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MarketScreener Homepage  >  Equities  >  Buenos Aires Stock Exchange  >  YPF Sociedad Anónima    YPFD   ARP9897X1319

YPF SOCIEDAD ANÓNIMA

(YPFD)
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YPF Sociedad Anónima : Investor Presentation August 2020

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08/20/2020 | 05:27pm EDT

INVESTOR PRESENTATION

AUGUST 2020

IMPORTANT NOTICE

Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.

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, 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, 2019 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 to sell or the solicitation of any offer to buy any securities of YPF S.A. in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from such registration.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this presentation, such as resources, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-12102 available on the SEC website www.sec.gov.

Our estimates of EURs, included in our Development Costs, are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited history. Actual locations drilled and quantities that may be ultimately recovered from our concessions will differ substantially. Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions and the impact of future oil and gas pricing.

Unless otherwise indicated, the calculation of the main financial figures in U.S. dollars is derived from the calculation of the consolidated financial results expressed in Argentine pesos using the average exchange rate for each period. From 1Q 2019 onwards, the calculation of the main financial figures in U.S. dollars is derived from the sum of: (1) YPF S.A. individual financial results expressed in Argentine pesos divided by the average exchange rate of the period and (2) the financial results of YPF S.A.'s subsidiaries expressed in Argentine pesos divided by the exchange rate at the end of period.

2

AGENDA

01. COMPANY OVERVIEW

  1. UPSTREAM
  2. DOWNSTREAM
  3. LATEST FINANCIAL RESULTS

MAIN

FIGURES

  1. 98-yearold company
  1. Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects. Excludes acceleration of promote of Schlumberger's stake in Bandurria
    Sur for US$104mn in 1Q20 and the sale of 11% stake in Bandurria Sur for US$65mn in 2Q20.
  2. Net income includes net impairment of property, plant & equipment of around US$1.2 billion.

0102

Publicly traded

Controlling

corporation since 1993 on

Shareholder:

the NY and BA

Argentina Government

Exchanges

(51%)

03

04

Free Float: NYSE 83% /

Revenues LTM of USD

BYMA 17%

11,535 million

(as of August 14, 2020)

05

06

Adjusted EBITDA LTM (1)

Net Income LTM (2)

of USD 2,515 million

of USD -1,582 million

4

• The largest O&G producer in Argentina (36% market share (1): 42% oil and 33% gas)

UPSTREAM

• Production (LTM): 508 Kboe/d; Proved Reserves (2019) (2): 1,073 mm boe (shale accounting for 31%)

• The largest shale producer outside the US with 3.0 million acres (gross) and net production (2) of 107

Kboe/d

• Over 50% of Argentina's refining capacity, operating 3 wholly-owned refineries with 320 Kbbl/d capacity (2)

DOWNSTREAM

REFINING

• High level of conversion and complexity

• Pipelines (2): Nearly 2,800 km of crude oil and 1,800 km of refined products

• Leading petrochemical producer. Output Capacity: 1.7 (2) mm ton per annum (excluding Profertil)

DOWNSTREAM

PETCHEM

• Main products: BTX (Benzene, Toluene, Mixed Xylenes), Methanol and Propylene

• 55% market share in term of diesel & gasoline sales volumes in Argentina

DOWNSTREAM

• 1,620 (2) gas stations in Argentina (35% market share)

MARKETING

• 103 (2) sale points covering the Agribusiness

BUSINESS LINES

AT A GLANCE

MAJOR

AFFILIATES

  1. Source IAPG, data as of 1H20.
  2. As per 20-F 2019.
  • MEGA (38% stake): Liquids separation and a fractioning plant. Production capacity of 1.6 million tons of
    NGL
  • Metrogas (70% stake): Largest natural gas distributor in Argentina, serving 2.2 (2) million customers
  • Refinor (50% stake): Refining (26 Kbbl/d (2) of capacity), transportation and marketing of refined products
  • Profertil (50% stake): Fertilizer producer with a capacity of 2.1 million tons (urea and ammonia)
  • YPF Luz (75% stake, co-controlled with GE): Installed capacity of 1,819 MW (2) (99MW wind farm)

5

INTEGRATED ACROSS THE ENTIRE VALUE CHAIN

BUSINESS

DOMESTIC

OIL

MARKET

REFINING

PRODUCTION

220

PURCHASES

261

Kbbl/d

Kbbl/d

DOMESTIC MARKET

88%

EXPORTS

12%

83% Domestic prices (gasoline and diesel)

17% International prices

(bunker, jet fuel, petrochemicals, lubricants, LPG and others)

International prices

(naphtha, LPG, jet fuel, petrochemicals, fuel oil, soybean oil and meal and others)

NATURAL

GAS

UPSTREAM

39 Mm3/d

Source: Company filings. All figures as of LTM.

% calculated based on units sold.

EXPORTS

4%

DOMESTIC MARKET

96%

~40%

RESIDENTIAL + CNG

~34% INDUSTRIAL

~26%

POWER PLANTS

6

SAFETY AND SUSTAINABILITY IS PARAMOUNT IN OUR STRATEGY

TOTAL IFR

# of people injured for each million hours worked

1.89

HEALTH

Weekly Covid-19 Risk Committee continuously monitors the evolution of the situation

Managed to keep all businesses running with minimum personnel

97% of the personnel whose positions do not require face-to-face interactions are working remotely

COMMUNITIES

Donated across hospitals, polices stations and

1.05

1.05

local municipalities in which we operate,

providing them with protection and technology

0.82

0.91

equipment to face the pandemic

0.72

0.74

0.60

DIVERSITY

0.51

0.44

Board and managerial roles being held by

women, both in YPF and its subsidiaries

0.15

CORPORATE GOVERNANCE

Included in BYMA's Corporate Governance

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1H

Panel and BYMA's Sustainability Index

2020

7

MAIN FINANCIAL FIGURES AFFECTED BY CURRENT HEADWINDS

REVENUES

CAPEX

Upstream

Downstream

Gas & Power

Other

(In Billions of USD)

(In Billions of USD)

3.5

15.3

15.5

3.5

3.3

13.7

11.5

2.6

201720182019LTM20172018

ADJUSTED EBITDA & EBITDA MARGIN

NET DEBT & NET LEVERAGE (1)

(In Billions of USD and %)

(In Billions of USD and %)

2019LTM

  1. Net debt is calculated as total debt less cash & equivalents. Cash & equivalents include Argentine sovereign bonds BONAR 2020 and 2021.

27%

28%

26%

4.1

4.4

3.6

3,0x

22%

2,5x

8.0

2,0x

1.7x

1,5x

2.0x

2.5

7.4

1,0x

2.9x

10.000

2.1x

9.000

7.4

8.000

7.6

7.000

6.000

0,5x

5.000

0,0x

4.000

2017

2018

2019

LTM

2017

2018

2019

LTM

8

MANAGEABLE DEBT PROFILE AND SOUND CASH POSITION

CASH AND CASH EQUIVALENTS

PRINCIPAL DEBT AMORTIZATION(1)

Trade financing

SCHEDULE AFTER LM EXERCISE

Bank loans

USD 1,303 million

(In Millions of USD)

1,569

Bonds

(2Q20)

BONDS

1,239

1,254

9%

1,014

931

1,010

772

643

CASH

91%

1

Cash figure excludes USD 73 million payments related to the liability management exercise

2H 2020

2021

2022

2023

2024

2025

2026

2027

2028+

  • ~90% of debt in USD (2)
  • 55% of debt due after 2024
  • Avg. interest rates of 7.5% in USD and 30.9% in Pesos (2)

CCC

Caa3

CCC+

(1)

As of June 30, 2020, converted to USD using the exchange rate of Ps 70.36 to U.S $1.00. Excludes IFRS 16 effects.

(2)

Refers to YPF on a stand-alone basis.

AA (arg)

9

AGENDA

01. COMPANY OVERVIEW

02. UPSTREAM

03. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

MARKET LEADER IN BOTH OIL AND NATURAL GAS PRODUCTION

TOTAL NET PRODUCTION

Crude Oil

Natural Gas

(KBOE/D)

NGL

555.0

530.2

514.4

UPSTREAM

Market Share Breakdown (%)

Oil

Production (1)

Others

22%

508.0

3%

42%

2017

2018

2019

LTM

Gas

Production (1)

  1. Source IAPG, data as of 1H20.

3%

4%

5%

21%

Others

20%

33%

5%

8%

10% 14%

10%

11

SHALE TO DRIVE FUTURE GROWTH

NET CONVENTIONAL PRODUCTION

(KBOE/D)

Crude Oil Natural Gas NGL

423.7

384.6

347.8 330.0

2017

2018

2019

LTM

NET SHALE PRODUCTION

(KBOE/D)

Crude Oil Natural Gas NGL

107.0

92.1

56.9

36.6

2017 2018 2019 LTM

NET TIGHT PRODUCTION

(KBOE/D)

Crude Oil Natural Gas NGL

94.7

88.7

74.5 71.0

2017 2018 2019 LTM

01

02

03

Shale accounts for 21% of total output in LTM vs. 11% in 2018

Unconventional wells drilled with world-class performance, and very competitive costs Managing natural decline at conventional with secondary and tertiary recovery

12

RESERVE REPLACEMENT SUPPORTED BY SHALE DEVELOPMENTS

01 Reserve Replacement Ratio 96%

02 Shale representing 31% of total reserves; (vs. 19% in 2018)

EVOLUTION HYDROCARBON RESERVES

Shale

Others

(MBOE)

1,212 1,226

982

1,005

979

1,083

1,113

1,080

1,073

929

19%

31%

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2019 PROVED RESERVES

(% Breakdown)

Natural Gas

37%

Crude Oil + NGL

63%

13

REFERENCES

ChS

Exploration - Operated

Este

FMo

Exploration and Pilots -

N

Non Operated

BDT

Pilots - Operated

Development - Operated

PY I

LaMa

San

Roque

EOR

PY

II

LACh AdCh

AdC

ADLA BAñ

BS

APE

LC

LCa

APO

LRi I

LLL Sur

Embalse

RDM

LRi II

EL Embalse

O

VACA MUERTA

01 Short-termpotential with 81 DUC wells - 71 shale oil and 10 shale gas wells

02 Long-termpotential based on the large size of the formation

4 fields under development

25 fields with Pilots (9 non-operated and 7 exploratory)

1,333 millons of USD invested

LE

Lindero Atravesado

in 2019

LLL-SBLLL-SB

BGM

BG

14

WORLD CLASS SHALE OIL PRODUCTIVITY; OPPORTUNITY FOR FURTHER COST REDUCTIONS

Bakken

LACH

VS.

Stack

BS SE

Bone Spring

Wolfcamp Midland

LC

Wolfcamp Delaware

Woodbine

Eagleford

Loma Campana (LC)

La Amarga Chica (LACH)

Bandurria Sur South East (BS SE)

USA plays(1)

  1. Selected key plays in USA, data of 2018.
  2. The chart includes only oil wells. Oil wells are defined as wells that in the first 6 months of production have GORs ranging from 0-260 m3/m3 (0 - 1,460 scf/bbl) USA data was provided by IHS Markit.

PRODUCTIVITY

Oil window wells(2)

(KBOE/100M stimulated lateral)

51.5

51.0

50.9

49.8

41.2

35.0

35.0

33.0

22.0

19.0

13.0

9.0

DEVELOPMENT COST

Oil window wells(2)

(USD/BOE)

20.8

16.5

16.9

14.0

11.0

11.0

11.3

12.1

12.2

9.4

8.1

15

A LOWER PRICING ENVIRONMENT PUTS PRESSURE ON MARGINS IN THE SHORT-TERM

ADJUSTED EBITDA & EBITDA MARGIN

CRUDE OIL AVERAGE REALIZATION PRICE

(In Billions of USD)

43%

46%

3,498

3,043

40%

35%

2,411

1,740

(USD/BBL)

62.6

53.952.1

43.5

201720182019LTM

LIFTING COST

(USD/BOE)

12.8

12.0

11.7

10.9

2017

2018

2019

LTM

NATURAL GAS AVERAGE REALIZATION PRICE

(USD/MMBTU)

Subsidy

4.9

4.5

Market price

3.6

3.0

2017

2018

2019

LTM

2017

2018

2019

LTM

16

AGENDA

  1. COMPANY OVERVIEW
  2. UPSTREAM
  3. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

LEADING DOWNSTREAM PLAYER

Market Share Breakdown (%)

CRUDE PROCESSING (1)

GASOLINE SALES (1)

DIESEL SALES (1)

No. OF FUEL STATIONS (2)

Others

Others

Others

Others

7% 2%

6% 4%

6%

8%

32%

35%

16%

15%

15%

56%

54%

55%

4%

19%

21%

16%

14%

15%

(1) Cumulative Jan - Jun 2020.

(2) 20-F 2019.

18

VOLUMES AND REFINERY UTILIZATION SUFFERED FROM THE PANDEMIC

SALES OF REFINED PRODUCTS

D

(KM3)

Exports Others Local Jet fuel Gasoline Diesel

A.

LUJÁN DE CUYO REFINERY

CAPACITY:

17,910

18,032

17,783

16,296

201720182019LTM

CRUDE PROCESSED & REFINERY UTILIZATION

(KBBL/D)

89%

87%

450

92%

82%

400

350

293

284

278

300

261

250

200

150

100

50

0

2017

2018

2019

LTM

A B

3

C

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

105.5 KBBL/D

B.

LA PLATA

REFINERY

CAPACITY:

189 KBBL/D

C.

PLAZA HUINCUL REFINERY

CAPACITY:

25 KBBL/D

D.

REFINOR (1)

CAPACITY:

26.1 KBBL/D

OIL PIPELINE

PRODUCTS PIPELINE TERMINALS

19

RESILIENT MARGINS DESPITE CHALLENGING MARKET CONDITIONS

1.900

DOWNSTREAM EBITDA - MARGIN

(MUSD)

12%

7%

12%

11%

10%

F.O.B. REFINERY/ TERMINAL PRICE (1)

(USD/BBL)

Gasoline Diesel

1.700

1.500

1.300

1.100

900

700

500

300

100

1,415

1,280

992

789

-10%

-30%

-50%

-70%

-90%

-110%

100

95

94

93

89

82

82

75

-100

2017

2018

2019

LTM

-130%

2017

2018

2019

LTM

(1) Net of commissions, deductions, freights, turnover tax and other taxes.

20

AGENDA

  1. COMPANY OVERVIEW
  2. UPSTREAM
  3. DOWNSTREAM

04. LATEST FINANCIAL RESULTS

MAIN

HIGHLIGHTS

2nd QUARTER 2020

01

Continued prioritizing strict health and safety protocols amid COVID-19 to protect our people. We have also continued improving the safety of our operations (IFR at 0.15(1))

03

Targeting an unprecedented company-wide cost cutting program to resume growth more efficiently

05

Managing our liquidity position to preserve business continuity while proactively tackling short- term maturities

02

Adjusted activity to face deteriorated market conditions, but latest figures are already showing a recovery

04

Optimizing our portfolio with strict capital allocation on core business activities

06

Activity level for the remainder of the year consistent with keeping net debt within the levels of the last twelve months

  1. Number of people injured for each million hours

worked.

22

ADJUSTED ACTIVITY TO PRESERVE LONG-TERM FINANCIAL SUSTAINABILITY

REVENUES

(In Millions of USD)

-47%

CAPEX

(In Millions of USD)

3,672-31%

2,832

1,947

2Q191Q202Q20

CASH OPERATING COSTS

(In Millions of USD)

-34%

2,721-10%

1,9751,786

-82%

915

-73%

598

162

2Q19

1Q20

2Q20

NET DEBT

(In Millions of USD)

-5%

-3%

7,758

7,640

7,387

2Q19

1Q20

2Q20

2Q19

1Q20

2Q20

23

UNPRECEDENTED MARKET CONDITIONS HAD A NEGATIVE IMPACT ACROSS OUR BUSINESSES

ADJUSTED EBITDA (1)

(In Millions of USD)

948

-583

-23

-175

-139

28

Adj. EBITDA

Upstream

Downstream

G & E

Corporate &

Adj. EBITDA

Impairment

D&A + other

Op. Income

2Q19

Eliminations

2Q20

2Q20

Adj. EBITDA 2Q20

156

123

-128

-122

-850

Million USD

-560

-1,382

-79%

-16%

n.m.

n.m.

YoY change

Drivers

Production

Demand

Provision

Results not

(Decree 1053)

transferred to

Prices

Prices

Metrogas

3rd parties

Lifting

Purchases

Natural gas assets on lower pricing environmet

(1) Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects. Excludes results for the sale of 11% stake in Bandurria Sur for US$65mn in 2Q20.

24

PRODUCTION CONTRACTED DUE TO COVID RESTRICTIONS AND DETERIORATED MARKET CONDITIONS

NGL

TOTAL NET PRODUCTION

2Q20

Natural Gas

LIFTING COST

Crude Oil

(KBOE/D)

(USD/BOE)

-24%

-9.5% YoY

516

530

525

510

-8.5% QoQ

-17%

467

473

12.3

11.3

9.4

2Q19

3Q19

4Q19

1Q20

2Q20

Jul-20E

2Q19

1Q20

2Q20

01

02

03

Local prices were impacted by

the collapse in Brent. Average price for April was below USD20/bbl

On May, the government enacted Decree 488/2020 setting

the "Barril Criollo" at USD45/bbl

Natural gas realization price expected to improve based on recently announced new Plan Gas 4

YPF O&G AVERAGE REALIZATION PRICES

Crude Oil (USD/BBL)

Natural Gas (USD/MMBTU)

80,0

58.7

15,00

70,0

48.5

48.1

13,00

60,0

48.5

11,00

50,0

28.9

9,00

40,0

3.9

4.0

3.0

7,00

30,0

2.8

5,00

20,0

2.5

3,00

10,0

1,00

0,0

-1,00

2Q19

3Q19

4Q19

1Q20

2Q20

25

PRODUCTION FULLY RESTORED AT VACA MUERTA

NET SHALE PRODUCTION

01

+21%

(KBOE/D)

114.6

-14%

NGL

98.9

02

81.9

Natural Gas

Crude Oil

03

2Q191Q202Q20

GROSS LOMA CAMPANA PRODUCTION

(KBBL/D)

Monthly Avg. Crude Oil

50

Crude Oil Daily Production

45

40

35

30

25

20

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Positive growth trend continues despite the slowdown in 2Q20

Used large-scale LC as an effective buffer to rapidly adjust production on lower demand

Potential for near-term low- cost expansion at Vaca Muerta based on DUC wells

(71 shale oil and 10 shale gas)

NET PRODUCTION BREAKDOWN

Tight

Shale

(KBOE/D)

+21% YoY

516

Conventionals

17.0

467

15%

-49.8

-16.1

13%

16%

-14% YoY

-21% YoY

21%

69%

66%

2Q19

Shale

Conventionals

Tight

2Q20

26

HEADWINDS FOR DOWNSTREAM ARE SLOWING DOWN BUT FULL RECOVERY IS YET TO COME

FUELS SALES

2Q20 (YoY)

Gasoline -54%

(KM3)

Diesel -20%

CRUDE PROCESSED & REFINERY UTILIZATION

(KBBL/D)

Gasoline

Diesel

Jet Fuel

Jet Fuel -93%

800

600

-34%

400

200

-69%

-95%

0

450

90%

91%

400

82%

350

300 263 287 290

250

200

150

100

50

0

86%

275

47%

149

64% 69% 60%

205

221

192

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

FUELS BLENDED PRICE VS IMPORT PARITY

(% Difference)

YPF's realization price =

30%

Import Parity

0%

-30%

2Q19 3Q19 4Q19 1Q20 Apr-20May-20Jun-20

2Q20

(1)

CRUDE OIL STOCK & PURCHASES TO 3RD PARTIES (1)

Crude oil

purchases to

third parties as

(KBBL)

% of total crude

oil purchases

11800

21%

2…

19%

20%

22%

21%

8,874

20%

9,147

9800

8,644

8,744

8,417

8,417

19%

18%

7,626

17%

6,965

12%

16%

7800

15%

14%

13%

12%

5800

11%

5%

6%

10%

9%

3800

8%

7%

6%

1%

5%

1800

4%

3%

2%

1%

-200

0%

2Q19

3Q19

4Q19

1Q20

Apr-20

May-20

Jun-20

2Q20

27

UNPRECEDENTED 30%

COST-CUTTING PLAN reduction target

OPTIMIZING THE

COMPANY'S STRUCTURE

Decentralized operations to improve efficiencies

REVIEWING CONTRACTS

WITH ALL VENDORS

Setting up cells to review over 11,000 contracts

TEMPORARY SALARY REDUCTION & VOLUNTARY RETIREMENT PROGRAM

For non-unionized workers

NEGOTIATING WORKING

CONDITIONS WITH THE UNIONS

Already reached agreements in Santa Cruz, Mendoza & Chubut

CONTRACTS WITH VENDORS

(% of dollar value)

Corporate Upstream

14% 68%

Downstream

18%

28

FINANCIAL HEALTH CONTINUES TO BE AT THE TOP OF OUR AGENDA

CONSOLIDATED

111

47

STATEMENT OF

498

ADJUSTED CASH FLOW (1)

1,303

(In Millions of USD)

-286

1,159

-200

-26

(1) Cash and equivalents at the beginning of 2Q20

converted to USD using the March 31, 2020

exchange rate of Ps 64.37 to U.S $1.00. Cash and

equivalents at the end of 2Q20 converted to USD

using the June 30, 2020 exchange rate of Ps 70.36

to U.S $1.00. Cash & equivalents include Argentine

M&A(2)

sovereign bonds BONAR 2020 and 2021.

Cash &

Operating Cash

Others

Capex

Interest

Net borrowing

Cash &

(2) Refers to the sale of: 1) an 11% stake in Bandurria

equivalents at

Flow

payments

equivalents at

Sur to Equinor and Shell; and 2) a 50% stake in

the end of 1Q20

the end of 2Q20

offshore area CAN_100 to Equinor in 2Q20.

Adjusted capex to

Successfully rolled

Took advantage of efficient

preserve liquidity

over maturities and

conditions in the local capital

extended average life

market - net issuances of

over USD 100mn in 2Q20

and over USD 300mn in 1H20

Completed the sale of the 11% stake in Bandurria Sur for ~USD 90mn

29

MANAGEABLE DEBT PROFILE POST LIABILITY MANAGEMENT EXERCISE

Market friendly liability management exercise to proactively address market concerns on short term maturities

Acceptance level

of 58.7% (USD587mn)

Debt life improved

to 5.8 years (pro-forma) from 5.6 years in 2Q19

Net leverage ratio at 2.9x on reduced EBITDA (3)

PRO-FORMA PRINCIPAL

Trade financing

Bank loans

DEBT AMORTIZATION SCHEDULE (1)

Bonds

New 2025 notes

(In Millions of USD)

Exchanged 2021 notes

1,569

1,254

1,014

970

931

1,010

772

643

269

1

2H 2020

1H 2021

2H 2021

2022

2023

2024

2025

2026

2027

2028+

~90% of debt in USD (2)

Avg. interest rates of 7.5% in USD and 30.9% in Pesos (2)

  1. As of June 30, 2020, converted to USD using the exchange rate of Ps 70.36 to U.S $1.00. Excludes IFRS 16 effects.
  2. Refers to YPF on a stand-alone basis.
  3. Net debt calculated as total debt less cash & equivalents. Net debt at period end exchange rate of Ps 70.36 to U.S $1.00

and LTM Adj. EBITDA calculated as sum of quarters.

30

CONTACT

Sergio Affronti

INFORMATION

Chief Executive Officer

Alejandro Lew

Chief Financial Officer

ir.ypf.com

Santiago Wesenack

inversoresypf@ypf.com

Investor Relations Officer

Macacha Güemes 515 (CP 1106) Ciudad Autónoma de Buenos Aires Argentina

+54 (11) 5441 1906

Disclaimer

YPF SA published this content on 20 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 August 2020 20:27:25 UTC


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Financials
Sales 2020 728 B 9 300 M 9 300 M
Net income 2020 -101 964 M -1 302 M -1 302 M
Net Debt 2020 574 B 7 326 M 7 326 M
P/E ratio 2020 -8,26x
Yield 2020 -
Capitalization 203 B 2 586 M 2 586 M
EV / Sales 2020 1,07x
EV / Sales 2021 0,87x
Nbr of Employees 20 317
Free-Float 49,0%
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Technical analysis trends YPF SOCIEDAD ANÓNIMA
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 5
Average target price 609,00 ARS
Last Close Price 510,40 ARS
Spread / Highest target 69,5%
Spread / Average Target 19,3%
Spread / Lowest Target -1,06%
EPS Revisions
Managers
NameTitle
Sergio Pablo Antonio Affronti Chief Executive Officer & Director
Guillermo Emilio Nielsen Independent Chairman
Carlos Alberto Alfonsi Executive VP-Operations & Transformations
Alejandro Lew Chief Financial Officer
Sergio Fernández Díaz Chief Technology Officer
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