YPF YPF Sociedad Anonima

Table of Contents

 

 

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 November, 2016

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

 

 

 

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Table of Contents

YPF Sociedád Anonima

TABLE OF CONTENTS

 

ITEM

1 Translation of Consolidated Results Q3 2016.

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Table of Contents

 

YPF S.A.

Consolidated Results

Q3 2016

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Table of Contents

		Consolidated Results Q3 2016

 

CONTENT

 

1.		MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q3 2016			3
2.		ANALYSIS OF RESULTS FOR Q3 2016			4
3.		ANALYSIS OF OPERATING RESULTS BY BUSINESS SEGMENT FOR Q3 2016			7
		3.1 UPSTREAM			7
		3.2 DOWNSTREAM			10
		3.3 CORPORATE AND OTHERS			12
		3.4 RELATED COMPANIES			12
4.		LIQUIDITY AND SOURCES OF CAPITAL			12
5.		TABLES AND NOTES			14
Q3 2016 Results					14
		5.1 CONSOLIDATED STATEMENT OF INCOME YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES			15
		5.2 CONSOLIDATED BALANCE SHEET YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES			16
		5.3 CONSOLIDATED STATEMENT OF CASH FLOW YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES			17
		5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION			18
		5.5 MAIN FINANCIAL MAGNITUDES IN U.S. DOLLARS			19
		5.6 MAIN PHYSICAL MAGNITUDES			20

 

2

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Table of Contents

		Consolidated Results Q3 2016

 

Adjusted EBITDA for Q3 2016 was Ps 14.6 billion, 9.3% higher than Q3 2015.

 

Q3 2015		Q2 2016				Q3 2016				Var.% Q3 16/ Q3 15						Jan - Sep 2015				Jan - Sep 2016				Var.% 2016 / 2015
40,056			52,759				55,849				39.4	%		Revenues (Million Ps)			115,190				155,542				35.0	%
5,631			5,318				-34,578				-714.1	%		Operating income (Million Ps)			15,678				-27,642				-276.3	%
5,631			5,318				1,610				-71.4	%		Operating income before impairment of assets (Million Ps)			15,678				8,546				-45.5	%
1,884			-753				-30,256				-1705.9	%		Net income (Million Ps)			6,291				-30,154				-579.3	%
1,884			-753				-6,734				-457.4	%		Net income before impairment of assets (Million Ps)			6,291				-6,632				-205.4	%
13,363			17,181				14,609				9.3	%		Adj. EBITDA (Million Ps)			35,967				44,283				23.1	%
4.72			-1.89				-77.14				-1732.9	%		Earnings per share (Ps per Share)			16.00				-76.49				-578.0	%
15,730			14,498				14,997				-4.7	%		Capital expenditures (Million Ps)			42,839				44,236				3.3	%

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 property, plant and equipment + Amortization of intangible assets + Impairment of property, plant and equipment.

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

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q3 2016

 

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Revenues for Q3 2016 were Ps 55.8 billion, 39.4% higher than Q3 2015.

 

•

Operating income for Q3 2016 before asset impairment charges was Ps 1.6 billion, 71.4% lower than Q3 2015. Taking into account asset impairment charges of Ps 36.2 billion, operating losses for Q3 2016 were Ps 34.6 billion.

 

•

Net income for Q3 2016 before asset impairment charges was a loss of Ps 6.7 billion compared to net income of Ps 1.9 billion recorded for Q3 2015. Net income after asset impairment charges was a loss of Ps 30.3 billion.

 

•

Adjusted EBITDA for Q3 2016 was Ps 14.6 billion, 9.3% higher than Q3 2015.

 

•

Hydrocarbon production for Q3 2016 was 579.3 Kboed, 1.3% higher than Q3 2015. Crude oil production for Q3 2016 was 247.1 Kbbld, 0.9% lower than Q3 2015. Natural gas production for Q3 2016 was 44.9 Mm 3 d, 1.1% higher than Q3 2015. NGL production for Q3 2016 was 50.1 Kbbld, 14.8% higher than Q3 2015.

 

•

Refinery processing levels in the Downstream business segment for Q3 2016 were 91.4%, 1.7% lower than Q3 2015.

 

•

Capital expenditures in fixed assets for Q3 2016 were Ps 15.0 billion, 4.7% lower than Q3 2015.

 

3

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		Consolidated Results Q3 2016

 

2. ANALYSIS OF RESULTS FOR Q3 2016

Revenues for Q3 2016 were Ps 55.8 billion, 39.4% higher than Q3 2015, due primarily to the following factors:

 

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Natural gas revenues increased Ps 4.2 billion, due to a 76.0% increase in prices in Argentine peso terms and a 1.1% increase in sales volumes.

 

•

Diesel revenues increased Ps 3.8 billion, due to a 31.7% increase in diesel mix prices, offset by a 4.2% decrease in sales volumes.

 

•

Gasoline revenues increased Ps 2.9 billion, due to a 36.8% increase in prices, offset by a 2.5% decrease in sales volumes.

 

•

Retail natural gas revenues from our subsidiary MetroGas (residential and small business and companies) increased Ps 1.2 billion, due to a 69.9% increase in prices in Argentine peso terms and a 19.7% increase in sales volumes.

 

•

Fuel oil revenues increased Ps 1.0 billion, due to a 56.6% increase in prices in Argentine peso terms, offset by a 7.7% decrease in sales volumes.

 

•

Exports of flour, oil and grains increased Ps 0.4 billion, due to a 101.2% increase in prices in Argentine peso terms, offset by a 28.4% decrease in sales volumes.

 

•

Partially offsetting the effect of the increases discussed above, in Q3 2015 Ps 0.5 billion was accrued due to the Crude Oil Production Stimulus Program, which was discontinued as of 2016.

Cost of sales for Q3 2016 was Ps 48.0 billion, 61.2% higher than Q3 2015. This includes a 58.0% increase in production costs and a 52.1% increase in purchases. Cash costs, which include costs of production and purchases but exclude depreciation and amortization, increased by 48.8%. This increase was driven by the following factors:

a) Costs of production:

 

•

Depreciation of fixed assets increased Ps 5.5 billion, an increase of 82.0 %, due to investments in assets and appreciation in 2016 based on their valuation in U.S. dollars, which is the functional currency of the company.

 

•

Lifting costs increased Ps 2.5 billion, reflecting a 32.6% increase in the unit indicator in Argentine peso terms.

 

•

Royalties increased Ps 1.6 billion. Of this increase, Ps 0.9 billion was related to an increase in royalties for crude oil production and Ps 0.7 billion was related to an increase in royalties for natural gas production.

 

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		Consolidated Results Q3 2016

 

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Production costs related to refining increased Ps 0.7 billion, reflecting a 49.5% increase in the unit indicator in Argentine peso terms.

 

•

Transportation costs increased Ps 0.5 billion, mainly due to increases in rates produced during 2016.

b) Purchases:

 

•

FAME and ethanol biofuel purchases increased Ps 1.6 billion, due to higher FAME and ethanol biofuel prices and a 12.9% increase in volumes purchased of ethanol biofuel due to an increase in the amount of ethanol biofuel required to be included in gasoline (from 10% to 12%), which was partially offset by a 7.1% decrease in volumes purchased of FAME in line with decreased diesel production.

 

•

Natural gas purchases from other suppliers for resale in the retail segment (residential and small business and companies) from our subsidiary MetroGas increased Ps 1.2 billion due to an increase in prices in Argentine peso terms of 146.5% and an increase in the volumes purchased of 2.9%.

 

•

Imports of diesel and jet fuel increased Ps 0.5 million, due to greater volumes purchased of jet fuel and higher prices for diesel and jet fuel in Argentine peso terms, which was partially offset by lower volumes purchased of diesel.

 

•

Grain purchases in the agricultural sales segment through the form of barter, which were recorded as purchases for accounting purposes, increased Ps 0.4 billion due to higher prices in Argentine peso terms, which was partially offset by lower volumes purchased.

 

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Crude oil purchases from third parties increased Ps 0.4 billion, due to a 41.8% increase in the Argentine peso purchase price against a 20.9% decrease in volumes purchased.

Administration expenses for Q3 2016 were Ps 1.9 billion, 49.0% higher than Q3 2015. The increase was principally due to higher personnel expenses, higher IT costs and higher fixed asset depreciation.

Selling expenses for Q3 2016 were Ps 3.9 billion, 52.1% higher than Q3 2015. This was driven primarily by increases in transport expenses, principally due to higher rates paid for domestic transport of fuels and increases in personnel costs and fixed asset depreciation. Additionally, in Q3 2015 there was a recovery of charges in the provision for doubtful debts in the natural gas distribution segment.

Exploration expenses for Q3 2016 were Ps 0.3 billion, a decrease compared to Ps 1.2 billion for Q3 2015.

Additionally, in Q3 2016, the company recorded an impairment charge for property, plant and equipment of Ps 36.2 billion, due to an expected reduction in prices for crude oil in the Argentine domestic market, together with estimated evolution of costs based on both the impact of macroeconomic factors and the operational behavior of the company’s assets.

 

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		Consolidated Results Q3 2016

 

Other Operating Results, net, for Q3 2016 were a loss of Ps 26 million, compared to a gain of Ps 0.4 billion for Q3 2015. The loss is primarily due to the temporary economic assistance of Ps 0.2 billion received in Q3 2015 by the company’s subsidiary, MetroGAS S.A., available through Resolution No. 263/2015 of the Argentine Secretary of Energy as well as the receipt of construction incentives of Ps 0.2 billion by the company’s subsidiary A-Evangelista.

Financial results for Q3 2016 were a loss of Ps 3.3 billion, compared to a loss of Ps 0.7 billion for Q3 2015. This change was driven primarily by lower positive effects of foreign exchange rates on net liabilities in Argentine pesos of Ps 0.6 billion, generated by a lower devaluation of the Argentine peso in Q3 2016 compared to Q3 2015. Interest expenses also increased Ps 2.9 billion, due to increased levels of debt and higher interest rates.

Income tax for Q3 2016 was a benefit of Ps 7.5 billion, compared to an expense of Ps 3.1 billion in Q3 2015. This was due primarily to a decrease in deferred tax expenses of Ps 9.5 billion and a decrease in current income tax of Ps 1.1 million.

Net income for Q3 2016 before asset impairment charges was a loss of Ps 6.7 billion compared to net income of Ps 1.9 billion recorded for Q3 2015. Net income after asset impairment charges was a loss of Ps 30.3 billion.

Capital expenditures in fixed assets for Q3 2016 were Ps 15.0 billion, 4.7% lower than Q3 2015.

 

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		Consolidated Results Q3 2016

 

3. ANALYSIS OF OPERATING RESULTS BY BUSINESS SEGMENT FOR Q3 2016

3.1 UPSTREAM

 

Q3 2015				Q2 2016				Q3 2016				Var.% Q3 16/ Q3 15						Jan - Sep 2015				Jan - Sep 2016				Var.% 2016 / 2015
	2,171				1,716				-35,137				-1718.5%			Operating income (Million Ps)			6,965				-28,980				-516.1%
	2,171				1,716				1,051				-51.6%			Operating income before impairment of assets (Million Ps)			6,965				7,208				3.5%
	20,491				27,839				28,096				37.1%			Revenues (Million Ps)			58,623				85,265				45.4%
	249.3				242.9				247.1				-0.9%			Crude oil production (Kbbld)			248.8				246.3				-1.0%
	43.6				49.6				50.1				14.8%			NGL production (Kbbld)			47.6				52.0				9.3%
	44.4				44.8				44.9				1.1%			Gas production (Mm3d)			44.3				44.6				0.6%
	571.9				574.0				579.3				1.3%			Total production (Kboed)			574.9				578.5				0.6%
	1,182				738				312				-73.6%			Exploration costs (Million Ps)			1,760				1,504				-14.5%
	12,292				11,409				11,665				-5.1%			Capital expenditures (Million Ps)			35,402				35,329				-0.2%
	6,023				9,734				10,965				82.1%			Depreciation (Million Ps)			16,444				29,795				81.2%
																Realization Prices
	68.9				60.7				59.9				-12.9%			Crude oil prices in domestic market Period average (USD/bbl)			68.9				60.8				-11.7%
	4.47				4.74				4.78				6.9%			Average gas price (USD/Mmbtu)			4.58				4.74				3.6%

Operating income for the Upstream business segment for Q3 2016 before asset impairment charges was Ps 1.1 billion, 51.6% lower than Q3 2015. Taking into account asset impairment charges of Ps 36.2 billion, operating losses for this business segment for Q3 2016 were Ps 35.1 billion.

Revenues were Ps 28.1 billion for Q3 2016, 37.1% higher than Q3 2015, due primarily to the following factors:

 

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Crude oil revenues increased Ps 4.1 billion, an increase of 28.6%, due to a 41.3% increase in Argentine peso terms of the transfer price between the Upstream business segment and the Downstream business segment, while volumes transferred between business segments decreased by 4.9% and volumes sold to third parties decreased by 32.5%.

 

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Natural gas sales to third parties increased Ps 4.2 billion, an increase of 78.0%, due to a 76.0% increase in prices in Argentine peso terms and a 1.1% increase in sales volumes.

 

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In Q3 2015, Ps 0.5 billion was accrued due to the Crude Oil Production Stimulus Program.

 

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		Consolidated Results Q3 2016

 

The price obtained in U.S. dollars for crude oil in the Argentine domestic market for Q3 2016 decreased 12.9% to US$59.90/barrel, highlighting that in August, negotiations between local producers and refiners resulted in a 6% reduction of the Argentine domestic crude oil price per barrel over three months. The price obtained in U.S. dollars for natural gas was US$4.78/Mmbtu, 6.9% higher than Q3 2015.

Hydrocarbon production for Q3 2016 was 579.3 Kboed, 1.3% higher than Q3 2015. Crude oil production for Q3 2016 was 247.1 Kbbld, a 0.9% decrease. Natural gas production for Q3 2016 was 44.9 Mm ³ d, a 1.1% increase. NGL production for Q3 2016 was 50.1 Kbbld, a 14.8% increase.

With respect to development activity, 140 wells were put in production in Q3 2016, including the unconventional wells and tight gas wells discussed below, for a total of 512 new wells in 2016.

Hydrocarbon production in shale areas for Q3 2016 was 58.2 Kboed, including 30.7 Kbbld of crude oil, 11.3 Kbbld of NGL and 2.6 Mm ³ d of natural gas, of which YPF consolidates approximately 50%. During Q3 2016, 24 wells were put in production targeting the Vaca Muerta formation, for a total of 522 wells at the end of Q3 2016, including 11 active drilling rigs and 10 workovers.

With respect to tight gas activity: (i) in the Lajas formation, 10 wells were put in production during Q3 2016, and natural gas production was 5.25 Mm ³ d, (ii) in the Mulichinco formation in the Rincón del Mangrullo area, natural gas production was 2.1 Mm ³ d, and 3 wells were put in production, and (iii) in the Estacíon Fernández Oro area, natural gas production was 2.2 Mm ³ d.

Production costs for Q3 2016 were Ps 26.6 billion, 56.8% higher than Q3 2015, mainly due to the following:

 

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Depreciation of fixed assets increased Ps 4.9 billion, an 82.1% increase;

 

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Lifting costs increased Ps 2.5 billion, reflecting a 32.6% increase in the unit indicator in Argentine peso terms;

 

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Royalties increased Ps 1.6 billion. Of this increase, Ps 0.9 billion was related to higher royalties for crude oil production and Ps 0.7 billion was related to higher royalties for natural gas production; and

 

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Transportation costs increased Ps 95 million, a 20.9% increase, mainly due to increases in rates produced during 2016.

Exploration expenses for Q3 2016 were Ps 0.3 billion, 73.6% lower than Q3 2015. Losses from unproductive exploratory wells decreased Ps 0.6 billion for Q3 2016 compared to Q3 2015. Expenses for geological and geophysical studies decreased Ps 0.2 billion, as seismic survey studies in Q3 2016 focused on developing areas and this focus allowed the company to capitalize on such areas.

As discussed above, in Q3 2016 the company recorded an impairment charge for property, plant and equipment of Ps 36.2 billion, due to an expected reduction in prices for crude oil in the Argentine domestic market, together with estimated evolution of costs based on both the impact of macroeconomic factors and the operational behavior of the company’s assets.

Unit cash costs in U.S. dollars decreased 14.4% to US$20.80/boe for Q3 2016 from US$24.30/boe for Q3 2015, including taxes of US$6.10/boe and US$6.70/boe, respectively. In turn, the average lifting cost for YPF was US$12.00/boe for Q3 2016, 20.0% lower than US$15.10/boe for Q3 2015.

 

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		Consolidated Results Q3 2016

 

CAPEX

Capital expenditures for the Upstream business segment for Q3 2016 were Ps 11.7 billion, 5.1% lower than Q3 2015.

Of these capital expenditures, 69% were invested in drilling and workover activities, 19% in facilities, and the remaining 12% in exploration and other activities in the Upstream business segment.

In the Neuquina basin area, activities for Q3 2016 were focused on the development of the Loma Campana, Aguada Toledo – Sierra Barrosa (Lajas), Rincón del Mangrullo, El Orejano, La Amarga Chica, Loma La Lata (Sierras Blancas) and Chachahuen blocks. Development activities continued at the Cuyana basin, mainly in the Barrancas, Estructura Cruz de Piedra, La Ventana, Vizcacheras, Llancanelo and Cerro Fortunoso blocks. In the Golfo San Jorge basin, most activity was concentrated in Cañadón de la Escondida, El Guadal, Seco León and Barranca Baya areas, in the province of Santa Cruz, and the Manantiales Behr and El Trébol-Escalante areas in the province of Chubut.

Exploration activities for Q3 2016 covered the Cuyana, Neuquina and Golfo San Jorge basins. In the Cuyana basin, exploratory activity targeted the Barrancas block. Exploration activities in the Neuquina basin focused on the Señal Picada – Punta Barda, Bajo del Piche, Chachahuan and Rincón del Mangrullo blocks. In the Golfo San Jorge basin, activity focused on the evaluation of deep targets in the west flank of the Los Perales block.

During Q3 2016, four exploratory wells were completed.

 

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		Consolidated Results Q3 2016

 

3.2 DOWNSTREAM

 

Q3 2015				Q2 2016				Q3 2016				Var.% Q3 16/ Q3 15						Jan - Sep 2015				Jan - Sep 2016				Var.% 2016 / 2015
	3,522				3,432				1,118				-68.3	%		Operating income (Million Ps)			8,881				3,756				-57.7	%
	35,804				47,715				50,515				41.1	%		Revenues (Million Ps)			103,832				139,163				34.0	%
	4,308				4,126				4,259				-1.1	%		Sales of refined products in domestic market (Km3)			12,816				12,425				-3.1	%
	314				275				303				-3.5	%		Exportation of refined products (Km3)			1,078				1,070				-0.7	%
	218				207				227				4.1	%		Sales of petrochemical products in domestic market (*) (Ktn)			622				622				0.0	%
	87				42				80				-8.0	%		Exportation of petrochemical products (Ktn)			242				149				-38.4	%
	297				288				292				-1.7	%		Crude oil processed (Kboed)			300				292				-3.0	%
	93	%			90	%			91	%			-1.7	%		Refinery utilization (%)			94	%			91	%			-3.0	%
	2,813				2,776				2,906				3.3	%		Capital expenditures (Million Ps)			6,257				7,773				24.2	%
	778				1,333				1,389				78.5	%		Depreciation (Million Ps)			2,249				4,012				78.4	%
	764				676				645				-15.7	%		Average domestic market gasoline price (**) (USD/m3)			756				625				-17.3	%
	773				661				629				-18.7	%		Average domestic market diesel price (**) (USD/m3)			763				618				-19.0	%

 

(*)	Fertilizer sales not included

(**)	Includes gross income and net of deductions, commissions and other taxes

Operating income for the Downstream business segment for Q3 2016 was a gain of Ps 1.1 billion, 68.3% lower than Q3 2015.

Revenues were Ps 50.5 billion, 41.1% higher than Q3 2015, due primarily to the following:

 

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Diesel revenues increased Ps 3.8 billion, due to a 31.7% increase in diesel mix prices, offset by a 4.2% decrease in sales volumes, although sales volumes of Eurodiesel, a premium diesel product, increased 2.9%.

 

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Gasoline revenues increased Ps 2.9 billion, due to a 36.8% increase in prices, offset by a 2.5% decrease in sales volumes.

 

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Fuel oil revenues in the Argentine domestic market increased Ps 1.0 billion, due to a 51.9% increase in prices, offset by a 0.5% decrease in sales volumes.

 

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Petrochemical product revenues in the Argentine domestic market increased Ps 0.2 billion, due to a 10.3% increase in prices in Argentine peso terms and a 6.3% increase in sales volumes.

 

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		Consolidated Results Q3 2016

 

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Exports increased Ps 1.3 billion, or 39.8%, compared to Q3 2015, due to higher prices in Argentine peso terms driven by devaluation of the Argentine peso in Q3 2016, offset by a decrease in export volumes. Exports of flour, oil and grains totaled Ps 1.5 billion, due to a 101.2% increase in prices in Argentine peso terms, offset by a 28.4% decrease in export volumes.

Cost of sales and operating expenses for Q3 2016 increased Ps 17.1 billion, or 53.0% compared to Q3 2015, due primarily to the following factors:

 

•

Crude oil purchases increased Ps 5.2 billion, due to an increase in prices in Argentine peso terms of crude oil purchased, offset by a 4.9% decrease in volumes purchased from the Upstream business segment and a 20.9% decrease in volumes purchased from other producers of crude oil. Purchase prices from the Upstream business segment in Argentine peso terms increased 41.3%, and purchase prices from other producers of crude oil similarly increased 41.8%.

 

•

FAME and ethanol biofuel purchases increased Ps 1.6 billion, due to higher FAME and ethanol biofuel prices of 93% and 57%, respectively. There was a 12.9% increase in volumes purchased of ethanol biofuel, due to an increase in the amount of ethanol biofuel required to be included in gasoline (from 10% to 12%), which was partially offset by a 7.1% decrease in volumes purchased of FAME in line with decreased diesel production.

 

•

Imports of diesel and jet fuel increased Ps 0.5 million, due to greater volumes purchased of jet fuel and higher prices for diesel and jet fuel in Argentine peso terms, which was partially offset by lower volumes purchase of diesel.

 

•

Grain purchases in the agricultural sales segment through the form of barter increased Ps 0.4 billion due to higher prices in Argentine peso terms, which was recorded as purchases for accounting purposes.

 

•

Production costs related to refining increased Ps 0.7 billion, due to inflation and increased expenses for materials, parts, electricity, other supplies and fuel. As a result, and considering the 1.7% decrease in volumes processed, unit refining costs in Q3 2016 were 49.5% higher than Q3 2015. Transportation costs related to production (shipping, oil pipelines, and multiproduct pipelines) increased Ps 0.4 billion, a 47.6% increase.

 

•

Fixed asset depreciation increased Ps 0.6 billion, an 82.4% increase, resulting from an increase in the value of assets subject to depreciation compared to Q3 2015 due to increased investments in assets and an increase in asset values, based on their valuation in U.S. dollars, the functional currency of the company.

 

•

Marketing expenses increased Ps 1.3 billion, due to higher transportation costs related to an increase in Argentine domestic fuel transportation rates and increased depreciation costs of assets linked to commercial use.

 

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		Consolidated Results Q3 2016

 

The volume of crude oil processed in Q3 2016 was 292 Kbbld, 1.7% lower than in Q3 2015.

CAPEX

Cumulative capital expenditures for the Downstream business segment for Q3 2016 were Ps 2.9 billion, a 3.3% decrease compared to Q3 2015.

The construction of the new Coke Plant was completed, and it commenced operations on September 29, 2016. In addition, improvements to the Topping III unit in Mendoza have progressed, and it is expected to commence operations in Q2 2017. Work to improve YPF’s logistical facilities and optimize safety and environmental performance has also continued.

3.3 CORPORATE AND OTHERS

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 2016 was a loss of Ps 0.7 billion, compared to a gain of Ps 0.4 billion in Q3 2015. This change was driven primarily by higher personnel expenses, higher IT costs, and lower receipts of construction incentives by the company’s subsidiary A-Evangelista, as discussed above.

Consolidation adjustments to eliminate results among business segments not transferred to third parties were Ps 0.1 billion in Q3 2016. These adjustments were Ps 0.4 billion in Q3 2015.

3.4 RELATED COMPANIES

Results from related companies for Q3 2016 were a gain of Ps 110 million, compared to a gain of Ps 36 million for Q3 2015. This change was primarily due to improved results from Profertil, Central Dock Sud, and Refinor.

4. LIQUIDITY AND SOURCES OF CAPITAL

Net cash flows provided by operating activities for Q3 2016, including collections of accounts receivable owed to the company through Plan Gas, received in BONAR 2020 sovereign bonds issued by Argentina for US$642 million and which remain in the company’s investment portfolio, reached Ps 26.6 billion, 172.3% higher than Q3 2015. This increase of net cash flows provided by operating activities of Ps 16.9 billion was principally driven by a reduction in working capital produced by the collections of accounts receivable owed to the company, including among others, accounts receivable previously received from the aforementioned Plan Gas program and programs to stimulate crude oil production that was in effect in 2015, a Ps 1.2 billion increase in adjusted EBITDA and a lower income tax payment.

Net cash flows used in investing activities were Ps 19.9 billion for Q3 2016, or 25.9% higher than Q3 2015. Investments in fixed and intangible assets were 9.2% lower than Q3 2015. In Q3 2016, a guaranteed loan to Pampa Energía S.A. of Ps 2.1 billion was granted, equal to the price paid for the indirect acquisition of a stake by YPF in the Río Neuquén and Aguada de la Arena areas, and an increase in investments in financial assets of Ps 2.2 billion was recorded.

 

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The previously discussed cash flow generation, together with a net increase of Ps 4.2 billion from financing activities, and the investment made by the company in BONAR 2021 sovereign bonds issued by Argentina contributed to a Ps 32.4 billion cash and cash equivalent position as of September 30, 2016. The main debt issuances in Q3 2016 consisted of two new series of negotiable obligations for a total of Ps 11.2 billion and CHF 300 million. Total debt in U.S. dollars was US$9.9 billion, net debt was US$7.8 billion(1) and the net debt/EBITDA LTM(2) ratio was 1.86x.

The average interest rate for debt denominated in Argentine pesos in Q3 2016 was 30.38%, while the average interest rate for debt denominated in U.S. dollars and Swiss francs was 7.76% and 3.75%, respectively.

YPF negotiable obligations issued during Q3 2016 and thereafter are detailed below:

 

YPF Note

Amount

Interest Rate

Maturity

Series L

USD 750 million

BADLAR + 4.0

%

48 months

Series LI

CHF 300 million

3.75

%

36 months

Series XXVIII (Q4 2016)

USD 197 million

8.75

%

90 months

 

(*)	Subscription in kind made only with Series X and XI

(1)	Net Debt: Includes investments in government securities of US$965 million at market value.

(2)	Net Debt: US$7,797 million/EBITDA LTM: US$4,208 million = 1.86x.

 

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5. TABLES AND NOTES

Q3 2016 Results

 

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		Consolidated Results Q3 2016

 

5.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)

 

Q3 2015				Q2 2016				Q3 2016				Var.% Q3 16/ Q3 15						Jan - Sep 2015				Jan - Sep 2016				Var.% 2016 / 2015
	40,056				52,759				55,849				39.4	%		Revenues			115,190				155,542				35.0	%
	(29,795	)			(42,819	)			(48,028	)			61.2	%		Costs of sales			(86,756	)			(130,978	)			51.0	%
	10,261				9,940				7,821				(23.8	%)		Gross profit			28,434				24,564				(13.6	%)
	(2,587	)			(3,699	)			(3,934	)			52.1	%		Selling expenses			(8,065	)			(10,678	)			32.4	%
	(1,301	)			(1,833	)			(1,939	)			49.0	%		Administration expenses			(3,857	)			(5,258	)			36.3	%
	(1,182	)			(738	)			(312	)			(73.6	%)		Exploration expenses			(1,760	)			(1,504	)			(14.5	%)
	—				—				(36,188	)						Impairment of property, plant and equipment			—				(36,188	)
	440				1,648				(26	)			(105.9	%)		Other operating results, net			926				1,422				53.6	%
	5,631				5,318				(34,578	)			(714.1	%)		Operating income			15,678				(27,642	)			(276.3	%)
	36				166				110				205.6	%		Income on investments in companies			52				373				617.3	%
	(701	)			(4,660	)			(3,291	)			(369.5	%)		Net Financial Results:			(2,009	)			(3,933	)			(95.8	%)
	4,966				824				(37,759	)			(860.4	%)		Net income before income tax			13,721				(31,202	)			(327.4	%)
	(3,082	)			(1,577	)			7,503				(343.4	%)		Income tax			(7,430	)			1,048				(114.1	%)
	1,884				(753	)			(30,256	)			(1,705.9	%)		Net Income for the period			6,291				(30,154	)			(579.3	%)
	34				(10	)			(45	)						Net income (loss) for noncontrolling interest			17				(196	)
	1,850				(743	)			(30,211	)			(1,733.0	%)		Net income for shareholders of the parent company			6,274				(29,958	)			(577.5	%)
	4.72				(1.89	)			(77.14	)			(1,732.9	%)		Earnings per share, basic and diluted			16.00				(76.49	)			(578.0	%)
	3,206				4,309				2,848				(11.2	%)		Other comprehensive Income			8,229				22,564				174.2	%
	5,090				3,556				(27,408	)			(638.5	%)		Total comprehensive income for the period			14,520				(7,590	)			(152.3	%)
	13,363				17,181				14,609				9.3	%		Adj. EBITDA (*)			35,967				44,283				23.1	%

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

 

(*)

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 properties, plant and equipment + Amortization of intangible assets + Unproductive exploratory drillings + Impairment of property, plant and equipment.

 

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5.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Q3 2016 figures unaudited, figures expressed in millions of pesos)

 

		12/31/2015				09/30/2016
Noncurrent Assets
Intangible assets			7,279				8,644
Fixed assets			270,905				287,082
Investments in companies			4,372				5,095
Deferred income tax assets			954				506
Other receivables and advances			2,501				3,998
Trade receivables			469				226
Investment in financial assets			—				7,353
Total Non-current Assets			286,480				312,904
Current Assets
Inventories			19,258				22,703
Other receivables and advances			19,413				12,190
Trade receivables			22,111				31,119
Investment in financial assets			804				7,380
Cash and equivalents			15,387				17,634
Total Current Assets			76,973				91,026
Total Assets			363,453				403,930
Shareholders’ equity
Shareholders’ contributions			10,349				10,359
Reserves and unappropiated retained earnings			110,064				101,781
Noncontrolling interest			48				(148	)
Total Shareholders’ Equity			120,461				111,992
Noncurrent Liabilities
Provisions			39,623				43,246
Deferred income tax liabilities			44,812				42,973
Other taxes payable			207				106
Loans			77,934				121,226
Accounts payable			625				626
Total Noncurrent Liabilities			163,201				208,177
Current Liabilities
Provisions			2,009				1,848
Income tax liability			1,487				154
Other taxes payable			6,047				6,164
Salaries and social security			2,452				2,734
Loans			27,817				30,113
Accounts payable			39,979				42,748
Total Current Liabilities			79,791				83,761
Total Liabilities			242,992				291,938
Total Liabilities and Shareholders’ Equity			363,453				403,930

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

 

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5.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)

 

Q3 2015				Q2 2016				Q3 2016						Jan - Sep 2015				Jan - Sep 2016
												Cash flows from operating activities
	1,884				(753	)			(30,256	)		Net income			6,291				(30,154	)
	(36	)			(166	)			(110	)		Income from investments in companies			(52	)			(373	)
	6,895				11,225				12,652			Depreciation of fixed assets			18,961				34,411
	65				170				188			Amortization of intangible assets			225				511
	1,811				1,422				996			Consumption of materials and fixed assets and intangible assets retired, net of provisions			3,250				3,601
	3,082				1,577				(7,503	)		Income tax			7,430				(1,048	)
	709				1,411				1,289			Net increase in provisions			2,267				3,792
	—				—				36,188			Impairment of property, plant and equipment			—				36,188
	(252	)			3,966				2,893			Interest, exchange differences and other			1,357				2,193
	36				17				51			Stock compensation plan			89				108
	(562	)			—				—			Accrued insurance			(1,085	)			—
	—				(1,528	)			—			Results due to deconsolidation of companies			—				(1,528	)
												Changes in assets and liabilities:
	(1,350	)			(6,922	)			(505	)		Trade receivables			(2,853	)			(15,393	)
	(1,204	)			217				2,399			Other receivables and liabilities			(4,299	)			7,134
	(1,005	)			(1,208	)			(79	)		Inventories			(240	)			(198	)
	1,171				(2,498	)			(990	)		Accounts payable			3,182				(2,610	)
	463				311				307			Other Taxes payable			2,112				(142	)
	396				368				341			Salaries and Social Securities			123				290
	(347	)			(594	)			(355	)		Decrease in provisions from payments			(1,247	)			(1,303	)
	2				420				1			Dividends from investments in companies			181				421
	—				—				—			Insurance charge for loss of profit			1,673				607
	(1,976	)			(821	)			(786	)		Income tax payments			(5,650	)			(2,347	)
	9,782				6,614				16,721			Net cash flows provided by operating activities			31,715				34,160
												Cash flows from investing activities
												Payments for investments:
	(15,825	)			(15,299	)			(14,368	)		Acquisitions of fixed assets and Intangible assets			(46,692	)			(46,970	)
	—				—				(388	)		Contributions and acquisitions of interests in companies and UTEs			(163	)			(388	)
	—				923				(3,078	)		Financial assets investments			—				(2,168	)
	—				—				—			Insurance charge for material damages			—				355
	(15,825	)			(14,376	)			(19,927	)		Net cash flows used in investing activities			(46,855	)			(51,264	)
												Cash flows from financing activities
	(5,652	)			(16,775	)			(15,488	)		Payment of loans			(17,624	)			(49,442)
	(1,386	)			(3,378	)			(4,728	)		Payment of interests			(4,531	)			(11,621	)
	9,935				17,863				25,304			Proceeds from loans			38,162				79,770
	(74	)			(55	)			5			Acquisition of own shares			(119	)			(50	)
	—				—				—			Non controling interest contribution			—				50
	(503	)			—				(889	)		Payments of dividends			(503	)			(889	)
	—				—				—			Non controling interest contribution			—				50
	2,320				(2,345	)			4,204			Net cash flows provided by financing activities			15,385				17,818
	342				(15	)			743			Effect of changes in exchange rates on cash and equivalents			854				1,681
	—				(148	)			—			Deconsolidation of subsidiaries			—				(148	)
	(3,381	)			(10,270	)			1,741			Increase (decrease) in cash and equivalents			1,099				2,247
	—				26,163				15,893			Cash and equivalents at the beginning of the period			9,758				15,387
	(3,381	)			15,893				17,634			Cash and equivalents at the end of the period			10,857				17,634
	(3,381	)			(10,270	)			1,741			Increase (decrease) in cash and equivalents			1,099				2,247
												COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD
	(187	)			6,898				11,163			Cash			9,195				11,163
	(3,194	)			8,995				6,471			Other financial assets			1,662				6,471
	(3,381	)			15,893				17,634			TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD			10,857				17,634

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

 

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5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION

(Unaudited, figures expressed in millions of pesos)

 

Q3 2016		Upstream				Downstream				Corporate and Other				Consolidation Adjustments				Total
Revenues			5,098				50,221				530				—				55,849
Revenues from intersegment sales			22,998				294				1,999				-25,291				—
Revenues			28,096				50,515				2,529				-25,291				55,849
Operating Income (loss)			-35,137				1,118				-696				137				-34,578
Investments in companies			0				110				—				—				110
Depreciation of fixed assets			10,965				1,389				298				—				12,652
Impairment of property, plant and equipment			36,188				—				—				—				36,188
Acquisitions of fixed assets			11,680				2,906				426				0				15,012
Assets			222,359				142,653				41,482				-2,564				403,930
Q3 2015		Upstream				Downstream				Corporate and Other				Consolidation Adjustments				Total
Revenues			4,289				35,470				297				—				40,056
Revenues from intersegment sales			16,202				334				1,639				-18,175				—
Revenues			20,491				35,804				1,936				-18,175				40,056
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			223,035				113,805				26,708				-95				363,453

 

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5.5 MAIN FINANCIAL MAGNITUDES IN U.S. DOLLARS (Unaudited figures)

 

Million USD		2015 Q3				2016 Q2				2016 Q3				Var Q3 16/ Q3 15				2015 Jan - Sep				2016 Jan - Sep				Var 2016 / 2015
INCOME STATMENT
Revenues			4,353				3,720				3,748				-13.9	%			8,559				10,720				25.2	%
Costs of sales			-3,238				-3,019				-3,224				-0.5	%			-6,488				-9,023				39.1	%
Gross profit			1,115				701				525				-52.9	%			2,071				1,697				-18.0	%
Selling expenses			-281				-261				-264				-6.1	%			-624				-736				17.9	%
Administration expenses			-141				-129				-130				-8.0	%			-291				-362				24.4	%
Exploration expenses			-128				-52				-21				-83.7	%			-66				-104				59.3	%
Other expenses			48				116				-2				-103.6	%			54				101				86.4	%
Operating income			612				375				-2,321				-479.2	%			1,144				-1,834				-260.3	%
Depreciation and impairment of fixed and intangible assets			749				792				3,278				337.5	%			1,374				4,799				249.2	%
Amortization of intangible assets			7				12				13				78.6	%			18				35				93.4	%
Unproductive exploratory drillings			84				33				11				-87.3	%			38				57				51.0	%
Adj. EBITDA (*)			1,452				1,212				981				-32.5	%			2,574				3,057				18.8	%
UPSTREAM
Revenues			2,227				1,963				1,886				-15.3	%			4,346				5,881				35.3	%
Operating income			236				121				-2,358				-1099.5	%			546				-1,930				-453.3	%
Depreciation			655				686				736				12.4	%			1,187				2,052				72.9	%
Capital expenditures			1,336				805				783				-41.4	%			2,632				2,436				-7.4	%
DOWNSTREAM
Revenues			3,986				3,365				3,390				-14.9	%			7,751				9,591				23.7	%
Operating income			383				242				75				-80.4	%			607				262				-56.8	%
Depreciation			85				94				93				10.3	%			168				277				65.0	%
Capital expenditures			306				196				195				-36.2	%			392				536				36.7	%
CORPORATE AND OTHER
Operating income			-45				43				-47				3.1	%			-121				-40				-66.6	%
Capital expenditures			68				22				29				-57.9	%			63				78				23.7	%
CONSOLIDATION ADJUSTMENTS
Operating income			39				-31				9				-76.2	%			112				-126				-212.6	%
Average exchange rate for the period			9.20				14.18				14.90								8.91				14.51

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 properties, plant and equipment + Amortization of intangible assets + Unproductive exploratory drillings + Impairment of property, plant and equipment.

 

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5.6 MAIN PHYSICAL MAGNITUDES (Unaudited)

 

				2015																				2016
		Unit		Q1				Q2				Q3				Q4				Cum. 2015				Q1				Q2				Q3				Cum. 3Q 2016
Production
Crude oil production		Kbbl			22,238				22,750				22,934				23,218				91,139				22,656				22,102				22,735				67,493
NGL production		Kbbl			5,390				3,580				4,015				4,958				17,944				5,124				4,512				4,608				14,243
Gas production		Mm3			3,921				4,091				4,080				4,032				16,124				4,008				4,074				4,127				12,209
Total production		Kboe			52,288				52,061				52,611				53,532				210,492				52,986				52,237				53,299				158,522
Henry Hub		USD/Mbtu			2.98				2.64				2.77				2.27				2.66				2.09				1.95				2.81				2.29
Brent		USD/Bbl			53.92				61.69				50.23				43.57				52.35				37.88				45.56				45.79				41.68
Sales
Sales of petroleum products
Domestic market
Gasoline		Km3			1,246				1,171				1,208				1,269				4,894				1,283				1,119				1,178				3,580
Diesel		Km3			1,906				2,169				2,040				2,019				8,134				1,855				2,038				1,955				5,848
Jet fuel and kerosene		Km3			125				108				130				131				494				130				107				135				371
Fuel Oil		Km3			348				396				378				313				1,436				354				350				376				1,080
LPG		Km3			176				212				238				162				788				153				242				273				668
Others (*)		Km3			304				343				314				323				1,283				261				274				342				877
Total domestic market		Km3			4,104				4,399				4,308				4,218				17,029				4,035				4,131				4,259				12,425
Export market
Petrochemical naphtha		Km3			18				12				7				19				56				0				0				15				15
Jet fuel and kerosene		Km3			122				127				130				132				511				121				117				130				369
LPG		Km3			149				52				42				94				337				117				17				40				174
Bunker (Diesel and Fuel Oil)		Km3			153				115				130				134				532				149				116				93				358
Others (*)		Km3			7				10				4				4				25				105				24				26				155
Total export market		Km3			449				316				314				382				1,461				493				275				303				1,070
Total sales of petroleum products		Km3			4,553				4,715				4,622				4,600				18,490				4,528				4,405				4,562				13,495
Sales of petrochemical products
Domestic market
Fertilizers		Ktn			21				34				45				108				208				24				40				91				155
Methanol		Ktn			49				61				75				64				249				55				82				105				242
Others		Ktn			130				164				143				129				566				133				125				122				380
Total domestic market		Ktn			200				259				263				301				1,023				212				247				318				777
Export market
Methanol		Ktn			41				36				54				20				151				2				1				2				5
Others		Ktn			28				50				33				39				150				25				41				78				144
Total export market		Ktn			69				86				87				59				301				27				42				80				149
Total sales of petrochemical products		Ktn			269				345				350				360				1,324				239				289				398				926
Sales of other products
Grain, flours and oils
Domestic market		Ktn			30				31				13				15				89				9				27				7				43
Export market		Ktn			155				418				358				208				1,139				169				311				256				736
Total grain, flours and oils		Ktn			185				449				371				223				1,228				178				338				263				779
Main products imported
Gasoline and jet fuel		Km3			20				22				43				36				120				50				65				52				168
Diesel		Km3			196				343				346				289				1,174				145				239				306				691

 

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

 

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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, 2015 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: inversores.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 1215

Fax: 54 11 5441 2113

 

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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 8, 2016				By:		/s/ Diego Celaá
				Name:		Diego Celaá
				Title:		Market Relations Officer

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