Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k)

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 August, 2022

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 ☒

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2022

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 JUNE 30, 2022 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 business of the Group		8
2	Basis of preparation of the consolidated financial statements		9
3	Seasonality of operations		10
4	Acquisitions and dispositions		10
5	Financial risk management		10
6	Segment information		11
7	Financial instruments by category		13
8	Intangible assets		13
9	Property, plant and equipment		14
10	Right-of-use assets		17
11	Investments in associates and joint ventures		17
12	Inventories		19
13	Other receivables		19
14	Trade receivables		19
15	Investment in financial assets		20
16	Cash and cash equivalents		20
17	Provisions		20
18	Income Tax		21
19	Taxes payable		22
20	Salaries and social security		22
21	Lease liabilities		22
22	Loans		23
23	Other liabilities		25
24	Accounts payable		25
25	Revenues		25
26	Costs		27
27	Expenses by nature		28
28	Other net operating results		29
29	Net financial results		29
30	Investments in joint operations		29
31	Shareholders’ equity		30
32	Earnings per share		30
33	Issues related to Maxus Entities		30
34	Contingent assets and contingent liabilities		31
35	Contractual commitments		32
36	Main regulations		33
37	Balances and transactions with related parties		36
38	Employee benefit plans and similar obligations		39
39	Assets and liabilities in currencies other than the Peso		40
40	Subsequent events		41

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 JUNE 30, 2022 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
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.
CFO		Chief Financial Officer
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
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)
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.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IEASA (formerly ENARSA)		Integración Energética Argentina S.A. (formerly Energía Argentina 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)
IWPI		Internal Wholesale Price Index
JO		Joint operation
Joint venture		Company jointly owned by YPF as provided for in IFRS 11
LGS		Argentine General Corporations Law (Ley General de Sociedades de la República Argentina) 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		Associate OleoductoTrasandino (Argentina) S.A.
OTC		Associate 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.
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
VAT		Value Added Tax
Y-GEN I		Joint venture Y-GEN Eléctrica S.A.U.
Y-GEN II		Joint venture Y-GEN Eléctrica II S.A.U.
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.
WEM		Wholesale Electricity Market

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

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

Fiscal year number 46

Beginning on January 1, 2022.

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, marketing 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

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 FINANCIAL POSITION

AS OF JUNE 30, 2022 AND DECEMBER 31, 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)


	Notes	June 30, 2022		December 31, 2021
ASSETS
Non-current assets
Intangible assets	8		51,816		43,014
Property, plant and equipment	9		2,042,489		1,642,259
Right-of-use assets	10		65,163		53,260
Investments in associates and joint ventures	11		214,656		156,925
Deferred income tax assets, net	18		1,810		1,921
Other receivables	13		6,279		19,549
Trade receivables	14		5,044		4,363
Investment in financial assets	15		22,389		2,534

Total non-current assets			2,409,646		1,923,825

Current assets
Assets held for disposal			125		103
Inventories	12		215,577		153,927
Contract assets	25		2,168		1,360
Other receivables	13		75,523		63,259
Trade receivables	14		193,543		133,904
Investment in financial assets	15		72,007		51,012
Cash and cash equivalents	16		83,501		62,678

Total current assets			642,444		466,243

TOTAL ASSETS			3,052,090		2,390,068

SHAREHOLDERS’ EQUITY
Shareholders’ contributions			10,576		10,504
Reserves, other comprehensive income and retained earnings			1,153,759		829,388

Shareholders’ equity attributable to shareholders of the parent company			1,164,335		839,892

Non-controlling interest			12,008		8,226

TOTAL SHAREHOLDERS’ EQUITY			1,176,343		848,118

LIABILITIES
Non-current liabilities
Provisions	17		317,600		258,478
Deferred income tax liabilities, net	18		166,791		185,179
Income tax liability	18		5,128		3,026
Taxes payable	19		202		201
Salaries and social security	20		1,688		3,262
Lease liabilities	21		32,420		28,335
Loans	22		790,765		670,535
Other liabilities	23		1,054		968
Accounts payable	24		988		888

Total non-current liabilities			1,316,636		1,150,872

Current liabilities
Provisions	17		22,653		19,297
Contract liabilities	25		29,008		13,329
Income tax liability	18		52,398		1,336
Taxes payable	19		29,511		14,671
Salaries and social security	20		27,765		23,459
Lease liabilities	21		35,732		27,287
Loans	22		95,839		86,680
Other liabilities	23		1,455		3,468
Accounts payable	24		264,750		201,551

Total current liabilities			559,111		391,078

TOTAL LIABILITIES			1,875,747		1,541,950

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			3,052,090		2,390,068

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

PABLO GERARDO GONZÁLEZ

President

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 SIX-MONTH AND THREE-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos, except per share information, expressed in Pesos)


		For the six-month period ended June 30,						For the three-month period ended June 30,
	Notes	2022			2021			2022			2021
Net income
Revenues	25		966,180			550,763			578,011			315,873
Costs	26		(713,768	)		(447,471	)		(410,626	)		(248,940	)

Gross profit			252,412			103,292			167,385			66,933

Selling expenses	27		(72,112	)		(45,966	)		(44,888	)		(26,021	)
Administrative expenses	27		(33,992	)		(20,037	)		(19,218	)		(10,912	)
Exploration expenses	27		(2,676	)		(963	)		(1,553	)		(804	)
Other net operating results	28		(2,827	)		(331	)		(1,370	)		(55	)

Operating profit			140,805			35,995			100,356			29,141

Income from equity interests in associates and joint ventures	11		27,694			6,555			15,465			1,439

Financial income	29		85,846			41,661			53,736			19,314
Financial loss	29		(103,997	)		(67,771	)		(60,960	)		(35,448	)
Other financial results	29		13,349			10,947			7,017			5,262

Net financial results	29		(4,802	)		(15,163	)		(207	)		(10,872	)

Net profit before income tax			163,697			27,387			115,614			19,708

Income tax	18		(43,217	)		(75,896	)		(21,551	)		(65,970	)

Net profit / (loss) for the period			120,480			(48,509	)		94,063			(46,262	)

Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation differences from subsidiaries, associates and joint ventures			(10,715	)		(4,511	)		(6,880	)		(1,346	)
Result from net monetary position in subsidiaries, associates and joint ventures ⁽¹⁾			19,202			9,758			10,824			5,055
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF			199,186			95,315			127,780			31,195

Other comprehensive income for the period			207,673			100,562			131,724			34,904

Total comprehensive income for the period			328,153			52,053			225,787			(11,358	)

Net profit / (loss) for the period attributable to:
Shareholders of the parent company			119,690			(47,083	)		93,087			(45,017	)
Non-controlling interest			790			(1,426	)		976			(1,245	)
Other comprehensive income for the period attributable to:
Shareholders of the parent company			204,681			98,997			130,036			34,127
Non-controlling interest			2,992			1,565			1,688			777
Total comprehensive income for the period attributable to:
Shareholders of the parent company			324,371			51,914			223,123			(10,890	)
Non-controlling interest			3,782			139			2,664			(468	)
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	32		304.53			(119.93	)		236.84			(114.67	)

(1)	Result associated to subsidiaries, associates and joint ventures with the Peso as functional currency. See accounting policy in 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

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 SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)


	For the six-month period ended June 30, 2022
	Shareholders’ contributions
	Subscribed capital		Adjustment to contributions		Treasury shares		Adjustment to treasury shares			Share-based benefit plans			Acquisition cost of treasury shares			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
Accrual of share-based benefit plans ⁽³⁾		—		—		—		—			110			—			—			—		110
Settlement of share-based benefit plans ⁽²⁾		—		2		—		(2	)		(59	)		46			(25	)		—		(38	)
As decided by the Shareholders’ Meeting held on April 29, 2022 ⁽⁴⁾		—		—		—		—			—			—			—			—		—
Other comprehensive income		—		—		—		—			—			—			—			—		—
Net profit		—		—		—		—			—			—			—			—		—

Balance at the end of the period		3,931		6,097		2		4			423			(447	)		(74	)		640		10,576

	Reserves															Equity attributable to
	Legal		Future dividends		Investments		Purchase of treasury shares			Other comprehensive income			Retained earnings			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
Accrual of share-based benefit plans ⁽³⁾		—		—		—		—			—			—			110			—		110
Settlement of share-based benefit plans ⁽²⁾		—		—		—		—			—			—			(38	)		—		(38	)
As decided by the Shareholders’ Meeting held on April 29, 2022 ⁽⁴⁾		—		—		—		—			—			—			—			—		—
Other comprehensive income		—		—		—		—			204,681			—			204,681			2,992		207,673
Net profit		—		—		—		—			—			119,690			119,690			790		120,480

Balance at the end of the period		2,007		—		—		—			1,088,270	⁽¹⁾		63,482			1,164,335			12,008		1,176,343

(1)

Includes 1,086,107 corresponding to the effect of the translation of the financial statements of YPF and, (56,949) 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 and 59,112 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1) to the annual consolidated financial statements.

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

(3)	See Note 38.

(4)	See Note 31.

PABLO GERARDO GONZÁLEZ

President

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 SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)


	For the six-month period ended June 30, 2021
	Shareholders’ contributions
	Subscribed capital		Adjustment to contributions			Treasury shares			Adjustment to treasury shares			Share-based benefit plans			Acquisition cost of treasury shares			Share trading premium			Issuance premiums			Total
Balance at the beginning of the fiscal year		3,926		6,088			7			13			(144	)		502			(647	)		640			10,385
Accrual of share-based benefit plans ⁽³⁾		—		—			—			—			241			—			—			—			241
Settlement of share-based benefit plans ⁽²⁾		—		—			—			—			773			(1,287	)		476			—			(38	)
As decided by the Shareholders’ Meeting held on April 30, 2021 ⁽⁴⁾		—		—			—			—			—			—			—			—			—
Other comprehensive income		—		—			—			—			—			—			—			—			—
Net loss		—		—			—			—			—			—			—			—			—

Balance at the end of the period		3,926		6,088			7			13			870			(785	)		(171	)		640			10,588


	Reserves																	Equity attributable to
	Legal		Future dividends			Investments			Purchase of treasury shares			Other comprehensive income			Retained earnings			Shareholders of the parent company			Non-controlling interest			Total shareholders’ equity
Balance at the beginning of the fiscal year		2,007		3,700			8,934			550			721,303			(69,649	)		677,230			6,165			683,395
Accrual of share-based benefit plans ⁽³⁾		—		—			—			—			—			—			241			—			241
Settlement of share-based benefit plans ⁽²⁾		—		—			—			—			—			—			(38	)		—			(38	)
As decided by the Shareholders’ Meeting held on April 30, 2021 ⁽⁴⁾		—		(3,700	)		(8,934	)		(550	)		—			13,184			—			—			—
Other comprehensive income		—		—			—			—			98,997			—			98,997			1,565			100,562
Net loss		—		—			—			—			—			(47,083	)		(47,083	)		(1,426	)		(48,509	)

Balance at the end of the period		2,007		—			—			—			820,300	⁽¹⁾		(103,548	)		729,347			6,304			735,651

(1)

Includes 828,807 corresponding to the effect of the translation of the financial statements of YPF and, (43,203) 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 and 34,696 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1) to the annual consolidated financial statements.

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

(3)	See Note 38.

(4)	See Note 30 to the annual consolidated financial statements.

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

PABLO GERARDO GONZÁLEZ

President

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 SIX-MONTH PERIOD ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)


	For the six-month period ended June 30,
	2022			2021
Cash flows from operating activities
Net loss		120,480			(48,509	)
Adjustments to reconcile net loss to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(27,694	)		(6,555	)
Depreciation of property, plant and equipment		137,369			133,427
Depreciation of right-of-use assets		11,285			8,982
Amortization of intangible assets		2,674			2,239
Retirement of property, plant and equipment and intangible assets and consumption of materials		20,841			15,555
Charge on income tax		43,217			75,896
Net increase in provisions		20,083			13,178
Exchange differences, interest and other		14,798			15,189
Share-based benefit plans		110			241
Result from debt exchange		—			(1,855	)
Result from the assignment of areas		—			(472	)
Result from sale of assets held for disposal		—			(3,121	)
Changes in assets and liabilities:
Trade receivables		(39,272	)		(13,436	)
Other receivables		745			(3,061	)
Inventories		(24,993	)		(10,349	)
Accounts payable		7,463			10,933
Taxes payables		12,050			2,728
Salaries and social security		(1,553	)		(1,203	)
Other liabilities		(2,516	)		(3,970	)
Decrease in provisions included in liabilities due to payment/use		(6,939	)		(2,754	)
Contract assets		(857	)		(548	)
Contract liabilities		15,651			716
Dividends received		7,540			3,794
Proceeds from collection of profit loss insurance		116			515
Income tax payments		(719	)		(258	)

Net cash flows from operating activities ^(1) (2)		309,879			187,302

Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(180,241	)		(90,616	)
Proceeds from sales of financial assets		26,453			20,540
Payments from purchases of financial assets		(58,385	)		(31,003	)
Interests received from financial assets		2,123			3,221
Proceeds from sales of assets		389			1,634

Net cash flows used in investing activities		(209,661	)		(96,224	)

Financing activities: ⁽³⁾
Payments of loans		(80,056	)		(98,518	)
Payments of interests		(33,368	)		(29,944	)
Proceeds from loans		48,214			46,921
Payments of leases		(18,545	)		(13,980	)
Payments of interests in relation to income tax		(336	)		(21	)

Net cash flows used in financing activities		(84,091	)		(95,542	)

Translation differences on cash and cash equivalents		4,696			1,515

Increase (Decrease) in cash and cash equivalents		20,823			(2,949	)

Cash and cash equivalents at the beginning of the fiscal year		62,678			54,618
Cash and cash equivalents at the end of the period		83,501			51,669

Increase (Decrease) in cash and cash equivalents		20,823			(2,949	)

(1)	Does not include exchange differences generated by cash and cash equivalents, which are disclosed separately in this statement.

(2)	Includes 13,758 and 6,576 for the six-month period ended June 30, 2022 and 2021, respectively, for payment of short-term leases and 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 six-month period ended June 30,
	2022		2021
Unpaid acquisitions of property, plant and equipment		42,513		22,738
Additions of right-of-use assets		15,586		9,528
Capitalization of depreciation of right-of-use assets		3,264		1,976
Capitalization of financial accretion for lease liabilities		964		584

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

PABLO GERARDO GONZÁLEZ

President

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 JUNE 30, 2022 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 BUSINESS OF THE GROUP

General information

YPF S.A. (“YPF” or the “Company”) is a stock corporation (sociedad anónima) incorporated under the laws of the Argentine Republic, 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, Downstream and Gas and Power segments.

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of June 30, 2022:

LOGO

(1)	Held directly and indirectly.

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

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

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

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

Organization of the business

As of June 30, 2022, the Group carries out its operations in accordance with the following structure:

•

Upstream;

•

Gas and Power;

•

Downstream;

•

Central administration and others, which covers the remaining activities not included in the previous categories.

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

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

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

2.a) Basis of preparation

The condensed interim consolidated financial statements of YPF for the six-month period ended June 30, 2022 are presented in accordance with IAS No. 34 “Interim Financial Reporting”. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements of the Group as of December 31, 2021 (the “annual consolidated financial statements”) presented in accordance with IFRS as issued by the IASB.

Moreover, some additional information required by the LGS 19,550 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 August 10, 2022.

These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2022 are unaudited. The Company´s Management 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 Profit for the six-month period ended June 30, 2022 does not necessarily reflect the proportion of the Group’s full-year Net Profit.

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, according to CNV Resolution No. 562, YPF must present its financial statements in pesos.

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.

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

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

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

Adoption of new standards and interpretations effective as of January 1, 2022

The Group 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 June 30, 2022, as specified in Note 2.b.26) to the annual consolidated financial statements.

2.c) Accounting Estimates and Judgments

The preparation of financial statements at a certain date requires Management 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.

In preparing these condensed interim consolidated financial statements, significant estimates and judgments were made by Management in applying the Group’s 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.

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2021 and to the six-month period ended June 30, 2021 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements.

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. Therefore, the Group is subject to seasonal fluctuations in its sales volumes and sales prices, with higher natural gas sales in winter at a higher price.

4. ACQUISITIONS AND DISPOSITIONS

During the six-month period ended June 30, 2022, 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 risks), 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 six-month period ended June 30, 2022, 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).

The Group monitors compliance with covenants on a quaterly basis. As of June 30, 2022, the Group is in compliace with its covenants.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

5. FINANCIAL RISK MANAGEMENT (cont.)

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 June 30, 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 Group’s business strategy.

•

Upstream

The Upstream segment carries out all activities relating to the exploration, exploitation 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.

•

Gas and Power

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; (iii) the conditioning and processing of gas; (iv) the distribution of natural gas; and (v) the separation of natural gas and 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.

•

Downstream

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.

•

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.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

6. SEGMENT INFORMATION (cont.)


	Upstream			Gas and Power			Downstream		Central Administration and Others			Consolidation Adjustments ⁽¹⁾			Total
For the six-month period ended June 30, 2022
Revenues from sales		2,656			126,494			823,262		21,524			(7,756	)		966,180
Revenues from intersegment sales		367,355			21,280			5,810		40,626			(435,071	)		—

Revenues		370,011			147,774			829,072		62,150			(442,827	)		966,180

Operating profit / (loss)		63,027			5,025			106,739		(17,359	)		(16,627	)		140,805
Income from equity interests in associates and joint ventures		—			14,527			13,167		—			—			27,694
Depreciation of property, plant and equipment		103,209	⁽²⁾		3,153			25,512		5,495			—			137,369
Acquisition of property, plant and equipment		150,543			2,132			31,289		5,714			—			189,678
Assets		1,333,476			359,347			1,130,560		263,563			(34,856	)		3,052,090

For the six-month period ended June 30, 2021
Revenues from sales		2,725			80,889			459,659		12,322			(4,832	)		550,763
Revenues from intersegment sales		237,840			6,854			2,666		18,139			(265,499	)		—

Revenues		240,565			87,743			462,325		30,461			(270,331	)		550,763

Operating profit / (loss)		515			(1,844	)		49,849		(7,103	)		(5,422	)		35,995
Income from equity interests in associates and joint ventures		—			4,750			1,805		—			—			6,555
Depreciation of property, plant and equipment		107,973	⁽²⁾		1,247			20,558		3,649			—			133,427
Acquisition of property, plant and equipment		82,729			968			12,138		1,863			—			97,698

As of December 31, 2021
Assets		1,075,503			266,056			879,985		182,180			(13,656	)		2,390,068

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

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

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

Fair value measurements are described in Note 6 to the annual consolidated financial statements.

The tables below show the Group’s financial assets measured at fair value as of June 30, 2022 and December 31, 2021, and their allocation to their fair value levels:


	As of June 30, 2022
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		8,146		—		—		8,146

		8,146		—		—		8,146

Cash and cash equivalents:
- Mutual funds		18,888		—		—		18,888

		18,888		—		—		18,888

		27,034		—		—		27,034


	As of December 31, 2021
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		10,032		—		—		10,032

		10,032		—		—		10,032

Cash and cash equivalents:
- Mutual funds		30,189		—		—		30,189

		30,189		—		—		30,189

		40,221		—		—		40,221

(1)	See Note 15.

The Group has no financial liabilities measured at fair value with change in results.

Fair value estimates

For the six-month period ended June 30, 2022, the macroeconomic scenario has significantly changed, mainly driven by the increase in country risk and the consequent fall in the price of public securities, which affected the Group’s financial instruments measured at fair value.

During the six-month period ended June 30, 2022, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

Fair value of financial assets and financial liabilities measured at amortized cost

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 620,824 and 562,653 as of June 30, 2022 and December 31, 2021, respectively.

The fair value of other receivables, trade receivables, investment in financial assets, cash and cash equivalents, other liabilities and accounts payable at amortized cost, do not differ significantly from their book value.

8. INTANGIBLE ASSETS


	June 30, 2022			December 31, 2021
Net book value of intangible assets		56,787			47,474
Provision for impairment of intangible assets		(4,971	)		(4,460	)

		51,816			43,014

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the six-month period ended June 30, 2022 and the year ended December 31, 2021 is as follows:


	Service concessions		Exploration rights			Other intangibles		Total
Cost		74,197		13,436			35,330		122,963
Accumulated amortization		51,344		—			30,374		81,718

Balance as of December 31, 2020		22,853		13,436			4,956		41,245

Cost
Increases		2,380		34			694		3,108
Translation effect		16,547		2,739			7,495		26,781
Adjustment for inflation ⁽¹⁾		—		—			2,028		2,028
Decreases, reclassifications and other movements		—		(2,199	)		158		(2,041	)

Accumulated amortization
Increases		3,485		—			1,348		4,833
Translation effect		11,623		—			6,718		18,341
Adjustment for inflation ⁽¹⁾		—		—			473		473
Decreases, reclassifications and other movements		—		—			—		—

Cost		93,124		14,010			45,705		152,839
Accumulated amortization		66,452		—			38,913		105,365

Balance as of December 31, 2021		26,672		14,010			6,792		47,474

Cost
Increases		1,321		—			168		1,489
Translation effect		20,550		3,074			7,920		31,544
Adjustment for inflation ⁽¹⁾		—		—			2,427		2,427
Decreases, reclassifications and other movements		—		—			—		—

Accumulated amortization
Increases		1,561		—			1,113		2,674
Translation effect		14,758		—			7,911		22,669
Adjustment for inflation ⁽¹⁾		—		—			804		804
Decreases, reclassifications and other movements		—		—			—		—

Cost		114,995		17,084			56,220		188,299
Accumulated amortization		82,771		—			48,741		131,512

Balance as of June 30, 2022		32,224		17,084			7,479		56,787

(1)	Corresponds to adjustment for inflation of opening balances of intangible assets in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

9. PROPERTY, PLANT AND EQUIPMENT


	June 30, 2022			December 31, 2021
Net book value of property, plant and equipment		2,127,509			1,721,628
Provision for obsolescence of materials and equipment		(15,316	)		(12,576	)
Provision for impairment of property, plant and equipment		(69,704	)		(66,793	)

		2,042,489			1,642,259

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021 are as follows:


	Land and buildings			Mining property, wells and related equipment			Refinery equipment and petrochemical plants			Transportation equipment			Materials and equipment in warehouse			Drilling and work in progress			Exploratory drilling in progress			Furniture, fixtures and installations		Selling equipment			Infrastructure for natural gas distribution			Other property			Total
Cost		107,764			3,879,215			683,186			38,319			89,726			223,909			3,898			62,805		106,419			64,099			64,916			5,324,256
Accumulated depreciation		51,774			3,185,191			400,536			26,699			—			—			—			53,975		67,530			33,572			48,831			3,868,108

Balance as of December 31, 2020		55,990			694,024			282,650			11,620			89,726			223,909			3,898			8,830		38,889			30,527			16,085			1,456,148

Cost
Increases		522			3,896			4,548			589			61,152			186,030			2,092			91		—			—			1,068			259,988
Translation effect		21,309			867,307			153,012			7,842			16,918			46,760			702			13,923		24,027			—			11,391			1,163,191
Adjustment for inflation⁽¹⁾		6,839			—			—			1,734			749			5,093			—			1,049		—			32,652			6,712			54,828
Decreases, reclassifications and other movements		1,533			150,411			13,746			1,813			(60,031	)		(172,436	)		(2,464	)		4,848		5,026			5,360			4,539			(47,655	)

Accumulated depreciation
Increases		2,526			234,245			33,888			2,163			—			—			—			5,206		6,331			1,931			2,670			288,960
Translation effect		10,021			722,567			91,187			5,487			—			—			—			11,898		15,415			—			8,731			865,306
Adjustment for inflation⁽¹⁾		3,545			—			—			1,121			—			—			—			961		—			17,102			5,118			27,847
Decreases, reclassifications and other movements		(541	)		(14,973	)		(127	)		(851	)		—			—			—			18		(42	)		(561	)		(164	)		(17,241	)

Cost		137,967			4,900,829			854,492			50,297			108,514			289,356			4,228			82,716		135,472			102,111			88,626			6,754,608
Accumulated depreciation		67,325			4,127,030			525,484			34,619			—			—			—			72,058		89,234			52,044			65,186			5,032,980

Balance as of December 31, 2021		70,642			773,799			329,008			15,678			108,514			289,356			4,228			10,658		46,238			50,067			23,440			1,721,628

Cost
Increases		51			—			1,549			389			47,698			137,534			1,898			19		—			—			540			189,678
Translation effect		25,798			1,087,032			188,750			9,836			22,820			61,035			672			17,417		29,810			—			13,986			1,457,156
Adjustment for inflation⁽¹⁾		7,532			—			—			2,079			786			2,458			—			1,237		—			36,913			9,019			60,024
Decreases, reclassifications and other movements		2,225			101,240			11,461			606			(39,503	)		(98,802	)		(2,461	)		106		1,434			641			158			(22,895	)

Accumulated depreciation
Increases		1,681			114,322			19,926			1,345			—			—			—			3,605		3,732			1,398			1,775			147,784
Translation effect		12,556			918,075			117,542			6,846			—			—			—			15,479		19,856			—			10,843			1,101,197
Adjustment for inflation⁽¹⁾		3,964			—			—			1,381			—			—			—			1,097		—			18,814			5,899			31,155
Decreases, reclassifications and other movements		(41	)		(406	)		(55	)		(389	)		—			—			—			7		(862	)		(248	)		(60	)		(2,054	)

Cost		173,573			6,089,101			1,056,252			63,207			140,315			391,581			4,337			101,495		166,716			139,665			112,329			8,438,571
Accumulated depreciation		85,485			5,159,021			662,897			43,802			—			—			—			92,246		111,960			72,008			83,643			6,311,062

Balance as of June 30, 2022		88,088			930,080			393,355			19,405			140,315			391,581			4,337			9,249		54,756			67,657			28,686			2,127,509

(1)	Corresponds to adjustments for inflation of opening balances of property, plant and equipment of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

The Group capitalizes the financial cost of loans as part of the cost of the assets. For the six-month period ended June 30, 2022 and 2021, the rate of capitalization was 8.33% and 8.50%, respectively, and the amount capitalized amounted to 556 and 516, respectively, for the period mentioned above.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2020		11,267

Increases charged to profit or loss		593
Decreases charged to profit or loss		(1,676	)
Applications due to utilization		(98	)
Translation differences		2,485
Adjustment for inflation⁽¹⁾		5

Balance as of December 31, 2021		12,576

Increases charged to profit or loss		131
Decreases charged to profit or loss		—
Applications due to utilization		(163	)
Translation differences		2,742
Adjustment for inflation⁽¹⁾		30

Balance as of June 30, 2022		15,316

(1)	Corresponds to adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the six-month period ended June 30, 2022 and the year ended December 31, 2021:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2020		65,354

Increases charged to profit or loss⁽¹⁾		9,776
Applications due to utilization		(36	)
Depreciation⁽²⁾		(21,274	)
Translation differences		12,820
Adjustment for inflation⁽³⁾		236
Transfers and other movements		(83	)

Balance as of December 31, 2021		66,793

Increases charged to profit or loss		—
Applications due to utilization		—
Depreciation⁽²⁾		(10,415	)
Translation differences		13,058
Adjustment for inflation⁽³⁾		268
Transfers and other movements		—

Balance as of June 30, 2022		69,704

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

(2)	Included in “Depreciation of property, plant and equipment” in Note 27.

(3)	Corresponds to adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the six-month period ended June 30, 2022 and the year ended December 31, 2021 are as follows:


	Land and buildings			Exploitation facilities and equipment			Machinery and equipment			Gas stations			Transportation equipment			Total
Cost		1,350			27,377			25,038			7,704			19,201			80,670
Accumulated depreciation		728			12,412			9,741			2,198			11,510			36,589

Balance as of December 31, 2020		622			14,965			15,297			5,506			7,691			44,081

Cost
Increases		1,734			3,843			2,702			1,098			18,368			27,745
Translation differences		295			6,101			5,509			1,391			4,414			17,710
Adjustment for inflation ⁽¹⁾		18			—			—			614			—			632
Decreases, reclassifications and other movements		—			(1,213	)		(4,441	)		(531	)		(10,625	)		(16,810	)

Accumulated depreciation
Increases		208			7,720			6,400			1,089			7,949			23,366
Translation differences		172			3,288			2,611			425			2,514			9,010
Adjustment for inflation ⁽¹⁾		17			—			—			256			—			273
Decreases, reclassifications and other movements		—			(707	)		(1,930	)		(230	)		(9,684	)		(12,551	)

Cost		3,397			36,108			28,808			10,276			31,358			109,947
Accumulated depreciation		1,125			22,713			16,822			3,738			12,289			56,687

Balance as of December 31, 2021		2,272			13,395			11,986			6,538			19,069			53,260

Cost
Increases		8			8,549			933			327			5,769			15,586
Translation differences		728			8,053			6,344			1,826			7,418			24,369
Adjustment for inflation ⁽¹⁾		25			—			—			769			—			794
Decreases, reclassifications and other movements		(161	)		(214	)		(479	)		(353	)		(1,561	)		(2,768	)

Accumulated depreciation
Increases		665			3,809			3,071			661			6,342			14,548
Translation differences		332			5,432			4,058			668			3,422			13,912
Adjustment for inflation ⁽¹⁾		24			—			—			362			—			386
Decreases, reclassifications and other movements		(161	)		(214	)		(479	)		(353	)		(1,561	)		(2,768	)

Cost		3,997			52,496			35,606			12,845			42,984			147,928
Accumulated depreciation		1,985			31,740			23,472			5,076			20,492			82,765

Balance as of June 30, 2022		2,012			20,756			12,134			7,769			22,492			65,163

(1)	Corresponds to adjustments for inflation of opening balances of right-of-use assets of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table shows the value of the investments in associates and joint ventures at an aggregate level, as of June 30, 2022 and December 31, 2021:


	June 30, 2022		December 31, 2021
Amount of investments in associates		19,945		16,450
Amount of investments in joint ventures		194,711		140,475

		214,656		156,925

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES (cont.)

The main movements during the six-month period ended June 30, 2022 and the year ended December 31, 2021 which affected the value of the aforementioned investments, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2020		107,112

Income on investments in associates and joint ventures		26,977
Translation differences		24,801
Distributed dividends		(5,499	)
Adjustment for inflation ⁽¹⁾		3,534

Balance as of December 31, 2021		156,925

Income on investments in associates and joint ventures		27,694
Translation differences		35,089
Distributed dividends		(7,640	)
Adjustment for inflation ⁽¹⁾		2,588

Balance as of June 30, 2022		214,656

(1)	Corresponds to adjustment for inflation of opening balances of associates and joint ventures with the Peso as functional currency which was charged to Other comprehensive income.

The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the six-month period ended June 30, 2022 and 2021. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the equity method value in the aforementioned dates:


	Associates				Joint ventures
	For the six-month period ended June 30,				For the six-month period ended June 30,
	2022		2021		2022		2021
Net income		614		1,195		27,080		5,360
Other comprehensive income		3,047		1,719		34,630		14,374

Comprehensive income for the period		3,661		2,914		61,710		19,734

The Group does not have investments in subsidiaries with significant non-controlling interests. Likewise, the Group does not have investments in associates and joint ventures that are significant, with the exception of the investment in YPF EE.

The management information corresponding to YPF EE’s assets and liabilities as of June 30, 2022 and December 31, 2021, as well as the results for the six-month period ended June 30, 2022 and 2021, are detailed below:


	June 30, 2022 ⁽¹⁾			December 31, 2021 ⁽¹⁾
Non-current assets		228,962			183,767
Current assets		38,440			24,849

Total assets		267,402			208,616

Non-current liabilities		92,046			80,626
Current liabilities		49,466			33,211

Total liabilities		141,512			113,837

Total shareholders’ equity		125,890			94,779


	For the six-month period ended June 30,
	2022 ⁽¹⁾			2021 ⁽¹⁾
Revenues		26,265			19,252
Costs		(11,310	)		(8,962	)

Gross profit		14,955			10,291

Operating profit		13,847			9,921
Income from equity interests in associates and joint ventures		(365	)		(275	)
Net financial results		(3,118	)		(3,628	)

Net profit before income tax		10,364			6,018

Income tax		(1,543	)		(4,247	)

Net profit		8,821			1,771

(1)	On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the YPF EE financial information disclosed here.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

12. INVENTORIES


	June 30, 2022			December 31, 2021
Refined products		155,143			105,123
Crude oil and natural gas		46,459			37,521
Products in process		4,171			3,500
Raw materials, packaging materials and others		9,804			7,783

		215,577	⁽¹⁾		153,927	⁽¹⁾

(1)	As of June 30, 2022, and December 31, 2021, the cost of inventories does not exceed their net realizable value.

13. OTHER RECEIVABLES


	June 30, 2022						December 31, 2021
	Non-current			Current			Non-current			Current
Receivables from services and sales of other assets		1,927			3,330			2,091			1,950
Tax credit and export rebates		1,805			8,415			15,263			14,616
Loans to third parties and balances with related parties ⁽¹⁾		1,231			1,451			975			1,617
Collateral deposits		2			1,030			2			3,509
Prepaid expenses		1,161			9,405			933			9,000
Advances and loans to employees		100			663			71			411
Advances to suppliers and custom agents ⁽²⁾		—			26,935			—			15,377
Receivables with partners in JO		1,099			19,868			1,059			14,542
Insurance receivables		—			42			—			148
Miscellaneous		851			4,502			707			2,154

		8,176			75,641			21,101			63,324
Provision for other doubtful receivables		(1,897	)		(118	)		(1,552	)		(65	)

		6,279			75,523			19,549			63,259

(1)	See Note 37 for information about related parties.

(2)	Includes, among others, advances to customs agents for the payment of taxes and import duties on fuels and goods.

14. TRADE RECEIVABLES


	June 30, 2022						December 31, 2021
	Non-current			Current			Non-current			Current
Accounts receivable and related parties ^{(1) (2)}		14,832			205,355			14,151			144,336
Provision for doubtful trade receivables		(9,788	)		(11,812	)		(9,788	)		(10,432	)

		5,044			193,543			4,363			133,904

(1)	See Note 37 for information about related parties.

(2)	See Note 25 for information about credits for contracts included in trade receivables.

Set forth below is the evolution of the provision for doubtful trade receivables for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2020		8,861	⁽²⁾		10,519

Increases charged to expenses		927			3,918
Decreases charged to income		—			(1,857	)
Applications due to utilization		—			(2,424	)
Net exchange and translation differences		—			674
Result from net monetary position ⁽¹⁾		—			(398	)

Balance as of December 31, 2021		9,788	⁽²⁾		10,432

Increases charged to expenses		—			1,511
Decreases charged to income		—			(668	)
Applications due to utilization		—			(40	)
Net exchange and translation differences		—			628
Result from net monetary position ⁽¹⁾		—			(51	)

Balance as of June 30, 2022		9,788	⁽²⁾		11,812

(1)	Includes adjustment for inflation of opening balances of the provision for doubtful trade receivables in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to Net Income.

(2)	Includes 8,861 corresponding to credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1053/2018. See Note 35.c.1) to the annual consolidated financial statements.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

15. INVESTMENT IN FINANCIAL ASSETS


	June 30, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Investments at amortized cost
Public securities ⁽¹⁾		22,013		52,518		2,225		34,116
Private securities - NO		376		1,172		309		836
Term deposits ⁽²⁾		—		10,171		—		6,028

		22,389		63,861		2,534		40,980

Investments at fair value with changes in results
Public securities ⁽¹⁾		—		8,146		—		10,032

		—		8,146		—		10,032

		22,389		72,007		2,534		51,012

(1)	See Note 37.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


	June 30, 2022		December 31, 2021
Cash and banks		27,692		22,923
Short-term investments ⁽¹⁾		36,921		9,566
Financial assets at fair value with change in results⁽²⁾		18,888		30,189

		83,501		62,678

(1)	Includes term deposits with the BNA for 215 and 1,075 as of June 30, 2022 and December 31, 2021, respectively.

(2)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021 are as follows:


	Provision for lawsuits and contingencies						Provision for environmental liabilities						Provision for hydrocarbon wells abandonment obligations						Total
	Non- current			Current			Non- current			Current			Non- current			Current			Non- current			Current
Balance as of December 31, 2020		50,369			1,934			5,531			2,618			130,588			1,581			186,488			6,133

Increases charged to expenses		40,607			199			10,876			—			14,955			—			66,438			199
Decreases charged to income		(4,278	)		(3,574	)		(12	)		—			(9,632	)		—			(13,922	)		(3,574	)
Applications due to utilization		(655	)		(676	)		—			(2,489	)		—			(1,788	)		(655	)		(4,953	)
Reclassifications and other movements		(4,283	)		3,938			(6,888	)		6,888			(6,567	)		9,916			(17,738	)		20,742
Net exchange and translation differences		7,758			383			295			6			29,859			361			37,912			750
Result from net monetary position ⁽¹⁾		(45	)		—			—			—			—			—			(45	)		—

Balance as of December 31, 2021		89,473			2,204			9,802			7,023			159,203			10,070			258,478			19,297

Increases charged to expenses		5,398			9			2,528			—			12,068			—			19,994			9
Decreases charged to income		(4,085	)⁽²⁾		—			(53	)		—			—			—			(4,138	)		—
Applications due to utilization		(155	)		(2,225	)		—			(2,453	)		—			(1,903	)		(155	)		(6,581	)
Reclassifications and other movements		(4,831	)⁽³⁾		2,178			(3,180	)		3,180			(1,956	)		1,956			(9,967	)		7,314
Net exchange and translation differences		15,531			454			1,644			4			36,241			2,156			53,416			2,614
Result from net monetary position ⁽¹⁾		(28	)		—			—			—			—			—			(28	)		—

Balance as of June 30, 2022		101,303			2,620			10,741			7,754			205,556			12,279			317,600			22,653

(1)	Includes adjustment for inflation of opening balances of provisions in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the period, which was charged to Net Income.

(2)	Includes 3,358 corresponding to the recovery of liabilities for the regularization regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment for periods 2014-2017.

(3)	Includes 2,374 reclassified as “Income tax liability” for the regularization regimes associated with the dispute relating to the tax deduction of hydrocarbon well abandonment costs for periods 2014-2017.

Provisions for lawsuits and contingencies are described in Note 16 to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:

17.a) Provision for lawsuits and contingencies

17.a.1) Claims arising from restrictions in the natural gas market

•

Transportadora de Gas del Norte S.A. (“TGN”)

On March 7, 2022, the appeal filed by YPF for the correction and/or clarification of certain aspects in the judgment rendered by the Court of Appeal was favorably resolved. Additionally, on that date an extraordinary appeal was filed against the judgment rendered by the Court of Appeal, which was granted on April 5, 2022 in relation to the federal issue raised and was denied in relation to the arbitrariness of the judgment rendered by the Court of Appeal, and a complaint appeal was filed in relation to this last aspect on April 12, 2022.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

17. PROVISIONS (cont.)

The cases are under review at the CSJN in connection with the extraordinary and the complaint appeals that were filed. The Company will continue to defend itself in compliance with the applicable legal procedure and the available defenses.

17.a.2) Tax claims

•

Dispute over the cost deduction for hydrocarbon well abandonment

The Management of the Company, based on the opinion of its external advisors, and notwithstanding the technical merits for defending its position, evaluated the regularization plan provided for under Law No. 27,653, for the income tax and the compensations made in due course with the credit balances generated by said tax, and on March 30, 2022, adhered to the aforementioned plan for fiscal years 2014 to 2017 for 2,374, thus putting an end to the controversy corresponding to those periods.

18. INCOME TAX

According to IAS 34, income tax expense is recognized in each interim period based on the best estimate of the effective income tax rate expected at the end of the fiscal year. The amounts calculated for income tax expense for the six-month period ended June 30, 2022 may need to be adjusted in the subsequent period in case the projected effective tax rate estimate is modified based on new elements of judgment.

The calculation of the income tax expense accrued for the six-month period ended June 30, 2022 and 2021 is as follows:


	For the six-month period ended June 30,
	2022			2021
Current income tax		(69,360	)		(781	)
Deferred income tax		24,195			(75,115	)

		(45,165	)		(75,896	)

Income tax - Well abandonment		1,948			—

		(43,217	)		(75,896	)

The reconciliation between the charge to net income for income tax for the six-month period ended June 30, 2022 and 2021 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:


	For the six-month period ended June 30,
	2022			2021
Net income before income tax		163,697			27,387
Average tax rate		34.86	%⁽⁴⁾		25.49	%

Average tax rate applied to net income before income tax		(57,062	)		(6,981	)
Effect of the valuation of property, plant and equipment and intangible assets, net		23,679			8,009
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽¹⁾		(17,484	)		(17,872	)
Effect of the valuation of inventories		(9,654	)		(1,657	)
Income on investments in associates and joint ventures		9,693			1,639
Effect of tax rate change		—			(53,480	)⁽²⁾
Effect of the regularization regime for the dispute associated to cost deduction for hydrocarbon wells abandonment		1,948	⁽³⁾		—
Miscellaneous		5,663			(5,554	)

Income tax		(43,217	)		(75,896	)

(1)	Includes the effect of tax inflation adjustments.

(2)

Includes 46,150 due to the effect of a change in the tax rate on initial deferred balances and 7,330 due to the remeasurement of deferred tax balances on the period at the estimated rate in effect as of the date of their reversal, corresponding to the change established under Law No. 27,630. See Note 35.e.1) to the annual consolidated financial statements.

(3)	See Note 17.

(4)	Corresponds to the average projected tax rate of YPF and its subsidiaries in compliance with amendment to Law No. 27,630. See Note 35.e.1) to the annual consolidated financial statements.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

18. INCOME TAX (cont.)

Furthermore, breakdown of tax payable and deferred as of June 30, 2022 and December 31, 2021 is as follows:

June 30, 2022

December 31, 2021

Non-current

Current

Non-current

Current

Income tax payable

5,128

⁽²⁾

52,398

⁽¹⁾

3,026

⁽²⁾

1,336

⁽¹⁾

(1)

Includes 1,078 and 513 corresponding to the 12 installments of the regularization regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment as of June 30, 2022 and December 31, 2021, respectively. See Note 16 to the annual consolidated financial statements and Note 17 to these condensed interim consolidated financial statements. Additionally, it includes the provision associated with the charge of current income tax net of unused tax credits and existing tax loss carryforwards.

(2)	Includes 5,112 and 3,009 corresponding to the remaining installments of the aforementioned regimes as of June 30, 2022 and December 31, 2021, respectively.


	June 30, 2022			December 31, 2021
Deferred tax assets
Provisions and other non-deductible liabilities		38,514			39,028
Tax losses carryforward		328			2,763
Miscellaneous		1,785			1,637

Total deferred tax assets		40,627			43,428

Deferred tax liabilities
Property, plant and equipment		(150,264	)		(156,554	)
Adjustment for tax inflation		(44,212	)		(66,056	)
Miscellaneous		(11,132	)		(4,076	)

Total deferred tax liabilities		(205,608	)		(226,686	)

Total Net deferred tax ⁽¹⁾		(164,981	)		(183,258	)

(1)	Includes (5,918) and (3,751) as of June 30, 2022 and December 31, 2021, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency which was charged to Other comprehensive income.

As of June 30, 2022 and December 31, 2021 the Group has classified as deferred tax assets 1,810 and 1,921, respectively, and as deferred tax liability 166,791 and 185,179, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these condensed interim consolidated financial statements.

As of June 30, 2022 and December 31, 2021, the causes that generate charges to “Other comprehensive income”, did not create temporary differences for income tax.

19. TAXES PAYABLE


	June 30, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
VAT		—		2,802		—		2,002
Withholdings and perceptions		—		6,075		—		3,251
Royalties		—		9,917		—		6,304
Tax on Fuels		—		7,376		—		711
IIBB		—		752		—		322
Miscellaneous		202		2,589		201		2,081

		202		29,511		201		14,671

20. SALARIES AND SOCIAL SECURITY


	June 30, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Salaries and social security		—		6,192		—		4,955
Bonuses and incentives provision		—		5,561		—		6,874
Vacation provision		—		9,886		—		7,196
Other employee benefits⁽¹⁾		1,688		6,126		3,262		4,434

		1,688		27,765		3,262		23,459

(1)	Includes the voluntary retirement plan executed by the Group.

21. LEASE LIABILITIES

June 30, 2022

December 31, 2021

Non-current

Current

Non-current

Current

Lease liabilities

32,420

35,732

28,335

27,287

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

LOGO

21. LEASE LIABILITIES (cont.)

The evolution of the Group’s leases liabilities for the six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021, are as follows:


	Lease liabilities
Balance as of December 31, 2020		46,270

Leases increase		27,745
Leases decrease		(4,352	)
Payments		(28,526	)
Financial accretion		5,331
Exchange and translation differences, net		9,213
Result from net monetary position ⁽¹⁾		(59	)

Balance as of December 31, 2021		55,622

Leases increase		15,586
Leases decrease		—
Payments		(18,545	)
Financial accretion		3,996
Exchange and translation differences, net		11,479
Result from net monetary position ⁽¹⁾		14

Balance as of June 30, 2022		68,152

(1)	Includes the adjustment for inflation of opening balances of lease liabilities of subsidiaries with the Peso as functional currency, which was charged to Other comprehensive income and the adjustment for inflation of the period, which was charged to Net Income.

22. LOANS


								June 30, 2022				December 31, 2021
	Interest rate⁽¹⁾						Maturity	Non-current		Current		Non-current		Current
Pesos:
NO ⁽⁴⁾		44.94	%	-	45.97	%	2022-2024		8,807		1,037		6,897		5,700
Loans		57.15	%	-	57.20	%	2022-2024		8,240		1,797		13,955		7,220
Account overdraft		41.50	%	-	41.50	%	2022		—		6,331		—		794

									17,047		9,165		20,852		13,714

Currencies other than the Peso:
NO ⁽²⁾ ⁽³⁾		1.50	%	-	10.00	%	2022-2047		731,542		71,215		636,822		55,517
Export pre-financing		2.20	%	-	5.50	%	2022-2023		1,021		2,401		1,256		4,358
Imports financing		5.25	%	-	6.79	%	2022-2023		—		549		—		330
Loans		2.30	%	-	17.99	%	2022-2027		41,155		12,509		11,605		12,761

									773,718		86,674		649,683		72,966

									790,765		95,839		670,535		86,680

(1)	Nominal annual interest rate as of June 30, 2022.

(2)	Includes 66,002 and 61,811 as of June 30, 2022 and December 31, 2021, respectively, of nominal value of NO that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(3)	Disclosed net of 360 of nominal value as of December 31, 2021 corresponding to YPF’s own NO repurchased through open market transactions.

(4)	Includes 4,602 as of December 31, 2021 of nominal value of NO that were canceled in dollars at the applicable exchange rate according to the conditions of the issued series.

Set forth below is the evolution of the loans for six-month period ended June 30, 2022 and for the fiscal year ended December 31, 2021:


	Loans
Balance as of December 31, 2020		678,306

Proceeds from loans		97,420
Payments of loans		(161,016	)
Payments of interest		(58,454	)
Accrued interest ⁽¹⁾		66,950
Net exchange differences and translation		136,280
Result from debt exchange⁽²⁾		(1,855	)
Result from net monetary position ⁽³⁾		(416	)

Balance as of December 31, 2021		757,215

Proceeds from loans		48,214
Payments of loans		(80,056	)
Payments of interest		(33,368	)
Accrued interest ⁽¹⁾		38,848
Net exchange differences and translation		156,451
Result from net monetary position ⁽³⁾		(700	)

Balance as of June 30, 2022		886,604

(1)	Includes capitalized financial costs.

(2)	See Note 21 to the annual consolidated financial statements.

(3)	Includes adjustment for inflation of opening balances of loans in subsidiaries with the Peso as functional currency which was charged to Other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to Net Income.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

22. LOANS (cont.)

Details regarding the NO of the Group are as follows:


											June 30, 2022				December 31, 2021
Month	Year	Principal Value		Class		Interest rate⁽¹⁾				Principal Maturity	Non-current		Current		Non-current		Current
YPF
-	1998	US$	15		-		Fija	10.00	%	2028		1,854		31		1,521		26
April, February, October	2014/15/16	US$	1,522		Clase XXVIII		Fija	8.75	%	2024		43,334		34,104		62,193		28,598
September	2014	$	1,000		Clase XXXIV		BADLAR + 0.1%	44.94	%	2024		334		227		334		213
April	2015	US$	1,500		Clase XXXIX		Fija	8.50	%	2025		141,619		5,083		116,140		4,167
October	2015	$	2,000		Clase XLIII		BADLAR	45.97	%	2023		667		784		667		755
May	2017	$	4,602		Clase LII		Fija	16.50	%	2022		—		—		—		4,712
July, December	2017	US$	1,000		Clase LIII		Fija	6.95	%	2027		102,422		3,030		83,658		2,531
December	2017	US$	750		Clase LIV		Fija	7.00	%	2047		66,225		186		54,702		154
June	2019	US$	500		Clase I		Fija	8.50	%	2029		49,687		47		40,740		39
June	2020	US$	78		Clase XII		Fija	1.50	%	2022		—		—		—		7,688
July	2020	US$	543		Clase XIII		Fija	8.50	%	2025		21,130		11,288		21,652		9,353
December, February	2020/21	US$	143		Clase XIV		Fija	2.00	%	2023		17,925		26		14,701		22
February	2021	US$	775		Clase XVI		Fija	4.00	%	2026		80,869		14,964		75,944		899
February	2021	US$	748		Clase XVII		Fija	2.50	%	2029		92,284		—		73,484		18
February	2021	US$	576		Clase XVIII		Fija	1.50	%	2033		66,116		1,260		52,658		1,015
February	2021	$	4,128		Clase XIX		Fija	3.50	%	2024		7,806		26		5,896		20
July	2021	US$	384		Clase XX		Fija	5.75	%	2032		48,077		1,196		39,429		1,007

												740,349		72,252		643,719		61,217

(1)	Nominal annual Interest rate as of June 30, 2022.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

23. OTHER LIABILITIES


	June 30, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Extension of concessions		951		1,028		823		824
Liabilities for contractual claims		103		114		145		2,618	⁽¹⁾
Miscellaneous		—		313		—		26

		1,054		1,455		968		3,468

(1)	See Note 34.d) to the annual consolidated financial statements.

24. ACCOUNTS PAYABLE


	June 30, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Trade payable and related parties⁽¹⁾		832		260,494		752		193,159
Guarantee deposits		53		753		44		677
Payables with partners of JO and other agreements		103		1,840		92		6,203
Miscellaneous		—		1,663		—		1,512

		988		264,750		888		201,551

(1)	For more information about related parties, see Note 37.

25. REVENUES


	For the six-month period ended June 30,
	2022			2021
Sales of goods and services		982,573			558,025
Government incentives⁽¹⁾		14,848			11,615
Turnover tax		(31,241	)		(18,877	)

		966,180			550,763

(1)	See Note 37.

The Group’s transactions and the main revenues are described in Note 6. The Group’s revenues are derived from contracts with customers, except for Government incentives.

•

Breakdown of revenues

Type of good or service


	For the six-month period ended June 30, 2022
	Upstream		Downstream		Gas and Power		Central Administration and others		Total
Diesel		—		348,005		—		—		348,005
Gasolines		—		191,452		—		—		191,452
Natural Gas ⁽¹⁾		—		1,013		106,176		—		107,189
Crude Oil		—		2,190		—		—		2,190
Jet fuel		—		49,243		—		—		49,243
Lubricants and by-products		—		32,561		—		—		32,561
Liquefied Petroleum Gas		—		28,734		—		—		28,734
Fuel oil		—		12,261		—		—		12,261
Petrochemicals		—		30,832		—		—		30,832
Fertilizers and crop protection products		—		36,844		—		—		36,844
Flours, oils and grains		—		49,322		—		—		49,322
Asphalts		—		9,795		—		—		9,795
Goods for resale at gas stations		—		5,593		—		—		5,593
Income from services		—		—		—		6,774		6,774
Income from construction contracts		—		—		—		9,253		9,253
Virgin naphtha		—		11,795		—		—		11,795
Petroleum coke		—		19,310		—		—		19,310
LNG Regasification		—		—		2,091		—		2,091
Other goods and services		2,712		10,128		9,417		7,072		29,329

		2,712		839,078		117,684		23,099		982,573

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

25. REVENUES (cont.)


	For the six-month period ended June 30, 2021
	Upstream		Downstream		Gas and Power		Central Administration and others		Total
Diesel		—		184,066		—		—		184,066
Gasolines		—		112,019		—		—		112,019
Natural Gas ⁽¹⁾		—		645		67,525		—		68,170
Crude Oil		—		2,802		—		—		2,802
Jet fuel		—		10,451		—		—		10,451
Lubricants and by-products		—		22,077		—		—		22,077
Liquefied Petroleum Gas		—		17,451		—		—		17,451
Fuel oil		—		11,308		—		—		11,308
Petrochemicals		—		20,913		—		—		20,913
Fertilizers and crop protection products		—		28,836		—		—		28,836
Flours, oils and grains		—		31,983		—		—		31,983
Asphalts		—		4,631		—		—		4,631
Goods for resale at gas stations		—		2,746		—		—		2,746
Income from services		—		—		—		3,114		3,114
Income from construction contracts		—		—		—		5,660		5,660
Virgin naphtha		—		6,476		—		—		6,476
Petroleum coke		—		7,417		—		—		7,417
LNG Regasification		—		—		1,717		—		1,717
Other goods and services		2,780		5,200		3,904		4,304		16,188

		2,780		469,021		73,146		13,078		558,025

(1)	Includes 81,278 and 52,065 corresponding to sales of natural gas produced by the Company for the six-month period ended June 30, 2022 and 2021, respectively.

Sales Channels


	For the six-month period ended June 30, 2022
	Upstream		Downstream		Gas and Power		Central Administration and others		Total
Gas Stations		—		350,903		—		—		350,903
Power Plants		—		—		26,248		—		26,248
Distribution Companies		—		—		13,148		—		13,148
Retail distribution of natural gas		—		—		23,573		—		23,573
Industries, transport and aviation		—		195,826		43,207		—		239,033
Agriculture		—		146,164		—		—		146,164
Petrochemical industry		—		43,311		—		—		43,311
Trading		—		47,815		—		—		47,815
Oil Companies		—		37,342		—		—		37,342
Commercialization of LPG		—		10,844		—		—		10,844
Other sales channels		2,712		6,873		11,508		23,099		44,192

		2,712		839,078		117,684		23,099		982,573


	For the six-month period ended June 30, 2021
	Upstream		Downstream		Gas and Power		Central Administration and others		Total
Gas Stations		—		199,891		—		—		199,891
Power Plants		—		8,587		19,247		—		27,834
Distribution Companies		—		—		10,252		—		10,252
Retail distribution of natural gas		—		—		14,956		—		14,956
Industries, transport and aviation		—		80,999		23,070		—		104,069
Agriculture		—		92,576		—		—		92,576
Petrochemical industry		—		28,965		—		—		28,965
Trading		—		23,458		—		—		23,458
Oil Companies		—		22,782		—		—		22,782
Commercialization of LPG		—		5,982		—		—		5,982
Other sales channels		2,780		5,781		5,621		13,078		27,260

		2,780		469,021		73,146		13,078		558,025

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

25. REVENUES (cont.)

Target Market

Sales contracts in the domestic market resulted in 851,137 and 489,444 for the six-month period ended June 30, 2022 and 2021, respectively.

Sales contracts in the international market resulted in 131,436 and 68,581 for the six-month period ended June 30, 2022 and 2021, respectively.

•

Contract balances

The following table reflects information regarding credits, contract assets and contract liabilities:


	June 30, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Credits for contracts included in “Trade receivables”		12,610		193,408		11,942		136,751
Contract assets		—		2,168		—		1,360
Contract liabilities		—		29,008		—		13,329

Contract assets are mainly related to the work carried out by the Group under construction contracts.

Contract liabilities are mainly related to advances received from customers under the contracts for the sale of fuels, fertilizers and crop protection products, among others.

During the six-month period ended June 30, 2022 and 2021 the Group has recognized 3,856 and 5,270, respectively, in revenues from ordinary activities arising from contracts entered into with customers in the statement of comprehensive income, which have been included in the balance for contract liabilities at the beginning of the fiscal year.

26. COSTS


	For the six-month period ended June 30,
	2022			2021
Inventories at beginning of year		153,927			100,137
Purchases		328,337			153,756
Production costs⁽¹⁾		410,424			304,064
Translation effect		35,395			13,043
Adjustment for inflation⁽²⁾		1,262			668
Inventories at end of the period		(215,577	)		(124,197	)

		713,768			447,471

(1)	See Note 27.

(2)	Corresponds to adjustment for inflation of inventories’ opening balances of subsidiaries with the Peso as functional currency, which was charged to Other comprehensive income.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

27. EXPENSES BY NATURE

The Group presents the condensed interim consolidated financial statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the six-month period ended June 30, 2022 and 2021:


	For the six-month period ended June 30, 2022
	Production costs ⁽³⁾		Administrative expenses ⁽²⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		40,850		10,233		5,887			379		57,349
Fees and compensation for services		2,294		10,218		1,808			25		14,345
Other personnel expenses		11,196		986		535			104		12,821
Taxes, charges and contributions		7,169		713		23,494	⁽¹⁾		—		31,376
Royalties, easements and fees		54,174		—		106			210		54,490
Insurance		3,972		182		60			—		4,214
Rental of real estate and equipment		8,727		48		628			—		9,403
Survey expenses		—		—		—			828		828
Depreciation of property, plant and equipment		128,684		3,764		4,921			—		137,369
Amortization of intangible assets		1,628		1,022		24			—		2,674
Depreciation of right-of-use assets		10,596		6		683			—		11,285
Industrial inputs, consumable materials and supplies		22,576		135		476			11		23,198
Operation services and other service contracts		20,260		519		2,631			253		23,663
Preservation, repair and maintenance		63,365		1,254		1,679			42		66,340
Unproductive exploratory drillings		—		—		—			789		789
Transportation, products and charges		23,866		115		22,045			—		46,026
Provision for doubtful trade receivables		—		—		843			—		843
Publicity and advertising expenses		—		3,870		1,055			—		4,925
Fuel, gas, energy and miscellaneous		11,067		927		5,237			35		17,266

		410,424		33,992		72,112			2,676		519,204

(1)	Includes 16,338 corresponding to export withholdings.

(2)

Includes 306 corresponding to fees and remunerations of Directors and Statutory Auditors. On April 29, 2022, the General Ordinary and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees of 482 corresponding to fiscal year 2021 and to approve the sum of 706 as fees with respect to fees and remunerations for the fiscal year 2022.

(3)	The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 1,473.


	For the six-month period ended June 30, 2021
	Production costs ⁽³⁾		Administrative expenses ⁽²⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		23,368		6,339		3,669			261		33,637
Fees and compensation for services		1,852		5,939		1,049			5		8,845
Other personnel expenses		6,103		436		237			103		6,879
Taxes, charges and contributions		5,271		309		14,075	⁽¹⁾		91		19,746
Royalties, easements and fees		34,165		—		42			77		34,284
Insurance		3,398		205		144			—		3,747
Rental of real estate and equipment		4,851		17		778			—		5,646
Survey expenses		—		—		—			166		166
Depreciation of property, plant and equipment		126,900		2,706		3,821			—		133,427
Amortization of intangible assets		1,780		434		25			—		2,239
Depreciation of right-of-use assets		8,456		8		518			—		8,982
Industrial inputs, consumable materials and supplies		15,739		137		310			3		16,189
Operation services and other service contracts		19,493		312		1,950			108		21,863
Preservation, repair and maintenance		32,870		919		957			11		34,757
Unproductive exploratory drillings		—		—		—			54		54
Transportation, products and charges		14,153		104		12,702			—		26,959
Provision for doubtful trade receivables		—		—		1,885			—		1,885
Publicity and advertising expenses		—		1,529		442			—		1,971
Fuel, gas, energy and miscellaneous		5,665		643		3,362			84		9,754

		304,064		20,037		45,966			963		371,030

(1)	Includes 10,104 corresponding to export withholdings.

(2)

Includes 194 corresponding to fees and remunerations of Directors and Statutory Auditors. On April 30, 2021, the General Ordinary and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees of 194 corresponding to fiscal year 2020 and to approve the sum of 463 as fees with respect to fees and remunerations for the fiscal year 2021.

(3)	The expense recognized in the condensed interim consolidated statement of comprehensive income corresponding to research and development activities amounted to 730.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

28. OTHER NET OPERATING RESULTS


	For the six-month period ended June 30,
	2022			2021
Result for sale of participation in areas		—			472	⁽¹⁾
Result from sale of assets held for disposal		—			3,121
Construction incentives		—			573	⁽²⁾
Lawsuits		(3,874	)		(4,119	)
Miscellaneous		1,047			(378	)

		(2,827	)		(331	)

(1)	See Note 34.b) to the annual consolidated financial statements.

(2)	See Note 37.

29. NET FINANCIAL RESULTS


	For the six-month period ended June 30,
	2022			2021
Financial income
Interest income		13,914			8,271
Exchange differences		71,871			33,108
Financial accretion		61			282

Total financial income		85,846			41,661

Financial loss
Interest loss		(39,665	)		(34,511	)
Exchange differences		(47,173	)		(20,628	)
Financial accretion		(17,159	)		(12,632	)

Total financial costs		(103,997	)		(67,771	)

Other financial results
Results on financial assets at fair value with change in results		3,244			4,030
Results from derivative financial instruments		(567	)		(332	)
Result from net monetary position		10,672			5,394
Result from debt exchange		—			1,855	⁽¹⁾

Total other financial results		13,349			10,947

Total net financial results		(4,802	)		(15,163	)

(1)	See Note 21 to the annual consolidated financial statements.

30. INVESTMENTS IN JOINT OPERATIONS

The assets and liabilities as of June 30, 2022 and December 31, 2021, and expenses for the six-month period ended June 30, 2022 and 2021, of JO and other agreements in which the Group participates are as follows:


	June 30, 2022		December 31, 2021
Non-current assets⁽¹⁾		469,505		358,863
Current assets		12,356		11,629

Total assets		481,861		370,492

Non-current liabilities		32,226		27,672
Current liabilities		45,485		36,564

Total liabilities		77,711		64,236

(1)	It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and other agreements.


	For the six-month period ended June 30,
	2022		2021
Production cost		73,302		58,543
Exploration expenses		129		221

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

31. SHAREHOLDERS’ EQUITY

The Company’s subscribed capital as of June 30, 2022, is 3,931 and 2 treasury shares represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of Pesos 10 and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of June 30, 2022, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of Argentine Government is required for: (i) mergers, (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, (iii) transfers of all the YPF’s production and exploration rights, (iv) the voluntary dissolution of YPF; and (v) change of corporate and/or tax address outside the Argentine Republic. Items (iii) and (iv) also require prior approval by the Argentine Congress.

The General Ordinary and Extraordinary Shareholders’ Meeting was held on April 29, 2022 and approved the financial statements of YPF for the fiscal year ended December 31, 2021, and additionally, approved to partly absorb accumulated losses in retained earnings up to the net profit for the year as of December 31, 2021 for 257.

32. EARNINGS PER SHARE

The following table shows the net income and the number of shares that have been used for the calculation of the basic and diluted earnings per share:


	For the six-month period ended June 30,
	2022		2021
Net profit / (loss)		119,690		(47,083	)
Average number of shares outstanding		393,034,176		392,572,705
Basic and diluted earnings per share		304.53		(119.93	)

Basic and diluted earnings per share are calculated as shown in Note 2.b.13) to the annual consolidated financial statements.

33. ISSUES RELATED TO MAXUS ENTITIES

Issues related to Maxus entities are described in Note 32 to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:

On March 16, 2022, the Liquidating Trust filed a motion for partial summary judgment on certain of its claims against YPF, the other companies of the Group that are part of the Claim and Repsol. That motion did not request the entry of a monetary judgment at this time, acknowledging that certain issues should be resolved at trial.

The expert discovery process concluded on April 8, 2022. On April 27, 2022, YPF together with the other companies of the Group that are part of the Claim and Repsol filed their motions for the opening of summary judgment as well as the respective objections to the motion for summary judgment filed by the Liquidating Trust.

On May 3, 2022, a hearing was held before the Federal Court of Appeals for the Third Circuit for the presentation of oral arguments on the appeal against the dismissal of the motion to disqualify. As of the issuance date of these condensed interim consolidated financial statements, the aforementioned Court has not yet resolved this appeal.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

33. ISSUES RELATED TO MAXUS ENTITIES (cont.)

On June 13, 2022, a hearing was held before the Bankruptcy Court for the presentation of the oral arguments related to motions for summary judgment. On June 22, 2022, the Bankruptcy Court rejected the motion for summary judgment filed by the Liquidating Trust stating, among other considerations, that there are relevant matters of fact in dispute that should be settled at the trial stage. The Bankruptcy Court also partially granted summary judgment in favor of YPF and the other Companies of the Group that are parties to the Claim, rejecting the “all liabilities” theory (responsibility for all Maxus liabilities and contingencies) proposed by the Liquidating Trust in relation to the claimed alter ego damages. Upon rejecting the “all liabilities” theory proposed by the Liquidating Trust, the Bankruptcy Court concurred with YPF and the other Companies of the Group that are parties to the Claim that the damages claimed by alter ego require evidence of causality, and, therefore, the Liquidating Trust will have to prove that the damages claimed were caused by the purported alter ego behavior. The Bankruptcy Court also stated that the liability for the alleged alter ego behavior of YPF, the other Companies of the Group that are parties to the Claim, and Repsol is an issue that has to be first settled at the trial stage before the amount of damages, if any, can be analyzed.

As of the date of these condensed interim consolidated financial statements, no date has been set for the trial.

As the process moves forward, and given the complexity of the claims and the evidence that may be produced by the parties, the Company will continue analyzing the status of the case and its potential impact on the Group’s results and financial position. The Company, together with the other companies of the Group that are part of the Claim, will continue defending itself in compliance with applicable legal procedures and available defenses.

34. CONTINGENT ASSETS AND LIABILITIES

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

34.b.1) Environmental claims

During the six-month period ended June 30, 2022, there were no significant updates to the environmental claims described in Note 33.b.1) to the annual consolidated financial statements.

34.b.2) Contentious claims

Contentious claims are described in Note 33.b.2) to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:

•

Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (collectively, “Petersen”) – Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. and Eton Park Fund, L.P. (collectively, “Eton Park”)

Expert discovery concluded on April 6, 2022. On April 14, 2022, Petersen and Eton Park (“Plaintiffs”) and YPF and the Republic (“Defendants”) filed opening briefs in support of cross-motions for summary judgment in the Petersen and Eton Park actions. Plaintiffs argue that the District Court should grant summary judgment in their favor on liability and damages as to both YPF and the Republic, and claim total damages of US$ 15,900 millions, comprised of US$ 8,400 millions in direct damages and US$ 7,500 millions in ancillary claims and pre-judgment interest calculated through September 24, 2021. Plaintiffs also purport to reserve the right to seek higher damages at trial if summary judgment is denied, which could substantially increase the damages claimed. In their opening briefs, YPF and the Republic each argues that it has no liability and owes no damages to Plaintiffs, and that the District Court should, therefore, grant summary judgment in its favor and dismiss all remaining claims against it. See Note 33.b.2) to our consolidated annual financial statements for a description of the damages expert report submitted by YPF and the Republic on December 3, 2021, which disputes the assumptions and methodology on which plaintiffs’ damages calculations are based as not supported by the facts or applicable law. The parties filed opposition and reply briefs on May 26 and June 23, 2022, respectively.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

34. CONTINGENT ASSETS AND LIABILITIES (cont.)

As of June 23, 2022, the parties’ motions for summary judgment were fully submitted for decision by the District Court. Although the parties have asked the District Court to hold a hearing at which they can present oral argument in support of their respective motions, whether or not to permit such argument before deciding the motions is within the District Court’s discretion. As of the date of these condensed interim consolidated financial statements, the District Court has not yet ruled on the parties’ requests for oral argument.

According to the latest schedule approved by the District Court, if a trial is necessary after its ruling on the parties’ summary judgment motions, and subject to the District Court’s schedule and other immovable conflicts, trial will begin 115 days after said Court issues its summary judgment ruling. The procedural schedule may be extended or modified by order of the District Court.

As the process moves forward, taking into account the complexity of the claims and the evidence that the parties may present, the Company will continue to reassess the status of the litigation and its potential impact on the results and financial situation of the Group. The Company will continue to defend itself in accordance with the applicable legal procedures and available defenses.

35. CONTRACTUAL COMMITMENTS

35.a) Extension of concessions and exploration permits

The most significant exploitation concessions and exploration permits that took place in the year ended December 31, 2021 are described in Note 34.a) to the annual consolidated financial statements. Updates for the six-month period ended June 30, 2022 are described below:

Offshore exploration permits

On April 20, 2022, by SE Resolution No. 250/2022 Equinor Argentina AS (Argentina Branch) and YPF obtained a 2-year extension of the first exploratory period of the exploration permit awarded over CAN 114 area.

On April 22, 2022, by SE Resolution No 267/2022, Total Austral S.A. (Argentine Branch), Equinor Argentina AS (Argentina Branch) and YPF obtained a 2-year extension of the first exploratory period of the exploration permit awarded over MLO 123 area.

On May 4, 2022, by SE Resolution No. 321/2022 Equinor Argentina AS (Argentina Branch) and YPF obtained a 1-year extension of the first exploratory period of the exploration permit awarded over CAN 102 area.

Letter of Intent with the Province of Santa Cruz

In 2012, YPF entered into a Memorandum of Agreement with the Province of Santa Cruz, approved by Provincial Law No. 3,295, which extended the exploitation concession terms of certain areas by 25 years from the expiration of their original terms, under which YPF undertook to execute an investment plan in such concessions.

On August 1, 2022, YPF signed a Letter of Intent with the Province of Santa Cruz under which, among other things, the following was agreed: (i) to modify the schedule and allocation of certain outstanding investments under the Memorandum of Agreement; (ii) to recognize an indemnification amount of US$ 10.23 million in favor of the Province to be applied to social investment projects agreed between YPF and the Province; (iii) to increase the investment plan undertaken by YPF under the Memorandum of Agreement in US$ 100 million; and (iv) to a apply a maximum royalty of 7.5% to production from tertiary recovery projects that were submitted to the Province. As of the date of these condensed interim consolidated financial statements, the Letter of Intent is pending ratification by the Legislature of the Province of Santa Cruz.

35.b) Project investment and assignment agreements

The most relevant project investment and assignment agreements are described in Note 34.b) to the annual consolidated financial statements. During the six-month period ended June 30, 2022, there were no significant events and transactions.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the six-month period ended June 30, 2022, there were no significant updates to the regulatory framework described in Note 35.a) to the annual consolidated financial statements.

36.b) Regulations applicable to the Downstream segment

During the six-month period ended June 30, 2022, there were no significant updates to the regulatory framework described in Note 35.b) to the annual consolidated financial statements.

36.c) Regulations applicable to the Gas and Power segment

Updates to the regulatory framework described in Note 35.c) to the annual consolidated financial statements for the six-month period ended June 30, 2022, are described below:

•

Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

On June 1, 2022, ENARGAS Resolution No. 214/2022 was published in the BO, approving the tariff schemes to be applied by Metrogas, which incorporate the new natural gas prices at the PIST applicable as of June 1, 2022, approved by SE Resolution No. 403/2022.

36.d) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 35.d) to the annual consolidated financial statements for the six-month period ended June 30, 2022 are described below:

•

Foreign Currency Access Regime for Incremental Oil Production (“RADPIP” by its acronym in Spanish) and Foreign Currency Access Regime for Incremental Natural Gas Production (“RADPIGN”, by its acronym in Spanish) – Decree No. 277/2022

On May 26, 2022, the Argentine Government issued Decree No. 277/2022, creating the RADPIP and RADPIGN regimes. In order to obtain the benefits under these regimes, companies must: (i) be registered with the Register of Oil Companies and be holders of hydrocarbon exploitation concessions; (ii) adhere to these regimes under the terms established by the SE; (iii) obtain an incremental production under the terms defined in the Decree; and (iv) comply with the Regime for Promotion of Employment, Work and Development of Regional and National Providers of the Hydrocarbon Industry.

Beneficiaries of RADPIP and RADPIGN will have access to foreign exchange currencies on the Exchange Market for the payment of principal and interest on foreign trade and financial liabilities, including liabilities with non-resident related companies and/or profits and dividends. Such access to the Exchange Market will be for a percentage of the incremental production, as specified under the Decree.

•

Incentive Programs for the Production of Conventional Hydrocarbons

Provincial Stimulus Program – Province of Mendoza

As of the issuance date of these condensed interim consolidated financial statements, the proposals for Program I, which involve projects in Barrancas, Vizcacheras and Loma Alta Sur areas, were approved.

Provincial Stimulus Program – Province of Neuquén

Under the Provincial Hydrocarbon Reactivation Program, YPF has executed agreements with the Province of Neuquén to obtain the benefits of this Program, which involve projects in the Octógono Fiscal and Al Norte de la Dorsal areas.

Provincial Situmuls Program – Province of Chubut

Under the Hydrocarbon Industry Promotion Program, YPF submitted projects comprising the areas known as Manantiales Behr, Campamento Central - Cañadón Pérdido, Restinga Alí and El Trébol.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

36. MAIN REGULATIONS (cont.)

As of the issuance date of these condensed interim consolidated financial statements, the Province of Chubut has granted a 50% royalty rate reduction for a 10-year term applicable to: (i) incremental production from the Polymer Injection Pilot in El Trébol area, reducing the royalty rate to 6% for this type of production, decided by Decree No. 166/2022, and (ii) The Offshore Primary Develeopment Project (Proyecto Desarrollo Primaria Costa Afuera) in Restinga Alí area, decided by Decree No. 184/2022, reducing the royalty rate to 6% for oil production obatined from up to 6 wells in such area.

36.e) Tax Regulations

Updates to the regulatory framework described in Note 35.e) to the annual consolidated financial statements for the six-month period ended June 30, 2022 are described below:

•

Tax on Fuels

Incentive Regime for the Internal Supply of Fuels (“RIAIC”, by its acronym in Spanish)

On June 16, 2022; Decree No. 329/2022 was published in the BO, creating a promotion regime that allows refining and/or integrated refining companies to receive an amount equal to the sum they have to pay in taxes on Liquid Fuels and Carbon Dioxide (“Tax on fuels”) for diesel imports, which may be applied to pay such taxes. The RIAIC will be applicable to diesel imports and crude transfers from June 16 to August 16, 2022, that meet certain requirements established in said Decree, and may be extended for two additional months by the enforcement authority.

36.f) Custom Regulations

During the six-month period ended June 30, 2022, there were no significant updates to the regulatory framework described in Note 35.f) to the annual consolidated financial statements.

36.g) BCRA Regulations

Updates to the regulatory framework described in Note 35.g) to the annual consolidated financial statements for the six-month period ended June 30, 2022 are described below:

Communication “A” 7,532

On June 27, 2022, the BCRA established:

•

A new additional term of up to 10 calendar days for the settlement of foreign currencies on account of advances, pre-financings and post-financings from abroad. Currencies shall be settled within 5 business days from the collection or disbursement date in compliance with Foreign Trade and Exchange Regulations.

•

The possibility of an early repayment of local financing in foreign currency provided it takes place upon the inflow of funds from a new refinancing of exports from abroad.

•

The possibility of early repayment of debt securities registered in Argentina denominated and paid-in in foreign currency provided it takes place upon the inflow of funds from a new foreign financial indebtedness and/or the settlement of a debt security registered in Argentina denominated and paid-in in foreign currency.

Communication “A” 7,552

On July 21, 2022, the BCRA added new requirements to obtain access to the Foreign Exchange Market without prior consent, which include submitting a sworn statement declaring:

•

That all holdings in foreign currency in the country are deposited in a local bank account, that no available liquid foreign assets are owned and that no certificates of Argentine deposits representing foreign shares jointly exceeding US$ 100,000 are held. Holdings in excess of such amount should be settled by August 19, 2022, included.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

LOGO

36. MAIN REGULATIONS (cont.)

•

That the following transactions were not carried out within 90 days prior to accessing to the Foreign Exchange Market, and that they will not be carried out within 90 days thereafter:

Sales in the country of securities with settlement in foreign currency;

ii.

Exchange of securities for foreign assets issued by residents;

iii.

Transfer of securities to foreign entities;

iv.

Acquisition of securities in the country issued by non-residents with settlement in pesos;

Acquisition of certificates of argentine deposits representing foreign shares;

vi.

Acquisition of securities representing private debt issued in a foreign jurisdiction;

vii.

Delivery of funds in local currency or other local assets (except funds in foreign currency deposited with local financial institutions) to directly or indirectly receive, in consideration therefor, foreign assets, crypto-assets or securities deposited abroad.

36.h) CNV Regulatory Framework

Resolution No. 622

On March 18, 2015, the Company was registered with the CNV under the category “Settlement and Clearing Agent and Trading Agent - Own account”, record No. 549. Considering the Company’s business, and the CNV Rules and its Interpretative Criterion No. 55, the Company will not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it will also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV.

Moreover, in accordance with the amendment to the CNV Rules provided for by General Resolution No. 731/2018, the Company is subject to the provisions of Section 5 c. of Title VII, Chapter II of the CNV Rules, “Settlement and Clearing Agent - Direct Participant”. In this respect, as set forth in Section 13, Title VII, Chapter II, of the CNV Rules, as of June 30, 2022, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 61. Additionally, the balancing entry requirement established in Section 15 of the aforementioned regulations does not apply to the Company.

Resolutions No. 629/2014 and No. 813/2019

Due to Resolutions No. 629/2014 and No. 813/2019, the Company informs that supporting documentation of YPF’s operations, which is not in YPF’s headquarters, is stored in the following companies:

•

Addoc. Administración de Documentos S.A. located in Barn 3 – Route 36, Km. 31.5 – Florencio Varela – Province of Buenos Aires.

•

File S.R.L., located in Panamericana and R.S. Peña – Blanco Encalada – Luján de Cuyo – Province of Mendoza.

•

Custodia Archivos del Comahue S.A. - Parque Industrial Este, Block N Plot 2 - Capital of Neuquén, Province of Neuquen.

Additionally, it is placed on record that the detail of the documentation given in custody is available at the registered office, as well as the documents mentioned in section 5, subsection a.3, Section I, Chapter V, Title II of the CNV Rules.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The information detailed in the table below shows the balances with associates and joint ventures as of June 30, 2022:


	June 30, 2022
	Other receivables		Trade receivables		Investment in financial assets		Accounts payable		Contract liabilities
	Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		549		1,834		1,172		4,639		26
Profertil		70		1,687		—		3,937		—
MEGA		—		7,811		—		482		—
Refinor		—		3,376		—		96		—
OLCLP		28		—		—		263		—
Sustentator S.A.		—		—		—		3		—

		647		14,708		1,172		9,420		26

Associates:
CDS		—		1		—		—		—
YPF Gas		295		2,540		—		487		—
Oldelval		5		23		—		577		—
Termap		—		—		—		250		—
OTA		—		—		—		15		—
GPA		—		—		—		628		—
Oiltanking		—		1		—		550		—
Gas Austral S.A.		—		55		—		—		—

		300		2,620		—		2,507		—

		947		17,328		1,172		11,927		26

The information detailed in the table below shows the balances with associates and joint ventures as of December 31, 2021:


	December 31, 2021
	Other receivables		Trade receivables		Investment in financial assets		Accounts payable		Contract liabilities
	Current		Current		Current		Current		Current
Joint Ventures:
YPF EE		385		1,277		803		3,375		74
Profertil		19		1,146		—		884		—
MEGA		—		4,397		—		572		—
Refinor		—		1,949		—		64		—
OLCLP		31		—		—		164		—
Sustentator S.A.		—		—		—		5		—

		435		8,769		803		5,064		74

Associates:
CDS		—		1		—		—		—
YPF Gas		114		749		—		220		—
Oldelval		—		2		—		366		—
Termap		—		—		—		139		—
OTA		14		—		—		11		—
GPA		—		—		—		310		—
Oiltanking		—		1		—		209		—
Gas Austral S.A.		—		42		—		—		—

		128		795		—		1,255		—

		563		9,564		803		6,319		74

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The information detailed in the table below shows the transactions with associates and joint ventures for the six-month period ended June 30, 2022 and 2021:


	For the six-month period ended June 30,
	2022						2021
	Revenues		Purchases and services		Net interest income (loss)		Revenues		Purchases and services		Net interest income (loss)
Joint Ventures:
YPF EE		2,082		6,767		—		2,956		3,969		—
Profertil		4,254		11,956		—		2,625		5,412		—
MEGA		14,603		125		5		9,652		523		—
Refinor		8,764		1,724		1		4,809		720		—
OLCLP		72		508		—		50		361		—
Sustentator S.A.		—		1		—		—		8		—

		29,775		21,081		6		20,092		10,993		—

Associates:
CDS		—		—		—		266		—		—
YPF Gas		4,907		527		—		2,342		269		—
Oldelval		45		2,707		—		7		1,602		—
Termap		—		1,008		—		—		917		—
OTA		1		136		—		1		97		—
GPA		—		1,028		—		—		831		—
Oiltanking		4		1,371		—		3		1,194		—
Gas Austral S.A.		291		1		—		191		—		—

		5,248		6,778		—		2,810		4,910		—

		35,023		27,859		6		22,902		15,903		—

Additionally, in the normal course of business, and considering being the main energy group in Argentina, the Group’s client/suppliers portfolio encompasses both private sector entities as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are:

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)


		Balances						Transactions
		Receivables / (Liabilities)						Income / (Costs)
		June 30, 2022			December 31, 2021			For the six-month period ended June 30,
Customers / Suppliers	Ref.	June 30, 2022			December 31, 2021			2022			2021
SGE	(1) (18)		158			1,610			—			1,901
SGE	(2) (18)		10,075			4,397			9,803			6,337
SGE	(3) (18)		883			472			844			285
SGE	(4) (18)		167			188			—			—
SGE	(5) (18)		272			131			311			269
SGE	(6) (18)		6,813			6,775			—			—
Ministry of Transport	(7) (18)		664			918			2,962			2,823
AFIP	(8) (18)		928			—			928			—
Secretary of Industry	(9) (18)		—			—			—			573
CAMMESA	(10)		12,666			12,779			24,969			26,613
CAMMESA	(11)		(2,084	)		(1,173	)		(2,225	)		(3,584	)
IEASA	(12)		12,032			8,970			6,517			4,909
IEASA	(13)		(11,290	)		(7,866	)		(2,382	)		(1,295	)
Aerolíneas Argentinas S.A.	(14)		9,251			2,618			20,405			3,632
Aerolíneas Argentinas S.A.	(15)		—			—			—			(133	)
Agua y Saneamientos Argentinos S.A.	(16)		1,727			1,754			—			3,121
Ministry of Work, Employment and Social Security and AFIP	(17)		—			—			—			230

(1)	Benefits for the Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional Reservoirs.

(2)	Benefits for the Plan for the Promotion of Argentine Natural Gas Production (“GasAr Plan).

(3)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks.

(4)	Benefits for recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks.

(5)	Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas.

(6)

Procedure to compensate the payment of the daily differences accumulated on a monthly basis between the price of the gas purchased by Natural Gas Piping Distribution Service Companies and the price of the natural gas included in the respective tariff schemes for the benefit of Metrogas. See Note 35.c.1) to the annual consolidated financial statements.

(7)	The compensation for providing diesel to public transport of passengers at a differential price.

(8)	Benefits of the RIAIC.

(9)	Incentive for domestic manufacturing of capital goods for the benefit of AESA.

(10)	The provision of fuel oil and natural gas.

(11)	Purchases of energy.

(12)	Sale of natural gas, LNG and provision of regasification service of LNG.

(13)	The purchase of natural gas and crude oil.

(14)	The provision of jet fuel.

(15)	Purchase of miles for YPF Serviclub Program.

(16)	Sale of assets held for disposal.

(17)	Income recognized by the Productive Recovery Program II (“REPRO II”) in benefit of OPESSA.

(18)	Income recognized under the guidelines of IAS 20 “Accounting for Government Grants and Disclosure of Government Assistance”.

Additionally, the Group has entered into certain financing, investing and insurance transactions with entities related to the national public sector.

On the other hand, the Group holds Bonds of the Argentine Republic 2029 and 2030 identified as investments in financial assets at fair value with change in results, and Treasury Bills and Bonds identified as investments in financial assets at amortized cost. See Note 15.

Furthermore, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the six-month period ended June 30, 2022 and 2021, YPF and CHNC carried out transactions, among others, the purchases of crude oil by YPF for 20,958 and 21,754, respectively. These transactions will be consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of June 30, 2022 and December 31, 2021 amounts to 3,310 and 3,004, respectively. See Note 36 to the annual consolidated financial statements.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (cont.)

The table below discloses the accrued compensation for the YPF’s key management personnel, including members of the Board of Directors and Vice Presidents, managers with executive functions appointed by the Board of Directors, for the six-month period ended June 30, 2022 and 2021:


	For the six-month period ended June 30,
	2022		2021
Short-term employee benefits⁽¹⁾		747		453
Share-based benefits		82		60
Post-retirement benefits		40		24
Termination benefits		104		11

		973		548

(1)	Does not include Social Security contributions of 167 and 80 for the six-month period ended June 30, 2022 and 2021, respectively.

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

Note 2.b.10) to the annual consolidated financial statements describes the main characteristics and accounting treatment for benefit plans implemented by the Group.

Retirement plan

The total charges recognized under the Retirement Plan amounted to approximately 303 and 117 for the six-month period ended June 30, 2022 and 2021, respectively.

Objective performance bonus programs and performance evaluation programs

The amount charged to expense related to the programs was 4,366 and 2,666 for the six-month period ended June 30, 2022 and 2021, respectively.

Share-based benefit plan

The amount charged to expense in relation with the share-based plans, which are disclosed according to their nature, was 110 and 241 for the six-month period ended June 30, 2022 and 2021, respectively.

During the six-month period ended June 30, 2022 and 2021, the Company has not repurchased its own shares.

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 JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO


	June 30, 2022							December 31, 2021
	Amount in currencies other than the Peso			Exchange rate in force ⁽¹⁾		Total		Amount in currencies other than the Peso			Exchange rate in force ⁽¹⁾		Total
Non-current assets
Other receivables
U.S. dollar		21			125.03		2,679		27			102.52		2,771
Bolivian peso		7			17.96		125		7			14.73		103
Trade receivables
U.S. dollar		29			125.03		3,630		28			102.52		2,836
Investments in financial assets
U.S. dollar		179			125.03		22,389		25			102.52		2,534

Total non-current assets							28,823							8,244

Current assets
Other receivables
U.S. dollar		217			125.03		27,140		267			102.52		27,403
Euro		—	⁽²⁾		130.88		44		—	⁽²⁾		115.89		43
Real		11			23.89		263		13			18.39		239
Chilean peso		10,694			0.13		1,390		9,733			0.12		1,168
Bolivian peso		14			17.96		250		14			14.73		205
Trade receivables
U.S. dollar		544			125.03		68,031		552			102.52		56,589
Chilean peso		11,185			0.13		1,454		11,825			0.12		1,419
Euro		—	⁽²⁾		130.88		6		—	⁽²⁾		115.89		1
Real		45			23.89		1,075		54			18.39		993
Investments in financial assets
U.S. dollar		252			125.03		31,491		342			102.52		35,063
Cash and cash equivalents
U.S. dollar		217			125.03		27,126		175			102.52		17,952
Chilean peso		1,790			0.13		233		1,017			0.12		122
Bolivian peso		—			—		—		7			14.73		105
Real		16			23.89		382		18			18.39		331

Total current assets							158,885							141,633

Total assets							187,708							149,877

Non-current liabilities
Provisions
U.S. dollar		2,406			125.23		301,334		2,315			102.72		237,848
Real		10			23.89		239		10			18.39		184
Lease liabilities
U.S. dollar		259			125.23		32,420		276			102.72		28,335
Loans
U.S. dollar		6,176			125.23		773,455		6,321			102.72		649,260
Real		11			23.89		263		23			18.39		423
Other liabilities
U.S. dollar		8			125.23		1,054		9			102.72		968
Accounts payable
U.S. dollar		4			125.23		458		4			102.72		399

Total non-current liabilities							1,109,223							917,417

Current liabilities
Provisions
U.S. dollar		119			125.23		14,918		120			102.72		12,360
Income tax
Real		2			23.89		48		2			18.39		37
Taxes payable
Bolivian peso		14			17.99		250		21			14.76		316
Chilean peso		4,048			0.13		526		3,360			0.12		403
Real		8			23.89		191		10			18.39		184
Salaries and social security
U.S. dollar		10			125.23		1,237		10			102.72		990
Chilean peso		357			0.13		46		430			0.12		52
Real		1			23.89		24		1			18.39		18
Lease liabilities
U.S. dollar		285			125.23		35,726		266			102.72		27,277
Loans
U.S. dollar		679			125.23		85,044		698			102.72		71,674
Chilean peso		2,246			0.13		292		2,950			0.12		354
Real		56			23.89		1,338		51			18.39		938
Other liabilities
U.S. dollar		12			125.23		1,455		34			102.72		3,468
Accounts payable
U.S. dollar		904			125.23		113,238		846			102.72		86,878
Euro		19			131.40		2,541		20			116.37		2,280
Chilean peso		4,660			0.13		606		3,379			0.12		405
Pound sterling		—	⁽²⁾		152.48		12		1			138.54		80
Yen		149			0.92		137		164			0.89		146
Swiss franc		1			131.34		103		1			112.40		84
Real		30			23.89		723		42			18.39		777

Total current liabilities							258,455							208,721

Total liabilities							1,367,678							1,126,138

(1)	Exchange rate in force at June 30, 2022 and December 31, 2021 according to BNA.

(2)	Registered value less than 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

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

40. SUBSEQUENT EVENTS

As of the date of these condensed interim consolidated financial statements, there have been no other significant subsequent events whose effect on the Group’s shareholders´ equity, the net comprehensive income or their disclosure in notes to the financial statements for the period ended as of June 30, 2022, should have been considered in such financial statements under IFRS.

PABLO GERARDO GONZÁLEZ

President

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.