Edgar Filing: YPF SOCIEDAD ANONIMA

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Form 6-K

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 Consolidated Results Q2 2014.

YPF S.A.

Consolidated Results

Q2 2014


		Consolidated Results Q2 2014

CONTENT



1. MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q2 2014			3

2. ANALYSIS OF OPERATING RESULTS FOR Q2 2014			4

3. ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q2 2014			5

3.1 UPSTREAM			5

3.2 DOWNSTREAM			8

3.3 CORPORATE AND OTHERS			10

3.4 RELATED COMPANIES			10

4. LIQUIDITY AND SOURCES OF CAPITAL			10

5. TABLES AND NOTES			12

5.1 CONSOLIDATED STATEMENT OF INCOME			13

5.2 CONSOLIDATED BALANCE SHEEET			14

5.3 CONSOLIDATED STATEMENT OF CASH FLOW			15

5.4 CONSOLIDATED INFORMATION ON BUSINESS SEGMENTS			16

5.5 MAIN DOLLAR-DENOMINATED FINANCIAL MAGNITUDES			17

5.6 MAIN PHYSICAL MAGNITUDES			18


		Consolidated Results Q2 2014

Adj. EBITDA for Q2 2014 reached ARS 10,464 million, 82% above Q2 2013


Q2 (*) 2013		Q1 2014		Q2 2014		Var.% Q2 14/Q2 13		(Unaudited Figures)	Jan - Jun (*) 2013		Jan - Jun 2014		Var.% 2014/2013
	21,941		30,664		35,330		61.0%	Revenues (Million ARS)		40,575		65,994		62.6%
	2,218		4,384		5,950		168.2%	Operating income (Million ARS)		4,751		10,334		117.5%
	1,091		2,881		1,526		39.9%	Net income ()** (Million ARS)		2,349		4,407		87.6%
	5,765		8,360		10,464		81.5%	Adj. EBITDA (Million ARS)		11,130		18,824		69.1%
	2.77		7.34		3.89		40.1%	Earnings per share ARS ()** (ARS per Share)		5.97		11.23		88.0%
	2,911		14,026		2,948		1.3%	Comprehensive Income (Million ARS)		5,554		16,974		205.6%
	6,510		9,722		10,866		66.9%	Capital Expenditures ()* (Million ARS)		10,792		20,588		90.8%

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. (*) Q2 2013 and Jan - Jun 2013 results do not include the provision of claims relating to AESU and TGM arbitration. (**) Attributable to controlling shareholder. (***) Q1 2014 capital expenditures do not include expenditures relating to the acquisitions of Apache Group assets in Argentina (collectively, “YSUR”) and expenditures relating to the 38.45% interest acquired in the Puesto Hernández joint venture, both of which occurred in Q1 2014.

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF Q2 2014

•

Revenues for Q2 2014 were ARS 35,330 million, 61% higher than Q2 2013.

•

Operating income for Q2 2014 was ARS 5,950 million, 168.2% higher than the same period in the previous year.

•

Adjusted EBITDA for Q2 2014 was ARS 10,464 million, 81.5% higher compared to Q2 2013.

•

Net income for Q2 2014 was ARS 1,526 million, 39.9% higher than the same period in 2013.

•

Operating cash flow for Q2 2014 reached ARS 11,430 million, 251% above the ARS 3,253 million reported for Q2 2013.

•

For Q2 2014, total hydrocarbon production increased by 15.5% compared to the same period in 2013 to reach 555.8 Kboed. Natural gas production reached 43.5 Mm3d, 31.8% higher compared to the same period in 2013, while crude oil production increased by 5.6% to reach 240.9 Kbbld.

•

In the Downstream business segment, the total crude processing level in Q2 2014 was 91%, 20% higher than same period last year, as a consequence of the partial recovery of refining capacity after the incident affecting the La Plata Refinery on April 2, 2013.


		Consolidated Results Q2 2014

•

Investment in fixed assets for Q2 2014 was ARS 10,866 million, a 66.9% increase compared to ARS 6,510 million invested in Q2 2013.

2. ANALYSIS OF OPERATING RESULTS FOR Q2 2014

Ordinary income for Q2 2014 was ARS 35,330 million, 61% 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 7,513 million (an increase of 59%), natural gas of ARS 1,860 million (an increase of 84%), fuel oil of ARS 1,033 million (an increase of 397%) and petrochemical products of ARS 459 million (an increase of 81%). Exports increased ARS 380 million (an increase of 12%), as a result of increases in average prices in Argentine peso terms due to exchange rate fluctuation partially offset by the decrease in crude oil exports, which reached ARS 1,029 million in Q2 2013, due to an incident at the La Plata Refinery reported in the period, while in Q2 2014 they reached ARS 9 million. Exports of flour and oils increased by 70% to a total of ARS 1,074 million and sales of fuel oil were ARS 874 million this quarter (an increase of 209%).

Costs of sales for Q2 2014 were ARS 25,427 million, 53.4% higher than Q2 2013. Purchases increased principally due to the price increase in Argentine peso terms for crude oil purchased in the domestic market. Imports of diesel and gasoline decreased by 8%, although the decrease in imports was partially offset by higher average prices in Argentine peso terms of the imported products. Other costs of sales increased mainly on account of (i) higher depreciation of fixed assets of ARS 1,808 million due to increased investment activity, (ii) greater activity and expenses for construction and service contracts of ARS 1,051 million, and (iii) higher royalties paid of ARS 869 million (as a consequence of greater production volumes and higher wellhead prices in Argentine peso terms). As a result of the damage to the La Plata Refinery in Q2 2013, insurance compensation of ARS 420 million was received in Q2 2014 for lost profits affecting YPF’s business.

The financial results for Q2 2014 were negative ARS 1,082 million, compared to positive ARS 231 million for the same period of 2013. Foreign exchange gains on net monetary liabilities decreased due to slowing depreciation of the Argentine peso during Q2 2014. As a result, the negative financial results increased due to increases in the size of debt in Argentine pesos.

The income tax amount for Q2 2014 was ARS 3,351 million, approximately ARS 2,150 million higher than Q2 2013 income tax of ARS 1,201 million. This increase arises principally from current tax liability of ARS 2,891 million (an increase of ARS 1,732 million) primarily as a result of higher results and to a lesser extent the increase of deferred income tax of ARS 418 million.

Net income for the quarter was ARS 1,526 million, 39.9% higher compared to the same period in 2013.

Total investment in fixed assets for the quarter was ARS 10,866 million, 66.9% higher than that for Q2 2013. This greater investment arises from (i) an increase in development activities, principally well drilling and workovers, and (ii) progress in the set of projects developed in YPF’s Downstream business segment.


		Consolidated Results Q2 2014

3. ANALYSIS OF RESULTS BY BUSINESS UNIT FOR Q2 2014

3.1 UPSTREAM


Q2 (*) 2013		Q1 2014		Q2 2014		Var.% Q2 14/Q2 13		(Unaudited Figures)	Jan - Jun (*) 2013		Jan - Jun 2014		Var.% 2014/2013
	1,443		3,013		3,305		129.0%	Operating income (Million ARS)		3,315		6,318		90.6%
	10,224		14,919		16,685		63.2%	Revenues (Million ARS)		19,061		31,604		65.8%
	228.2		241.6		240.9		5.6%	Crude oil production (Kbbld)		227.3		241.2		6.1%
	45.7		54.0		41.2		-9.8%	NGL production (Kbbld)		50.2		47.6		-5.2%
	33.0		37.2		43.5		31.8%	Gas production (Mm3d)		32.2		40.4		25.5%
	481.4		529.7		555.8		15.5%	Total production (Kboed)		479.8		542.8		13.1%
	170		197		727		327.6%	Exploration costs (Million ARS)		246		924		276.2%
	5,514		8,603		8,672		57.3%	Capital Expenditures ()** (Million ARS)		9,168		17,275		88.4%
	2,173		3,301		3,745		72.3%	Depreciation (Million ARS)		4,014		7,046		75.5%
								Realization Prices
	71.4		66.5		75.5		5.8%	Crude oil prices in domestic market ()* Period average (USD/bbl)		70.0		71.0		1.4%
	3.80		4.27		4.18		9.8%	Average gas price () (USD/Mmbtu)		3.73		4.22		13.2%

(*) Q2 2013 and Jan - Jun 2013 results do not include the impact of provision for claims relating to AESU and TGM arbitration. (**) Q1 capital expenditures do not include expenditures relating to the acquisition of Apache Group assets in Argentina (collectively, “YSUR”) and expenditures relating to the 38.45% interest acquired in the Puesto Hernández joint venture, both of which occurred in Q1 2014. (***) Q2 2014 includes YSUR crude oil sales price, which was excluded from Q1 2014. (****) Figures have been recalculated. Also, Q2 2014 includes sales related to YSUR, which were excluded from Q1 2014.

Upstream operating income was ARS 3,305 million, 129% higher compared to Q2 2013.

Sales increased by 63.2% in Q2 2014 compared to same period in 2013, primarily due to stronger sales of crude oil and natural gas. Crude oil sales increased by 66.6% (ARS 5,180 million) due to a 62.2%, increase in the price per barrel in Argentine peso terms, and greater volumes produced and transferred to YPF’s Downstream business segment, which was partially offset by a decrease of crude oil exports of ARS 1,020 million. Natural gas income increased by 82% compared to Q2 2013 due to higher volumes produced and a higher average sales price.

The price in USD terms for crude oil in the domestic market for Q2 2014 increased by 5.8% to 75.5 USD/bbl. For natural gas, the average price was 4.18 USD/Mmbtu, which was 9.8% higher than Q2 2013. In both products, the average sales price for crude oil and natural gas from YSUR of 81.23 USD/bbl and 3.17 USD/Mmbtu, respectively, was fully consolidated in Q2 2014.


		Consolidated Results Q2 2014

During Q2 2014 total hydrocarbon production was 555.8 Kboed, 15.5% higher than Q2 2013; crude oil production was 240.9 Kbbld (an increase of 5.6%); natural gas production was 43.5 Mm3d, (an increase of 31.8%) and NGL production was 41.2 Kbbld (a decrease of 9.8%).

During the full quarter, production from YSUR was consolidated. Average daily hydrocarbon production was 49.5 Kboed, including 9.9 Kbbld of crude oil, 1.9 Kbbld of NGL and 6 Mm3d of natural gas.

During Q2 2014, production from unconventional areas totaled 23.2 Kboed of hydrocarbons, including 13.6 Kbbld of crude oil, 4.9 Kbbld of NGL and 0.8 Mm3d of natural gas, of which YPF’s participation is approximately 50%. As for development activity in Loma Campana, over 50 wells have been drilled targeting Vaca Muerta, where operations continue with 21 active drilling rigs and 8 workovers.

Crude oil production in the second quarter was negatively affected by the fire that occurred on March 21 at the Cerro Divisadero crude oil treating plant, located in province of Mendoza. The Cerro Divisadero plant concentrates the production of 10 oilfields in the area of Malargüe that normally totals a daily average crude oil production of approximately 9.2 Kbbld. The actual production in Q2 2014 was 4 Kbbld, 5.2 Kbbld lower than before the incident.

Costs for Q2 2014 increased by 52.4% (an increase of ARS 4,599 million), mainly due to (i) higher amortization (an increase of ARS 1,572 million) resulting from higher investment and higher valuations of assets in Argentine pesos terms, (ii) increased royalties (an increase of ARS 869 million), mainly due to higher production volumes and higher Argentine peso-denominated prices at the wellhead, (iii) an increase in costs for outsourced services (an increase of ARS 911 million), and (iv) increases in exploration costs (an increase of ARS 557 million) for asset retirement corresponding to research wells in the provinces of La Rioja, Mendoza, Santa Cruz, Chubut and Neuquén, as well as research expenses relating to exploratory areas belonging to YPF Chile. During Q2 2014, unit cash costs in US dollars decreased 18% in comparison with Q2 2013 as a consequence of both higher production and the impact of the currency devaluation.

Operating income in Q2 2014 from affiliated Upstream companies, including mainly YSUR, YPF Holdings, YPF International, YPF Energía Eléctrica (including solely the Ramos oil field) and YPF Servicios Petroleros, was ARS 53 million compared to a loss of ARS 30 million for Q2 2013. It should be noted that this variation is included in the explanation mentioned above.

CAPEX

Capital expenditures in the Upstream business segment were ARS 8,672 million in Q2 2014, 57.3% higher than the ARS 5,514 million reported for the same period in 2013.

In the Neuquina basin, capital expenditures during Q2 2014 focused mainly on the development of blocks in Loma Campana, Aguada Toledo-Sierra Barrosa, Rincón del Mangrullo, Loma La Lata, Chihuido de la Sierra Negra and Cañadón Amarillo. Development activities continue in Cuyana Basin, mainly in the Vizcacheras block, while in Golfo San Jorge basin, most of the investments were focused in Barranca Baya, Los Perales and Cañadón Yatel, in the province of Santa Cruz and Manantiales Behr, El Trébol and Escalante in the province of Chubut.


		Consolidated Results Q2 2014

With respect to tight gas activity, 12 wells were drilled to the Lajas formation during Q2 2014; the average production of natural gas was 3.33 Mm3d.

As for exploration activities during Q2 2014, capital expenditures were made in the Neuquina basin mainly in the areas of Bajo del Piche, Bajo del Toro, Cañadón Amarillo, Cerro Arena, Cerro Partido, Filo Morado, Loma La Lata, Los Candeleros and Paso de las Bardas; as well as in the areas of Los Perales and Manantiales Behr, part of the Golfo San Jorge basin. To date 18 exploratory wells and 3 workovers have been completed this year.


		Consolidated Results Q2 2014

3.2 DOWNSTREAM


Q2 2013		Q1 2014			Q2 2014			Var.% Q2 14/Q2 13		(Unaudited Figures)	Jan - Jun 2013			Jan - Jun 2014			Var.% 2014/2013
	1,210		2,453			2,921			141.4%	Operating income (Million ARS)		2,420			5,374			122.1%

	20,721		29,571			33,079			59.6%	Revenues (Million ARS)		38,985			62,650			60.7%

	3,819		3,999			4,087			7.0%	Sales of refined products in domestic market (Km3)		7,708			8,086			4.9%

	265		455			375			41.5%	Exportation of refined products (Km3)		715			829			15.9%

	195		185			216			10.8%	Sales of petrochemical products in domestic *market ()** (Ktn)		374			401			7.1%

	86		57			55			-36.2%	*Exportation of petrochemical products ()** (Ktn)		156			112			-28.3%

	243		275			292			20.0%	Crude oil processed (Kboed)		266			284			6.8%

	76%		86	%		91	%		20.0%	Refinery utilization (%)		83	%		89	%		6.8%

	925		999			1,833			98.2%	Capital Expenditures (Million ARS)		1,521			2,832			86.2%

	313		547			589			88.0%	Depreciation (Million ARS)		599			1,136			89.6%

	740		707			774			4.6%	Average domestic market gasoline price (USD/m3)		716			739			3.3%

	802		742			811			1.1%	Average domestic market diesel price (USD/m3)		780			777			-0.3%

(*)	Fertilizer sales not included

Operating income in YPF’s Downstream business segment for Q2 2014 was ARS 2,921 million, a 141.4% increase compared to ARS 1,210 million for Q2 2013.

Net sales increased by 59.6% compared to Q2 2013, primarily due to a higher average price in Argentine peso terms for gasoline and diesel, resulting in higher income of ARS 2,522 million and ARS 4,684 million, respectively. In addition, volumes of gasoline sold increased by 6.2% compared to Q2 2013 (an increase of ARS 356 million), while volumes of diesel sold decreased by 0.7%. The decrease in diesel had almost no impact on revenues due to improvements in the mix of products sold. Additionally, in Q2 2014 sales of fuel oil reflected increases in both the domestic and international market to reach ARS 2,167 million (an increase of ARS 1,625 million) and exports of flour and oils increased ARS 1,074 million (an increase of ARS 440); sales of jet fuel increased to ARS 772 million (an increase of ARS 266 million) and LPG increased to ARS 114 million (an increase of ARS 32 million). Sales in the domestic and international markets for petrochemical products reached ARS 1,475 million (an increase of ARS 276 million), an increase driven by higher prices in Argentine peso terms for the products sold.


		Consolidated Results Q2 2014

Costs increased by 54.6% (an increase of ARS 10,647 million) compared to the same period in 2013. This increase was due to (i) increases in crude oil transferred from YPF’s Upstream business segment (an increase of ARS 5,714 million) and crude oil purchased from other producers (an increase of ARS 1,026 million), (ii) higher price and greater volumes of biofuel purchased (an increase of ARS 695 million) and (iii) higher amortization (an increase of ARS 276 million). In addition, imports of diesel and gasoline dropped by 8% compared to Q2 2013 from ARS 2,517 million to ARS 2,305 million. The 52% (94 Km3) drop in imported volumes of gasoline and 34% (275 Km3) drop in imported volumes of diesel was partially offset by the higher prices in Argentine peso terms.

With respect to the incident that occurred at the La Plata Refinery in Q2 2013, insurance compensation of ARS 420 million was received in Q2 2014 for lost profits affecting YPF’s business. This amount was recorded as a reduction to cost of sales based on the premise that lower volumes of refined products would have been imported if the refinery had not been damaged.

Crude oil processing volume was 292 Kboed, 20% higher than Q2 2013, showing substantial recovery of refining capacity after the incident affecting the La Plata Refinery on April 2, 2013 and the completion of maintenance activities at the Lujan de Cuyo Refinery on April 15, 2014.

Q2 2014 operating income for Downstream controlled companies, including mainly Opessa, YPF Inversora Energética (the controlling company of GASA and Metrogas), YPF Brazil, YPF Chile and YPF Energía Eléctrica (except the Ramos oil field) was ARS 223 million, compared to ARS 48 million for Q2 2013. It should be noted that this variation is included in the explanation mentioned above.

CAPEX

Capital expenditures in YPF’s Downstream business segment for Q2 2014 were ARS 1,833 million, which was 98.2% higher than Q2 2013. Multi-year projects and the engineering work for new units are under way. They are intended to increase gasoline and diesel production capacity as well as to improve the quality of such products. In addition, YPF has worked to implement a coke unit and a new alkylation unit at the La Plata Refinery as well as new coke gasoline hydrogenation units in La Plata and Mendoza, together with the projects intended to improve YPF’s logistics facilities and projects addressing optimization of safety and environmental performance.


		Consolidated Results Q2 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 Q2 2014 was a loss of ARS 365 million, ARS 62 million lower compared to a loss of ARS 303 million in Q2 2013. Increased costs were due to higher corporate salaries and social charges and other corporate expenses, which offset better results from YPF’s controlled companies AESA and YPF Tecnología.

Consolidation adjustments relating to eliminating results among business segments not transferred to third parties were positive ARS 89 million in Q2 2014 and negative ARS 132 million in Q2 2013.

3.4 RELATED COMPANIES

Q2 2014 results from companies YPF invests in but does not control were ARS 26 million, compared to Q2 2013, which was ARS 133 million. This variation was mainly due to poorer results from Central Dock Sud.

4. LIQUIDITY AND SOURCES OF CAPITAL

During Q2 2014, cash flow generation reached ARS 11,430 million, 251% higher than same period in 2013 (an increase of ARS 8,177 million), mainly due to the higher net income before income tax (an increase of ARS 3,167 million). In addition, there was a reduction in other receivables and liabilities (an increase of ARS 3,292 million) and higher fixed assets depreciation (an increase of ARS 1,929 million). Compared to the end of Q1 2014, YPF’s cash and equivalents increased by ARS 8,339 million to ARS 11,448 million by the end of Q2 2014, mainly due to higher cash flow generation and the issuance of Series XXVIII Notes for USD 1 billion in the international capital markets. Net financial debt decreased by ARS 818 million (a decrease of 2.3%) to reach ARS 34,743 million by the end of Q2 2014.

The average cost of debt denominated in Argentine pesos for Q2 2014 was 28.04%, while the average cost of debt denominated in U.S. dollars was 6.76%.

On July 10, 2014 dividends were paid at 1.18 ARS per share, in compliance with the decision taken at the Ordinary General Shareholders’ Meeting held on April 30, 2014, which provided for distribution of dividends within a term not exceeding the end of the present period.


		Consolidated Results Q2 2014

YPF Notes issued during Q2 2014 are detailed below.


YPF Note	Amount	Interest Rate	Maturity
Series XXVI (Q4 2013) (*)	587 MUSD	8.875%		60 months
Series XXVIII (Q2 2014)	1,000 MUSD	8.75%		120 months
Series XXXI (Q2 2014)	201 MARS	20% + Margin		12 months
Series XXXII (Q2 2014)	465 MARS	BADLAR + 3.20%		21 months
Series XXXIII (Q2 2014)	66 MUSD	2.00%		33 months

(*)	On April 2, 2014 YPF S.A. announced the results of the exchange of medium term Notes at 10% (Series C) with maturity in 2028 for Unsubordinated Notes with maturity in 2018; the exchange covered USD 87 million of Notes.


		Consolidated Results Q2 2014

5. TABLES AND NOTES

Q2 2014 Results


		Consolidated Results Q2 2014

5.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q2 2013			Q1 2014			Q2 2014			Var.% Q2 14/Q2 13			Jan - Jun 2013			Jan - Jun 2014			Var.% 2014/2013
	21,941			30,664			35,330			61.0%	Revenues		40,575			65,994			62.6%
	(16,573	)		(23,016	)		(25,427	)		53.4%	Costs of sales		(30,511	)		(48,443	)		58.8%

	5,368			7,648			9,903			84.5%	Gross profit		10,064			17,551			74.4%

	(2,088	)		(2,204	)		(2,317	)		11.0%	Selling expenses		(3,569	)		(4,521	)		26.7%
	(686	)		(817	)		(1,180	)		72.0%	Administration expenses		(1,235	)		(1,997	)		61.7%
	(170	)		(197	)		(727	)		327.6%	Exploration expenses		(246	)		(924	)		275.6%
	(1,061	)		(46	)		271			(125.5%)	Other expenses		(1,118	)		225			(120.1%)

	1,363			4,384			5,950			336.5%	Operating income		3,896			10,334			165.2%

	133			(3	)		26			(80.5%)	Income on investments in companies		133			23			(82.7%)
	(221	)		(1,124	)		102			(146.2%)	Financial income (expenses), net Gains (losses) on assets		(268	)		(1,022	)		281.3%
	177			280			318			79.7%	Interests		316			598			89.2%
	(398	)		(1,404	)		(216	)		(45.7%)	Exchange differences		(584	)		(1,620	)		177.4%
	452			5,707			(1,184	)		(361.9%)	(Losses) gains on liabilities		694			4,523			551.7%
	(817	)		(1,568	)		(1,943	)		137.8%	Interests		(1,425	)		(3,511	)		146.4%
	1,269			7,275			759			(40.2%)	Exchange differences		2,119			8,034			279.1%

	1,727			8,964			4,894			183.4%	Net income before income tax		4,455			13,858			211.1%

	(1,159	)		(139	)		(2,891	)		149.4%	Income tax		(2,003	)		(3,030	)		51.3%
	(42	)		(6,038	)		(460	)		995.2%	Deferred income tax		(668	)		(6,498	)		872.8%

	(9	)		(94	)		17				Net income (loss) for noncontrolling interest		(9	)		(77	)

	535			2,881			1,526			185.2%	*Net income for the period ()**		1,793			4,407			145.8%

	1.36			7.34			3.89			185.5%	*Earnings per share, basic and diluted ()**		4.56			11.23			146.2%

	1,829			11,239			1,405			(23.2%)	Other comprehensive Income		3,214			12,644			293.4%

	2,355			14,026			2,948			25.2%	Total comprehensive income for the period		4,998			16,974			239.6%

	3,948			8,360			10,464			165.0%	Adj. EBITDA ()**		8,690			18,824			116.6%

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


		Consolidated Results Q2 2014

5.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Q2 2014 figures unaudited, figures expressed in millions of pesos)


	12/31/2013		06/30/2014
Noncurrent Assets
Intangible assets		2,446		4,610
Fixed assets		93,496		132,352
Investments in companies		2,124		2,510
Deferred income tax assets		34		98
Other receivables and advances		2,927		2,271
Trade receivables		54		18

Total Non-current assets		101,081		141,859

Current Assets
Inventories		9,881		11,977
Other receivables and advances		6,506		7,847
Trade receivables		7,414		11,891
Assets available for sale		—		1,576
Cash and equivalents		10,713		11,448

Total current assets		34,514		44,739

Total assets		135,595		186,598

Shareholders’ equity
Shareholders’ contributions		10,600		10,575
Reserves and unnapropiated retained earnings		37,416		54,003
Noncontrolling interest		224		147

Total Shareholders’ equity		48,240		64,725

Noncurrent Liabilities
Provisions		19,172		23,421
Deferred income tax liabilities		11,459		19,294
Other taxes payable		362		344
Salaries and social security		8		—
Loans		23,076		35,296
Accounts payable		470		621

Total Noncurrent Liabilities		54,547		78,976

Current Liabilities
Provisions		1,396		1,561
Income tax liability		122		1,395
Other taxes payable		1,045		2,074
Salaries and social security		1,119		1,186
Loans		8,814		10,895
Accounts payable		20,312		25,322
Dividends payable		—		464

Total Current Liabilities		32,808		42,897

Total Liabilities		87,355		121,873

Total Liabilities and Shareholders’ Equity		135,595		186,598

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


		Consolidated Results Q2 2014

5.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q2			Q1			Q2				Jan - Jun			Jan - Jun
2013			2014			2014				2013			2014
									Cash Flows from operating activities
	526			2,787			1,543		Net income		1,784			4,330
	(133	)		3			(26	)	Income from investments in companies		(133	)		(23	)
	2,533			3,903			4,414		Depreciation of fixed assets		4,701			8,317
	52			73			100		Amortization of intangible assets		93			173
	666			1,015			788		Consumption of materials and fixed assets and intangible assets retired, net of provisions		1,091			1,803
	1,410			604			939		Net increase in provisions		1,826			1,543
	(36	)		—			(53	)	Acquisition of own shares		(36	)		(53	)
									Changes in assets and liabilities:
	(1,018	)		(1,996	)		(1,447	)	Trade receivables		(2,483	)		(3,443	)
	(978	)		(3,052	)		2,314		Other receivables and liabilities		(1,041	)		(738	)
	(1,072	)		(1,660	)		(381	)	Inventories		(1,414	)		(2,041	)
	1,286			(1,144	)		1,484		Accounts payable		1,491			340
	(145	)		1,598			(674	)	Other Taxes payable		246			924
	(4	)		(196	)		208		Salaries and Social Securities		(128	)		12
	(152	)		(744	)		(410	)	Decrease in provisions from payments		(274	)		(1,154	)
	(62	)		143			558		Interest, exchange differences and other		181			701
	121			—			215		Dividends from investments in companies		121			215
	22			14			14		Stock compensation plan		22			28
	—			(741	)		(386	)	Accrued insurance		—			(1,127	)
	—			—			591		Insurance charge for loss of profit					591
	237			6,108			1,639		Net charge of income tax payment		976			7,747
	1,201			6,177			1,010		Income tax		2,671			9,528
	(964	)		(69	)		(479	)	Income tax payments		(1,695	)		(1,781	)

	3,253			6,715			11,430		Net cash flows provided by operating activities		7,023			18,145

									Cash flows from investing activities
									Payments for investments:
	(5,993	)		(11,817	)		(10,335	)	Acquisitions of fixed assets and Intangible assets		(10,737	)		(22,152	)
	—			(85	)		—		Capital contributions in non-current investments		—			(85	)
	—			1,531			180		Liabilities of sales of fixed assets		—			1,711
	—			(326	)		(186	)	Acquisitions of participation in UTEs		—			(512	)
	107			(6,102	)		(1	)	Acquisition of subsidiaies net of adcquiered funds		107			(6,103	)
	—			608			1,210		Insurance charge for material damages		—			1,818

	(5,886	)		(16,191	)		(9,132	)	Net cash flows used in investing activities		(10,630	)		(25,323	)

									Cash flows from financing activities
	(1,625	)		(2,143	)		(3,839	)	Payment of loans		(3,581	)		(5,982	)
	(570	)		(939	)		(1,360	)	Payment of interests		(1,101	)		(2,299	)
	5,617			4,252			10,949		Proceeds from loans		8,627			15,201

	3,422			1,170			5,750		Net cash flows provided by financing activities		3,945			6,920

	36			702			291		Effect of changes in exchange rates on cash and equivalents		55			993

	825			(7,604	)		8,339		Increase (Decrease) in Cash and Equivalents		393			735

	4,315			10,713			3,109		Cash and equivalents at the beginning of the period		4,747			10,713
	5,140			3,109			11,448		Cash and equivalents at the end of the period		5,140			11,448

	825			(7,604	)		8,339		Increase (Decrease) in Cash and Equivalents		393			735

									COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD
	443			1,325			6,202		Cash		443			6,202
	4,697			1,784			5,246		Other Financial Assets		4,697			5,246

	5,140			3,109			11,448		TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD		5,140			11,448

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


		Consolidated Results Q2 2014

5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION

(Unaudited, figures expressed in millions of pesos)


					Corporate and		Consolidation
Q2 2014	Upstream		Downstream		Other		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

					Corporate and		Consolidation
Q2 2013	Upstream		Downstream		Other		Adjustments		Total
Revenues		1,281		20,398		262		—		21,941
Revenues from intersegment sales		8,943		323		516		-9,782		—

Revenues		10,224		20,721		778		-9,782		21,941

Operating Income (loss)		588		1,210		-303		-132		1,363
Investments in companies		—		133		—		—		133
Depreciation of fixed assets		2,173		313		47		—		2,533
Acquisitions of fixed assets		5,514		925		71		—		6,510
Assets		50,636		40,291		8,867		-1,302		98,492


		Consolidated Results Q2 2014

5.5 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES (unaudited figures)


	2013		2014		2014		Var		2013		2014		Var
Million USD	*Q2 ()**		Q1		Q2		Q2 14/Q2 13		*Jan - Jun ()**		Jan - Jun		2014/2013
INCOME STATEMENT
Revenues		4,203		4,040		4,413		5.0%		7,911		8,430		6.6%
Costs of sales		-3,175		-3,032		-3,176		0.0%		-5,949		-6,188		4.0%

Gross profit		1,028		1,008		1,237		*20.3%*		1,962		2,242		*14.3%*
Selling expenses		-400		-290		-289		-27.6%		-696		-578		-17.0%
Administration expenses		-131		-108		-147		12.2%		-241		-255		5.9%
Exploration expenses		-33		-26		-91		178.8%		-48		-118		146.1%
Other expenses		-203		-6		34		-116.7%		-218		29		-113.2%

Operating income		425		578		743		*74.9%*		926		1,320		*42.5%*
Depreciation of fixed assets		485		514		551		13.6%		917		1,062		15.9%
Amortization of intangible assets		10		10		12		25.4%		18		22		21.9%

Adj. EBITDA ()**		920		1,101		1,307		*42.0%*		1,861		2,405		*29.2%*

UPSTREAM
Revenues		1,959		1,966		2,084		6.4%		3,716		4,037		8.6%
Operating income		276		397		413		49.3%		646		807		24.9%
Depreciation		416		435		468		12.4%		783		900		15.0%
Capital expenditures		1,056		1,133		1,083		2.5%		1,788		2,207		23.4%

DOWNSTREAM
Revenues		3,970		3,896		4,132		4.1%		7,601		8,003		5.3%
Operating income		232		323		365		57.4%		472		686		45.5%
Depreciation		60		72		74		22.6%		117		145		24.2%
Capital expenditures		177		132		229		29.2%		297		362		22.0%

CORPORATE AND OTHER
Operating income		-58		-47		-46		-21.5%		-154		-92		-40.4%
Capital expenditures		14		16		45		231.5%		20		61		206.0%

CONSOLIDATION ADJUSTMENTS
Operating income		-25		-96		11		-144.0%		-38		-82		115.8%
*Average exchange rate for the period*		*5.22*		*7.59*		*8.01*				*5.13*		*7.83*

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 these periods, results 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.

(**)


		Consolidated Results Q2 2014

5.6 MAIN PHYSICAL MAGNITUDES (Unaudited figures)


	Unit	Q1		Q2		2013 Q3		Q4		Cum. 2013		Q1		2014 Q2		Cum. 2014
Upstream
Crude oil production	Kbbl		20,365		20,770		21,625		22,019		84,780		21,742		21,918		43,660
NGL production	Kbbl		4,918		4,162		3,471		5,033		17,584		4,858		3,751		8,608
Gas production	Mm3		2,824		3,001		3,272		3,262		12,359		3,350		3,960		7,311
Total production	Kbpe		43,045		43,806		45,675		47,568		180,094		47,672		50,577		98,249
Henry Hub	USD/Mmbtu		3.48		4.09		3.58		3.60		3.69		4.94		4.67		4.80
Brent	USD/bbl		112.48		102.58		110.27		109.21		108.63		108.17		109.70		108.93
Downstream
Sales of petroleum products
Domestic market
Gasoline	Km3		1,159		1,060		1,121		1,206		4,545		1,229		1,126		2,355
Diesel	Km3		1,946		2,057		2,048		2,047		8,098		1,920		2,043		3,962
Jet fuel and kerosene	Km3		108		111		112		118		449		124		108		232
Fuel Oil	Km3		129		100		293		239		760		294		297		591
LPG	Km3		168		220		265		144		796		146		210		356
Others (*)	Km3		379		270		350		340		1,338		286		304		590
Total domestic market	Km3		3,889		3,819		4,188		4,094		15,988		3,999		4,087		8,086
Export market
Petrochemical naphtha	Km3		0		0		0		0		0		0		0		0
Jet fuel and kerosene	Km3		131		121		127		126		505		129		116		246
LPG	Km3		123		36		30		104		293		124		35		159
Bunker (Diesel and Fuel Oil)	Km3		186		98		189		191		664		194		205		398
Others (*)	Km3		10		10		9		11		39		8		18		26
Total export market	Km3		450		265		355		432		1,502		455		375		829
Total sales of petroleum products	Km3		4,339		4,084		4,542		4,526		17,490		4,454		4,462		8,916
Sales of petrochemical products
Domestic market
Fertilizers	Ktn		24		27		68		105		224		32		39		71
Methanol	Ktn		49		57		64		66		236		47		73		120
Others	Ktn		130		138		143		132		543		138		143		281
Total domestic market	Ktn		203		222		276		303		1,003		217		255		472
Export market
Methanol	Ktn		8		22		1		10		41		33		22		55
Others	Ktn		62		64		75		39		240		24		33		57
Total export market	Ktn		70		86		76		49		281		57		55		112
Total sales of petrochemical products	Ktn		273		308		352		352		1,284		274		310		584
Sales of other products
Grain, flours and oils
Domestic market	Ktn		39		30		24		31		124		20		22		42
Export market	Ktn		87		239		284		159		769		85		251		336
Total Grain, flours and oils	Ktn		126		269		308		190		893		105		273		378
Main products imported
Gasolines and Jet Fuel	Km3		94		198		0		0		292		179		94		274
Diesel	Km3		183		420		296		351		1,250		473		275		748

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


		Consolidated Results Q2 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 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, 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.

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: 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 7, 2014

/s/ Alejandro Cherñacov

Name:

Title:

Alejandro Cherñacov

Market Relations Officer