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 May, 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 MARCH 31, 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 MARCH 31, 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	28
29	Net financial results	29
30	Investments in joint operations	29
31	Shareholders’ equity	29
32	Earnings per share	30
33	Issues related to Maxus Entities	30
34	Contingent assets and contingent liabilities	30
35	Contractual commitments	31
36	Main regulations	31
37	Balances and transactions with related parties	33
38	Employee benefit plans and similar obligations	36
39	Assets and liabilities in currencies other than the Peso	37
40	Subsequent events	38

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 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
Group		YPF and its subsidiaries
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
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
Joint venture		Company jointly owned by YPF as provided for in IFRS 11
JO		Joint operation
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
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)
MBtu		Million British thermal units
NO		Negotiable Obligations
Oiltanking		Associate Oiltanking Ebytem S.A.
Oldelval		Associate Oleoductos del Valle S.A.
OLCLP		Joint Venture Oleoducto Loma Campana – Lago Pellegrini 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 MARCH 31, 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 financial statements originally filed in Spanish with the CNV.

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2022 AND DECEMBER 31, 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)


	Notes	March 31, 2022		December 31, 2021
ASSETS
Non-current assets
Intangible assets	8		46,181		43,014
Property, plant and equipment	9		1,787,255		1,642,259
Right-of-use assets	10		54,984		53,260
Investments in associates and joint ventures	11		183,092		156,925
Deferred income tax assets, net	18		1,625		1,921
Other receivables	13		5,995		19,549
Trade receivables	14		4,706		4,363
Investment in financial assets	15		3,865		2,534

Total non-current assets			2,087,703		1,923,825

Current assets
Assets held for disposal			111		103
Inventories	12		167,500		153,927
Contract assets	25		1,765		1,360
Other receivables	13		56,195		63,259
Trade receivables	14		154,630		133,904
Investment in financial assets	15		59,182		51,012
Cash and cash equivalents	16		88,210		62,678

Total current assets			527,593		466,243

TOTAL ASSETS			2,615,296		2,390,068

SHAREHOLDERS’ EQUITY
Shareholders’ contributions			10,555		10,504
Reserves, other comprehensive income and retained earnings			930,636		829,388

Shareholders’ equity attributable to shareholders of the parent company			941,191		839,892

Non-controlling interest			9,344		8,226

TOTAL SHAREHOLDERS’ EQUITY			950,535		848,118

LIABILITIES
Non-current liabilities
Provisions	17		277,382		258,478
Deferred income tax liabilities, net	18		184,670		185,179
Income tax liability	18		5,398		3,026
Taxes payable	19		203		201
Salaries and social security	20		2,299		3,262
Lease liabilities	21		26,708		28,335
Loans	22		745,187		670,535
Other liabilities	23		934		968
Accounts payable	24		923		888

Total non-current liabilities			1,243,704		1,150,872

Current liabilities
Provisions	17		19,263		19,297
Contract liabilities	25		31,237		13,329
Income tax liability	18		12,189		1,336
Taxes payable	19		34,653		14,671
Salaries and social security	20		21,972		23,459
Lease liabilities	21		30,960		27,287
Loans	22		57,952		86,680
Other liabilities	23		1,753		3,468
Accounts payable	24		211,078		201,551

Total current liabilities			421,057		391,078

TOTAL LIABILITIES			1,664,761		1,541,950

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			2,615,296		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 THREE-MONTH PERIOD ENDED MARCH 31, 2022 AND 2021 (UNAUDITED)

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


			For the three-month period ended March 31,
	Notes		2022		2021
Net income
Revenues		25		388,169		234,890
Costs		26		(303,142)		(198,531)

Gross profit				85,027		36,359


Selling expenses		27		(27,224)		(19,945)
Administrative expenses		27		(14,774)		(9,125)
Exploration expenses		27		(1,123)		(159)
Other net operating results		28		(1,457)		(276)

Operating profit				40,449		6,854


Income from equity interests in associates and joint ventures		11		12,229		5,116

Financial income		29		32,110		22,347
Financial loss		29		(43,037)		(32,323)
Other financial results		29		6,332		5,685

Net financial results		29		(4,595)		(4,291)



Net profit before income tax				48,083		7,679


Income tax		18		(21,666)		(9,926)


Net profit / (loss) for the period				26,417		(2,247)


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation differences from subsidiaries, associates and joint ventures				(3,835)		(3,165)
Result from net monetary position in subsidiaries, associates and joint ventures ⁽¹⁾				8,378		4,703
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF				71,406		64,120

Other comprehensive income for the period				75,949		65,658



Total comprehensive income for the period				102,366		63,411


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				26,603		(2,066)
Non-controlling interest				(186)		(181)
Other comprehensive income for the period attributable to:
Shareholders of the parent company				74,645		64,870
Non-controlling interest				1,304		788
Total comprehensive income for the period attributable to:
Shareholders of the parent company				101,248		62,804
Non-controlling interest				1,118		607
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		32		67.69		(5.26)

(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.

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)


	For the three-month period ended March 31, 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⁾		-		-		-		-		53			-		-		-		53
Settlement of share-based benefit plans ⁽²⁾		-		-		-		-		(9)			1		6		-		(2)
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit / (loss)		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,931		6,095		2		6		416			(492)		(43)		640		10,555


	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⁾		-		-		-		-		-			-		53		-		53
Settlement of share-based benefit plans ⁽²⁾		-		-		-		-		-			-		(2)		-		(2)
Other comprehensive income		-		-		-		-		74,645			-		74,645		1,304		75,949
Net profit / (loss)		-		-		-		-		-			26,603		26,603		(186)		26,417

Balance at the end of the period		2,007		-		-		-		958,234	⁽¹⁾		(29,605)		941,191		9,344		950,535

(1)

Includes 958,327 corresponding to the effect of the translation of the financial statements of YPF and, (50,069) 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 49,976 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.

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 THREE-MONTH PERIOD ENDED MARCH 31, 2022 AND 2021 (UNAUDITED) (cont.)

(Amounts expressed in millions of Pesos)


	For the three-month period ended March 31, 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⁾		-		-		-		-		119			-		-		-		119
Settlement of share-based benefit plans ⁽²⁾		-		-		-		-		(27)			(4)		(6)		-		(37)
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net loss		-		-		-		-		-			-		-		-		-

Balance at the end of the period		3,926		6,088		7		13		(52)			498		(653)		640		10,467


	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⁾		-		-		-		-		-			-		119		-		119
Settlement of share-based benefit plans ⁽²⁾		-		-		-		-		-			-		(37)		-		(37)
Other comprehensive income		-		-		-		-		64,870			-		64,870		788		65,658
Net loss		-		-		-		-		-			(2,066)		(2,066)		(181)		(2,247)

Balance at the end of the period		2,007		3,700		8,934		550		786,173	⁽¹⁾		(71,715)		740,116		6,772		746,888

(1)

Includes 797,612 corresponding to the effect of the translation of the financial statements of YPF and, (41,857) 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 30,418 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.

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 THREE-MONTH PERIOD ENDED MARCH 31, 2022 AND 2021 (UNAUDITED)

(Amounts expressed in millions of Pesos)


	For the three-month period ended March 31,
	2022		2021
Cash flows from operating activities
Net loss		26,417		(2,247)
Adjustments to reconcile net loss to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(12,229)		(5,116)
Depreciation of property, plant and equipment		62,809		60,875
Depreciation of right-of-use assets		5,391		4,214
Amortization of intangible assets		1,182		1,042
Retirement of property, plant and equipment and intangible assets and consumption of materials		9,103		7,369
Charge on income tax		21,666		9,926
Net increase in provisions		7,653		5,723
Exchange differences, interest and other		765		3,814
Share-based benefit plans		53		119
Result from debt exchange		-		(1,855)
Changes in assets and liabilities:
Trade receivables		(12,073)		1,816
Other receivables		16,647		(8,263)
Inventories		(285)		(2,247)
Accounts payable		(1,942)		16,880
Taxes payables		18,936		8,067
Salaries and social security		(3,554)		(2,449)
Other liabilities		(2,024)		(2,377)
Decrease in provisions included in liabilities due to payment/use		(3,210)		(1,821)
Contract assets		(416)		480
Contract liabilities		17,882		(611)
Dividends received		-		28
Proceeds from collection of profit loss insurance		116		12
Income tax payments		(256)		(129)

Net cash flows from operating activities ^{(1) (2)}		152,631		93,250

Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(83,629)		(43,640)
Proceeds from sales of financial assets		3,473		9,256
Payments from purchases of financial assets		(9,409)		(13,094)
Interests received from financial assets		89		1,172
Proceeds from sales of assets		177		-

Net cash flows used in investing activities		(89,299)		(46,306)

Financing activities: ⁽³⁾
Payments of loans		(49,729)		(47,468)
Payments of interests		(18,474)		(17,663)
Proceeds from loans		37,918		25,713
Payments of leases		(9,075)		(6,783)
Payments of interests in relation to income tax		(47)		(7)

Net cash flows used in financing activities		(39,407)		(46,208)



Translation differences on cash and cash equivalents		1,607		922



Net Increase in cash and cash equivalents		25,532		1,658


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		88,210		56,276

Net Increase in cash and cash equivalents		25,532		1,658

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

(2)	Includes 5,648 and 3,627 for the three-month period ended March 31, 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 three-month period ended March 31,
	2022		2021
Unpaid acquisitions of property, plant and equipment		30,542		16,674
Additions of right-of-use assets		4,602		7,020
Capitalization of depreciation of right-of-use assets		1,567		873
Capitalization of financial accretion for lease liabilities		532		293

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 MARCH 31, 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 March 31, 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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

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

LOGO

Organization of the business

As of March 31, 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.

Almost all operations, properties and clients are 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 three-month period ended March 31, 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 May 11, 2022.

These condensed interim consolidated financial statements corresponding to the three-month period ended March 31, 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 three-month period ended March 31, 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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

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

LOGO

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 March 31, 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.

Going concern

The Management of the Company considers it appropriate to adopt the going concern basis of accounting for the presentation and valuation of these consolidated financial statements.

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2021 and to the three-month period ended March 31, 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 three-month period ended March 31, 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 three-month period ended March 31, 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 March 31, 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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

5. FINANCIAL RISK MANAGEMENT (cont.)

LOGO

Additionally, it should be noted that, under the terms and conditions of the loans that our subsidiary Metrogas has taken, the debt and interest service coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, the financial creditors formally accepted to waive Metrogas from complying with the contractual obligation related to such financial ratios, as of March 31, 2022.

6. SEGMENT INFORMATION

The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment also considering the Group’s business strategy.

•

Upstream

The Upstream segment carries out all activities relating to the exploration, development and production of oil and natural gas.

Revenue is generated from: (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third parties; (ii) the sale of produced gas to the Gas and Power segment.

•

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, and (iii) the separation and distribution of natural gas and the generation of electric power through its investments in associates and joint ventures.

On January 1, 2022, certain assets related to gas transportation, conditioning and processing for the separation of gasoline, propane and butane, which were previously managed by the Upstream segment, were grouped into the new CGU Midstream Gas within the Gas and Power segment. Because it is a new gas liquid management model that did not exist in previous years, no retroactive effect has been given to business segment information. In addtion, the assets transferred and operating results are not significant.

In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a “purchase” to the Upstream segment, and including stimulus plans for natural gas production in force (see Note 35.d) to the annual consolidated financial statements), Gas and Power segment accrues a fee in its favor with the Upstream segment to carry out such commercialization.

•

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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

6. SEGMENT INFORMATION (cont.)


	Upstream			Gas and Power		Downstream		Central Administration and Others		Consolidation Adjustments ⁽¹⁾		Total
For the three-month period ended March 31, 2022
Revenues from sales		785			48,025		333,416		9,311		(3,368)		388,169
Revenues from intersegment sales		163,139			9,282		1,838		16,278		(190,537)		-

Revenues		163,924			57,307		335,254		25,589		(193,905)		388,169

Operating profit / (loss)		23,299			301		33,001		(6,364)		(9,788)		40,449
Income from equity interests in associates and joint ventures		-			7,691		4,538		-		-		12,229
Depreciation of property, plant and equipment		47,383	⁽²⁾		1,467		11,833		2,126		-		62,809
Acquisition of property, plant and equipment		64,523			737		11,186		3,190		-		79,636
Assets		1,144,908			296,514		970,225		228,241		(24,592)		2,615,296

For the three-month period ended March 31, 2021
Revenues from sales		1,998			30,293		199,915		4,901		(2,217)		234,890
Revenues from intersegment sales		108,367			2,673		1,429		8,091		(120,560)		-

Revenues		110,365			32,966		201,344		12,992		(122,777)		234,890

Operating profit / (loss)		1,632			(2,827)		17,601		(3,703)		(5,849)		6,854
Income from equity interests in associates and joint ventures		-			3,861		1,255		-		-		5,116
Depreciation of property, plant and equipment		48,702	⁽²⁾		584		9,815		1,774		-		60,875
Acquisition of property, plant and equipment		37,589			360		4,544		622		-		43,115

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 MARCH 31, 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 March 31, 2022 and December 31, 2021, and their allocation to their fair value levels:


	As of March 31, 2022
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		10,272		-		-		10,272

		10,272		-		-		10,272

Cash and cash equivalents:
- Mutual funds		41,541		-		-		41,541

		41,541		-		-		41,541

		51,813		-		-		51,813


	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 three-month period ended March 31, 2022, changes in business or economic circumstances did not significantly affect the fair value of the Group’s financial assets and liabilities, whether measured at fair value or amortized cost.

During the three-month period ended March 31, 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 666,443 and 562,653 as of March 31, 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


	March 31, 2022		December 31, 2021
Net book value of intangible assets		51,002		47,474
Provision for impairment of intangible assets		(4,821)		(4,460)

		46,181		43,014

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

8.	INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the three-month period ended March 31, 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		444		-		88		532
Translation effect		7,542		1,132		3,157		11,831
Adjustment for inflation ⁽¹⁾		-		-		1,076		1,076
Decreases, reclassifications and other movements		-		-		-		-

Accumulated amortization
Increases		759		-		423		1,182
Translation effect		5,400		-		2,975		8,375
Adjustment for inflation ⁽¹⁾		-		-		354		354
Decreases, reclassifications and other movements		-		-		-		-

Cost		101,110		15,142		50,026		166,278
Accumulated amortization		72,611		-		42,665		115,276

Balance as of March 31, 2022		28,499		15,142		7,361		51,002

(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


	March 31, 2022		December 31, 2021
Net book value of property, plant and equipment		1,867,507		1,721,628
Provision for obsolescence of materials and equipment		(13,552)		(12,576)
Provision for impairment of property, plant and equipment		(66,700)		(66,793)

		1,787,255		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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

9.	PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the three-month period ended March 31, 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		48		-		134		146		21,881		56,434		942		12		-		-		39		79,636
Translation effect		9,615		397,777		69,155		3,604		8,327		21,887		242		6,430		10,935		-		5,165		533,137
Adjustment for inflation ⁽¹⁾		3,188		-		-		877		349		1,084		-		522		-		16,409		3,884		26,313
Decreases, reclassifications and other movements		125		40,816		3,000		24		(16,643)		(35,908)		(2,176)		15		(162)		513		(2)		(10,398)

Accumulated depreciation
Increases		718		52,963		9,378		592		-		-		-		1,317		1,715		643		820		68,146
Translation effect		4,601		335,505		42,838		2,507		-		-		-		5,635		7,246		-		3,981		402,313
Adjustment for inflation ⁽¹⁾		1,676		-		-		584		-		-		-		463		-		8,363		2,559		13,645
Decreases, reclassifications and other movements		(44)		(406)		(55)		(63)		-		-		-		5		(743)		11		-		(1,295)

Cost		150,943		5,339,422		926,781		54,948		122,428		332,853		3,236		89,695		146,245		119,033		97,712		7,383,296
Accumulated depreciation		74,276		4,515,092		577,645		38,239		-		-		-		79,478		97,452		61,061		72,546		5,515,789

Balance as of March 31, 2022		76,667		824,330		349,136		16,709		122,428		332,853		3,236		10,217		48,793		57,972		25,166		1,867,507

(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 MARCH 31, 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 three-month period ended March 31, 2022 and 2021, the rate of capitalization was 8.27% and 8.66%, respectively, and the amount capitalized amounted to 269 and 250, respectively, for the period mentioned above.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the three-month period ended March 31, 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		66
Decreases charged to profit or loss		-
Applications due to utilization		(112)
Translation differences		1,009
Adjustment for inflation ⁽¹⁾		13

Balance as of March 31, 2022		13,552

(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 three-month period ended March 31, 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⁾		(5,337)
Translation differences		5,124
Adjustment for inflation ⁽³⁾		120
Transfers and other movements		-

Balance as of March 31, 2022		66,700

(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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the three-month period ended March 31, 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		7		-		170		220		4,205		4,602
Translation differences		267		2,917		2,329		663		2,533		8,709
Adjustment for inflation ⁽¹⁾		11		-		-		324		-		335
Decreases, reclassifications and other movements		-		-		-		-		-		-

Accumulated depreciation
Increases		458		1,786		1,516		307		2,891		6,958
Translation differences		111		1,911		1,426		234		1,119		4,801
Adjustment for inflation ⁽¹⁾		11		-		-		152		-		163
Decreases, reclassifications and other movements		-		-		-		-		-		-

Cost		3,682		39,025		31,307		11,483		38,096		123,593
Accumulated depreciation		1,705		26,410		19,764		4,431		16,299		68,609

Balance as of March 31, 2022		1,977		12,615		11,543		7,052		21,797		54,984

(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 March 31, 2022 and December 31, 2021:


	March 31, 2022		December 31, 2021
Amount of investments in associates		18,018		16,450
Amount of investments in joint ventures		165,074		140,475

		183,092		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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

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

The main movements during the three-month period ended March 31, 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		12,229
Translation differences		12,696
Distributed dividends		-
Adjustment for inflation⁽¹⁾		1,242

Balance as of March 31, 2022		183,092

(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 three-month period ended March 31, 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 three-month period ended March 31,				For the three-month period ended March 31,
	2022		2021		2022		2021
Net income		222		894		12,007		4,222
Other comprehensive income		1,304		864		12,634		9,327

Comprehensive income for the period		1,526		1,758		24,641		13,549

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 March 31, 2022 and December 31, 2021, as well as the results for the three-month period ended March 31, 2022 and 2021, are detailed below:


	March 31, 2022⁽¹⁾		December 31, 2021⁽¹⁾
Non-current assets		197,880		183,767
Current assets		38,136		24,849

Total assets		236,016		208,616

Non-current liabilities		94,984		80,626
Current liabilities		34,296		33,211

Total liabilities		129,280		113,837



Total shareholders’ equity		106,736		94,779


	For the three-month period ended March 31,
	2022 ⁽¹⁾		2021 ⁽¹⁾
Revenues		12,306		8,717
Costs		(4,849)		(4,271)

Gross profit		7,457		4,446

Operating profit		6,852		4,540
Income from equity interests in associates and joint ventures		(143)		(63)
Net financial results		(1,509)		(1,582)

Net profit before income tax		5,200		2,895

Income tax		(1,503)		(1,262)

Net profit		3,697		1,633

(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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

12. INVENTORIES


	March 31, 2022			December 31, 2021
Refined products		117,705			105,123
Crude oil and natural gas		38,091			37,521
Products in process		3,606			3,500
Raw materials, packaging materials and others		8,098			7,783

		167,500	⁽¹⁾		153,927	⁽¹⁾

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

13. OTHER RECEIVABLES


	March 31, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Receivables from services and sales of other assets		1,954		2,646		2,091		1,950
Tax credit and export rebates		1,672		9,687		15,263		14,616
Loans to third parties and balances with related parties ⁽¹⁾		1,094		902		975		1,617
Collateral deposits		2		1,706		2		3,509
Prepaid expenses		983		9,455		933		9,000
Advances and loans to employees		90		582		71		411
Advances to suppliers and custom agents ⁽²⁾		-		11,649		-		15,377
Receivables with partners in JO		1,122		16,280		1,059		14,542
Insurance receivables		-		38		-		148
Miscellaneous		759		3,360		707		2,154

		7,676		56,305		21,101		63,324
Provision for other doubtful receivables		(1,681)		(110)		(1,552)		(65)

		5,995		56,195		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 related to the imports of fuels and goods.

14. TRADE RECEIVABLES


	March 31, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		14,494		165,198		14,151		144,336
Provision for doubtful trade receivables		(9,788)		(10,568)		(9,788)		(10,432)

		4,706		154,630		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 three-month period ended March 31, 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		-			497
Decreases charged to income		-			(578)
Applications due to utilization		-			(40)
Net exchange and translation differences		-			280
Result from net monetary position ⁽¹⁾		-			(23)

Balance as of March 31, 2022		9,788	⁽²⁾		10,568

(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 results.

(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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

15. INVESTMENT IN FINANCIAL ASSETS


	March 31, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Investments at amortized cost
Public securities ⁽¹⁾		3,531		41,594		2,225		34,116
Private securities - NO		334		903		309		836
Term deposits ⁽²⁾		-		6,413		-		6,028

		3,865		48,910		2,534		40,980

Investments at fair value with changes in results
Public securities ⁽¹⁾		-		10,272		-		10,032

		-		10,272		-		10,032

		3,865		59,182		2,534		51,012

(1)	See Note 37.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


	March 31, 2022		December 31, 2021
Cash and banks		22,279		22,923
Short-term investments ⁽¹⁾		24,390		9,566
Financial assets at fair value with change in results⁽²⁾		41,541		30,189

		88,210		62,678

(1)	Includes term deposits and other invetsments with the BNA for 575 and 1,075 as of March 31, 2022 and December 31, 2021, respectively.

(2)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the three-month period ended March 31, 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		2,407			(1)		11		-		5,731		-		8,149		(1)
Decreases charged to income		(4,021)	⁽²⁾		-		(2)		-		-		-		(4,023)		-
Applications due to utilization		(106)			(1,288)		-		(982)		-		(682)		(106)		(2,952)
Reclassifications and other movements		(3,858)	⁽³⁾		1,241		(9)		9		(682)		682		(4,549)		1,932
Net exchange and translation differences		5,732			173		611		1		13,091		813		19,434		987
Result from net monetary position ⁽¹⁾		(1)			-		-		-		-		-		(1)		-

Balance as of March 31, 2022		89,626			2,329		10,413		6,051		177,343		10,883		277,382		19,263

(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 results.

(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, claims and environmental liabilities are described in Note 16 to the annual consolidated financial statements. Updates for the three-month period ended March 31, 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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

17. PROVISIONS (cont.)

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 three-month period ended March 31, 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 three-month period ended March 31, 2022 and 2021 is as follows:


	For the three-month period ended March 31,
	2022		2021
Current income tax		(26,473)		(357)
Deferred income tax		2,859		(9,569)

		(23,614)		(9,926)

Income tax - Well abandonment		1,948		-

		(21,666)		(9,926)

The reconciliation between the charge to net income for income tax for the three-month period ended March 31, 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 three-month period ended March 31,
	2022			2021
Net income before income tax		48,083			7,679
Average tax rate		34.74%	⁽⁴⁾		30.00%

Average tax rate applied to net income before income tax		(16,705)			(2,304)
Effect of the valuation of property, plant and equipment and intangible assets, net		4,111			(1,477)
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽¹⁾		(10,745)			(4,250)
Effect of the valuation of inventories		(4,976)			(1,675)
Income on investments in associates and joint ventures		4,280			1,535
Effect of tax rate change		-			(1,632)	⁽²⁾
Effect of the regularization regime for the dispute associated to cost deduction for hydrocarbon wells abandonment		1,948	⁽³⁾		-
Miscellaneous		421			(123)

Income tax		(21,666)			(9,926)

(1)	Includes the effect of tax inflation adjustments.

(2)	Corresponds to the remeasurement of deferred income tax at the estimated rate at the date of it reversal. See Notes 2.b.15) and 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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

18.INCOME TAX (cont.)

LOGO

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

March 31, 2022

December 31, 2021

Non-current

Current

Non-current

Current

Income tax payable

5,398

⁽²⁾

12,189

⁽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 March 31, 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 5,382 and 3,009 corresponding to the remaining installments of the aforementioned regimes as of March 31, 2022 and December 31, 2021, respectively.


	March 31, 2022		December 31, 2021
Deferred tax assets
Provisions and other non-deductible liabilities		39,125		39,028
Tax losses carryforward		514		2,763
Miscellaneous		1,692		1,637

Total deferred tax assets		41,331		43,428


Deferred tax liabilities
Property, plant and equipment		(157,355)		(156,554)
Adjustment for tax inflation		(61,324)		(66,056)
Miscellaneous		(5,697)		(4,076)

Total deferred tax liabilities		(224,376)		(226,686)

Total Net deferred tax ⁽¹⁾		(183,045)		(183,258)

(1)	Includes (2,646) and (3,751) as of March 31, 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.

The Group’s tax loss carry-forwards not recognized as of March 31, 2022 amounted to 2,445, maturing between 2021 and 2025.

As of March 31, 2022 and December 31, 2021 the Group has classified as deferred tax assets 1,625 and 1,921, respectively, and as deferred tax liability 184,670 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 March 31, 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


	March 31, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
VAT		-		10,644		-		2,002
Withholdings and perceptions		-		5,036		-		3,251
Royalties		-		7,874		-		6,304
Tax on Fuels		-		8,618		-		711
IIBB		-		673		-		322
Miscellaneous		203		1,808		201		2,081

		203		34,653		201		14,671

20.

SALARIES AND SOCIAL SECURITY


	March 31, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Salaries and social security		-		5,974		-		4,955
Bonuses and incentives provision		-		2,943		-		6,874
Vacation provision		-		8,356		-		7,196
Other employee benefits ⁽¹⁾		2,299		4,699		3,262		4,434

		2,299		21,972		3,262		23,459

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

21.

LEASE LIABILITIES

March 31, 2022

December 31, 2021

Non-current

Current

Non-current

Current

Lease liabilities

26,708

30,960

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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

21. LEASE LIABILITIES (cont.)

The evolution of the Group’s leases liabilities for the three-month period ended March 31, 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		4,602
Leases decrease		-
Payments		(9,075)
Financial accretion		2,051
Exchange and translation differences, net		4,465
Result from net monetary position ⁽¹⁾		3

Balance as of March 31, 2022		57,668

(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 results.

22. LOANS


							March 31, 2022				December 31, 2021
	Interest rate⁽¹⁾				Maturity		Non-current		Current		Non-current		Current
Pesos:
NO ⁽³⁾		16.50%	-	40.98%		2022-2024		7,586		5,975		6,897		5,700
Loans		47.66%	-	57.20%		2022-2024		14,519		8,484		13,955		7,220
Account overdraft		0.00%	-	0.00%		2022		-		238		-		794

								22,105		14,697		20,852		13,714

Currencies other than the Peso:
NO ⁽²⁾		0.00%	-	10.00%		2022-2047		679,985		35,477		636,822		55,517
Export pre-financing		2.20%	-	5.50%		2022-2023		1,358		1,669		1,256		4,358
Imports financing		5.88%	-	5.88%		2022		-		292		-		330
Loans		0.87%	-	17.99%		2022-2027		41,739		5,817		11,605		12,761

								723,082		43,255		649,683		72,966

								745,187		57,952		670,535		86,680

(1)	Nominal annual interest rate as of March 31, 2022.

(2)	Includes 66,805 and 61,811 as of March 31, 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)	Includes 4,602 of nominal value of NO that will be 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 three-month period ended March 31, 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		37,918
Payments of loans		(49,729)
Payments of interest		(18,474)
Accrued interest ⁽¹⁾		18,104
Net exchange differences and translation		58,232
Result from net monetary position ⁽³⁾		(127)

Balance as of March 31, 2022		803,139

(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 results.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

22. LOANS (cont.)

Details regarding the NO of the Group are as follows:


												March 31, 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		1,643		69		1,521		26
April, February, October	2014/15/16	US$	1,522		Clase XXVIII		Fija	8.75	%		2024		67,217		3,173		62,193		28,598
September	2014	$	1,000		Clase XXXIV		BADLAR + 0,1%	34.27	%		2024		334		171		334		213
April	2015	US$	1,500		Clase XXXIX		Fija	8.50	%		2025		125,523		1,838		116,140		4,167
October	2015	$	2,000		Clase XLIII		BADLAR	34.17	%		2023		667		881		667		755
May	2017	$	4,602		Clase LII		Fija	16.50	%		2022		-		4,902		-		4,712
July, December	2017	US$	1,000		Clase LIII		Fija	6.95	%		2027		90,778		1,164		83,658		2,531
December	2017	US$	750		Clase LIV		Fija	7.00	%		2047		58,691		1,207		54,702		154
June	2019	US$	500		Clase I		Fija	8.50	%		2029		44,031		988		40,740		39
June	2020	US$	78		Clase XII		Fija	1.50	%		2022		-		8,310		-		7,688
July	2020	US$	543		Clase XIII		Fija	8.50	%		2025		18,729		9,395		21,652		9,353
December, February	2020/21	US$	143		Clase XIV		Fija	2.00	%		2023		15,888		24		14,701		22
February	2021	US$	775		Clase XVI		Fija	4.00	%		2026		76,847		7,139		75,944		899
February	2021	US$	748		Clase XVII		Fija	2.50	%		2029		79,420		1,707		73,484		18
February	2021	US$	576		Clase XVIII		Fija	1.50	%		2033		58,602		12		52,658		1,015
February	2021	$	4,128		Clase XIX		Fija	3.50	%		2024		6,585		21		5,896		20
July	2021	US$	384		Clase XX		Fija	5.75	%		2032		42,616		451		39,429		1,007

													687,571		41,452		643,719		61,217

(1)	Nominal annual Interest rate as of March 31, 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 MARCH 31, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

23. OTHER LIABILITIES


	March 31, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Extension of concessions		843		891		823		824
Liabilities for contractual claims⁽¹⁾		91		778		145		2,618
Miscellaneous		-		84		-		26

		934		1,753		968		3,468

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

24. ACCOUNTS PAYABLE


	March 31, 2022				December 31, 2021
	Non-current		Current		Non-current		Current
Trade payable and related parties⁽¹⁾		779		207,499		752		193,159
Guarantee deposits		53		702		44		677
Payables with partners of JO and other agreements		91		1,185		92		6,203
Miscellaneous		-		1,692		-		1,512

		923		211,078		888		201,551

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

25. REVENUES

YPF

YPF Sociedad Anonima News

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