FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August, 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 Q2 2014 Earnings Presentation. |
2
2nd
Quarter 2014 Earnings Webcast
August 8, 2014 |
2
Disclaimer
2
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 as of the date hereof of YPF and its management, including
statements with respect to trends affecting YPFs 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 YPFs 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
YPFs control or may be difficult to predict. YPFs 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 InformationRisk Factors and Item 5. Operating and Financial
Review and Prospects in YPFs 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.
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. |
Contents
Q2 2014 Results
Financial Situation
Summary
1
2
3
3 |
Revenues of ARS 35.3 bn (+61% vs. Q2 2013)
Crude oil production 240.9 Kbbl/d (+5.6%)
Natural gas production 43.5 Mm3/d (+31.8%)
Crude processed 292 Kbbl/d (+20%)
Operating Income was ARS 6 bn (+168%)
Net Income was ARS 1.5 bn (+40%)
Total Capex
was ARS 10.9 bn (+67%)
Q2 2014 Results Highlights
Adj. EBITDA
(1)
reached ARS 10.5 bn (+82%)
Operating Cash Flow topped 11.4bn (+251%)
(1)
See description of Adj. EBITDA in footnote (2) on page 5
Solid demand, market share:
Gasoline 59% and diesel 58%
4 |
5
Production and Sales volumes growth at higher margins, resulted in solid
y-o-y financial performance.
Revenues
(1)
(MUSD)
Operating Income
(1) (3)
(MUSD)
Adj. EBITDA
(1) (2)
(MUSD)
(1)
YPF financial statement values in IFRS converted to USD using average FX of 5.2 and
8 for Q2 2013 and Q2 2014, respectively. (2)
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.
(3)
In Q2 2013 results do not include the impact of non cash provision relating to
claims arising from the discontinuation of gas export contracts to Brazil in 2009.
+5%
+75%
+42%
Q2 2014 Results Expressed in US Dollars
920
1,307
Q2 2013
Q2 2014
425
743
Q2 2013
Q2 2014
4,203
4,413
Q2 2013
Q2 2014 |
6
In millions of ARS
Q2 2014 Operating Income
Operating Income increased by 168% in Q2 2014 driven mainly by higher
revenues. (1)
Does
not
include
the
impact
of
non
cash
provision
relating
to
claims
arising
from
the
discontinuation
of
gas
export
contracts
to
Brazil
in
2009.
2,218
5,950
13,389
477
-5,656
-1,881
-1,317
-723
-557
Q2 2013
Revenues
Others
expenses
Other costs
of sales
DD&A
Purchases
SG&A
Exploration
expenses
Q2 2014
(1) |
7
Q2 2014 Operating Income
Solid performance across both business segments.
In millions of ARS
(1)
Does
not
include
the
impact
of
non
cash
provision
relating
to
claims
arising
from
the
discontinuation
of
gas
export
contracts
to
Brazil
in
2009.
2,218
5,950
1,862
1,711
159
Q2 2013
Upstream
Downstream
Others
Q2 2014
(1) |
8
Q2 2014 Upstream Results
Upstream Operating Income reached ARS 3.3 bn (+129%) due to higher revenues driven
by the increase in production of both crude oil and natural gas and by
higher prices in pesos. In millions of ARS
(1)
Does
not
include
the
impact
of
non
cash
provision
relating
to
claims
arising
from
the
discontinuation
of
gas
export
contracts
to
Brazil
in
2009.
(2)
Includes inventory variation and purchases of -131 MARS and SG&A of 472
MARS. (2)
1,443
3,305
5,970
341
191
-2,035
-1,296
-752
-557
Q2 2013
Revenues
Other
expenses
Afiliates
Production
costs
DD&A
Royalties
Exploration
Expenses
Q2 2014
(1) |
9
Crude oil production
(1)
(Kbbl/d)
Natural gas production
(1)
(Mm
3
/d)
Q2 2014 Upstream Results
Production
Total production
(1)
(Kboe/d)
+5.6%
+31.8%
+15.5%
Total y-o-y production growth of 15.5%, 5.6% in crude oil and 31.8% in
natural gas. (1)
Q2 2014 includes production of YSUR and Puesto Hernández acquired in Q1
2014. 228.2
240.9
Q2 2013
Q2 2014
33.0
43.5
Q2 2013
Q2 2014
481.4
555.8
Q2 2013
Q2 2014 |
10
Q2 2014 Upstream Results
Production
Crude oil production
(kbbl/d)
Natural gas production
(Mm
3
/d)
Solid conventional y-o-y natural gas production increase of 4.4%, coupled
with inorganic growth and continued shale and tight progress.
YSUR + Puesto Hernández
Tight + Shale
Conventional
226.3
228.2
235.1
239.3
241.6
240.9
31.4
33.0
35.6
35.5
37.2
43.5
222.1
222.8
227.2
229.9
229.2
220.5
6.0
13.6
4.2
5.4
7.9
9.5
6.4
6.8
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
30.7
32.3
34.7
33.2
32.9
33.7
1.3
6.0
0.7
0.7
0.9
2.3
3.1
3.8
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14 |
Confirming Well Productivity
Vaca Muerta
Vertical Well Production
Loma Campana -
Sweet Spots
Vaca Muerta Figures
> 2 bn USD invested
> 200 development wells drilled
21 drilling rigs in LC
40 exploration wells outside LC
Total Gross Production
(Kboe/d)
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
H
V
5.9
7.9
9.8
13.3
17.3
18.6
23.2
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
0
1
2
3
4
5
6
7
8
9
10
11
12
2011: 15 wells
2012: 10 wells
2013: 93 wells
Type well curve
Avrg well West Sweet Spot: 15 wells
2014 Sweet Spot: 24 wells |
Q2
2014 Downstream Results Downstream Operating Income grew 141% in Q2
2014, due to higher revenues in the domestic market.
In millions of ARS
1,210
2,921
11,044
177
-7,839
-1,084
-392
-195
Q2 2013
Revenues
Affiliates
Purchases
Production
costs
SG&A
DD&A
Q2 2014
12 |
13
20%
Crude processed
(kbbl/d)
Domestic sales of refined products
+7%
Q2 2014 Downstream Results -
Sales
+6%
-0.7%
Refinery output restored after La Plata Refinery incident in Q2 2013.
+198%
243
292
Q2 2013
Q2 2014
3,819
4,087
Q2 2013
Q2 2014
Others
LPG
Fuel Oil
JP1
Gasoline
Diesel
(Km )
3 |
14
Q2 2014 Refined Products Demand
Diesel volumes
(1)
(Jan-13 base = 100)
Strong YPF performance in a challenging domestic market.
Gasoline volumes
(1)
(Jan-13 base = 100)
(1)
Source: Argentine Secretariat of Energy (SEN)
YPF
Rest of the market
YPF
Rest of the market |
15
Q2 2014 Capex
(1)
(1)
Economic capex figures as expressed in Note 2.g of Q2 2014 YPF financial statements.
(2)
Active rigs at end of period.
+66.9%
In millions of ARS
10,866
Downstream
Upstream
Progress of the new coke unit
at the La Plata Refinery and
other multi-year projects
Neuquina
basin:
Loma
La
Lata,
Loma Campana, Rincón del
Mangrullo and Aguada Toledo
Golfo San Jorge basin:
Manantiales Behr, El Trébol,
Barranca Baya and Los Perales
Drilling
rigs
(2)
+192%
Q2 2013
Q2 2014
Upstream
Downstream
Others
6,510
25
36
42
46
52
58
63
65
69
73
Q1 12Q2 12Q3 12Q4 12Q1 13Q2 13Q3 13Q4 13Q1 14Q2 14 |
Contents
Q1 2014 Results
Financial Situation
Summary
1
2
3
16 |
In
millions of ARS (1)
Includes effect of changes in exchange rates.
(2)
Effective
spendings
in
fixed
asset
acquisitions
during
the
quarter
.
(3)
Net
debt
to
Adj.EBITDA
calculated
in
USD,
Net
debt
at
period
end
FX
of
8.1
and
Adj.
EBITDA
LTM
at
6.8;
4,298
/
4,813
=
0.89.
Q2 2014 Cash Flow From Operations
Cash flow from operations grew ARS 8 bn against Q2 2013.
Sound
capital
structure
(Net
Debt
/
Adj.
EBITDA
LTM
of
0.9x)
(3)
.
(1)
(2)
+251%
3,109
11,448
11,430
6,041
-9,132
Cash at the
beginning of Q2
2014
Cashflow from
operations
Net financing
Capex
Cash at the end of
Q2 2014
3,253
6,715
11,430
Q2 2013
Q1 2014
Q2 2014
17 |
18
(1)
Converted to USD using average FX of: Q2 2012= 4.3, Q3 2012= 4.6, Q4 2012= 4.8, 5,
Q1 2013= 5.2, Q2 2013= 5.6, Q4 2013= 6, Q12014=7.6 and Q2 2014= 8. (2)
Adj. EBITDA margin is Adj. EBITDA divided by Consolidated Revenues.
(3)
Operating margin is Operating Income divided by Consolidated Revenues.
Q2 2014 Margin Evolution
Healthy recovery based on production increase and pricing discipline.
Adj. EBITDA and Adj. EBITDA margin
(1) (2)
(MUSD -
%)
Operating Income and Operating margin
(1) (3)
(MUSD -
%)
886
865
850
948
920
1,182
1,212
1,101
1,307
23.8%
22.9%
21.5%
25.4%
21.9%
27.1%
28.9%
27.3%
29.6%
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
433
368
386
507
425
619
632
578
743
11.6%
9.7%
9.8%
13.6%
10.1%
14.2%
15.1%
14.3%
16.8%
Q2
2012
Q3
2012
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014 |
19
Peso denominated debt 32%
Financial debt amortization schedule
(1) (2)
(MUSD)
Average interest rates of 28.04%
in USD and 6.76%
in ARS
(1)
As of June 30, 2014 / (2) Converted to USD using June
30, 2014 FX of 8.1 Cash position covers next 18-month debt
maturities. Continued to extend average life of debt.
Financial Situation Update
Average life of almost 4
years
1,415
Cash
2014 (Jul-Dec)
2015
2016
2017
2018
2019
2020+
Trade facilities
Term Loans
Senior Bonds
and Notes
8%
13%
79%
1 |
Contents
Q1 2014 Results
Financial Situation
Summary
1
2
3
20 |
Summary
Continued to increase results and expand margins despite
currency devaluation
Increased
oil
&
gas
production
by
15.5%
as
a
result
of
a
balanced
mix
of conventional and unconventional production coupled with inorganic growth
Strong operating cash flow
allowed continued increase
in capex without increasing leverage
Solid capital structure with significant cash reserves
provides stability regardless of the sovereign situation
21 |
2
nd
Quarter 2014 Earnings Webcast
Questions and Answers |
2nd
Quarter 2014 Earnings Webcast
August 8, 2014 |
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 8, 2014 | By: | /s/ Alejandro Cherñacov | ||||
Name: Alejandro Cherñacov | ||||||
Title: Market Relations Officer |