Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2023

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 Translation of YPF S.A.’s Condensed Interim Consolidated Financial Statements as of June 30, 2023 and Comparative Information (Unaudited).

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2023

AND COMPARATIVE INFORMATION (UNAUDITED)

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

LOGO

CONTENT


Note	Description	Page
	Glossary of terms	1
	Legal Information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	12
4	Acquisitions and dispositions	12
5	Financial risk management	12
6	Business segment information	13
7	Financial instruments by category	18
8	Intangible assets	18
9	Property, plant and equipment	19
10	Right-of-use assets	22
11	Investments in associates and joint ventures	22
12	Inventories	25
13	Other receivables	25
14	Trade receivables	25
15	Investments in financial assets	26
16	Cash and cash equivalents	26
17	Provisions	26
18	Income Tax	27
19	Taxes payable	29
20	Salaries and social security	29
21	Lease liabilities	29
22	Loans	30
23	Other liabilities	32
24	Accounts payable	32
25	Revenues	32
26	Costs	34
27	Expenses by nature	35
28	Other net operating results	36
29	Net financial results	36
30	Investments in joint operations	36
31	Shareholders’ equity	37
32	Earnings per share	37
33	Issues related to Maxus Entities	37
34	Contingent assets and contingent liabilities	38
35	Contractual commitments	39
36	Main regulations	39
37	Balances and transactions with related parties	42
38	Employee benefit plans and similar obligations	45
39	Assets and liabilities in currencies other than the peso	46
40	Subsequent events	47

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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GLOSSARY OF TERMS


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

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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LEGAL INFORMATION

Legal address

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

Fiscal year number 47

Beginning on January 1, 2023.

Principal business of the Company

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

Filing with the Public Registry

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

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

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

Capital structure

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

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

3,933,127,930

PABLO GERARDO GONZÁLEZ

President

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 JUNE 30, 2023 AND DECEMBER 31, 2022 (UNAUDITED)

(Amounts expressed in millions of pesos)

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	Notes		June 30, 2023		December 31, 2022
ASSETS
Non-current assets
Intangible assets		8		96,242		68,052
Property, plant and equipment		9		4,760,179		3,100,306
Right-of-use assets		10		130,281		95,748
Investments in associates and joint ventures		11		463,530		337,175
Deferred income tax assets, net		18		4,104		3,010
Other receivables		13		54,359		36,468
Trade receivables		14		1,247		1,027
Investments in financial assets		15		16,633		35,664

Total non-current assets				5,526,575		3,677,450

Current assets
Inventories		12		485,335		307,766
Contract assets		25		1,623		148
Other receivables		13		187,259		143,231
Trade receivables		14		349,007		266,201
Investments in financial assets		15		77,677		56,489
Cash and cash equivalents		16		299,188		136,874

Total current assets				1,400,089		910,709

TOTAL ASSETS				6,926,664		4,588,159


SHAREHOLDERS’ EQUITY
Shareholders’ contributions				6,534		6,306
Retained earnings				2,850,240		1,844,724

Shareholders’ equity attributable to shareholders of the parent company				2,856,774		1,851,030

Non-controlling interest				37,611		17,274

TOTAL SHAREHOLDERS’ EQUITY				2,894,385		1,868,304


LIABILITIES
Non-current liabilities
Provisions		17		553,280		455,213
Deferred income tax liabilities, net		18		354,894		306,708
Income tax liability		18		4,048		4,588
Taxes payable		19		163		185
Salaries and social security		20		3		215
Lease liabilities		21		62,767		48,224
Loans		22		1,615,652		1,053,196
Other liabilities		23		26,643		3,302
Accounts payable		24		1,721		1,319

Total non-current liabilities				2,619,171		1,872,950

Current liabilities
Provisions		17		126,971		34,981
Contract liabilities		25		42,535		13,577
Income tax liability		18		7,917		4,711
Taxes payable		19		46,024		30,660
Salaries and social security		20		55,987		52,622
Lease liabilities		21		74,595		52,061
Loans		22		380,424		201,808
Other liabilities		23		23,335		2,359
Accounts payable		24		655,320		454,126

Total current liabilities				1,413,108		846,905

TOTAL LIABILITIES				4,032,279		2,719,855

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				6,926,664		4,588,159

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 AND THREE-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED)

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

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			For the six-month periods ended June 30,				For the three-month periods ended June 30,
	Notes		2023		2022		2023		2022
Net income
Revenues		25		1,857,088		997,421		1,036,763		595,970
Costs		26		(1,494,916)		(713,768)		(848,400)		(410,626)

Gross profit				362,172		283,653		188,363		185,344


Selling expenses		27		(198,455)		(103,353)		(115,705)		(62,847)
Administrative expenses		27		(72,184)		(33,992)		(41,214)		(19,218)
Exploration expenses		27		(5,545)		(2,676)		(1,847)		(1,553)
Other net operating results		28		2,261		(2,827)		3,696		(1,370)

Operating profit				88,249		140,805		33,293		100,356


Income from equity interests in associates and joint ventures		11		38,796		27,694		21,850		15,465

Financial income		29		302,297		85,846		186,110		53,736
Financial costs		29		(332,007)		(103,997)		(196,265)		(60,960)
Other financial results		29		82,778		13,349		58,771		7,017

Net financial results		29		53,068		(4,802)		48,616		(207)



Net profit before income tax				180,113		163,697		103,759		115,614


Income tax		18		(36,315)		(43,217)		(18,561)		(21,551)

Net profit for the period				143,798		120,480		85,198		94,063


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures				(48,180)		(10,715)		(30,530)		(6,880)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾				59,903		19,202		35,503		10,824
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF				870,332		199,186		525,817		127,780

Other comprehensive income for the period				882,055		207,673		530,790		131,724



Total comprehensive income for the period				1,025,853		328,153		615,988		225,787


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				132,293		119,690		73,727		93,087
Non-controlling interest				11,505		790		11,471		976
Other comprehensive income for the period attributable to:
Shareholders of the parent company				873,223		204,681		525,647		130,036
Non-controlling interest				8,832		2,992		5,143		1,688
Total comprehensive income for the period attributable to:
Shareholders of the parent company				1,005,516		324,371		599,374		223,123
Non-controlling interest				20,337		3,782		16,614		2,664
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		32		337.92		304.53		188.32		236.84

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

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

PABLO GERARDO GONZÁLEZ

President

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 PERIODS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)


	For the six-month period ended June 30, 2023
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares⁽²⁾			Share trading premium		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,915		6,072		18		29		289			(4,499)			(158)		640		6,306
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		238			-			-		-		238
Settlement of share-based benefit plans		-		-		-		-		(3)			(6)			(1)		-		(10)
As decided by the Shareholders’ Meeting on April 28, 2023:
- Constitution of reserves		-		-		-		-		-			-			-		-		-
Other comprehensive income		-		-		-		-		-			-			-		-		-
Net profit for the period		-		-		-		-		-			-			-		-		-

Balance at the end of the period		3,915		6,072		18		29		524			(4,505)			(159)		640		6,534


	Retained earnings														Equity attributable to
	Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses			Shareholders of the parent company		Non-controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		139,275		-		-		-		704,235			1,001,214	⁽⁴⁾		1,851,030		17,274		1,868,304
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-			238		-		238
Settlement of share-based benefit plans		-		-		-		-		-			-			(10)		-		(10)
As decided by the Shareholders’ Meeting on April 28, 2023:
- Constitution of reserves		-		40,000		942,959		6,215		-			(989,174)			-		-		-
Other comprehensive income		62,488		17,969		423,160		2,763		320,617			46,226			873,223		8,832		882,055
Net profit for the period		-		-		-		-		-			132,293			132,293		11,505		143,798

Balance at the end of the period		201,763		57,969		1,366,119		8,978		1,024,852	⁽¹⁾		190,559	⁽⁴⁾		2,856,774		37,611		2,894,385

(1)

Includes 1,149,768 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36), (416,044) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar (which includes (286,854) corresponding to the effect of the translation to YPF’s presentation currency) and 291,128 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 150,383 corresponding to the effect of the translation to YPF’s presentation currency). See Note 2.b.1) to the annual consolidated financial statements and Note 2.b).

(2)

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

(3)

See Note 38.

(4)

Includes 17,442 and 12,040 restricted to the distribution of unappropiated retained earnings and losses as of June 30, 2023 and December 31, 2022, respectively. See Note 2.b.16) to the annual 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 PERIODS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED) (cont.)

(Amounts expressed in millions of pesos)


	For the six-month period ended June 30, 2022
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾		Share trading premium		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,931		6,095		2		6		372			(493)		(49)		640		10,504
Modification to the balance at the beginning of the fiscal year ⁽⁴⁾		-		-		-		-		-			-		-		-		-

Balance at the beginning of the fiscal year modified		3,931		6,095		2		6		372			(493)		(49)		640		10,504
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		110			-		-		-		110
Settlement of share-based benefit plans		-		2		-		(2)		(59)			46		(25)		-		(38)
As decided by the Shareholders’ Meeting on April 29, 2022:
- Absorption of accumulated losses		-		-		-		-		-			-		-		-		-
Other comprehensive income		-		-		-		-		-			-		-		-		-
Net profit for the period		-		-		-		-		-			-		-		-		-

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


	Retained earnings													Equity attributable to
	Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses		Shareholders of the parent company		Non-controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		2,007		-		-		-		883,589			(56,208)		839,892		8,226		848,118
Modification to the balance at the beginning of the fiscal year ⁽⁴⁾		78,714		-		-		-		(486,589)			407,875		-		-		-

Balance at the beginning of the fiscal year modified		80,721		-		-		-		397,000			351,667		839,892		8,226		848,118
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-		110		-		110
Settlement of share-based benefit plans		-		-		-		-		-			-		(38)		-		(38)
As decided by the Shareholders’ Meeting on April 29, 2022:
- Absorption of accumulated losses		-		-		-		-		-			-		-		-		-
Other comprehensive income		17,706		-		-		-		95,572			91,403		204,681		2,992		207,673
Net profit for the period		-		-		-		-		-			119,690		119,690		790		120,480

Balance at the end of the period		98,427		-		-		-		492,572	⁽¹⁾		562,760		1,164,335		12,008		1,176,343

(1)

Includes 556,889 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36), (164,796) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar (which includes (107,847) corresponding to the effect of the translation to YPF’s presentation currency) and 100,479 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency (which includes 41,367 corresponding to the effect of the translation to YPF’s presentation currency). See Note 2.b.1) to the annual consolidated financial statements and Note 2.b).

(2)

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

(3)

See Note 38.

(4)

See Note 2.b).

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

PABLO GERARDO GONZÁLEZ

President

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 PERIODS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)


	For the six-month periods ended June 30,
	2023		2022
Cash flows from operating activities
Net profit		143,798		120,480
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(38,796)		(27,694)
Depreciation of property, plant and equipment		321,285		137,369
Amortization of intangible assets		4,485		2,674
Depreciation of right-of-use assets		23,651		11,285
Retirement of property, plant and equipment and intangible assets and consumption of materials		33,172		20,841
Charge on income tax		36,315		43,217
Net increase in provisions		41,169		20,083
Effect of changes in exchange rates, interest and others		(11,120)		14,798
Share-based benefit plans		2,537		110
Changes in assets and liabilities:
Trade receivables		(4,365)		(39,272)
Other receivables		(22,010)		745
Inventories		(29,977)		(24,993)
Accounts payable		52,700		7,463
Taxes payables		5,854		12,050
Salaries and social security		(8,768)		(1,553)
Other liabilities		5,432		(2,516)
Decrease in provisions included in liabilities due to payment/use		(23,505)		(6,939)
Contract assets		(1,977)		(857)
Contract liabilities		20,779		15,651
Dividends received		58,450		7,540
Proceeds from collection of profit loss insurance		62		116
Income tax payments		(1,842)		(719)

Net cash flows from operating activities ^(1) (2)		607,329		309,879


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(559,135)		(180,241)
Contributions and acquisitions of interests in associates and joint ventures		(840)		-
Proceeds from sales of financial assets		72,558		26,453
Payments from purchase of financial assets		(44,297)		(58,385)
Interests received from financial assets		10,108		2,123
Proceeds from sales of WI of areas and assets		2,783		389

Net cash flows used in investing activities		(518,823)		(209,661)


Financing activities: ⁽³⁾
Payments of loans		(107,074)		(76,128)
Payments of interests		(64,334)		(33,368)
Proceeds from loans		274,540		38,748
Account overdraft, net		(12,487)		5,538
Payments of leases		(38,681)		(18,545)
Payments of interests in relation to income tax		(1,121)		(336)

Net cash flows from / (used in) financing activities		50,843		(84,091)



Effect of changes in exchange rates on cash and cash equivalents		22,965		4,696



Increase in cash and cash equivalents		162,314		20,823


Cash and cash equivalents at the beginning of the fiscal year		136,874		62,678
Cash and cash equivalents at the end of the period		299,188		83,501

Increase in cash and cash equivalents		162,314		20,823

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

(2)	Includes 19,886 and 13,758 for the six-month periods ended June 30, 2023 and 2022, respectively, for payment of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

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



	For the six-month periods ended June 30,
	2023		2022
Unpaid acquisitions of property, plant and equipment		128,713		42,513
Additions of right-of-use assets		25,435		15,586
Capitalization of depreciation of right-of-use assets		7,061		3,264
Capitalization of financial accretion for lease liabilities		1,387		964

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

(Amounts expressed in millions of pesos, except for shares and per share amounts expressed in pesos, or as otherwise indicated)

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

General information

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

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

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of June 30, 2023:

LOGO

(1)

Held directly and indirectly.

(2)

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

(3)

On April 13, 2023, YPF EE, through its subsidiary Y-LUZ, completed the purchase from Enel Américas S.A. of 57.14% of common shares of IDS, taking control of IDS and its subsidiary CDS as of said date. Simultaneously, through a joint purchase agreement signed with Pan American Sur S.A. (“PAS”), Y-LUZ transferred shares representing 29.84% of the capital stock of IDS to PAS.

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

Organization of the business

As of June 30, 2023, the Group carries out its operations in accordance with the following structure:

Upstream

Gas and Power

Industrialization

Commercialization

Central Administration and Others

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

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

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

2.a) Basis of preparation

The condensed interim consolidated financial statements of the Company for the six-month period ended June 30, 2023 are presented in accordance with IAS 34 “Interim Financial Reporting”. Therefore, they should be read together with the annual consolidated financial statements of the Company as of December 31, 2022 (“annual consolidated financial statements”) presented in accordance with IFRS as issued by the IASB.

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

These condensed interim consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on August 10, 2023.

These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2023 are unaudited. The Company believes they have included all necessary adjustments to reasonably present the results of each period on a basis consistent with the audited annual consolidated financial statements. Net Income for the six-month period ended June 30, 2023 does not necessarily reflect the proportion of the Group’s full-year Net Income.

2.b) Significant Accounting Policies

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

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

Functional and presentation currency

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

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

On October 28, 2022, CNV General Resolution No. 941/2022 was published in the BO, which introduced certain provisions for issuers whose functional currency differs from the local legal currency in Argentina, which for their own transactions develop presentation and disclosure accounting policies in which the translation differences originated in the retained earnings and reserves accounts are filed in line with the items originating them. As a consequence of this Resolution, from fiscal year ended December 31, 2022, the Company’s Board of Directors decided, as an accounting policy, to directly classify and accumulate translation differences generated by retained earnings at the beginning and end of the fiscal year in the legal reserves account, the reserve for future dividends, the reserve for investments, the reserve for purchase of treasury shares and retained earnings, within Shareholders’ Equity, in compliance with the provisions of Note 2.b.1) to the annual consolidated financial statements. For the sake of uniformity of the comparative information reported in the statements of changes in shareholders’ equity, translation differences accumulated in “Other comprehensive income” have been appropriated to the aforementioned equity items as of June 30, 2022, in compliance with IAS 8 “Accounting policies, changes in accounting estimates and errors”.

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

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

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

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

The Company has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of June 30, 2023, as described in Note 2.b.26) to the annual consolidated financial statements. New and revised standards and interpretations which had a significant impact on these condensed interim consolidated financial statements are described below:

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

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

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

• Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules

In May 2023, the IASB issued amendments to IAS 12 related to the Pillar Two Model Rules of the International Tax Reform (“Reform”) developed by the Organization for Economic Co-operation and Development (“OECD”), which are applicable to fiscal years beginning on or after January 1, 2023.

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

These amendments introduce a temporary exception to the requirements of IAS 12, allowing an entity not to recognize or disclose information about deferred taxes arising from the income tax effects of applying the Reform. Additionally, it requires certain additional disclosures in the annual financial statements.

As of the date of these condensed interim consolidated financial statements, the abovementioned amendments have had no effects on the Group as there is no tax regulatory framework related to such Reform in the jurisdictions where the Group operates. However, the Group is monitoring possible future changes in tax regulations.

Standards and interpretations issued as from January 1, 2023 by the IASB, the application of which is not mandatory as of the closing date of these condensed interim consolidated financial statements and, therefore, have not been adopted by the Group.

• Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures” - Supplier Finance Arrangements

In May 2023, the IASB issued amendments to IAS 7 and IFRS 7 related to supplier finance arrangements, which are applicable to fiscal years beginning on or after January 1, 2024, allowing for their early application.

These amendments introduce new disclosure requirements of qualitative and quantitative information in the annual financial statements related to the mentioned supplier finance arrangements, such as contractual terms, carrying amounts of financial liabilities, settlements made, maturity dates, etc. The amendments do not require comparative information disclosure.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is analyzing the effects of implementing these amendments, even though it does not expect them to have a significant impact on its financial statements.

2.c) Accounting Estimates and Judgments

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

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

Review of impairment indicators of property, plant and equipment

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

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

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2022 and to the six-month period ended June 30, 2022 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements.

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

Likewise, changes in comparative figures as mentioned in Notes 2.b), 6 and 25 and certain additional disclosures of non-significant information have been made.

Additionally, as of the year ended December 31, 2022 the Group has made a change in the turnover tax charge presentation in the “Taxes, charges and contributions” line under “Selling expenses” (see Note 27), which was previously included in “Revenues”. The comparative information for the six and three-month periods ended June 30, 2022 has been restated. “Revenues” and “Selling expenses” increased by 31,241 and 17,959, respectively. This change had no effect on the Group’s statements of financial position, statements of changes in shareholders’ equity, statements of cash flows, operating profit or loss and net profit or loss.

3. SEASONALITY OF OPERATIONS

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

4. ACQUISITIONS AND DISPOSITIONS

During the six-month period ended June 30, 2023, there were no significant acquisitions and dispositions.

5. FINANCIAL RISK MANAGEMENT

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

During the six-month period ended June 30, 2023, there were no significant changes in the administration or risk management policies implemented by the Group as described in Note 4 to the annual consolidated financial statements.

•

Liquidity risk management

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

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

5. FINANCIAL RISK MANAGEMENT (cont.)

The Group monitors compliance with covenants on a quaterly basis. As of June 30, 2023, the Group is in compliace with its covenants.

It should be noted that, under the terms and conditions of the loans that our subsidiary Metrogas has taken with Industrial and Commercial Bank of China Limited - Dubai Branch and Itaú Unibanco - Miami Branch, the interest coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, the financial creditors formally accepted to waive Metrogas from complying with the contractual obligation related to such financial ratio, as of June 30, 2023.

6. BUSINESS SEGMENT INFORMATION

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

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

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

In consideration of the above paragraphs, the comparative information for fiscal year ended December 31, 2022, and the period ended June 30, 2022, has been restated.

The business segment structure is organized as follows:

• Upstream

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

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

It incurs all costs related to the activities mentioned above.

On January 1, 2023 certain assets related to the exploration, exploitation and production of frac sand for well-drilling, which were formerly included in Central Administration and Others, were assigned to the Upstream segment. In addition, the comparative information for fiscal year ended December 31, 2022 and the period ended June 30, 2022, has been restated.

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)

• Gas and Power

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

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

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

On January 1, 2023, as a consequence of the organizational changes described above, the activities related to the sale of natural gas as producers were assigned to the Commercialization segment. In addition, the comparative information for fiscal year ended December 31, 2022, and the period ended June 30, 2022, has been restated.

• Industrialization

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

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

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

As of January 1, 2023, as a result of the organizational changes mentioned above, the Downstream segment is divided into the Commercialization segment and the Industrialization segment. Besides, the comparative information for the fiscal year ended December 31, 2022, and the period ended June 30, 2022, has been restated.

• Commercialization

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

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

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

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)

As of January 1, 2023, as result of the organizational changes described above, the Downstream segment is divided into the Commercialization segment and the Industrialization segment, and all activities related to the commercialization of natural gas as producers, formerly performed by the Gas and Power segment, were assigned to the Commercialization segment. In addition, the comparative information for fiscal year ended December 2022 and the period ended June 30, 2022, has been restated.

• Central Administration and Others

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

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

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

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)


	*In millions of dollars*															In millions of pesos
	Upstream			Gas and Power		Industrialization		Commercialization		Central Administration and Others		Consolidation Adjustments ⁽¹⁾		Total		Total
For the six-month period ended June 30, 2023
Revenues		85			316		144		7,935		133		-		8,613		1,857,088
Revenues from intersegment sales		3,639			93		5,854		137		512		(10,235)		-		-

Revenues		3,724			409		5,998		8,072		645		(10,235)		8,613		1,857,088


Operating profit / (loss)		219	⁽³⁾		(5)		343		116		(154)		37		556		88,249
Income from equity interests in associates and joint ventures		-			166		18		(1)		-		-		183		38,796

Net financial results															142		53,068
Net profit before income tax															881		180,113
Income tax															(160)		(36,315)
Net profit for the period															721		143,798

Acquisitions of property, plant and equipment		2,032			97		455		40		48		-		2,672		602,469
Acquisitions of right-of-use assets		77			18		3		13		-		-		111		25,435

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,204			32		206		26		32		-		1,500		321,285
Amortization of intangible assets		-			5		14		-		-		-		19		4,485
Depreciation of right-of-use assets		66			9		30		5		-		-		110		23,651

Balance as of June 30, 2023
Assets		12,309			2,811		7,139		2,481		2,399		(134)		27,005		6,926,664

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 JUNE 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)


	*In millions of dollars*															*In millions* *of pesos*
	Upstream			Gas and Power		Industrialization		Commercialization		Central Administration and Others		Consolidation Adjustments ⁽¹⁾		Total		Total
For the six-month period ended June 30, 2022
Revenues		80			317		83		8,144		131		-		8,755		997,421
Revenues from intersegment sales		3,328			101		5,748		146		335		(9,658)		-		-

Revenues		3,408			418		5,831		8,290		466		(9,658)		8,755		997,421


Operating profit / (loss)		582	⁽³⁾		28		745		223		(138)		(151)		1,289		140,805
Income from equity interests in associates and joint ventures		-			242		5		-		-		-		247		27,694

Net financial results															(77)		(4,802)
Net profit before income tax															1,459		163,697
Income tax															(382)		(43,217)
Net profit for the period															1,077		120,480

Acquisitions of property, plant and equipment		1,311			16		243		26		38		-		1,634		189,678
Acquisitions of right-of-use assets		100			-		-		30		-		-		130		15,586

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		921			26		201		27		43		-		1,218		137,369
Amortization of intangible assets		-			6		15		-		1		-		22		2,674
Depreciation of right-of-use assets		63			10		3		27		-		(3)		100		11,285

Balance as of December 31, 2022
Assets		11,528			2,797		6,732		3,216		1,807		(168)		25,912		4,588,159

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

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

(3)	Includes US$ (6) million and US$ (7) million of unproductive exploratory drillings as of June 30, 2023 and 2022.

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 JUNE 30, 2023 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, 2023 and December 31, 2022, and their allocation to their fair value levels:


	As of June 30, 2023
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		22,738		-		-		22,738

		22,738		-		-		22,738

Cash and cash equivalents:
- Mutual funds		95,230		-		-		95,230

		95,230		-		-		95,230

		117,968		-		-		117,968


	As of December 31, 2022
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		13,029		-		-		13,029

		13,029		-		-		13,029

Cash and cash equivalents:
- Mutual funds		59,524		-		-		59,524

		59,524		-		-		59,524

		72,553		-		-		72,553

(1)	See Note 15.

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

Fair value estimates

During the six-month period ended June 30, 2023, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value.

During the six-month period ended June 30, 2023, 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 1,800,692 and 1,029,019 as of June 30, 2023 and December 31, 2022, respectively.

The fair value of other receivables, trade receivables, investments 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, 2023		December 31, 2022
Net book value of intangible assets		106,432		75,086
Provision for impairment of intangible assets		(10,190)		(7,034)

		96,242		68,052

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 JUNE 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the six-month period ended June 30, 2023 and as of the year ended December 31, 2022 is as follows:


	Service concessions		Exploration rights		Other intangibles		Total
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		3,483		-		691		4,174
Translation effect		68,572		9,893		27,427		105,892
Adjustment for inflation ⁽¹⁾		-		-		6,363		6,363
Decreases, reclassifications and other movements		-		(4,346)		-		(4,346)

Accumulated amortization
Increases		3,560		-		2,692		6,252
Translation effect		49,484		-		26,628		76,112
Adjustment for inflation ⁽¹⁾		-		-		2,107		2,107
Decreases, reclassifications and other movements		-		-		-		-

Cost		165,179		19,557		80,186		264,922
Accumulated amortization		119,496		-		70,340		189,836

Balance as of December 31, 2022		45,683		19,557		9,846		75,086


Cost
Increases		1,883		-		284		2,167
Translation effect		74,412		8,745		29,841		112,998
Adjustment for inflation ⁽¹⁾		-		-		6,986		6,986
Decreases, reclassifications and other movements		-		(96)		7		(89)

Accumulated amortization
Increases		2,927		-		1,558		4,485
Translation effect		54,212		-		28,690		82,902
Adjustment for inflation ⁽¹⁾		-		-		3,329		3,329
Decreases, reclassifications and other movements		-		-		-		-

Cost		241,474		28,206		117,304		386,984
Accumulated amortization		176,635		-		103,917		280,552

Balance as of June 30, 2023		64,839		28,206		13,387		106,432

(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” in the statement of comprehensive income.

9. PROPERTY, PLANT AND EQUIPMENT


	June 30, 2023		December 31, 2022
Net book value of property, plant and equipment		4,918,645		3,233,211
Provision for obsolescence of materials and equipment		(38,101)		(26,671)
Provision for impairment of property, plant and equipment		(120,365)		(106,234)

		4,760,179		3,100,306

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the six-month periods ended June 30, 2023 and as of the year ended December 31, 2022 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		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		141		49,165		9,433		1,654		129,830		441,811		6,152		181		-		-		5,104		643,471
Translation effect		86,377		3,647,068		634,515		32,957		75,915		218,533		2,401		58,485		99,489		-		47,208		4,902,948
Adjustment for inflation⁽¹⁾		19,713		-		-		5,440		2,060		6,441		-		3,239		-		96,791		23,621		157,305
Decreases, reclassifications and other movements		3,095		271,295		38,007		3,058		(105,285)		(268,710)		(6,299)		2,599		3,004		6,171		384		(52,681)

Accumulated depreciation
Increases		3,971		279,232		49,531		3,579		-		-		-		7,319		8,814		3,326		4,611		360,383
Translation effect		42,174		3,087,200		397,826		22,904		-		-		-		52,743		67,230		-		36,278		3,706,355
Adjustment for inflation⁽¹⁾		10,376		-		-		3,617		-		-		-		2,872		-		49,332		15,453		81,650
Decreases, reclassifications and other movements		(55)		(4,752)		(55)		(1,079)		-		-		-		8		(1,349)		(1,475)		(171)		(8,928)

Cost		247,293		8,868,357		1,536,447		93,406		211,034		687,431		6,482		147,220		237,965		205,073		164,943		12,405,651
Accumulated depreciation		123,791		7,488,710		972,786		63,640		-		-		-		135,000		163,929		103,227		121,357		9,172,440

Balance as of December 31, 2022		123,502		1,379,647		563,661		29,766		211,034		687,431		6,482		12,220		74,036		101,846		43,586		3,233,211


Cost
Increases		56		436		3,894		1,785		145,721		442,622		6,417		506		2		-		1,030		602,469
Translation effect		93,148		4,047,241		694,711		36,846		92,724		298,315		3,410		63,812		108,496		-		51,596		5,490,299
Adjustment for inflation⁽¹⁾		20,947		-		-		6,496		2,205		5,367		-		3,529		-		103,931		25,629		168,104
Decreases, reclassifications and other movements		3,883		235,844		20,540		4,622		(109,394)		(227,001)		(1,228)		5,009		7,303		3,647		643		(56,132)

Accumulated depreciation
Increases		3,215		288,200		38,697		3,515		-		-		-		3,886		6,805		2,926		3,755		350,999
Translation effect		46,345		3,413,953		444,501		25,271		-		-		-		58,587		74,678		-		39,646		4,102,981
Adjustment for inflation⁽¹⁾		11,291		-		-		4,259		-		-		-		3,154		-		52,316		17,355		88,375
Decreases, reclassifications and other movements		1		(21,486)		-		(586)		-		-		-		1		(857)		(13)		(109)		(23,049)

Cost		365,327		13,151,878		2,255,592		143,155		342,290		1,206,734		15,081		220,076		353,766		312,651		243,841		18,610,391
Accumulated depreciation		184,643		11,169,377		1,455,984		96,099		-		-		-		200,628		244,555		158,456		182,004		13,691,746

Balance as of June 30, 2023		180,684		1,982,501		799,608		47,056		342,290		1,206,734		15,081		19,448		109,211		154,195		61,837		4,918,645

(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” in the statement of 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, 2023 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 periods ended June 30, 2023 and 2022, the rate of capitalization was 8.13% and 8.33%, respectively, and the amount capitalized amounted to 2,089 and 556, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 30, 2023 and as of the year ended December 31, 2022:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2021		12,576

Increases charged to profit or loss		4,775
Applications due to utilization		(382)
Translation differences		9,624
Adjustment for inflation⁽¹⁾		78

Balance as of December 31, 2022		26,671

Increases charged to profit or loss		326
Applications due to utilization		(783)
Translation differences		11,740
Adjustment for inflation⁽¹⁾		147

Balance as of June 30, 2023		38,101

(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” in the statement of 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, 2023 and as of the year ended December 31, 2022:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2021		66,793

Increases charged to profit or loss⁽¹⁾		18,427
Depreciation⁽²⁾		(22,364)
Translation differences		42,678
Adjustment for inflation⁽³⁾		700

Balance as of December 31, 2022		106,234

Increases charged to profit or loss		-
Depreciation⁽²⁾		(29,714)
Translation differences		43,078
Adjustment for inflation⁽³⁾		767

Balance as of June 30, 2023		120,365

(1)	See Notes 2.c) and 8 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” in the statement of 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, 2023 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, 2023 and as of the year ended December 31, 2022 are as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
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		402		21,655		2,330		676		20,265		45,328
Translation effect		2,347		30,633		21,376		6,025		25,259		85,640
Adjustment for inflation ⁽¹⁾		66		-		-		2,012		-		2,078
Decreases, reclassifications and other movements		(391)		(878)		(2,324)		(1,407)		(11,212)		(16,212)

Accumulated depreciation
Increases		1,092		10,878		7,529		1,626		14,614		35,739
Translation effect		1,199		19,894		14,611		2,288		13,198		51,190
Adjustment for inflation ⁽¹⁾		63		-		-		951		-		1,014
Decreases, reclassifications and other movements		(161)		(214)		(1,911)		(797)		(10,514)		(13,597)

Cost		5,821		87,518		50,190		17,582		65,670		226,781
Accumulated depreciation		3,318		53,271		37,051		7,806		29,587		131,033

Balance as of December 31, 2022		2,503		34,247		13,139		9,776		36,083		95,748


Cost
Increases		3,391		14,708		7,336		-		-		25,435
Translation effect		2,546		41,155		23,993		6,048		29,463		103,205
Adjustment for inflation ⁽¹⁾		74		-		-		2,136		-		2,210
Decreases, reclassifications and other movements		(327)		-		-		-		-		(327)

Accumulated depreciation
Increases		632		11,912		4,260		1,216		12,692		30,712
Translation effect		1,554		26,350		17,500		2,638		16,046		64,088
Adjustment for inflation ⁽¹⁾		73		-		-		1,236		-		1,309
Decreases, reclassifications and other movements		(119)		-		-		-		-		(119)

Cost		11,505		143,381		81,519		25,766		95,133		357,304
Accumulated depreciation		5,458		91,533		58,811		12,896		58,325		227,023

Balance as of June 30, 2023		6,047		51,848		22,708		12,870		36,808		130,281

(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” in the statement of 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, 2023 and December 31, 2022:


	June 30, 2023		December 31, 2022
Amount of investments in associates		47,190		30,525
Amount of investments in joint ventures		416,340		306,650

		463,530		337,175

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

The main movements during the six-month period ended June 30, 2023 and as of the year ended December 31, 2022 which affected the value of the aforementioned investments, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2021		156,925

Acquisitions and contributions		270
Income on investments in associates and joint ventures		58,082
Translation differences		123,223
Distributed dividends		(12,157)
Adjustment for inflation ⁽¹⁾		10,749
Capitalization in associates and joint ventures		83

Balance as of December 31, 2022		337,175

Acquisitions and contributions		1,174
Income on investments in associates and joint ventures		38,796
Translation differences		134,313
Distributed dividends		(58,654)
Adjustment for inflation ⁽¹⁾		10,726
Capitalization in associates and joint ventures		-

Balance as of June 30, 2023		463,530

(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” in the statement of comprehensive income. See Note 2.b.1) to the annual consolidated financial statements.

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 periods ended June 30, 2023 and 2022. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:


	Associates				Joint ventures
	For the six-month periods ended June 30,				For the six-month periods ended June 30,
	2023		2022		2023		2022
Net income		2,742		614		36,054		27,080
Other comprehensive income		14,263		3,047		130,776		34,630

Comprehensive income for the period		17,005		3,661		166,830		61,710

The Company has no investments in subsidiaries with significant non-controlling interests. Likewise, the Company has no significant investments in associates and joint ventures, except for the investment in YPF EE.

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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

The financial information corresponding to YPF EE’s assets and liabilities as of June 30, 2023 and December 31, 2022, as well as the results for the six-month periods ended June 30, 2023 and 2022, are detailed below:


	June 30, 2023 ⁽¹⁾		December 31, 2022 ⁽¹⁾
Total non-current assets		511,070,402		325,583,892
Cash and cash equivalents		42,134,374		16,684,788
Other current assets		51,552,089		31,531,592
Total current assets		93,686,463		48,216,380

Total assets		604,756,865		373,800,272


Financial liabilities (excluding Accounts Payable, Provisions and Other Liabilities)		215,548,231		127,658,505
Other non-current liabilities		28,337,464		17,103,150
Total non-current liabilities		243,885,695		144,761,655
Financial liabilities (excluding Accounts Payable, Provisions and Other Liabilities)		26,868,029		26,591,063
Other current liabilities		21,625,933		19,627,928
Total current liabilities		48,493,962		46,218,991

Total liabilities		292,379,657		190,980,646



Total shareholders’ equity		312,377,208		182,819,626


Dividends received		9,000,000		4,500,000

	For the six-month periods ended June 30,
	2023 ⁽¹⁾		2022 ⁽¹⁾
Revenues		53,641,741		26,265,398
Interest income		9,783,322		2,461,004
Depreciation and amortization		(13,591,616)		(5,941,581)
Interest loss		(6,228,580)		(4,056,198)
Income tax		1,893,538		(1,542,785)
Operating profit		32,084,014		13,847,420

Net profit		20,995,669		8,821,426
Other comprehensive income		89,658,379		22,289,550

Total comprehensive income		110,654,048		31,110,976

(1)

The financial information arises from the consolidated financial statements of YPF EE and the amounts are expressed in thousands of pesos. 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 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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

12. INVENTORIES


	June 30, 2023			December 31, 2022
Refined products		335,425			202,465
Crude oil and natural gas		112,907			79,511
Products in process		12,046			9,083
Raw materials, packaging materials and others		24,957			16,707

		485,335	⁽¹⁾		307,766	⁽¹⁾

(1)	As of June 30, 2023 and December 31, 2022, the cost of inventories does not exceed their net realizable value.

13. OTHER RECEIVABLES


	June 30, 2023					December 31, 2022
	Non-current		Current			Non-current		Current
Receivables from services and sales of other assets		651		2,788			2,238		663
Tax credit and export rebates		38,816		12,675			27,086		61,958
Loans to third parties and balances with related parties ⁽¹⁾		9,420		2,427			1,750		5,359
Collateral deposits		2		77,465	⁽³⁾		2		961
Prepaid expenses		4,892		13,910			4,091		7,193
Advances and loans to employees		106		1,992			97		948
Advances to suppliers and custom agents ⁽²⁾		-		29,144			-		29,269
Receivables with partners in JO		2,722		41,014			2,752		31,659
Insurance receivables		-		-			-		60
Miscellaneous		1,650		5,983			1,144		5,301

		58,259		187,398			39,160		143,371
Provision for other doubtful receivables		(3,900)		(139)			(2,692)		(140)

		54,359		187,259			36,468		143,231

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

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

(3)	Includes balances granted as guarantee for the Trust Settlement Agreement. See Note 33.

14. TRADE RECEIVABLES


	June 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		11,035		367,004		10,815		279,611
Provision for doubtful trade receivables		(9,788)		(17,997)		(9,788)		(13,410)

		1,247		349,007		1,027		266,201

(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, 2023 and for the fiscal year ended December 31, 2022:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2021		9,788	⁽²⁾		10,432

Increases charged to expenses		-			3,324
Decreases charged to income		-			(853)
Applications due to utilization		-			(897)
Reclassifications		-			-
Net exchange and translation differences		-			2,098
Result from net monetary position ⁽¹⁾		-			(694)

Balance as of December 31, 2022		9,788	⁽²⁾		13,410

Increases charged to expenses		-			2,732
Decreases charged to income		-			(435)
Applications due to utilization		-			(16)
Reclassifications		-			23
Net exchange and translation differences		-			2,398
Result from net monetary position ⁽¹⁾		-			(115)

Balance as of June 30, 2023		9,788	⁽²⁾		17,997

(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” in the statement of comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results.

(2)	Mainly including credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1,053/2018, 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, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

15. INVESTMENTS IN FINANCIAL ASSETS


	June 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Investments at amortized cost
Public securities ⁽¹⁾		14,829		35,319		35,664		28,675
Private securities - NO		1,804		-		-		532
Term deposits ⁽²⁾		-		19,620		-		14,253

		16,633		54,939		35,664		43,460

Investments at fair value with changes in results
Public securities ⁽¹⁾		-		22,738		-		13,029

		-		22,738		-		13,029

		16,633		77,677		35,664		56,489

(1)	See Note 37.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


	June 30, 2023			December 31, 2022
Cash and banks ⁽¹⁾		89,230			65,407
Short-term investments		114,728	⁽²⁾		11,943
Financial assets at fair value with changes in results ⁽³⁾		95,230			59,524

		299,188			136,874

(1)	Includes balances granted as collateral. See Note 34.e) to the annual consolidated financial statements.

(2)	Includes 22,662 of term deposits and other investments with the BNA.

(3)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 30, 2023 and for the fiscal year ended December 31, 2022 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, 2021		89,473			2,204		9,802		7,023		159,203		10,070		258,478		19,297

Increases charged to expenses		30,082	⁽²⁾		10		10,509		-		28,139		-		68,730		10
Decreases charged to income		(60,624)	⁽³⁾		(11)		(257)		-		(7,320)		-		(68,201)		(11)
Applications due to utilization		(2,003)			(4,301)		-		(6,887)		-		(8,160)		(2,003)		(19,348)
Reclassifications and other movements		(7,245)	⁽⁴⁾		4,254		(7,935)		7,935		31,656		15,667		16,476		27,856
Net exchange and translation differences		51,526			1,563		4,871		12		125,462		5,602		181,859		7,177
Result from net monetary position ⁽¹⁾		(126)			-		-		-		-		-		(126)		-

Balance as of December 31, 2022		101,083			3,719		16,990		8,083		337,140		23,179		455,213		34,981

Increases charged to expenses		8,826			510		6,965		-		27,902		-		43,693		510
Decreases charged to income		(4,990)			-		-		-		-		-		(4,990)		-
Applications due to utilization		(396)			(2,961)		-		(5,358)		-		(13,991)		(396)		(22,310)
Reclassifications and other movements		(92,495)	⁽⁵⁾		64,074		(9,540)		9,540		(13,731)		13,731		(115,766)		87,345
Net exchange and translation differences		16,457			15,710		4,031		75		155,038		10,660		175,526		26,445
Result from net monetary position ⁽¹⁾		-			-		-		-		-		-		-		-

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