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 May, 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

YPF Sociedád Anonima

TABLE OF CONTENTS

ITEM

1	Translation of Consolidated Results Q1 2014.

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YPF S.A.

Consolidated Results

Q1 2014

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Consolidated Results Q1 2014

CONTENT


1. MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q1 2014			3

2. ANALYSIS OF OPERATING RESULTS FOR Q1 2014			4

3. ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q1 2014			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. ACQUISITION OF APACHE ARGENTINA / YSUR - YACIMIENTOS DEL SUR			12

6. TABLES AND NOTES			13

6.1 CONSOLIDATED STATEMENT OF INCOME			14

6.2 CONSOLIDATED BALANCE SHEEET			15

6.3 CONSOLIDATED STATEMENT OF CASH FLOW			16

6.4 MAIN DOLLAR-DENOMINATED FINANCIAL MAGNITUDES			17

6.5 MAIN PHYSICAL MAGNITUDES			18

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Consolidated Results Q1 2014

Operating income for Q1 2014 reached ARS 4,384 million, 73% above Q1 2013


(Unaudited Figures)	Q1 2013		Q4 2013		Q1 2014		Var.% Q1-14/Q1-13
Revenues (Million ARS)		18,634		25,294		30,664		64.6	%
Operating income (Million ARS)		2,533		3,820		4,384		73.1	%
*Net income ()** (Million ARS)		1,258		1,918		2,881		129.0	%
Adj. EBITDA ()** (Million ARS)		4,742		7,322		8,360		76.3	%
*Earnings per share ARS ()** (Million ARS)		3.20		4.89		7.34		129.4	%
Comprehensive Income (Million ARS)		2,643		7,539		14,026		430.7	%
Capital Expenditures ()* (Million ARS)		4,282		11,028		9,722		127.0	%

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

(*)	Attributable to controlling shareholder.

(**)

Adjusted EBITDA = Net income attributable to shareholders + Net income 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.

(***)

Does not include expenditures relating to the acquisitions of Apache Group assets in Argentina and a 38.45% interest in the Puesto Hernández joint venture.

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF THE Q1 2014

•

Revenues for Q1 2014 were ARS 30,664 million, 64.6% higher than Q1 2013.

•

Operating income for Q1 2014 was ARS 4,384 million, 73.1% over that for the same period in the previous year.

•

EBITDA for Q1 2014 was ARS 8,360 million, 76.3% higher compared to Q1 2013.

•

Net income for Q1 2014 was ARS 2,881 million, 129% over that for the same period in 2013.

•

Operating cash flow for Q1 2014 reached ARS 6,715 million, 78.1% above the ARS 3,770 million reported for Q1 2013.

•

For Q1 2014, total hydrocarbon production increased by 10.7% compared to the same period in 2013 to reach 529.7 kboed. Crude oil production increased by 6.8% to reach 241.6 Kbbld, while natural gas production reached 37.2 Mm3d, 18.5% higher compared to the same period in 2013.

•

In the Downstream business segment, the total crude processing level in Q1 2014 was 86%, 4.5% below same period last year, principally due to impaired refining capacity following the damage affecting the La Plata refinery after an incident on April 2, 2013 and a scheduled maintenance stoppage at Lujan de Cuyo refinery starting on March 8 this year.

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Consolidated Results Q1 2014

•

Investment in fixed assets for the Q1 2014 was ARS 9,722 million, to reach a 127% increase compared to ARS 4,282 million invested in Q1 2013. This investment amount does not include the ARS 6,524 million expenditure for the acquisition of Apache Group assets in Argentina (“YSUR – Yacimientos del Sur”) and the acquisition of a 38.45% interest in the Puesto Hernández joint venture agreement.

2. ANALYSIS OF OPERATING RESULTS FOR Q1 2014

Ordinary income for Q1 2014 was ARS 30,664 million, 64.6% higher than the same period in the previous year. This increase was driven mainly by higher sales in the domestic market in terms of gasoline and diesel of ARS 5,980 million (an increase of 53%), natural gas of ARS 1,800 million (an increase of 106%) and fuel oil of ARS 839 million (an increase of 259%). In turn, exports increased ARS 1,423 million (an increase of 67%), principally due to the price increase of Argentine pesos as a consequence of exchange rate fluctuation. Exports of crude oil reached ARS 531 million this quarter (no crude oil exports had been reported for Q1 2013); and exports of flour and oils increased by 63% to a total of ARS 333 million.

Costs of sales for Q1 2014 were ARS 23,016 million, 65.1% higher than Q1 2013. Purchases increased principally due to higher imports of diesel, gasoline and jet fuel of ARS 2,765 million, due to both a greater imported volume and higher prices in Argentine peso terms. In turn, other costs of sales increased mainly on account of (i) higher depreciation of fixed assets of ARS 1,735 million due to increased investment activity, (ii) greater activity and expenses for construction and service contracts of ARS 1,378 million, and (iii) higher royalties paid of ARS 730 million (as a consequence of higher wellhead prices in pesos). On the other hand, as a result of the damage suffered by La Plata refinery in Q2 2013, insurance compensation of ARS 707 million was received this quarter for lost profits affecting our business. This amount was recorded as lower cost of sales, based on the principle that had the damage not occurred at this refinery, lower volumes of refined products would have been imported.

The financial results for Q1 2014 were positive ARS 4,583 million, compared to positive ARS 195 million for the same period of 2013. The impact of a broader positive exchange rate on monetary liabilities, net in terms of pesos, generated by heavier peso depreciation during Q1 2014, was partially offset by higher negative financial results on account of interest expense.

The income tax amount for Q1 2014 was ARS 6,177 million, approximately ARS 4,707 million higher than Q1 2013 income tax of ARS 1,470 million. This increase arises principally from accounting for a deferred liability of ARS 6,038 million (an increase of ARS 5,412 million) primarily relating to the conversion difference in fixed assets, given the functional currency of the YPF and the variation of the exchange rate in 2014. This impact was partially offset by a lower current income tax of ARS 139 million (a decrease of ARS 705 million).

Net income for the quarter was ARS 2,881 million, 129% higher compared to the same period in 2013.

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Consolidated Results Q1 2014

Total investment in fixed assets for the quarter was ARS 9,722 million, 127% higher than that for Q1 2013. This greater investment arises from (i) an increase in development activities, and (ii) progress in the set of projects developed in our Downstream business segment, principally the construction of the new Coke Unit at the La Plata refinery.

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Consolidated Results Q1 2014

3. ANALYSIS OF RESULTS BY BUSINESS UNIT FOR Q1 2014

3.1 UPSTREAM


(Unaudited Figures)	Q1 2013		Q4 2013		Q1 2014		Var.% Q1-14/Q1-13
Operating income (Million ARS)		1,872		1,729		3,013		61.0	%
Revenues (Million ARS)		8,837		12,673		14,919		68.8	%
Crude oil production (Kbbld)		226.3		239.3		241.6		6.8	%
NGL production (Kbbld)		54.6		54.7		54.0		-1.1	%
Gas production (Mm3d)		31.4		35.5		37.2		18.5	%
Total production (Kboed)		478.3		517.0		529.7		10.7	%
Exploration costs (Million ARS)		76		304		197		160.6	%
*Capital Expenditures ()** (Million ARS)		3,654		8,682		8,603		135.4	%
Depreciation (Million ARS)		1,841		2,902		3,301		79.3	%
Realization Prices
Crude oil prices in domestic market ()** Period average (USD/bbl)		68.6		74.7		66.5		-3.1	%
Average gas price ()** (USD/Mmbtu)		3.80		4.16		4.40		15.7	%

NOTE: Data presented in accordance with International Financial Reporting Standards (IFRS).

(*)	Does not include expenditures relating to the acquisition of Apache Group assets in Argentina and a 38.45% interest in the Puesto Hernández joint venture.

(**)	Excluding Apache Group (YSUR - Yacimientos del Sur) crude oil and gas sales price.

Upstream operating income was ARS 3,013 million, 61% higher compared to Q1 2013.

Sales increased by 68.8% in Q1 2014 compared to same period in 2013, primarily due to stronger sales of crude oil and natural gas. Crude oil sales increased by 61.7% (ARS 4,267 million) due to a 46.6% increase in the price per barrel in peso terms, greater volumes produced and transferred to our Downstream business segment and export of 0.67 Mbbl of crude oil for ARS 531 million this quarter. Natural gas income increased by 106% compared to Q1 2013 due to higher volumes produced and higher average sales price.

The dollar denominated price for crude oil in the local market for Q1 2014 decreased by 3.1% to 66.5 USD/bbl. For natural gas, the average price was 4.40 USD/Mmbtu, 15.7% higher than for Q1 2013.

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Consolidated Results Q1 2014

During Q1 2014 total hydrocarbon production was 529.7 Kboed, 10.7% higher than Q1 2013; crude oil production was 241.6 Kbbld (an increase of 6.8%); natural gas production was 37.2 Mm3d, (an increase of 18.5%) and NGL production was 54 Kbbld (a decrease of 1.1%). The increases reflect the impact of increased development activity taking place in the last two years.

During the quarter, 19 days of production from Apache (YSUR - Yacimientos del Sur), an acquisition completed on March 12, 2014 (See detail under section 5 hereinafter), were consolidated. Average daily production from the acquisition date to quarter end was 49.1 Kboed, including 9.8 Kbbld of crude oil, 1.7 Kbbld of NGL and 6 Mm3d of natural gas. Production from the 38.45% interest in the Puesto Hernández joint venture acquired from Petrobras Argentina S.A. was also consolidated for the entire quarter, with an average crude oil production of 3.94 Kbbld. Consolidated production from these assets accounted for approximately 2.7% of total production for the quarter.

During Q1 2014, production from unconventional areas totaled 19.3 Kboed, including 12.4 Kbbld of crude oil, 3.6 Kbbld of NGL and 0.53 Mm3d of natural gas, out of which YPF consolidates approximately 50% since December 2013. As for development activity, over 50 wells have been drilled in Vaca Muerta, where operations continue with 19 drilling teams and 8 active workovers.

Costs for Q1 2014 increased by 71% (an increase of ARS 4,941 million), mainly due to (i) heavier amortization (an increase of ARS 1,460 million) resulting from higher investment and higher valuations of assets in terms of Argentine pesos, (ii) increased expenses in terms of Argentine pesos and increased activity reflected on expenditure for outsourced services (an increase of ARS 1,122 million), (iii) increased royalties (an increase of ARS 730 million), mainly due to higher production volumes and higher peso-denominated prices at the wellhead, and, (iv) increases in exploration cost (an increase of ARS 121 million) for asset retirement corresponding to research wells in the provinces of La Rioja, Mendoza and Santa Cruz, as well as research expenses relating to exploratory areas belonging to YPF Chile.

Operating income for this quarter from Upstream related companies, including mainly YPF Holdings, YPF International, YPF Energía Eléctrica (including solely the Ramos oil field) and YPF Servicios Petroleros, was ARS 144 million compared to a loss of ARS 46 million for Q1 2013.

CAPEX

Investments in Upstream were ARS 8,603 million in Q1 2014, 135.4% higher than the ARS 3,654 million reported for the same period in 2013. This amount of investment does not include the ARS 6,524 million expenditure for acquisition of Apache Group assets in Argentina (“YSUR – Yacimientos del Sur”) and the acquisition of a 38.45% interest in the Puesto Hernández joint venture.

As for development activities, we made investments in the Neuquina basin, especially in Loma La Lata, Aguada Toledo - Sierra Barrosa, Loma Campana, Chihuido Sierra Negra and Catriel. In the Golfo San Jorge basin in the province of Chubut, investments have continued in the Manantiales Behr and El Trébol areas. Also, we note the activities carried out in the province of Santa Cruz, primarily in Los Perales, Cañadón Yatel, Cañadón de la Escondida and Las Heras areas, as well as the progress made in activities carried out in the Mendoza Norte block in the province of Mendoza.

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Consolidated Results Q1 2014

In the Lajas Tight gas formation development, during Q1 2014, 10 wells were drilled and developed; average production of natural gas was 2.8 Mm3d.

As for exploration activities during Q1 2014, investments have been made in the Neuquina basin mainly in the areas of Cerro Avispa, Llancanelo R, Los Caldenes, Octógono and Aguada Pichana. In the Cuyana basin, activities were carried out at Vizcachera block; we note the investments made in the areas of Barranca Yankowsky, Restinga Alí, Cerro Piedra-Cerro Guadal Norte and Los Monos, part of the Golfo San Jorge basin. To date 10 exploratory wells and 3 workovers have been completed.

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Consolidated Results Q1 2014

3.2 DOWNSTREAM


(Unaudited Figures)	Q1 2013			Q4 2013			Q1 2014			Var.% Q1-14/Q1-13
Operating income (Million ARS)		1,210			2,767			2,453			102.7	%
Revenues (Million ARS)		18,264			24,623			29,571			61.9	%
Sales of refined products in domestic market (Km3)		3,889			4,094			3,999			2.8	%
Exportation of refined products (Km3)		450			432			455			1.1	%
*Sales of petrochemical products in domestic market ()** (Ktn)		179			198			185			3.1	%
*Exportation of petrochemical products ()** (Ktn)		70			49			57			-18.6	%
Crude oil processed (Kboed)		288			287			275			-4.5	%
Refinery utilization (%)		90	%		90	%		86	%		-4.5	%
Capital Expenditures (Million ARS)		596			2,106			999			67.6	%
Depreciation (Million ARS)		286			485			547			91.3	%
Average domestic market gasoline price (USD/m3)		694			704			707			1.9	%
Average domestic market diesel price (USD/m3)		756			774			742			-1.8	%

Data presented in accordance with International Financial Reporting Standards (IFRS). Including consolidated companies.

(*)	Fertilizer sales not included

Operating income in our Downstream business segment for Q1 2014 was ARS 2,453 million, a 102.7% increase compared to ARS 1,210 million for Q1 2013.

Net sales increased by 61.9% compared to Q1 2013 primarily due to a higher average price in terms of Argentine pesos for gasoline and diesel resulting in higher income of ARS 2,164 million and ARS 3,494 million, respectively; and also due to higher volumes of gasoline marketed compared to Q1 2013, with a 6% increase (an increase of ARS 377 million) in the case of gasoline sales that offset the 1.4% drop in the volume of diesel sold, the latter having almost no impact on reflected revenues in both domestic and international sales due to the improvement in the mix of products sold. Additionally, sales of fuel oil of ARS 1,808 million (an increase of ARS 1,045 million) reflected increases in both the domestic and international market, while sales of jet fuel of ARS 818 million (an increase of ARS 258 million), LPG of ARS 463 million (an increase of ARS 192 million), and flour and oils of ARS 333 million (an increase of ARS 129 million) reflected increases in international sales. In turn, sales in the domestic and international market for petrochemical products reached ARS 1,231 million (an increase of ARS 345 million), an increase driven mostly by a higher peso-denominated prices for the products marketed.

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Consolidated Results Q1 2014

Costs increased by 59% (an increase of ARS 10,064 million) compared to the same period in 2013. We highlight (i) increases in crude oil transferred from our Upstream business segment (an increase of ARS 3,540 million) and crude oil purchased from other producers (an increase of ARS 235 million), (ii) greater volumes of imported diesel (mainly Eurodiesel) and higher prices in peso terms (an increase of ARS 2,765 million), (iii) heavier amortization (an increase of ARS 261 million) and (iv) higher prices and volumes of biofuel purchased (an increase of ARS 236 million). Regarding the damage suffered by the La Plata refinery in Q2 2013, ARS 707 million in insurance compensation was received this quarter for lost profits affecting the business. This amount was recorded as a decrease to cost of sales because, if the damage not occurred, lower volumes of refined products would have been imported.

Crude oil processing volume was 275 Kboed, 4.5% lower than Q1 2013, mainly due to reduced refining capacity affecting the La Plata refinery following the damage on April 2, 2013 and the scheduled maintenance stoppage starting on March 8, 2014 at the Luján de Cuyo refinery, which reduced processing capacity from 105 kbbld to 39 kbbld. The work was completed on April 15, 2014 and since then Lujan de Cuyo refinery has operated at full capacity.

Q1 2014 operating income for Downstream controlled companies, including mainly Opessa, YPF Inversora Energética (controlling company of GASA and Metrogas), YPF Brazil, YPF Chile and YPF Energía Eléctrica (except the Ramos oil field) was ARS 39 million, compared to ARS 71 million for Q1 2013.

CAPEX

Investment in our Downstream business segment for Q1 2014 was ARS 999 million, which was 67.6% higher than Q1 2013. The progress of multi-annual projects intended to increase gasoline and diesel production capacity is one of the main highlights, as well as quality of such products. We also highlight the implementation of a coke unit at the La Plata refinery, work intended to improve our logistics facilities and projects addressing optimization of safety and environmental performance.

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Consolidated Results Q1 2014

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 the first quarter of 2014 was a loss of ARS 354 million, ARS 133 million higher compared to Q1 2013. The results were driven by improved results from our controlled company Astra Evangelista compared to negative results reported for Q1 2103, which was offset by increased costs due to higher corporate salaries and social charges, technology and institutional advertising contracts.

Consolidation adjustments relating to eliminating results among business segments not transferred to third parties were negative ARS 728 million in Q1 2014 and negative ARS 62 million in Q1 2013.

3.4 RELATED COMPANIES

Q1 2014 results from companies YPF invests in but does not control decreased ARS 3 million, compared to Q1 2013, which was neutral. The decrease was due to improved results from Mega and Refinor, which were offset by poorer results from Central Dock Sud and Profertil.

4. LIQUIDITY AND SOURCES OF CAPITAL

During Q1 2014, cash flow generation reached ARS 6,715 million, 78.1% higher than same period in 2013 (an increase of ARS 2,945 million). Compared to December 31, 2013, YPF’s cash and cash equivalents decreased by ARS 7,604 million to ARS 3,109 million at the end of Q1 2014, mainly due to higher investment activity and the acquisition of Apache Group assets in Argentina. Net financial debt increased by ARS 14,384 million (an increase of 67.9%) to reach ARS 35,561 million during Q1 2014, while gross debt of the company grew by 21.3% compared December 31, 2013. Immediately after Q1 2014, YPF’s cash position returned to similar levels as December 31, 2013 as a result of the issuance of Series XXVIII Notes for USD 1 billion in the international capital markets.

The average cost of debt denominated in pesos for Q1 2014 was 24.62%, while the average cost of debt denominated in U.S. dollars was 6.08%.

On April 30, 2014 the Ordinary General Shareholders’ Meeting approved the allocation of ARS 465 million (ARS 1.18 per share) to a provision for dividend payments, authorizing the Board of Directors to issue the dividend at any time this fiscal year.

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Consolidated Results Q1 2014

YPF Notes issued during Q1 2014 and afterwards are detailed below.


YPF Note	Amount	Interest Rate	Maturity
Series XXIX (Q1 2014)	500 MARS	BADLAR + 0%	72 month
Series XXX (Q1 2014)	379 MARS	BADLAR + 3.50%	21 month
Series XXVIII (Q2 2014)	1,000 MUSD	8.75%	120 month

5. ACQUISITION OF APACHE ARGENTINA / YACIMIENTOS DEL SUR

On February 12, 2014, YPF and its subsidiary YPF Europe B.V. accepted an offer from Apache Overseas Inc. and Apache International Finance II S.a.r.l (jointly the “Apache Group”) to acquire 100% of their interests in companies controlling Apache Group assets in Argentina (collectively, “YSUR – Yacimientos del Sur”)

The price agreed upon by the parties was USD 786 million plus the assumption of USD 31 million of local bank debt. The acquisition was paid for with initial payment of USD 50 million on February 12, 2014 and the balance was paid on March 13, 2014, upon which date YPF took control of YSUR – Yacimientos del Sur (“acquisition date”).

YSUR directly or indirectly controls assets in the provinces of Neuquén, Tierra del Fuego and Rio Negro, with a production of approximately 49.1 Kboed. They own important pipeline and plant infrastructure and employ approximately 350 people. Certain assets also have exploration and development potential at the Vaca Muerta formation. As a result of this transaction, YPF has resumed operations in the Austral basin, increased its production of gas and its hydrocarbon reserves and will produce Medanito oil, which is optimum quality for YPF’s refineries.

During the Q1 2014, YSUR’s ordinary income was ARS 977 million and operating income reached ARS 159 million. During the 19 days during Q1 2014 in which we controlled YSUR – Yacimientos del Sur, ARS 215 million of ordinary income and ARS 35 million of operating income of YSUR were consolidated.

YPF has entered into an asset transfer agreement with Pluspetrol S.A. (“Pluspetrol”) through which YPF will receive USD 217 million in return the Apache Group’s interests in three concessions and four joint venture contracts as well as YPF’s interest in a joint venture agreement. The interests relate to assets located in the province of Neuquén for the purpose of joint production and development of the Vaca Muerta formation. The authorization for this transaction from regulatory authorities is still pending. As of March 31, 2014, the related assets have been recorded as “available for sale assets” and the cash received has been recorded as “liabilities of sale of fixed assets.”

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Consolidated Results Q1 2014

6. TABLES AND NOTES

Q1 Results 2014

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Consolidated Results Q1 2014

6.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures expressed in millions of pesos)


	Q1 2013			Q1 2013			Q1 2014			Var.% Q1-14/Q1-13
Revenues		18,634			25,294			30,664			64.6	%
Costs of sales		(13,938	)		(20,185	)		(23,016	)		65.1	%

Gross profit		4,696			5,109			7,648			62.9	%

Selling expenses		(1,481	)		(2,016	)		(2,204	)		48.8	%
Administration expenses		(549	)		(797	)		(817	)		48.8	%
Exploration expenses		(76	)		(304	)		(197	)		159.2	%
Other expenses		(57	)		1,828			(46	)		-19.3	%

Operating income		2,533			3,820			4,384			73.1	%

Income on investments in companies		—			276			(3	)
Financial income (expenses), net
Gains (Losses) on assets		(47	)		(462	)		(1,124	)		2291.5	%
Interest		139			351			280			101.4	%
Exchange differences		(186	)		(813	)		(1,404	)		654.8	%
(Losses) gains on liabilities		242			2,331			5,707			2258.3	%
Interest		(608	)		(1,473	)		(1,568	)		157.9	%
Exchange differences		850			3,804			7,275			755.9	%

Net income before income tax		2,728			5,965			8,964			228.6	%

Income tax		(844	)		197			(139	)		-83.5	%
Deferred income tax		(626	)		(4,284	)		(6,038	)		864.5	%

Net income for noncontrolling interest		—			(40	)		(94	)

*Net income for the period ()**		1,258			1,918			2,881			129.0	%

*Earnings per share, basic and diluted ()**		3.20			4.89			7.34			129.4	%

Other comprehensive Income		1,385			5,661			11,239			711.5	%

Total comprehensive income for the period		2,643			7,539			14,026			430.7	%

Adj. EBITDA ()**		4,742			7,322			8,360			76.3	%

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

(*)	Attributable to controlling shareholder.

(**)

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Consolidated Results Q1 2014

6.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures expressed in millions of pesos)


	12/31/2013		03/31/2014
Noncurrent Assets
Intangible assets		2,446		3,250
Fixed assets		93,496		124,543
Investments in companies		2,124		2,552
Deferred income tax assets		34		46
Other receivables and advances		2,927		3,081
Trade receivables		54		70

Total Non-current assets		101,081		133,542

Current Assets
Inventories		9,881		11,590
Other receivables and advances		6,506		10,579
Trade receivables		7,414		10,289
Assets available for sale		—		1,531
Cash and equivalents		10,713		3,109

Total current assets		34,514		37,098

Total assets		135,595		170,640

Shareholders’ equity
Shareholders’ contributions		10,600		10,614
Reserves and unnapropiated retained earnings		37,416		51,536
Noncontrolling interest		224		130

Total Shareholders’ equity		48,240		62,280

Noncurrent Liabilities
Provisions		19,172		22,721
Deferred income tax liabilities		11,459		17,509
Other taxes payable		362		364
Salaries and social security		8		9
Loans		23,076		27,631
Accounts payable		470		444

Total Noncurrent Liabilities		54,547		68,678

Current Liabilities
Provisions		1,396		1,505
Income tax liability		122		215
Other taxes payable		1,045		2,730
Salaries and social security		1,119		970
Loans		8,814		11,039
Accounts payable		20,312		23,223

Total Current Liabilities		32,808		39,682

Total Liabilities		87,355		108,360

Total Liabilities and Shareholders’ Equity		135,595		170,640

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

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Consolidated Results Q1 2014

6.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures expressed in millions of pesos)


	Q1			Q1			Q1
	2013			2013			2014
Cash Flows from operating activities
Net income		1,258			1,878			2,787
Income from investments in companies		—			(276	)		3
Depreciation of fixed assets		2,168			3,447			3,903
Amortization of intangible assets		41			55			73
Consumption of materials and fixed assets and intangible assets		425			678			1,015
retired, net of provisions
Net increase in provisions		416			975			604
Increase in fixed assets provisions		—			16			—
Changes in assets and liabilities
Trade receivables		(1,465	)		1,398			*(1,996*	)
Other receivables and liabilities		(63	)		(3,077	)		*(3,052*	)
Inventories		(342	)		(1,479	)		*(1,660*	)
Accounts payable		205			(1,326	)		*(1,144*	)
Other Taxes payable		391			154			*1,598*
Salaries and Social Securities		(124	)		176			*(196*	)
Decrease in provisions from payments		(122	)		(197	)		*(744*	)
Interest, exchange differences and other		243			(1,242	)		*143*
Dividends from investments in companies		—			144			—
Stock compensation plan		—			—			14
Accrued insurance		—			—			(741	)
Net charge of income tax payment		739			3,261			6,108

Net cash flows provided by operating activities		3,770			4,585			6,715

Cash flows used in investing activities
Payments for investments:
Acquisitions of fixed assets and Intangible assets		(4,744	)		(9,436	)		(11,817	)
Capital contributions in non-current investments		—			(9	)		(85	)
Liabilities of sales of fixed assets		—			—			1,531
Acquisitions of participation in UTEs		—			—			(326	)
Acquisition of subsidiaies net of adcquiered funds		—			—			(6,102	)
Revenues from sales of fixed assets and intangible assets		—			5,351			—
Insurance charge for material damages		—			—			608

Net cash flows used in investing activities		(4,744	)		(4,094	)		(16,191	)

Cash flows (used in) provided by financing activities
Payment of loans		(1,956	)		(1,912	)		(2,143	)
Payment of interests		(531	)		(887	)		(939	)
Proceeds from loans		3,010			5,983			4,252
Payments of dividends		—			—			—

Net cash flows (used in) provided by financing activities		523			3,184			1,170

Effect of changes in exchange rates on cash and equivalents		19			135			702

Increase (Decrease) in Cash and Equivalents		(432	)		3,810			(7,604	)

Cash and equivalents at the beginning of year		4,747			6,903			10,713
Cash at the beginning of year incorporation of Gasa		—			—			—
Cash and equivalents at the end of year		4,315			10,713			3,109

Increase (Decrease) in Cash and Equivalents		(432	)		3,810			(7,604	)

COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD
Cash		718			4,533			1,325
Other Financial Assets		3,597			6,180			1,784

TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD		4,315			10,713			3,109

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

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Consolidated Results Q1 2014

6.4 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES (unaudited figures)


Million USD	Year 2012		*Year 2013 ()**		2012 Q1		2013 Q1		2014 Q1		Variation Q1 14 /Q1 13
INCOME STATEMENT
Revenues		14,762		16,514		3,352		3,727		4,040		8.4	%
Costs of sales		-11,047		-12,566		-2,351		-2,788		-3,032		8.8	%

Gross profit		3,715		3,948		1,001		939		1,008		7.3	%
Selling expenses		-1,244		-1,387		-277		-296		-290		-2.0	%
Administration expenses		-490		-492		-108		-110		-108		-2.0	%
Exploration expenses		-128		-152		-26		-15		-26		70.8	%
Other expenses		-116		129		-26		-11		-6		-46.8	%

Operating income		1,737		2,202		564		507		578		14.0	%
Depreciation of fixed assets		1,786		2,059		404		434		514		18.6	%
Amortization of intangible assets		33		36		7		8		10		17.3	%

Adj. EBITDA**		3,556		4,297		975		949		1,102		16.1	%

UPSTREAM
Revenues		6,881		7,824		1,727		1,767		1,966		11.2	%
Operating income		1,259		1,316		477		374		397		6.0	%
Depreciation		1,511		1,758		345		368		435		18.1	%
Capital expenditures		2,661		4,488		377		731		1,133		55.1	%

DOWNSTREAM
Revenues		14,529		15,901		3,328		3,653		3,896		6.7	%
Operating income		900		1,232		240		242		323		33.5	%
Depreciation		234		266		50		57		72		26.1	%
Capital expenditures		930		898		95		119		132		10.4	%

CORPORATE AND OTHER
Operating income		-548		-279		-133		-97		-47		-52.1	%
Capital expenditures		31		83		9		6		16		147.0	%

CONSOLIDATION ADJUSTMENTS
Operating income		125		-67		-20		-12		-96		673.5	%
*Average exchange rate for the period*		*4.55*		*5.46*		*4.43*		*5.00*		*7.59*

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.

(*)	For January through December 2013, recurring results are presented, which do not include the impact of the provision for claims related to the AES Uruguaiana Emprendimientos S.A. (AESU) and Transportadora de Gas del Mercosur S.A. (TGM) arbitrations.

(**)

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Consolidated Results Q1 2014

6.5 MAIN PHYSICAL MAGNITUDES (Unaudited figures)


						2013						2014
	Unit
		Q1		Q2		Q3		Q4		Cum. 2013		Q1
Upstream
Crude oil production	Kbbl		20,365		20,770		21,625		22,019		84,780		21,742
NGL production	Kbbl		4,918		4,162		3,471		5,033		17,584		4,858
Gas production	Mm3		2,824		3,001		3,272		3,262		12,359		3,350
Total production	Kbpe		43,045		43,806		45,675		47,568		180,094		47,672

Henry Hub	USD/Mmbtu		3.48		4.09		3.58		3.60		3.69		4.94
Brent	USD/bbl		112.48		102.58		110.27		109.21		108.63		108.17
Downstream
Sales of petroleum products
Domestic market
Gasoline	Km3		1,159		1,060		1,121		1,206		4,545		1,229
Diesel	Km3		1,946		2,057		2,048		2,047		8,098		1,920
Jet fuel and kerosene	Km3		108		111		112		118		449		124
Fuel Oil	Km3		129		100		293		239		760		294
LPG	Km3		168		220		265		144		796		146
Others (*)	Km3		379		270		350		340		1,338		286
Total domestic market	Km3		3,889		3,819		4,188		4,094		15,988		3,999
Export market
Petrochemical naphtha	Km3		0		0		0		0		0		0
Jet fuel and kerosene	Km3		131		121		127		126		505		129
LPG	Km3		123		36		30		104		293		124
Bunker (Diesel and Fuel Oil)	Km3		186		98		189		191		664		194
Others (*)	Km3		10		10		9		11		39		8
Total export market	Km3		450		265		355		432		1,502		455
Total sales of petroleum products	Km3		4,339		4,084		4,542		4,526		17,490		4,454

Sales of petrochemical products
Domestic market
Fertilizers	Ktn		24		27		68		105		224		32
Methanol	Ktn		49		57		64		66		236		47
Others	Ktn		130		138		143		132		543		138
Total domestic market	Ktn		203		222		276		303		1,003		217
Export market
Methanol	Ktn		8		22		1		10		41		33
Others	Ktn		62		64		75		39		240		24
Total export market	Ktn		70		86		76		49		281		57
Total sales of petrochemical products	Ktn		273		308		352		352		1,284		274

Sales of other products
Grain, flours and oils
Domestic market	Ktn		39		30		24		31		124		20
Export market	Ktn		87		239		284		159		769		85
Total Grain, flours and oils	Ktn		126		269		308		190		893		105

Main products imported
Gasolines and Jet Fuel	Km3		94		198		0		0		292		179
Diesel	Km3		183		420		296		351		1,250		473

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

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Consolidated Results Q1 2014

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 estimations 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 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 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, 2013 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

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.

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

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: May 8, 2014

/s/ Alejandro Cherñacov

Alejandro Cherñacov

Market Relations Officer