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.
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YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF MARCH
31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED) 5. FINANCIAL RISK
MANAGEMENT (cont.) |
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Additionally, it should be noted that, under the terms and conditions of the loans that our subsidiary
Metrogas has taken, the debt and interest service 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 ratios, as of March 31, 2022.
6. SEGMENT
INFORMATION
The different segments in which the Group is organized take into consideration the different activities from which the Group obtains
income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment
also considering the Groups business strategy.
The Upstream segment carries out all activities relating to the exploration, development and production of oil and natural gas.
Revenue is generated from: (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third
parties; (ii) the sale of produced gas to the Gas and Power segment.
The Gas and Power segment generates revenue from the development of activities relating to: (i) the natural gas transportation to
third parties and the Downstream segment, and its commercialization (ii) the commercial and technical operation of the LNG regasification terminals in Escobar and Bahía Blanca, by hiring regasification vessels, and (iii) the
separation and distribution of natural gas and the generation of electric power through its investments in associates and joint ventures.
On January 1, 2022, certain assets related to gas transportation, conditioning and processing for the separation of gasoline, propane
and butane, which were previously managed by the Upstream segment, were grouped into the new CGU Midstream Gas within the Gas and Power segment. Because it is a new gas liquid management model that did not exist in previous years, no retroactive
effect has been given to business segment information. In addtion, the assets transferred and operating results are not significant.
In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a
purchase to the Upstream segment, and including stimulus plans for natural gas production in force (see Note 35.d) to the annual consolidated financial statements), Gas and Power segment accrues a fee in its favor with the Upstream
segment to carry out such commercialization.
The Downstream segment develops activities relating to: (i) crude oil refining and petrochemical production,
(ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of crude oil to refineries and the transportation and distribution of refined and petrochemical
products to be marketed in the different sales channels.
It obtains its income from the marketing mentioned in item (ii) above,
which is developed through the Retail, Industry, Agro, LPG, Chemicals, International Commerce and Transportation, Lubricants and Specialties, and Sales to Companies businesses.
It incurs in all expenses relating to the aforementioned activities, including the purchase of crude oil from the Upstream segment and
third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment.
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Central Administration and Others |
It covers other activities, not falling into the aforementioned categories, nor do they constitute reportable business segments, mainly
including 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 market prices. Operating profit and assets for each segment have been determined after consolidation adjustments.