Edgar Filing: YPF SOCIEDAD ANONIMA

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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 March, 2013

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 Sociedad Anónima

TABLE OF CONTENTS


Item

1		Translation of Consolidated Results Full Year 2012 and Q4 2012.

Item 1

YPF S.A.

Consolidated Results

FULL YEAR 2012 & Q4 2012


		Consolidated Results Full Year 2012 & Q4 2012

CONTENT


1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF THE FULL YEAR 2012 AND THE FOURTH QUARTER 2012			5

2. ANALYSIS OF OPERATING RESULTS			7

2.1 UPSTREAM			7

2.2 REFINING AND MARKETING			10

2.3 CHEMICALS			12

2.4 RELATED COMPANIES			13

2.5 CORPORATE AND OTHERS			13

3. TABLES			14

3.1 CONSOLIDATED STATEMENT OF INCOME			15

3.2 CONSOLIDATED BALANCE SHEET			16

3.3 CONSOLIDATED STATEMENT OF CASH FLOWS			17

3.4 MAIN PHYSICAL MAGNITUDES			18

3.5 ADDITIONAL INFORMATION ON OIL AND GAS RESERVES			19


		Consolidated Results Full Year 2012 & Q4 2012

Operating income in the fourth quarter of 2012 reached ARS 1,846 million, a 81.5% increase compared to the same period of the previous year


Q4 2011		Q3 2012		Q4 2012		Var.% Q412/Q411			Fourth Quarter 2012 Results	Jan-Dec 2011		Jan-Dec 2012		Var.% 2012/2011
						Amounts expressed in million of Argentine pesos
	14,912		17,378		18,862		26.5	%	Revenues		56,211		67,174		19.5	%
	1,017		1,688		1,846		81.5	%	Operating income		7,188		7,903		9.9	%
	535		756		1,019		90.5	%	Net income		4,445		3,902		-12.2	%
	1,156		1,980		2,364		104.5	%	Comprehensive Income		6,297		8,143		29.3	%

	3,055		4,449		5,039		64.9	%	EBITDA		14,889		18,053		21.3	%

	1.36		1.92		2.59		90.5	%	Earnings per share ARS		11.30		9.92		-12.2	%

	4,976		4,129		6,812		36.9	%	Capital Expenditures		13,122		16,485		25.6	%

Note: Unaudited amounts. Information In accordance with International Financial Reporting Standards (IFRS)

EBITDA = net income + net interest + income tax + deferred income tax + amortizations

1. MAIN MILESTONES AND ECONOMIC MAGNITUDES OF FISCAL YEAR 2012 AND THE FOURTH QUARTER 2012

•

Revenues for 2012 were ARS 67,174 million, a 19.5% increase compared to 2011, with higher levels of gasoline, diesel and fuel oil sales in the domestic market. In turn, revenues for the fourth quarter of 2012 were ARS 18,862 million, a 26.5% higher compared to the fourth quarter of 2011.

•

In 2012, operating income was ARS 7,903 million, a 9.9% increase compared to 2011, mainly as a consequence of higher operating results in the upstream business and stronger sales in the downstream business. Operating income for the fourth quarter of 2012 was 81.5% above that for same period in 2011.

•

EBITDA in 2012 was ARS 18,053 million, a 21.3% increase compared to 2011. In the fourth quarter of 2012, EBITDA totaled ARS 5,039 million, a 64.9% increase compared to the fourth quarter of 2011.

•

In 2012, net income was ARS 3,902 million (including ARS 1,943 million coming from the impact of deferred income tax), a 12.2% decrease compared to 2011. The operating losses of our controlled and non-controlled affiliates (mainly MEGA, Refinor and AESA) represented a decrease of ARS 1,182 million in net income between 2012 and 2011. Net income for the fourth quarter of 2012 was ARS 1,019 million, a 90.5% increase compared to the fourth quarter of 2011 (including the effect of deferred tax liabilities for ARS 978 million).

•

Operating cash flow was ARS 17,301 million in 2012, 36.4% above the level reached in 2011, thus allowing the company to finance all its operations and pre-finance part of its activities planned for 2013.


		Consolidated Results Full Year 2012 & Q4 2012

•

In 2012, total capital expenditures reached ARS 16,485 million, a 25.6% increase compared to 2011. This record level of capital expenditures was mainly due to new activity rolled out in the upstream segment and the improvement and expansion of projects in the downstream segment. Capital expenditures in the fourth quarter of 2012 were ARS 6,812 million, outpacing capital expenditures made in the fourth quarter of 2011 by 36.9%.

•

Production in 2012 was in line with the level foreseen in the strategic plan submitted last August; crude oil production in 2012 was 227.4 Kbbld, a 2.2% increase compared to 2011. Natural gas production in 2012 fell by 2.3% compared to 2011, reducing significantly the decline from previous years. In the fourth quarter of 2012, crude oil production was 225.2 Kbbld, a 4.9% decrease compared to the fourth quarter of 2011, while natural gas production was 32.2 Mm3d, 2.7 % below the level for the same period in 2011. Upon the kick-off of our new strategic plan, our active drilling rigs increased by 80%, with 46 units working at full capacity.

•

During 2012 over 60 wells were drilled targeting non conventional formations; 25 exploratory and over 30 development wells were completed. All of them turned out to be productive, both in Vaca Muerta and Pozo D-129.

•

Total hydrocarbon reserve additions in 2012 amounted to 153 MBOE, of which 107 MBbl corresponds to liquids and 46 MBOE to natural gas. It is worth highlighting that the reserve replacement index obtained in liquids topped 106%.

•

The average utilization rate of our refineries in the year 2012 was 90%, compared to 89% in 2011. During the second half of 2012, the average utilization rate of our refineries was 94%, 4.9 higher than the same period of 2011. In the fourth quarter of 2012, the average utilization rate of our refineries was 92%, a 10.2% increase compared to the fourth quarter of 2011, resulting in increased production of refined products.

•

During the second half of 2012, the Company issued senior unsecured notes in the local market for a total principal amount of ARS 9,368 million equivalent, extending the Company’s average debt maturity from 1.9 years in 2011 to 3.4 years in 2012.

•

As of December 31, 2012, 47.6% of the Company’s debt was denominated in Argentine pesos, the remainder being mainly nominated in dollars.


		Consolidated Results Full Year 2012 & Q4 2012

2. ANALYSIS OF OPERATING RESULTS

2.1 UPSTREAM


Q4 2011		Q3 2012		Q4 2012		Var.% Q412/Q411			(Unaudited Figures)	Jan-Dec 2011		Jan-Dec 2012		Var.% 2012/2011
	740		1,157		1,194		61.4	%	Operating income* (MARS)		4,322		5,943		37.5	%
	6,856		8,587		8,679		26.6	%	Revenues (MARS)		25,050		33,194		32.5	%
	236.7		229.3		225.2		-4.9	%	Crude oil production (Kbbld)		222.6		227.4		2.2	%
	60.0		40.5		53.2		-11.3	%	NGL production (Kbbld)		50.4		47.6		-5.6	%
	33.1		34.7		32.2		-2.7	%	Gas production (Mm3d)		34.2		33.4		-2.3	%
	504.9		488.0		480.9		-4.8	%	Total production (Kboed)		488.1		485.0		-0.6	%
	190		176		118		-37.9	%	Exploration costs (MARS)		574		582		1.4	%
	2,848		2,921		5,091		78.7	%	Capital Expenditures (MARS)		9,073		12,118		33.6	%
	1,445		1,909		1,800		24.6	%	Depreciation (MARS)		5,478		6,901		26.0	%

									International Prices
	109.4		109.6		110.1		0.6	%	Brent** (USD/bbl)		111.3		111.7		0.4	%
	3.5		2.8		3.5		0.7	%	Gas Henry Hub** (USD/Mmbtu)		4.0		2.8		-30.5	%

									Realization Prices
	66.0		70.4		69.3		5.0	%	Crude oil prices in domestic market Period average (USD/bbl)		59.5		70.0		17.6	%
	2.65		1.67		2.82		6.4	%	Average gas price (USD/Mmbtu)		2.23		2.22		-0.4	%

*	In accordance with International Financial Reporting Standards (IFRS). It Includes affiliate companies

**	Source: Reuters

MARS: million of ARS

Upstream operating income for the fourth quarter of 2012 was ARS 1,194 million, a 61.4% increase compared to the fourth quarter of 2011. This upturn was mainly driven by a rise in net sales (+26.6%) that outpaced the increase in total cost and operating expenses. The increased revenues described above resulted from constant crude oil price adjustment in the domestic market, by the reversion of trade credit rights related to the Petróleo Plus Program during the fourth quarter of 2011 (which reversion was suspended at the beginning of 2012), and the recognition of net receivables for the amount of ARS 257 million related to gas imbalances in favor of the company resulting from a renegotiation of certain concessions. The rise in operating costs was driven by higher expenses in respect of certain construction contracts, repair and maintenance services, heavier environmental remediation charges, increased crude oil royalties paid to provinces (due to higher crude oil wellhead price) and higher depreciation, which corresponds with the increased capital expenditures.


		Consolidated Results Full Year 2012 & Q4 2012

As a result of negotiations between producers and refining companies in the domestic market, the average sale price of crude oil price increased by 5% to 69.3 USD/bbl for the fourth quarter of 2012. The average sales price of natural gas for the fourth quarter of 2012 was 2.82 USD/Mmbtu, a 6.4% increase compared to the fourth quarter of 2011. This increase was mainly as a result of a new contract signed in December 2012 to receive 7.5 USD/MBTU for additional natural gas, which in the month of December accounted for ARS 64 million in additional revenues.

Crude oil production was 225.2Kbbld in the fourth quarter of 2012, a 4.9% decrease compared to the fourth quarter of 2011. NGL production totaled 53.2 Kbbld during the fourth quarter of 2012, a 11.3% decrease compared to the fourth quarter of 2011, as a consequence of a lower volume of gas treated in our separation plants. Natural gas production was 32.2 Mm3d in the fourth quarter of 2012, 2.7% lower than same period in 2011. Total production was 480.9 Kbped in the fourth quarter of 2012, compared to 504.9 Kbped for the fourth quarter of 2011.

Annual hydrocarbon production in 2012 was 485.0 Kbped, only 0.6% lower than previous year; crude oil production rose by 2.2%, which was offset by a 2.3% decline in gas production. As mentioned above, total production for 2012 was in line with the strategic plan presented by the company in August 2012.

Exploration costs for the fourth quarter decreased by 37.9% to reach ARS 118 million due to the abandonment of the unproductive Coronado well in 2011, related to our interest in the offshore block Neptune, in the Gulf of Mexico.

Annual results

Cumulated operating income for our upstream business was ARS 5,943 million in 2012, a 37.5% higher than the same period in 2011. This increase was mainly driven by the price adjustment for crude oil and stronger production levels recorded during 2012. The average price for crude oil in the domestic market was 70 USD/bbl in 2012, a 17.6% increase compared to the 59.5 USD/bbl average price in 2011. This increase resulted in increased operating income, offsetting cost increases related to crude oil royalties (due to higher well head prices), hikes in fees paid for construction and service contracts as well as higher depreciation (ARS 1,423 million).

CAPEX

Capital expenditures in our upstream business were ARS 5,091 million in the fourth quarter of 2012, a 78.7% increase compared to the fourth quarter of 2011.

Development capital expenditures in conventional formations continued during the fourth quarter of 2012, mainly in the areas of Las Heras, El Guadal and Cañadón Seco in the San Jorge basin, Loma La Lata and Aguada Toledo in Sierra Barrosa in the Neuquina basin. Exploratory activity in unconventional formations during the fourth quarter was focused mainly in the areas of Bandurria, La Amarga Chica, Loma Amarilla and Cerro las Minas in the Neuquina basin.

Cumulated capital expenditures in our upstream business in 2012 amounted to ARS 12,118 million, a 33.6% above those in 2011, mainly as a result of a stronger activity in the Neuquina basin, both in unconventional exploration and the development of conventional areas.


		Consolidated Results Full Year 2012 & Q4 2012

Reserves

Total hydrocarbon reserve additions in 2012 amounted to 153 MBOE, of which 107 MBbl corresponds to liquids and 46 MBOE to natural gas. The reserve replacement index for liquids topped 106%.


		Consolidated Results Full Year 2012 & Q4 2012

2.2 REFINING AND MARKETING


Q4 2011			Q3 2012			Q4 2012			Var.% Q412/Q411			(Unaudited Figures)	Jan-Dec 2011			Jan-Dec 2012			Var.% 2012/2011
	1,227			607			805			-34.4	%	Operating income* (MARS)		4,422			3,006			-32.0	%
	13,789			15,609			16,418			19.1	%	Revenues (MARS)		49,692			59,604			19.9	%
	3,871			4,215			4,037			4.3	%	Sales of petroleum products in domestic market (Km3)		15,577			15,741			1.1	%
	409			344			450			10.0	%	Exportation of petroleum products (Km3)		1,764			1,572			-10.9	%
	266			306			293			10.2	%	Crude oil processed (Kbbld)		284			288			1.4	%
	83	%		96	%		92	%				Refinery utilization (%)		89	%		90	%
	1,502			875			1,342			-10.7	%	Capital Expenditures (MARS)		2,879			3,317			15.2	%
	187			255			262			40.4	%	Depreciation (MARS)		710			906			27.7	%

	621			672			662			6.7	%	Average domestic market gasoline price (USD/m3)		582			660			13.4	%
	700			763			750			7.1	%	Average domestic market diesel price (USD/m3)		634			751			18.5	%

*	In accordance with International Financial Reporting Standards (IFRS). It Includes affiliate companies

MARS: Millions of ARS

Operating income in our Refining and Marketing business for the fourth quarter of 2012 was ARS 805 million, a 34.4% decrease compared to the fourth quarter of 2011.

The lower quarterly result was affected mainly by higher crude oil prices and heavier marketing costs, together with the negative impact caused by smaller volumes of stock at the end of the quarter. There was an increase of approximately 19.1% in revenues as a consequence of price increases in products sold in the local market (gasoline, diesel and lubricants) and the larger volumes of fuel oil delivered to the domestic market (ARS 356 million). There was also an increase in the volume of petrochemical naphtha, LPG and bunker exports.

Processing levels at our refineries were 293 Kboed in the fourth quarter of 2012, a 10.2% increase compared to the fourth quarter of 2011. Additionally, annual average crude oil processing was 288 bbl/d in 2012 compared to 284 bbl/d in 2011.


		Consolidated Results Full Year 2012 & Q4 2012

Annual results

Cumulated operating income was ARS 3,006 million in 2012, a 32% decrease compared to 2011. Higher operating revenues were generated from an increase in diesel sales that yielded a net positive effect of ARS 5,000 million due to a 30% hike in the average peso-denominated price. On the other hand, it should be underlined that delivered gasoline volumes rose by about 6.3% in 2012 and the average peso-denominated price also increased by 25% compared to 2011. Fuel oil traded volumes in the domestic market increased by 108% in 2012, while the average peso-denominated price increased by 25% compared to 2011. However, higher operating income only partially offset the negative impact generated by higher prices in processed crude oil and increased operating costs.

CAPEX

Capital expenditures in the Refining and Marketing business in the fourth quarter of 2012 were ARS 1,342 million, a 10.7% decrease compared to the fourth quarter of 2011. This decrease reflects the Company’s progress in the implementation of a new coke unit at the La Plata refinery designed to increase gasoline and diesel production as well as the completion of the diesel hydrotreatment at such refinery.

Cumulative capital expenditures in the Refining and Marketing business in 2012 were ARS 3,317 million, outperforming those in same period of 2011 by 15.2%, mainly as a consequence of the progress achieved in the projects described above.


		Consolidated Results Full Year 2012 & Q4 2012

2.3 CHEMICALS


Q4 2011		Q3 2012		Q4 2012		Var.% Q412/Q411			(Unaudited Figures)	Jan-Dec 2011		Jan-Dec 2012		Var.% 2012/2011
	251		204		351		39.7	%	Operating income* (MARS)		835		913		9.3	%
	1,052		1,216		1,446		37.5	%	Revenues (MARS)		4,111		4,679		13.8	%
	239		189		199		-16.9	%	Sales of petrochemical products in domestic market ()** (Ktn)		883		810		-8.3	%
	65		78		126		93.8	%	Exportation of petrochemical products (Ktn)		336		334		-0.6	%
	522		281		375		-28.2	%	Capital Expenditures (MARS)		935		906		-3.1	%
	34		41		37		10.8	%	Depreciation (MARS)		95		136		43.4	%

*	In accordance with International Financial Reporting Standards (IFRS). It Includes affiliate companies

**	It does not include sales of fertilizers since they are included in the Refining and Marketing business.

MARS: Millions of ARS

Operating income for the fourth quarter of 2012 was ARS 351 million, a 39.7% increase compared to the fourth quarter of 2011.

Higher revenues of the quarter are basically explained by the hike in exports of methanol, alcohol and solvents, as well as higher volumes sold and sales prices for the sale of octane naphtha to the Refining business unit.

Annual results

Cumulated operating income in 2012 was ARS 913 million, a 9.3% above the cumulated operating income for 2011. The 13.8% increase in revenues was only partially offset by higher purchases of natural gas to the upstream business. The volume of methanol traded in the international market in 2012 increased by 32.3% compared to 2011. Sale of grains, flour and oils in the domestic market in 2012 increased by 43.4% compared to 2011.

CAPEX

Capital expenditures in the fourth quarter of 2012 were ARS 375 million, a 28.2% decrease compared to the fourth quarter of 2011. During the fourth quarter of 2012, the CCR project at our chemical complex in Ensenada continued to allow a stronger production of high quality gasoline and hydrogen.

Cumulative capital expenditures in the Chemicals business in 2012 were ARS 906 million, a 3.1% below same period in 2011.


		Consolidated Results Full Year 2012 & Q4 2012

2.4 RELATED COMPANIES

Results from related companies in 2012 decreased by ARS 571 million compared to 2011, mainly as a result of the impact of Resolutions 1982 and 1991 issued by ENARGAS on Mega, Profertil and Refinor, as well as the fluctuation in international prices of the main products traded by Mega.

2.5 CORPORATE AND OTHERS

This business segment involves mainly costs and other activities that are not reported against the upstream, refining and marketing and chemicals business units.

Net costs for the fourth quarter of 2012 were ARS 505 million, a 58.0% decrease compared to the fourth quarter of 2011. This decrease was affected by the positive impact of the use of the replacement value to measure inventory, which differs from the transfer price among business segments, to disclose the result reached as a result of YPF’s vertical integration. Additionally, this effect was partially offset by an increase in salaries, charges related to IT licenses and the higher charges recorded in connection with environmental liabilities involving YPF Holdings.


		Consolidated Results Full Year 2012 & Q4 2012

3. TABLES

Results Fourth Quarter 2012


		Consolidated Results Full Year 2012 & Q4 2012

3.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures in millions of Argentine pesos)


Q4 2011			Q3 2012			Q4 2012			Var.% Q412/Q411				Jan-Dec 2011			Jan-Dec 2012			Var.% 2012/2011

	14,912			17,378			18,862			26.5	%	Revenues		56,211			67,174			19.5	%
	(11,844	)		(13,603	)		(14,138	)		19.4	%	Costs of sales		(41,143	)		(50,267	)		22.2	%

	3,068			3,775			4,724			54.0	%	Gross profit		15,068			16,907			12.2	%

	(1,397	)		(1,362	)		(1,640	)		17.4	%	Selling expenses		(5,438	)		(5,662	)		4.1	%
	(530	)		(522	)		(702	)		32.5	%	Administration expenses		(1,822	)		(2,232	)		22.5	%
	(190	)		(176	)		(118	)		-37.9	%	Exploration expenses		(574	)		(582	)		1.4	%
	66			(27	)		(418	)		-733.3	%	Other expenses, net and income on investments in companies		(46	)		(528	)		1047.8	%

	1,017			1,688			1,846			81.5	%	Operating income		7,188			7,903			9.9	%

	201			106			16			-92.0	%	Income on investments in companies		685			114			-83.4	%
	(159	)		35			609			-483.0	%	Financial income (expenses), net		(287	)		548			-290.9	%
	(341	)		(665	)		(474	)		39.0	%	Income tax		(2,495	)		(2,720	)		9.0	%
	(183	)		(408	)		(978	)		434.4	%	Diferred income tax		(646	)		(1,943	)		200.8	%

	535			756			1,019			90.5	%	Net income for the period		4,445			3,902			-12.2	%

	1.36			1.92			2.59			90.5	%	Earnings per share, basic and diluted		11.30			9.92			-12.2	%


	621			1,224			1,345			116.6	%	Other comprehensive Income		1,852			4,241			129.0	%

	1,156			1,980			2,364			104.5	%	Total comprehensive income for the period		6,297			8,143			29.3	%



	3,055			4,449			5,039			64.9	%	EBITDA		14,889			18,053			21.3	%

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

EBITDA = Net Income+ net interest + income tax + deferred income tax + depreciation of fixed assets


		Consolidated Results Full Year 2012 & Q4 2012

3.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures in millions of Argentine pesos)


	12/31/2011		12/31/2012
Noncurrent Assets
Intangible assets		1,300		1,492
Fixed assets		43,522		56,971
Investments in companies		2,013		1,914
Deferred income tax assets		30		48
Other receivables and advances		882		1,161
Trade receivables		22		15

Total Non-current assets		47,769		61,601


Current Assets
Inventories		6,006		6,922
Other receivables and advances		2,788		2,635
Trade receivables		3,315		4,044
Cash and equivalents		1,112		4,747

Total current assets		13,221		18,348


Total assets		60,990		79,949


Shareholders’ Equity
Shareholders’ contributions		10,674		10,674
Reserves and unnapropiated retained earnings		12,746		20,586

Total Shareholders’ Equity		23,420		31,260


Noncurrent Liabilities
Provisions		9,206		10,663
Deferred income tax liabilities		2,724		4,685
Other taxes payable		136		101
Salaries and social security		38		48
Loans		4,435		12,100
Accounts payable		60		162

Total Noncurrent Liabilities		16,599		27,759


Current Liabilities
Provisions		965		820
Income tax liability		—		541
Other taxes payable		511		920
Salaries and social security		537		789
Loans		7,763		5,004
Accounts payable		11,195		12,856

Total Current Liabilities		20,971		20,930


Total Liabilities		37,570		48,689


Total Liabilities and Shareholders’		60,990		79,949

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


		Consolidated Results Full Year 2012 & Q4 2012

3.3 CONSOLIDATED STATEMENT OF CASH FLOWS

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited figures in millions of Argentine pesos)


Q4 2011			Q3 2012			Q4 2012				Jan-Dec 2011			Jan-Dec 2012
									Cash Flows from operating activities
	535			756			1,019		Net income		4,445			3,902
	(201	)		(106	)		(16	)	Income from investments in companies		(685	)		(114	)
	1,707			2,246			2,168		Depreciation of fixed assets		6,438			8,129
	18			37			50		Amortization of intangible assets		61			152
	344			326			324		Consumption of materials and fixed assets and intangible assets retired, net of provisions		1,022			1,170
	313			525			899		Net increase in provisions		1,261			2,208
	21			—			(1	)	Increase in fixed assets provisions		21			(1	)
	1,735			(757	)		(793	)	Changes in assets and liabilities		636			(1,149	)
	280			5			253		Dividends from investments in companies		579			388
	(330	)		452			837		Net charge of income tax payment		(1,092	)		2,616

	4,422			3,484			4,740		Net cash flows provided by operating activities		12,686			17,301

									Cash flows used in investing activities
									Payments for investments:
	(4,364	)		(4,071	)		(5,024	)	Acquisitions of fixed assets and Intangible assets		(12,156	)		(16,403	)
	(2	)		—			—		Contributions of capital investments in subsidiaries		(2	)		—

	(4,366	)		(4,071	)		(5,024	)	Net cash flows used in investing activities		(12,158	)		(16,403	)

									Cash flows (used in) provided by financing activities
	(5,763	)		(6,689	)		(5,876	)	Payment of loans		(16,997	)		(28,253	)
	(161	)		(200	)		(336	)	Payment of interests		(457	)		(920	)
	7,840			7,962			10,538		Proceeds from loans		21,175			32,130
	(2,812	)		—			(303	)	Payments of dividends		(5,565	)		(303	)

	(896	)		1,073			4,023		Net cash flows (used in) provided by financing activities		(1,844	)		2,654

	4			32			30		Effect of changes in exchange rates on cash and equivalents		102			83

	(836	)		518			3,769		Increase (Decrease) in Cash and Equivalents		(1,214	)		3,635

	1,948			460			978		Cash and equivalents at the beginning of year		2,326			1,112
	1,112			978			4,747		Cash and equivalents at the end of year		1,112			4,747

	(836	)		518			3,769		Increase (Decrease) in Cash and Equivalents		(1,214	)		3,635


									COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD
	777			413			950		Cash		777			950
	335			565			3,797		Other Financial Assets		335			3,797

	1,112			978			4,747		TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD		1,112			4,747

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


		Consolidated Results Full Year 2012 & Q4 2012

3.4 MAIN PHYSICAL MAGNITUDES (unaudited figures)


	Unit	Q1		Q2		2011 Q3		Q4		Cum. 2011		Q1		Q2 *		2012 Q3 *		Q4		Cum. 2012
Upstream
Crude oil production	Kbbl		21,787		16,731		20,974		21,773		81,265		20,738		20,683		21,095		20,715		83,231
NGL production	Kbbl		4,794		4,012		4,066		5,520		18,392		4,975		3,818		3,722		4,892		17,407
Gas production	Mm3		3,163		3,061		3,212		3,046		12,482		2,964		3,101		3,194		2,962		12,221
Total production	Kbpe		46,476		39,995		45,241		46,450		178,161		44,352		44,005		44,903		44,239		177,499

Downstream
Sales of petroleum products
Domestic market
Gasoline	Km3		984		887		986		1,028		3,885		1,029		921		1,053		1,126		4,129
Diesel	Km3		2,054		2,154		2,180		2,158		8,546		1,910		1,971		2,075		2,073		8,029
Jet fuel and kerosene	Km3		108		92		106		112		418		109		107		112		116		444
Fuel Oil	Km3		57		29		235		45		366		8		229		332		193		762
LPG	Km3		195		237		278		169		879		196		266		252		158		872
Others**	Km3		345		384		395		359		1,483		369		374		391		371		1,505
Total domestic market	Km3		3,743		3,783		4,180		3,871		15,577		3,621		3,868		4,215		4,037		15,741
Export market
Petrocuemical naphta	Km3		96		136		51		7		290		37		109		7		32		185
Jet fuel and kerosene	Km3		145		126		127		146		544		139		125		130		131		525
LPG	Km3		85		76		40		91		292		8		17		28		117		170
Bunker (Diesel and Fuel Oil)	Km3		171		123		146		153		593		175		142		160		162		639
Others**	Km3		10		12		11		12		45		14		12		19		8		53
Total export market	Km3		507		473		375		409		1,764		373		405		344		450		1,572
Total sales of petroleum products	Km3		4,250		4,256		4,555		4,280		17,341		3,994		4,273		4,559		4,487		17,313

Sales of petrochemical products

Domestic market
Fertilizers	Ktn		35		90		120		74		319		18		56		61		70		205
Methanol	Ktn		54		103		47		70		274		80		77		63		48		268
Others	Ktn		149		118		173		169		609		143		122		126		151		542
Total domestic market	Ktn		238		311		340		313		1,202		241		255		250		269		1,015
Export market
Methanol	Ktn		31		0		0		0		31		0		0		0		41		41
Others	Ktn		103		50		87		65		305		77		53		78		85		293
Total export market	Ktn		134		50		87		65		336		77		53		78		126		334
Total sales of petrochemical products	Ktn		372		361		427		378		1,538		318		308		328		395		1,349

Sales of other products
Grain, flours and oils
Domestic market	Ktn		12		29		209		218		468		157		260		165		89		671
Export market	Ktn		28		150		86		14		278		1		3		41		60		105
Total Grain, flours and oils	Ktn		40		179		295		232		746		158		263		206		149		776

*	Production from Q2 2012 and Q3 2012 has been restated with the results of the annual reserves calculation.

**	Includes mainly sales of oil and base lubricants, greases, asphalts, coke coal and others.


		Consolidated Results Full Year 2012 & Q4 2012

3.5 ADDITIONAL INFORMATION ON OIL AND GAS RESERVES

(Argentine Securities Commission General Resolution No. 541)


	Crude oil, condensate and natural gas liquids (Millions of barrels)
	2012
	Argentina			United States		Worldwide
Proved developed and undeveloped reserves
Beginning of year		583			1		584
Revisions of previous estimates		82			1		83
Extensions, discoveries and improved recovery		24					24
Production for the year ⁽²⁾		-100			-1		-101

End of year⁽²⁾		589	⁽¹⁾		1		590


Proved developed reserves
Beginning of year		436			1		437
End of year		452			1		453
Proved undeveloped reserves
Beginning of year		147			—		147
End of year		137			—		137

Company’s share in equity method investees’ proved developed and undeveloped reserves (at the end of the year)		1			—		1

(1)	Includes 69 Mbbl of natural gas liquids as of December 31, 2012.

(2)

Proved reserves of crude oil, condensate and natural gas liquids include an estimated approximately 85 Mbbl as of December 31, 2012, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Crude oil, condensate and natural gas liquids production includes an estimated approximately 14 Mbbl for the year 2012 in respect of such types of payments.


	Natural gas (billion of cubic feet) *
	2012
	Argentina		United States		Worldwide
Proved developed and undeveloped reserves
Beginning of year		2,360		2		2,362
Revisions of previous estimates		220		1		221
Extensions, discoveries and improved recovery		35		—		35
Production for the year⁽¹⁾		-431		-1		-432

End of year ⁽¹⁾		2,184		2		2,186

Proved developed reserves
Beginning of year		1,758		2		1,760
End of year		1,808		2		1,810
Proved undeveloped reserves
Beginning of year		602		—		602
End of year		376		—		376

Company’s share in equity method investees’ proved developed and undeveloped reserves (at the end of the year)		36		—		36

(1)

Proved reserves of natural gas include an estimated approximately 252 as of December 31, 2012, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. Natural gas production includes an estimated approximately 50 for the year 2012 in respect of such types of payments.

*	Insignificant differences could exist due to values roundup.


		Consolidated Results Full Year 2012 & Q4 2012

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 ratios, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as 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, 2011 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.

The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Investors Relations

E-mail: inversoresypf@ypf.com

Website: www.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 2911

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: March 12, 2013

/s/ Gabriel E. Abalos

Name:

Title:

Gabriel E. Abalos

Market Relations Officer