Edgar Filing: YPF SOCIEDAD ANONIMA

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Form 6-K

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 August, 2016

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

YPF Sociedád Anonima

TABLE OF CONTENTS

ITEM

1 Translation of Consolidated Results Q2 2016.

LOGO

YPF S.A.

Consolidated Results

Q2 2016


		Consolidated Results Q2 2016

CONTENT


1.	MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q2 2016	3

2.	ANALYSIS OF RESULTS FOR Q2 2016	4

3.	ANALYSIS OF OPERATING RESULTS BY BUSINESS SEGMENT FOR Q2 2016	6

	3.1 UPSTREAM	6

	3.2 DOWNSTREAM	9

	3.3 CORPORATE AND OTHERS	11

	3.4 RELATED COMPANIES	11

4.	LIQUIDITY AND SOURCES OF CAPITAL	11

5.	TABLES AND NOTES	13

Q2 2016 Results		13

	5.1 CONSOLIDATED STATEMENT OF INCOME YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES	14

	5.2 CONSOLIDATED BALANCE SHEET YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES	15

	5.3 CONSOLIDATED STATEMENT OF CASH FLOW YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES	16

	5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION	17

	5.5 MAIN FINANCIAL MAGNITUDES IN U.S. DOLLARS	18

	5.6 MAIN PHYSICAL MAGNITUDES	19


		Consolidated Results Q2 2016

Adjusted EBITDA for Q2 2016 was Ps 17.2 billion, 38.6% higher than Q2 2015.


Q2 2015		Q1 2016		Q2 2016		Var.% Q2 16/ Q2 15				Jan - Jun 2015		Jan - Jun 2016		Var.% 2016 / 2015

	40,003		46,934		52,759		31.9	%	Revenues (Million Ps)		75,134		99,693		32.7	%

	5,578		1,618		5,318		-4.7	%	Operating income (Million Ps)		10,047		6,936		-31.0	%

	2,298		855		-753		-132.8	%	Net income (Million Ps)		4,407		102		-97.7	%

	12,395		12,493		17,181		38.6	%	Adj. EBITDA (Million Ps)		22,604		29,674		31.3	%

	5.86		2.54		-1.89		-132.3	%	Earnings per share (Ps per Share)		11.28		0.65		-94.2	%

	14,758		14,741		14,498		-1.8	%	Capital Expenditures (Million Ps)		27,109		29,239		7.9	%

Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings.

(Amounts are expressed in billions of Argentine pesos, except where indicated)

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q2 2016

•

Revenues for Q2 2016 were Ps 52.8 billion, 31.9% higher than Q2 2015.

•

Operating income for Q2 2016 was Ps 5.3 billion, 4.7% lower than Q2 2015. Adjusted EBITDA for Q2 2016 was Ps 17.2 billion, 38.6% higher than Q2 2015.

•

Net income for Q2 2016 was a loss of Ps 0.8 billion, 132.8% lower than the gain of Ps 2.3 billion recorded for Q2 2015.

•

Hydrocarbon production for Q2 2016 was 574.0 Kboed, 0.3% higher than Q2 2015. Crude oil production for Q2 2016 was 242.9 Kbbld, 2.8% lower than Q2 2015. Natural gas production for Q2 2016 was 44.8 Mm³d, 0.4% lower than Q2 2015. NGL production for Q2 2016 was 49.6 Kbbld, 26.0% higher than Q2 2015.

•

Refinery processing levels in the Downstream business segment for Q2 2016 were 90.2%, 5.3% lower than Q2 2015.

•

Capital expenditures in fixed assets for Q2 2016 were Ps 14.5 billion, 1.8% lower than Q2 2015.


		Consolidated Results Q2 2016

2. ANALYSIS OF RESULTS FOR Q2 2016

Revenues for Q2 2016 were Ps 52.8 billion, 31.9% higher than Q2 2015, due primarily to the following factors:

•

Diesel revenues increased Ps 4.4 billion, due to a 38.5% increase in diesel mix prices against a 6.0% decrease in sales volumes.

•

Gasoline revenues increased Ps 3.0 billion, due to a 42.5% increase in average prices against a 4.4% decrease in sales volumes.

•

Natural gas revenues increased Ps 3.3 billion, due to a 59.0% increase in prices in Argentine peso terms and no significant difference in sales volumes.

•

Fuel oil revenues increased Ps 0.7 billion, due to a 43.9% increase in prices in Argentine pesos against an 8.8% decrease in sales volumes.

•

Exports of flour, oil and grains increased Ps 0.4 billion, due to a 77.0% increase in prices in Argentine pesos against a 26.0% decrease in sales volumes.

•

In Q2 2015, Ps 0.6 billion was accrued due to the Crude Oil Production Stimulus Program.

Cost of sales for Q2 2016 was Ps 42.8 billion, 40.6% higher than Q2 2015. This includes a 49.9% increase in production costs and a 40.3% increase in purchases. This increase was driven by the following factors:

a) Costs of production:

•

Depreciation of fixed assets increased Ps 4.6 billion, an increase of 73.0%, due to increased investments in assets and appreciation in 2016 based on their valuation in U.S. dollars, which is the functional currency of the company.

•

Lifting costs increased Ps 2.0 billion, reflecting a 26.8% increase in the unit indicator in Argentine peso terms.

•

Production costs related to refining increased Ps 0.8 billion, reflecting a 67.0% increase in the unit indicator in Argentine peso terms.

•

Royalty increased Ps 1.0 billion. Of this increase, Ps 0.6 billion was related to an increase in royalties for crude oil production and Ps 0.4 billion was related to an increase in royalties for natural gas production.

•

Transportation costs increased Ps 0.5 billion, mainly due to increases in rates produced during 2016.


		Consolidated Results Q2 2016

b) Purchases:

•

FAME and ethanol biofuel purchases increased Ps 1.4 billion, due to higher prices for FAME and ethanol biofuel, a 5.0% increase in volumes purchased of FAME and a 1.0% increase in volumes purchased of ethanol biofuel.

•

Grain purchases in the agricultural sales segment through the form of barter increased Ps 0.7 billion due to higher prices in Argentine peso terms, which was partially offset by lower volumes purchased.

•

Crude oil purchases from third parties increased Ps 0.4 billion, due to a 32.1% increase in the Argentine peso purchase price against a 14.6% decrease in volumes purchased.

•

Imports of diesel and jet fuel decreased Ps 46 million, due to lower volumes purchased of diesel, which was partially offset by greater volumes purchased of jet fuel and higher prices for both in Argentine peso terms.

Administration expenses for Q2 2016 were Ps 1.8 billion, 35.0% higher than Q2 2015. The increase was principally due to higher personnel expenses and higher IT costs.

Selling expenses for Q2 2016 were Ps 3.7 billion, 28.2% higher than Q2 2015. This was driven primarily by increases in transport expenses, principally due to higher rates paid for domestic transport of fuels and increases in personnel costs, fixed asset depreciation and service contracts.

Exploration expenses for Q2 2016 were Ps 0.7 billion, an increase of 90.7%, compared to Ps 0.4 billion for Q2 2015.

Other operating results, net, for Q2 2016 were a gain of Ps 1.6 billion, compared to a gain of Ps 0.7 billion for Q2 2015. This change included a net gain of Ps 1.5 billion generated by the deconsolidation of Maxus Energy Corporation, Tierra Solutions Inc., Maxus International Energy Company, Maxus (US) Exploration and Gateway Coal Company (collectively, the “Maxus Entities”), and the temporary economic assistance of Ps 0.4 billion received in Q2 2015 by the company’s subsidiary, MetroGAS S.A.

Financial results for Q2 2016 were a loss of Ps 4.7 billion, compared to a loss of Ps 0.9 billion for Q2 2015. This change was driven primarily by lower positive effects of foreign exchange rates on net liabilities in Argentine pesos of Ps 1.2 billion, generated by a lower devaluation of the Argentine peso in Q2 2016 compared to Q2 2015. Interest expenses also increased Ps 2.1 billion, due to increased levels of debt and higher interest rates.

Income tax for Q2 2016 was Ps 1.6 billion, including a re-estimate of the effective tax rate used in Q1 2016 by Ps 0.8 billion. This was due primarily to a decrease in deferred tax expenses of Ps 0.9 billion, which was partially offset by an increase in current income tax of Ps 45 million.

Net income for Q2 2016 was a loss of Ps 0.7 billion, 132.8% lower than Q2 2015.

Capital expenditures in fixed assets for Q2 2016 were Ps 14.5 billion, 1.8% higher than Q2 2015.


		Consolidated Results Q2 2016

3. ANALYSIS OF OPERATING RESULTS BY BUSINESS SEGMENT FOR Q2 2016

3.1 UPSTREAM


Q2 2015		Q1 2016		Q2 2016		Var.% Q2 16/ Q2 15		Jan - Jun 2015		Jan - Jun 2016		Var.% 2016 / 2015

	2,534		4,441		1,716	-32.3%	Operating income (Million Ps)		4,794		6,157		28.4%

	19,557		29,330		27,839	42.3%	Revenues (Million Ps)		38,132		57,169		49.9%

	250.0		249.0		242.9	-2.8%	Crude oil production (Kbbld)		248.5		245.9		-1.1%

	39.3		56.3		49.6	26.0%	NGL production (Kbbld)		49.6		52.9		6.8%

	45.0		44.0		44.8	-0.4%	Gas production (Mm3d)		44.3		44.4		0.3%

	572.1		582.3		574.0	0.3%	Total production (Kboed)		576.5		578.1		0.3%

	387		454		738	90.7%	Exploration costs (Million Ps)		578		1,192		106.2%

	12,409		12,255		11,409	-8.1%	Capital Expenditures (Million Ps)		23,110		23,664		2.4%

	5,633		9,096		9,734	72.8%	Depreciation (Million Ps)		10,421		18,830		80.7%

							Realization Prices

	69.1		61.9		60.7	-12.3%	Crude oil prices in domestic market Period average (USD/bbl)		69.0		61.3		-11.1%

	4.50		4.71		4.74	5.2%	Average gas price (USD/Mmbtu)		4.52		4.73		4.7%

Operating income for the Upstream business segment for Q2 2016 was Ps 1.7 billion, 32.3% lower than Q2 2015.

Revenues were Ps 27.8 billion for Q2 2016, 42.3% higher than Q2 2015, due primarily to the following factors:

•

Crude oil revenues increased Ps 5.4 billion, an increase of 40.8%, due to a 40.5% increase in Argentine peso terms of the transfer price between the Upstream business segment and the Downstream business segment, while volumes transferred between business segments increased by 3.1%.

•

Natural gas revenues increased Ps 3.3 billion, an increase of 59.8%, due to a 59.0% increase in prices in Argentine peso terms and a 0.5% increase in sales volumes.

•

In Q2 2015, Ps 0.6 billion was accrued due to the Crude Oil Production Stimulus Program.

The price obtained in U.S. dollars for crude oil in the local market for Q2 2016 decreased 12.3% to US$60.70/barrel. The price obtained in U.S. dollars for natural gas was US$4.74/Mmbtu, 5.2% higher than Q2 2015.


		Consolidated Results Q2 2016

Hydrocarbon production for Q2 2016 was 574.0 Kboed, 0.3% higher than Q2 2015. Crude oil production for Q2 2016 was 242.9 Kbbld, a 2.8% decrease. Natural gas production for Q2 2016 was 44.8 Mm³d, a 0.4% decrease. NGL production for Q2 2016 was 49.6 Kbbld, a 26.0% increase. Total production in Q2 2016 was affected by labor strikes, and total production levels would have been similar to Q1 2016 if such contingencies had not occurred.

With respect to development activity, 175 wells were put into production in Q2 2016, including the unconventional hydrocarbon production and tight gas wells discussed below, for a total of 358 new wells in 2016.

Unconventional hydrocarbon production for Q2 2016 was 51.6 Kboed, including 27.5 Kbbld of crude oil, 10.6 Kbbld of NGL and 2.1 Mm³d of natural gas, of which YPF consolidates approximately 50%. During Q2 2016, 22 wells were put in production targeting the Vaca Muerta formation, for a total of 503 wells at the end of Q2 2016, including 11 active drilling rigs and 10 workovers.

With respect to tight gas activity: (i) in the Lajas formation, 16 wells were put in production during Q2 2016, and natural gas production was 5.0 Mm³d, (ii) in the Mulichinco formation in the Rincón del Mangrullo area, natural gas production for YPF was 2.0 Mm³d, and 4 wells were put in production, and (iii) in the Estacíon Fernández Oro area, natural gas production was 2.1 Mm³d. During Q2 2016, new compression systems for the Rincón del Mangrullo and Estación Fernández Oro areas commenced operations, which allowed production to increase by 36.8% and 11.7%, respectively, compared to Q1 2016.

Production costs for Q2 2016 were Ps 25.4 billion, 52.7% higher than Q2 2015, mainly due to the following:

•

Depreciation of fixed assets increased Ps 4.1 billion;

•

Lifting costs increased Ps 2.0 billion, reflecting a 26.8% increase in the unit indicator in Argentine peso terms;

•

Royalties increased Ps 1.0 billion. Of this increase, Ps 0.6 billion was related to higher royalties for crude oil production and Ps 0.4 billion was related to higher royalties for natural gas production; and

•

Transportation costs increased Ps 0.2 billion, mainly due to increases in rates produced during 2016.

Exploration costs for Q2 2016 were Ps 0.7 billion, 90.7% higher than Q2 2015. Expenses for geological and geophysical studies relating primarily to seismic survey studies in the provinces of Santa Cruz and Chubut increased Ps 88 million. Losses from unproductive exploratory wells increased Ps 0.2 billion for Q2 2016 compared to Q2 2015.

Unit cash costs in U.S. dollars decreased 17.2% to US$20.60/boe for Q2 2016 from US$24.80/boe for Q2 2015, including taxes of US$5.90/boe and US$7.10/boe, respectively. In turn, the average lifting cost for YPF was US$12.20/boe for Q2 2016, 20.1% lower than US$15.30/boe for Q2 2015.


		Consolidated Results Q2 2016

CAPEX

Capital expenditures for the Upstream business segment for Q2 2016 were Ps 11.4 billion, 8.1% lower than Q2 2015.

Of these capital expenditures, 76% were invested in drilling and workover activities, 18% in facilities, and the remaining 6% in exploration and other activities in the Upstream business segment.

In the Neuquina basin area, activities for Q2 2016 were focused on the development of the Loma Campana, Aguada Toledo–Sierra Barrosa (Lajas), Rincón del Mangrullo, El Orejano, La Amarga Chica, Loma La Lata (Sierras Blancas) Chachahuen and Cañadón Amarillo blocks. Development activities continued at Cuyana basin, mainly in the Barrancas, La Ventana, Vizcacheras, Puesto Molina and Cerro Fortunoso blocks. In the Golfo San Jorge basin, most activity was concentrated in Cañadón de la Escondida, El Guadal, Cañadón Yatel, Barranca Baya and Los Perales areas, in the province of Santa Cruz, and the Manantiales Behr and El Trébol-Escalante areas in the province of Chubut.

Exploration activities for Q2 2016 covered the Neuquina and Golfo San Jorge basins. In the Neuquina basin, exploratory activity targeted both conventional and unconventional resources. Activity targeting conventional formations focused on the Señal Picada–Punta Barda, Bajo del Piche, Cajón de los Caballos and Chachahuen blocks. Unconventional activity focused on the Narambuena block. In the Golfo San Jorge basin, activity focused on the evaluation of deep targets in the west flank of the Los Perales block and in the north flank of the Manantiales Behr block.

During Q2 2016, six exploratory wells were completed.


		Consolidated Results Q2 2016

3.2 DOWNSTREAM


Q2 2015			Q1 2016			Q2 2016			Var.% Q2 16/ Q2 15				Jan - Jun 2015			Jan - Jun 2016			Var.% 2016 / 2015

	3,865			-794			3,432			-11.2	%	Operating income (Million Ps)		5,359			2,638			-50.8	%

	35,721			40,933			47,715			33.6	%	Revenues (Million Ps)		68,028			88,648			30.3	%

	4,399			4,035			4,126			-6.2	%	Sales of refined products in domestic market (Km3)		4,104			8,163			98.9	%

	316			493			275			-13.0	%	Exportation of refined products (Km3)		449			767			70.8	%

	225			188			207			-8.0	%	*Sales of petrochemical products in domestic market ()** (Ktn)		179			395			120.7	%

	86			27			42			-51.2	%	Exportation of petrochemical products (Ktn)		69			69			0.0	%

	305			294			288			-5.3	%	Crude oil processed (Kboed)		302			291			-3.6	%

	95	%		92	%		90	%		-5.3	%	Refinery utilization (%)		95	%		91	%		-3.6	%

	2,008			2,091			2,776			38.2	%	Capital Expenditures (Million Ps)		3,444			4,867			41.3	%

	778			1,290			1,333			71.3	%	Depreciation (Million Ps)		1,471			2,623			78.3	%

	756			564			676			-10.7	%	Average domestic market gasoline price ()** (USD/m3)		752			616			-18.1	%

	759			559			661			-13.0	%	Average domestic market diesel price ()** (USD/m3)		757			612			-19.1	%

(*)	Fertilizer sales not included

(**)	Includes turnover tax and net of deductions, commissions and other taxes

Operating income for the Downstream business segment for Q2 2016 was a gain of Ps 3.4 billion, 11.2% lower than Q2 2015.

Revenues were Ps 47.7 billion, 33.6% higher than Q2 2015, due primarily to the following:

•

Diesel revenues increased Ps 4.4 billion, due to a 38.5% increase in diesel mix prices against a 6.0% decrease in sales volumes, although sales volumes of Eurodiesel, a premium diesel product, increased 7.0%.

•

Gasoline revenues increased Ps 3.0 billion, due to a 42.5% increase in prices, against a 4.4% decrease in sales volumes.

•

Fuel oil revenues in the domestic Argentine market increased Ps 0.7 billion, due to a 55.9% increase in prices, against an 11.6% decrease in sales volumes.

•

Petrochemical product revenues in the domestic Argentine market increased Ps 51 million, due to a 14.1% increase in prices in Argentine peso terms, against a 7.5% decrease in sales volumes.


		Consolidated Results Q2 2016

•

Exports increased Ps 0.5 billion, or 14.4%, compared to Q2 2015, due to higher prices in Argentine peso terms driven by greater devaluation of the Argentine peso in Q2 2016, against a decrease in export volumes. Exports of flour, oil and grains reached Ps 1.7 billion, due to a 77.2% increase in prices in Argentine peso terms, against a 25.6% decrease in export volumes.

Cost of sales and operating expenses for Q2 2016 increased Ps 12.4 billion, or 39.0% compared to Q2 2015, due primarily to the following factors:

•

Crude oil purchases increased Ps 6.2 billion, due to an increase in prices in Argentine peso terms of crude oil purchased and no significant difference in volumes purchased. Purchase prices from the Upstream business segment in Argentine peso terms increased 40.5%, and purchase prices from other producers of crude oil similarly increased 32.1%, due to the fact that lower volumes were purchased from third parties corresponding exclusively to light crude oil, which has a higher price.

•

FAME and ethanol biofuel purchases increased Ps 1.4 billion, due to higher FAME and ethanol biofuel prices and a 5.0 % increase in volumes purchased of FAME and a 1.0% increase in volumes purchased of ethanol biofuel.

•

Diesel and jet fuel imports decreased Ps 46 million, due to lower volumes purchased of diesel, which was partially offset by higher volumes purchased of jet fuel and higher prices for both in Argentine peso terms.

•

Production costs related to refining increased Ps 0.8 billion, due to inflation and increased expenses for materials, parts, electricity, other supplies and fuel, including scheduled plant shutdowns. As a result, and considering the 5.3% decrease in volumes processed, unit refining costs in Q2 2016 were 67.0% higher than Q2 2015.

•

Fixed asset depreciation increased Ps 0.6 billion.

•

Marketing expenses increased Ps 0.8 billion, due to higher transportation costs related to an increase in domestic Argentine fuel transportation rates and increased depreciation costs.

The volume of crude oil processed in Q2 2016 was 288 Kbbld, 5.3% lower than Q2 2015, mainly due to the scheduled shutdown of various units at the La Plata and Plaza Huincul refineries from March 2016 to June 2016.

CAPEX

Cumulative capital expenditures for the Downstream business segment for Q2 2016 were Ps 2.8 billion, a 38.2% increase compared to Q2 2015.


		Consolidated Results Q2 2016

The construction of the new Coke Plant is 99.11% complete as of the end of Q2 2016 and is expected to commence operations in the second half of 2016. In addition, improvements to the Topping III unit in Mendoza have progressed, and work to improve YPF’s logistical facilities and optimize safety and environmental performance has continued.

3.3 CORPORATE AND OTHERS

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

Corporate operating income for Q2 2016 was a gain of Ps 0.6 billion, compared to a loss of Ps 0.5 billion in Q2 2015. This change was driven primarily by the net gain of Ps 1.5 billion generated by the deconsolidation of the Maxus Entities. As a result of the Maxus Entities’ filing for reorganization proceedings under Chapter 11 of the U.S. Bankruptcy Code, the Bankruptcy Court has a significant role in approving substantial transactions, thus curtailing YPF’s ability to unilaterally make decisions on behalf of the Maxus Entities relating to their operations or results.

Consolidation adjustments to eliminate results among business segments not transferred to third parties were negative Ps 0.4 billion in Q2 2016, due to the widening gap between prices for transfers between business segments and replacement costs for the company’s inventory. These adjustments were negative Ps 0.3 billion in Q2 2015 because the aforementioned price gap was similar during that period.

3.4 RELATED COMPANIES

Results from related companies for Q2 2016 were a gain of Ps 166 million, compared to a gain of Ps 54 million for Q2 2015. This change was primarily due to improved results from Compañía Mega, Refinor and Profertil.

4. LIQUIDITY AND SOURCES OF CAPITAL

Net cash flows provided by operating activities for Q2 2016 were Ps 6.6 billion, 33.9% lower than Q2 2015. This decrease of Ps 3.4 billion was driven by Ps 1.7 billion of insurance collections received in Q2 2015 for lost profits related to the incident at our La Plata refinery, despite a Ps 4.8 billion increase in Q2 2016 in adjusted EBITDA due to an increase in working capital. This increase in working capital was due to an accrual of accounts receivable, including accrual from the program to stimulate the injection of surplus natural gas and sales to distribution companies.

Net cash flows directed to investing activities were Ps 14.4 billion for Q2 2016, or 6.6% lower than Q2 2015. Investments in fixed and intangible assets were 0.4% higher than Q2 2015.

The previously discussed cash flow generation, together with a net decrease of Ps 2.3 MM from financing activities, contributed to a Ps 15.9 billion cash and cash equivalent position as of June 30, 2016. The main debt issuances in Q2 2016 consisted of two new series of negotiable obligations for a total of Ps 0.5 billion and US$46 million. Total debt in U.S. dollars was US$9.3 billion, net debt was US$8.2 billion and the net debt/EBITDA LTM⁽¹⁾ ratio was 1.76x.


		Consolidated Results Q2 2016

The average interest rate for debt denominated in Argentine pesos in Q2 2016 was 30.89%, while the average interest rate for debt denominated in U.S. dollars was 7.80%.

YPF negotiable obligations issued during Q2 2016 and thereafter are detailed below:

YPF Note

Amount

Interest Rate

Maturity

Series XLVIII

USD 45.8 million

8.250

48 months

Series XLIX

ARS 534.9 million

BADLAR + 6.00

48 months

Series L (Q3 2016)

USD 750 million

BADLAR + 4.0

48 months

(1)	Net Debt: US$8,218 million/EBITDA LTM: US$4,674 million = 1.76x.


		Consolidated Results Q2 2016

5. TABLES AND NOTES

Q2 2016 Results


		Consolidated Results Q2 2016

5.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q2 2015			Q1 2016			Q2 2016			Var.% Q2 16/ Q2 15				Jan - Jun 2015			Jan - Jun 2016			Var.% 2016 /2015
	40,003			46,934			52,759			31.9	%	Revenues		75,134			99,693			32.7	%
	(30,456	)		(40,131	)		(42,819	)		40.6	%	Costs of sales		(56,961	)		(82,950	)		45.6	%

	9,547			6,803			9,940			4.1	%	Gross profit		18,173			16,743			(7.9	%)

	(2,886	)		(3,045	)		(3,699	)		28.2	%	Selling expenses		(5,478	)		(6,744	)		23.1	%
	(1,358	)		(1,486	)		(1,833	)		35.0	%	Administration expenses		(2,556	)		(3,319	)		29.9	%
	(387	)		(454	)		(738	)		90.7	%	Exploration expenses		(578	)		(1,192	)		106.2	%
	662			(200	)		1,648			148.9	%	Other operating results, net		486			1,448			197.9	%

	5,578			1,618			5,318			(4.7	%)	Operating income		10,047			6,936			(31.0	%)

	54			97			166			207.4	%	Income on investments in companies		16			263			1,543.8	%
	(923	)		4,018			(4,660	)		(404.9	%)	Net Financial Results:		(1,308	)		(642	)		50.9	%

	4,709			5,733			824			(82.5	%)	Net income before income tax		8,755			6,557			(25.1	%)

	(2,411	)		(4,878	)		(1,577	)		(34.6	%)	Income tax		(4,348	)		(6,455	)		48.5	%

	2,298			855			(753	)		(132.8	%)	Net Income for the period		4,407			102			(97.7	%)

	1			(141	)		(10	)				Net income (loss) for noncontrolling interest		(17	)		(151	)

	2,297			996			(743	)		(132.3	%)	Net income for shareholders of the parent company		4,424			253			(94.3	%)

	5.86			2.54			(1.89	)		(132.2	%)	Earnings per share, basic and diluted		11.28			0.65			(94.2	%)

	2,592			15,407			4,309			66.2	%	Other comprehensive Income		5,023			19,716			292.5	%

	4,890			16,262			3,556			(27.3	%)	Total comprehensive income for the period		9,430			19,818			110.2	%



	12,395			12,493			17,181			38.6	%	*Adj. EBITDA ()**		22,604			29,674			31.3	%

Note: Information reported in accordance with International Financial Reporting Standards (IFRS), except adjusted EBITDA.

(*)


		Consolidated Results Q2 2016

5.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Q2 2016 figures unaudited, figures expressed in millions of pesos)


	12/31/2015		06/30/2016
Noncurrent Assets
Intangible assets		7,279		8,471
Fixed assets		270,905		316,356
Investments in companies		4,372		4,857
Deferred income tax assets		954		893
Other receivables and advances		2,501		2,206
Trade receivables		469		297

Total Non-current assets		286,480		333,080


Current Assets
Inventories		19,258		22,225
Other receivables and advances		19,413		14,447
Trade receivables		22,111		37,883
Investment in financial assets		804		150
Cash and equivalents		15,387		15,893

Total current assets		76,973		90,598


Total assets		363,453		423,678


Shareholders’ equity
Shareholders’ contributions		10,349		10,352
Reserves and unappropiated retained earnings		110,064		129,144
Noncontrolling interest		48		(103	)

Total Shareholders’ equity		120,461		139,393


Noncurrent Liabilities
Provisions		39,623		41,821
Deferred income tax liabilities		44,812		50,970
Other taxes payable		207		162
Loans		77,934		105,262
Accounts payable		625		698

Total Noncurrent Liabilities		163,201		198,913


Current Liabilities
Provisions		2,009		1,706
Income tax liability		1,487		216
Other taxes payable		6,047		5,643
Salaries and social security		2,452		2,393
Loans		27,817		33,822
Accounts payable		39,979		40,703
Dividends payable		—		889

Total Current Liabilities		79,791		85,372


Total Liabilities		242,992		284,285


Total Liabilities and Shareholders’ Equity		363,453		423,678

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


		Consolidated Results Q2 2016

5.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q2 2015			Q1 2016			Q2 2016				Jan - Jun 2015			Jan - Jun 2016
									Cash Flows from operating activities
	2,298			855			(753	)	Net income		4,407			102
	(54	)		(97	)		(166	)	Income from investments in companies		(16	)		(263	)
	6,502			10,534			11,225		Depreciation of fixed assets		12,066			21,759
	91			153			170		Amortization of intangible assets		160			323
	847			1,183			1,422		Consumption of materials and fixed assets and intangible assets retired, net of provisions		1,439			2,605
	2,411			4,878			1,577		Income tax		4,348			6,455
	662			1,092			1,411		Net increase in provisions		1,565			2,503
	1,117			(4,666	)		3,966		Interest, exchange differences and other		1,602			(700	)
	26			40			17		Stock compensation plan		53			57
	(12	)		—			—		Accrued insurance		(523	)		—
	—			—			(1,528	)	Results due to deconsolidation of companies		—			(1,528	)
									Changes in assets and liabilities:
	(1,891	)		(7,966	)		(6,922	)	Trade receivables		(1,503	)		(14,888	)
	(2,547	)		4,518			217		Other receivables and liabilities		(3,095	)		4,735
	499			1,089			(1,208	)	Inventories		765			(119	)
	996			878			(2,498	)	Accounts payable		2,011			(1,620	)
	538			(760	)		311		Other Taxes payable		1,649			(449	)
	206			(419	)		368		Salaries and Social Securities		(273	)		(51	)
	(507	)		(354	)		(594	)	Decrease in provisions from payments		(900	)		(948	)
	29			—			420		Dividends from investments in companies		179			420
	1,673			607			—		Insurance charge for loss of profit		1,673			607
	(2,882	)		(740	)		(821	)	Income tax payments		(3,674	)		(1,561	)

	10,002			10,825			6,614		Net cash flows provided by operating activities		21,933			17,439

									Cash flows from investing activities
									Payments for investments:
	(15,239	)		(17,303	)		(15,299	)	Acquisitions of fixed assets and Intangible assets		(30,867	)		(32,602	)
	(161	)		—			—		Contributions and acquisitions of interests in companies and UTEs		(163)			—
	—			(13	)		923		Financial assets investments		—			910
	—			355			—		Insurance charge for material damages		—			355

	(15,400	)		(16,961	)		(14,376	)	Net cash flows used in investing activities		(31,030	)		(31,337	)

									Cash flows from financing activities
	(7,340	)		(17,179	)		(16,775	)	Payment of loans		(11,972	)		(33,954	)
	(1,766	)		(3,515	)		(3,378	)	Payment of interests		(3,145	)		(6,893	)
	17,443			36,603			17,863		Proceeds from loans		28,227			54,466
	(45	)		—			(55	)	Acquisition of own shares		(45	)		(55	)
	—			50			—		Non controling interest contribution		—			50

	8,292			15,959			(2,345	)	Net cash flows provided by financing activities		13,065			13,614

	305			953			(15	)	Effect of changes in exchange rates on cash and equivalents		512			938

	—			—			(148	)	Deconsolidation of subsidiaries		—			(148	)

	3,199			10,776			(10,270	)	Increase (Decrease) in Cash and Equivalents		4,480			506

	11,039			15,387			26,163		Cash and equivalents at the beginning of the period		9,758			15,387
	14,238			26,163			15,893		Cash and equivalents at the end of the period		14,238			15,893

	3,199			10,776			(10,270	)	Increase (Decrease) in Cash and Equivalents		4,480			506

									COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD
	9,382			22,927			6,898		Cash		9,382			6,898
	4,856			3,236			8,995		Other Financial Assets		4,856			8,995

	14,238			26,163			15,893		TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD		14,238			15,893

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


		Consolidated Results Q2 2016

5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION

(Unaudited, figures expressed in millions of pesos)


Q2 2016	Upstream		Downstream		Corporate and Other		Consolidation Adjustments		Total

Revenues		4,625		47,415		719		—		52,759
Revenues from intersegment sales		23,214		300		1,613		-25,127		—

Revenues		27,839		47,715		2,332		-25,127		52,759


Operating Income (loss)		1,716		3,432		605		-435		5,318
Investments in companies		0		166		—		—		166
Depreciation of fixed assets		9,734		1,333		158		—		11,225
Impairment of fixed and intangible assets		0		—		—		—		0
Acquisitions of fixed assets		11,394		2,776		313		0		14,483
Assets		249,892		149,207		27,326		-2,747		423,678

Q2 2015	Upstream		Downstream		Corporate and Other		Consolidation Adjustments		Total

Revenues		4,365		35,376		262		—		40,003
Revenues from intersegment sales		15,192		345		1,423		-16,960		—

Revenues		19,557		35,721		1,685		-16,960		40,003


Operating Income (loss)		2,534		3,865		-513		-308		5,578
Investments in companies		-4		58		—		—		54
Depreciation of fixed assets		5,633		778		91		—		6,502
Acquisitions of fixed assets		12,352		2,008		341		—		14,701
Assets		143,555		77,354		22,039		-1,673		241,275


		Consolidated Results Q2 2016

5.5 MAIN FINANCIAL MAGNITUDES IN U.S. DOLLARS

(Unaudited figures)


Million USD	2015 Q2		2016 Q1		2016 Q2		Var Q2 16/ Q2 15			2015 Jan - Jun		2016 Jan - Jun		Var 2016 / 2015
INCOME STATMENT
Revenues		4,493		3,251		3,720		-17.2	%		8,559		6,971		-18.5	%
Costs of sales		-3,421		-2,780		-3,019		-11.7	%		-6,488		-5,799		-10.6	%

Gross profit		1,072		471		701		*-34.6*	%		2,071		1,172		*-43.4*	%
Selling expenses		-324		-211		-261		-19.5	%		-624		-472		-24.4	%
Administration expenses		-153		-103		-129		-15.3	%		-291		-232		-20.3	%
Exploration expenses		-43		-31		-52		19.7	%		-66		-83		27.3	%
Other expenses		74		-14		116		56.3	%		54		102		89.6	%

Operating income		627		112		375		*-40.1*	%		1,144		487		*-57.4*	%
Depreciation and impairment of fixed and intangible assets		730		730		792		8.4	%		1,374		1,521		10.7	%
Amortization of intangible assets		10		11		12		17.3	%		18		23		24.1	%
Unproductive exploratory drillings		25		13		33		31.2	%		38		46		22.6	%

*Adj. EBITDA ()**		1,392		865		1,212		*-13.0*	%		2,574		2,077		*-19.3*	%

UPSTREAM
Revenues		2,197		2,032		1,963		-10.6	%		4,346		3,995		-8.1	%
Operating income		285		308		121		-57.5	%		546		429		-21.5	%
Depreciation		633		630		686		8.5	%		1,187		1,316		10.9	%
Capital expenditures		1,394		849		805		-42.3	%		2,632		1,653		-37.2	%

DOWNSTREAM
Revenues		4,012		2,835		3,365		-16.1	%		7,751		6,200		-20.0	%
Operating income		434		-55		242		-44.3	%		607		187		-69.2	%
Depreciation		87		89		94		7.6	%		168		183		9.4	%
Capital expenditures		226		145		196		-13.2	%		392		341		-13.1	%

CORPORATE AND OTHER
Operating income		-58		-36		6		-109.7	%		-121		-31		-74.5	%
Capital expenditures		38		27		22		-42.4	%		63		49		-21.6	%

CONSOLIDATION ADJUSTMENTS
Operating income		-35		-104		-137		295.0	%		112		-241		-315.8	%
*Average exchange rate for the period*		*8.90*		*14.44*		*14.18*					*8.77*		*14.31*

NOTE: The calculation of the main financial figures in U.S. dollars is derived from the calculation of the financial results expressed in Argentine pesos using the average exchange rate for each period.

(*)


		Consolidated Results Q2 2016

5.6 MAIN PHYSICAL MAGNITUDES

(Unaudited)


		2015										2016
	Unit	Q1		Q2		Q3		Q4		Cum. 2015		Q1		Q2		Cum. 2Q 2016
Production
Crude oil production	Kbbl		22,238		22,750		22,934		23,218		91,139		22,656		22,102		44,757
NGL production	Kbbl		5,390		3,580		4,015		4,958		17,944		5,124		4,512		9,635
Gas production	Mm3		3,921		4,091		4,080		4,032		16,124		4,008		4,074		8,082
Total production	Kboe		52,288		52,061		52,611		53,532		210,492		52,986		52,237		105,223


Henry Hub	USD/Mbtu		2.98		2.64		2.77		2.27		2.66		2.09		1.95		2.02
Brent	USD/Bbl		53.92		61.69		50.23		43.57		52.35		37.88		45.56		39.63

Sales
Sales of petroleum products
Domestic market
Gasoline	Km3		1,246		1,171		1,208		1,269		4,894		1,283		1,119		2,402
Diesel	Km3		1,906		2,169		2,040		2,019		8,134		1,855		2,038		3,893
Jet fuel and kerosene	Km3		125		108		130		131		494		130		107		236
Fuel Oil	Km3		348		396		378		313		1,436		354		350		704
LPG	Km3		176		212		238		162		788		153		242		395
Others (*)	Km3		304		343		314		323		1,283		261		270		531
Total domestic market	Km3		4,104		4,399		4,308		4,218		17,029		4,035		4,126		8,161
Export market
Petrochemical naphtha	Km3		18		12		7		19		56		0		0		0
Jet fuel and kerosene	Km3		122		127		130		132		511		121		117		238
LPG	Km3		149		52		42		94		337		117		17		134
Bunker (Diesel and Fuel Oil)	Km3		153		115		130		134		532		149		116		265
Others (*)	Km3		7		10		4		4		25		105		24		130
Total export market	Km3		449		316		314		382		1,461		493		275		767
Total sales of petroleum products	Km3		4,553		4,715		4,622		4,600		18,490		4,528		4,401		8,928

Sales of petrochemical products
Domestic market
Fertilizers	Ktn		21		34		45		108		208		24		40		64
Methanol	Ktn		49		61		75		64		249		55		82		137
Others	Ktn		130		164		143		129		566		133		125		258
Total domestic market	Ktn		200		259		263		301		1,023		212		247		459
Export market
Methanol	Ktn		41		36		54		20		151		2		1		3
Others	Ktn		28		50		33		39		150		25		41		66
Total export market	Ktn		69		86		87		59		301		27		42		69
Total sales of petrochemical products	Ktn		269		345		350		360		1,324		239		289		528

Sales of other products
Grain, flours and oils
Domestic market	Ktn		30		31		13		15		89		9		27		36
Export market	Ktn		155		418		358		208		1,139		169		311		480
Total Grain, flours and oils	Ktn		185		449		371		223		1,228		178		338		516

Main products imported
Gasolines and Jet Fuel	Km3		20		22		43		36		120		50		65		115
Diesel	Km3		196		343		346		289		1,174		145		239		385

(*)	Principally includes sales of oil and lubricant bases, grease, asphalt and residual carbon, among others.


		Consolidated Results Q2 2016

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 as of the date hereof of YPF and its management, including statements with respect to trends affecting 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 the future price of petroleum and petroleum products, 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 in circumstances and other factors that may be beyond YPF’s control or may be difficult to predict.

YPF’s actual future financial condition, financial, 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 the future price of petroleum and petroleum products, 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 fluctuations in the price of petroleum and petroleum products, 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 before the Comisión Nacional de Valores in Argentina and with the U.S. 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, 2015 filed with the 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 elsewhere.

The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Investor Relations

E-mail: inversoresypf@ypf.com

Website: inversores.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 1215

Fax: 54 11 5441 2113

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: August 4, 2016

/s/ Diego Celaá

Diego Celaá

Market Relations Officer