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

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2023

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

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

Form 20-F ☒ Form 40-F ☐

YPF Sociedad Anónima

TABLE OF CONTENT

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

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YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF JUNE 30, 2023

AND COMPARATIVE INFORMATION (UNAUDITED)

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

LOGO

CONTENT


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

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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GLOSSARY OF TERMS


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

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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LEGAL INFORMATION

Legal address

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

Fiscal year number 47

Beginning on January 1, 2023.

Principal business of the Company

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

Filing with the Public Registry

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

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

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

Capital structure

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

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

3,933,127,930

PABLO GERARDO GONZÁLEZ

President

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

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

(Amounts expressed in millions of pesos)

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

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

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

Total current assets				1,400,089		910,709

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


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

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

Non-controlling interest				37,611		17,274

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


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

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

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

Total current liabilities				1,413,108		846,905

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

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

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

PABLO GERARDO GONZÁLEZ

President

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

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

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

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

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


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

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


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

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

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



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


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

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


Other comprehensive income

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

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



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


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

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

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

PABLO GERARDO GONZÁLEZ

President

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

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


YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)


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

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


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

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

(1)

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

(2)

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

(3)

See Note 38.

(4)

Includes 17,442 and 12,040 restricted to the distribution of unappropiated retained earnings and losses as of June 30, 2023 and December 31, 2022, respectively. See Note 2.b.16) to the annual consolidated financial statements.

PABLO GERARDO GONZÁLEZ

President

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

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

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED) (cont.)

(Amounts expressed in millions of pesos)


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

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

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


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

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

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

(1)

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

(2)

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

(3)

See Note 38.

(4)

See Note 2.b).

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

PABLO GERARDO GONZÁLEZ

President

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

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


YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW
FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)


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

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


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

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


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

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



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



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


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

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

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

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

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



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

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

PABLO GERARDO GONZÁLEZ

President

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

General information

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

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

Structure and organization of the economic Group

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

LOGO

(1)

Held directly and indirectly.

(2)

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

(3)

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

Organization of the business

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

Upstream

Gas and Power

Industrialization

Commercialization

Central Administration and Others

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

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

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

2.a) Basis of preparation

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

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

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

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

2.b) Significant Accounting Policies

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

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

Functional and presentation currency

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

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

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

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

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

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

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

2.c) Accounting Estimates and Judgments

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

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

Review of impairment indicators of property, plant and equipment

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

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

2.d) Comparative information

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

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

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

3. SEASONALITY OF OPERATIONS

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

4. ACQUISITIONS AND DISPOSITIONS

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

5. FINANCIAL RISK MANAGEMENT

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

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

•

Liquidity risk management

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

5. FINANCIAL RISK MANAGEMENT (cont.)

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

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

6. BUSINESS SEGMENT INFORMATION

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

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

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

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

The business segment structure is organized as follows:

• Upstream

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

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

It incurs all costs related to the activities mentioned above.

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

6. BUSINESS SEGMENT INFORMATION (cont.)

• Gas and Power

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

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

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

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

• Industrialization

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

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

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

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

• Commercialization

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

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

6. BUSINESS SEGMENT INFORMATION (cont.)

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

• Central Administration and Others

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

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

6. BUSINESS SEGMENT INFORMATION (cont.)


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

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


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

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

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

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

6. BUSINESS SEGMENT INFORMATION (cont.)


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

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


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

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

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

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

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

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

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

7. FINANCIAL INSTRUMENTS BY CATEGORY

Fair value measurements

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

The tables below show the Group’s financial assets measured at fair value as of June 30, 2023 and December 31, 2022, and their allocation to their fair value levels:


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

		22,738		-		-		22,738

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

		95,230		-		-		95,230

		117,968		-		-		117,968


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

		13,029		-		-		13,029

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

		59,524		-		-		59,524

		72,553		-		-		72,553

(1)	See Note 15.

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

Fair value estimates

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

During the six-month period ended June 30, 2023, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments.

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

The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 1,800,692 and 1,029,019 as of June 30, 2023 and December 31, 2022, respectively.

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

8. INTANGIBLE ASSETS


	June 30, 2023		December 31, 2022
Net book value of intangible assets		106,432		75,086
Provision for impairment of intangible assets		(10,190)		(7,034)

		96,242		68,052

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

8. INTANGIBLE ASSETS (cont.)

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


	Service concessions		Exploration rights		Other intangibles		Total
Cost		93,124		14,010		45,705		152,839
Accumulated amortization		66,452		-		38,913		105,365

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


Cost
Increases		3,483		-		691		4,174
Translation effect		68,572		9,893		27,427		105,892
Adjustment for inflation ⁽¹⁾		-		-		6,363		6,363
Decreases, reclassifications and other movements		-		(4,346)		-		(4,346)

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

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

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


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

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

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

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

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

9. PROPERTY, PLANT AND EQUIPMENT


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

		4,760,179		3,100,306

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

Changes in Group’s property, plant and equipment for the six-month periods ended June 30, 2023 and as of the year ended December 31, 2022 are as follows:


	Land and buildings		Mining property, wells and related equipment		Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		137,967		4,900,829		854,492		50,297		108,514		289,356		4,228		82,716		135,472		102,111		88,626		6,754,608
Accumulated depreciation		67,325		4,127,030		525,484		34,619		-		-		-		72,058		89,234		52,044		65,186		5,032,980

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


Cost
Increases		141		49,165		9,433		1,654		129,830		441,811		6,152		181		-		-		5,104		643,471
Translation effect		86,377		3,647,068		634,515		32,957		75,915		218,533		2,401		58,485		99,489		-		47,208		4,902,948
Adjustment for inflation⁽¹⁾		19,713		-		-		5,440		2,060		6,441		-		3,239		-		96,791		23,621		157,305
Decreases, reclassifications and other movements		3,095		271,295		38,007		3,058		(105,285)		(268,710)		(6,299)		2,599		3,004		6,171		384		(52,681)

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

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

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


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

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

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

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

9. PROPERTY, PLANT AND EQUIPMENT (cont.)

The Group capitalizes the financial cost of loans as part of the cost of the assets. For the six-month periods ended June 30, 2023 and 2022, the rate of capitalization was 8.13% and 8.33%, respectively, and the amount capitalized amounted to 2,089 and 556, respectively.

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


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

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

Balance as of December 31, 2022		26,671

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

Balance as of June 30, 2023		38,101

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

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


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

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

Balance as of December 31, 2022		106,234

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

Balance as of June 30, 2023		120,365

(1)	See Notes 2.c) and 8 to the annual consolidated financial statements.

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

10. RIGHT-OF-USE ASSETS

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


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		3,397		36,108		28,808		10,276		31,358		109,947
Accumulated depreciation		1,125		22,713		16,822		3,738		12,289		56,687

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


Cost
Increases		402		21,655		2,330		676		20,265		45,328
Translation effect		2,347		30,633		21,376		6,025		25,259		85,640
Adjustment for inflation ⁽¹⁾		66		-		-		2,012		-		2,078
Decreases, reclassifications and other movements		(391)		(878)		(2,324)		(1,407)		(11,212)		(16,212)

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

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

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


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

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

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

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

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

11. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

The following table shows the value of the investments in associates and joint ventures at an aggregate level, as of June 30, 2023 and December 31, 2022:


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

		463,530		337,175

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

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


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

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

Balance as of December 31, 2022		337,175

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

Balance as of June 30, 2023		463,530

(1)	Corresponds to adjustment for inflation of opening balances of associates and joint ventures with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income. See Note 2.b.1) to the annual consolidated financial statements.

The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the six-month periods ended June 30, 2023 and 2022. The values reported by these companies have been adjusted, if applicable, to adapt them to the accounting policies used by the Company for the calculation of the equity method value in the aforementioned dates:


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

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

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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

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


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

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


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

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



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


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

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

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

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

(1)

The financial information arises from the consolidated financial statements of YPF EE and the amounts are expressed in thousands of pesos. On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the financial information disclosed here.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

12. INVENTORIES


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

		485,335	⁽¹⁾		307,766	⁽¹⁾

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

13. OTHER RECEIVABLES


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

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

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

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

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

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

14. TRADE RECEIVABLES


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

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

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

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

Set forth below is the evolution of the provision for doubtful trade receivables for the six-month period ended June 30, 2023 and for the fiscal year ended December 31, 2022:


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

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

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

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

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

(1)

Includes adjustment for inflation of opening balances of the provision for doubtful trade receivables in subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results.

(2)	Mainly including credits with natural gas distributors for the accumulated daily differences pursuant to Decree No. 1,053/2018, see Note 35.c.1) to the annual consolidated financial statements.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

15. INVESTMENTS IN FINANCIAL ASSETS


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

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

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

		-		22,738		-		13,029

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

(1)	See Note 37.

(2)	Corresponds to term deposits with the BNA.

16. CASH AND CASH EQUIVALENTS


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

		299,188			136,874

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

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

(3)	See Note 7.

17. PROVISIONS

Changes in the Group’s provisions for the six-month period ended June 30, 2023 and for the fiscal year ended December 31, 2022 are as follows:


	Provision for lawsuits and contingencies					Provision for environmental liabilities				Provision for hydrocarbon wells abandonment obligations				Total
	Non- current			Current		Non- current		Current		Non- current		Current		Non- current		Current
Balance as of December 31, 2021		89,473			2,204		9,802		7,023		159,203		10,070		258,478		19,297

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

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

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

Balance as of June 30, 2023		28,485			81,052		18,446		12,340		506,349		33,579		553,280		126,971

(1)	Includes adjustment for inflation of opening balances of provisions in subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the period, which was charged to results.

(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 over 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 transaction agreement entered with TGN and 60,033 reclassified as Provision for lawsuits and current contingencies due to the Trust Settlement Agreement, see Note 16.a.2) to the annual consolidated financial statements and Note 33, respectively.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

17. PROVISIONS (cont.)

Provisions are described in Note 16 to the annual consolidated financial statements. Updates for the six-month period ended June 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 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 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 date of these interim condensed consolidated financial statements. The amounts calculated for income tax charge for the six-month period ended June 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 six-month periods ended June 30, 2023 and 2022 is as follows:


	For the six-month periods ended June 30,
	2023		2022
Current income tax		(6,534)		(69,360)
Deferred income tax		(29,781)		24,195

		(36,315)		(45,165)

Income tax - Well abandonment		-		1,948

		(36,315)		(43,217)

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

18. INCOME TAX (cont.)

The reconciliation between the charge to net income for income tax for the six-month periods ended June 30, 2023 and 2022 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the condensed interim consolidated statements of comprehensive income for each period is as follows:


	For the six-month periods ended June 30,
	2023			2022
Net profit before income tax		180,113			163,697
Average tax rate ⁽⁴⁾		26.28%			34.86%

Average tax rate applied to net income before income tax		(47,328)			(57,062)
Effect of the valuation of property, plant and equipment and intangible assets, net		46,930			23,679
Effect of exchange differences and other results associated to the valuation of the currency, net ⁽¹⁾		6,491			(17,484)
Effect of the valuation of inventories		(34,003)			(9,654)
Income on investments in associates and joint ventures		9,699			9,693
Effect of tax rate change		(52,458)	⁽²⁾		-
Effect of the regularization regime for the dispute associated to cost deduction for hydrocarbon wells abandonment		-			1,948	⁽³⁾
Miscellaneous		34,354	⁽⁵⁾		5,663

Income tax		(36,315)			(43,217)

(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 the subsidiary Metrogas.

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

June 30, 2023

December 31, 2022

Non-current

Current

Non-current

Current

Income tax payable

4,048

⁽²⁾

7,917

⁽¹⁾

4,588

⁽²⁾

4,711

⁽¹⁾

(1)

Includes 1,078 corresponding to the 12 installments of the regularization regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment as of June 30, 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 4,035 and 4,574 corresponding to the remaining installments of the regimes associated with the dispute over the cost deduction for hydrocarbon well abandonment as of June 30, 2023 and December 31, 2022, respectively. See Note 16.a.5) to the annual consolidated financial statements.


	June 30, 2023		December 31, 2022 ⁽⁴⁾
Deferred tax assets
Provisions and other non-deductible liabilities		43,127		27,205
Lease liabilities		48,077		33,297
Tax losses carryforward		47,195		29,620
Miscellaneous		137		247

Total deferred tax assets		138,536		90,369


Deferred tax liabilities
Property, plant and equipment and others ⁽¹⁾		(156,825)		(181,957)
Adjustment for tax inflation ⁽²⁾		(275,253)		(170,961)
Right-of-use assets		(45,598)		(31,819)
Miscellaneous		(11,650)		(9,330)

Total deferred tax liabilities		(489,326)		(394,067)

Total Net deferred tax ⁽³⁾		(350,790)		(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 (17,311) and (15,161) as of June 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).

As of June 30, 2023 and December 31, 2022 the Group has classified as deferred tax assets 4,104 and 3,010, respectively, and as deferred tax liability 354,894 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.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

18. INCOME TAX (cont.)

As of June 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


	June 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
VAT		-		5,220		-		4,615
Withholdings and perceptions		-		15,414		-		8,045
Royalties		-		15,484		-		13,682
Tax on Fuels		-		2,232		-		-
IIBB		-		3,850		-		1,490
Miscellaneous		163		3,824		185		2,828

		163		46,024		185		30,660

20. SALARIES AND SOCIAL SECURITY


	June 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Salaries and social security		-		15,667		-		11,987
Bonuses and incentives provision		-		16,959		-		20,088
Vacation provision		-		18,612		-		13,608
Other employee benefits⁽¹⁾		3		4,749		215		6,939

		3		55,987		215		52,622

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

21. LEASE LIABILITIES

June 30, 2023

December 31, 2022

Non-current

Current

Non-current

Current

Lease liabilities

62,767

74,595

48,224

52,061

The evolution of the Group’s leases liabilities for the six-month period ended June 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 increase		45,328
Leases decrease		(2,626)
Payments		(44,960)
Financial accretions		9,961
Exchange and translation differences, net		36,879
Result from net monetary position ⁽¹⁾		81

Balance as of December 31, 2022		100,285

Leases increase		25,435
Leases decrease		(203)
Payments		(38,681)
Financial accretions		8,592
Exchange and translation differences, net		41,905
Result from net monetary position ⁽¹⁾		29

Balance as of June 30, 2023		137,362

(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 results.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

22. LOANS


							June 30, 2023					December 31, 2022
	Interest rate⁽¹⁾				Maturity		Non-current		Current			Non-current		Current
Pesos:
NO		83.44%	-	87.65%		2023-2024		32,533		4,105			11,374		1,022
Loans		105.47%	-	105.47%		2024		13,150		3,092			8,136		4,359
Account overdraft			-			-		-		-			-		12,487

								45,683		7,197			19,510		17,868

Currencies other than the peso:
NO ^{(2) (3)}		0.00%	-	10.00%		2023-2047		1,485,399		230,411			990,512		146,569
Export pre-financing		1.90%	-	10.50%		2023-2025		42,129		88,403	⁽⁴⁾		-		3,971
Imports financing		8.96%	-	8.96%		2023		-		5,033			-		3,647
Loans		5.07%	-	19.75%		2023-2027		42,441		49,380			43,174		29,753

								1,569,969		373,227			1,033,686		183,940

								1,615,652		380,424			1,053,196		201,808

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

(2)	Disclosed net of 2,109 and 1,534 corresponding to YPF’s own NO repurchased through open market transactions, as of June 30, 2023, and December 31, 2022, respectively.

(3)	Includes 306,630 and 92,640 as of June 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 21,674 as of June 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 six-month period ended June 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 interest		(73,123)
Account overdraft, net		11,693
Accrued interest ⁽¹⁾		91,714
Net exchange differences and translation		514,249
Result from net monetary position ⁽²⁾		(1,492)

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

Proceeds from loans		274,540
Payments of loans		(107,074)
Payments of interest		(64,334)
Account overdraft, net		(12,487)
Accrued interest ⁽¹⁾		75,287
Net exchange differences and translation		575,502
Result from net monetary position ⁽²⁾		(362)

Balance as of June 30, 2023		1,996,076

(1)	Includes capitalized financial costs.

(2)	Includes adjustment for inflation of opening balances of loans in subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

22. LOANS (cont.)

Details regarding the NO of the Group are as follows:


												June 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		3,801		62		2,624		42
April, February, October	2014/15/16	US$	1,522		Class XXVIII		Fixed	8.75	%		2024		-		90,708		61,318		48,336
September	2014	$	1,000		Class XXXIV		BADLAR + 0.1%	83.44	%		2024		167		242		167		228
April	2015	US$	1,500		Class XXXIX		Fixed	8.50	%		2025		290,299		10,419		200,391		7,192
October	2015	$	2,000		Class XLIII		BADLAR	86.96	%		2023		-		778		-		756
July, December	2017	US$	1,000		Class LIII		Fixed	6.95	%		2027		209,617		6,203		144,816		4,341
December	2017	US$	750		Class LIV		Fixed	7.00	%		2047		135,811		381		93,728		263
June	2019	US$	500		Class I		Fixed	8.50	%		2029		101,905		73		70,327		67
July	2020	US$	543		Class XIII		Fixed	8.50	%		2025		21,666		22,815		22,498		15,925
December, February	2020/21	US$	137		Class XIV		Fixed	2.00	%		2023		-		34,253		-		24,649
February	2021	US$	775		Class XVI		Fixed	9.00	%		2026		110,052		60,091		95,886		42,194
February	2021	US$	748		Class XVII		Fixed	9.00	%		2029		194,646		-		134,539		-
February	2021	US$	576		Class XVIII		Fixed	7.00	%		2033		141,769		2,701		96,356		1,836
February	2021	$	4,128		Class XIX		Fixed	3.50	%		2024		16,495		55		11,207		38
July ⁽²⁾	2021	US$	384		Class XX		Fixed	5.75	%		2032		98,550		2,453		68,029		1,724
January ⁽³⁾	2023	US$	230		Class XXI		Fixed	1.00	%		2026		58,778		148		-		-
January, April ⁽⁴⁾	2023	$	19,144		Class XXII		BADLAR + 3.0%	87.65	%		2024		15,871		3,030		-		-
April ⁽³⁾	2023	US$	147		Class XXIII		Fixed	0.00	%		2025		41,626		-		-		-
April ⁽³⁾	2023	US$	38		Class XXIV		Fixed	1.00	%		2027		9,623		17		-		-
June ⁽⁴⁾	2023	US$	263		Class XXV		Fixed	5.00	%		2026		67,256		87		-		-

													1,517,932		234,516		1,001,886		147,591

(1)	Nominal annual Interest rate as of June 30, 2023.

(2)	During the six-month period ended June 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 Negotiable Obligations 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 JUNE 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

23. OTHER LIABILITIES


	June 30, 2023						December 31, 2022
	Non-current			Current			Non-current		Current
Liabilities for concessions		2,118			10,456			3,156		1,424
Liabilities for contractual claims		24,525	⁽¹⁾		11,582	⁽¹⁾		146		161
Miscellaneous		-			1,297			-		774

		26,643			23,335			3,302		2,359

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

24. ACCOUNTS PAYABLE


	June 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Trade payable and related parties ⁽¹⁾		1,331		643,552		1,028		442,305
Guarantee deposits		142		1,194		122		926
Payables with partners of JO and other agreements		248		7,313		169		8,828
Miscellaneous		-		3,261		-		2,067

		1,721		655,320		1,319		454,126

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

25. REVENUES


	For the six-month periods ended June 30,
	2023		2022
Sales of goods and services		1,830,753		982,573
Government incentives ⁽¹⁾		26,335		14,848

		1,857,088		997,421

(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 June 30, 2022 has been restated as mentioned in Note 6. The Group’s revenues are derived from contracts with customers and the Group’s income is derived from National Government incentives.

●	Breakdown of revenues

Type of good or service


	For the six-month period ended June 30, 2023
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Diesel		-		-		9,960		700,325		-		710,285
Gasolines		-		-		1,990		362,241		-		364,231
Natural Gas ⁽¹⁾		-		53,961		-		141,750		-		195,711
Crude Oil		-		-		-		20,790		-		20,790
Jet fuel		-		-		13		107,345		-		107,358
Lubricants and by-products		-		-		-		62,375		-		62,375
Liquefied Petroleum Gas		-		-		-		44,664		-		44,664
Fuel oil		-		-		1,016		8,416		-		9,432
Petrochemicals		-		-		-		46,795		-		46,795
Fertilizers and crop protection products		-		-		-		52,132		-		52,132
Flours, oils and grains		-		-		-		30,006		-		30,006
Asphalts		-		-		147		19,007		-		19,154
Goods for resale at gas stations		-		-		-		14,920		-		14,920
Income from services		-		-		-		-		17,736		17,736
Income from construction contracts		-		-		-		-		16,287		16,287
Virgin naphtha		-		-		12,823		8,429		-		21,252
Petroleum coke		-		-		-		32,338		-		32,338
LNG Regasification		-		4,081		-		-		-		4,081
Other goods and services		18,473		20,899		4,233		17,570		31		61,206

		18,473		78,941		30,182		1,669,103		34,054		1,830,753

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

25. REVENUES (cont.)


	For the six-month period ended June 30, 2022
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Diesel		-		-		1,612		346,393		-		348,005
Gasolines		-		-		6		191,446		-		191,452
Natural Gas ⁽¹⁾		-		28,692		-		78,808		-		107,500
Crude Oil		-		-		-		2,190		-		2,190
Jet fuel		-		-		-		49,243		-		49,243
Lubricants and by-products		-		-		-		32,561		-		32,561
Liquefied Petroleum Gas		-		-		5		28,729		-		28,734
Fuel oil		-		-		-		12,261		-		12,261
Petrochemicals		-		-		-		30,832		-		30,832
Fertilizers and crop protection products		-		-		-		36,844		-		36,844
Flours, oils and grains		-		-		-		49,322		-		49,322
Asphalts		-		-		-		9,795		-		9,795
Goods for resale at gas stations		-		-		-		5,593		-		5,593
Income from services		-		-		-		-		6,774		6,774
Income from construction contracts		-		-		-		-		9,253		9,253
Virgin naphtha		-		-		5,650		6,145		-		11,795
Petroleum coke		-		-		-		19,310		-		19,310
LNG Regasification		-		2,091		-		-		-		2,091
Other goods and services		9,222		8,322		1,954		8,958		562		29,018

		9,222		39,105		9,227		908,430		16,589		982,573

(1)	Includes 148,170 and 81,278 corresponding to sales of natural gas produced by the Company for the six-month periods ended June 30, 2023 and 2022, respectively.

Sales Channels


	For the six-month period ended June 30, 2023
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Gas Stations		-		-		-		710,157		-		710,157
Power Plants		-		3,602		9,014		43,216		-		55,832
Distribution Companies		-		-		-		15,269		-		15,269
Retail distribution of natural gas		-		31,520		-		-		-		31,520
Industries, transport and aviation		-		33,407		-		520,987		-		554,394
Agriculture		-		-		-		184,986		-		184,986
Petrochemical industry		-		-		-		67,458		-		67,458
Trading		-		-		-		89,399		-		89,399
Oil Companies		-		-		16,935		-		-		16,935
Commercialization of LPG		-		-		-		15,785		-		15,785
Other sales channels		18,473		10,412		4,233		21,846		34,054		89,018

		18,473		78,941		30,182		1,669,103		34,054		1,830,753


	For the six-month period ended June 30, 2022
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Gas Stations		-		-		-		350,903		-		350,903
Power Plants		-		1,908		-		26,248		-		28,156
Distribution Companies		-		-		-		8,340		-		8,340
Retail distribution of natural gas		-		18,823		-		-		-		18,823
Industries, transport and aviation		-		13,618		-		267,148		-		280,766
Agriculture		-		-		-		146,164		-		146,164
Petrochemical industry		-		-		-		43,311		-		43,311
Trading		-		-		-		47,815		-		47,815
Oil Companies		-		-		9,227		-		-		9,227
Commercialization of LPG		-		-		-		10,844		-		10,844
Other sales channels		9,222		4,756		-		7,657		16,589		38,224

		9,222		39,105		9,227		908,430		16,589		982,573

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

25. REVENUES (cont.)

Target Market

Sales contracts in the domestic market amounted to 1,646,837 and 851,137 for the six-month periods ended June 30, 2023 and 2022, respectively.

Sales contracts in the international market amounted to 183,916 and 131,436 for the six-month periods ended June 30, 2023 and 2022, respectively.

●	Contract balances

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


	June 30, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Credits for contracts included in the item of “Trade receivables”		9,322		352,474		9,102		263,613
Contract assets		-		1,623		-		148
Contract liabilities		-		42,535		-		13,577

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

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

During the six-month periods ended June 30, 2023 and 2022 the Group has recognized 9,067 and 3,856, respectively, in revenues from ordinary activities arising from contracts entered into with customers in the statement of comprehensive income, which have been included in the balance for contract liabilities at the beginning of the fiscal year.

26. COSTS


	For the six-month periods ended June 30,
	2023		2022
Inventories at beginning of year		307,766		153,927
Purchases		571,343		328,337
Production costs ⁽¹⁾		953,550		410,424
Translation effect		144,062		35,395
Adjustment for inflation ⁽²⁾		3,530		1,262
Inventories at end of the period		(485,335)		(215,577)

		1,494,916		713,768

(1)	See Note 27.

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

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

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 six-month periods ended June 30, 2023 and 2022:


	For the six-month period ended June 30, 2023
	Production costs ⁽³⁾		Administrative expenses ⁽²⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		102,560		24,436		13,301			1,213		141,510
Fees and compensation for services		5,270		24,648		5,238			30		35,186
Other personnel expenses		28,979		3,477		1,458			99		34,013
Taxes, charges and contributions		15,005		2,188		87,387	⁽¹⁾		-		104,580
Royalties, easements and fees		108,967		-		176			236		109,379
Insurance		8,826		446		254			-		9,526
Rental of real estate and equipment		18,234		95		1,651			-		19,980
Survey expenses		-		-		-			1,748		1,748
Depreciation of property, plant and equipment		307,641		4,508		9,136			-		321,285
Amortization of intangible assets		3,035		1,409		41			-		4,485
Depreciation of right-of-use assets		22,395		9		1,247			-		23,651
Industrial inputs, consumable materials and supplies		56,754		567		1,521			49		58,891
Operation services and other service contracts		48,789		1,123		5,833			639		56,384
Preservation, repair and maintenance		155,128		4,171		5,065			147		164,511
Unproductive exploratory drillings		-		-		-			1,229		1,229
Transportation, products and charges		58,020		217		51,957			-		110,194
Provision for doubtful trade receivables		-		-		2,297			-		2,297
Publicity and advertising expenses		-		3,298		5,534			-		8,832
Fuel, gas, energy and miscellaneous		13,947		1,592		6,359			155		22,053

		953,550		72,184		198,455			5,545		1,229,734

(1)	Includes 8,505 corresponding to export withholdings and 63,906 corresponding to Turnover Tax.

(2)

Includes 640 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 3,885.


	For the six-month period ended June 30, 2022
	Production costs ⁽³⁾		Administrative expenses ⁽²⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		40,850		10,233		5,887			379		57,349
Fees and compensation for services		2,294		10,218		1,808			25		14,345
Other personnel expenses		11,196		986		535			104		12,821
Taxes, charges and contributions		7,169		713		54,735	⁽¹⁾		-		62,617
Royalties, easements and fees		54,174		-		106			210		54,490
Insurance		3,972		182		60			-		4,214
Rental of real estate and equipment		8,727		48		628			-		9,403
Survey expenses		-		-		-			828		828
Depreciation of property, plant and equipment		128,684		3,764		4,921			-		137,369
Amortization of intangible assets		1,628		1,022		24			-		2,674
Depreciation of right-of-use assets		10,596		6		683			-		11,285
Industrial inputs, consumable materials and supplies		22,576		135		476			11		23,198
Operation services and other service contracts		20,260		519		2,631			253		23,663
Preservation, repair and maintenance		63,365		1,254		1,679			42		66,340
Unproductive exploratory drillings		-		-		-			789		789
Transportation, products and charges		23,866		115		22,045			-		46,026
Provision for doubtful trade receivables		-		-		843			-		843
Publicity and advertising expenses		-		3,870		1,055			-		4,925
Fuel, gas, energy and miscellaneous		11,067		927		5,237			35		17,266

		410,424		33,992		103,353			2,676		550,445

(1)	Includes 16,338 corresponding to export withholdings and 31,241 corresponding to Turnover Tax (see Note 2.d.)).

(2)

Includes 306 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 1,473.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

28. OTHER NET OPERATING RESULTS


	For the six-month periods ended June 30,
	2023		2022
Lawsuits		(1,639)		(3,874)
Miscellaneous		3,900		1,047

		2,261		(2,827)

29. NET FINANCIAL RESULTS


	For the six-month periods ended June 30,
	2023		2022
Financial income
Interest income		29,273		13,914
Exchange differences		272,961		71,871
Financial accretion		63		61

Total financial income		302,297		85,846


Financial costs
Interest loss		(85,410)		(39,665)
Exchange differences		(210,691)		(47,173)
Financial accretion		(35,906)		(17,159)

Total financial costs		(332,007)		(103,997)


Other financial results
Results on financial assets at fair value with change in results		40,725		3,244
Results from derivative financial instruments		376		(567)
Result from net monetary position		29,080		10,672
Results from transactions with financial assets ⁽¹⁾		12,597		-

Total other financial results		82,778		13,349



Total net financial results		53,068		(4,802)

(1)	Includes 1,775 corresponding to the adjustment for inflation of the period.

30. INVESTMENTS IN JOINT OPERATIONS

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


	June 30, 2023		December 31, 2022
Non-current assets ⁽¹⁾		1,206,362		747,447
Current assets		41,551		27,740

Total assets		1,247,913		775,187

Non-current liabilities		79,092		52,133
Current liabilities		134,807		91,011

Total liabilities		213,899		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 six-month periods ended June 30,
	2023		2022
Production cost		209,103		73,302
Exploration expenses		1,503		129

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

31. SHAREHOLDERS’ EQUITY

The Company’s capital as of June 30, 2023, is 3,915 and 18 treasury shares represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of pesos 10 and 1 vote per share. These shares are fully subscribed, paid-in and authorized for stock exchange listing.

As of June 30, 2023, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of Argentine Government is required for: (i) mergers, (ii) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, (iii) transfers of all the YPF’s production and exploration rights, (iv) the voluntary dissolution of YPF; 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 six-month periods ended June 30, 2023 and 2022, the Company has not repurchased its own shares.

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 six-month periods ended June 30,
	2023		2022
Net profit		132,293		119,690
Average number of shares outstanding		391,491,562		393,034,176
Basic and diluted earnings per share		337.92		304.53

33. ISSUES RELATED TO MAXUS ENTITIES

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

On March 31, 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. The District Court denied the Republic’s motion for summary judgment, and the proceedings will continue as between Plaintiffs and the Republic. Plaintiffs may seek to appeal the District Court’s ruling as to YPF or seek to reassert claims previously dismissed against YPF, in each case in accordance with applicable procedural rules. If so, 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 JUNE 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 six-month period ended June 30, 2023 are described below:

•

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 area.

•

Offshore exploration permits 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 area, extending the expiration of the 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 area, which includes the construction of an oil pipeline from such area to the Puesto Hernández area for the supply of Refinería Luján de Cuyo and the export of oil to Chile for the remaining term of the exploitation concession abovementioned.

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 six-month period ended June 30, 2023, there were no significant transactions.

36. MAIN REGULATIONS

36.a) Regulations applicable to the hydrocarbon industry

During the six-month period ended June 30, 2023, there were no significant updates to the regulatory framework described in Note 35.a) to the annual consolidated financial statements.

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

Updates to the regulatory framework described in Note 35.b) to the annual consolidated financial statements for the six-month period ended June 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, companies 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 the 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 six-month period ended June 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.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

36. MAIN REGULATIONS (cont.)

36.d) Regulations applicable to the electric power generation

During the six-month period ended June 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

During the six-month period ended June 30, 2023, there were no significant updates to the regulatory framework described in Note 35.d) to the annual consolidated financial statements.

36.f) Tax Regulations

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

•

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 transactions of diesel oil and naphtha made between March 1, 2023 and April 30, 2023, that meet certain requirements established in said Decree and its corresponding regulation.

•

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.

36.g) Custom Regulations

Updates to the regulatory framework described in Note 35.f) to the annual consolidated financial statements for the six-month period ended June 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.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

36. MAIN REGULATIONS (cont.)

36.h) BCRA Regulations

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

On April 20, 2023, 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, Communication “A” 7,766 was issued, which extended to companies 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 Communications “A” 7,788 and “A” 7,803, respectively, the BCRA established the possibility of subscribing BCRA bills in 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 companies in the energy sector and beneficiaries of Decree No. 277/2022.

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

36.i) CNV Regulatory Framework

Information requirements as clearing and settlement 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 regulations to the CNV, the Company is subject to the provisions of Section 5 c), Chapter II, Title VII of the regulations to the CNV, “Settlement and Clearing Agent - Direct Participant”. In this respect, as set forth in Section 13, Title VII, Chapter II, of the CNV rules, as of June 30, 2023, the equity of the Company exceeds the minimum equity required by such Rules, which amounts to 128.

Documentation keeper

According to the dispositions established in Article 48, Section XII, Chapter IV, Title II of the CNV’s regulations, 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.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

36. MAIN REGULATIONS (cont.)

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 six-month periods ended June 30,
	2023		2022
Balance at the beginning of the fiscal year		686,343		393,570
Other comprehensive income		312,438		88,532

Balance at the end of the period		998,781		482,102

In addition, as of June 30, 2023 and 2022, the translation effect corresponding to the “Issuance premiums” account amounts to 163,520 and 79,444, respectively, and is included within “Other comprehensive income”. As of June 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 (12,533) and (4,657), respectively, and is included within “Other comprehensive income”.

37. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

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


	June 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		-		1,078		2,528		899		10,346
Profertil		-		15		3,286		-		3,288
MEGA		-		-		17,826		-		54
Refinor		-		-		4,762		-		1,773
Y-GEN Eléctrica S.A.U. ⁽¹⁾		-		-		-		-		-
OLCLP		-		27		-		-		611
Sustentator		-		-		231		-		6
CT Barragán		-		-		2		-		-
OTA		-		-		-		-		512
OTC		-		-		-		-		91

		-		1,120		28,635		899		16,681

Associates:
CDS		-		-		2		-		-
YPF Gas		-		388		2,362		-		885
Oldelval		6,880		-		7		141		1,313
Termap		-		-		-		-		692
GPA		-		-		-		-		736
Oiltanking		-		-		2		764		637
Gas Austral		-		-		58		-		7

		6,880		388		2,431		905		4,270

		6,880		1,508		31,066		1,804		20,951

(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 JUNE 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 six-month periods ended June 30, 2023 and 2022:


	For the six-month periods ended June 30,
	2023						2022
	Revenues		Purchases and services		Net interest income (loss)		Revenues		Purchases and services		Net interest income (loss)
Joint Ventures:
YPF EE		2,709		13,584		67		2,082		6,767		-
Profertil		8,472		15,657		-		4,254		11,956		-
MEGA		28,368		216		7		14,603		125		5
Refinor		9,187		2,318		26		8,764		1,724		1
Y-GEN Eléctrica S.A.U. ⁽¹⁾		-		-		-		-		-		-
OLCLP		117		1,432		-		72		508		-
Sustentator		219		3		-		-		1		-
CT Barragán		2		-		-		-		-		-
OTA		16		447		-		1		136		-
OTC		-		140		-		-		-		-

		49,090		33,797		100		29,776		21,217		6

Associates:
CDS		1		-		-		-		-		-
YPF Gas		5,694		982		115		4,907		527		-
Oldelval		49		6,997		9		45		2,707		-
Termap		-		2,419		-		-		1,008		-
GPA		-		1,929		-		-		1,028		-
Oiltanking		6		2,874		-		4		1,371		-
Gas Austral		321		7		1		291		1		-

		6,071		15,208		125		5,247		6,642		-

		55,161		49,005		225		35,023		27,859		6

(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 JUNE 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)
		June 30, 2023		December 31, 2022		For the six-month periods ended June 30,
Customers / Suppliers	Ref.	June 30, 2023		December 31, 2022		2023		2022
SGE	(1) (14)		12,468		12,724		14,937		9,803
SGE	(2) (14)		652		1,654		649		844
SGE	(3) (14)		167		167		-		-
SGE	(4) (14)		999		1,169		928		311
SGE	(5) (14)		6,813		6,813		-		-
Ministry of Transport	(6) (14)		1,243		1,453		3,096		2,962
AFIP	(7) (14)		6,725		6,744		6,725		928
CAMMESA	(8)		27,187		19,178		50,365		24,969
CAMMESA	(9)		(2,331)		(687)		(3,400)		(2,225)
ENARSA	(10)		18,747		12,522		12,587		6,517
ENARSA	(11)		(24,195)		(17,149)		(5,233)		(2,382)
Aerolíneas Argentinas S.A.	(12)		9,159		15,823		39,455		20,405
Agua y Saneamientos Argentinos S.A.	(13)		1,533		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 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 1,053/2018. See Note 35.c.1) to the annual consolidated financial statements.

(6)	The 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.

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

(9)	Purchases of electrical energy.

(10)	Sale of natural gas and provision of regasification service of LNG and construction inspection service.

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

(12)	The provision of jet fuel.

(13)	Sale of assets held for disposal.

(14)	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 Treasury Bills and Bonds identified as investments in financial assets at amortized cost. See Note 15.

Furthermore, YPF has an indirect non-controlling interest in Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”). During the six-month periods ended June 30, 2023 and 2022, YPF and CHNC carried out transactions, among others, the purchases of crude oil by YPF for 53,137 and 20,958, respectively. These transactions were consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of June 30, 2023 and December 31, 2022 amounts to 9,665 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 JUNE 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 six-month periods ended June 30, 2023 and 2022:


	For the six-month periods ended June 30,
	2023		2022
Short-term employee benefits ⁽¹⁾		1,733		747
Share-based benefits		114		82
Post-retirement benefits		70		40
Termination benefits		112		104

		2,029		973

(1)	Does not include Social Security contributions of 388 and 167 for the six-month periods ended June 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 395 and 303 for the six-month periods ended June 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 13,417 and 4,366 for the six-month periods ended June 30, 2023 and 2022, respectively.

Share-based benefit plans

The amount charged to expense in relation with the share-based plans was 238 and 110 to be settled in equity instruments, and 2,299 and 222 to be settled in cash, for the six-month periods ended June 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 JUNE 30, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)

39. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO


	June 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		256.30		8,520		19		176.96		3,436
Bolivian peso		7		36.82		256		7		25.43		177
Trade receivables
U.S. dollar		1		256.30		190		-	⁽²⁾	176.96		6
Investments in financial assets
U.S. dollar		58		256.30		14,972		202		176.96		35,664

Total non-current assets						23,938						39,283

Current assets
Other receivables
U.S. dollar		416		256.30		106,633		190		176.96		33,631
Euro		-		-		-		2		189.26		336
Real		5		53.23		266		9		33.94		305
Chilean peso		10,866		0.32		3,477		12,424		0.21		2,609
Pound sterling		-		-		-		1		214.30		156
Trade receivables
U.S. dollar		529		256.30		135,637		598		176.96		105,764
Euro		-	⁽²⁾	279.42		5		-	⁽²⁾	189.26		4
Chilean peso		8,016		0.32		2,565		18,829		0.21		3,954
Real		48		53.23		2,555		38		33.94		1,290
Investments in financial assets
U.S. dollar		227		256.30		58,057		171		176.96		30,229
Cash and cash equivalents
U.S. dollar		472		256.30		120,867		374		176.96		66,100
Chilean peso		4,413		0.32		1,412		1,829		0.21		384
Real		11		53.23		586		12		33.94		407

Total current assets						432,060						245,169

Total assets						455,998						284,452

Non-current liabilities
Provisions
U.S. dollar		2,042		256.70		524,088		2,454		177.16		434,810
Real		10		53.23		532		10		33.94		339
Lease liabilities
U.S. dollar		245		256.70		62,767		272		177.16		48,224
Loans
U.S. dollar		6,115		256.70		1,569,596		5,834		177.16		1,033,550
Real		7		53.23		373		4		33.94		136
Other liabilities
U.S. dollar		104		256.70		26,643		19		177.16		3,302
Accounts payable
U.S. dollar		4		256.70		1,034		4		177.16		732

Total non-current liabilities						2,185,033						1,521,093

Current liabilities
Provisions
U.S. dollar		445		256.70		114,209		133		177.16		23,550
Chilean peso		34		0.32		11		-		-		-
Income tax
Real		5		53.23		266		5		33.94		170
Taxes payable
Chilean peso		3,178		0.32		1,017		4,495		0.21		944
Real		9		53.23		479		6		33.94		204
Salaries and social security
U.S. dollar		9		256.70		2,389		11		177.16		1,862
Real		1		53.23		53		1		33.94		34
Lease liabilities
U.S. dollar		291		256.70		74,589		294		177.16		52,056
Loans
U.S. dollar		1,444		256.70		370,597		1,024		177.16		181,477
Chilean peso		1,066		0.32		341		2,519		0.21		529
Real		43		53.23		2,289		57		33.94		1,934
Other liabilities
U.S. dollar		91		256.70		23,335		13		177.16		2,359
Accounts payable
U.S. dollar		1,016		256.70		260,878		1,147		177.16		203,236
Euro		12		280.50		3,330		21		189.92		4,033
Chilean peso		2,406		0.32		770		4,281		0.21		899
Pound sterling		-	⁽²⁾	326.12		34		-	⁽²⁾	214.30		95
Yen		13		1.78		23		150		1.35		203
Yuan		9		36.18		328		-		-		-
Swiss franc		-	⁽²⁾	287.19		4		-	⁽²⁾	191.69		69
Real		42		53.23		2,250		36		33.94		1,231

Total current liabilities						857,192						474,885

Total liabilities						3,042,225						1,995,978

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

(2)	Registered value less than 1.

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

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

YPF SOCIEDAD ANONIMA

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

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

40. SUBSEQUENT EVENTS

On July 28, 2023, YPF signed an international syndicated loan agreement led by Corporación Andina de Fomento (“CAF”) for an amount of US$ 375 million, with all funds disbursed on August 4, 2023. The loan consists of a Tranche A for an amount of US$ 50 million financed by CAF, with final maturity on July 28, 2030 and a Tranche B for an amount of US$ 325 million financed by international entities, with final maturity on July 28, 2028. As a condition precedent to this disbursement, YPF prepaid US$ 225 million plus accrued interest for the international syndicated loan signed in 2022.

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 June 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.