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 November 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 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of September 30, 2023 and Comparative Information (Unaudited).

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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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	44
38	Employee benefit plans and similar obligations	47
39	Assets and liabilities in currencies other than the peso	48
40	Subsequent events	49

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 SEPTEMBER 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		Bank of the Argentine Nation (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 unit
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.
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
Gas Austral		Associate Gas Austral S.A.
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
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
LNG		Liquified natural gas
LPG		Liquefied petroleum gas
MBtu		Million British thermal units
MEGA		Joint venture Compañía 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 Branch (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 as provided for in IFRS 10.
Sustentator		Joint venture Sustentator S.A.
Termap		Associate Terminales Marítimas Patagónicas S.A.
TFN		National Fiscal Court (Tribunal Fiscal de la Nación)
Turnover tax		Impuesto a los ingresos brutos
U.S. dollar		United States dollar
UNG		Unaccounted natural gas
US$		United States dollar
US$/bbl		U.S. dollar per barrel
UVA		Unit of Purchasing Power
VAT		Value added tax
WEM		Wholesale Electricity Market
WI		Working interest
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

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 SEPTEMBER 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

No. 47 beginning on January 1, 2023.

Main 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 crude oil, natural gas and other minerals and refining, commercialization and distribution of crude 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 Registry 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 Registry 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 SEPTEMBER 30, 2023 AND DECEMBER 31, 2022 (UNAUDITED)

(Amounts expressed in millions of pesos)

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	Notes		September 30, 2023		December 31, 2022
ASSETS
Non-current assets
Intangible assets		8		129,777		68,052
Property, plant and equipment		9		6,525,018		3,100,306
Right-of-use assets		10		176,186		95,748
Investments in associates and joint ventures		11		642,511		337,175
Deferred income tax assets, net		18		5,941		3,010
Other receivables		13		70,905		36,468
Trade receivables		14		1,136		1,027
Investments in financial assets		15		3,755		35,664

Total non-current assets				7,555,229		3,677,450

Current assets
Inventories		12		616,537		307,766
Contract assets		25		2,730		148
Other receivables		13		169,217		143,231
Trade receivables		14		521,616		266,201
Investments in financial assets		15		63,461		56,489
Cash and cash equivalents		16		452,755		136,874

Total current assets				1,826,316		910,709

TOTAL ASSETS				9,381,545		4,588,159


SHAREHOLDERS’ EQUITY
Shareholders’ contributions				4,820		6,306
Retained earnings				3,833,000		1,844,724

Shareholders’ equity attributable to shareholders of the parent company				3,837,820		1,851,030

Non-controlling interest				47,678		17,274

TOTAL SHAREHOLDERS’ EQUITY				3,885,498		1,868,304


LIABILITIES
Non-current liabilities
Provisions		17		762,688		455,213
Deferred income tax liabilities, net		18		362,301		306,708
Income tax liability		18		3,778		4,588
Taxes payable		19		162		185
Salaries and social security		20		426		215
Lease liabilities		21		85,632		48,224
Loans		22		2,308,899		1,053,196
Other liabilities		23		37,649		3,302
Accounts payable		24		1,838		1,319

Total non-current liabilities				3,563,373		1,872,950

Current liabilities
Provisions		17		67,104		34,981
Contract liabilities		25		48,233		13,577
Income tax liability		18		9,400		4,711
Taxes payable		19		55,561		30,660
Salaries and social security		20		87,898		52,622
Lease liabilities		21		101,512		52,061
Loans		22		540,126		201,808
Other liabilities		23		40,405		2,359
Accounts payable		24		982,435		454,126

Total current liabilities				1,932,674		846,905

TOTAL LIABILITIES				5,496,047		2,719,855

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				9,381,545		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 NINE AND THREE-MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022 (UNAUDITED)

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

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			For the nine-month periods ended September 30,				For the three-month periods ended September 30,
	Notes		2023		2022		2023		2022
Net income
Revenues		25		3,330,718		1,739,973		1,473,630		742,552
Costs		26		(2,745,702)		(1,241,107)		(1,250,786)		(527,339)

Gross profit				585,016		498,866		222,844		215,213


Selling expenses		27		(359,008)		(179,598)		(160,553)		(76,245)
Administrative expenses		27		(140,246)		(58,369)		(68,062)		(24,377)
Exploration expenses		27		(11,032)		(5,269)		(5,487)		(2,593)
Impairment of property, plant and equipment		9		(176,769)		(14,108)		(176,769)		(14,108)
Other net operating results		28		3,901		(5,305)		1,640		(2,478)

Operating profit / (loss)				(98,138)		236,217		(186,387)		95,412


Income from equity interests in associates and joint ventures		11		51,978		46,732		13,182		19,038

Financial income		29		626,839		173,132		324,542		87,286
Financial costs		29		(623,765)		(190,023)		(291,758)		(86,026)
Other financial results		29		151,244		28,827		68,466		15,478

Net financial results		29		154,318		11,936		101,250		16,738



Net profit / (loss) before income tax				108,158		294,885		(71,955)		131,188


Income tax		18		(28,758)		(82,223)		7,557		(39,006)

Net profit / (loss) for the period				79,400		212,662		(64,398)		92,182


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures				(98,006)		(21,395)		(49,826)		(10,680)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾				112,110		36,770		52,207		17,568
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF				1,925,176		414,370		1,054,844		215,184

Other comprehensive income for the period				1,939,280		429,745		1,057,225		222,072



Total comprehensive income for the period				2,018,680		642,407		992,827		314,254


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				66,714		211,586		(65,579)		91,896
Non-controlling interest				12,686		1,076		1,181		286
Other comprehensive income for the period attributable to:
Shareholders of the parent company				1,921,562		424,240		1,048,339		219,559
Non-controlling interest				17,718		5,505		8,886		2,513
Total comprehensive income for the period attributable to:
Shareholders of the parent company				1,988,276		635,826		982,760		311,455
Non-controlling interest				30,404		6,581		10,067		2,799
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		32		170.37		538.25		(167.55)		233.72

(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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)


	For the nine-month period ended September 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 premiums			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⁾		-		-		-			-			392				-				-			-		392
Repurchase of treasury shares		-		-		-			-			-				-				-			-		-
Settlement of share-based benefit plans		4		5		(4	)		(5	)		(543	)			(1,062	)			(273	)		-		(1,878	)
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		3,919		6,077		14			24			138				(5,561	)			(431	)		640		4,820


	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⁾		-		-		-			-			-				-				392			-		392
Repurchase of treasury shares		-		-		-			-			-				-				-			-		-
Settlement of share-based benefit plans		-		-		-			-			-				-				(1,878	)		-		(1,878	)
As decided by the Shareholders´ Meeting on April 28, 2023:
- Constitution of reserves		-		40,000		942,959			6,215			-				(989,174	)			-			-		-
Other comprehensive income		135,602		38,976		918,212			6,016			686,299				136,457				1,921,562			17,718		1,939,280
Net profit for the period		-		-		-			-			-				66,714				66,714			12,686		79,400

Balance at the end of the period		274,877		78,976		1,861,171			12,231			1,390,534		⁽¹⁾		215,211		⁽⁴⁾		3,837,820			47,678		3,885,498

(1)

Includes 1,569,103 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36), (600,705) 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 (421,689) corresponding to the effect of the translation to YPF´s presentation currency) and 422,136 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 238,070 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 24,462 and 12,040 restricted to the distribution of unappropiated retained earnings and losses as of September 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022 (UNAUDITED) (cont.)
(Amounts expressed in millions of pesos)


	For the nine-month period ended September 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 premiums			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⁾		-			-			-			-			117				-			-			-		117
Repurchase of treasury shares		(5	)		(7	)		5			7			-				(847	)		-			-		(847	)
Settlement of share-based benefit plans		3			7			(3	)		(7	)		(355	)			239			(97	)		-		(213	)
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		3,929			6,095			4			6			134				(1,101	)		(146	)		640		9,561


	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⁾		-			-			-			-			-				-			117			-		117
Repurchase of treasury shares		-			-			-			-			-				-			(847	)		-		(847	)
Settlement of share-based benefit plans		-			-			-			-			-				-			(213	)		-		(213	)
As decided by the Shareholders´ Meeting on April 29, 2022:
- Absorption of accumulated losses		-			-			-			-			-				-			-			-		-
Other comprehensive income		35,082			-			-			-			188,355				200,803			424,240			5,505		429,745
Net profit for the period		-			-			-			-			-				211,586			211,586			1,076		212,662

Balance at the end of the period		115,803			-			-			-			585,355		⁽¹⁾		764,056			1,474,775			14,807		1,489,582

(1)

Includes 657,198 corresponding to the effect of the translation of the shareholders’ contributions (see Note 36), (202,133) 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 (134,504) corresponding to the effect of the translation to YPF´s presentation currency) and 130,290 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 56,123 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 NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)


	For the nine-month periods ended September 30,
	2023		2022
Cash flows from operating activities
Net profit		79,400		212,662
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(51,978)		(46,732)
Depreciation of property, plant and equipment		573,731		226,938
Amortization of intangible assets		8,439		4,295
Depreciation of right-of-use assets		40,687		18,910
Retirement of property, plant and equipment and intangible assets and consumption of materials		66,701		35,915
Charge on income tax		28,758		82,223
Net increase in provisions		76,787		31,248
Impairment of property, plant and equipment		176,769		14,108
Effect of changes in exchange rates, interest and others		(71,488)		(5,019)
Share-based benefit plans		3,803		574
Changes in assets and liabilities:
Trade receivables		(67,263)		(63,891)
Other receivables		17,230		(8,600)
Inventories		3,653		(61,767)
Accounts payable		192,292		49,781
Taxes payables		834		15,725
Salaries and social security		13,333		2,804
Other liabilities		13,934		(2,841)
Decrease in provisions due to payment/use		(118,900)		(13,367)
Contract assets		(3,956)		1,060
Contract liabilities		20,706		23,934
Dividends received		58,450		7,796
Proceeds from collection of profit loss insurance		62		116
Income tax payments		(3,288)		(972)

Net cash flows from operating activities ^(1) (2)		1,058,696		524,900


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(1,017,251)		(322,612)
Contributions and acquisitions of interests in associates and joint ventures		(1,174)		(40)
Proceeds from sales of financial assets		137,419		49,261
Payments from purchase of financial assets		(66,621)		(77,340)
Interests received from financial assets		18,548		6,042
Proceeds from sales of WI of areas and assets		3,392		723

Net cash flows used in investing activities		(925,687)		(343,966)


Financing activities: ⁽³⁾
Payments of loans		(280,920)		(85,115)
Payments of interests		(124,069)		(58,140)
Proceeds from loans		585,687		45,068
Account overdraft, net		(2,898)		(794)
Repurchase of treasury shares		-		(847)
Payments of leases		(65,441)		(31,130)
Payments of interests in relation to income tax		(1,658)		(665)

Net cash flows from / (used in) financing activities		110,701		(131,623)



Effect of changes in exchange rates on cash and cash equivalents		72,171		10,804



Increase in cash and cash equivalents		315,881		60,115


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		452,755		122,793

Increase in cash and cash equivalents		315,881		60,115

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

(2)	Includes 36,141 and 18,740 for the nine-month periods ended September 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 nine-month periods ended September 30,
	2023		2022
Unpaid acquisitions of property, plant and equipment		190,543		59,949
Additions of right-of-use assets		49,100		22,686
Capitalization of depreciation of right-of-use assets		12,372		5,174
Capitalization of financial accretion for lease liabilities		2,310		1,398

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 SEPTEMBER 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 September 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

Organization of the business

As of September 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 nine-month period ended September 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 November 8, 2023.

These condensed interim consolidated financial statements corresponding to the nine-month period ended September 30, 2023 are unaudited. The Company believes they include 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 nine-month period ended September 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 U.S. 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 SEPTEMBER 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 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 items of “Legal reserves”, “Reserve for future dividends”, “Reserve for investments”, “Reserve for purchase of treasury shares” and “Unappropriated retained earnings and losses”, in the 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 statement of changes in shareholders’ equity, translation differences accumulated in “Other comprehensive income” have been appropriated to the aforementioned equity items as of September 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 are translated into U.S. dollars by the following procedures: All amounts (i.e., assets, liabilities, stockholders’ equity items, expenditures and revenues) are translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which are presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts are not adjusted to reflect subsequent variations in the general level of prices or exchange rates). Thus, the effect of the restatement of comparative amounts is recognized in “Other comprehensive income” in the consolidated statement of comprehensive income.

These criteria are 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 September 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 “Income taxes” - 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 12 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.

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.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

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

On August 15, 2023, CNV General Resolution No. 972/2023 was published in the BO, which provides that the earlier application of the IFRS and/or their amendments will not be allowed, unless specifically allowed by the CNV.

• 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.

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.

• Amendments to IAS 21 “Effects of changes in foreign exchange rates” - Lack of exchangeability

In August 2023, the IASB issued amendments to IAS 21 related to the methodology to be applied where there is a lack of exchangeability between two currencies, which are applicable for reporting periods beginning on or after January 1, 2025.

These amendments eliminate the applicable methodology described in IAS 21 where there was a temporary lack of exchangeability between currencies, and introduce the definition of exchangeability between currencies and an analysis approach that requires each entity to identify whether a currency is exchangeable into another currency for each specific purpose for which such currency would be obtained following a series of parameters, such as an assessment of whether the currency is obtained within an ordinary administrative period, the ability to obtain said currency, among others. Once the absence of exchangeability between currencies has been identified, the exchange rate should be estimated to represent that which would be obtained in an orderly transaction between market participants and which reflects economic conditions. These amendments do not specify a methodology for estimating the exchange rate to be used, which must be developed by each entity.

Additionally, these amendments incorporate disclosure requirements such as a description of the restrictions giving rise to the absence of exchangeability, a qualitative and quantitative description of the transactions involved, the types of exchange rates used and their estimation method, a description of the risks to which the entity is exposed due to the absence of exchangeability, among others.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is evaluating the effects of implementing these amendments.

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 closing date 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

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

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 nine-month period ended September 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. 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 nine and three-month periods ended September 30, 2022 has been restated. “Revenues” and “Selling expenses” increased by 54,033 and 22,792, respectively. This change had no effect on the Group’s statement of financial position, statement of changes in shareholders’ equity, statement 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 prices, with higher sales of natural gas during the winter at a higher price.

4. ACQUISITIONS AND DISPOSITIONS

During the nine-month period ended September 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 exchange rate 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 nine-month period ended September 30, 2023, there were no significant changes in the administration or policies of risk management implemented by the Group as described in Note 4 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

5. FINANCIAL RISK MANAGEMENT (cont.)

• 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 and Notes 17, 33 and 34.

The Group monitors compliance with covenants on a quaterly basis. As of September 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 September 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 manner 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 U.S. 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 September 30, 2022, has been restated.

The business segment structure is organized as follows:

• Upstream

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

Its revenues are largely derived from: (i) the sale of the crude 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 and Commercialization segments.

This segment 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 September 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 SEPTEMBER 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 our subsidiary Metrogas; and (iv) the storage of the natural gas produced. Also, through our 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 our 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 of natural gas from the Commercialization segment for the distribution of natural gas through our 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 September 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. In addition, the comparative information for the fiscal year ended December 31, 2022 and the period ended September 30, 2022, has been restated.

• Commercialization

The Commercialization segment develops activities related to: (i) customer portfolio management; (ii) commercialization of crude oil and 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 crude oil, refined and petrochemical products, natural gas as producers, specialties for the agribusiness industry and grains and their by-products. These operations are performed through the businesses of B2C (Retail), B2B (Industry, Agri, Lubricants and Specialties and Commercial 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, petrochemical products from the Industrialization segment, propane and butane from the Gas and Power segment, and crude 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 SEPTEMBER 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 31, 2022 and the period ended September 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 or 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)


	In millions of U.S. dollars															In millions of pesos
	Upstream			Gas and Power		Industrialization		Commercialization		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total		Total
For the nine-month period ended September 30, 2023
Revenues		137			561		184		12,017		218		-		13,117		3,330,718
Revenues from intersegment sales		5,507			138		8,584		264		788		(15,281)		-		-

Revenues		5,644			699		8,768		12,281		1,006		(15,281)		13,117		3,330,718


Operating profit / (loss)		(217)	⁽³⁾		24		250		204		(248)		156		169		(98,138)
Income from equity interests in associates and joint ventures		-			206		20		1		-		-		227		51,978

Net financial results															348		154,318
Net profit before income tax															744		108,158
Income tax															(160)		(28,758)
Net profit for the period															584		79,400

Acquisitions of property, plant and equipment		3,182			136		756		61		83		-		4,218		1,127,262
Acquisitions of right-of-use assets		142			18		4		15		-		-		179		49,100

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,865			40		307		39		47		-		2,298		573,731
Amortization of intangible assets		-			8		22		-		-		-		30		8,439
Depreciation of right-of-use assets		98			14		45		9		-		(1)		165		40,687
Impairment of property, plant and equipment		506			-		-		-		-		-		506		176,769

Balance as of September 30, 2023
Assets		12,275			2,882		7,081		2,612		2,019		(22)		26,847		9,381,545

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

6. BUSINESS SEGMENT INFORMATION (cont.)


	In millions of U.S. dollars															In millions of pesos
	Upstream			Gas and Power		Industrialization		Commercialization		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total		Total
For the nine-month period ended September 30, 2022
Revenues		135			546		128		13,098		205		-		14,112		1,739,973
Revenues from intersegment sales		5,360			156		9,181		219		561		(15,477)		-		-

Revenues		5,495			702		9,309		13,317		766		(15,477)		14,112		1,739,973


Operating profit / (loss)		901	⁽³⁾		63		1,031		331		(225)		(61)		2,040		236,217
Income from equity interests in associates and joint ventures		-			373		13		2		-		-		388		46,732

Net financial results															8		11,936
Net profit before income tax															2,436		294,885
Income tax															(666)		(82,223)
Net profit for the period															1,770		212,662

Acquisitions of property, plant and equipment		2,144			43		445		46		93		-		2,771		351,316
Acquisitions of right-of-use assets		136			-		-		42		-		-		178		22,686

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,429			37		305		41		63		-		1,875		226,938
Amortization of intangible assets		-			10		21		-		2		-		33		4,295
Depreciation of right-of-use assets		100			15		4		41		-		(4)		156		18,910
Impairment of property, plant and equipment		98			-		-		-		-		-		98		14,108

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 eliminations among the business segments of the Group.

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

(3)	Includes US$ (15) million and US$ (14) million of unproductive exploratory drillings as of September 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 SEPTEMBER 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 September 30, 2023 and December 31, 2022, and their allocation to their fair value levels:


	As of September 30, 2023
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		27,130		-		-		27,130

		27,130		-		-		27,130

Cash and cash equivalents:
- Mutual funds		84,243		-		-		84,243

		84,243		-		-		84,243

		111,373		-		-		111,373


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

During the nine-month period ended September 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 remaining financial loans, amounted to 2,567,151 and 1,029,019 as of September 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


	September 30, 2023		December 31, 2022
Net book value of intangible assets		143,659		75,086
Provision for impairment of intangible assets		(13,882)		(7,034)

		129,777		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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

8. INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the nine-month period ended September 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		4,045		-		705		4,750
Translation effect		161,982		18,967		64,768		245,717
Adjustment for inflation ⁽¹⁾		-		-		14,178		14,178
Decreases, reclassifications and other movements		-		(96)		7		(89)

Accumulated amortization
Increases		5,318		-		3,121		8,439
Translation effect		118,500		-		62,307		180,807
Adjustment for inflation ⁽¹⁾		-		-		6,737		6,737
Decreases, reclassifications and other movements		-		-		-		-

Cost		331,206		38,428		159,844		529,478
Accumulated amortization		243,314		-		142,505		385,819

Balance as of September 30, 2023		87,892		38,428		17,339		143,659

(1)	Corresponds to adjustment for inflation of opening balances of intangible assets of 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


	September 30, 2023		December 31, 2022
Net book value of property, plant and equipment		6,905,838		3,233,211
Provision for obsolescence of materials and equipment		(51,878)		(26,671)
Provision for impairment of property, plant and equipment		(328,942)		(106,234)

		6,525,018		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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the nine-month periods ended September 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		473		692		17,796		3,418		252,128		837,173		11,580		916		2		-		3,084		1,127,262
Translation effect		201,872		8,840,736		1,514,893		81,182		207,566		721,100		8,729		139,414		236,644		-		111,952		12,064,088
Adjustment for inflation⁽¹⁾		41,021		-		-		12,682		4,487		10,685		-		6,896		-		211,535		50,847		338,153
Decreases, reclassifications and other movements		4,703		361,700		20,805		4,480		(181,019)		(318,340)		(5,556)		8,565		7,055		6,295		(623)		(91,935)

Accumulated depreciation
Increases		5,725		504,805		66,569		6,359		-		-		-		6,620		11,805		5,006		7,112		614,001
Translation effect		101,213		7,487,028		975,398		55,530		-		-		-		128,188		163,818		-		86,563		8,997,738
Adjustment for inflation⁽¹⁾		22,084		-		-		8,327		-		-		-		6,157		-		106,480		34,603		177,651
Decreases, reclassifications and other movements		(219)		(21,486)		-		(1,213)		-		-		-		(1)		(1,216)		(17)		(297)		(24,449)

Cost		495,362		18,071,485		3,089,941		195,168		494,196		1,938,049		21,235		303,011		481,666		422,903		330,203		25,843,219
Accumulated depreciation		252,594		15,459,057		2,014,753		132,643		-		-		-		275,964		338,336		214,696		249,338		18,937,381

Balance as of September 30, 2023		242,768		2,612,428		1,075,188		62,525		494,196		1,938,049		21,235		27,047		143,330		208,207		80,865		6,905,838

(1)	Corresponds to adjustment 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 SEPTEMBER 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 nine-month periods ended September 30, 2023 and 2022, the rate of capitalization was 8.26% and 8.30%, respectively, and the amount capitalized amounted to 3,286 and 1,041, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the nine-month period ended September 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		452
Applications due to utilization		(874)
Translation differences		25,329
Adjustment for inflation⁽¹⁾		300

Balance as of September 30, 2023		51,878

(1)	Corresponds to adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment of 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 nine-month period ended September 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		176,769
Depreciation⁽²⁾		(40,270)
Translation differences		84,648
Adjustment for inflation⁽³⁾		1,561

Balance as of September 30, 2023		328,942

(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 of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

The Group permanently monitors the outlook of the businesses where it operates. In general, it analyzes macroeconomic variables such as price indexes and currency devaluation, among others, and in particular, for the natural gas market, the demand volume to be covered and natural gas sales prices.

As of September 30, 2023, based on the evolution of the variables and the methodology mentioned in Note 2.c), the Group recognized an impairment of property, plant and equipment charge for the CGU Gas - Neuquina Basin of 176,769 (114,900 net of the income tax), generated by a combination of variables, including mainly, a higher competition in the natural gas market which may lead to a drop in natural gas sales prices in the medium and long term and a consequent decline in our production. The post-tax discount rate used as of September 30, 2023 was 14.89%, being the post-tax recoverable value at such date of the CGU Gas - Neuquina Basin of 876,128.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the nine-month period ended September 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		3,392		14,708		24,017		-		6,983		49,100
Translation effect		6,629		93,113		53,534		13,125		63,938		230,339
Adjustment for inflation ⁽¹⁾		152		-		-		4,155		-		4,307
Decreases, reclassifications and other movements		(327)		-		-		-		-		(327)

Accumulated depreciation
Increases		1,146		21,901		7,475		2,185		20,352		53,059
Translation effect		3,509		60,708		39,200		5,977		38,087		147,481
Adjustment for inflation ⁽¹⁾		148		-		-		2,412		-		2,560
Decreases, reclassifications and other movements		(119)		-		-		-		-		(119)

Cost		15,667		195,339		127,741		34,862		136,591		510,200
Accumulated depreciation		8,002		135,880		83,726		18,380		88,026		334,014

Balance as of September 30, 2023		7,665		59,459		44,015		16,482		48,565		176,186

(1)	Corresponds to adjustment 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 September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
Amount of investments in associates		66,210		30,525
Amount of investments in joint ventures		576,301		306,650

		642,511		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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

The main movements during the nine-month period ended September 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		51,978
Translation differences		296,148
Distributed dividends		(58,654)
Adjustment for inflation ⁽¹⁾		14,690
Capitalization in associates and joint ventures		-

Balance as of September 30, 2023		642,511

(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 nine-month periods ended September 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 nine-month periods ended September 30,				For the nine-month periods ended September 30,
	2023		2022		2023		2022
Net income		7,837		1,462		44,141		45,270
Other comprehensive income		28,189		7,069		282,649		71,583

Comprehensive income for the period		36,026		8,531		326,790		116,853

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 SEPTEMBER 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 September 30, 2023 and December 31, 2022, as well as the results for the nine-month periods ended September 30, 2023 and 2022, are detailed below:


	September 30, 2023 ⁽¹⁾		December 31, 2022 ⁽¹⁾
Total non-current assets		705,464,379		325,583,892
Cash and cash equivalents		67,076,584		16,684,788
Other current assets		64,992,802		31,531,592
Total current assets		132,069,386		48,216,380

Total assets		837,533,765		373,800,272


Financial liabilities (excluding Accounts payable, Provisions and Other liabilities)		273,247,935		127,658,505
Other non-current liabilities		54,371,809		17,103,150
Total non-current liabilities		327,619,744		144,761,655
Financial liabilities (excluding Accounts payable, Provisions and Other liabilities)		49,429,881		26,591,063
Other current liabilities		34,275,622		19,627,928
Total current liabilities		83,705,503		46,218,991

Total liabilities		411,325,247		190,980,646



Total shareholders’ equity		426,208,518		182,819,626


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

	For the nine-month periods ended September 30,
	2023 ⁽¹⁾		2022 ⁽¹⁾
Revenues		96,984,774		43,995,473
Interest income		17,923,766		3,537,622
Depreciation and amortization		(24,065,816)		(9,703,015)
Interest loss		(10,535,582)		(6,333,978)
Income tax		(9,021,265)		245,555
Operating profit		54,993,517		21,716,241

Net profit		19,607,052		15,190,407
Other comprehensive income		204,878,306		45,351,434

Total comprehensive income		224,485,358		60,541,841

(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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

12. INVENTORIES


	September 30, 2023			December 31, 2022
Finished goods		389,077			202,465
Crude oil and natural gas		169,442			79,511
Products in process		20,933			9,083
Raw materials, packaging materials and others		37,085			16,707

		616,537	⁽¹⁾		307,766	⁽¹⁾

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

13. OTHER RECEIVABLES


	September 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Receivables from services and sales of other assets		-		5,444		2,238		663
Tax credit and export rebates		49,797		15,759		27,086		61,958
Loans to third parties and balances with related parties ⁽¹⁾		9,765		1,931		1,750		5,359
Collateral deposits		2		5,012		2		961
Prepaid expenses		6,306		9,188		4,091		7,193
Advances and loans to employees		120		2,008		97		948
Advances to suppliers and custom agents ⁽²⁾		-		53,599		-		29,269
Receivables with partners in JO		3,747		65,814		2,752		31,659
Insurance receivables		-		-		-		60
Miscellaneous		1,928		12,028		1,144		5,301

		71,665		170,783		39,160		143,371
Provision for other doubtful receivables		(760)		(1,566)		(2,692)		(140)

		70,905		169,217		36,468		143,231

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

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

14. TRADE RECEIVABLES


	September 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		10,924		543,181		10,815		279,611
Provision for doubtful trade receivables		(9,788)		(21,565)		(9,788)		(13,410)

		1,136		521,616		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 nine-month period ended September 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)
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		-			5,295
Decreases charged to income		-			(524)
Applications due to utilization		-			(1,212)
Net exchange and translation differences		-			5,271
Result from net monetary position ⁽¹⁾		-			(675)


Balance as of September 30, 2023		9,788	⁽²⁾		21,565

(1)

Includes the adjustment for inflation of opening balances of the provision for doubtful trade receivables of 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 the net profit / (loss) for the period.

(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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

15. INVESTMENTS IN FINANCIAL ASSETS


	September 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Investments at amortized cost
Public securities ⁽¹⁾		-		13,068		35,664		28,675
Private securities - NO		3,755		-		-		532
Term deposits ⁽²⁾		-		23,263		-		14,253

		3,755		36,331		35,664		43,460

Investments at fair value with changes in results
Public securities ⁽¹⁾		-		27,130		-		13,029

		-		27,130		-		13,029

		3,755		63,461		35,664		56,489

(1)	See Note 37.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


	September 30, 2023			December 31, 2022
Cash and banks ⁽¹⁾		116,261			65,407
Short-term investments		252,251	⁽²⁾		11,943
Financial assets at fair value with changes in results ⁽³⁾		84,243			59,524

		452,755			136,874

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

(2)	Includes 233,079 of BCRA bills and 15,683 of term deposits and other investments with the BNA.

(3)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the nine-month period ended September 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		16,252			1,064			12,887		-		48,788		-		77,927		1,064
Decreases charged to income		(6,108)			(313)			-		-		-		-		(6,108)		(313)
Applications due to utilization		(447)			(84,644)	⁽⁶⁾		-		(9,205)		-		(24,604)		(447)		(118,453)
Reclassifications and other movements		(93,265)	⁽⁵⁾		64,887			(13,182)		13,182		(23,805)		23,805		(130,252)		101,874
Net exchange and translation differences		18,039			24,496			8,749		88		339,859		23,367		366,647		47,951
Result from net monetary position ⁽¹⁾		(292)			-			-		-		-		-		(292)		-

Balance as of September 30, 2023		35,262			9,209			25,444		12,148		701,982		45,747		762,688		67,104

(1)

Includes the adjustment for inflation of opening balances of provisions of 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 period, which was charged to the net profit / (loss) for the period.

(2)	Includes the accrual of financial interest corresponding to the recognition of the dispute relating to the tax deduction of hydrocarbon well abandonment costs for periods 2014- 2017.

(3)	Includes 3,358 corresponding to the recovery of liabilities for the regularization regimes associated with the dispute relating to the cost deduction for hydrocarbon well abandonment for periods 2014-2017. See Note 16.a.5) to the annual consolidated financial statements.

(4)	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. See Note 16.a.5) to the annual consolidated financial statements.

(5)

Includes 27,985 reclassified as “Other liabilities” due to the settlement agreement entered with TGN and 60,033 reclassified as current Provision for lawsuits and contingencies due to the Trust Settlement Agreement, see Note 16.a.2) to the annual consolidated financial statements and Note 33, respectively.

(6)	Includes the payment of the amount for the Trust Settlement Agreement, see Note 33.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

17. PROVISIONS (cont.)

Provisions are described in Note 16 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2023 are described below:

17.a) Provision for lawsuits and contingencies

●

Claims arising from restrictions in the natural gas market

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

In April 2023, in compliance with the decision of the CSJN, a settlement agreement between YPF and TGN was filed with the Lower Court requesting its approval. On May 5, 2023, the Lower Court approved the said agreement.

●

Users and Consumers Association

On April 13, 2023, the National Attorney General’s Office issued an opinion recommending the CSJN to grant the extraordinary appeal lodged by YPF and to reverse the judgment. As of the date of issuance of these condensed interim consolidated financial statements, the extraordinary appeal has not been decided.

●

Environmental claims

La Plata

On June 26, 2023, through Resolution No. 2,775/2023 issued by the Ministry of Environment of the Province of Buenos Aires, YPF obtained a two-year extension to continue with the remediation and monitoring works through the suggested remediation modality (monitored natural recovery).

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 as of the closing date of these interim condensed consolidated financial statements. The amounts calculated for income tax charge for the nine-month period ended September 30, 2023 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 nine-month periods ended September 30, 2023 and 2022 is as follows:


	For the nine-month periods ended September 30,
	2023		2022
Current income tax		(10,869)		(162,133)
Deferred income tax		(17,889)		77,962

		(28,758)		(84,171)

Income tax - Well abandonment		-		1,948

		(28,758)		(82,223)

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

18. INCOME TAX (cont.)

The reconciliation between the income tax expense for the nine-month periods ended September 30, 2023 and 2022 and the one that would result from applying the prevailing tax rate on net profit / (loss) before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:


	For the nine-month periods ended September 30,
	2023			2022
Net profit / (loss) before income tax		108,158			294,885
Average tax rate ⁽⁴⁾		28.22%			34.88%

Average tax rate applied to net profit / (loss) before income tax		(30,521)			(102,870)
Effect of the valuation of property, plant and equipment and intangible assets, net		(47,681)			65,190
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽¹⁾		127,741			(43,956)
Effect of the valuation of inventories		(81,076)			(25,807)
Income on investments in associates and joint ventures		12,995			16,356
Effect of tax rate change		(36,933)	⁽²⁾		-
Effect of the regularization regime for the dispute associated with cost deduction for hydrocarbon wells abandonment		-			1,948	⁽³⁾
Miscellaneous		26,717	⁽⁵⁾		6,916

Income tax		(28,758)			(82,223)

(1)	Includes the effect of tax inflation adjustments.

(2)	Corresponds to the remedation of deferred income tax balances at the time of reversal, see Notes 2.b.15) and 35.e.1) to the annual consolidated financial statements.

(3)	See Note 16.a.5) to the annual consolidated financial statements.

(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.

(5)	Includes 32,571 corresponding to the tax criteria adopted in the 2023 tax return for fiscal year 2022 of our subsidiary Metrogas.

Furthermore, breakdown of tax payable and deferred as of September 30, 2023 and December 31, 2022 is as follows:

September 30, 2023

December 31, 2022

Non-current

Current

Non-current

Current

Income tax payable

3,778

⁽²⁾

9,400

⁽¹⁾

4,588

⁽²⁾

4,711

⁽¹⁾

(1)

Includes 1,078 corresponding to the 12 installments of the regularization regimes associated with the dispute relating to the cost deduction for hydrocarbon well abandonment as of September 30, 2023 and December 31, 2022, respectively. See Note 16.a.5) to the annual 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 3,766 and 4,574 corresponding to the remaining installments of the regimes associated with the dispute relating to the cost deduction for hydrocarbon well abandonment as of September 30, 2023 and December 31, 2022, respectively. See Note 16.a.5) to the annual consolidated financial statements.


	September 30, 2023		December 31, 2022 ⁽⁴⁾
Deferred tax assets
Provisions and other non-deductible liabilities		55,932		27,205
Lease liabilities		65,500		33,297
Tax losses carryforward		338,897		29,620
Miscellaneous		300		247

Total deferred tax assets		460,629		90,369


Deferred tax liabilities
Property, plant and equipment and others ⁽¹⁾		(344,456)		(181,957)
Adjustment for tax inflation ⁽²⁾		(397,534)		(170,961)
Right-of-use assets		(61,665)		(31,819)
Miscellaneous		(13,334)		(9,330)

Total deferred tax liabilities		(816,989)		(394,067)

Total Net deferred tax ⁽³⁾		(356,360)		(303,698)

(1)	Includes the deferred tax corresponding to Property, plant and equipment, Intangible assets and Inventories.

(2)	Includes the effect of the deferral of the tax inflation adjustment. See “Budget Law 2023 - Deferral of tax adjustment for inflation” section Note 35.e.1) to the annual consolidated financial statements.

(3)

Includes (34,773) and (15,161) as of September 30, 2023 and December 31, 2022, respectively, corresponding to adjustment for inflation of the opening deferred tax liability of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(4)	See Note 2.b).

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

18. INCOME TAX (cont.)

As of September 30, 2023 and December 31, 2022 the Group has classified as deferred tax assets 5,941 and 3,010, respectively, and as deferred tax liability 362,301 and 306,708, 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 September 30, 2023 and December 31, 2022, the causes that generate charges to “Other comprehensive income”, did not create temporary differences for income tax.

19. TAXES PAYABLE


	September 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
VAT		-		9,105		-		4,615
Withholdings and perceptions		-		11,620		-		8,045
Royalties		-		14,812		-		13,682
Fuels tax		-		8,122		-		-
Turnover tax		-		5,178		-		1,490
Miscellaneous		162		6,724		185		2,828

		162		55,561		185		30,660

20. SALARIES AND SOCIAL SECURITY


	September 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Salaries and social security		-		24,822		-		11,987
Bonuses and incentives provision		-		29,806		-		20,088
Vacation provision		-		30,653		-		13,608
Other employee benefits⁽¹⁾		426		2,617		215		6,939

		426		87,898		215		52,622

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

21. LEASE LIABILITIES

September 30, 2023

December 31, 2022

Non-current

Current

Non-current

Current

Lease liabilities

85,632

101,512

48,224

52,061

The evolution of the Group’s leases liabilities for the nine-month period ended September 30, 2023 and for the fiscal year ended December 31, 2022, are as follows:


	Lease liabilities
Balance as of December 31, 2021		55,622

Leases increases		45,328
Leases decreases		(2,626)
Payments		(44,960)
Financial accretions		9,961
Net exchange and translation differences		36,879
Result from net monetary position ⁽¹⁾		81

Balance as of December 31, 2022		100,285

Leases increases		49,100
Leases decreases		(203)
Payments		(65,441)
Financial accretions		14,340
Net exchange and translation differences		89,197
Result from net monetary position ⁽¹⁾		(134)

Balance as of September 30, 2023		187,144

(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” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to the net profit / (loss) for the period.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

22. LOANS


							September 30, 2023					December 31, 2022
	Interest rate⁽¹⁾				Maturity		Non-current		Current			Non-current		Current
Pesos:
NO		95.91%	-	113.58%		2023-2024		-		41,263			11,374		1,022
Loans		128.58%	-	128.58%		2025		10,290		8,664			8,136		4,359
Account overdrafts		110.50%	-	113.00%		2023		-		9,589			-		12,487

								10,290		59,516			19,510		17,868

Currencies other than the peso:
NO ^{(2) (3)}		0.00%	-	10.00%		2023-2047		2,126,006		312,277			990,512		146,569
Export pre-financing		1.90%	-	10.95%		2023-2025		38,984		158,547	⁽⁴⁾		-		3,971
Imports financing			-			-		-		-			-		3,647
Loans		6.03%	-	18.75%		2023-2030		133,619		9,786			43,174		29,753

								2,298,609		480,610			1,033,686		183,940

								2,308,899		540,126			1,053,196		201,808

(1)	Nominal annual interest rate as of September 30, 2023.

(2)	Disclosed net of 1,144 and 1,534 corresponding to YPF’s own NO repurchased through open market transactions, as of September 30, 2023, and December 31, 2022, respectively.

(3)	Includes 467,008 and 92,640 as of September 30, 2023, and December 31, 2022, respectively, of nominal value that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued.

(4)	Includes 29,529 as of September 30, 2023 of pre-financing of exports granted by BNA, which accrue a 1.90% fixed interest rate.

Set forth below is the evolution of the loans for nine-month period ended September 30, 2023 and for the fiscal year ended December 31, 2022:


	Loans
Balance as of December 31, 2021		757,215

Proceeds from loans		49,265
Payments of loans		(94,517)
Payments of interests		(73,123)
Account overdrafts, net		11,693
Accrued interests ⁽¹⁾		91,714
Net exchange and translation differences		514,249
Result from net monetary position ⁽²⁾		(1,492)

Balance as of December 31, 2022		1,255,004

Proceeds from loans		585,687
Payments of loans		(280,920)
Payments of interests		(124,069)
Account overdrafts, net		(2,898)
Accrued interests ⁽¹⁾		137,142
Net exchange and translation differences		1,280,453
Result from net monetary position ⁽²⁾		(1,374)

Balance as of September 30, 2023		2,849,025

(1)	Includes capitalized financial costs.

(2)

Includes the adjustment for inflation of opening balances of loans of 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 period, which was charged to net profit / (loss) for the period.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

22. LOANS (cont.)

Details regarding the NO of the Group are as follows:


												September 30, 2023				December 31, 2022

Month	Year	Principal value		Class		Interest rate⁽¹⁾				Principal maturity		Non-current		Current		Non-current		Current

YPF
-	1998	US$	15		-		Fixed	10.00	%		2028		5,178		214		2,624		42
April, February, October	2014/15/16	US$	1,522		Class XXVIII		Fixed	8.75	%		2024		-		126,255		61,318		48,336
September	2014	$	1,000		Class XXXIV		BADLAR + 0.1%	113.58	%		2024		-		170		167		228
April	2015	US$	1,500		Class XXXIX		Fixed	8.50	%		2025		395,497		5,883		200,391		7,192
October	2015	$	2,000		Class XLIII		BADLAR	95.91	%		2023		-		952		-		756
July, December	2017	US$	1,000		Class LIII		Fixed	6.95	%		2027		285,328		3,715		144,816		4,341
December	2017	US$	750		Class LIV		Fixed	7.00	%		2047		185,043		3,805		93,728		263
June	2019	US$	500		Class I		Fixed	8.50	%		2029		138,833		3,148		70,327		67
July	2020	US$	543		Class XIII		Fixed	8.50	%		2025		14,887		29,820		22,498		15,925
December, February	2020/21	US$	137		Class XIV		Fixed	2.00	%		2023		-		48,048		-		24,649
February	2021	US$	775		Class XVI		Fixed	9.00	%		2026		127,950		82,703		95,886		42,194
February	2021	US$	748		Class XVII		Fixed	9.00	%		2029		265,181		5,698		134,539		-
February	2021	US$	576		Class XVIII		Fixed	7.00	%		2033		193,463		-		96,356		1,836
February	2021	$	4,128		Class XIX		Fixed	3.50	%		2024		-		20,499		11,207		38
July ⁽²⁾	2021	US$	384		Class XX		Fixed	5.75	%		2032		134,262		1,459		68,029		1,724
January ⁽³⁾	2023	US$	230		Class XXI		Fixed	1.00	%		2026		80,105		204		-		-
January, April ⁽⁴⁾	2023	$	15,761		Class XXII		BADLAR + 3.0%	106.30	%		2024		-		19,642		-		-
April ⁽³⁾	2023	US$	147		Class XXIII		Fixed	0.00	%		2025		55,760		-		-		-
April ⁽³⁾	2023	US$	38		Class XXIV		Fixed	1.00	%		2027		13,111		24		-		-
June ⁽⁴⁾	2023	US$	263		Class XXV		Fixed	5.00	%		2026		91,628		1,301		-		-
September ⁽³⁾	2023	US$	400		Class XXVI		Fixed	0.00	%		2028		139,780		-		-		-

													2,126,006		353,540		1,001,886		147,591

(1)	Nominal annual interest rate as of September 30, 2023.

(2)	During the nine-month period ended September 30, 2023, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements.

(3)	NO issued under the Frequent Issuer Program. The payment currency of these NO is the peso at the exchange rate applicable under the terms of the series issued.

(4)	NO issued under the Frequent Issuer Program.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

23. OTHER LIABILITIES


	September 30, 2023						December 31, 2022
	Non-current			Current			Non-current		Current
Liabilities for concessions		2,886			20,968			3,156		1,424
Liabilities for contractual claims		34,763	⁽¹⁾		16,389	⁽¹⁾		146		161
Miscellaneous		-			3,048			-		774

		37,649			40,405			3,302		2,359

(1)	See Note 16.a.2) to the annual consolidated financial statements.

24. ACCOUNTS PAYABLE


	September 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		1,316		946,918		1,028		442,305
Guarantee deposits		185		1,533		122		926
Payables with partners of JO and other agreements		337		29,004		169		8,828
Miscellaneous		-		4,980		-		2,067

		1,838		982,435		1,319		454,126

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

25. REVENUES


	For the nine-month periods ended September 30,
	2023		2022
Sales of goods and services		3,267,710		1,703,049
Government incentives ⁽¹⁾		63,008		36,924

		3,330,718		1,739,973

(1)	See Note 37.

The Group’s transactions and the main revenues are described in Note 6. The comparative information corresponding to the period ended September 30, 2022 has been restated as mentioned in Note 6. The Group’s revenues are derived from contracts with customers and from National Government incentives.

●	Breakdown of revenues

Type of good or service


	For the nine-month period ended September 30, 2023
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Diesel		-		-		12,452		1,190,165		-		1,202,617
Gasolines		-		-		2,995		622,154		-		625,149
Natural gas ⁽¹⁾		-		129,674		-		258,079		-		387,753
Crude oil		-		-		-		76,659		-		76,659
Jet fuel		-		-		13		183,702		-		183,715
Lubricants and by-products		-		-		-		111,123		-		111,123
LPG		-		-		-		70,784		-		70,784
Fuel oil		-		-		1,016		17,390		-		18,406
Petrochemicals		-		-		-		85,444		-		85,444
Fertilizers and crop protection products		-		-		-		111,959		-		111,959
Flours, oils and grains		-		-		-		49,486		-		49,486
Asphalts		-		-		523		32,623		-		33,146
Goods for resale at gas stations		-		-		-		29,715		-		29,715
Income from services		-		-		-		-		37,692		37,692
Income from construction contracts		-		-		-		-		37,614		37,614
Virgin naphtha		-		-		19,240		8,429		-		27,669
Petroleum coke		-		-		-		51,776		-		51,776
LNG regasification		-		9,395		-		-		-		9,395
Other goods and services		34,471		48,243		6,993		27,790		111		117,608

		34,471		187,312		43,232		2,927,278		75,417		3,267,710

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

25. REVENUES (cont.)


	For the nine-month period ended September 30, 2022
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Diesel		-		-		2,801		609,502		-		612,303
Gasolines		-		-		6		312,125		-		312,131
Natural gas ⁽¹⁾		-		58,184		-		135,959		-		194,143
Crude oil		-		-		-		5,436		-		5,436
Jet fuel		-		-		-		86,635		-		86,635
Lubricants and by-products		-		-		-		56,658		-		56,658
LPG		-		-		5		43,776		-		43,781
Fuel oil		-		-		-		19,798		-		19,798
Petrochemicals		-		-		-		46,122		-		46,122
Fertilizers and crop protection products		-		-		-		73,768		-		73,768
Flours, oils and grains		-		-		-		80,980		-		80,980
Asphalts		-		-		-		16,743		-		16,743
Goods for resale at gas stations		-		-		-		10,583		-		10,583
Income from services		-		-		-		-		13,727		13,727
Income from construction contracts		-		-		-		-		16,019		16,019
Virgin naphtha		-		-		9,085		10,509		-		19,594
Petroleum coke		-		-		-		36,370		-		36,370
LNG regasification		-		4,379		-		-		-		4,379
Other goods and services		16,815		15,605		3,341		17,817		301		53,879

		16,815		78,168		15,238		1,562,781		30,047		1,703,049

(1)	Includes 273,488 and 139,869 corresponding to sales of natural gas produced by the Company for the nine-month periods ended September 30, 2023 and 2022, respectively.

Sales channels


	For the nine-month period ended September 30, 2023
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Gas stations		-		-		-		1,199,191		-		1,199,191
Power plants		-		7,549		9,014		74,429		-		90,992
Distribution companies		-		-		-		37,221		-		37,221
Retail distribution of natural gas		-		76,279		-		-		-		76,279
Industries, transport and aviation		-		81,629		-		909,232		-		990,861
Agriculture		-		-		-		344,134		-		344,134
Petrochemical industry		-		-		-		117,922		-		117,922
Trading		-		-		-		180,344		-		180,344
Oil companies		-		-		27,225		-		-		27,225
Commercialization of LPG		-		-		-		26,378		-		26,378
Other sales channels		34,471		21,855		6,993		38,427		75,417		177,163

		34,471		187,312		43,232		2,927,278		75,417		3,267,710


	For the nine-month period ended September 30, 2022
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Gas stations		-		-		-		599,881		-		599,881
Power plants		-		3,296		-		41,697		-		44,993
Distribution companies		-		-		-		19,389		-		19,389
Retail distribution of natural gas		-		37,281		-		-		-		37,281
Industries, transport and aviation		-		28,057		-		476,151		-		504,208
Agriculture		-		-		-		254,759		-		254,759
Petrochemical industry		-		-		-		68,510		-		68,510
Trading		-		-		-		80,345		-		80,345
Oil companies		-		-		9,227		-		-		9,227
Commercialization of LPG		-		-		-		14,852		-		14,852
Other sales channels		16,815		9,534		6,011		7,197		30,047		69,604

		16,815		78,168		15,238		1,562,781		30,047		1,703,049

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

25. REVENUES (cont.)

Target market

Sales contracts in the domestic market amounted to 2,929,897 and 1,486,715 for the nine-month periods ended September 30, 2023 and 2022, respectively.

Sales contracts in the international market amounted to 337,813 and 216,334 for the nine-month periods ended September 30, 2023 and 2022, respectively.

●	Contract balances

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


	September 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		9,211		505,094		9,102		263,613
Contract assets		-		2,730		-		148
Contract liabilities		-		48,233		-		13,577

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

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

During the nine-month periods ended September 30, 2023 and 2022 the Group has recognized 10,195 and 11,693, respectively, in revenues from ordinary activities arising from contracts entered into with customers in the statement of comprehensive income, which have been included in the balance for contract liabilities at the beginning of the fiscal year.

26. COSTS


	For the nine-month periods ended September 30,
	2023		2022
Inventories at beginning of year		307,766		153,927
Purchases		1,039,736		612,051
Production costs ⁽¹⁾		1,702,313		690,823
Translation effect		305,556		76,473
Adjustment for inflation ⁽²⁾		6,868		2,348
Inventories at end of the period		(616,537)		(294,515)

		2,745,702		1,241,107

(1)	See Note 27.

(2)	Corresponds to adjustment for inflation of opening balances of inventories 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

27. EXPENSES BY NATURE

The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the nine-month periods ended September 30, 2023 and 2022:


	For the nine-month period ended September 30, 2023
	Production costs ⁽³⁾		Administrative expenses ⁽²⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		198,595		51,291		25,647			2,288		277,821
Fees and compensation for services		8,834		44,769		9,196			43		62,842
Other personnel expenses		51,027		5,818		2,793			235		59,873
Taxes, charges and contributions		25,122		6,870		159,101	⁽¹⁾		-		191,093
Royalties, easements and fees		191,091		-		347			378		191,816
Insurance		14,537		818		361			-		15,716
Rental of real estate and equipment		37,036		148		2,850			-		40,034
Survey expenses		-		-		-			2,249		2,249
Depreciation of property, plant and equipment		549,907		7,884		15,940			-		573,731
Amortization of intangible assets		5,512		2,851		76			-		8,439
Depreciation of right-of-use assets		38,371		17		2,299			-		40,687
Industrial inputs, consumable materials and supplies		101,754		1,054		2,485			59		105,352
Operation services and other service contracts		82,243		1,899		11,968			1,049		97,159
Preservation, repair and maintenance		263,458		7,750		8,210			183		279,601
Unproductive exploratory drillings		-		-		-			4,276		4,276
Transportation, products and charges		104,940		-		89,911			-		194,851
Provision for doubtful trade receivables		-		-		4,771			-		4,771
Publicity and advertising expenses		-		6,807		10,281			-		17,088
Fuel, gas, energy and miscellaneous		29,886		2,270		12,772			272		45,200

		1,702,313		140,246		359,008			11,032		2,212,599

(1)	Includes 17,462 corresponding to export withholdings and 113,640 corresponding to turnover tax.

(2)

Includes 1,139 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors. On April 28, 2023, the General Shareholders’ Meeting of YPF resolved to ratify the fees of 728 corresponding to fiscal year 2022 and to approve the sum of 1,625 as fees with respect to fees and remunerations for the fiscal year 2023.

(3)	The expense recognized in the statement of comprehensive income corresponding to research and development activities amounted to 8,213.


	For the nine-month period ended September 30, 2022
	Production costs ⁽³⁾		Administrative expenses ⁽²⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		74,476		19,180		10,487			755		104,898
Fees and compensation for services		3,779		16,818		3,287			47		23,931
Other personnel expenses		18,797		1,837		939			151		21,724
Taxes, charges and contributions		10,705		1,268		93,400	⁽¹⁾		-		105,373
Royalties, easements and fees		92,816		-		177			299		93,292
Insurance		6,183		329		90			-		6,602
Rental of real estate and equipment		13,182		72		944			-		14,198
Survey expenses		-		-		-			1,769		1,769
Depreciation of property, plant and equipment		213,248		5,755		7,935			-		226,938
Amortization of intangible assets		2,577		1,680		38			-		4,295
Depreciation of right-of-use assets		17,767		10		1,133			-		18,910
Industrial inputs, consumable materials and supplies		40,095		279		882			15		41,271
Operation services and other service contracts		31,512		850		5,040			462		37,864
Preservation, repair and maintenance		108,493		2,513		3,060			104		114,170
Unproductive exploratory drillings		-		-		-			1,641		1,641
Transportation, products and charges		41,513		195		38,624			-		80,332
Provision for doubtful trade receivables		-		-		1,831			-		1,831
Publicity and advertising expenses		-		6,722		1,899			-		8,621
Fuel, gas, energy and miscellaneous		15,680		861		9,832			26		26,399

		690,823		58,369		179,598			5,269		934,059

(1)	Includes 27,058 corresponding to export withholdings and 54,033 corresponding to turnover tax (see Note 2.d.)).

(2)

Includes 466 corresponding to fees and remunerations of Directors and Statutory Auditors of YPF’s Board of Directors. On April 29, 2022, the General Shareholders’ Meeting of YPF resolved to ratify the fees of 482 corresponding to fiscal year 2021 and to approve the sum of 706 as fees with respect to fees and remunerations for the fiscal year 2022.

(3)	The expense recognized in the statement of comprehensive income corresponding to research and development activities amounted to 2,820.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

28. OTHER NET OPERATING RESULTS


	For the nine-month periods ended September 30,
	2023		2022
Lawsuits		(5,620)		(6,237)
Miscellaneous		9,521		932

		3,901		(5,305)

29. NET FINANCIAL RESULTS


	For the nine-month periods ended September 30,
	2023		2022
Financial income
Interest income		64,969		29,750
Exchange differences		561,806		143,158
Financial accretion		64		224

Total financial income		626,839		173,132


Financial costs
Interest loss		(159,776)		(65,093)
Exchange differences		(398,713)		(98,160)
Financial accretion		(65,276)		(26,770)

Total financial costs		(623,765)		(190,023)


Other financial results
Result on financial assets at fair value with change in results		59,943		7,562
Result from derivative financial instruments		1,793		(835)
Result from net monetary position		72,833		22,100
Result from transactions with financial assets ⁽¹⁾		16,675		-

Total other financial results		151,244		28,827



Total net financial results		154,318		11,936

(1)	Includes 5,853 corresponding to the adjustment for inflation of the period.

30. INVESTMENTS IN JOINT OPERATIONS

The assets and liabilities as of September 30, 2023 and December 31, 2022, and expenses for the nine-month periods ended September 30, 2023 and 2022, of JO and other agreements in which the Group participates are as follows:


	September 30, 2023		December 31, 2022
Non-current assets ⁽¹⁾		1,746,897		747,447
Current assets		70,331		27,740

Total assets		1,817,228		775,187

Non-current liabilities		108,136		52,133
Current liabilities		198,677		91,011

Total liabilities		306,813		143,144

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


	For the nine-month periods ended September 30,
	2023		2022
Production cost		378,395		125,533
Exploration expenses		1,847		325

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

31. SHAREHOLDERS’ EQUITY

The Company’s capital as of September 30, 2023, is 3,919 and 14 treasury shares represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of 10 pesos and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of September 30, 2023, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of the Argentine Government is required for: (i) mergers; (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid; (iii) transfers of all the YPF’s production and exploration rights; (iv) the voluntary dissolution of YPF; or (v) change of corporate and/or tax address outside Argentina. Items (iii) and (iv) also require prior approval by the Argentine Congress.

During the nine-month period ended September 30, 2023, the Company has not repurchased any of its own shares. During the nine-month period ended September 30, 2022, the Company repurchased 413,500 of its own shares issued for an amount of 847.

32. EARNINGS PER SHARE

The following table shows the basic and diluted earnings per share, which are calculated as described in Note 2.b.13) to the annual consolidated financial statements:


	For the nine-month periods ended September 30,
	2023		2022
Net profit / (loss) for the period		66,714		211,586
Average number of shares outstanding		391,587,602		393,102,114
Basic and diluted earnings per share		170.37		538.25

33. ISSUES RELATED TO MAXUS ENTITIES

Issues related to Maxus entities are described in Note 32 to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2023 are described below:

On April 6, 2023, the YPF Defendants, the Liquidating Trust, and Repsol, S.A., Repsol Exploración, S.A., Repsol USA Holdings LLC, Repsol E&P USA LLC, Repsol Offshore E&P USA, Inc., Perenco Trinidad & Tobago (Holdings) ETVE SLU (f/k/a Repsol E&P T&T Limited), and Repsol Services Co. (collectively, the “Repsol Defendants”), signed a settlement and release agreement (“Trust Settlement Agreement”) providing for a full release and discharge of all claims in exchange for payment of a settlement amount, subject to the satisfaction or waiver of certain conditions, including court approvals and other procedural events, as described further below.

Pursuant to the Trust Settlement Agreement, the Liquidating Trust has agreed to dismiss with prejudice all of the actions brought against the YPF Defendants and the Repsol Defendants and to provide a full release and discharge of all claims, in exchange for the payment of US$ 575 million, of which the YPF Defendants have agreed to pay US$ 287.5 million (less certain deductions), plus interest accruing from May 1, 2023 until the date of payment. The civil action pending before the New Jersey state court against the YPF Defendants (see Note 32.a.2.ii) to annual consolidated financial statements) is also included in the dismissals and releases described above.

In addition to the Trust Settlement Agreement, the YPF Defendants and the Repsol Defendants have signed a settlement and release agreement (“Oxy Settlement Agreement”) with Occidental and various other Occidental entities, including Occidental Petroleum Corporation and Occidental Chemical Holding Corporation (together, the “Oxy Parties”). Pursuant to the Oxy Settlement Agreement, the Oxy Parties have agreed to release all claims they may possess against the YPF Defendants and the Repsol Defendants relating to the Maxus Entities, the Passaic River and other areas subject to environmental remediation.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

33. ISSUES RELATED TO MAXUS ENTITIES (cont.)

The YPF Defendants and the Repsol Defendants also entered into a settlement and covenant not to sue agreement (“Government Agreement”) with various U.S. governmental entities, including the U.S. Department of Justice (on behalf of the EPA, the Department of Interior, and the NOAA) and the States of Ohio and Wisconsin (“Governmental Parties”). The Governmental Parties have covenanted not to sue the YPF Defendants or the Repsol Defendants with respect to claims similar to those the Liquidating Trust has asserted, as well as certain claims under the U.S. Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA).

As noted above, the YPF Defendants’ payment to the Liquidating Trust, and the dismissal and release of actions and claims against the YPF Defendants under the aforementioned agreements, were subject to a number of conditions and procedural steps, including obtaining a final court order approving the Trust Settlement Agreement and a final court order approving the Government Agreement. On August 2, 2023, following satisfaction of all conditions and procedural steps, the YPF Defendants made payment of the settlement amount and the dismissals and releases described above became effective as to the YPF Defendants, including dismissal of all relevant state and federal actions against the YPF Defendants.

34. CONTINGENT ASSETS AND LIABILITIES

34.a) Contingent assets

The Group has no significant contingent assets.

34.b) Contingent liabilities

34.b.1) Environmental claims

During the nine-month period ended September 30, 2023, there were no significant updates to the environmental claims described in Note 33.b.1) to the annual consolidated financial statements.

34.b.2) Contentious claims

Contentious claims are described in Note 33.b.2) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2023 are described below:

•

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

On March 30, 2023, the District Court granted YPF’s motion for summary judgment and denied Plaintiffs’ motion for summary judgment as to YPF in its entirety. The District Court found that YPF has no contractual liability and owes no damages for breach of contract to Plaintiffs, and accordingly dismissed Plaintiffs’ claims against YPF.

In line with the decision issued on March 30, 2023, in the final judgment issued on September 15, 2023 the District Court ordered, adjudged and decreed that all of Plaintiffs’ claims against YPF were dismissed, decreeing that YPF has no contractual liability and owes no damages for breach of contract to Plaintiffs.

On October 18, 2023, Plaintiffs appealed the District Court’s final judgment as to YPF and those orders that, for purposes of appeal, merge into the designated final judgment.

On October 23, 2023, YPF filed a notice of conditional cross-cross-appeal.

In this context, YPF will continue to defend itself in accordance with the applicable legal procedures and available defenses.

The Company will continue to reassess the status of the litigation and its possible impact on the results and financial situation of the Group, as needed.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

35. CONTRACTUAL COMMITMENTS

35.a) Exploitation concessions, transport concessions and exploration permits

The most relevant agreements, exploitation concessions, transport concessions and exploration permits that took place in the year ended December 31, 2022 are described in Note 34.a) to the annual consolidated financial statements. Updates for the nine-month period ended September 30, 2023 are described below:

•

Exploration permit El Campamento Este Block

On October 12, 2023, by Decree No. 1,207/2023 issued by the Executive Branch of the Province of Santa Cruz, YPF was awarded an unconventional hydrocarbon exploration permit in the El Campamento Este Block for a term of 4 years for the first exploratory period, YPF’s main interest being the Palermo Aike geological formation.

•

Exploration permit La Azucena Block

On October 10, 2023, by Decree No. 1,182/2023 issued by the Executive Branch of the Province of Santa Cruz, YPF was awarded an unconventional hydrocarbon exploration permit in the La Azucena Block for a term of 4 years for the first exploratory period, YPF’s main interest being the Palermo Aike geological formation.

•

Fracción II - El Cerrito Block Agreement

On August 1, 2023, YPF and Compañía General de Combustibles S.A. (“CGC”) executed a framework agreement for the joint drilling and completion of the first exploratory well in the Palermo Aike formation in the Cañadón Deus area within the Unconventional Exploitation Concession Fracción II - El Cerrito, located in the Province of Santa Cruz.

•

Letter of intent with the Province of Mendoza

On June 22, 2023, YPF was notified of Administrative Decision No. 17/2023, whereby the Province of Mendoza approved the reversion of the Puesto Molina Norte Block.

•

Offshore exploration permit CAN 102

On March 7, 2023, by SE Resolution No. 123/2023 Equinor Argentina AS (Argentina Branch) and YPF obtained a new 1-year extension of the first exploratory period of the exploration permit of the CAN 102 Block, extending the expiration of the exploration permit until November 2025.

•

Transportation concession for the Vaca Muerta Norte oil pipeline

On February 9, 2023, through Decree No. 299/2023 issued by the Province of Neuquén, YPF was granted an oil transport concession associated with the unconventional exploitation concession of hydrocarbons of the La Amarga Chica Block, which includes the construction of an oil pipeline from such Block to the Puesto Hernández Block for the supply of Luján de Cuyo Refinery and the export of crude oil to Chile for the remaining term of the exploitation concession abovementioned. As of the date of issuance of these condensed interim consolidated financial statements, the assignment by YPF to other companies of its 24.8% interest in this transportation concession is pending approval by the Province of Neuquén.

35.b) Investment agreements and commitments, and assignments

The most relevant investment agreements and commitments, and assignments are described in Note 34.b) to the annual consolidated financial statements. During the nine-month period ended September 30, 2023, there were no significant transactions.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the nine-month period ended September 30, 2023, there were no significant updates to the regulatory framework described in Note 35.a) 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

36. MAIN REGULATIONS (cont.)

36.b) Regulations applicable to the liquid hydrocarbon and refined products

Updates to the regulatory framework described in Note 35.b) to the annual consolidated financial statements for the nine-month period ended September 30, 2023, are described below:

On March 28, 2023, SE Resolution No. 175/2023 was published in the BO, creating a special regime for the registration of crude petroleum oils and oils obtained from bituminous minerals through cross-border oil pipelines. In order to obtain the export permit, entities will be required to prove to the SSHyC that the respective export does not affect domestic market supply. The permit shall indicate the export volume authorized for a minimum term of 1 year from the date the permit was granted.

36.c) Regulations applicable to natural gas, LNG and LPG

Updates to the regulatory framework described in Notes 35.c.1), 35.c.2), 35.c.3) and 35.c.4) to the annual consolidated financial statements for the nine-month period ended September 30, 2023, are described below:

36.c.1) Regulatory requirements applicable to natural gas distribution

Tariff schemes and tariff renegotiations

On April 28, 2023, ENARGAS Resolution No. 190/2023 was published in the BO, approving the new transition tariff schemes to be applied by Metrogas to consumption from April 2023.

36.d) Regulations applicable to the electric power generation

During the nine-month period ended September 30, 2023, there were no significant updates to the regulatory framework described in Note 35.c.5) to the annual consolidated financial statements.

36.e) Incentive programs for hydrocarbon production

Updates to the regulatory framework described in Note 35.d) to the annual consolidated financial statements for the nine-month period ended September 30, 2023 are described below:

•

Plan for Reinsurance and Promotion of Federal Hydrocarbon Production Domestic Self-Sufficiency, Exports, Imports Substitution and the Expansion of the Transportation System for all Hydrocarbon Basins in the Country 2023-2028 (“Plan GasAr 2023-2028”)

On September 27, 2023, SE Resolution No. 799/2023 was published, awarding the Company monthly volumes of natural gas supply to the Austral and Noroeste basins for the October 2023-December 2028 period under the Plan GasAr 2023-2028.

36.f) Tax regulations

Updates to the regulatory framework described in Note 35.e) to the annual consolidated financial statements for the nine-month period ended September 30, 2023 are described below:

•

Income tax

Income tax pre-payment for taxpayers with extraordinary income

On July 21, 2023, AFIP General Resolution No. 5,391/2023 was published in the BO, establishing a one-time extraordinary pre-payment on account of the income tax for taxpayers which, in their tax returns for fiscal year 2022 or 2023, as appropriate, meet the following conditions: (i) have reported a taxable income, without applying tax loss carryforwards, of at least 600 million pesos; and (ii) have not determined any income tax. This extraordinary pre-payment will be estimated by applying 15% on the taxable income of the fiscal year immediately preceding that in which the pre-payment is to be recorded, without considering tax loss carryforwards.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

36. MAIN REGULATIONS (cont.)

•

Fuels tax

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

On July 10, 2023, SE Resolution No. 570/2023 was published in the BO, extending the effective term of the RIAIC established through Decree No. 86/2023 for all import operations of diesel and gasoline carried out from March 1, 2023 to April 30, 2023, that meet certain requirements established in said Decree and its corresponding regulation.

On September 7, 2023, Decree No. 461/2023 was published in the BO, which reestablished the RIAIC for all import operations of diesel and gasoline carried out from August 1, 2023 to October 31, 2023 that meet certain requirements which, as of the date of issuance of these condensed interim consolidated financial statements have not yet been established by the SE.

•

Tax for an Inclusive and Solidary Argentina (“PAIS Tax”, by its acronym in Spanish)

On July 24, 2023, Decree No. 377/2023 was published in the BO, through which the scope of the PAIS Tax established by Law No. 27,541/2019 to import operations of certain goods and services when access to the Exchange Market is required for their acquisition and payment.

The rates to be applied to foreign currency purchases are: (i) 25% for the acquisition of certain services abroad or provided in the country by non-residents; (ii) 7.5% for contracting, abroad or in the country by non-residents, freight services and other transport services for the import or export of goods; and (iii) 7.5% for the import of goods, except for those mentioned in section 2 paragraph e) of Decree No. 377/2023 and its corresponding regulations.

•

Tax benefits for price agreements

On August 26, 2023, Decree No. 433/2023 was published in the BO, which established tax benefits effective until October 31, 2023, for entities entering into price agreements for the domestic market with the Secretariat of Commerce of the Ministry of Economy, or adjusting existing ones. These tax benefits include the suspension of the payment of the PAIS Tax for certain goods, the reduction to 0% of the rate of export duties for certain tariff headings, facility plans for the payment of export duties by certain productive sectors and the extension of the payment term of certain taxes and social security obligations. On October 26, 2023, by Decree No. 551/2023, these tax benefits were extended until December 31, 2023.

36.g) Custom regulations

Updates to the regulatory framework described in Note 35.f) to the annual consolidated financial statements for the nine-month period ended September 30, 2023, are described below:

•

Customs collections

On March 29, 2023 AFIP General Resolution No. 5,339/2023 was published in the BO, suspending, until December 31, 2023, the application of exclusion certificates from the income tax and VAT collection regimes for final imports of goods.

In addition, in order to calculate income tax prepayments, collections as a result of the said suspension may no longer be computed, and in certain cases, computing VAT collections is temporarily restricted.

On August 26, 2023, AFIP General Resolution No. 5,407/2023 was published in the BO, which until October 31, 2023: (i) suspends the application of the provisions of AFIP General Resolution No. 5,339/2023 for the import of certain tariff headings; and (ii) excludes the application of the customs collection regimes of income tax and VAT on the import of certain tariff headings. In both cases, these tariff headings are determined by the SE and provided the imports are made by taxpayers indicated by the Secretariat to such end. On November 1, 2023, by AFIP General Resolution No. 5,441/2023, the effective term of these provisions was extended until November 30, 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

36. MAIN REGULATIONS (cont.)

•

Export duties

Export duties, taxes and other charges related to transactions carried out under the “Export Increase Program” established by Decree No. 492/2023 and Decree No. 549/2023 shall be paid using as a tax base the amount resulting from the foreign currencies received and settled in accordance with such Decrees and their supplementary regulations (see Note 36.h)).

36.h) Regulations related to the Foreign Exchange Market

Updates to the regulatory framework described in Note 35.g) to the annual consolidated financial statements for the nine-month period ended September 30, 2023 are described below:

On April 20, 2023, BCRA Communication “A” 7,746 established that in order to access the Foreign Exchange Market, the prior consent of the BCRA is required until December 31, 2023, for payments of interest on financial debts for imports of goods and services and financial loans with foreign related companies. Additionally, it extended the restriction term for previous and subsequent access to the Foreign Exchange Market to 180 days for transactions in securities from April 21, 2023, maintaining the 90-day term for transactions in securities issued under Argentine law.

On May 18, 2023, BCRA Communication “A” 7,766 was issued, which extended to entities of the same economic group the restriction on trading securities to access the Foreign Exchange Market.

On June 8, 2023 and July 6, 2023, through BCRA Communications “A” 7,788 and “A” 7,803, respectively, the BCRA established the possibility of subscribing BCRA bills in U.S. dollars payable in pesos at the official exchange rate of zero rate (“LEDIV”, by its acronym in Spanish) simultaneously with the financing of imports, pre-financing of exports and/or currency settlements. This benefit applies to entities in the energy sector and beneficiaries of Decree No. 277/2022.

On June 29, 2023, BCRA Communication “A” 7,798 established the possibility for state-controlled entities to access the Foreign Exchange Market to make payments for fuel and energy imports.

Besides, since September 2023, through Communications “A” 7,845 and “A” 7,852 the BCRA allows: (i) the application of export proceeds to cancel certain import financing operations; and (ii) the possibility of carrying out transactions with short-term securities for the payment of financial indebtedness, repatriation of capital contributions and debt securities, among others, without affecting access to the Foreign Exchange Market.

On September 28, 2023, the BCRA issued Communication “A” 7,851, by means of new requirements were included in the affidavit to be filed by state-controlled entities to access the Foreign Exchange Market to make payments for the import of goods.

On October 3, 2023, the BCRA issued Communication “A” 7,853 through which it allowed that the proceeds from exports of certain products related to the hydrocarbon industry, pre-financing and/or post-financing of exports or settlement advances made until October 25, 2023 under the “Export Increase Program” established by Decree No. 492/2023 and SE Resolutions No. 808/2023 and No. 827/2023, be used on a 25% for the purchase and sale of securities quoted in foreign currency and payable in pesos and the remaining 75% be settled in the Foreign Exchange Market which may be deposited in interest-bearing accounts and/or subscribed in LEDIV.

On October 12, 2023, BCRA Communication “A” 7,854 was issued, through which it established the obligation to file affidavits to pay imports of services for state-controlled entities.

On October 27, 2023, the BCRA issued Communication “A” 7,867 through which it allowed that the proceeds from exports of goods and services, pre-financing and/or post-financing of exports or settlement advances made until November 17, 2023 under the “Export Increase Program” established by Decree No. 549/2023, be used on a 30% for the purchase and sale of securities quoted in foreign currency and payable in pesos and the remaining 70% be settled in the Foreign Exchange Market which may be deposited in interest-bearing accounts and/or subscribed in LEDIV.

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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

36. MAIN REGULATIONS (cont.)

36.i) CNV regulatory framework

Information requirements as Settlement and Clearing Agent and Trading Agent

As of the date of issuance of these condensed interim consolidated financial statements, the Company is registered in the CNV under the category “Settlement and Clearing Agent and Trading Agent - Direct Participant”, record No. 549. Considering the Company’s business and the CNV Rules, the Company will not, under any circumstance, offer brokerage services to third parties for transactions in markets under the jurisdiction of the CNV, and it will also not open operating accounts to third parties to issue orders and trade in markets under the jurisdiction of the CNV.

In accordance with the CNV Rules, the Company is subject to the provisions of Section 5 c), Chapter II, Title VII of the CNV Rules, “Settlement and Clearing Agent - Direct Participant”. In this respect, as set forth in Section 13, Title VII, Chapter II, of the CNV Rules, as of September 30, 2023, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 159.

Documentation keeper

According to the dispositions established in Article 48, Section XII, Chapter IV, Title II of the CNV Rules, the Company informs that supporting documentation of YPF’s operations, which is not in YPF’s headquarters, is stored in the following companies:

AdeA Administradora de Archivos S.A., located in Barn 3 – Route 36, Km. 31.5 – Florencio Varela – Province of Buenos Aires.

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

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

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

General Resolution No. 941/2022

In this respect, as established in Article 5, Chapter III, Title IV, of the CNV Rules, the table below discloses the translation effect originated in the accounts of “Capital”, “Adjustment to capital”, “Treasury shares” and “Adjustment to treasury shares” of the equity:


	For the nine-month periods ended September 30,
	2023		2022
Balance at the beginning of the fiscal year		686,343		393,570
Other comprehensive income		678,010		175,412

Balance at the end of the period		1,364,353		568,982

In addition, as of September 30, 2023 and 2022, the translation effect corresponding to the “Issuance premiums” account amounts to 223,008 and 93,581, respectively, and is included within “Other comprehensive income”. As of September 30, 2023 and 2022, the translation effect corresponding to the accounts “Share-based benefit plans”, “Acquisition cost of treasury shares” and “Share trading premium” amounts to (18,258) and (5,365), respectively, and is included within “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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

The information detailed in the table below shows the balances with associates and joint ventures as of September 30, 2023:


	September 30, 2023
	Other receivables		Other receivables		Trade receivables		Investments in financial assets		Accounts payable
	Non-Current		Current		Current		Non-Current		Current
Joint Ventures:
YPF EE		-		1,342		3,127		1,224		13,438
Profertil		-		75		6,784		-		10,119
MEGA		-		-		26,577		-		39
Refinor		-		-		3,604		-		627
Y-GEN Eléctrica S.A.U. ⁽¹⁾		-		-		-		-		-
OLCLP		-		94		-		-		1,041
Sustentator		-		-		-		-		-
CT Barragán		-		-		2		-		-
OTA		-		1		33		-		458
OTC		-		-		-		-		202

		-		1,512		40,127		1,224		25,924

Associates:
CDS		-		-		2		-		-
YPF Gas		-		419		3,747		-		610
Oldelval		9,373		-		16		1,490		3,784
Termap		-		-		-		-		1,234
GPA		-		-		-		-		102
Oiltanking		-		-		2		1,041		1,785
Gas Austral		-		-		120		-		4

		9,373		419		3,887		2,531		7,519

		9,373		1,931		44,014		3,755		33,443

(1)	Company merged with YPF EE as of 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

The information detailed in the table below shows the balances with associates and joint ventures as of December 31, 2022:


	December 31, 2022
	Other receivables		Other receivables		Trade receivables		Investments in financial assets		Accounts payable
	Non-Current		Current		Current		Non-Current		Current
Joint Ventures:
YPF EE		-		751		1,126		-		7,088
Profertil		-		-		1,382		-		2,171
MEGA		-		-		7,498		-		113
Refinor		-		-		2,345		-		446
Y-GEN Eléctrica S.A.U. ⁽¹⁾		-		-		73		-		-
OLCLP		-		31		-		-		425
Sustentator		-		-		-		-		4
CT Barragán		-		-		-		-		-
OTA		-		-		-		-		54
OTC		-		-		-		-		-

		-		782		12,424		-		10,301

Associates:
CDS		-		-		1		-		-
YPF Gas		-		269		1,575		-		457
Oldelval		-		3,222		3		-		1,914
Termap		-		-		-		-		461
GPA		-		-		-		-		293
Oiltanking		-		-		1		-		688
Gas Austral		-		-		52		-		1

		-		3,491		1,632		-		3,814

		-		4,273		14,056		-		14,115

(1)	Company merged with YPF EE as of January 1, 2023.

The information detailed in the table below shows the transactions with associates and joint ventures for the nine-month periods ended September 30, 2023 and 2022:


	For the nine-month periods ended September 30,
	2023						2022
	Revenues		Purchases and services		Net interest income (loss)		Revenues		Purchases and services		Net interest income (loss)
Joint Ventures:
YPF EE		5,441		23,668		111		3,568		11,636		-
Profertil		15,138		28,084		16		7,511		21,812		-
MEGA		56,665		611		268		24,173		394		12
Refinor		17,175		4,900		26		13,645		3,125		1
Y-GEN Eléctrica S.A.U. ⁽¹⁾		-		-		-		-		-		-
OLCLP		179		2,686		-		119		944		-
Sustentator		293		3		-		-		2		-
CT Barragán		3		-		-		6		-		-
OTA		67		1,417		-		2		309		-
OTC		-		743		-		-		-		-

		94,961		62,112		421		49,024		38,222		13

Associates:
CDS		1		-		-		1		-		-
YPF Gas		10,684		1,380		115		7,759		894		2
Oldelval		79		12,124		10		48		4,476		1
Termap		-		4,147		-		-		1,737		-
GPA		-		2,959		-		-		1,716		-
Oiltanking		13		5,105		-		7		2,711		-
Gas Austral		546		9		1		470		2		-

		11,323		25,724		126		8,285		11,536		3

		106,284		87,836		547		57,309		49,758		16

(1)	Company merged with YPF EE as of 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 SEPTEMBER 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

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

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


		Balances				Transactions
		Receivables / (Liabilities)				Income /(Costs)
		September 30, 2023		December 31, 2022		For the nine-month periods ended September 30,
Customers / Suppliers	Ref.	September 30, 2023		December 31, 2022		2023		2022
SGE	(1) (16)		35,576		12,724		46,605		22,540
SGE	(2) (16)		1,392		1,654		1,388		1,580
SGE	(3) (16)		167		167		-		-
SGE	(4) (16)		9,081		1,169		2,687		975
SGE	(5) (16)		6,813		6,813		-		-
Ministry of Transport	(6) (16)		952		1,453		4,634		4,765
AFIP	(7) (16)		838		6,744		7,562		6,744
Secretary of Industry	(8) (16)		-		-		132		320
CAMMESA	(9)		31,368		19,178		76,655		39,656
CAMMESA	(10)		(3,135)		(687)		(9,639)		(2,426)
ENARSA	(11)		25,707		12,522		32,860		15,066
ENARSA	(12)		(37,120)		(17,149)		(21,321)		(4,640)
Aerolíneas Argentinas S.A.	(13)		11,907		15,823		66,677		36,939
Aerolíneas Argentinas S.A.	(14)		(262)		-		(262)		-
Agua y Saneamientos Argentinos S.A.	(15)		1,468		1,700		-		-

(1)	Benefits for the Plan GasAr 2020-2024 and Plan GasAr 2023-2028. See Note 35.d.1) to the annual consolidated financial statements.

(2)	Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. See Note 35.d.2) to the annual consolidated financial statements.

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

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

(5)	Compensation by Decree No. 1,053/2018. See Note 35.c.1) to the annual consolidated financial statements.

(6)	Compensation for providing diesel to public transport of passengers at a differential price.

(7)	Benefits of the RIAIC. See Note 35.e.3) to the annual consolidated financial statements and Note 36.f).

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

(9)	Sales of fuel oil, diesel and natural gas.

(10)	Purchases of electrical energy.

(11)	Sales of natural gas and provision of regasification service of LNG and construction inspection service.

(12)	Purchases of natural gas and crude oil.

(13)	Sales of jet fuel.

(14)	Purchases of miles for YPF Serviclub Program.

(15)	Sales of assets held for disposal.

(16)	Income from incentives recognized according to IAS 20. See Note 2.b.11) to the annual consolidated financial statements.

Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector. Such transactions consist of certain financial transactions that are described in Note 15 and transactions with Nación Seguros S.A. related to certain insurance policies contracts.

On the other hand, the Group holds Bonds of the Argentine Republic 2029 and 2030 identified as investments in financial assets at fair value with changes in results, and National Treasury Bills and Bonds identified as investments in financial assets at amortized cost, see Note 15. Additionally, the Group holds BCRA bills identified as cash and cash equivalents, see Note 16.

Furthermore, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the nine-month periods ended September 30, 2023 and 2022, YPF and CHNC carried out transactions, among others, the purchases of crude oil by YPF for 90,788 and 40,792, respectively. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of September 30, 2023 and December 31, 2022 amounts to 31,254 and 8,175, respectively. See Note 36 to the annual consolidated financial statements.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

The table below discloses the accrued compensation for the YPF’s key management personnel, including members of the Board of Directors and Vice Presidents, managers with executive functions appointed by the Board of Directors, for the nine-month periods ended September 30, 2023 and 2022:


	For the nine-month periods ended September 30,
	2023		2022
Short-term employee benefits ⁽¹⁾		3,137		1,480
Share-based benefits		182		105
Post-retirement benefits		120		62
Termination benefits		112		926

		3,551		2,573

(1)	Does not include social security contributions of 704 and 347 for the nine-month periods ended September 30, 2023 and 2022, respectively.

38. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS

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

Retirement plan

The amount charged to expense related to the Retirement Plan was 667 and 423 for the nine-month periods ended September 30, 2023 and 2022, respectively.

Objective performance bonus programs and performance evaluation programs

The amount charged to expense related to the bonus programs for objectives and performance evaluation was 31,284 and 10,022 for the nine-month periods ended September 30, 2023 and 2022, respectively.

Share-based benefit plans

The amount charged to expense in relation with the share-based plans was 392 and 117 to be settled in equity instruments, and 3,411 and 457 to be settled in cash, for the nine-month periods ended September 30, 2023 and 2022, respectively.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO


	September 30, 2023						December 31, 2022
	Amount in currencies other than the peso			Exchange rate in force ⁽¹⁾	Total		Amount in currencies other than the peso			Exchange rate in force ⁽¹⁾	Total
Non-current assets
Other receivables
U.S. dollar		33		348.95		11,599		19		176.96		3,436
Bolivian peso		7		50.14		349		7		25.43		177
Trade receivables
U.S. dollar		-	⁽²⁾	348.95		39		-	⁽²⁾	176.96		6
Investments in financial assets
U.S. dollar		11		348.95		3,755		202		176.96		35,664

Total non-current assets						15,742						39,283

Current assets
Other receivables
U.S. dollar		147		348.95		51,402		190		176.96		33,631
Euro		-	⁽²⁾	368.32		21		2		189.26		336
Real		8		69.79		558		9		33.94		305
Chilean peso		18,336		0.39		7,151		12,424		0.21		2,609
Pound sterling		-		-		-		1		214.30		156
Trade receivables
U.S. dollar		601		348.95		209,688		598		176.96		105,764
Euro		-	⁽²⁾	368.32		7		-	⁽²⁾	189.26		4
Chilean peso		8,954		0.39		3,492		18,829		0.21		3,954
Real		62		69.79		4,327		38		33.94		1,290
Investments in financial assets
U.S. dollar		115		348.95		40,198		171		176.96		30,229
Cash and cash equivalents
U.S. dollar		963		348.95		336,092		374		176.96		66,100
Chilean peso		895		0.39		349		1,829		0.21		384
Real		6		69.79		419		12		33.94		407

Total current assets						653,704						245,169

Total assets						669,446						284,452

Non-current liabilities
Provisions
U.S. dollar		2,079		349.95		727,393		2,454		177.16		434,810
Real		10		69.79		698		10		33.94		339
Lease liabilities
U.S. dollar		245		349.95		85,632		272		177.16		48,224
Loans
U.S. dollar		6,567		349.95		2,298,190		5,834		177.16		1,033,550
Real		6		69.79		419		4		33.94		136
Other liabilities
U.S. dollar		108		349.95		37,649		19		177.16		3,302
Accounts payable
U.S. dollar		4		349.95		1,451		4		177.16		732

Total non-current liabilities						3,151,432						1,521,093

Current liabilities
Provisions
U.S. dollar		156		349.95		54,561		133		177.16		23,550
Chilean peso		-		-		-		-		-		-
Income tax
Real		5		69.79		349		5		33.94		170
Taxes payable
Chilean peso		4,474		0.39		1,745		4,495		0.21		944
Real		9		69.79		628		6		33.94		204
Salaries and social security
U.S. dollar		10		349.95		3,533		11		177.16		1,862
Chilean peso		895		0.39		349		-		-		-
Real		3		69.79		209		1		33.94		34
Lease liabilities
U.S. dollar		290		349.95		101,506		294		177.16		52,056
Loans
U.S. dollar		1,365		349.95		477,609		1,024		177.16		181,477
Chilean peso		895		0.39		349		2,519		0.21		529
Real		38		69.79		2,652		57		33.94		1,934
Other liabilities
U.S. dollar		115		349.95		40,405		13		177.16		2,359
Accounts payable
U.S. dollar		1,228		349.95		429,686		1,147		177.16		203,236
Euro		11		370.25		4,198		21		189.92		4,033
Chilean peso		8,054		0.39		3,141		4,281		0.21		899
Pound sterling		-	⁽²⁾	426.33		35		-		214.30		95
Yen		9		2.34		21		150		1.35		203
Yuan		-		-		-		-		-		-
Swiss franc		-	⁽²⁾	382.33		12		-		191.69		69
Real		52		69.79		3,648		36		33.94		1,231

Total current liabilities						1,124,636						474,885

Total liabilities						4,276,068						1,995,978

(1)	Exchange rate in force at September 30, 2023 and December 31, 2022 according to the BNA.

(2)	Registered value less than 1.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

40. SUBSEQUENT EVENTS

On October 10, 2023, the Company issued NO Class XXVII denominated in U.S. dollars and payable in pesos, maturing in 36 months, to be subscribed mainly in cash and in pesos at the subscription exchange rate and, to a lesser extent, in kind by surrendering NO Class XIV at the swap ratio, in a principal amount of US$ 128 million at an issue price of US$ 135.32 per US$ 100 of nominal value. These NO do not accrue interest.

As of the date of issuance of these condensed interim consolidated financial statements, there have been no other significant subsequent events whose effect on the Group’s shareholders´ equity, the net comprehensive income or their disclosure in notes to the financial statements for the period ended as of September 30, 2023, should have been considered in such financial statements under IFRS.

PABLO GERARDO GONZÁLEZ

President

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.