Form 6-K
Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of March, 2014

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  x     Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(1):     Yes  ¨     No  x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T
Rule 101(b)(7):     Yes  ¨     No  x

 

 

 


Table of Contents

YPF Sociedád Anonima

TABLE OF CONTENTS

 

ITEM

 

1 Translation of Consolidated Results Full Year 2013 & Q4 2013.

 

2


Table of Contents

LOGO

 

YPF S.A.

Consolidated Results

FULL YEAR 2013 & Q4 2013


Table of Contents
LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

CONTENT

 

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF THE FULL YEAR AND FOURTH QUARTER 2013

     3   

2. ANALYSIS OF OPERATING RESULTS

     5   

2.1 UPSTREAM

     5   

2.2 DOWNSTREAM

     8   

2.3 CORPORATE

     10   

2.4 RELATED COMPANIES

     10   

3. LIQUIDITY AND SOURCES OF CAPITAL

     10   

4. TABLES AND NOTES

     11   

4.1 CONSOLIDATED STATEMENT OF INCOME

     12   

4.2 CONSOLIDATED BALANCE SHEET

     13   

4.3 CONSOLIDATED STATEMENT OF CASH FLOWS

     14   

4.4 MAIN PHYSICAL MAGNITUDES

     15   

4.5 ADDITIONAL INFORMATION ON OIL AND GAS RESERVES

     16   

 

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LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

The year 2013 closed with increases in Revenues of 34%, in Operating Income of

52%, in EBITDA of 63%, in Production of 1.7% and in Proved Reserves of 11%.

 

Q4
2012
     Q3
2013
     Q4
2013
     Var.%
2013/2012
   

(Unaudited Figures)

   Jan-Dec
2012
     Jan-Dec  (*)
2013
     Var.%
2013/2012
 
  18,862         24,244         25,294         34.1  

Revenues

(MARS)

     67,174         90,113         34.1
  1,846         3,444         3,820         106.9  

Operating income

(MARS)

     7,903         12,015         52.0
  1,019         1,414         1,918         88.2  

Net income (**)

(MARS)

     3,902         5,681         45.6
  5,039         7,690         10,574         109.8  

EBITDA

(MARS)

     18,053         29,394         62.8
  2.59         3.60         4.89         88.2  

Earnings per share ARS

(MARS)

     9.92         14.44         45.6
  2,364         4,573         7,539         218.9  

Comprehensive Income

(MARS)

     8,143         17,666         116.9
  6,812         8,028         11,028         61.9  

Capital Expenditures (***)

(MARS)

     16,485         29,848         81.1

Data presented in accordance with International Financial Reporting Standards (“IFRS”). Includes consolidated companies.

EBITDA = Net Income + net interest + income tax + deferred income tax + amortization

(*) Jan-Dec 2013 recurring results are presented as part of cumulated results, except for the impact of provisions relating to claims arising from arbitration proceedings concerning AES Uruguaiana Emprendimientos S.A. (AESU) and Transportadora de Gas del Mercosur S.A. (TGM).
(**) Attributable to controlling shareholder.
(***) Purchase of Metrogas fixed assets (ARS 3,137 million) and YPF Energía Eléctrica (ARS 1,878 million) not included.

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF THE FULL YEAR 2013 AND FOURTH QUARTER 2013

 

   

Ordinary revenues for 2013 were ARS 90,113 million, a 34.1% increase compared to 2012, primarily as a result of increased sales of gasoline, diesel and natural gas in the domestic market. Revenues for fourth quarter 2013 were ARS 25,294 million, a 34.1% increase compared to fourth quarter 2012.

 

   

In 2013, recurring operating income was ARS 12,015 million, a 52% increase compared to 2012, primarily as a result of substantially higher operating income from both our Upstream (an increase of 25.3%) and Downstream (an increase of 64.1%) business segments. Operating income for fourth quarter 2013 was ARS 3,820 million, a 106.9% increase compared to fourth quarter 2012.

 

   

Recurring EBITDA for 2013 was ARS 29,394 million, a 62.8% increase compared to 2012. EBITDA for fourth quarter 2013 was ARS 10,574 million, a 109.8% increase compared to fourth quarter 2012.

 

   

Recurring net income for 2013 was ARS 5,681 million, a 45.6% increase compared to 2012. Net income for fourth quarter 2013 was ARS 1,918 million, an 88.2% increase compared to fourth quarter 2012.

 

   

Operating cash flow for 2013 was ARS 20,964, a 21% increase compared to ARS 17,301 million for 2012.

 

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Capex for 2013 was ARS 29,848 million, a 81.1% increase compared to 2012. Capex for fourth quarter 2013 was ARS 11,028 million, a 61.9% increase compared to ARS 6,812 million for fourth quarter 2012. Our largest investments were related to increase development activity in our Upstream business segment, both with respect to production from conventional and unconventional hydrocarbon resources, and also progress in projects in our Downstream business segment.

 

   

Hydrocarbon proved reserves additions in 2013 were 284 Mboe1, consisting of 140 Mbbl of liquids and 144 Mboe of natural gas. Proved reserves increased by 10.6% in 2013, from 979 Mboe to 1,083 Mboe. In 2013, our reserve replacement ratio was 158%.

 

   

Total hydrocarbon production for 2013 was 493.4 Kboed, a 1.7% increase compared to 2012. This increase in production indicates a continued reversal of the downward trend in production recorded in previous years. Crude oil production for 2013 was 232.3 Kbbld, a 2.2% increase compared to 2012, and natural gas production for 2013 was 33.9 Mm3d, a 1.5% increase compared to 2012. Total hydrocarbon production for fourth quarter 2013 increased by 7.5% compared to fourth quarter 2012; crude oil production for fourth quarter 2013 was 239.3 Kbbld, a 6.3% increase compared to fourth quarter 2012, and natural gas production for fourth quarter 2013 was 35.5 Mm3d, a 10.2% increase compared to fourth quarter 2012.

 

   

During 2013, we drilled over 100 wells targeting unconventional formations. In fourth quarter 2013, average production from unconventional formations net to YPF was 15.1 Kboed (as from December 2013, only 50% of net production from the Loma Campana field is allocated to YPF). In the Loma Campana field, over 30 wells have been drilled, and 19 drilling and 8 workover rigs are currently in operation.

 

   

The average utilization rate of our refineries during 2013 was 87%, a 3.5% decrease compared to 2012. This decrease was primarily the result of the unprecedented storm that affected the La Plata refinery during second quarter 2013, which crippled refinery processing levels for that period. The average utilization rate of our refineries for fourth quarter 2013 was 90%, a 2% decrease compared to fourth quarter 2012.

 

   

In 2013, we issued bonds in the local capital markets for a total principal amount equivalent to approximately ARS 7.6 billion and USD 650 million in the international capital markets. As a result of these issuances, the average debt maturity of the Company was extended to three and a half years (as of December 31, 2013). As of December 31, 2013, 41% of our outstanding debt was denominated in Argentine pesos, and the rest was denominated in US dollars.

 

1  Approximately 6.5 Mboe were transferred to affiliates that we consolidate in our financial statements as a result of YPF Energía Eléctrica’s working interest in the Ramos field. This working interest was previously owned by Pluspetrol Energy, and is thus included under Equity-accounted Entities Reserves in our consolidated financial statements.

 

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2. ANALYSIS OF OPERATING RESULTS

2.1 UPSTREAM

 

Q4
2012

     Q3
2013
     Q4
2013
     Var.%
2013/2012
   

(Unaudited Figures)

   Jan-Dec
2012
     Jan-Dec (*)
2013
     Var.%
2013/2012
 
  1,222         2,135         1,729         41.5  

Operating income

(MARS)

     5,730         7,179         25.3
  8,235         10,963         12,673         53.9  

Revenues

(MARS)

     31,314         42,697         36.3
  225.2         235.1         239.3         6.3  

Crude oil production (**)

(Kbbld)

     227.4         232.3         2.2
  53.2         37.7         54.7         2.8  

NGLproduction (**)

(Kbbld)

     47.6         48.2         1.3
  32.2         35.6         35.5         10.2  

Gas production (**)

(Mm3d)

     33.4         33.9         1.5
  480.9         496.5         517.0         7.5  

Total production (**)

(Kboed)

     485.0         493.4         1.7
  118         279         304         157.6  

Exploration costs

(MARS)

     582         829         42.4
  5,085         6,642         8,682         70.7  

Capital Expenditures

(MARS)

     12,111         24,492         102.2
  1,794         2,675         2,902         61.7  

Depreciation

(MARS)

International Prices

     6,878         9,591         39.4
  110.1         110.3         109.2         -0.8  

Brent (***)

(USD/bbl)

     111.7         108.6         -2.8
  3.5         3.6         3.6         1.6  

Gas Henry Hub (***)

(USD/Mmbtu)

Realization Prices

     2.8         3.7         32.1
  69.3         70.8         74.7         7.8  

Crude oil prices in domestic market

Period average (USD/bbl)

     70.0         71.4         2.0
  2.82         3.91         4.16         47.5  

Average gas price (****)

(USD/Mmbtu)

     2.22         3.94         77.5

Data presented in accordance with IFRS. Includes consolidated companies.

(*) Jan-Dec 2013 recurring results are presented as part of cumulated results, except for the impact of provisions relating to claims arising from arbitration proceedings concerning AES Uruguaiana Emprendimientos S.A. (AESU) and Transportadora de Gas del Mercosur S.A. (TGM).
(**) Production includes, as from August 1, 2013, a 27% stake in the Ramos Joint Venture for exploration and production of hydrocarbons, currently held by YPF Energía Eléctrica.
(***) Source: Reuters

Upstream operating income for fourth quarter 2013 was ARS 1,729 million, a 41.5% increase compared to fourth quarter 2012.

Sales revenues for fourth quarter 2013 increased by 53.9% compared to fourth quarter 2012, primarily as a result of increased crude oil and natural gas sales. Crude oil sales revenues for fourth quarter 2013 increased by ARS 3,219 million, or 52.4%, compared to fourth quarter 2012, primarily as a result of a 36.1%

 

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LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

increase in the price per barrel in Argentine peso terms and a 6.3% increase in production. Natural gas sales revenues for fourth quarter 2013 increased by 92.5% compared to fourth quarter 2012, primarily as a result of a 10.2% increase in production and a 47.5% increase in the average sale price. The Incentive Scheme for Additional Injection of Natural Gas positively impacted sales revenues in the amount of ARS 983 million for fourth quarter 2013.

The dollar-denominated price for crude oil in the local market for fourth quarter 2013 was 74.7 USD/bbl, a 7.8% increase compared to fourth quarter 2012, primarily as a result of increased demand for “medanito” light crude oil in the local market. The dollar-denominated average sale price of natural gas for fourth quarter 2013 was 4.16 USD/Mmbtu.

Hydrocarbon production for fourth quarter 2013 was 517 Kbped, a 7.5% increase compared to fourth quarter 2012, reflecting the impact of our increased investment in production over the last 21 months. Crude oil production for fourth quarter 2013 was an average of 239.3 Kbbld, natural gas production was an average of 35.5 Mm3d and LNG production was an average of 54.7 Kbbld. Compared to third quarter 2013, crude oil production for fourth quarter 2013 increased by 4.2 Kbbld, or 1.8%, while natural gas production was substantially the same.

Costs for fourth quarter 2013 increased by ARS 3,931 million, or 56%, compared to fourth quarter 2012, primarily as a result of increased amounts and higher charges in Argentine peso terms for contracted services by ARS 765 million. Amortization for fourth quarter 2013 increased by ARS 1,108 million compared to fourth quarter 2012, primarily as a result of increased investment activity and increased value of peso-denominated assets, a ARS 496 million increase crude oil royalties for fourth quarter 2013 compared to fourth quarter 2012 due higher Argentine peso-denominated price at the wellhead, and increased taxes and contributions resulting from a ARS 370 million adjustment attributable to the full year 2013 and a ARS 186 million increase in exploration expenses due to the permanent abandonment of three test wells.

Operating income for fourth quarter 2013 from Upstream related companies, including mainly YPF Holdings, YPF International, YPF Energía Eléctrica (including solely Ramos oil field) and YPF Servicios Petroleros, was ARS 41 million compared to ARS-32 million for fourth quarter 2012.

ANNUAL RESULTS

Upstream recurring operating income for 2013 was ARS 7,179 million, a 25.3% increase compared to 2012. This increase was primarily the result of a price adjustment for crude oil, its equivalent of which in pesos was positively impacted by increased movements in the exchange rate during the year and an increased sale price for natural gas, together with increased production throughout the year. Costs grew primarily as a result of increased amounts and higher charges in Argentine peso terms for contracted services, higher amortization, as a result of increased investment activity and increased value of peso-denominated assets, and higher increase in royalties paid due higher Argentine peso-denominated price at the wellhead and increased production.

Hydrocarbon production for 2013, which amounted to 493.4 Kbped, a 1.7% increase compared to 2012, indicates a continued reversal of the downward trend in production recorded in previous years. Crude oil production for 2013 increased by 2.2%, and gas production for 2013 increased by 1.5%, in each case compared to 2012. As for production from fields where YPF is the operator and accounting for a 100% participation (Secretaría de Energía criteria), crude oil and natural gas production increased by 3.4% and 2.2%, respectively, in 2013 compared to 2012.

 

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CAPEX

Investments in Upstream for fourth quarter 2013 were ARS 8,682 million, a 70.7% increase compared to fourth quarter 2012.

As for development activities, our most significant investments were made in the Neuquina basin, especially in Loma La Lata, in unconventional tight gas development in Lajas, in conventional resources in the Aguada Toledo—Sierra Barrosa area, and in the Chihuido Sierra Negra and Catriel areas. In the Golfo San Jorge basin, investments have continued in the Manantiales Behr and El Trébol areas in order to increase the recovery factor from such areas. Also, we highlight development activities in the province of Santa Cruz, primarily in Los Perales, Cañadón Seco, Cañadón Yatel, and Cañadón de la Escondida, as well as the progress achieved in the Mendoza Norte blocks in the province of Mendoza. Additionally, development activities have started in Chachahuen area in the province of Mendoza.

In relation to development activity in unconventional areas, during fourth quarter 2013, over 30 wells have been drilled, and 19 drilling and 8 workover rigs are currently in operation. Average production net to YPF totaled 15.1 Kbped for fourth quarter 2013, including 9.5 Kbbld of crude oil, 3 Kbbld of LNG and 0.41 Mm3d of natural gas (as from December 2013, only 50% of net production from the Loma Campana field is allocated to YPF). In December 2013, gross production was 18.9 Kboed.

As regards exploration activities in the Neuquina basin during fourth quarter 2013, investments have been made mainly in the areas of Pampa de Las Yeguas I, Pampa de Las Yeguas II, San Roque, El Manzano, Puesto Cortadera, Aguada Pichana, Loma de La Mina, Chachahuen, Cerro Hamaca and Altiplanicie del Payún; in addition, noteworthy investments were made in the Barranca Yankowsky, Restinga Alí, Cerro Piedra- Cerro Guadal Norte y Manantiales Behr areas in the Golfo de San Jorge basin.

Upstream cumulative investment for 2013 was ARS 24,492 million, a 102.2% increase compared to 2012.

Reserves

Total hydrocarbon proved reserve additions in 2013 were 284 Mboe2, consisting of 140 Mbbl of liquids and 144 Mboe of natural gas. Proved reserves increased by 10.6% in 2013, from 979 Mboe to 1,083 Mboe.

Consequently, our reserve replacement ratio topped 158%, its highest level since the year 2000. Same indicator for natural gas was 185% and for liquids was 137%.

We highlight the reserves additions in Loma La Lata—Aguada Toledo Sierra Barrosa for developing Tight Gas in the Lajas Formation, those related to the extension of concessions in the province of Chubut, in Loma Campana and Loma La Lata Norte associated with the development of Shale Oil of the Vaca Muerta Formation, additions by improvements in production in Magallanes, and in the basins of Golfo San Jorge and Neuquina due to new projects and results in secondary recovery production.

 

2  Approximately 6.5 Mboe were transferred to affiliates that we consolidate in our financial statements as a result of YPF Energía Eléctrica’s working interest in the Ramos field. This working interest was previously owned by Pluspetrol Energy, and is thus included under Equity-accounted Entities Reserves in our consolidated financial statements.

 

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2.2 DOWNSTREAM

 

Q4
2012
    Q3
2013
    Q4
2013
    Var.%
2013/2012
   

(Unaudited Figures)

   Jan-Dec
2012
    Jan-Dec
2013
    Var.%
2013/2012
 
  1,197        1,534        2,767        131.2   Operating income
(MARS)
     4,095        6,721        64.1
  18,205        23,163        24,623        35.3   Revenues
(MARS)
     66,116        86,771        31.2
  4,037        4,188        4,094        1.4   Sales of refined products in domestic market
(Km3)
     15,745        15,988        1.5
  450        355        432        -4.0   Exportation of refined products
(Km3)
     1,572        1,502        -4.5
  199        208        198        -0.5   Sales of petrochemical products in domestic market (*)
(Ktn)
     810        779        -3.9
  126        76        49        -61.1   Exportation of petrochemical products
(Ktn)
     334        281        -15.9
  293        292        287        -2.0   Crude oil processed
(Kboed)
     288        278        -3.5
  92     91     90     -2.0   Refinery utilization
(%)
     90     87     -3.5
  1,725        1,276        2,106        22.1   Capital Expenditures (**)
(MARS)
     4,232        4,903        15.9
  305        368        485        58.9   Depreciation
(MARS)
     1,065        1,452        36.4
  662        713        704        6.3   Average domestic market gasoline price
(USD/m3)
     660        712        7.8
  750        797        774        3.3   Average domestic market diesel price
(USD/m3)
     751        783        4.2

Data presented in accordance with IFRS. Includes consolidated companies.

(*) Fertilizer sales not included
(**) Purchase of Metrogas fixed assets (ARS 3,137 million) and YPF Energía Eléctrica (ARS 1,878 million) not included.

Operating income in Downstream for fourth quarter 2013 was ARS 2,767 million, a 131.2% increase compared to fourth quarter 2012.

Net sales for fourth quarter 2013 increased by 35.3% compared to fourth quarter 2012, primarily as a result of a 34.7% and 30.6% increase in the average price in terms of Argentine pesos for gasoline and diesel, respectively, resulting in increased income of ARS 1,236 million for gasoline and ARS 2,189 million for diesel. In addition, a ARS 345 million, or 7.1%, increase for fourth quarter 2013 compared to fourth quarter 2012 in the volume of gasoline marketed offset a 1.2% decrease in the volume of diesel sold, the latter having no impact on billing due to the product mix sold. Additionally, net sales were positively impacted by a ARS 349 million increase in exports of flour and seed oil, amounting to ARS 500 million for fourth quarter 2013, and an ARS 453 million increase in local and international fuel oil sales, amounting to ARS 1,296 million for fourth quarter 2013. Sales of petrochemical products for fourth quarter 2013 increased by ARS 310 million compared to fourth quarter 2012, primarily as a result of by higher prices of products marketed.

 

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In fourth quarter 2013, a receivable advance payment corresponding to insurance covering the incident at the La Plata refinery was booked under “Other income (expenses), net”. The total amount booked was ARS 1,956 million, approximately ARS 1,406 million for material damage affecting the refinery and ARS 550 million for payment on account of loss of income. YPF’s claim for such payment was accepted by the insurance company in December 2013. Coverage associated with the loss of income covers a period of compensation which will run until January 16, 2015.

Costs, net of “Other income (expenses), net”, for fourth quarter 2013 increased by 40.2% compared to fourth quarter 2012. This increase is primarily the result of an ARS 826 million increase in the amount of crude oil purchased from other producers, an ARS 3,266 million increase in the amount of crude oil transferred from Upstream, an ARS 763 million increase in the amount of imports of diesel (mainly Eurodiesel) with higher volumes and at a higher Argentine peso-denominated price, an ARS 291 million increase in the price and volumes of biofuels purchased, and an ARS 181 million increase in amortization. Additionally, repair and maintenance services cost increased. During fourth quarter 2013 an exceptional environmental provision of ARS 287 million was registered.

Processing levels at our refineries decreased by 2% decrease in fourth quarter 2013 compared to fourth quarter 2012, which reflects an almost full recovery from the incident affecting our La Plata refinery in second quarter 2013. The level of crude oil processed in fourth quarter 2013 was 287 Kbbld. The annual average of crude oil processed was 278 Kbbld, 3.5% lower compared to 2012.

Operating income of Downstream controlled companies for fourth quarter 2013, including mainly OPESSA, ELERAN, YPF Inversora Energética, YPF Brazil, YPF Chile and YPF Energía Eléctrica was ARS -19 million, compared to ARS 47 million for fourth quarter 2012.

Annual results

Cumulated operating income for 2013 was ARS 6,721 million, a 64.1% increase compared to 2012. A 31.2% increase in sales was partially offset by a 29.1% increase in costs, mainly due to the higher price of crude oil in Argentine Peso terms and higher imports of diesel. It is worth mentioning that local demand for gasoline and diesel grew by 10% and 1%, respectively, in terms of volume sold. In turn, the average price of gasoline and diesel for 2013 increased by 29.8% and 25.4%, respectively, compared to 2012.

CAPEX

Investment in our Downstream business segment for fourth quarter 2013 was ARS 2,106 million, a 22.1% increase compared to fourth quarter 2012. We focused during fourth quarter 2012 on several long-term projects intended to increase gasoline and diesel production capacity, as well as the quality of such products, including: the implementation of a coke unit at the La Plata refinery, works at industrial complexes to improve our logistics, storage and dispatching facilities and projects with focus on improving safety and the environment.

Cumulative capital expenditures in Downstream for 2013 were ARS 4,903 million, a 15.9% increase compared to 2012.

 

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2.3 CORPORATE

This business segment involves mainly corporate costs and other activities that are not reported in any of the previously mentioned business segments.

Net costs for fourth quarter 2013 were ARS 676 million, an ARS 103 million increase compared to fourth quarter 2012. Results from this segment were positively impacted by improved results for fourth quarter 2013 posted by our controlled company A-Evangelista S.A. and YPF Tecnología, decreased losses from YPF Holdings and the impact of certain corporate cost reallocations among business units.

2.4 RELATED COMPANIES

Fourth quarter 2013 results from related companies was ARS 276 million, an increase of ARS 260 million compared to fourth quarter 2012, primarily as a result of positive results from Profertil, Mega and Refinor. Results from related companies for 2013 were ARS 353 million, an ARS 239  million increase compared to 2012.

3. LIQUIDITY AND SOURCES OF CAPITAL

During fourth quarter 2013, cash flow generation was ARS 4,585 million, a 155 million, or 3.3%, decrease compared to fourth quarter 2012. Compared to September 30, 2013, cash and cash equivalents increased by ARS 3,810 million to reach ARS 10,713 million as of December 31, 2013. Thus, gross financial debt of the Company increased by ARS 5,814 million. Net debt increased by ARS 2,004 million to reach ARS 21,177 million as of December 31, 2013. The average cost of Argentine peso-denominated debt for fourth quarter 2013 was 21.53%, while the average cost of dollar-denominated debt was 6.05% for fourth quarter 2013.

YPF Notes issued during Q4 2013 and afterwards are detailed below:

 

ON

   Amount    Interest Rate   Maturity

Series XXIV (Q4 2013)

   150 MUSD    LIBOR + 7.5%   58 month

Series XXV (Q4 2013)

   300 MARS    BADLAR + 3.24%   18 month

Series XXVI (Q4 2013)

   500 MUSD    8.875%   60 month

Series XXVII (Q4 2013)

   150 MARS    19% + margin   12 month

Series XXIX (Q1 2014)

   500 MARS    BADLAR + 0%   72 month

Series XXX (Q1 2014)

   379 MARS    BADLAR + 3.50%   21 month

 

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4. TABLES AND NOTES

Results Fourth Quarter 2013

 

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4.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures in millions of Argentine pesos)

 

Q4
2012
     Q3
2013
    Q4
2013
    Var.%
2013/2012
         Jan-Dec
2012
    Jan-Dec
2013
    Var.%
2013/2012
 
  18,862         24,244        25,294        34.1   Revenues      67,174        90,113        34.1
  (14,138)         (17,875     (20,185     42.8   Costs of sales      (50,267     (68,571     36.4

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  4,724         6,369        5,109        8.2   Gross profit      16,907        21,542        27.4

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  (1,640)         (1,986     (2,016     22.9   Selling expenses      (5,662     (7,571     33.7
  (702)         (654     (797     13.5   Administration expenses      (2,232     (2,686     20.4
  (118)         (279     (304     157.6   Exploration expenses      (582     (829     42.4
  (418)         (6     1,828        -537.3   Other expenses      (528     704        -233.3

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  1,846         3,444        3,820        106.9   Operating income      7,903        11,160        41.2

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  16         (56     276        1625.0   Income on investments in companies      114        353        209.6
  609         540        1,869        206.9   Financial income (expenses), net      548        2,835        417.3
  (474)         (1,038     197        -141.6   Income tax      (2,720     (2,844     4.6
  (978)         (1,473     (4,284     338.0   Deferred income tax      (1,943     (6,425     230.7

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  —           3        (40     Net income for noncontrolling interest      —          (46  

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  1,019         1,414        1,918        88.2   Net income for the period (**)      3,902        5,125        31.3

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  2.59         3.60        4.89        88.2   Earnings per share, basic and diluted      9.92        13.05        31.3

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  1,345         3,156        5,661        320.9   Other comprehensive Income      4,241        12,031        183.7

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  2,364         4,573        7,539        218.9   Total comprehensive income for the period      8,143        17,110        110.1

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 
  5,039         7,690        10,574        109.8   EBITDA      18,053        28,539        58.1

 

 

    

 

 

   

 

 

   

 

 

      

 

 

   

 

 

   

 

 

 

Note: Information presented in accordance with IFRS.

(*) EBITDA = Net Income+ net interest + income tax + deferred income tax + amortization
(**) Attributable to controlling shareholder.

 

12


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LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

4.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures in millions of Argentine pesos)

 

     12/31/2012      12/31/2013  

Noncurrent Assets

     

Intangible assets

     1,492         2,446   

Fixed assets

     56,971         93,496   

Investments in companies

     1,914         2,124   

Deferred income tax assets

     48         34   

Other receivables and advances

     1,161         2,927   

Trade receivables

     15         54   
  

 

 

    

 

 

 

Total Non-current assets

     61,601         101,081   
  

 

 

    

 

 

 

Current Assets

     

Inventories

     6,922         9,881   

Other receivables and advances

     2,635         6,506   

Trade receivables

     4,044         7,414   

Cash and equivalents

     4,747         10,713   
  

 

 

    

 

 

 

Total current assets

     18,348         34,514   
  

 

 

    

 

 

 

Total assets

     79,949         135,595   
  

 

 

    

 

 

 

Shareholders’ Equity

     

Shareholders’ contributions

     10,674         10,600   

Reserves and unnapropiated retained earnings

     20,586         37,416   

Noncontrolling interest

     —           224   
  

 

 

    

 

 

 

Total Shareholders’ Equity

     31,260         48,240   
  

 

 

    

 

 

 

Noncurrent Liabilities

     

Provisions

     10,663         19,172   

Deferred income tax liabilities

     4,685         11,459   

Other taxes payable

     101         362   

Salaries and social security

     48         8   

Loans

     12,100         23,076   

Accounts payable

     162         470   
  

 

 

    

 

 

 

Total Noncurrent Liabilities

     27,759         54,547   
  

 

 

    

 

 

 

Current Liabilities

     

Provisions

     820         1,396   

Income tax liability

     541         122   

Other taxes payable

     920         1,045   

Salaries and social security

     789         1,119   

Loans

     5,004         8,814   

Accounts payable

     12,856         20,312   
  

 

 

    

 

 

 

Total Current Liabilities

     20,930         32,808   
  

 

 

    

 

 

 

Total Liabilities

     48,689         87,355   
  

 

 

    

 

 

 

Total Liabilities and Shareholders’ Equity

     79,949         135,595   
  

 

 

    

 

 

 

Note: Information presented in accordance with IFRS.

 

13


Table of Contents
LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

4.3 CONSOLIDATED STATEMENT OF CASH FLOWS

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures in millions of Argentine pesos)

 

Q4
2012
     Q3
2013
    Q4
2013
         Jan-Dec
2012
    Jan-Dec
2013
 
       Cash Flows from operating activities     
  1,019         1,417        1,878      Net income      3,902        5,079   
  (16)         56        (276   Income from investments in companies      (114     (353
  2,168         3,088        3,447      Depreciation of fixed assets      8,129        11,236   
  50         49        55      Amortization of intangible assets      152        197   
  324         567        678      Consumption of materials and fixed assets and intangible assets retired, net of provisions      1,170        2,336   
  899         554        975      Net increase in provisions      2,208        3,256   
  (1)         —          16      Increase in fixed assets provisions      (1     16   
  (793)         1,868        (5,593   Changes in assets and liabilities      (1,149     (7,062
  253         15        144      Dividends from investments in companies      388        280   
  837         1,742        3,261      Net charge of income tax payment      2,616        5,979   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  4,740         9,356        4,585     

Net cash flows provided by operating activities

     17,301        20,964   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
       Cash flows used in investing activities     
       Payments for investments:     
  (5,024)         (7,466     (9,436   Acquisitions of fixed assets and Intangible assets      (16,403     (27,639
  —           (11     (9   Capital contributions in non-current investments        (20
  —           —          —        Acquisition of non-current investments        (36
  —           —          5,351      Revenues from sales of fixed assets and intangible assets        5,351   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  (5,024)         (7,477     (4,094  

Net cash flows used in investing activities

     (16,403     (22,344

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
       Cash flows (used in) provided by financing activities     
  (5,876)         (1,311     (1,912   Payment of loans      (28,253     (6,804
  (336)         (732     (887   Payment of interests      (920     (2,720
  10,538         2,219        5,983      Proceeds from loans      32,130        16,829   
  (303)         (326     —        Payments of dividends      (303     (326

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  4,023         (150     3,184     

Net cash flows (used in) provided by financing activities

     2,654        6,979   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  30         34        135      Effect of changes in exchange rates on cash and equivalents      83        224   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  3,769         1,763        3,810      Increase (Decrease) in Cash and Equivalents      3,635        5,823   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  978         5,140        6,903      Cash and equivalents at the beginning of year      1,112        4,747   
     —          —        Cash at the beginning of year incorporation of Gasa      —          143   
  4,747         6,903        10,713      Cash and equivalents at the end of year      4,747        10,713   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  3,769         1,763        3,810      Increase (Decrease) in Cash and Equivalents      3,635        5,823   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
      

COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD

    
  950         883        4,533     

Cash

     950        4,533   
  3,797         6,020        6,180     

Other Financial Assets

     3,797        6,180   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 
  4,747         6,903        10,713      TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD      4,747        10,713   

 

 

    

 

 

   

 

 

      

 

 

   

 

 

 

Note: Information presented in accordance with International Financial Reporting Standards (IFRS).

 

14


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LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

4.4 MAIN PHYSICAL MAGNITUDES (unaudited figures)

 

     Unit      Q1      Q2(*)      2012
Q3(*)
     Q4      Cum.
2012
     Q1      Q2      2013
Q3
     Q4      Cum.
2013
 

Upstream

                                

Crude oil production

     Kbbl         20,738         20,683         21,095         20,715         83,231         20,365         20,770         21,625         22,019         84,780   

NGL production

     Kbbl         4,975         3,818         3,722         4,892         17,407         4,918         4,162         3,471         5,033         17,584   

Gas production

     Mm3         2,964         3,101         3,194         2,962         12,221         2,824         3,001         3,272         3,262         12,359   

Total production

     Kbpe         44,352         44,005         44,903         44,239         177,499         43,045         43,806         45,675         47,568         180,094   

Downstream

                                

Sales of petroleum products

                                

Domestic market

                                

Gasoline

     Km3         1,029         925         1,053         1,126         4,133         1,159         1,060         1,121         1,206         4,545   

Diesel

     Km3         1,910         1,971         2,075         2,073         8,029         1,946         2,057         2,048         2,047         8,098   

Jet fuel and kerosene

     Km3         109         107         112         116         444         108         111         112         118         449   

Fuel Oil

     Km3         8         229         332         193         762         129         100         293         239         760   

LPG

     Km3         196         266         252         158         872         168         220         265         144         796   

Others**

     Km3         369         374         391         371         1,505         379         270         350         340         1,338   

Total domestic market

     Km3         3,621         3,872         4,215         4,037         15,745         3,889         3,819         4,188         4,094         15,988   

Export market

                                

Petrochemical naphta

     Km3         37         109         7         32         185         0         0         0         0         0   

Jet fuel and kerosene

     Km3         139         125         130         131         525         131         121         127         126         505   

LPG

     Km3         8         17         28         117         170         123         36         30         104         293   

Bunker (Diesel and Fuel Oil)

     Km3         175         142         160         162         639         186         98         189         191         664   

Others**

     Km3         14         12         19         8         53         10         10         9         11         39   

Total export market

     Km3         373         405         344         450         1,572         450         265         355         432         1,502   

Total sales of petroleum products

     Km3         3,994         4,277         4,559         4,487         17,317         4,339         4,084         4,542         4,526         17,490   

Sales of petrochemical products

                                

Domestic market

                                

Fertilizers

     Ktn         18         56         61         70         205         24         27         68         105         224   

Methanol

     Ktn         80         77         63         48         268         49         57         64         66         236   

Others

     Ktn         143         122         126         151         542         130         138         143         132         543   

Total domestic market

     Ktn         241         255         250         269         1,015         203         222         276         303         1,003   

Export market

                                

Methanol

     Ktn         0         0         0         41         41         8         22         1         10         41   

Others

     Ktn         77         53         78         85         293         62         64         75         39         240   

Total export market

     Ktn         77         53         78         126         334         70         86         76         49         281   

Total sales of petrochemical products

     Ktn         318         308         328         395         1,349         273         308         352         352         1,284   

Sales of other products

                                

Grain, flours and oils

                                

Domestic market

     Ktn         157         260         165         89         671         39         30         24         31         124   

Export market

     Ktn         1         3         41         60         105         87         239         284         159         769   

Total Grain, flours and oils

     Ktn         158         263         206         149         776         126         269         308         190         893   

 

* Production from Q2 2012 and Q3 2012 has been restated with the results of the annual reserves calculation.
** Includes mainly sales of oil and base lubricants, greases, asphalts, coke coal and others.

 

15


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LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

4.5 ADDITIONAL INFORMATION ON OIL AND GAS RESERVES

(Argentine Securities Commission General Resolution No. 541)

 

     Crude oil, condensate and natural gas liquids
(million barrels)
 
     2013  
     Argentina     United States     Worldwide  

Proved developed and undeveloped reserves

      

Beginning of year

     589        1        590   

Revisions of previous estimates

     105        —          105   

Extensions, discoveries and improved recovery

     40        —          40   

Purchases and sales (3)

     (5     —          (5

Production for the year (2)

     (102     (*     (102
  

 

 

   

 

 

   

 

 

 

End of year(2)

     627 (1)      1        628   
  

 

 

   

 

 

   

 

 

 
     2013  
     Argentina     United States     Worldwide  

Proved developed reserves

      

Beginning of year

     453        *        453   
  

 

 

   

 

 

   

 

 

 

End of year

     476        1        477   
  

 

 

   

 

 

   

 

 

 

Proved undeveloped reserves

      

Beginning of year

     136        *        137   
  

 

 

   

 

 

   

 

 

 

End of year

     151        —          151   
  

 

 

   

 

 

   

 

 

 

Company’s share in equity method investees’ proved developed and undeveloped reserves (at the end of the year)

     —          —          —     

 

(1) Includes 76 natural gas liquids as of December 31, 2013.
(2) Proved reserves of crude oil, condensate and natural gas liquids include an estimated approximately 93 as of December 31, 2013, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Crude oil, condensate and natural gas liquids production includes an estimated approximately 15 for the year 2013 in respect of such types of payments.
(3) Includes a volume of 1 corresponding to the transfer of the participation of YPF SA in Pluspetrol Energy (Reserve Area Ramos) to the company YPF Energía Eléctrica, a subsidiary of YPF S.A.
* Less than 1 (one).
** Insignificant differences could exist due to values rounding.

 

16


Table of Contents
LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

      Natural gas (billion of cubic feet)  
     2013  
     Argentina     United States     Worldwide  

Proved developed and undeveloped reserves

      

Beginning of year

     2,183        3        2,186   

Revisions of previous estimates

     563        1        564   

Extensions, discoveries and improved recovery

     181        —          181   

Purchases and sales (2)

     63        —          63   

Production for the year(1)

     (436     (1     (437
  

 

 

   

 

 

   

 

 

 

End of year (1)

     2,555        3        2,186   
  

 

 

   

 

 

   

 

 

 
      2013  
     Argentina     United States     Worldwide  

Proved developed reserves

      

Beginning of year

     1,807        3        1,810   
  

 

 

   

 

 

   

 

 

 

End of year

     1,935        3        1,938   
  

 

 

   

 

 

   

 

 

 

Proved undeveloped reserves

      

Beginning of year

     376        —          376   
  

 

 

   

 

 

   

 

 

 

End of year

     620        —          620   
  

 

 

   

 

 

   

 

 

 

Company’s share in equity method investees’ proved developed and undeveloped reserves (at the end of the year)

     —          —          —     

 

(1) Proved reserves of natural gas include an estimated approximately 285 as of December 31, 2013, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Natural gas production includes an estimated approximately 47 for the year 2013 in respect of such types of payments.
(2) Includes a volume of 31 corresponding to the transfer of the participation of YPF SA in Pluspetrol Energy (Reserve Area Ramos) to the company YPF Energía Eléctrica, a subsidiary of YPF S.A.
* Insignificant differences could exist due to values rounding.

 

17


Table of Contents
LOGO    Consolidated Results Full Year 2013 & Q4 2013

 

 

This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF’s control or may be difficult to predict.

YPF’s actual future financial condition, financial ratios, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2012 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise. The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Investors Relations

E-mail: inversoresypf@ypf.com

Website: www.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 1215

Fax: 54 11 5441 2113

 

18


Table of Contents

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.

 

    YPF Sociedad Anónima
Date: March 7, 2014     By:   /s/ Alejandro Cherñacov
    Name:   Alejandro Cherñacov
    Title:   Market Relations Officer