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

YPF YPF Sociedad Anonima

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2024

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 June 30, 2024 and Comparative Information (US$).

ITEM 2 YPF S.A.’s Condensed Interim Consolidated Financial Statements as of June 30, 2024 and Comparative Information (Unaudited) (AR$).

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.

Item 1

LOGO

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2024

AND COMPARATIVE INFORMATION

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION

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 disposals	12
5	Financial risk management	13
6	Business segment information	13
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	21
11	Investments in associates and joint ventures	21
12	Inventories	24
13	Other receivables	24
14	Trade receivables	24
15	Investments in financial assets	25
16	Cash and cash equivalents	25
17	Provisions	25
18	Income tax	26
19	Taxes payable	27
20	Salaries and social security	27
21	Lease liabilities	28
22	Loans	28
23	Other liabilities	30
24	Accounts payable	30
25	Revenues	30
26	Costs	32
27	Expenses by nature	33
28	Other net operating results	34
29	Net financial results	34
30	Investments in joint agreements	34
31	Shareholders’ equity	35
32	Earnings per share	35
33	Contingent assets and liabilities	35
34	Contractual commitments	36
35	Main regulations	37
36	Balances and transactions with related parties	41
37	Employee benefit plans and similar obligations	44
38	Subsequent events	45


		1
YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION

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)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CAN		Northern Argentine Basin (Cuenca Argentina Norte)
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”)
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)
JA		Joint agreement (Unión Transitoria)
Joint venture		Company jointly owned by YPF as provided for in IFRS 11 “Joint arrangements”
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)
MLO		West Malvinas Basin (Cuenca Malvinas Oeste)
MTN		Medium-term note
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 “Consolidated financial statements”
Sustentator		Joint venture Sustentator S.A.
Termap		Associate Terminales Marítimas Patagónicas S.A.
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
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.
Y-TEC		Subsidiary YPF Tecnología S.A.
Y-LUZ		Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE


		2
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION

LEGAL INFORMATION

Legal address

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

Fiscal year

No. 48 beginning on January 1, 2024.

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 of Commerce

Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Commerce of Autonomous City of Buenos Aires, 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 Public Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

January 26, 2024 registered with the Public Registry of Autonomous City of Buenos Aires in charge of the Argentine Registry of Companies (Inspección General de Justicia) on March 15, 2024 under No. 4,735, Book 116 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.

HORACIO DANIEL MARÍN

President


		3
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(Amounts expressed in millions of United States dollars)


	Notes	June 30, 2024		December 31, 2023
ASSETS
Non-current assets
Intangible assets	8		389		367
Property, plant and equipment	9		17,423		17,712
Right-of-use assets	10		565		631
Investments in associates and joint ventures	11		1,745		1,676
Deferred income tax assets, net	18		19		18
Other receivables	13		242		158
Trade receivables	14		32		31
Investments in financial assets	15		7		8

Total non-current assets			20,422		20,601

Current assets
Assets held for sale	9		1,940		-
Inventories	12		1,577		1,683
Contract assets	25		21		10
Other receivables	13		482		381
Trade receivables	14		1,703		973
Investments in financial assets	15		353		264
Cash and cash equivalents	16		1,041		1,123

Total current assets			7,117		4,434

TOTAL ASSETS			27,539		25,035


SHAREHOLDERS’ EQUITY
Shareholders’ contributions			4,506		4,504
Retained earnings			5,912		4,445

Shareholders’ equity attributable to shareholders of the parent company			10,418		8,949

Non-controlling interest			187		102

TOTAL SHAREHOLDERS’ EQUITY			10,605		9,051


LIABILITIES
Non-current liabilities
Provisions	17		771		2,660
Contract liabilities	25		32		34
Deferred income tax liabilities, net	18		927		1,242
Income tax liability			3		4
Salaries and social security	20		4		-
Lease liabilities	21		292		325
Loans	22		7,200		6,682
Other liabilities	23		76		112
Accounts payable	24		5		5

Total non-current liabilities			9,310		11,064

Current liabilities
Liabilities directly associated with assets held for sale	9		2,085		-
Provisions	17		201		181
Contract liabilities	25		68		69
Income tax liability			38		31
Taxes payable	19		279		139
Salaries and social security	20		268		210
Lease liabilities	21		311		341
Loans	22		1,651		1,508
Other liabilities	23		123		122
Accounts payable	24		2,600		2,319

Total current liabilities			7,624		4,920

TOTAL LIABILITIES			16,934		15,984

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			27,539		25,035

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

HORACIO DANIEL MARÍN

President


		4
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX AND THREE-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Amounts expressed in millions of United States dollars, except per share information expressed in United States dollars)


		For the six-month periods ended June 30,				For the three-month periods ended June 30,
Net income	Notes	2024		2023		2024		2023

Revenues	25		9,245		8,613		4,935		4,375
Costs	26		(6,476)		(6,808)		(3,457)		(3,509)

Gross profit			2,769		1,805		1,478		866


Selling expenses	27		(1,044)		(902)		(577)		(482)
Administrative expenses	27		(351)		(324)		(210)		(167)
Exploration expenses	27		(111)		(26)		(88)		(8)
Impairment of property, plant and equipment	9		(5)		-		(5)		-
Other net operating results	28		(2)		3		(8)		12

Operating profit			1,256		556		590		221


Income from equity interests in associates and joint ventures	11		156		183		27		94

Financial income	29		68		126		32		81
Financial costs	29		(644)		(574)		(308)		(295)
Other financial results	29		156		590		115		354

Net financial results	29		(420)		142		(161)		140



Net profit before income tax			992		881		456		455


Income tax	18		200		(160)		79		(75)


Net profit for the period			1,192		721		535		380


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures			(56)		(191)		(29)		(106)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾			416		201		131		100

Other comprehensive income for the period			360		10		102		(6)



Total comprehensive income for the period			1,552		731		637		374


Net profit for the period attributable to:
Shareholders of the parent company			1,168		676		519		335
Non-controlling interest			24		45		16		45
Other comprehensive income for the period attributable to:
Shareholders of the parent company			299		7		85		(7)
Non-controlling interest			61		3		17		1
Total comprehensive income for the period attributable to:
Shareholders of the parent company			1,467		683		604		328
Non-controlling interest			85		48		33		46
Earnings per share attributable to shareholders of the parent company:
Basic and diluted	32		2.98		1.73		1		0.86

(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.

HORACIO DANIEL MARÍN

President


		5
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Amounts expressed in millions of United States dollars)


	For the six-month period ended June 30, 2024
	Shareholders’ contributions
	Capital	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	3,919	14	1	(30)	(40)	640	4,504
Accrual of share-based benefit plans ⁽³⁾	-	-	2	-	-	-	2
Settlement of share-based benefit plans	-	-	-	-	-	-	-
Reversal of reserves and absorption of accumulated losses ⁽⁵⁾	-	-	-	-	-	-	-
Constitution of reserves ⁽⁵⁾	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,919	14	3	(30)	(40)	640	4,506


	Retained earnings ⁽⁴⁾						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	787	226	5,325	35	(684)	(1,244)	8,949	102	9,051
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-	-	2	-	2
Settlement of share-based benefit plans	-	-	-	-	-	-	-	-	-
Reversal of reserves and absorption of accumulated losses ⁽⁵⁾	-	(226)	(5,325)	(35)	-	5,586	-	-	-
Constitution of reserves ⁽⁵⁾	-	-	4,236	36	-	(4,272)	-	-	-
Other comprehensive income	-	-	-	-	299	-	299	61	360
Net profit for the period	-	-	-	-	-	1,168	1,168	24	1,192

Balance at the end of the period	787	-	4,236	36	(385)	1,238	10,418	187	10,605

(1) Includes (1,929) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 1,544 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

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

(3) See Note 37.

(4) Includes 70 restricted to the distribution of retained earnings as of June 30, 2024, and December 31, 2023, respectively. See Note 30 to the annual consolidated financial statements.

(5) As decided in the Shareholders’ Meeting on April 26, 2024.

HORACIO DANIEL MARÍN

President


		6
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (cont.)

(Amounts expressed in millions of United States dollars)


	For the six-month period ended June 30, 2023
	Shareholders’ contributions
	Capital	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	18	2	(30)	(38)	640	4,507
Accrual of share-based benefit plans ⁽³⁾	-	-	1	-	-	-	1
Settlement of share-based benefit plans	-	-	-	-	-	-	-
Constitution of reserves ⁽⁵⁾	-	-	-	-	-	-	-
Other comprehensive income	-	-	-	-	-	-	-
Net profit for the period	-	-	-	-	-	-	-

Balance at the end of the period	3,915	18	3	(30)	(38)	640	4,508


	Retained earnings ⁽⁴⁾							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	787	-	-	-	(494)		5,654	10,454	98	10,552
Accrual of share-based benefit plans ⁽³⁾	-	-	-	-	-		-	1	-	1
Settlement of share-based benefit plans	-	-	-	-	-		-	-	-	-
Constitution of reserves ⁽⁵⁾	-	226	5,326	35	-		(5,587)	-	-	-
Other comprehensive income	-	-	-	-	7		-	7	3	10
Net profit for the period	-	-	-	-	-		676	676	45	721

Balance at the end of the period	787	226	5,326	35	(487)	⁽¹⁾	743	11,138	146	11,284

(1) Includes (1,622) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 1,135 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the peso as functional currency. See Note 2.b.1) to the annual consolidated financial statements.

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

(3) See Note 37.

(4) Includes 68 restricted to the distribution of retained earnings as of June 30, 2023, and December 31, 2022, respectively. See Note 30 to the annual consolidated financial statements.

(5) As decided in the Shareholders’ Meeting on April 28, 2023.

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

HORACIO DANIEL MARÍN

President


		7
YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023

(Amounts expressed in millions of United States dollars)


	For the six-month periods ended June 30,
	2024		2023
Cash flows from operating activities
Net profit		1,192		721
Adjustments to reconcile net profit to cash flows provided by operating activities:
Income from equity interests in associates and joint ventures		(156)		(183)
Depreciation of property, plant and equipment		1,137		1,500
Amortization of intangible assets		20		19
Depreciation of right-of-use assets		133		110
Retirement of property, plant and equipment and intangible assets and consumption of materials		243		163
Charge on income tax		(200)		160
Net increase in provisions		362		197
Impairment of property, plant and equipment		5		-
Effect of changes in exchange rates, interest and others		313		(5)
Share-based benefit plans		2		12
Changes in assets and liabilities:
Trade receivables		(800)		(31)
Other receivables		(283)		(136)
Inventories		126		(151)
Accounts payable		237		145
Taxes payables		144		54
Salaries and social security		50		(37)
Other liabilities		(48)		26
Decrease in provisions due to payment/use		(72)		(105)
Contract assets		(13)		(8)
Contract liabilities		(1)		92
Dividends received		136		271
Income tax payments		(16)		(8)

Net cash flows from operating activities ^(1) (2)		2,511		2,806


Investing activities: ⁽³⁾
Acquisition of property, plant and equipment and intangible assets		(2,535)		(2,628)
Additions of assets held for sale		(105)		-
Contributions and acquisitions of interests in associates and joint ventures		-		(4)
Proceeds from sales of financial assets		112		327
Payments from purchase of financial assets		(180)		(203)
Interests received from financial assets		32		48
Proceeds from sales of WI of areas and assets		4		12

Net cash flows used in investing activities		(2,672)		(2,448)


Financing activities: ⁽³⁾
Payments of loans		(1,002)		(504)
Payments of interests		(326)		(301)
Proceeds from loans		1,435		1,292
Account overdraft, net		199		(70)
Payments of leases		(198)		(181)
Payments of interests in relation to income tax		(2)		(5)

Net cash flows from financing activities		106		231



Effect of changes in exchange rates on cash and cash equivalents		(27)		(195)



Net (Decrease) / Increase in cash and cash equivalents		(82)		394


Cash and cash equivalents at the beginning of the fiscal year		1,123		773
Cash and cash equivalents at the end of the period		1,041		1,167

Net (Decrease) / Increase in cash and cash equivalents		(82)		394

(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 66 and 104 for the six-month periods ended June 30, 2024 and 2023, respectively, for payment of short-term leases and payments of the variable charge of leases related to the underlying asset use or performance.

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


	For the six-month periods ended June 30,
	2024		2023
Unpaid acquisitions of property, plant and equipment and intangible assets		432		490
Unpaid additions of assets held for sale		29		-
Additions of right-of-use assets		97		111
Capitalization of depreciation of right-of-use assets		31		33
Capitalization of financial accretion for lease liabilities		6		7

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

HORACIO DANIEL MARÍN

President


		8
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, 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, Downstream and Gas and Power businesses.

Structure and organization of the economic Group

The following chart shows the organizational structure, including the main companies of the Group, as of June 30, 2024:

LOGO

(1)	Held directly and indirectly.

(2)	See Note 35.c.3), section “Note from ENARGAS related to YPF’s interest in Metrogas”, to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		9
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

Organization of the business

As of June 30, 2024, the Group carries out its operations in accordance with the following structure:

Upstream

Downstream

Gas and Power

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 interest 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) Applicable accounting framework

The condensed interim consolidated financial statements of the Company for the six-month period ended June 30, 2024 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, 2023 (“annual consolidated financial statements”) presented in U.S. dollars and in accordance with IFRS as issued by the IASB.

These condensed interim consolidated financial statements corresponding to the six-month period ended June 30, 2024 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 six-month period ended June 30, 2024 does not necessarily reflect the proportion of the Group’s full-year net income.

2.b) Material accounting policies

The material 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 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.

The consolidated financial statements used by YPF for statutory, legal and regulatory purposes in Argentina are those in pesos and filed with the CNV and approved by the Board of Directors and authorized to be issued on August 8, 2024.

Share-based benefit plans

The Group maintains share-based benefit plans with the characteristics mentioned in Note 37 of these condensed interim consolidated financial statements and Note 37 to the annual consolidated financial statements. Such plans are recorded in accordance with the guidelines set out in IFRS 2 “Share-based Payments”.

Equity-settled share-based payment transactions are recognized as a straight-line expense over the period of service based on the Group’s estimate of the number of equity instruments that will eventually vest considering their fair value at the grant date, with an offsetting credit entry in the “Share-based benefit plans” account in the statement of changes in shareholders’ equity. At the end of each period, the Group reviews its estimate according to the number of equity instruments it expects will vest based on the grant conditions specified under the respective benefit plan.

HORACIO DANIEL MARÍN

President


		10
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

Cash-settled share-based payment transactions are recognized as a straight-line expense over the period of service based on the Group’s estimate of the number of equity instruments that will eventually vest with an offsetting entry in the “Salaries and social security” line item in the statement of financial position, measured at fair value. Changes in the fair value of the liability are recognized in net income in the statement of comprehensive income. At the end of each period, the Group reviews its estimate according to the number of equity instruments it expects will vest based on the non-market vesting conditions. The impact of the revision of the original estimates, if applicable, is recognised in the statement of comprehensive income.

Adoption of new standards and interpretations effective as from January 1, 2024

The Company has adopted all new and revised standards and interpretations, issued by the IASB, relevant to its operations which are of mandatory and effective application as of June 30, 2024, as described in Note 2.b.14) to the annual consolidated financial statements.

Standards and interpretations issued by the IASB as of January 1, 2024 whose application is not mandatory at the closing date of these condensed interim consolidated financial statements and have not been adopted by the Group

In accordance with Article 1, Chapter III, Title IV of the CNV Rules, the early application of the IFRS and/or their amendments is not permitted for issuers filing financial statements with the CNV, unless specifically admitted by such agency.

•

IFRS 18 “Presentation and disclosure in financial statements”

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 “Presentation of financial statements”, with the objective of providing better information on the financial performance of entities, improving their comparability, which is applicable to fiscal years beginning on or after January 1, 2027.

IFRS 18 introduces the following information requirements that can be grouped into 2 main groups:

Group income and expenses into 3 defined categories: (i) operating; (ii) financing and (iii) investing, and include certain defined subtotals, such as the operating result and the result before financing and income tax, with the aim of improving the comparability of the statement of comprehensive income.

Provide more information about the performance measures defined by management, which, although not mandatory, in the event of including this type of measures, the entity must disclose the reason why said measures are useful to financial statements users, their method of calculation, a reconciliation between to the most directly comparable subtotal from the statement of comprehensive income, among others.

Additionally, IFRS 18 establishes more detailed guidance on how to organize information within the financial statements and whether it should be provided in the primary financial statements or in the notes, with the aim of improving the grouping of information in the financial statements.

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 18.

•

IFRS 19 “Subsidiaries without public accountability: Disclosures”

In May 2024, the IASB issued IFRS 19 with the objective of allowing the option to apply simplified disclosure requirements in the financial statements of subsidiaries without public accountability and with a parent company, ultimate or intermediate, that prepares consolidated financial statements for public use in accordance with IFRS. Its application is optional for fiscal years beginning on or after January 1, 2027.

HORACIO DANIEL MARÍN

President


		11
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

As of the date of issuance of these condensed interim consolidated financial statements, the Group is in the process of evaluating the effects of the application of IFRS 19 on the financial statements of its subsidiaries.

•

Amendments to IFRS 9 “Financial Instruments” and IFRS 7 “Financial Instruments: Disclosures” - Amendments to the classification and measurement of financial instruments

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 related to certain issues regarding the classification and measurement requirements of IFRS 9 and the disclosure requirements of IFRS 7, which are applicable for periods beginning on or after January 1, 2026:

Introduce an accounting policy option for the derecognition of a financial liability when settlement is made through an electronic payment system and certain conditions are met.

Clarify on certain assessments that an entity must perform on its financial assets, for example to determine whether a financial instrument contains contractual cash flows that are solely payments of principal and interest, or whether it also contains covenants of a contingent nature that could significantly change the timing or amount of contractual cash flows.

Establish amendments to an entity’s disclosures about investments in equity instruments measured at fair value through other comprehensive income, and the requirement to disclose contractual terms that could change the timing or amount of contractual cash flows in certain circumstances.

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

•

Annual Improvements to IFRS - Volume 11

In July 2024, the IASB issued the cycle of annual improvements Volume 11 which are applicable for fiscal years beginning on or after January 1, 2026. In general terms, the improvements include amendments and/or clarifications on certain paragraphs, delete, add and/or update cross-references, replace terms and align the wording between different accounting standards, among others.

A summary of the main modified standards follows:


Accounting Standard		Subject of amendments
IFRS 1 “First-time Adoption of International Financial Reporting Standards”		Hedge accounting by a first-time adopter
IFRS 7		Gain or loss on derecognition
Guidance on implementing NIIF 7		Disclosure of deferred difference between fair value and transaction Price Introduction and credit risk disclosures
IFRS 9		Derecognition of lease liabilities Transaction price
IFRS 10		Determination of a ‘de facto agent’
IAS 7 “Statement of Cash Flows”		Cost method

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

HORACIO DANIEL MARÍN

President


		12
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

2.c) Significant estimates and key sources of estimation uncertainty

In preparing the financial statements at a certain date, the Group is required to make estimates and assessments affecting the amount of assets and liabilities recorded and the contingent assets and liabilities disclosed at such date, as well as income and expenses recognized in the period. Actual future profit or loss might differ from the estimates and assessments made at the date of preparation of these condensed interim consolidated financial statements.

The assumptions relating to the future and other sources of uncertainty about the estimates made for the preparation of these condensed interim consolidated financial statements are consistent with those used by the Group in the preparation of the annual consolidated financial statements, which are disclosed in Note 2.c) to the annual consolidated financial statements.

2.d) Comparative information

Amounts and other information corresponding to the year ended December 31, 2023 are an integral part of these condensed interim consolidated financial statements and are intended to be read only in relation to these financial statements. Amounts corresponding to the six-month period ended June 30, 2023 presented in these financial statements for comparison purposes correspond to the functional currency of the company according to IAS 21 (see Note 2.b)).

Additionally, from this fiscal year, the Group has made a change in the presentation of the items in the “Financial results, net” line item in the statement of comprehensive income (see Note 29). This change is intended to provide more relevant and detailed information on the origin of financial results and the effects of transactions or conditions that affect the financial situation, financial performance, and cash flows of the Group such as interests and exchange differences generated by loans, among others; and improve the comparability of the Group’s financial statements with its peers.

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 higher prices.

4. ACQUISITIONS AND DISPOSALS

Dissolution of the company YPF International

On May 6, 2024, the Plurinational Service of Registry of Commerce (“SEPREC” by its acronym in Spanish) of Bolivia approved the dissolution and liquidation of YPF International.

HORACIO DANIEL MARÍN

President


		13
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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 six-month period ended June 30, 2024, 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.

•

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 and 33.

The Group monitors compliance with covenants on a quaterly basis. As of June 30, 2024, 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, the interest coverage ratio would not have been complied with, which could have accelerated the maturities of these financial liabilities. However, the financial creditors formally accepted to waive Metrogas from complying with the contractual obligation related to such financial ratio, as of June 30, 2024.

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. Such organizational structure is based on the way in which the chief decision maker analyzes the main operating and financial 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 chief decision maker to allocate resources and assess business segment performance.

The business segment structure is organized as follows:

•

Upstream

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

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

It incurs all costs related to the activities mentioned above.

•

Downstream

The Downstream business segment performs activities related to: (i) crude oil refining and the production of petrochemical products; (ii) logistics related to the transportation of crude oil to the refineries and the transportation and distribution of refined and petrochemical products to be marketed at the different sales channels; (iii) commercialization of refined and petrochemical products obtained from such processes; (iv) commercialization of crude oil; and (v) commercialization of specialties for the agribusiness industry and of grains and their by-products.

Its revenues are derived primarily from the sale of crude oil, refined and petrochemical products, specialties for the agribusiness industry and grains and their by-products. These operations are performed through the businesses of B2C (Retail), B2B (Industries, Transportation, Aviation, Agro, Lubricants and Specialties), LPG, Chemicals, International Trade and Transportation and Sales to Companies.

HORACIO DANIEL MARÍN

President


		14
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)

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

•

Gas and Power

The Gas and Power business segment performs activities related to: (i) natural gas transportation to third parties and the Downstream business segment and its commercialization; (ii) commercial and technical operation of the LNG regasification terminal in Escobar by hiring regasification vessels; (iii) transportation, conditioning and processing of natural gas retained in plant for the separation and fractionation of natural gasoline, propane and butane; (iv) distribution of natural gas through our subsidiary Metrogas; and (v) the storage of the natural gas produced. Also, through our investments in associates and joint ventures, the Gas and Power business segment undertakes activities related to: (i) separation of natural gas liquids and their fractionation, storage and transportation for the production of ethane, propane, butane and natural 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 commercialization of natural gas as producers to third parties and the Downstream business segment, the distribution of natural gas through our subsidiary Metrogas, the sale of natural gasoline, propane and butane to the Downstream business segment and the provision of LNG regasification services.

It incurs all costs related to the activities mentioned above, including the purchase of natural gas and natural gas retained in plant from the Upstream business segment.

•

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.

HORACIO DANIEL MARÍN

President


		15
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)


	Upstream			Downstream		Gas and Power		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total
For the six-month period ended June 30, 2024
Revenues		121			7,710		1,158		256		-		9,245
Revenues from intersegment sales		4,035			29		186		478		(4,728)		-

Revenues		4,156			7,739		1,344		734		(4,728)		9,245


Operating profit or loss		767	⁽³⁾		842		-		(131)		(222)		1,256
Income from equity interests in associates and joint ventures		-			22		134		-		-		156

Net financial results													(420)
Net profit before income tax													992
Income tax													200
Net profit for the period													1,192

Acquisitions of property, plant and equipment		1,952			523		29		42		-		2,546
Acquisitions of right-of-use assets		22			52		23		-		-		97

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		851			227		26		33		-		1,137
Amortization of intangible assets		-			14		6		-		-		20
Depreciation of right-of-use assets		81			38		14		-		-		133
Impairment of property, plant and equipment		-			-		-		5		-		5

Balance as of June 30, 2024
Assets		12,487			9,940		3,401		2,047		(336)		27,539

HORACIO DANIEL MARÍN

President


		16
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

6.	BUSINESS SEGMENT INFORMATION (cont.)


	Upstream			Downstream		Gas and Power		Central Administration and Others		Consolidation adjustments ⁽¹⁾		Total
For the six-month period ended June 30, 2023
Revenues		85			7,350		1,045		133		-		8,613
Revenues from intersegment sales		3,639			57		189		512		(4,397)		-

Revenues		3,724			7,407		1,234		645		(4,397)		8,613


Operating profit or loss		219	⁽³⁾		451		3		(154)		37		556
Income from equity interests in associates and joint ventures		-			17		166		-		-		183

Net financial results													142
Net profit before income tax													881
Income tax													(160)
Net profit for the period													721

Acquisitions of property, plant and equipment		2,032			495		97		48		-		2,672
Acquisitions of right-of-use assets		77			13		21		-		-		111

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		1,204			232		32		32		-		1,500
Amortization of intangible assets		-			14		5		-		-		19
Depreciation of right-of-use assets		66			35		9		-		-		110
Impairment of property, plant and equipment		-			-		-		-		-		-

Balance as of December 31, 2023
Assets		11,129			9,916		2,282		1,826		(118)		25,035

(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 (55) and (6) of unproductive exploratory drillings as of June 30, 2024 and 2023.

HORACIO DANIEL MARÍN

President


		17
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

7.	FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

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

The tables below show the Group’s financial assets measured at fair value as of June 30, 2024 and December 31, 2023, and their allocation to their fair value levels:


	As of June 30, 2024
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		264		-		-		264

		264		-		-		264

Cash and cash equivalents:
- Mutual funds		127		-		-		127

		127		-		-		127

		391		-		-		391


	As of December 31, 2023
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		114		-		-		114

		114		-		-		114

Cash and cash equivalents:
- Mutual funds		96		-		-		96

		96		-		-		96

		210		-		-		210

(1)	See Note 15.

The Group has no financial liabilities measured at fair value through profit or loss.

Fair value estimates

During the six-month period ended June 30, 2024, there have been no changes in macroeconomic circumstances that significantly affect the Group’s financial instruments measured at fair value.

During the six-month period ended June 30, 2024, 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 8,365 and 7,547 as of June 30, 2024 and December 31, 2023, respectively.

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

8.	INTANGIBLE ASSETS


	June 30, 2024	December 31, 2023
Net book value of intangible assets	429	407
Provision for impairment of intangible assets	(40)	(40)

	389	367

HORACIO DANIEL MARÍN

President


		18
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

8.	INTANGIBLE ASSETS (cont.)

The evolution of the Group’s intangible assets for the six-month period ended June 30, 2024 and as of the year ended December 31, 2023 is as follows:


	Service concessions		Exploration rights		Other intangibles		Total
Cost		933		110		453		1,496
Accumulated amortization		675		-		397		1,072

Balance as of December 31, 2022		258		110		56		424


Cost
Increases		31		-		2		33
Translation effect		-		-		(60)		(60)
Adjustment for inflation ⁽¹⁾		-		-		36		36
Decreases, reclassifications and other movements		-		-		-		-

Accumulated amortization
Increases		28		-		9		37
Translation effect		-		-		(29)		(29)
Adjustment for inflation ⁽¹⁾		-		-		18		18
Decreases, reclassifications and other movements		-		-		-		-

Cost		964		110		431		1,505
Accumulated amortization		703		-		395		1,098

Balance as of December 31, 2023		261		110		36		407


Cost
Increases		26		-		2		28
Translation effect		-		-		(6)		(6)
Adjustment for inflation ⁽¹⁾		-		-		39		39
Decreases, reclassifications and other movements		-		-		-		-

Accumulated amortization
Increases		13		-		7		20
Translation effect		-		-		(4)		(4)
Adjustment for inflation ⁽¹⁾		-		-		23		23
Decreases, reclassifications and other movements		-		-		-		-

Cost		990		110		466		1,566
Accumulated amortization		716		-		421		1,137

Balance as of June 30, 2024		274		110		45		429

(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


	June 30, 2024		December 31, 2023
Net book value of property, plant and equipment		18,117		20,532
Provision for obsolescence of materials and equipment		(172)		(171)
Provision for impairment of property, plant and equipment		(522)		(2,649)

		17,423		17,712

HORACIO DANIEL MARÍN

President


		19
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9.	PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the six-month periods ended June 30, 2024 and as of the year ended December 31, 2023 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		1,395		50,087		8,677		528		1,195		3,880		38		832		1,343		1,159		930		70,064
Accumulated depreciation		700		42,294		5,494		359		-		-		-		761		925		586		684		51,803

Balance as of December 31, 2022		695		7,793		3,183		169		1,195		3,880		38		71		418		573		246		18,261


Cost
Increases		1		511		99		6		1,282		4,161		119		4		-		-		8		6,191
Translation effect		(178)		-		-		(55)		(19)		(46)		-		(30)		-		(904)		(223)		(1,455)
Adjustment for inflation⁽¹⁾		106		-		-		33		11		27		-		18		-		537		131		863
Decreases, reclassifications and other movements		16		2,503		135		165		(1,030)		(2,357)		(26)		45		39		18		(3)		(495)

Accumulated depreciation
Increases		28		2,692		364		30		-		-		-		36		64		10		28		3,252
Translation effect		(96)		-		-		(36)		-		-		-		(27)		-		(455)		(150)		(764)
Adjustment for inflation⁽¹⁾		57		-		-		22		-		-		-		16		-		270		88		453
Decreases, reclassifications and other movements		(1)		(92)		-		(5)		-		-		-		-		(8)		-		(2)		(108)

Cost		1,340		53,101		8,911		677		1,439		5,665		131		869		1,382		810		843		75,168
Accumulated depreciation		688		44,894		5,858		370		-		-		-		786		981		411		648		54,636

Balance as of December 31, 2023		652		8,207		3,053		307		1,439		5,665		131		83		401		399		195		20,532


Cost
Increases		-		7		25		4		653		1,774		77		1		-		-		5		2,546
Translation effect		(19)		-		-		(6)		(2)		(3)		-		(4)		-		(92)		(22)		(148)
Adjustment for inflation⁽¹⁾		117		-		-		38		12		19		-		24		-		572		140		922
Decreases, reclassifications and other movements		(118)		(26,802)		87		(21)		(530)		(1,927)		(55)		(29)		35		7		(22)		(29,375)	⁽²⁾

Accumulated depreciation
Increases		15		1,093		173		20		-		-		-		18		31		12		17		1,379
Translation effect		(10)		-		-		(4)		-		-		-		(3)		-		(46)		(16)		(79)
Adjustment for inflation⁽¹⁾		62		-		-		25		-		-		-		17		-		289		100		493
Decreases, reclassifications and other movements		(72)		(25,222)		1		(53)		-		-		-		(49)		(4)		-		(34)		(25,433)	⁽²⁾

Cost		1,320		26,306		9,023		692		1,572		5,528		153		861		1,417		1,297		944		49,113
Accumulated depreciation		683		20,765		6,032		358		-		-		-		769		1,008		666		715		30,996

Balance as of June 30, 2024		637		5,541		2,991		334		1,572		5,528		153		92		409		631		229		18,117

(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.

(2)	Includes 29,102 and 25,393 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 38 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		20
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

9.	PROPERTY, PLANT AND EQUIPMENT (cont.)

The Group capitalizes the financial cost of loans as part of the cost of the property, plant and equipment. For the six-month periods ended June 30, 2024 and 2023, the rate of capitalization was 7.66% and 8.13%, respectively, and the amount capitalized amounted to 4 and 10, respectively.

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the six-month period ended June 30, 2024 and as of the year ended December 31, 2023:


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2022		151

Increases charged to profit or loss		24
Applications due to utilization		(4)
Translation effect		(2)
Adjustment for inflation⁽¹⁾		2

Balance as of December 31, 2023		171

Increases charged to profit or loss		1
Applications due to utilization		-
Translation effect		-
Adjustment for inflation⁽¹⁾		-

Balance as of June 30, 2024		172

(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 six-month period ended June 30, 2024 and as of the year ended December 31, 2023:


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2022		600

Increases charged to profit or loss⁽¹⁾		2,288
Depreciation⁽²⁾		(236)
Translation effect		(7)
Adjustment for inflation⁽³⁾		4
Reclassifications		-

Balance as of December 31, 2023		2,649

Increases charged to profit or loss		5
Depreciation⁽²⁾		(242)
Translation effect		(1)
Adjustment for inflation⁽³⁾		4
Reclassifications⁽⁴⁾		(1,893)

Balance as of June 30, 2024		522

(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.

(4)	Includes 1,893 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 38 to the annual consolidated financial statements.

On February 29, 2024 YPF’s Board of Directors resolved the disposal of certain groups of assets related to the Upstream business segment, mainly mature fields related to the CGU Oil, CGU Gas - Austral Basin and CGU Gas - Neuquina Basin. Accordingly, the assets were reclassified from “Property, plant and equipment” line item to “Assets held for sale” line item and the related provision for hydrocarbon wells abandonment obligations to “Liabilities directly associated with assets held for sale” line item as current items in the statement of financial position.

The carrying amount of the assets may be adjusted in future periods depending on the results of the disposition process conducted by YPF and the financial consideration to be agreed with third parties for such assets. In addition, the closing of such dispositions will be subject to the fulfillment of customary closing conditions, including applicable regulatory approvals. See Notes 2.b.13) and 38 to the annual consolidated financial statements and Note 38.

HORACIO DANIEL MARÍN

President


		21
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

10. RIGHT-OF-USE ASSETS

The evolution of the Group’s right-of-use assets for the six-month period ended June 30, 2024 and as of the year ended December 31, 2023 are as follows:


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		33		495		283		100		370		1,281
Accumulated depreciation		19		301		209		44		167		740

Balance as of December 31, 2022		14		194		74		56		203		541


Cost
Increases		13		93		169		1		128		404
Translation effect		(1)		-		-		(18)		-		(19)
Adjustment for inflation ⁽¹⁾		-		-		-		11		-		11
Decreases, reclassifications and other movements		(5)		(21)		(1)		-		-		(27)

Accumulated depreciation
Increases		6		119		43		9		111		288
Translation effect		(1)		-		-		(10)		-		(11)
Adjustment for inflation ⁽¹⁾		-		-		-		6		-		6
Decreases, reclassifications and other movements		-		(4)		-		-		-		(4)

Cost		40		567		451		94		498		1,650
Accumulated depreciation		24		416		252		49		278		1,019

Balance as of December 31, 2023		16		151		199		45		220		631


Cost
Increases		9		3		47		-		38		97
Translation effect		-		-		-		(2)		-		(2)
Adjustment for inflation ⁽¹⁾		1		-		-		10		-		11
Decreases, reclassifications and other movements		-		(5)		(4)		-		-		(9)

Accumulated depreciation
Increases		3		58		39		6		58		164
Translation effect		-		-		-		(1)		-		(1)
Adjustment for inflation ⁽¹⁾		1		-		-		8		-		9
Decreases, reclassifications and other movements		-		(5)		(4)		-		-		(9)

Cost		50		565		494		102		536		1,747
Accumulated depreciation		28		469		287		62		336		1,182

Balance as of June 30, 2024		22		96		207		40		200		565

(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 June 30, 2024 and December 31, 2023:


	June 30, 2024		December 31, 2023
Amount of investments in associates		185		142
Amount of investments in joint ventures		1,560		1,534

		1,745		1,676

HORACIO DANIEL MARÍN

President


		22
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

The main movements during the six-month period ended June 30, 2024 and as of the year ended December 31, 2023 which affected the value of the aforementioned investments, correspond to:


	Investments in associates and joint ventures
Balance as of December 31, 2022		1,905

Acquisitions and contributions		5
Income on investments in associates and joint ventures		94
Distributed dividends		(275)
Translation differences		(99)
Adjustment for inflation ⁽¹⁾		46

Balance as of December 31, 2023		1,676

Acquisitions and contributions		-
Income on investments in associates and joint ventures		156
Distributed dividends		(137)
Translation differences		(7)
Adjustment for inflation ⁽¹⁾		57

Balance as of June 30, 2024		1,745

(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, for the six-month periods ended June 30, 2024 and 2023. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:


	Associates				Joint ventures
	For the six-month periods ended June 30,				For the six-month periods ended June 30,
	2024		2023		2024		2023
Net income		13		13		143		170
Other comprehensive income		31		1		19		(15)

Comprehensive income		44		14		162		155

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.

HORACIO DANIEL MARÍN

President


		23
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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

The financial information corresponding to YPF EE’s assets and liabilities as of June 30, 2024 and December 31, 2023, as well as the results for the six-month periods ended June 30, 2024 and 2023, are detailed below:


	June 30, 2024 ⁽¹⁾		December 31, 2023 ⁽¹⁾
Total non-current assets		2,073		2,102
Cash and cash equivalents		233		114
Other current assets		239		152
Total current assets		472		266

Total assets		2,545		2,368


Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”)		755		720
Other non-current liabilities		213		204
Total non-current liabilities		968		924
Financial liabilities (excluding items “Accounts payable”, “Provisions” and “Other liabilities”)		276		188
Other current liabilities		117		143
Total current liabilities		393		331

Total liabilities		1,361		1,255



Total shareholders’ equity ⁽²⁾		1,184		1,113


Dividends received ⁽³⁾		-		35

Closing exchange rates		910.50		806.95

	For the six-month periods ended June 30,
	2024 ⁽¹⁾		2023 ⁽¹⁾
Revenues		249		253
Interest income		3		46
Depreciation and amortization		(79)		(64)
Interest loss		(29)		(29)
Income tax		(7)		9
Operating profit		86		152


Net profit		71		99
Other comprehensive income		138		423

Total comprehensive income		209		522


Average exchange rates		857.91		211.75

(1)

The financial information arises from the statutory condensed interim consolidated financial statements of YPF EE and the amounts are translated to U.S. dollars using the exchange rates indicated. 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.

(2)	Includes the non-controlling interest.

(3)	The amounts are translated to U.S. dollars using the exchange rate at the date of the dividends’ payment.

HORACIO DANIEL MARÍN

President


		24
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

12. INVENTORIES


	June 30, 2024		December 31, 2023
Finished goods	985		1,052
Crude oil and natural gas	457		507
Products in process	28		45
Raw materials, packaging materials and others	107		79

	1,577	⁽¹⁾	1,683	⁽¹⁾

(1)	As of June 30, 2024 and December 31, 2023, the cost of inventories does not exceed their net realizable value.

13. OTHER RECEIVABLES


	June 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Receivables from services and sales of other assets		-		13		-		11
Tax credit and export rebates		90		56		83		44
Loans and balances with related parties ⁽¹⁾		125		11		43		6
Collateral deposits		-		13		-		13
Prepaid expenses		16		29		18		33
Advances and loans to employees		-		4		-		3
Advances to suppliers and custom agents ⁽²⁾		-		138		-		84
Receivables with partners in JA		5		190		8		155
Insurance receivables		-		-		-		-
Miscellaneous		7		28		7		32

		243		482		159		381
Provision for other doubtful receivables		(1)		-		(1)		-

		242		482		158		381

(1) See Note 36 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


	June 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Accounts receivable and related parties ^{(1) (2)}		43		1,770		43		1,020
Provision for doubtful trade receivables		(11)		(67)		(12)		(47)

		32		1,703		31		973

(1) See Note 36 for information about related parties.

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

Set forth below is the evolution of the provision for doubtful trade receivables for the six-month period ended June 30, 2024 and for the fiscal year ended December 31, 2023:


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2022		55	⁽²⁾		76

Increases charged to expenses		-			20
Decreases charged to income		-			(2)
Applications due to utilization		-			(3)
Net exchange and translation differences		(43)			(42)
Result from net monetary position ⁽¹⁾		-			(2)

Balance as of December 31, 2023		12	⁽²⁾		47

Increases charged to expenses		-			64	⁽³⁾
Decreases charged to income		-			(1)
Applications due to utilization		-			(39)	⁽³⁾
Net exchange and translation differences		(1)			(3)
Result from net monetary position ⁽¹⁾		-			(1)

Balance as of June 30, 2024		11	⁽²⁾		67

(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 period, which was charged to net profit or loss in the statement of comprehensive income.

(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.

(3)	Mainly including credits with CAMMESA, see Note 36.

HORACIO DANIEL MARÍN

President


		25
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

15. INVESTMENTS IN FINANCIAL ASSETS


	June 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Investments at amortized cost
Public securities ⁽¹⁾		-		81		-		99
Private securities - NO and stock market promissory notes		7		8		8		4
Term deposits		-		-		-		47	⁽²⁾

		7		89		8		150

Investments at fair value through profit or loss
Public securities ⁽¹⁾		-		264		-		114

		-		264		-		114

		7		353		8		264

(1)	See Note 36.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


	June 30, 2024		December 31, 2023
Cash and banks ⁽¹⁾		434		230
Short-term investments ^{(2) (3)}		480		797
Financial assets at fair value through profit or loss ⁽⁴⁾		127		96

		1,041		1,123

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

(2)	Includes 232 and 727 of BCRA bills as of June 30, 2024 and December 31, 2023, respectively.

(3)	Includes 143 and 45 of term deposits and other investments with the BNA as of June 30, 2024 and December 31, 2023, respectively.

(4)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 30, 2024 and for the fiscal year ended December 31, 2023 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, 2022		571			22			96		46		1,904			131		2,571		199

Increases charged to expenses		89			3			80		-		264			-		433		3
Decreases charged to income		(26)			(6)			-		-		(12)			-		(38)		(6)
Applications due to utilization		(1)			(318)	⁽³⁾		-		(50)		-			(122)		(1)		(490)
Net exchange and translation differences		(110)			(1)			(52)		(38)		-			-		(162)		(39)
Result from net monetary position ⁽¹⁾		(1)			-			-		-		-			-		(1)		-
Reclassifications and other movements		(456)	⁽²⁾		321			(76)		76		390			117		(142)		514

Balance as of December 31, 2023		66			21			48		34		2,546			126		2,660		181

Increases charged to expenses		47			-			80		-		89			-		216		-
Decreases charged to income		(3)			-			-		-		-			-		(3)		-
Applications due to utilization		(3)			(2)			-		(22)		-			(20)		(3)		(44)
Net exchange and translation differences		(4)			-			(1)		(5)		-			-		(5)		(5)
Result from net monetary position ⁽¹⁾		(1)			-			-		-		-			-		(1)		-
Reclassifications and other movements		(2)			2			(47)		47		(2,044)	⁽⁴⁾		20		(2,093)		69

Balance as of June 30, 2024		100			21			80		54		591			126		771		201

(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 net profit or loss in the statement of comprehensive income.

(2)

Includes 134 reclassified as “Other liabilities” in the statement of financial position due to the settlement agreement entered with TGN and 286 reclassified as current “Provision for lawsuits and contingencies” due to the Trust Settlement Agreement, see Notes 16.a.2) and 32 to the annual consolidated financial statements, respectively.

(3)	Includes the payment of the amount for the Trust Settlement Agreement, see Note 32 to the annual consolidated financial statements.

(4)	Includes 2,023 reclassified to the “Liabilities directly associated with assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 38 to the annual consolidated financial statements and Note 9.

Provisions are described in Note 16 to the annual consolidated financial statements.

HORACIO DANIEL MARÍN

President


		26
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

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 condensed interim consolidated financial statements, considering the tax criteria that the Group assumes to apply during the fiscal year. If the estimate of such rate is modified based on new elements of judgment, the income tax expense could require adjustments in subsequent periods.

In relation to such tax criteria, the income tax expense contemplates the application of the integral inflation adjustment mechanism applicable to property, plant and equipment, and the indexation of the accumulated tax losses carryforward until the concurrence of the projected tax result of the fiscal year 2024, all considering that the assumption of confiscation would be verified in accordance with the jurisprudence of the CSJN in force as of the date of issuance of these consolidated financial statements.

The Company considers having strong arguments to successfully defend such assumed tax criteria, in the event of a possible controversy with the tax authorities, in accordance with the guidelines of IFRIC 23 “Uncertainty over income tax treatments”. As of June 30, 2024, the assumed tax criteria generates a profit of 336.

The income tax charge for the six-month period ending June 30, 2024 is a profit of 200. The amount accrued for the six-periods ending June 30, 2024 and 2023 is as follows:


	For the six-month periods ended June 30,
	2024		2023
Current income tax		(32)		(26)
Deferred income tax		232		(134)

		200		(160)

The reconciliation between the income tax charge for the six-month periods ended June 30, 2024 and 2023 and the one that would result from applying the prevailing tax rate on net profit or loss before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:


	For the six-month periods ended June 30,
	2024		2023
Net profit before income tax		992		881
Average tax rate ⁽¹⁾		25.30%		25.31%

Average tax rate applied to net profit before income tax		(251)		(223)
Effect of the valuation of property, plant and equipment, intangible assets and assets held for sale, net		1,119		229
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽²⁾		(1,353)		32
Effect of the valuation of inventories		(71)		(153)
Income on investments in associates and joint ventures		39		46
Effect of tax rate change ⁽³⁾		354		(237)
Effect of application of indexation mechanisms		336		-
Miscellaneous		27		146	⁽⁴⁾

Income tax		200		(160)

(1)	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.

(2)	Includes the effect of tax inflation adjustments.

(3)	Corresponds to the remedation of deferred income tax balances at the time of reversal, see Note 35.e.1) to the annual consolidated financial statements.

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

HORACIO DANIEL MARÍN

President


		27
YPF SOCIEDAD ANONIMA
NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 AND COMPARATIVE INFORMATION
(Amounts expressed in millions of United States dollars, except for shares and per share amounts expressed in United States dollars, or as otherwise indicated)

18. INCOME TAX (cont.)

The breakdown of the Group’s deferred tax assets and liabilities as of June 30, 2024 and December 31, 2023 is as follows:


	June 30, 2024			December 31, 2023
Deferred tax assets
Provisions and other non-deductible liabilities		167			113
Lease liabilities		211			234
Tax losses carryforward		14			1,782
Miscellaneous		-			1

Total deferred tax assets		392			2,130

Deferred tax liabilities
Property, plant and equipment and others ⁽¹⁾		(497)			(2,017)
Adjustment for tax inflation ⁽²⁾		(575)			(1,078)
Right-of-use assets		(198)			(221)
Miscellaneous		(30)			(38)

Total deferred tax liabilities		(1,300)			(3,354)

Total Net deferred tax		(908)	⁽³⁾		(1,224)

(1)	Includes the deferred tax corresponding to property, plant and equipment, intangible assets, assets held for sale 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 (45) 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 and includes 129 corresponding to the effect of the translation.

As of June 30, 2024 and December 31, 2023, the causes that generated imputations within “Other comprehensive income” line item in the statement of comprehensive income did not generate temporary differences subject to income tax.

As of June 30, 2024 and December 31, 2023 the Group has classified as deferred tax assets 19 and 18, respectively, and as deferred tax liability 927 and 1,242, 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.

19. TAXES PAYABLE


	June 30, 2024		December 31, 2023
VAT		50		22
Withholdings and perceptions		53		21
Royalties		93		75
Fuels tax		52		-
Turnover tax		15		7
Miscellaneous		16		14

		279		139

20. SALARIES AND SOCIAL SECURITY


	June 30, 2024				December 31, 2023
	Non-current		Current		Non-current		Current
Salaries and social security		-		76		-		58
Bonuses and incentives provision		-		109		-		104
Cash-settled share-based payments provision ⁽²⁾		2		-		-		-
Vacation provision		-		79		-		45
Other employee benefits⁽¹⁾		2		4		-		3

		4		268		-		210

YPF Sociedad Anónima

Date: August 15, 2024

/s/ Margarita Chun

Margarita Chun

Market Relations Officer