Edgar Filing: YPF SOCIEDAD ANONIMA

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of August, 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 Consolidated Results Q2 2015.

LOGO

YPF S.A.

Consolidated Results

Q2 2015


		Consolidated Results Q2 2015

CONTENT


1.	MAIN MILESTONES AND ECONOMIC MAGNITUDES OF Q2 2015	3

2.	ANALYSIS OF RESULTS FOR Q2 2015	4

3.	ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q2 2015	6

	3.1 UPSTREAM	6

	3.2 DOWNSTREAM	8

	3.3 CORPORATE	9

	3.4 RELATED COMPANIES	9

4.	LIQUIDITY AND SOURCES OF CAPITAL	10

5.	TABLES AND NOTES	11

	5.1 CONSOLIDATED STATEMENT OF INCOME	12

	5.2 CONSOLIDATED BALANCE SHEET	13

	5.3 CONSOLIDATED STATEMENT OF CASH FLOW	14

	5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION	15

	5.5 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES	16

	5.6 MAIN PHYSICAL MAGNITUDES	17

Investor Relations		18


		Consolidated Results Q2 2015

Adj. EBITDA for Q2 2015 reached Ps 12.4 billion, 13.3% higher than Q2 2014.


Q2 2014		Q1 2015		Q2 2015		Var.% Q2 15 / Q2 14				Jan-Jun 2014		Jan-Jun 2015		Var.% 2015 / 2014

	35,330		34,702		39,557		12.0	%	Revenues (Million Ps)		65,994		74,259		12.5	%

	5,950		4,469		5,578		-6.3	%	Operating income (Million Ps)		10,334		10,047		-2.8	%

	1,526		2,127		2,297		50.5	%	*Net income ()** (Million Ps)		4,407		4,424		0.4	%

	10,944		10,209		12,395		13.3	%	Adj. EBITDA (Million Ps)		19,372		22,604		16.7	%

	3.89		5.42		5.86		50.6	%	*Earnings per share ()** (Ps per Share)		11.23		11.28		0.5	%

	11,038		12,351		14,758		33.7	%	Capital Expenditures ()** (Million Ps)		27,125		27,109		-0.1	%

Adj.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 (*) Attributable to controlling shareholder (**) Capital expenditures for Jan-June 2014 include additions relating to the acquisitions of Apache Group assets in Argentina (net of Pluspetrol assignment) and an additional 38.45% stake in Puesto Hernández joint venture.

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

1.	MAIN MILESTONES AND ECONOMIC MAGNITUDES OF Q2 2015

•

Revenues for Q2 2015 were Ps 39.6 billion, 12.0% higher than Q2 2014.

•

Operating income for Q2 2015 was Ps 5.6 billion, 6.3% lower than Q2 2014.

•

Adjusted EDITDA for Q2 2015 was Ps 12.4 billion, 13.3% higher than Q2 2014.

•

Net income for Q2 2015 was Ps 2.3 billion, 50.5% higher than the Ps 1.5 billion in Q2 2014.

•

Operating cash flow for Q2 2015 was Ps 10.0 billion, 12.5% less than Q2 of 2014.

•

During Q2 2015, total hydrocarbon production increased by 2.6% compared to Q2 2014 to reach 569.3 Kboed. Natural gas production was 44.6 Mm3d, 2.3% higher than Q2 2014, while crude oil production increased by 3.7% to 249.8 Kbbld.

•

In the Downstream segment, processing levels in refineries reached 95% in Q2 2015, 4.4% higher than Q2 2014.

•

Capital expenditures for Q2 2015 were Ps 14.8 billion, a 33.7% increase compared Ps 11.0 billion in Q2 2014.


		Consolidated Results Q2 2015

2.	ANALYSIS OF RESULTS FOR Q2 2015

Revenues for Q2 2015 were Ps 39.6 billion, 12.0% higher than Q2 2014. Among the main reasons for this variation in the company’s revenues are:

Gasoline and diesel sales in the domestic market, which increased by Ps 2.3 billion due to an increase in the average price obtained and the approximately 6.1% and 4.0% increase compared to Q2 2014 in sales volumes of gasoline and diesel, respectively.

ii.

Natural gas sales in the domestic market increased by Ps 1.4 billion due to an approximately 1.5% increase in traded volumes, fueled by stronger production for the period, as well as an increase of 9.6% in U.S. dollar terms of the average price per million BTU, which amounted to USD $4.58 in Q2 2015, compared to USD $4.18 in Q2 2014.

iii.

Fuel oil sales in the domestic market increased by Ps 0.6 billion due to higher average price obtained and a 33.4% increase in traded volumes, while in the international market, there was an 18.8% decrease in average price in Argentine peso terms and a 44.0 decrease in traded volumes for a net decrease in sales of Ps 0.5 billion.

iv.

For petrochemical products sales, revenues in the domestic market decreased Ps 0.1 billion due to lower prices in Argentine peso terms, mainly stemming from the drop in the price of products tied to the Brent oil price, which was partially offset by an 8.7% increase in traded volumes.

Exports decreased 10.1% (a decrease of Ps 0.4 billion) mainly due to the fall in international prices, however exports of flour, grains and oils increased 21.6%, totaling Ps 1.3 billion.

vi.

Ps. 0.6 billion was earned from the Crude oil Stimulus Production Program pursuant to Resolution 12/2015.

Costs of sales for Q2 2015 were Ps 30.0 billion, 18.0 higher than Q2 2014. Crude oil purchases from third parties in the domestic market increased Ps 0.4 billion, due to a 9.7% increase in volumes purchased and a 5.3% increase in the purchase price in Argentine peso terms. During Q2 2015, lower imports of gasoline and diesel and were recorded, which was partially offset by increase in imports jet fuel for a net drop of Ps. 0.7 billion, due to lower international prices and lower imported volumes of gasoline and higher volumes of diesel and fuel oil.

Other costs of sales increased mainly due to: (i) higher depreciation of fixed assets of Ps 2.0 billion due to increased investment activity, particularly with respect to unconventional resource exploration, and due additionally to increases in Argentine peso terms, bearing in mind the functional currency of the company, (ii) increase in items relating to lifting costs of approximately Ps 1.7 billion, considering a 27.3% increase in the unit indicator in Argentine peso terms, (iii) higher royalty payments of Ps 0.6 billion, as a consequence of greater production volumes and higher wellhead prices in Argentine peso terms and (iv) the increase in items relating to refining cost of approximately Ps 68.0 million, considering the 5.3% increase in the unit indicator in Argentine peso terms, and also considering the increase in volumes processed.

In respect of the damage affecting the La Plata refinery in April 2013, insurance compensation of approximately Ps 0.4 billion was received in Q2 2014, which was primarily recorded as a reduction to cost of purchases. In the future, no insurance compensation amounts will accrue for this item.

Selling expenses for Q2 2015 were Ps 2.9 billion, an increase of Ps 0.6 billion (or 24.6%) compared to Q2 2014, driven principally by an increase in transport expenses for products due to a higher rate for transport and higher transported and traded volumes and, to a lesser extent, due to lower expenses for advertising and promotional events.


		Consolidated Results Q2 2015

Administration expenses for Q2 2015 were Ps 1.4 billion, an increase of Ps 0.2 billion (or 15.1%) compared to Q2 2014. The increase was mainly due to higher payroll expenses and higher IT service contracting expenses, which was partially offset by lowered costs for advertising.

Exploratory expenses were Ps 0.4 billion, a decrease of Ps. 0.3 billion or 46.8% compared to Q2 2014. This change was principally due to lower unproductive exploratory drillings during Q2 2015 compared to Q2 2014 of Ps. 0.3 billion. Additionally, total exploratory investments increased 44.0% in Q2 2015 compared to Q2 2014.

Our subsidiary, Metrogas S.A., received Ps. 0.4 billion corresponding to temporary economic assistance provided by Resolution No. 263/2015 by the Argentine Secretary of Energy. It recorded operating profits of Ps. 196 million and Ps. 88 million for Q2 2015 and Q2 2014, respectively.

The financial results for Q2 2015 were a loss of Ps 0.9 billion compared to a loss of Ps 1.1 billion for Q2 2014. There was a greater positive exchange difference on net monetary liabilities denominated in Argentine pesos, generated by greater depreciation of the Argentine peso during Q2 2015 compared to Q2 2014. In turn, financial results decreased further as a consequence of increased interest accrual related to greater financial debt.

Income tax for Q2 2015 was Ps 2.4 billion, compared to Ps 3.4 billion in Q2 2014. This difference arose principally from a lower effective tax rate (which decreased by 17.3 percentage points) primarily due to the estimated evolution of the exchange rate corresponding to each period.

Net income for Q2 2015 was Ps 2.3 billion, 50.5% higher than Q2 2014.

Total investment in fixed assets for Q2 2015 was Ps 14.7 billion, 33.2% higher than investments in fixed assets for Q2 2014.


		Consolidated Results Q2 2015

3.	ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q2 2015

3.1 UPSTREAM


Q2 2014		Q1 2015		Q2 2015		Var.% Q2 15 / Q2 14				Jan-Jun 2014		Jan-Jun 2015		Var.% 2015 / 2014

	3,305		2,260		2,534		-23.3	%	Operating income (Million Ps)		6,318		4.794		-24.1	%

	16,685		18,575		19,557		17.2	%	Revenues (Million Ps)		31,604		38,132		20.7	%

	240.9		247.2		249.8		3.7	%	Crude oil production (Kbbld)		241.2		248.5		3.0	%

	39.8		60.5		38.7		-2.8	%	NGL production (Kbbld)		47.6		49.6		4.2	%

	43.6		43.9		44.6		2.3	%	Gas production (Mn3d)		40.4		44.3		9.7	%

	555.0		583.8		569.3		2.6	%	Total production (Kboed)		542.8		576.5		6.2	%

	727		191		387		-46.8	%	Exploration costs (Million Ps)		924		578		-37.4	%

	8,844		10,701		12,409		40.3	%	*Capital Expenditures ()** (Million Ps)		23,812		23,110		-2.9	%

	3,745		4,788		5,633		50.4	%	Depreciation (Million Ps)		7,046		10,421		47.9	%

									Realization Prices

	75.5		68.8		69.1		-8.5	%	Crude oil prices in domestic market Period average (USD/bbl)		71.0		69.0		-2.9	%

	4.18		4.60		4.58		9.6	%	Average gas price (USD/Mmbtu)		4.22		4.59		8.7	%

(*)	Capital expenditures for Jan-June 2014 include additions relating to the acquisitions of Apache Group assets in Argentina (net of Pluspetrol assignment) and an additional 38.45% stake in Puesto Hernández joint venture.

Upstream operating income was Ps 2.5 billion, 23.3% lower compared to Q2 2014.

During Q2 2015, crude oil and natural gas revenues increased by 17.2% compared to Q2 2014. This increase was driven mainly by greater volumes of crude oil produced and transferred to YPF’s Downstream business segment (an increase of 1.4%), an outcome that was partially offset by a minor 5.1% decrease in the volumes sold to third parties as well by the increase in average sales price in Argentine peso terms for both products. Production of natural gas, net of internal consumptions, (except for volumes from the YSUR group which are directly sold to third parties by YSUR), is assigned to the Downstream business segment for sales to third parties, the Upstream business segment receiving the average price from such sales by YPF, net of marketing charges, which are recorded in the Downstream business segment.

During Q2 2015, Ps. 0.6 billion was earned from the Crude Oil Stimulus Production Program discussed above.

The average price in U.S. dollar terms for crude oil in the domestic market for Q2 2015 decreased by 8.5% to USD $69.10/bbl. As for natural gas, the average price was USD $4.58/Mmbtu, 9.6% higher than Q2 2014. For both products, the average sales price for YSUR crude oil and natural gas, USD $74.30/bbl and USD $3.50/Mmbtu respectively, was consolidated in Q2 2015.

During Q2 2015, total hydrocarbon production was 569.3 Kboed, 2.6% higher than Q2 2014; crude oil production was 249.8 Kbbld (an increase of 3.7%); natural gas production was 44.6 Mm3d (an


		Consolidated Results Q2 2015

increase of 2.3%) and NGL production was 38.7 Kbbld (a decrease of 2.8%), with the decrease in NGL reflecting the effect of the production halt at the Compañía Mega plant in April 2015. The production figures for Q2 2015 include the effects of the agreement with Petrolera Pampa, retroactively to January 1, 2015, pursuant to which certain production in the Rincón Mangrullo area was transferred. Without considering this effect, total hydrocarbon would have increased 3.1%.

During Q2 2015, production from unconventional areas totaled 43.3 Kboed of hydrocarbons, including 21.6 Kbbld of crude oil, 9.0 Kbbld of NGL and 2.0 Mm3d of natural gas, of which YPF consolidates approximately 50%. As for development activity, 37 oil wells have been put into production (35 in Loma Campana and two in Bandurrias) and nine for natural gas (eight in El Orejano and one in La Ribera Sur), targeting Vaca Muerta, reaching a total of approximately 360 wells to date.

With respect to tight gas activity: (i) in the project to develop the Las Lajas formation, 12 wells were drilled and developed in Q2 2015 and the average production of natural gas was 4.4 Mm3d and (ii) in the project to develop the Mulichinco formation in the Rincón del Mangrullo area natural gas production net to YPF was 1.1 Mm3d.

Production costs for Q2 2015 increased by 31.5% (an increase of Ps 4.0 billion), mainly due to (i) higher amortization of Ps 1.9 billion resulting from higher investment and higher valuation of assets in Argentine peso terms, (ii) an increase in items relating to lifting costs of approximately Ps 1.7 billion due to increased activity and the increase in the unit indicator, and (iii) higher royalties of Ps 0.6 billion, mainly due to higher production volumes and higher Argentine peso-denominated prices at wellhead.

Exploration costs in Q2 2015 totaled Ps 0.4 billion, a decrease of 46.8% compared to Q2 2014. This change was due primarily to lower negative results from unproductive exploratory drilling in Q2 2015 in comparison to the same period in 2014, for a difference of Ps 0.3 billion. Additionally, the total investment in exploration in Q2 2015 was 44% greater than that in 2014.

During Q2 2015 compared to Q2 2014, unit cash costs in U.S. dollars increased by 13.3% from USD $21.70/Boe in Q2 2014 to USD $24.60/Boe in Q2 2015 (including taxes of USD $6.80/Boe and USD $7.00/Boe respectively). In turn, the average lifting cost for YPF was USD $15.20/Boe, 14.3% higher than USD $13.30/Boe in Q2 2014.

CAPEX

Capital expenditures in the Upstream business segment were Ps 12.4 billion in Q2 2015, 40.3% higher than the capital expenditures of Ps 8.8 billion in Q2 2014.

In the Neuquina basin, capital expenditures during Q2 2015 was focused on the development of blocks Loma Campana, Aguada Toledo - Sierra Barrosa, Rincón del Mangrullo, El Orejano, Cañadón Amarillo and Chachahuen. Development activities continued at Cuyana basin, mainly in the La Ventana and Vizcacheras blocks, while in the Golfo San Jorge basin greater activity was concentrated on Cañadón de la Escondida, Los Perales and Cañadón León-Meseta Espinosa, within Santa Cruz Province and Manantiales Behr and El Trébol-Escalante in the province of Chubut.

As for exploration activities during Q2 2015, the Neuquina, San Jorge and Cuyana basins were covered. In the Cuyana basin, the activity focused on the assessment of the La Ventana block and the drilling of two wells in Los Tordillos Oeste. In Neuquina basin exploratory activity targeted both conventional and unconventional objectives. Activity targeting conventional formations focused on the blocks Altiplanicie del Payún, Payún Oeste, Octogono and El Manzano Este. Activity targeting unconventional formations focused on the Bajo del Toro, Bandurria, Cerro Arena, Pampa las Yeguas I, Narambuena and La Ribera blocks. In Golfo San Jorge basin, the activity focused on the evaluation of deep targets at the west flank of the Los Perales, Cañadon Yatel and Cañadón de la Escondida blocks.

During Q2 2015, seven exploratory wells were completed.


		Consolidated Results Q2 2015

3.2 DOWNSTREAM


Q2 2014			Q1 2015			Q2 2015			Var.% Q2 15 / Q2 14				Jan-Jun 2014			Jan-Jun 2015			Var.% 2015 / 2014

	2,921			1,494			3,865			32.3	%	Operating income (Million Ps)		5,374			5,359			-0.3	%

	33,079			31,877			35,275			6.6	%	Revenues (Million Ps)		62,650			67,153			7.2	%

	4,113			4,326			4,399			7.0	%	Sales of refined products in domestic market (Km3)		8,117			8,504			4.8	%

	375			449			316			-15.7	%	Exportation of refined products (Km3)		829			764			-7.8	%

	216			179			225			4.2	%	*Sales of petrochemical products in domestic market ()** (Ktn)		401			404			0.7	%

	55			69			86			56.4	%	Exportation of petrochemical products (Ktn)		112			155			38.4	%

	292			300			305			4.4	%	Crude oil processed (Kboed)		284			302			6.3	%

	91	%		94	%		95	%		4.4	%	Refinery utilization (%)		89	%		95	%		6.3	%

	1,833			1,436			2,008			9.5	%	Capital Expenditures (Million Ps)		2,832			3,444			21.6	%

	589			693			778			32.1	%	Depreciation (Million Ps)		1,136			1,471			29.5	%

	774			748			756			-2.3	%	Average domestic market gasoline price ()** (USD/m3)		739			752			1.7	%

	811			754			760			-6.3	%	Average domestic market diesel price ()** (USD/m3)		777			757			-2.6	%

(*)	Fertilizer sales not included

(**)	Price net of deductions and commissions before tax

Operating income in YPF’s Downstream business segment in Q2 2015 was Ps 3.9 billion, a 32.3% increase compared to Ps 2.9 billion during Q2 2014.

Revenues increased by 6.6% compared to Q2 2014, largely due to:

Greater revenues from sales of diesel and gasoline of Ps 2.3 billion, primarily due to a higher average sales price in Argentine peso terms for diesel and gasoline, which resulted in higher revenues of Ps 1.4 billion and Ps 0.9 billion respectively, improvements in the mix of products sold, increasing sales of premium products by 36.2% and 31.9% for diesel and gasoline, respectively. Likewise, sales volumes of diesel increased by 6.1% (an increase of Ps 0.9 billion) while gasoline volumes increased by 4.0% (an increase of Ps 0.4 billion) compared to Q2 2014.

ii.

Exports of flour, grains and oils reached Ps 1.3 billion (an increase of Ps 0.2 billion) while international sales of jet fuel and LPG decreased Ps. 0.2 billion due to the drop in international prices for such products. Total exports decreased Ps 0.4 billion.

iii.

Fuel oil sales in the domestic and international markets totaled Ps 2.3 billion (an increase of Ps 0.1 billion) due to a 2.5% increase in volumes marketed and higher sale prices.


		Consolidated Results Q2 2015

In Q2 2015, costs increased by 4.2% (an increase of Ps 1.3 billion) compared to Q2 2014. This change was due to (i) greater purchases of crude oil of Ps 0.9 billion mainly as a consequence of a crude oil price increase in Argentine peso terms, greater volumes of crude oil transferred from the Upstream business segment and greater purchases of crude oil from third parties, (ii) an increase in amortization of Ps 0.2 billion and (iii) lower imports of diesel and gasoline, which was partially offset by higher imports of fuel oil, for a net reduction of Ps. 0.7 billion due to lower international prices and lower imported volumes of gasoline and higher of diesel and fuel oil, and (iv) in relation to production costs, during Q2 2015 refining costs increased Ps 68 million, which is primarily due to increases expenses and salaries. Consequently, and considering the higher processing level at our refineries, refining costs increased in Q2 2015 by approximately 6.6% compared to Q2 2014.

The volume of crude oil processed in Q2 2015 was of 305 Kbbld, 4.4% higher than Q2 2014, due mainly to a greater availability of light crude oil, which resulted in a 3.0% increase in diesel production, an 8.0% increase in gasoline production and a 14.0% increase in fuel oil production.

The decrease in operating income explained above includes an indirect stake in the company Metrogas, which reported operating profits of Ps 196 million and Ps 88 million for Q2 2015 and Q2 2014, respectively, and which in Q2 2015 received Ps. 0.4 billion corresponding to temporary economic assistance provided by Resolution No. 263/2015 by the Argentine Secretary of Energy.

CAPEX

Capital expenditure in YPF’s Downstream business segment for Q2 2015 reached Ps 2.0 billion, a 9.5% increase compared to Q2 2014. Investment activities continue such as the multi-year projects and the engineering process in new units to increase gasoline and diesel production capacity, as well as to improve the quality of such products. A coke unit and advances in engineering work for a new alkylation unit at the La Plata Refinery as well as the new gasoline hydrogenation units in La Plata and Mendoza together with other activities were intended to improve YPF’s logistics facilities and projects addressing optimization of safety and environmental performance.

3.3 CORPORATE

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

Corporate operating income for Q2 2015 was a loss of Ps 0.5 billion, a 40.5% decrease compared to a loss of Ps 0.4 billion for Q2 2014. Higher corporate costs were mainly due to an increase in payroll expenses, higher IT service fees and, to a lesser extent, a reduction in earnings from our subsidiary A-Evangelista, all of which was partially offset by lower publicity and advertising expenses.

In turn, consolidation adjustments relating to eliminating results among business segments not transferred to third parties were negative Ps 0.3 billion for Q2 2015 and positive Ps 0.1 billion for Q2 2014.

3.4 RELATED COMPANIES

Results from related companies for Q2 2015 were of Ps 54 million, compared to Ps 26 million reported for Q2 2014. This change was mainly due to improved results reported by Mega and lower financial losses in Central Dock Sud and Inversora Dock Sud due to the capitalization of their debt at the end of 2014, which offset the lower results reported by Profertil and Refinor.


		Consolidated Results Q2 2015

4.	LIQUIDITY AND SOURCES OF CAPITAL

For Q2 2015, cash flow generation was Ps 10.0 billion, a 12.5% decrease compared to Q2 2014. This Ps 1.4 billion decrease was generated despite the increase of adjusted EBITDA of Ps 1.5 billion, which was offset by greater income tax payments of Ps 1.2 billion corresponding to the amount of affidavit pertaining to 2014 and greater increases in working capital compared to Q2 2014, due to the revenue accrual from outstanding receivables, including new incentives for crude oil production.

The cash flow generation mentioned above was directed to investing activities, which totaled Ps 15.4 billion during Q2 2015. In Q2 2014, as lower investment, a payment of Ps 1.2 billion was received as material damage compensation relating to the incident affecting La Plata refinery in April 2013. As a result of these factors as well as additional acquisitions of holdings in YPF Gas S.A. and Oleoducto Trasandino Chile totaling Ps 0.2 billion, cash flow used for investment activities in fixed assets and intangible assets in Q2 2015 grew by 47.4% compared to Q2 2014.

YPF’s cash and equivalents increased by Ps 3.2 billion in Q2 2015 compared to Ps 14.2 billion in Q2 2014, due to the cash generation during Q2 2015, debt issuance and refinancing of existing debt, principally through the issuance of Series XXXVIII and Series XXXIX Notes in the amount of Ps 935 million and USD $1.5 billion, respectively. Net financial debt increased by Ps 9.1 billion (an increase of 19.9%) to reach Ps 54.8 billion in Q2 2015. Total debt expressed in dollars reached USD $7.6 billion, and net debt was USD $6.1 billion, with a net debt/EBITDA(1) ratio of 1.2x.

The average cost of debt denominated in Argentine pesos by the end of Q2 2015 was 23.56%, while the average cost of debt denominated in U.S. dollars was 7.54%.

YPF Notes issued during Q2 2015 and thereafter are detailed below:


YPF Note	Amount	Interest Rate			Maturity
Series XXXVIII	ARS 935 million		BADLAR + 4.75	%	60 months
Series XXXIX	USD 1.50 billion		8.50	%	123 months
Series XL (Q3 2015)	ARS 500 million		BADLAR + 4.75	%	24 months

(1)	Net Debt: $6.053 million/EBITDA LTM: $5.186 million =1.2x.


		Consolidated Results Q2 2015

5. TABLES AND NOTES

Q2 2015 Results


		Consolidated Results Q2 2015

5.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q2 2014			Q1 2015			Q2 2015			Var.% Q2 15 / Q2 14				Jan-Jun 2014			Jan-Jun 2015			Var.% 2015 / 2014

	35,330			34,702			39,557			12.0	%	Revenues		65,994			74,259			12.5	%
	(25,427	)		(26,076	)		(30,010	)		18.0	%	Costs of sales		(48,443	)		(56,086	)		15.8	%

	9,903			8,626			9,547			(3.6	%)	Gross profit		17,551			18,173			3.5	%

	(2,317	)		(2,592	)		(2,886	)		24.6	%	Selling expenses		(4,521	)		(5,478	)		21.2	%
	(1,180	)		(1,198	)		(1,358	)		15.1	%	Administration expenses		(1,997	)		(2,556	)		28.0	%
	(727	)		(191	)		(387	)		(46.8	%)	Exploration expenses		(924	)		(578	)		(37.4	%)
	271			(176	)		662			144.3	%	Other operating results, net		225			486			116.0	%

	5,950			4,469			5,578			(6.3	%)	Operating income		10,334			10,047			(2.8	%)

	26			(38	)		54			(107.7	%)	Income on investments in companies		23			16			(30.4	%)
												Financial income (expenses), net
	102			36			71			(30.4	%)	Gains (losses) on assets		(1,022	)		107			(110.5	%)
	318			308			416			30.8	%	Interests		598			724			21.1	%
	(216	)		(272	)		(345	)		59.7	%	Exchange differences		(1,620	)		(617	)		(61.9	%)
	(1,184	)		(421	)		(994	)		(16.0	%)	(Losses) gains on liabilities		4,523			(1,415	)		(131.3	%)
	(1,943	)		(2,002	)		(2,646	)		36.2	%	Interests		(3,511	)		(4,648	)		32.4	%
	759			1,581			1,652			117.7	%	Exchange differences		8,034			3,233			(59.8	%)

	4,894			4,046			4,709			(3.8	%)	Net income before income tax		13,858			8,755			(36.8	%)

	(3,351	)		(1,937	)		(2,411	)		(28.1	%)	Income tax		(9,528	)		(4,348	)		(54.4	%)

	17			(18	)		1					Net income (loss) for noncontrolling interest		(77	)		(17	)

	1,526			2,127			2,297			50.5	%	*Net income for the period ()**		4,407			4,424			0.4	%

	3.89			5.42			5.86			50.8	%	*Earnings per share, basic and diluted ()**		11.23			11.28			0.5	%

	1,405			2,431			2,592			84.5	%	Other comprehensive Income		12,644			5,023			(60.3	%)

	2,948			4,540			4,890			65.9	%	Total comprehensive income for the period		16,974			9,430			(44.4	%)



	10,944			10,209			12,395			13.3	%	Adj. EBITDA ()**		19,372			22,604			16.7	%

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

(*)	Attributable to controlling shareholder.

(**)

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.


		Consolidated Results Q2 2015

5.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Q2 2015 figures unaudited, figures expressed in millions of pesos)


	12/31/2014		06/30/2015
Noncurrent Assets
Intangible assets		4,393		4,795
Fixed assets		156,930		180,138
Investments in companies		3,177		3,300
Deferred income tax assets		244		238
Other receivables and advances		1,691		1,847
Trade receivables		19		4

Total Non-current assets		166,454		190,322


Current Assets
Inventories		13,001		12,972
Other receivables and advances		7,170		9,398
Trade receivables		12,171		14,284
Cash and equivalents		9,758		14,238

Total current assets		42,100		50,892


Total assets		208,554		241,214


Shareholders’ equity
Shareholders’ contributions		10,400		10,408
Reserves and unappropriated retained earnings		62,230		71,174
Noncontrolling interest		151		184

Total Shareholders’ equity		72,781		81,766


Noncurrent Liabilities
Provisions		26,564		28,563
Deferred income tax liabilities		18,948		21,652
Other taxes payable		299		224
Loans		36,030		54,797
Accounts payable		566		457

Total Noncurrent Liabilities		82,407		105,693


Current Liabilities
Provisions		2,399		2,384
Income tax liability		3,972		1,935
Other taxes payable		1,411		3,135
Salaries and social security		1,903		1,630
Loans		13,275		14,144
Accounts payable		30,406		30,024
Dividends payable		—		503

Total Current Liabilities		53,366		53,755


Total Liabilities		135,773		159,448


Total Liabilities and Shareholders’ Equity		208,554		241,214

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


		Consolidated Results Q2 2015

5.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q2 2014			Q1 2015			Q2 2015				Jan-Jun 2014			Jan-Jun 2015
									Cash Flows from operating activities
	1,543			2,109			2,298		Net income		4,330			4,407
	(26	)		38			(54	)	Income from investments in companies		(23	)		(16	)
	4,414			5,564			6,502		Depreciation of fixed assets		8,317			12,066
	100			69			91		Amortization of intangible assets		173			160
	815			592			847		Consumption of materials and fixed assets and intangible assets retired, net of provisions		1,803			1,439
	939			903			662		Net increase in provisions		1,543			1,565
	320			485			1,118		Interest, exchange differences and other		(1,550	)		1,603
	14			27			26		Stock compensation plan		28			53
	(386	)		(511	)		(12	)	Accrued insurance		(1,127	)		(523	)
									Changes in assets and liabilities:
	(1,447	)		388			(2,023	)	Trade receivables		(3,443	)		(1,635	)
	2,314			(548	)		(2,698	)	Other receivables and liabilities		(738	)		(3,246	)
	(223	)		266			499		Inventories		157			765
	1,484			1,015			1,278		Accounts payable		340			2,293
	(674	)		1,111			538		Other Taxes payable		924			1,649
	208			(479	)		206		Salaries and Social Securities		12			(273	)
	(410	)		(393	)		(507	)	Decrease in provisions from payments		(1,154	)		(900	)
	215			150			29		Dividends from investments in companies		215			179
	591			—			1,673		Insurance charge for loss of profit		—			1,673
	1,639			1,145			(471	)	Net charge of income tax payment		7,747			674
	3,351			1,937			2,411		Income tax		9,528			4,348
	(1,712	)		(792	)		(2,882	)	Income tax payments		(1,781	)		(3,674	)

	11,430			11,931			10,002		Net cash flows provided by operating activities		18,145			21,933

									Cash flows from investing activities
									Payments for investments:
	(10,336	)		(15,628	)		(15,239	)	Acquisitions of fixed assets and Intangible assets		(22,152	)		(30,867	)
	—			(2	)		(161	)	Contributions and acquisitions of interests in companies		(85	)		(163	)
	180			—			—		Liabilities of sales of fixed assets		1,711			—
	(186	)		—			—		Acquisitions of participation in UTEs		(512	)		—
	—			—			—		Acquisition of subsidiaries net of acquired funds		(6,103	)		—
	1,210			—			—		Insurance charge for material damages		1,818			—


	(9,132	)		(15,630	)		(15,400	)	Net cash flows used in investing activities		(25,323	)		(31,030	)


									Cash flows from financing activities

	(3,839	)		(4,632	)		(7,340	)	Payment of loans		(5,982	)		(11,972	)
	(1,307	)		(1,379	)		(1,766	)	Payment of interests		(2,246	)		(3,145	)
	10,949			10,784			17,443		Proceeds from loans		15,201			28,227
	(53	)		—			(45	)	Acquisition of own shares		(53	)		(45	)


	5,750			4,773			8,292		Net cash flows provided by financing activities		6,920			13,065


	291			207			305		Effect of changes in exchange rates on cash and equivalents		993			512

	8,339			1,281			3,199		Increase (Decrease) in Cash and Equivalents		735			4,480

	3,109			9,758			11,039		Cash and equivalents at the beginning of the period		10,713			9,758
	11,448			11,039			14,238		Cash and equivalents at the end of the period		11,448			14,238


	8,339			1,281			3,199		Increase (Decrease) in Cash and Equivalents		735			4,480


									COMPONENTS OF CASH AND EQUIVALENTS AT THE END OF THE PERIOD

	6,202			9,893			9,382		Cash		6,202			9,382
	5,246			1,146			4,856		Other Financial Assets		5,246			4,856

	11,448			11,039			14,238		TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD		11,448			14,238


		Consolidated Results Q2 2015

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

5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION

(Unaudited, figures expressed in millions of pesos)


Q2 2015	Upstream		Downstream		Corporate and Other		Consolidation Adjustments		Total

Revenues		4,365		34,930		262		—		39,557
Revenues from intersegment sales		15,192		345		1,423		-16,960		—

Revenues		19,557		35,275		1,685		-16,960		39,557


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

Q2 2014	Upstream		Downstream		Corporate and Other		Consolidation Adjustments		Total

Revenues		2,365		32,713		252		—		35,330
Revenues from intersegment sales		14,320		366		1,339		-16,025		—

Revenues		16,685		33,079		1,591		-16,025		35,330


Operating Income (loss)		3,305		2,921		-365		89		5,950
Investments in companies		-1		27		—		—		26
Depreciation of fixed assets		3,745		589		80		—		4,414
Acquisitions of fixed assets		8,672		1,833		361		—		10,866
Assets		106,989		64,959		17,446		-2,796		186,598


		Consolidated Results Q2 2015

5.5 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES (unaudited figures)


Million USD	2014 Q2		2014 Q4		2015 Q2		Var Q2 15 / Q2 14			2013 Jan - Jun		2014 Jan - Jun		Var 2015 / 2014
INCOME STATEMENT
Revenues		4,413		4,016		4,443		0.7	%		8,430		8,466		0.4	%
Costs of sales		-3,176		-3,018		-3,371		6.1	%		-6,188		-6,394		3.3	%

Gross profit		1,237		998		1,072		*-13.3*	%		2,242		2,072		*-7.6*	%
Selling expenses		-289		-300		-324		12.0	%		-578		-625		8.1	%
Administration expenses		-147		-139		-153		3.5	%		-255		-291		14.2	%
Exploration expenses		-91		-22		-43		-52.1	%		-118		-66		-44.2	%
Other expenses		34		-20		74		119.7	%		29		55		92.8	%

Operating income		743		517		627		*-15.7*	%		1,320		1,145		*-13.2*	%
Depreciation of fixed assets		551		644		730		32.5	%		1,062		1,376		29.5	%
Amortization of intangible assets		12		8		10		-18.2	%		22		18		-17.5	%
Unproductive exploratory drillings		60		12		25		-58.0	%		70		38		-46.1	%

Adj. EBITDA ()**		1,367		1,182		1,392		*1.8*	%		2,475		2,577		*4.1*	%

UPSTREAM
Revenues		2,084		2,150		2,197		5.4	%		4,037		4,347		7.7	%
Operating income		413		262		285		-31.1	%		807		547		-32.3	%
Depreciation		468		554		633		35.3	%		900		1,188		32.0	%
Capital expenditures		1,083		1,239		1,394		28.7	%		2,207		2,635		19.4	%

DOWNSTREAM
Revenues		4,132		3,689		3,962		-4.1	%		8,003		7,656		-4.3	%
Operating income		365		173		434		19.0	%		686		611		-11.0	%
Depreciation		74		80		87		18.8	%		145		168		15.6	%
Capital expenditures		229		166		226		-1.5	%		362		393		8.5	%

CORPORATE AND OTHER
Operating income		-46		-63		-58		26.4	%		-92		-121		31.7	%
Capital expenditures		45		25		38		-15.1	%		61		63		3.0	%

CONSOLIDATION ADJUSTMENTS
Operating income		11		146		-35		-411.2	%		-82		109		-233.4	%

*Average exchange rate for the period*		*8.01*		*8.64*		*8.90*					*7.83*		*8.77*

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

(**)


		Consolidated Results Q2 2015

5.6 MAIN PHYSICAL MAGNITUDES (Unaudited figures)


		2014										2015
	Unit	Q1		Q2		Q3		Q4		Cum. 2014		Q1		Q2		Cum. 2015
Production
Crude oil production	Kbbl		21,753		21,923		22,634		22,986		89,296		22,250		22,736		44,986
NGL production	Kbbl		4,831		3,626		3,970		5,348		17,776		5,448		3,522		8,970
Gas production	Mm3		3,355		3,970		4,138		4,021		15,483		3,950		4,063		8,012
Total production	Kboe		47,684		50,517		52,628		53,621		204,450		52,538		51,808		104,346


Henry Hub	USD/Mbtu		4.94		4.67		4.06		4.00		4.42		2.98		2.64		2.81
Brent	USD/Bbl		108.17		109.70		101.82		76.40		99.02		53.92		61.69		55.32

Sales
Sales of petroleum products
Domestic market
Gasoline	Km3		1,229		1,126		1,158		1,210		4,723		1,246		1,171		2,417
Diesel	Km3		1,920		2,043		2,160		2,044		8,166		1,906		2,167		4,073
Jet fuel and kerosene	Km3		124		108		116		123		471		125		108		233
Fuel Oil	Km3		294		297		257		320		1,168		348		396		744
LPG	Km3		151		236		275		186		848		176		212		388
Others (*)	Km3		286		304		361		589		1,540		304		345		648
Total domestic market	Km3		4,004		4,113		4,327		4,472		16,916		4,104		4,399		8,504
Export market
Petrochemical naphtha	Km3		0		0		0		0		0		18		12		30
Jet fuel and kerosene	Km3		129		116		126		128		500		122		127		249
LPG	Km3		124		35		24		115		299		149		52		200
Bunker (Diesel and Fuel Oil)	Km3		194		205		128		178		704		153		115		269
Others (*)	Km3		8		18		5		7		38		7		10		17
Total export market	Km3		455		375		284		428		1,541		449		316		764
Total sales of petroleum products	Km3		4,459		4,488		4,610		4,900		18,457		4,553		4,715		9,268

Sales of petrochemical products
Domestic market
Fertilizers	Ktn		32		39		76		80		227		21		34		55
Methanol	Ktn		47		73		103		85		308		49		61		110
Others	Ktn		138		143		129		131		541		130		164		294
Total domestic market	Ktn		217		255		308		296		1,076		200		259		459
Export market
Methanol	Ktn		33		22		21		1		77		41		36		77
Others	Ktn		24		33		67		53		177		28		50		78
Total export market	Ktn		57		55		88		54		254		69		86		155
Total sales of petrochemical products	Ktn		274		310		396		350		1,330		269		345		614

Sales of other products
Grain, flours and oils
Domestic market	Ktn		20		22		21		3		66		30		31		61
Export market	Ktn		85		251		292		212		840		155		418		573
Total Grain, flours and oils	Ktn		105		273		313		215		906		185		449		634

Main products imported
Gasolines and Jet Fuel	Km3		179		94		0		42		316		20		22		42
Diesel	Km3		473		275		191		304		1,243		196		343		539

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


		Consolidated Results Q2 2015

This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives as of the date hereof of YPF and its management, including statements with respect to trends affecting YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as the future price of petroleum and petroleum products, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes in circumstances and other factors that may be beyond YPF’s control or may be difficult to predict.

YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as the future price of petroleum and petroleum products, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to fluctuations in the price of petroleum and petroleum products, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates before the Comisión Nacional de Valores in Argentina and with the U.S. Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2014 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or elsewhere. The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Investor Relations

E-mail: inversoresypf@ypf.com

Website: ir.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 1215

Fax: 54 11 5441 2113

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

YPF Sociedad Anónima

Date: August 5, 2015

/s/ Diego Celaá

Name:

Title:

Diego Celaá

Market Relations Officer