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 February, 2015
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 Full Year 2014 & Q4 2014 Earnings Presentation. |
2
 Full Year
2014 Earnings Webcast
February 27, 2015 Buenos Aires, Argentina |
 2
Disclaimer
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, 2013 filed with the US Securities and Exchange Commission. In light of the foregoing, the
forward-looking statements included in this document may not occur. Except as required by
law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make
it clear that the projected performance, conditions or events expressed or implied therein will not be
realized. These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs
in the United States or otherwise. |
 3
Contents
Highlights 2014
Financial Results
Financial Situation
Outlook
1
3
4
5
Review of Operations
2 |
 4
Increased sales by 6.4% in USD driven by volume and price
increase across most products
Continued development of shale and tight opportunities
Executed selected acquisitions that enhance our asset base
Upstream production increase of 13.5% to 560.1 KBOE/d
Increased Proven Reserves by 11.9%; RRR was 163%
Highlights 2014
Increased Adj. EBITDA by 16.8% in USD, Operating Income by
11.0% in USD and operating cash flow by 120% in USD,
expanding Adj. EBITDA margin to 29.2%
Raised USD 1 billion in the international markets and
maintained sound capital structure: Net Debt / EBITDA = 0.9x
|
 5
Contents
Review of Operations
Financial Results
Financial Situation
Outlook
2
3
4
5
Highlights 2014
1 |
 6
Volume and sales growth resulted in margin expansion.
Adj. EBITDA grew by 17% and operating income by 11% y-o-y.
Revenues
(1)
(millions of USD)
Operating Income
(1)
(millions of USD)
Adj. EBITDA
(1) (2)
(millions of USD)
(1)
YPF
financial
statement
values
in
IFRS
converted
to
USD
using
an
average
exchange
rate
of
Ps
5.5
and
Ps
8.1
to
U.S.$1.00
for
2013
and
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
+
Unproductive
exploratory drillings.
+6.4%
+11%
+16.8%
Review of Operation –
Results Expressed in US Dollars
16,514
17,576
2013
2014
4,391
5,128
2013
2014
2,202
2,445
2013
2014 |
 7
Crude
Oil
Production
(Kbbl/d)
Natural
Gas
Production
(Mm
3
/d)
Review of Operations
Production
Total
Production
(Kboe/d)
+5.3%
+25.1%
+13.5%
Production
increase
resulting
from
development
of
shale
+
tight,
conventional
fields
and
acquisitions.
YSUR
Tight + Shale
Conventional
232.3
244.6
2013
2014
33.9
42.4
2013
2014
471.6
472.8
38.6
21.8
48.7
493.4
560.1
2013
2014 |
 8
Liquids
(Mbbl)
Natural
Gas
(Mboe)
Review of Operations
Reserves
Total
Hydrocarbon
(Mboe)
+6.4%
+18.0%
+11.9%
Boosted proved reserves by 11.9%. Solid results coming from secondary recovery
projects, tight gas and shale formations, extension of concessions and
acquisitions. 163%
144%
184%
1,083
1,212
2013
2014
455
537
2013
2014
628
675
2013
2014
RRR
RRR
RRR |
 9
Progress on
Shale Oil & Gas Developments
182
Shale wells
drilled in 2014
Horizontal well sweet spot identified in Loma Campana
Three distinct horizons evaluated with delineation wells
2015
focus
shifting
to
more
cost
effective
horizontal
wells
290
Shale wells in production
41.2(1)
KBOE/D Shale Production
First operated shale gas pilot started, with positive initial
results
2015 focus on completing the pilot project with vertical and
horizontal wells
Sufficient gas processing capacity available
Loma Campana (Oil)
El Orejano (Gas)
(1)
January 2015 gross production. |
 10
Shale Development Main Challenges
Ongoing Initiatives
Increase
the
extension
and
number
of
fractures
of
horizontal
wells.
Optimize costs by using national sand and new stimulation service contracts.
Low-cost monobore 3 ½”
horizontal wells for areas with low productivity.
Future Challenges
Development
of
the
horizontal
sweet
spot
in
factory
mode,
across
different
horizons.
Understanding the subsurface to resolve interferences detected between wells.
Vertical supply chain integration (sand, distribution, etc.).
|
 11
Renewed Focus on Natural Gas
42.4
Mm
3
/d
Gas
Production*
110
Gas wells drilled in 2014
25%
Production Growth Y-o-Y
(*) Includes YSUR, MAXUS and Ramos YEE
Gas production boosted mainly due to YSUR and Tight Gas performance
0
5
10
15
20
25
30
35
40
45
50
CONVENTIONAL
YSUR
TIGHT GAS
SHALE |
 12
Stay the course on Mature Fields
10%
Production Growth Y-o-Y
40%
Of total Oil Production
Focus on Secondary Recovery of Mature Fields
1 billion
Barrels of water Injected
50
100
150
200
250
Q1-12
Q2-12
Q3-12
Q4-12
Q1-13
Q2-13
Q3-13
Q4-13
Q1-14
Q2-14
Q3-14
Q4-14
PRIMARY
SECONDARY
YSUR
SHALE |
 13
+4.3%
Crude
processed
(kbbl/d)
Domestic
sales
of
refined
products
(Km
3
)
+6%
Review of Operations Downstream Performance
+4%
+1%
Crude processing up 4% to 91% of capacity.
Sales volume growth across most products.
+54%
15,988
16,916
2013
2014
Others
LPG
Fuel Oil
JP1
Gasoline
Diesel
278
290
2013
2014 |
 14
Review of Operations Refined Products Demand
Monthly
Gasoline
Sales
(Km
3
)
Brand recognition; solid demand based on slight market share growth.
2014
2013
Monthly
Diesel
Sales
(Km
3
)
2014
2013
54.6%
57.7%
57.7%
60.0%
Gasoline Market Share
2013
2014
Diesel Market Share
2013
2014
+ 3.9%
+ 0.8%
300
320
340
360
380
400
420
440
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
500
550
600
650
700
750
800
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec |
 15
5% reduction of gasoline and diesel prices at the pump,
partially supported by federal taxes reduction. (Dec. 2579/14)
Recent changes in domestic prices
Understanding among various sectors and the Argentine Federal
Government to reduce domestic crude oil prices by U.S.$7/Bbl.
•
Lower cost for YPF on domestic crude oil purchases
(~20% of total processed crude)
•
Reduction on royalties paid amounts to provinces due
to lower wellhead prices
Additional U.S.$3/Bbl compensation for producers that maintain or
increase production from one year to another.
Reduction of export taxes for all products to 1%, while Brent price
is
below
U.S.$71/Bbl.
(Resolution
1077/14
-
Ministry
of
Economy) |
 16
Contents
Highlights 2014
Financial Results
Financial Situation
Outlook
1
3
3
4
Review of Operations
2 |
 17
Revenues
(millions
of
Ps)
Adj.EBITDA
(millions
of
Ps)
(1)
FY 2014 Financial Results
Operating
Income
(millions
of
Ps)
+57.5%
+72.8%
+64.3%
Production and sales volume growth, coupled with pricing discipline, led to solid
financial results and healthy margins.
(1)
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.
23,962
41,412
2013
2014
90,113
141,942
2013
2014
12,015
19,742
2013
2014 |
 18
In million of Ps
FY 2014 Financial Results
Operating income reached Ps 19.7 billion during 2014, 64% above 2013, despite Ps
1.2 billion of non-cash provision at Maxus
12,015
19,742
51,829
-17,859
-10,105
-8,700
-4,121
-2,112
-1,205
2013
Revenues
Other costs of
sales
Purchases
DD&A
SG&A
Others
expenses
Exploration
expenses
2014 |
 19
FY2014 Upstream Financial Results
Upstream
operating
income
grew
72%
due
to
higher
revenues
driven
by
an
increase
of
production and better prices for crude oil and natural gas.
In millions of Ps
7,179
12,353
28,000
-10,973
-7,589
-3,617
-647
2013
Revenues
Production
costs
DD&A
Royalties
2014 |
 20
FY2014 Downstream Financial Results
Downstream operating income was positively impacted by higher sales volume and
prices. In millions of Ps
6,721
10,978
46,972
-32,399
-4,406
-2,906
-2,011
-993
2013
Revenues
Purchases
Production costs
SG&A
Other expenses
DD&A
2014 |
 21
In millions of Ps
Q4 2014 Financial Results
Although operating income decreases, mainly because of the impact of two
one-time charges, recurring results were positive by 10.7%.
2,341
3,820
1,364
2,591
1,479
12,445
-3,674
-3,535
-2,997
-2,829
-1,366
-500
1,227
Recurring
Operating
Income
Q4 2013
One-time Q4
2013
Insurance
recovery
Q4 2013
Revenues
Other costs
of sales
Purchases
Others
expenses
DD&A
SG&A
Exploration
expenses
Q4 2014
One-time Q4
2014 Maxus
provision
Recurring
Operating
Income
Q4 2014 |
 22
Crude
oil
production
(kbbl/d)
Natural
gas
production
(Mm
3
/d)
Q4 2014 Upstream Results –
Production
Total
production
(kboe/d)
+4.4%
+23.1%
+12.7%
Total production grew by 12.7% boosted by a strong increased of 23% in natural
gas. 35.5
43.7
Q4 2013
Q4 2014
239.3
249.8
Q4 2013
Q4 2014
517.0
582.8
Q4 2013
Q4 2014 |
 23
+4.3%
Crude
processed
(kbbl/d)
Domestic
sales
of
refined
products
(Km
3
)
+9.2%
Q4 2014 Downstream Results -
Sales
+0.4%
0%
Refinery utilization reached 93% helped by lighter crude coming from unconventional
production. All product demand grew by 9%.
+34%
287
296
Q4 2013
Q4 2014
4,094
4,472
Q4 2013
Q4 2014
Others
LPG
Fuel Oil
JP1
Gasoline
Diesel |
 24
Contents
Highlights 2014
Review of Operations
Financial Results
Financial Situation
1
2
3
4
Outlook
5 |
 25
(1)
Includes effect of changes in exchange rates.
(2)
Effective
spendings
in
fixed
asset
acquisitions
during
the
year
net
of
the
insurance
recovery
of
Ps
1,818
million.
(3)
Net debt to Adj. EBITDA calculated in USD, Net debt at period end exchange rate of
Ps 8.5 to U.S.$1.00 and Adj. EBITDA at average 2014 of Ps 8.1 to U.S.$1.00;
5,128 / 4,652 = 0.9.
FY 2014 Financial Situation
Cash flow from operations grew Ps 25 billion against 2013.
Sound
capital
structure;
Net
Debt
/
Adj.
EBITDA
LTM
down
to
0.9x
(3)
.
(1)
(2)
+120%
Consolidated statement of cash flows
(in millions of Ps)
Cash flow from operations
(in millions of Ps)
20,964
46,154
2013
2014
10,713
9,758
46,154
6,296
-53,405
Cash at the
beginning 2014
Cashflow from
operations
Net financing
Capex
Cash at the end of
2014 |
 26
Peso denominated debt 35%
Financial debt amortization schedule
(1) (2)
(in millions of USD)
Average interest rates of 6.84%
in USD and 23.05%
in Pesos
(1)
As of December 31, 2014, does not include consolidated companies
(2)
Converted
to
USD
using
the
December
31,
2014
exchange
rate
of
Ps
8.5
to
U.S.$1.00
and
February
10,
2015
of
Ps
8.7
U.S.$1.00
for
pro-
forma figures of Notes series XXXVI and XXXVII.
Cash position strengthened
by additional indebtness in the international and local markets
during Q1 2015.
Financial
Situation
Update
1
Trade facilities
Term Loans
Senior Bonds
and Notes
Average life of almost 3.5
years
Overdraft
Iincludes additional issuances in the international market of Notes Series XXVI and
XXXVII of U.S.$175 million and U.S.$325
million,
respectively
and
Series
XXXVI
and
XXXVII
of
Ps
950
million
and
Ps
250
million
respectively
5%
11%
10%
74%
Cash
2015
2016
2017
2018
2019
2020+
1,624 |
 27
Contents
Highlights 2014
Review of Operations
Financial Results
Outlook
1
2
3
4
Financial Situation
4 |
 28
•
Maintaining activity to avoid compromising long term growth
•
Focusing on cost reduction opportunities
•
Executing our JV projects
•
Finalizing our new coke project to increase gasoline and diesel
production by 10%
•
Maintaining leverage below 1.5x (Net Debt / Adj. EBITDA)
Adapt to a new business environment by:
Outlook 2015
Delivered 2012, 2013 and 2014 results ahead of
expectations and built a strong base to face the challenges
of a transition year
Track
Record
2015 |
 Full
Year
2014
&
4
th
Quarter
2014
Earnings
Webcast
Questions and Answers |
 Full
Year 2014 Earnings Webcast
February 27, 2015. Buenos Aires, Argentina |
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: February 27, 2015 |
By: | /s/ Diego Celaá | ||
| Name: Title: |
Diego Celaá Market Relations Officer | |||