SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

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

of the Securities Exchange Act of 1934

For the month of May 2023

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  ☒            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  ☒

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  ☒

 

 

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF MARCH 31, 2023

AND COMPARATIVE INFORMATION (UNAUDITED)

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT

 

Note		Description		Page
		Glossary of terms		1
		Legal Information		2
		Condensed interim consolidated statements of financial position		3
		Condensed interim consolidated statements of comprehensive income		4
		Condensed interim consolidated statements of changes in shareholders’ equity		5
		Condensed interim consolidated statements of cash flow		7
		Notes to the condensed interim consolidated financial statements:
1		General information, structure and organization of the Group’s business		8
2		Basis of preparation of the condensed interim consolidated financial statements		9
3		Seasonality of operations		11
4		Acquisitions and dispositions		11
5		Financial risk management		11
6		Business segment information		12
7		Financial instruments by category		17
8		Intangible assets		17
9		Property, plant and equipment		18
10		Right-of-use assets		21
11		Investments in associates and joint ventures		21
12		Inventories		24
13		Other receivables		24
14		Trade receivables		24
15		Investment in financial assets		25
16		Cash and cash equivalents		25
17		Provisions		25
18		Income Tax		26
19		Taxes payable		27
20		Salaries and social security		27
21		Lease liabilities		27
22		Loans		28
23		Other liabilities		30
24		Accounts payable		30
25		Revenues		30
26		Costs		32
27		Expenses by nature		33
28		Other net operating results		34
29		Net financial results		34
30		Investments in joint operations		34
31		Shareholders’ equity		35
32		Earnings per share		35
33		Issues related to Maxus Entities		35
34		Contingent assets and contingent liabilities		36
35		Contractual commitments		37
36		Main regulations		37
37		Balances and transactions with related parties		39
38		Employee benefit plans and similar obligations		42
39		Assets and liabilities in currencies other than the peso		43
40		Subsequent events		44

1

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS

 

Term		Definition
ADR		American Depositary Receipt
ADS		American Depositary Share
AESA		Subsidiary A-Evangelista S.A.
AFIP		Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES		National Administration of Social Security (Administración Nacional de la Seguridad Social)
ASC		Accounting Standards Codification
Associate		Company over which YPF has significant influence as provided for in IAS 28
B2B		Business to Business
B2C		Business to Consumer
BCRA		Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA		Argentine Nation Bank (Banco de la Nación Argentina)
BO		Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
BONAR		Argentine Treasury Bonds (Bonos de la Nación Argentina)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CDS		Associate Central Dock Sud S.A.
CGU		Cash-Generating Units
CNDC		Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV		Argentine Securities Commission (Comisión Nacional de Valores)
CPI		Consumer Price Index published by INDEC
CSJN		Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán		Joint Venture CT Barragán S.A.
Dollar		United States Dollar
Eleran		Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA		Energía Argentina S.A. (formerly Integración Energética Argentina S.A. “IEASA”)
FACPCE		Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales de Ciencias Económicas)
FASB		Financial Accounting Standards Board
FOB		Free on board
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
Gas Austral		Associate Gas Austral S.A.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
IIBB		Turnover tax (Impuesto a los ingresos brutos)
INDEC		National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
JO		Joint operation
Joint venture		Company jointly owned by YPF as provided for in IFRS 11
LGS		General Corporations Law (Ley General de Sociedades) No. 19,550 (T.O. 1984), as amended
LNG		Liquified natural gas
LPG		Liquefied Petroleum Gas
MBtu		Million British thermal units
MEGA		Joint Venture Company Mega S.A.
Metroenergía		Subsidiary Metroenergía S.A.
Metrogas		Subsidiary Metrogas S.A.
MINEM		Former Ministry of Energy and Mining (Ministerio de Energía y Minería)
NO		Negotiable Obligations
Oiltanking		Associate Oiltanking Ebytem S.A.
OLCLP		Joint Venture Oleoducto Loma Campana – Lago Pellegrini S.A.
Oldelval		Associate Oleoductos del Valle S.A.
OPESSA		Subsidiary Operadora de Estaciones de Servicios S.A.
OTA		Joint Venture OleoductoTrasandino (Argentina) S.A.
OTC		Joint Venture OleoductoTrasandino (Chile) S.A.
PEN		National Executive Power (Poder Ejecutivo Nacional)
Peso		Argentine peso
PIST		Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil		Joint Venture Profertil S.A.
Refinor		Joint Venture Refinería del Norte S.A.
ROD		Record of decision
RTI		Integral Tariff Review (Revisión Tarifaria Integral)
RTT		Transitional Tariff Regime (Régimen Tarifario de Transición)
SE		Secretariat of Energy (Secretaría de Energía)
SEC		U.S. Securities and Exchange Commission
SEE		Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE		Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH		Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC		Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary		Company controlled by YPF in accordance with the provisions of IFRS 10.
Sustentator		Joint Venture Sustentator S.A.
Termap		Associate Terminales Marítimas Patagónicas S.A.
TFN		National Fiscal Tribunal (Tribunal Fiscal de la Nación)
UNG		Unaccounted Natural Gas
US$		United States Dollar
US$/Bbl		Dollar per barrel
UVA		Unit of Purchasing Power
VAT		Value Added Tax
YPF Brasil		Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda.
YPF Chile		Subsidiary YPF Chile S.A.
YPF EE		Joint venture YPF Energía Eléctrica S.A.
YPF Gas		Associate YPF Gas S.A.
YPF Holdings		Subsidiary YPF Holdings, Inc.
YPF International		Subsidiary YPF International S.A.
YPF or the Company		YPF S.A.
YPF Perú		Subsidiary YPF E&P Perú S.A.C.
YPF Ventures		Subsidiary YPF Ventures S.A.U.
YTEC		Subsidiary YPF Tecnología S.A.
Y-LUZ		Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE
WEM		Wholesale Electricity Market
WI		Working interest

2

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year number 47

Beginning on January 1, 2023.

Principal business of the Company

The Company’s purpose shall be to perform, on its own, through third parties or in association with third parties, the study, exploration, development and production of oil, natural gas and other minerals and refining, commercialization and distribution of oil and petroleum products and direct and indirect petroleum derivatives, including petrochemicals, chemicals, including those derived from hydrocarbons, and non-fossil fuels, biofuels and their components, as well as production of electric power from hydrocarbons, through which it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company’s purpose to render, directly, through a subsidiary or in association with third parties, telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its objective. In order to fulfill these objectives, the Company may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry

Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Buenos Aires City, in charge of the Argentine Registrar of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109, Book 113, Volume A, Sociedades Anónimas, with the above mentioned Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

April 30, 2021 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on August 5, 2021 under No. 12,049, Book 103 of Corporations.

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in pesos)

3,933,127,930

 

 

 

				PABLO GERARDO GONZÁLEZ President

3

English translation of the financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2023 AND DECEMBER 31, 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)

 

		Notes				March 31,         2023				December 31,     2022
ASSETS
Non-current assets
Intangible assets			8				79,182				68,052
Property, plant and equipment			9				3,767,050				3,100,306
Right-of-use assets			10				112,591				95,748
Investments in associates and joint ventures			11				376,546				337,175
Deferred income tax assets, net			18				3,341				3,010
Other receivables			13				43,202				36,468
Trade receivables			14				1,101				1,027
Investment in financial assets			15				35,015				35,664
Total non-current assets							4,418,028				3,677,450
Current assets
Inventories			12				389,389				307,766
Contract assets			25				1,874				148
Other receivables			13				134,489				143,231
Trade receivables			14				275,518				266,201
Investment in financial assets			15				58,878				56,489
Cash and cash equivalents			16				211,905				136,874
Total current assets							1,072,053				910,709
TOTAL ASSETS							5,490,081				4,588,159
SHAREHOLDERS’ EQUITY
Shareholders’ contributions							6,411				6,306
Retained earnings							2,250,866				1,844,724
Shareholders’ equity attributable to shareholders of the parent company							2,257,277				1,851,030
Non-controlling interest							20,997				17,274
TOTAL SHAREHOLDERS’ EQUITY							2,278,274				1,868,304
LIABILITIES
Non-current liabilities
Provisions			17				451,578				455,213
Deferred income tax liabilities, net			18				330,402				306,708
Income tax liability			18				4,318				4,588
Taxes payable			19				177				185
Salaries and social security			20				437				215
Lease liabilities			21				55,850				48,224
Loans			22				1,301,199				1,053,196
Other liabilities			23				20,737				3,302
Accounts payable			24				1,492				1,319
Total non-current liabilities							2,166,190				1,872,950
Current liabilities
Provisions			17				102,946				34,981
Contract liabilities			25				19,683				13,577
Income tax liability			18				5,376				4,711
Taxes payable			19				30,648				30,660
Salaries and social security			20				44,250				52,622
Lease liabilities			21				62,226				52,061
Loans			22				231,479				201,808
Other liabilities			23				11,743				2,359
Accounts payable			24				537,266				454,126
Total current liabilities							1,045,617				846,905
TOTAL LIABILITIES							3,211,807				2,719,855
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY							5,490,081				4,588,159

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

 

		PABLO GERARDO GONZÁLEZ President

4

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos, except per share information, expressed in pesos)

 

						For the three-month period ended     March 31,
		Notes				2023				2022
Net income
Revenues			25				820,325				401,451
Costs			26				(646,516)				(303,142)
Gross profit							173,809				98,309
Selling expenses			27				(82,750)				(40,506)
Administrative expenses			27				(30,970)				(14,774)
Exploration expenses			27				(3,698)				(1,123)
Other net operating results			28				(1,435)				(1,457)
Operating profit							54,956				40,449
Income from equity interests in associates and joint ventures			11				16,946				12,229
Financial income			29				116,187				32,110
Financial costs			29				(135,742)				(43,037)
Other financial results			29				24,007				6,332
Net financial results			29				4,452				(4,595)
Net profit before income tax							76,354				48,083
Income tax			18				(17,754)				(21,666)
Net profit for the period							58,600				26,417
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures							(17,650)				(3,835)
Result from net monetary position in subsidiaries, associates and joint ventures (1)							24,400				8,378
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF							344,515				71,406
Other comprehensive income for the period							351,265				75,949
Total comprehensive income for the period							409,865				102,366
Net profit / (loss) for the period attributable to:
Shareholders of the parent company							58,566				26,603
Non-controlling interest							34				(186)
Other comprehensive income for the period attributable to:
Shareholders of the parent company							347,576				74,645
Non-controlling interest							3,689				1,304
Total comprehensive income for the period attributable to:
Shareholders of the parent company							406,142				101,248
Non-controlling interest							3,723				1,118
Earnings per share attributable to shareholders of the parent company:
Basic and diluted			32				149.60				67.69

 

(1)	Result associated to subsidiaries, associates and joint ventures with the peso as functional currency, see Note 2.b.1) to the annual consolidated financial statements.

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

 

		PABLO GERARDO GONZÁLEZ President

5

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)

 

		For the three-month period ended March 31, 2023
		Shareholders’ contributions
		Capital				Adjustment to capital				Treasury shares				Adjustment to treasury shares				Share-based benefit plans						Acquisition cost of treasury shares (2)						Share trading premium				Issuance premiums				Total
Balance at the beginning of the fiscal year			3,915				6,072				18				29				289						(4,499)						(158)				640				6,306
Accrual of share-based benefit plans (3)			-				-				-				-				109						-						-				-				109
Settlement of share-based benefit plans			-				-				-				-				(1)						(2)						(1)				-				(4)
Other comprehensive income			-				-				-				-				-						-						-				-				-
Net profit for the period			-				-				-				-				-						-						-				-				-
Balance at the end of the period			3,915				6,072				18				29				397						(4,501)						(159)				640				6,411
		Retained earnings																												Equity attributable to
		Legal   reserve				Reserve for   future dividends				Reserve for   investments				Reserve for   purchase of treasury shares				Other   comprehensive   income						Unappropriated   retained earnings and losses						Shareholders   of the parent company				Non-   controlling   interest				Total shareholders’   equity
Balance at the beginning of the fiscal year			139,275				-				-				-				704,235						1,001,214			(4)			1,851,030				17,274				1,868,304
Accrual of share-based benefit plans (3)			-				-				-				-				-						-						109				-				109
Settlement of share-based benefit plans			-				-				-				-				-						-						(4)				-				(4)
Other comprehensive income			24,975				-				-				-				130,440						192,161						347,576				3,689				351,265
Net profit for the period			-				-				-				-				-						58,566						58,566				34				58,600
Balance at the end of the period			164,250				-				-				-				834,675			(1)			1,251,941			(4)			2,257,277				20,997				2,278,274

 

(1)

Includes 934,904 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36), (316,556) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar (which includes (217,896) corresponding to the effect of the translation to YPF’s presentation currency) and 216,327 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 105,942 corresponding to the effect of the translation to YPF’s presentation currency). See Note 2.b.1) to the annual consolidated financial statements and Note 2.b).

(2)

Net of employees’ income tax withholdings related to the share-based benefit plans.

(3)

See Note 38.

(4)

Includes 14,199 and 12,040 restricted to the distribution of unappropiated retained earnings and losses as of March 31, 2023 and December 31, 2022, respectively. See Note 2.b.16) to the annual consolidated financial statements.

 

 

		PABLO GERARDO GONZÁLEZ President

6

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023 AND 2022 (UNAUDITED) (cont.)
(Amounts expressed in millions of pesos)

 

		For the three-month period ended March 31, 2022
		Shareholders’ contributions
		Capital				Adjustment to capital				Treasury shares				Adjustment to treasury shares				Share-based benefit plans								Acquisition cost of treasury shares (2)				Share trading premium				Issuance premiums				Total
Balance at the beginning of the fiscal year			3,931				6,095				2				6				372								(493)				(49)				640				10,504
Modification to the balance at the beginning of the fiscal year (4)			-				-				-				-				-								-				-				-				-
Balance at the beginning of the fiscal year modified			3,931				6,095				2				6				372								(493)				(49)				640				10,504
Accrual of share-based benefit plans (3)			-				-				-				-				53								-				-				-				53
Settlement of share-based benefit plans			-				-				-				-				(9)								1				6				-				(2)
Other comprehensive income			-				-				-				-				-								-				-				-				-
Net profit / (loss) for the period			-				-				-				-				-								-				-				-				-
Balance at the end of the period			3,931				6,095				2				6				416								(492)				(43)				640				10,555
		Retained earnings																												Equity attributable to
		Legal   reserve				Reserve for   future dividends				Reserve for investments				Reserve for purchase of treasury shares				Other   comprehensive   income								Unappropriated   retained earnings and losses				Shareholders   of the parent company				Non-   controlling   interest				Total   shareholders’   equity
Balance at the beginning of the fiscal year			2,007				-				-				-				883,589								(56,208)				839,892				8,226				848,118
Modification to the balance at the beginning of the fiscal year (4)			78,714				-				-				-				(486,589)								407,875				-				-				-
Balance at the beginning of the fiscal year modified			80,721				-				-				-				397,000								351,667				839,892				8,226				848,118
Accrual of share-based benefit plans (3)			-				-				-				-				-								-				53				-				53
Settlement of share-based benefit plans			-				-				-				-				-								-				(2)				-				(2)
Other comprehensive income			6,521				-				-				-				36,529								31,595				74,645				1,304				75,949
Net profit / (loss) for the period			-				-				-				-				-								26,603				26,603				(186)				26,417
Balance at the end of the period			87,242				-				-				-				433,529				(1)				409,865				941,191				9,344				950,535

 

(1)

Includes 492,422 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36), (140,634) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar (which includes (90,565) corresponding to the effect of the translation to YPF’s presentation currency) and 81,741 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 31,765 corresponding to the effect of the translation to YPF’s presentation currency). See Note 2.b.1) to the annual consolidated financial statements and Note 2.b).

(2)

Net of employees’ income tax withholdings related to the share-based benefit plans.

(3)

See Note 38.

(4)

See Note 2.b).

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

 

		PABLO GERARDO GONZÁLEZ President

7

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

 

YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)

 

		For the three-month period ended     March 31,
		2023						2022
Cash flows from operating activities
Net profit for the period			58,600						26,417
Adjustments to reconcile net loss to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures			(16,946)						(12,229)
Depreciation of property, plant and equipment			136,950						62,809
Amortization of intangible assets			1,921						1,182
Depreciation of right-of-use assets			10,703						5,391
Retirement of property, plant and equipment and intangible assets and consumption of materials			16,090						9,103
Charge on income tax			17,754						21,666
Net increase in provisions			20,064						7,653
Effect of changes in exchange rates, interest and others			3,222						765
Share-based benefit plans			732						53
Changes in assets and liabilities:
Trade receivables			19,878						(12,073)
Other receivables			9,116						16,647
Inventories			(23,786)						(285)
Accounts payable			24,968						(1,942)
Taxes payables			(4,399)						18,936
Salaries and social security			(12,304)						(3,554)
Other liabilities			(2,713)						(2,024)
Decrease in provisions included in liabilities due to payment/use			(9,417)						(3,210)
Contract assets			(1,838)						(416)
Contract liabilities			6,024						17,882
Dividends received			41,235						-
Proceeds from collection of profit loss insurance			62						116
Income tax payments			(270)						(256)
Net cash flows from operating activities (1) (2)			295,646						152,631
Investing activities: (3)
Acquisition of property, plant and equipment and intangible assets			(247,158)						(83,629)
Contributions and acquisitions of interests in associates and joint ventures			(396)						-
Proceeds from sales of financial assets			24,859						3,473
Payments from purchase of financial assets			(15,871)						(9,409)
Interests received from financial assets			5,110						89
Proceeds from sales of WI of areas and assets			367						177
Net cash flows used in investing activities			(233,089)						(89,299)
Financing activities: (3)
Payments of loans			(26,084)						(48,747)
Payments of interests			(29,915)						(18,474)
Proceeds from loans			88,027						37,730
Account overdraft, net			(12,487)						(794)
Payments of leases			(17,694)						(9,075)
Payments of interests in relation to income tax			(551)						(47)
Net cash flows from / (used in) financing activities			1,296						(39,407)
Effect of changes in exchange rates on cash and cash equivalents			11,178						1,607
Increase in cash and cash equivalents			75,031						25,532
Cash and cash equivalents at the beginning of the fiscal year			136,874						62,678
Cash and cash equivalents at the end of the period			211,905						88,210
Increase in cash and cash equivalents			75,031						25,532

 

(1)	Does not include effect of changes in exchange rates generated by cash and cash equivalents, which is exposed separately in this statement.

(2)	Includes 11,476 and 5,648 for the three-month period ended March 31, 2023 and 2022, respectively, for payment of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

(3)	The main investing and financing transactions that have not affected cash and cash equivalents correspond to:

 

		For the three-month period ended     March 31,
		2023						2022
Unpaid acquisitions of property, plant and equipment			107,188						30,542
Additions of right-of-use assets			14,737						4,602
Capitalization of depreciation of right-of-use assets			3,207						1,567
Capitalization of financial accretion for lease liabilities			641						532

 

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

 

 

		PABLO GERARDO GONZÁLEZ President

8

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED) (Amounts expressed in millions of pesos, except for shares and per share amounts expressed in pesos, or as otherwise indicated)

 

 

1.  GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the Argentine laws, with a registered office at Macacha Güemes 515, in the City of Buenos Aires.

YPF and its subsidiaries (the “Group”) form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream, Gas and Power, Industrialization and Commercialization businesses.

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of March 31, 2023:

 

 

(1)	Held directly and indirectly.

(2)	See Note 35.c.3) to the annual consolidated financial statements.

(3)	On April 13, 2023, YPF EE, through its subsidiary Y-LUZ, completed the purchase from Enel Américas S.A. of 57.14% of common shares of IDS, taking control of IDS and its subsidiary CDS as of said date.

9

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

1.  GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE GROUP’S BUSINESS (cont.)

 

Organization of the business

As of March 31, 2023, the Group carries out its operations in accordance with the following structure:

 

-

Upstream

 

-

Gas and Power

 

-

Industrialization

 

-

Commercialization

 

-

Central Administration and Others

Activities covered by each business segment are detailed in Note 6.

The operations, properties and clients of the Group are mainly located in Argentina. However, the Group also holds participating interests in exploratory areas in Bolivia and sells jet fuel, natural gas, lubricants and derivatives in Chile and lubricants and derivatives in Brazil.

 

2.	BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

2.a) Basis of preparation

The condensed interim consolidated financial statements of the Group for the three-month period ended March 31, 2023 are presented in accordance with IAS No. 34 “Interim Financial Reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Group as of December 31, 2022 (“annual consolidated financial statements”) presented in accordance with IFRS as issued by the IASB.

Moreover, some additional information required by the LGS and/or CNV’s regulations have been included.

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on May 11, 2023.

These condensed interim consolidated financial statements corresponding to the three-month period ended March 31, 2023 are unaudited. The Company believes they have included all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the three-month period ended March 31, 2023 does not necessarily reflect the proportion of the Group’s full-year Net Income.

2.b) Significant Accounting Policies

The significant accounting policies are described in Note 2.b) to the annual consolidated financial statements.

The accounting policies adopted in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements, except for the valuation policy for income tax detailed in Note 18.

Functional and presentation currency

As mentioned in Note 2.b.1) to the annual consolidated financial statements, YPF has defined the dollar as its functional currency. Additionally, in accordance with the provisions of the LGS and the regulation of the CNV, the Company must present its financial statements in pesos.

10

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

2.  BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

 

On October 28, 2022, CNV General Resolution No. 941/2022 was published in the BO, which introduced certain provisions for issuers whose functional currency differs from the local legal currency in Argentina, which for their own transactions develop presentation and disclosure accounting policies in which the translation differences originated in the retained earnings and reserves accounts are filed in line with the items originating them. As a consequence of this Resolution, from fiscal year ended December 31, 2022, the Company’s Board of Directors decided, as an accounting policy, to directly classify and accumulate translation differences generated by retained earnings at the beginning and end of the fiscal year in the legal reserves account, the reserve for future dividends, the reserve for investments, the reserve for purchase of treasury shares and retained earnings, within Shareholders’ Equity, in compliance with the provisions of Note 2.b.1) to the annual consolidated financial statements. For the sake of uniformity of the comparative information reported in the statements of changes in shareholders’ equity, translation differences accumulated in “Other comprehensive income” have been appropriated to the aforementioned equity items as of March 31, 2022, in compliance with IAS 8 “Accounting policies, changes in accounting estimates and errors”.

Effects of the translation of investments in subsidiaries, associates and joint ventures with a functional currency corresponding to a hyperinflationary economy

The results and financial position of subsidiaries with the peso as functional currency were translated into dollars by the following procedures: All amounts (i.e., assets, liabilities, stockholders’ equity items, expenditures and revenues) were translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which were presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts were not adjusted to reflect subsequent variations in price levels or exchange rates). Thus, the effect of the restatement of comparative amounts was recognized in “Other comprehensive income” in the consolidated statement of comprehensive income.

These criteria were also implemented by the Company for its investments in associates and joint ventures.

Adoption of new standards and interpretations effective as from January 1, 2023

The Company has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of March 31, 2023, as described in Note 2.b.26) to the annual consolidated financial statements. New and revised standards and interpretations which had a significant impact on these condensed interim consolidated financial statements are described below:

•    Amendments to IAS 12 - Deferred tax related to assets and liabilities arising from a single transaction

The amendments introduce an exception to the initial recognition exemption, with specifications on how entities should account for the income tax and the deferred tax in transactions in which the initial recognition of assets and liabilities give rise, at the same time, to equal amounts of taxable and deductible temporary differences. Therefore, in transactions where an asset and a liability are recognized, for example in relation to leases and abandonment or decommissioning obligations, the deferred tax generated by such transactions should be recognized.

On January 1, 2023, in compliance with the amendments mentioned above, the Group breaks down deferred tax assets and liabilities arising from right-of-use-assets and lease liabilities. Also, the comparative information for fiscal year ended December 31, 2022 has been restated in compliance with IAS amendments (see Note 18). However, this had no effect on initial retained earnings.

2.c) Accounting Estimates and Judgments

The preparation of financial statements at a certain date requires the Company to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual future results might differ from the estimates and assessments made as of the date of preparation of these condensed interim consolidated financial statements.

11

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

2.  BASIS OF PREPARATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (cont.)

 

In preparing these condensed interim consolidated financial statements, significant estimates and judgments were made by the Company in applying the accounting policies and the main sources of uncertainty were consistent with those applied by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Notes 2.b) and 2.c) to the annual consolidated financial statements, respectively.

Review of impairment indicators of property, plant and equipment

As explained in Notes 2.b.8) and 2.b.9) to the annual consolidated financial statements, as a general criteria, the method used to estimate the recoverable amount of property, plant and equipment consists of estimating the value-in-use based on the future expected cash flows arising from the use of such assets, discounted at a rate that reflects the weighted average cost of the capital employed.

Regarding interim periods, IAS 34 requires entities to apply the impairment testing of assets. When an entity has previously recognized impairment losses of assets, it is necessary to review the calculations made at the end of the period if the indicators that gave rise to such losses continue to remain present. To such end, the entity shall revise the existence of significant indicators of impairment or reversals since the end of the last fiscal year and determine whether it has to proceed or not with such impairment testing of assets.

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2022 and to the three-month period ended March 31, 2022 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Likewise, changes in comparative figures as mentioned in Notes 2.b), 6 and 25 and certain additional disclosures of non-significant information have been made.

Additionally, as of the year ended December 31, 2022 the Group has made a change in the turnover tax charge presentation in the “Taxes, charges and contributions” line under “Selling expenses” (see Note 27), which was previously included in “Revenues”. The comparative information for the period ended March 31, 2022 has been restated. “Revenues” and “Selling expenses” increased by 13,282. This change had no effect on the Group’s statements of financial position, statements of changes in shareholders’ equity, statements of cash flows, operating profit or loss and net profit or loss.

3.  SEASONALITY OF OPERATIONS

Historically, the Group’s results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Consequently, the Group is subject to seasonal fluctuations in its sales volumes and sales prices, with higher sales of natural gas during the winter at a higher price.

4.  ACQUISITIONS AND DISPOSITIONS

During the three-month period ended March 31, 2023, there were no significant acquisitions and dispositions.

5.  FINANCIAL RISK MANAGEMENT

The Group’s activities expose it to a variety of financial risks: Market risk (including foreign currency risk, interest rate risk, and price risk), credit risk and liquidity risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date.

During the three-month period ended March 31, 2023, there were no significant changes in the administration or risk management policies implemented by the Group as described in Note 4 to the annual consolidated financial statements.

•    Liquidity risk management

Most of the Group’s loans contain market-standard covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others. See Notes 16, 32 and 33 to the annual consolidated financial statements.

12

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

5.  FINANCIAL RISK MANAGEMENT (cont.)

 

The Group monitors compliance with covenants on a quaterly basis. As of March 31, 2023, the Group is in compliace with its covenants.

It should be noted that, under the terms and conditions of the loans that our subsidiary Metrogas has taken with Industrial and Commercial Bank of China Limited - Dubai Branch and Itaú Unibanco - Miami Branch, the interest coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, the financial creditors formally accepted to waive Metrogas from complying with the contractual obligation related to such financial ratio, as of March 31, 2023.

6.  BUSINESS SEGMENT INFORMATION

The different business segments in which the Group’s organization is structured consider the different activities from which the Group can obtain revenues and incur expenses. This organizational structure is based on the way in which the highest decision-making authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment, also considering the business strategy of the Group. Business segment information is presented consistently with the way of reporting the information used by the highest decision-making authority to allocate resources and assess business segment performance.

As mentioned in Note 5 to the annual consolidated financial statements, business segment information is presented in US dollars, the Company’s functional currency (see Note 2.b.1) to the annual consolidated financial statements).

Due to the division of the Downstream Vice Presidency into the Commercialization Vice Presidency and the Industrialization Vice Presidency, from this fiscal year the new management scope of these new business units has been defined. These organizational changes resulted in a modification of the business segment structure in accordance with the manner in which the highest-decision making authority allocates resources and assesses the performance of such segments, dividing the Downstream segment into the Commercialization segment and the Industrialization segment, which, in addition, implied readjustments in the composition and definition of the businesses of the other segments. These business segment changes did not affect the CGUs defined in Note 2.b.8) to the annual consolidated financial statements.

In consideration of the above paragraphs, the comparative information for fiscal year ended December 31, 2022, and the period ended March 31, 2022, has been restated.

The business segment structure is organized as follows:

•    Upstream

The Upstream segment performs all activities related to field exploration and exploitation and production of oil and natural gas, and frac sand for well drilling purposes.

Its revenues are largely derived from: (i) the sale of the oil produced to the Industrialization and Commercialization segments; (ii) the sale of the natural gas produced to the Commercialization segment; and (iii) the sale of the natural gas retained in plant to the Gas and Power segment and the Commercialization segment.

It incurs all costs related to the activities mentioned above.

On January 1, 2023 certain assets related to the exploration, exploitation and production of frac sand for well-drilling, which were formerly included in Central Administration and Others, were assigned to the Upstream segment. In addition, the comparative information for fiscal year ended December 31, 2022 and the period ended March 31, 2022, has been restated.

13

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6.  BUSINESS SEGMENT INFORMATION (cont.)

 

•    Gas and Power

The Gas and Power segment performs activities related to: (i) commercial and technical operation of the LNG regasification terminals in Escobar and Bahía Blanca, by hiring regasification vessels; (ii) transportation, conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane; (iii) distribution of natural gas through its subsidiary Metrogas; and (iv) the storage of the natural gas produced. Also, through its investments in associates and joint ventures, it undertakes activities related to: (i) separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and gasolines; (ii) generation of conventional thermal electric power and renewable energy; and (iii) production, storage, distribution and sale of fertilizers.

Its revenues are largely derived from the distribution of natural gas through its subsidiary Metrogas, the sale of propane, butane and, marginally, the sale of natural gas produced and storaged to the Commercialization segment, the sale of gasoline to the Industrialization segment and the provision of LNG regasification services.

This segment incurs all costs related to the activities mentioned above, including the purchase of natural gas retained in plant from the Upstream segment and natural gas from the Commercialization segment for the distribution of natural gas through its subsidiary Metrogas.

On January 1, 2023, as a consequence of the organizational changes described above, the activities related to the sale of natural gas as producers were assigned to the Commercialization segment. In addition, the comparative information for fiscal year ended December 31, 2022, and the period ended March 31, 2022, has been restated.

•    Industrialization

The Industrialization segment performs activities related to: (i) crude oil refining and petrochemical production, and (ii) logistics related to the transportation of crude oil to refineries and the transportation and distribution of refined and petrochemical products to be marketed at the different sales channels.

Its revenues are derived primarily from the sale of refined and petrochemical products to the Commercialization segment and, marginally, from their sale to third parties.

This segment incurs all costs related to the activities mentioned above, including the purchase of crude oil from the Upstream segment and third parties, the purchase of gasoline from the Gas and Power segment and of natural gas to be consumed in the refinery and petrochemical industrial complexes from the Commercialization segment.

As of January 1, 2023, as a result of the organizational changes mentioned above, the Downstream segment is divided into the Commercialization segment and the Industrialization segment. Besides, the comparative information for the fiscal year ended December 31, 2022, and the period ended March 31, 2022, has been restated.

•    Commercialization

The Commercialization segment develops activities related to: (i) customer portfolio management; (ii) commercialization of refined and petrochemical products; (iii) sale of natural gas, as producers, to third parties and to the Gas and Power and Industrialization segments; (iv) the purchase from third parties of specialties for the agribusiness industry; and (v) commercialization of specialties for the agribusiness industry and of grains and their by-products.

Its revenues are largely derived from the commercialization of refined and petrochemical products, natural gas as producers, specialties for the agribusiness sector, and grains and their by-products. These operations are performed through the businesses of B2C (Retail), B2B (Industry, Agro, Lubricants and Specialties and Business Networks), LPG, Natural Gas, Chemicals, International Trade and Transportation.

This segment incurs all expenses related to the activities mentioned above, including the purchase of refined products from the Industrialization segment and third parties, petrochemicals from the Industrialization segment, propane and butane from the Gas and Power segment, and oil and natural gas from the Upstream segment, and the transportation of these products to the different sales channels.

14

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6.  BUSINESS SEGMENT INFORMATION (cont.)

 

As of January 1, 2023, as result of the organizational changes described above, the Downstream segment is divided into the Commercialization segment and the Industrialization segment, and all activities related to the commercialization of natural gas as producers, formerly performed by the Gas and Power segment, were assigned to the Commercialization segment. In addition, the comparative information for fiscal year ended December 2022 and the period ended March 31, 2022, has been restated.

•    Central Administration and Others

This segment covers other activities performed by the Group not falling under the business segments mentioned above and which are not reporting business segments, mainly comprising corporate administrative expenses and assets and construction activities.

Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate domestic market prices.

Operating profit/loss and assets of each business segment have been determined after consolidation adjustments.

15

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)

 

		In millions of dollars																														In millions of pesos
		Upstream						Gas and   Power				Industrialization				Commercialization				Central   Administration   and Others				Consolidation   Adjustments (1)				Total				Total
For the three-month period ended March 31, 2023
Revenues			43						98				58				3,975				64				-				4,238				820,325
Revenues from intersegment sales			1,785						47				3,046				41				246				(5,165)				-				-
Revenues			1,828						145				3,104				4,016				310				(5,165)				4,238				820,325
Operating profit / (loss)			144			(3)			(27)				188				70				(64)				24				335				54,956
Income from equity interests in associates and joint ventures			-						82				7				-				-				-				89				16,946
Net financial results																													2				4,452
Net profit before income tax																													426				76,354
Income tax																													(85)				(17,754)
Net profit for the period																													341				58,600
Acquisitions of property, plant and equipment			1,015						52				202				12				17				-				1,298				264,595
Acquisitions of right-of-use assets			49						-				4				17				-				-				70				14,737
Other income statement items
Depreciation of property, plant and equipment (2)			568						12				102				12				15				-				709				136,950
Amortization of intangible assets			-						3				7				-				-				-				10				1,921
Depreciation of right-of-use assets			34						-				15				7				-				-				56				10,703
Balance as of March 31, 2023
Assets			12,121						2,781				7,078				2,425				2,033				(146)				26,292				5,490,081

16

English translation of the financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the financial statements filed with the CNV prevail over this translation.

 

YPF SOCIEDAD ANONIMA NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)

 

		In millions of dollars																														In millions of pesos
		Upstream						Gas and   Power				Industrialization				Commercialization				Central Administration and Others				Consolidation Adjustments (1)				Total				Total
For the three-month period ended March 31, 2022
Revenues			35						100				54				3,509				62				-				3,760				401,451
Revenues from intersegment sales			1,563						49				2,510				68				145				(4,335)				-				-
Revenues			1,598						149				2,564				3,577				207				(4,335)				3,760				401,451
Operating profit / (loss)			232			(3)			(4)				220				103				(56)				(91)				404				40,449
Income from equity interests in associates and joint ventures			-						109				6				-				-				-				115				12,229
Net financial results																													(55)				(4,595)
Net profit before income tax																													464				48,083
Income tax																													(197)				(21,666)
Net profit for the period																													267				26,417
Acquisitions of property, plant and equipment			599						5				97				6				23				-				730				79,636
Acquisitions of right-of-use assets			25						-				-				16				-				-				41				4,602
Other income statement items
Depreciation of property, plant and equipment (2)			446						14				99				13				17				-				589				62,809
Amortization of intangible assets			-						3				7				-				1				-				11				1,182
Depreciation of right-of-use assets			31						6				2				13				-				(1)				51				5,391
Balance as of December 31, 2022
Assets			11,528						2,797				6,732				3,216				1,807				(168)				25,912				4,588,159

 

(1)	Corresponds to the elimination among business segments of the Group.

(2)	Includes depreciation of charges for impairment of property, plant and equipment.

(3)	Includes US$ (6) million and US$ (5) million of unproductive exploratory drillings as of March 31, 2023 and 2022.