher investment and higher valuation of assets in Argentine peso terms, (ii) an increase in items relating to lifting costs of approximately Ps 0.9 billion due to increased activity and the increase in the unit indicator, and (iii) higher royalties of Ps 206 million. Of this net increase, Ps 141 million were related to higher royalties for crude oil production and Ps 65 million were related to natural gas production.

Exploration costs in Q3 2015 totaled Ps 1.2 billion, an increase of 286.3% compared to Q3 2014. This change was due to increased negative results from unproductive exploratory drilling in Q3 2015 in comparison to the same period in 2014, for a difference of Ps 0.6 billion. Additionally, the total investment in exploration in Q3 2015 was 30% greater than in Q3 2014. Additionally, geological and geophysical studies increased Ps 0.2 billion, which were related primarily to seismic mapping in the Chachahuen area in the province of Mendoza.

During Q3 2015 compared to Q3 2014, unit cash costs in U.S. dollars increased by 0.9% from USD $24.00/Boe in Q3 2014 to USD $24.20/Boe in Q3 2015 (including taxes of USD $7.30/Boe and USD $6.70/Boe respectively). In turn, the average lifting cost for YPF was USD $14.70/Boe, 1.8% higher than USD $14.40/Boe in Q3 2014.

CAPEX

Capital expenditures in the Upstream business segment were Ps 12.3 billion in Q3 2015, 10.4% higher than the capital expenditures of Ps 11.1 billion in Q3 2014.

In the Neuquina basin, capital expenditures during Q3 2015 was focused on the development of blocks Loma Campana, Aguada Toledo - Sierra Barrosa (Lajas), Rincón del Mangrullo, El Orejano, and initiation of activity in La Amarga Chica, Cañadón Amarillo and Chachahuen. Development activities continued at Cuyana basin, mainly in the La Ventana and Vizcacheras blocks, while in the Golfo San Jorge basin greater activity was concentrated on Cañadón de la Escondida and Cañadón León-Meseta Espinosa, within Santa Cruz Province and Manantiales Behr and El Trébol-Escalante in the province of Chubut.

As for exploration activities during Q3 2015, the Neuquina, San Jorge and Cuyana basins were covered. In the Cuyana basin, the activity focused on the assessment of the La Ventana block and the Los Tordillos Oeste block, and drilling in the Barranca block. In Neuquina basin exploratory activity targeted both conventional and unconventional objectives. Activity targeting conventional formations focused on the blocks, Payún Oeste, Octogono, Los Caldenes and Las Tacanas. Activity targeting unconventional formations focused on the Bajada de Añelo, Bandurria, Cerro Arena, Pampa las Yeguas I, Narambuena, Las Tacanas, Salinas del Huitrin and Rincon del Mangrullo blocks. In Golfo San Jorge basin, the activity focused on the evaluation of deep targets at the west flank of the Los Perales and Cañadón de la Escondida–Las Heras blocks.

During Q3 2015, eight exploratory wells were completed.

 

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3.2 DOWNSTREAM

 

Q3
2014
    Q2
2015
    Q3
2015
    Var.%
Q3 15/ Q3 14
         Jan-Sep
2014
    Jan-Sep
2015
    Var.%
2015 / 2014
 
  3,864        3,865        3,522        -8.9  

Operating income

(Million Ps)

     9,238        8,881        -3.9
  35,746        35,275        36,679        2.6  

Revenues

(Million Ps)

     98,396        103,832        5.5
  4,327        4,399        4,308        -0.4  

Sales of refined products in domestic market

(Km3)

     12,444        12,816        3.0
  284        316        314        10.6  

Exportation of refined products

(Km3)

     1,113        1,078        -3.1
  232        225        218        -6.0  

Sales of petrochemical products in domestic market (*)

(Ktn)

     633        622        -1.7
  88        86        87        -1.1  

Exportation of petrochemical products

(Ktn)

     200        242        21.0
  299        305        297        -0.6  

Crude oil processed

(Kboed)

     289        300        4.1
  93     95     93     -0.6  

Refinery utilization

(%)

     90     94     4.0
  2,312        2,008        2,813        21.7  

Capital Expenditures

(Million Ps)

     5,144        6,257        21.6
  634        778        778        22.7  

Depreciation

(Million Ps)

     1,770        2,249        27.1
  789        756        764        -3.1  

Average domestic market gasoline price (**)

(USD/m3)

     755        756        0.1
  824        760        774        -6.1  

Average domestic market diesel price (**)

(USD/m3)

     794        763        -3.9

 

(*) Fertilizer sales not included
(**) Price net of deductions and commissions before tax

Operating income in YPF’s Downstream business segment in Q3 2015 was Ps 3.5 billion, an 8.9% decrease compared to Ps 3.9 billion during Q3 2014.

Revenues increased by 2.6% compared to Q3 2014, largely due to:

 

  i. Increases in gasoline sales of Ps 1.0 billion, due to a 10.0% increase in the average price obtained and an overall 4.3% increase in sales volumes, notably including a 33.7% increase in sales volumes of Infinia gasoline;

 

  ii. Declines in diesel sales of Ps 0.2 billion due to a 5.5% decrease in sales volumes, which was partially offset by an 8.8% increase in the average prices obtained. The lower sales volumes were driven by adverse weather events during the period that disrupted the agricultural and transportation sectors. Nonetheless, sales volumes of Eurodiesel, which is a premium diesel product, increased 24.3%;

 

  iii. Increases in fuel oil sales of Ps 0.5 billion, which includes both the domestic and international markets, due to a 33.6% increase in sales volumes and higher sales prices;

 

  iv. Decreases in revenues in the domestic market for petrochemical products of Ps 0.2 billion due to lower prices in Argentine peso terms, mainly stemming from the drop in the price of products tied to the Brent oil price as well as an 11.0% decrease in sales volumes; and

 

  v. Decreases in exports of LPG and jet fuel revenues of Ps 0.3 billion due to decreases in international prices. However, exports of flour, grains and oils increased 9.5%, totaling Ps 1.0 billion.

 

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In Q3 2015, costs increased by 4.0% (an increase of Ps 1.3 billion) compared to Q3 2014.

 

  i. Similar costs to purchase crude oil, with a net decrease of Ps 72 million. Higher purchases of crude oil from third parties were completely offset by lower volumes transferred from the Upstream line of business. Prices paid to third parties and the Upstream line of business increased 2.5% and 1.4%, respectively;

 

  ii. Greater imports of diesel and jet fuel of Ps 0.2 billion, with greater volumes imported but at lower prices;

 

  iii. Greater depreciation of fixed assets of approximately Ps 0.1 billion and

 

  iv. in relation to production costs, during Q3 2015 refining costs increased Ps 0.3 billion, which is primarily due to increases in expenses and salaries. Consequently, and considering the processing level at our refineries decreased slightly, refining costs increased in Q3 2015 by approximately 25.6% compared to Q3 2014.

In respect of the damage affecting the La Plata refinery in April 2013, insurance compensation of approximately Ps 0.5 billion was received in Q3 2014, which was primarily recorded as a reduction to cost of purchases.

The volume of crude oil processed in Q3 2015 was of 297 Kbbld, 0.6% less than Q3 2014, due mainly to the scheduled halt of activities at the catalytic cracking unit in our La Plata refinery, which resulted in an 8.6% decrease in diesel production, a 7.5% increase in gasoline production and a 24.8% increase in fuel oil production.

The decrease in operating income explained above includes an indirect stake in the company Metrogas, which reported operating profits of Ps 249 million and Ps 73 million for Q3 2015 and Q3 2014, respectively, and which in Q3 2015 accrued Ps. 0.2 billion corresponding to temporary economic assistance provided by Resolution No. 263/2015 by the Argentine Secretary of Energy.

CAPEX

Capital expenditure in YPF’s Downstream business segment for Q3 2015 reached Ps 2.8 billion, a 21.7% increase compared to Q3 2014. Investment activities continue such as the multi-year projects and the engineering process in new units to increase gasoline and diesel production capacity, as well as to improve the quality of such products. Notably, a coke unit and advances in engineering work for a new alkylation unit at the La Plata Refinery as well as the new gasoline hydrogenation units in La Plata and Mendoza together with other activities were intended to improve YPF’s logistics facilities and projects addressing optimization of safety and environmental performance.

3.3 CORPORATE

This business segment involves mainly corporate costs and other activities that are not reported in any of the previously-mentioned business segments.

Corporate operating income for Q3 2015 was a loss of Ps 0.4 billion, an 11.5% increase compared to a loss of Ps 0.5 billion for Q3 2014. The increases in personnel expenses, among other corporate expenses, were fully offset by the higher revenues at A-Evangelista.

In turn, consolidation adjustments relating to eliminating results among business segments not transferred to third parties were Ps 0.4 billion for Q3 2015 and Ps 0.2 billion for Q3 2014.

3.4 RELATED COMPANIES

Results from related companies for Q3 2015 were of Ps 36 million, compared to Ps 38 million reported for Q3 2014. This change was mainly due to lower revenues in Refinor and operational losses at Profertil, which were almost fully offset by greater operating profits at Mega.

 

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4. LIQUIDITY AND SOURCES OF CAPITAL

For Q3 2015, cash flow generation was Ps 9.8 billion, a 46.4% decrease compared to Q3 2014. This Ps 8.5 billion decrease was generated due to a slight decrease in adjusted EBITDA of Ps 0.2 billion, of greater increases in working capital compared to Q3 2014, due to the revenue accrual from outstanding receivables, including new incentives for crude oil production, and higher income taxes and lower collection of insurance for loss of profits.

As a result of YPF’s financing activities, net cash increased Ps 2.8 billion during Q3 2015 compared to Q3 2014. This increase was driven by new issuances of debt and refinancing of existing debt of Ps 3.2 billion, which were partially offset by Ps 0.4 billion in interest payments.

The cash flow generation mentioned above was directed to investing activities, which totaled Ps 15.8 billion during Q3 2015, a 16.5% increase from Q3 2014 due to increased investments in fixed and intangible assets.

The generation of financial resources described above led to an adequate liquidity level at the end of the quarter, with a total of Ps 10.9 billion in cash and cash equivalents. With regard to the prior quarter net financial debt increased by Ps 9.7 billion (an increase of 17.7%) to reach Ps 64.4 billion in Q3 2015. Total debt expressed in dollars reached USD $8.0 billion, and net debt was USD $6.9 billion, with a net debt/EBITDA(1) ratio of 1.37x.

The average cost of debt denominated in Argentine pesos by the end of Q3 2015 was 23.82%, while the average cost of debt denominated in U.S. dollars was 7.48%.

YPF Notes issued during Q3 2015 and thereafter are detailed below:

 

YPF Note

  

Amount

  

Interest Rate

  

Maturity

Series XL

   ARS 500 million    BADLAR + 3.49%    24 months

Series XLI

   ARS 1,900 million    BADLAR + 0.0%    60 months

Series XLII

   ARS 981 million    BADLAR + 4.0%    60 months

Series XLIII (Q4 2015)

   ARS 2,000 million    BADLAR + 0.0%    96 months

 

(1) Net Debt: $6.870 billion/EBITDA LTM: $5.013 billion =1.37x.

 

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5. TABLES AND NOTES

 

Q3 2015 Results

 

 


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5.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)

 

Q3
2014
    Q2
2015
    Q3
2015
    Var.%
Q3 15/ Q3 14
          Jan-Sep
2014
    Jan-Sep
2015
    Var.%
2015 / 2014
 
  38,209        39,557        40,931        7.1%       Revenues      104,203        115,190        10.5%   
  (26,365     (30,010     (30,670     16.3%       Costs of sales      (74,808     (86,756     16.0%   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  11,844        9,547        10,261        (13.4%)       Gross profit      29,395        28,434        (3.3%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  (2,766     (2,886     (2,587     (6.5%)       Selling expenses      (7,287     (8,065     10.7%   
  (1,119     (1,358     (1,301     16.3%       Administration expenses      (3,116     (3,857     23.8%   
  (306     (387     (1,182     286.3%       Exploration expenses      (1,230     (1,760     43.1%   
  391        662        440        12.5%       Other operating results, net      616        926        50.3%   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  8,044        5,578        5,631        (30.0%)       Operating income      18,378        15,678        (14.7%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  38        54        36        5.3%       Income on investments in companies      61        52        (14.8%)   
         Financial income (expenses), net       
  (140     71        (31     (77.9%)       Gains (losses) on assets      (1,162     76        (106.5%)   
  480        416        327        (31.9%)       Interests      1,078        1,051        (2.5%)   
  (620     (345     (358     (42.3%)       Exchange differences      (2,240     (975     (56.5%)   
  87        (994     (670     (870.1%)       (Losses) gains on liabilities      4,610        (2,085     (145.2%)   
  (1,793     (2,646     (2,401     33.9%       Interests      (5,304     (7,049     32.9%   
  1,880        1,652        1,731        (7.9%)       Exchange differences      9,914        4,964        (49.9%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  8,029        4,709        4,966        (38.1%)       Net income before income tax      21,887        13,721        (37.3%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  (4,810     (2,411     (3,082     (35.9%)       Income tax      (14,338     (7,430     (48.2%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  7        1        34         Net income (loss) for noncontrolling interest      (70     17     

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  3,212        2,297        1,850        (42.4%)       Net income for the period (*)      7,619        6,274        (17.7%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  8.19        5.86        4.72        (42.3%)       Earnings per share, basic and diluted (*)      19.43        16.00        (17.6%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  2,515        2,592        3,206        27.5%       Other comprehensive Income      15,159        8,229        (45.7%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  5,734        4,890        5,090        (11.2%)       Total comprehensive income for the period      22,708        14,520        (36.1%)   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 
  13,603        12,395        13,363        (1.8%)       Adj. EBITDA (**)      32,975        35,967        9.1%   

 

 

   

 

 

   

 

 

   

 

 

       

 

 

   

 

 

   

 

 

 

Note: Information reported in accordance with International Financial Reporting Standards (IFRS), except adjusted EBITDA.

 

(*) Attributable to controlling shareholder.
(**) Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) 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 + Unproductive exploratory drillings.

 

10


Table of Contents
LOGO   Consolidated Results Q3 2015    

 

 

5.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Q3 2015 figures unaudited, figures expressed in millions of pesos)

 

     12/31/2014      09/30/2015  

Noncurrent Assets

     

Intangible assets

     4,393         5,033   

Fixed assets

     156,930         194,047   

Investments in companies

     3,177         3,309   

Deferred income tax assets

     244         223   

Other receivables and advances

     1,691         1,833   

Trade receivables

     19         342   
  

 

 

    

 

 

 

Total Non-current assets

     166,454         204,787   
  

 

 

    

 

 

 

Current Assets

     

Inventories

     13,001         14,431   

Other receivables and advances

     7,170         11,002   

Trade receivables

     12,171         15,594   

Cash and equivalents

     9,758         10,857   
  

 

 

    

 

 

 

Total current assets

     42,100         51,884   
  

 

 

    

 

 

 

Total assets

     208,554         256,671   
  

 

 

    

 

 

 

Shareholders’ equity

     

Shareholders’ contributions

     10,400         10,370   

Reserves and unappropriated retained earnings

     62,230         76,230   

Noncontrolling interest

     151         218   
  

 

 

    

 

 

 

Total Shareholders’ equity

     72,781         86,818   
  

 

 

    

 

 

 

Noncurrent Liabilities

     

Provisions

     26,564         29,948   

Deferred income tax liabilities

     18,948         23,554   

Other taxes payable

     299         220   

Loans

     36,030         59,526   

Accounts payable

     566         721   
  

 

 

    

 

 

 

Total Noncurrent Liabilities

     82,407         113,969   
  

 

 

    

 

 

 

Current Liabilities

     

Provisions

     2,399         2,525   

Income tax liability

     3,972         1,058   

Other taxes payable

     1,411         3,602   

Salaries and social security

     1,903         2,026   

Loans

     13,275         15,720   

Accounts payable

     30,406         30,953   
  

 

 

    

 

 

 

Total Current Liabilities

     53,366         55,884   
  

 

 

    

 

 

 

Total Liabilities

     135,773         169,853   
  

 

 

    

 

 

 

Total Liabilities and Shareholders’ Equity

     208,554         256,671   
  

 

 

    

 

 

 

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

 

11


Table of Contents
LOGO   Consolidated Results Q3 2015    

 

 

5.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)

 

Q3
2014
    Q2
2015
    Q3
2015
         Jan-Sep
2014
    Jan-Sep
2015
 
     

Cash Flows from operating activities

    
  3,219        2,298        1,884     

Net income

     7,549        6,291   
  (38     (54     (36  

Income from investments in companies

     (61     (52
  5,343        6,502        6,895     

Depreciation of fixed assets

     13,660        18,961   
  77        91        65     

Amortization of intangible assets

     250        225   
  868        847        1,811     

Consumption of materials and fixed assets and intangible assets retired, net of provisions

     2,671        3,250   
  922        662        709     

Net increase in provisions

     2,465        2,274   
  508        1,118        (253  

Interest, exchange differences and other

     (1,042     1,350   
  28        26        36     

Stock compensation plan

     56        89   
  (505     (12     (562  

Accrued insurance

     (1,632     (1,085
     

Changes in assets and liabilities:

    
  (707     (2,023     (1,218  

Trade receivables

     (4,150     (2,853
  (64     (2,698     (1,053  

Other receivables and liabilities

     (802     (4,299
  75        499        (1,005  

Inventories

     232        (240
  1,323        1,278        889     

Accounts payable

     1,663        3,182   
  2,082        538        463     

Other Taxes payable

     3,006        2,112   
  419        206        396     

Salaries and Social Securities

     431        123   
  (426     (507     (347  

Decrease in provisions from payments

     (1,580     (1,247
  18        29        2     

Dividends from investments in companies

     233        181   
  1,098        1,673        —       

Insurance charge for loss of profit

     1,689        1,673   
  4,009        (471     1,106     

Net charge of income tax payment

     11,756        1,780   
  4,810        2,411        3,082     

Income tax

     14,338        7,430   
  (801     (2,882     (1,976  

Income tax payments

     (2,582     (5,650

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  18,249        10,002        9,782     

Net cash flows provided by operating activities

     36,394        31,715   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
     

Cash flows from investing activities

    
     

Payments for investments:

    
  (13,213     (15,239     (15,825  

Acquisitions of fixed assets and Intangible assets

     (35,365     (46,692
  (9     (161     —       

Contributions and acquisitions of interests in companies

     (94     (163
  —          —          —       

Liabilities of sales of fixed assets

     1,711        —     
  (357     —          —       

Acquisitions of participation in UTEs

     (869     —     
  —          —          —       

Acquisition of subsidiaries net of acquired funds

     (6,103     —     
  —          —          —       

Insurance charge for material damages

     1,818        —     

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  (13,579     (15,400     (15,825  

Net cash flows used in investing activities

     (38,902     (46,855

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
     

Cash flows from financing activities

    
  (3,030     (7,340     (5,652  

Payment of loans

     (9,012     (17,624
  (969     (1,766     (1,386  

Payment of interests

     (3,215     (4,531
  4,141        17,443        9,935     

Proceeds from loans

     19,342        38,162   
  (464     —          (503  

Payments of dividends

     (464     (503
  (145     (45     (74  

Acquisition of own shares

     (198     (119

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  (467     8,292        2,320     

Net cash flows provided by financing activities

     6,453        15,385   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  222        305        342     

Effect of changes in exchange rates on cash and equivalents

     1,215        854   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  4,425        3,199        (3,381  

Increase (Decrease) in Cash and Equivalents

     5,160        1,099   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  11,448        11,039        14,238     

Cash and equivalents at the beginning of the period

     10,713        9,758   
  15,873        14,238        10,857     

Cash and equivalents at the end of the period

     15,873        10,857   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  4,425        3,199        (3,381  

Increase (Decrease) in Cash and Equivalents

     5,160        1,099   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
     

COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD

    
  6,567        9,382        9,195     

Cash

     6,567        9,195   
  9,306        4,856        1,662     

Other Financial Assets

     9,306        1,662   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 
  15,873        14,238        10,857     

TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD

     15,873        10,857   

 

 

   

 

 

   

 

 

      

 

 

   

 

 

 

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

 

12


Table of Contents
LOGO   Consolidated Results Q3 2015    

 

 

5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION

(Unaudited, figures expressed in millions of pesos)

 

Q3 2015

   Upstream      Downstream      Corporate and
Other
     Consolidation
Adjustments
     Total  

Revenues

     4,288         36,345         297         —           40,930   

Revenues from intersegment sales

     16,202         334         1,639         -18,175         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Revenues

     20,490         36,679         1,936         -18,175         40,930   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating Income (loss)

     2,171         3,522         -417         355         5,631   

Investments in companies

     3         33         —           —           36   

Depreciation of fixed assets

     6,023         778         94         —           6,895   

Acquisitions of fixed assets

     12,315         2,813         625         —           15,753   

Assets

     158,560         79,353         20,371         -1,613         256,671   

Q3 2014

   Upstream      Downstream      Corporate and
Other
     Consolidation
Adjustments
     Total  

Revenues

     2,607         35,459         143         —           38,209   

Revenues from intersegment sales

     16,750         287         1,476         -18,513         —     
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Revenues

     19,357         35,746         1,619         -18,513         38,209   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating Income (loss)

     4,463         3,864         -471         188         8,044   

Investments in companies

     -3         41         —           —           38   

Depreciation of fixed assets

     4,618         634         91         —           5,343   

Acquisitions of fixed assets

     11,120         2,312         344         —           13,776   

Assets

     117,737         67,692         22,279         -2,696         205,012   

 

13


Table of Contents
LOGO   Consolidated Results Q3 2015    

 

 

5.5 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES (unaudited figures)

 

Million USD    2014
Q3
     2014
Q2
     2015
Q3
     Var
Q3 15/ Q3 14
     2014
Jan-Sep
     2015
Jan-Sep
     Var
2015 / 2014
 

INCOME STATEMENT

                    

Revenues

     4,632         4,443         4,448         -4.0%         13,113         12,921         -1.5%   

Costs of sales

     -3,196         -3,371         -3,333         4.3%         -9,414         -9,732         3.4%   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross profit

     1,436         1,072         1,115         -22.3%         3,699         3,189         -13.8%   

Selling expenses

     -335         -324         -281         -16.2%         -917         -905         -1.3%   

Administration expenses

     -136         -153         -141         4.2%         -392         -433         10.3%   

Exploration expenses

     -37         -43         -128         246.3%         -155         -197         27.5%   

Other expenses

     47         74         48         0.9%         78         104         34.0%   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Operating income

     975         627         612         -37.2%         2,313         1,759         -24.0%   

Depreciation of fixed assets

     648         730         749         15.7%         1,719         2,127         23.7%   

Amortization of intangible assets

     9         10         7         -24.3%         31         25         -19.8%   

Unproductive exploratory drillings

     17         25         84         397.9%         86         124         43.1%   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Adj. EBITDA (**)

     1,649         1,392         1,452         -11.9%         4,150         4,034         -2.8%   

UPSTREAM

                    

Revenues

     2,347         2,197         2,227         -5.1%         6,413         6,576         2.5%   

Operating income

     541         285         236         -56.4%         1,357         781         -42.4%   

Depreciation

     560         633         655         16.9%         1,468         1,845         25.7%   

Capital expenditures

     1,348         1,394         1,336         -0.9%         3,573         3,971         11.1%   

DOWNSTREAM

                    

Revenues

     4,334         3,962         3,986         -8.0%         12,382         11,647         -5.9%   

Operating income

     468         434         383         -18.3%         1,162         996         -14.3%   

Depreciation

     77         87         85         10.0%         223         252         13.3%   

Capital expenditures

     280         226         306         9.1%         647         702         8.4%   

CORPORATE AND OTHER

                    

Operating income

     -57         -58         -45         -20.6%         -150         -166         10.7%   

Capital expenditures

     42         38         68         62.9%         104         132         27.5%   

CONSOLIDATION ADJUSTMENTS

                    

Operating income

     23         -35         39         69.3%         -57         147         -358.9%   

Average exchange rate for the period

     8.25         8.90         9.20            7.95         8.91      

NOTE: The calculation of the main financial figures in U.S. dollars is derived from the calculation of the financial results expressed in Argentine pesos using the average exchange rate for each period.

 

(**) Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) 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 + Unproductive exploratory drillings

 

14


Table of Contents
LOGO   Consolidated Results Q3 2015    

 

 

5.6 MAIN PHYSICAL MAGNITUDES (Unaudited figures)

 

        2014           2015  
   

Unit

  Q1     Q2     Q3     Q4     Cum. 2014     Q1     Q2     Q3     Cum. 2015  

Production

                   

Crude oil production

  Kbbl     21,753        21,923        22,634        22,986        89,296        22,250        22,736        22,934        67,920   

NGL production

  Kbbl     4,831        3,626        3,970        5,348        17,776        5,448        3,522        4,015        12,985   

Gas production

  Mm3     3,355        3,970        4,138        4,021        15,483        3,950        4,063        4,080        12,092   

Total production

  Kboe     47,684        50,517        52,628        53,621        204,450        52,538        51,808        52,611        156,957   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Henry Hub

  USD/Mbtu     4.94        4.67        4.06        4.00        4.42        2.98        2.64        2.77        2.80   

Brent

  USD/Bbl     108.17        109.70        101.82        76.40        99.02        53.92        61.69        50.23        55.32   

Sales

                   

Sales of petroleum products

                   

Domestic market

                   

Gasoline

  Km3     1,229        1,126        1,158        1,210        4,723        1,246        1,171        1,208        3,625   

Diesel

  Km3     1,920        2,043        2,160        2,044        8,166        1,906        2,169        2,040        6,114   

Jet fuel and kerosene

  Km3     124        108        116        123        471        125        108        130        364   

Fuel Oil

  Km3     294        297        257        320        1,168        348        396        378        1,122   

LPG

  Km3     151        236        275        186        848        176        212        238        626   

Others (*)

  Km3     286        304        361        589        1,540        305        346        314        965   

Total domestic market

  Km3     4,004        4,113        4,327        4,472        16,916        4,106        4,403        4,308        12,816   

Export market

                   

Petrochemical naphtha

  Km3     0        0        0        0        0        18        12        7        38   

Jet fuel and kerosene

  Km3     129        116        126        128        500        122        127        130        379   

LPG

  Km3     124        35        24        115        299        149        52        42        243   

Bunker (Diesel and Fuel Oil)

  Km3     194        205        128        178        704        153        115        130        398   

Others (*)

  Km3     8        18        5        7        38        7        10        4        21   

Total export market

  Km3     455        375        284        428        1,541        449        316        314        1,078   

Total sales of petroleum products

  Km3     4,459        4,488        4,610        4,900        18,457        4,555        4,718        4,622        13,895   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales of petrochemical products

                   

Domestic market

                   

Fertilizers

  Ktn     32        39        76        80        227        21        34        45        100   

Methanol

  Ktn     47        73        103        85        308        49        61        75        185   

Others

  Ktn     138        143        129        131        541        130        164        143        437   

Total domestic market

  Ktn     217        255        308        296        1,076        200        259        263        722   

Export market

                   

Methanol

  Ktn     33        22        21        1        77        41        36        54        131   

Others

  Ktn     24        33        67        53        177        28        50        33        111   

Total export market

  Ktn     57        55        88        54        254        69        86        87        242   

Total sales of petrochemical products

  Ktn     274        310        396        350        1,330        269        345        350        964   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Sales of other products

                   

Grain, flours and oils

                   

Domestic market

  Ktn     20        22        21        3        66        30        31        13        74   

Export market

  Ktn     85        251        292        212        840        155        418        358        931   

Total Grain, flours and oils

  Ktn     105        273        313        215        906        185        449        371        1,005   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Main products imported

                   

Gasolines and Jet Fuel

  Km3     179        94        0        42        316        20        22        43        85   

Diesel

  Km3     473        275        191        304        1,243        196        343        346        885   
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(*) Principally includes sales of oil and lubricant bases, grease, asphalt and residual carbon, among others.

 

15


Table of Contents

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 as of the date hereof of YPF and its management, including statements with respect to trends affecting 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 the future price of petroleum and petroleum products, 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 in circumstances and other factors that 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 the future price of petroleum and petroleum products, 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 fluctuations in the price of petroleum and petroleum products, 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 before the Comisión Nacional de Valores in Argentina and with the U.S. 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, 2014 filed with the 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 elsewhere. The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Investor Relations

E-mail: inversoresypf@ypf.com

Website: ir.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 1215

Fax: 54 11 5441 2113


Table of Contents

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: November 5, 2015     By:  

/s/ Diego Celaá

   

Name:

Title:

 

Diego Celaá

Market Relations Officer