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 May, 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 Q1 2013 Earnings Presentation.

 

2


May 2013
1st Quarter 2013 Earnings Webcast


2
Disclaimer
Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.
This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including
statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic
concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital
expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-
looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins
and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks,
uncertainties, changes and other factors which may be beyond YPF’s control or may be difficult to predict.
YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business
concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests,
divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and
exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include,
but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves
estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing
countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of
terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the
Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects”
in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2012 filed with the US Securities and Exchange Commission. In light of the foregoing, the
forward-looking statements included in this document may not occur.
YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance,
conditions or events expressed or implied therein will not be realized.
These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise.


3
Agenda
Q1 2013 Results
Financial Situation
La Plata Refinery Incident
Summary
1
2
3
4


4
Q1 2013 Results Highlights
Revenues reached ARS 18.6 bn (+25.5% vs. Q1 2012)
Operating income was ARS 2.5 bn (+1.3% vs. Q1 2012); Net income was ARS 1,258
million
(-2.8% vs. Q1 2012)
EBITDA  reached ARS 5.4bn (+20.7% vs. Q1 2012)
Total capex topped ARS 4.2 bn (+100.8% vs. Q1 2012)
Crude oil production 226.3 Kbbl/d (-0.7% vs. Q1 2012)
Natural gas production 31.4 Mm3/d (-3.7% vs. Q1 2012)
High utilization rates in our refineries (90%, 8.7% higher than Q1 2012)
Marketshare: gasoline 56% and diesel 58.7%
Successful
issuance
of
ARS
2
bn
notes
in
the
argentine
financial
market


5
Q1 2013 Operating Income
In million of ARS
Slight
increase
of
operating
income
(+1.3%
vs
Q1
2012)
driven
by
higher
revenues
(25.5% vs. Q1 2012)


6
Q1 2013 Operating income
In million of ARS
Higher Downstream earnings were partially offset by lower Upstream and
Controlled Companies earnings


7
Q1 2013 Upstream Results
In million of ARS
Upstream operating income was ARS 1,872 million, mainly due to higher expenses
related to construction contracts, repair and maintenance services


8
Q1 2013 Upstream Results -
Production
Crude oil production (kbbl/d)
Downward
trend
in
production
from
previous
years
continues
to
be
reverted
Natural gas production (Mm³/d)
-0.7%
-3.7%
March ’13:
228.4 Kbbl/d
March ’13: 
32.3 Mm3/d


9
Q1 2013 Downstream Results
In million of ARS
Higher prices (ARS 1,936 million) and higher volumes (ARS 649 million) of gasoline
and diesel had a favorable impact on the downstream earnings


10
Q1 2013 Downstream Results -
Sales
Refinery throughput
(kbbl/d)
Higher utilization
rates
and
strong
demand
led
to
an
increase
in
sales
of
petroleum
products of 7.4%
Sales of refined products
(Km3)


11
Q1 2013 Capex
(1)
1. Economic capex figures as expressed in Exhibit A of Q1 2013 YPF financial statements.
Downstream
Upstream
Progress of the new coke unit at
the La Plata refinery and the
Continuous Catalytic Reformer
at our chemical complex in
Ensenada.
Higher investments mostly in
Neuquina basin (Loma La Lata,
Aguada Toledo -
Sierra Barrosa
and Octógono) and Golfo San
Jorge basin (Manantiales Behr
and El Trebol).


12
Agenda
Q1 2013 Results
1
Financial Situation
2
La Plata Refinery Incident
3
Summary
4


13
Highlights Q1 2013 -
Financial Results (cont.)
In million of ARS
(1) Includes effect of changes in exchange rates  / (2) Effective spendings in fixed assets acquisitions during the year
Notes
Amount
Interest Rate
Maturity
Series XIII
(Q1 2013)
ARS 500M
BADLAR+279bps
72 months
Series XIV
(Q1 2013)
ARS 300M
19%
12 months
Series XV
(Q1 2013)
USD 229.8M
2.5%
21 months
Series XVII
(Q2 2013)
ARS 2,250M
BADLAR+225bps
84 months
Series XVI
(Q2 2013)
ARS 300M
19%
12 months
Series XVIII
(Q2 2013)
USD 61M
0.1%
24 months
Series XIX
(Q2 2013)
USD 89M
1.29%
48 months
Successfully financed increased capex with issuance of ARS 2bn notes in the local market during Q1
2013 (ARS 5.3bn up to date, totaling ARS 14.7bn since Q2 2012), while maintaining a cash cushion
and improving debt profile.


14
Agenda
Q1 2013 Results
1
Financial Situation
2
La Plata Refinery Incident
3
Summary
4


15
15
La Plata refinery (CILP) incident
Emergency
Crude processing normalization
New coke unit
CILP Capacity before
incident (189 Kbbl/d)
Top D starts
Top IV starts
Top C starts
Week 1
Week 0
Week 9
Weeks 2 -
8
2015
208
Kbbl/d
On April 2 CILP caught fire as a consequence of unprecedented flooding, damaging
Topping C and Coker A Unit.
A week later CILP was processing 100 Kbbl/d. In approximately 30
days CILP will be running at 150 Kbbl/d.
YPF has insurance policy for both physical damage and business interruption.
CILP Capacity after
incident (150 Kbbl/d)
New Coke starts


16
Agenda
Q1 2013 Results
1
Financial Situation
2
La Plata Refinery Incident
3
Summary
4


17
Summary
Increase of operating income due to higher gasoline and diesel average price and stronger
volumes marketed which were offset by heavier operating costs for the quarter
Additional income generated by increased natural gas well head price (ARS 432 million),
which reached 3.73 USD/Mmbtu vs. 2.73 USD/Mmbtu in Q1 2012 36.6%
Production downtrend from previous years keeps being reverted (+0.5% vs. Q4 2012 in
crude oil production)
Vaca Muerta pilot project in line; 12 active rigs drilling in north Loma La Lata
On May 3 announced indirect control of Metrogas (70% ownership)
As of today cash of approximately ARS 5.3bn


1st Quarter 2013
Earnings Webcast
Questions
and Answers


May 2013
1st Quarter 2013 Earnings Webcast


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: May 10, 2013     By:  

/s/ Gabriel E. Abalos

   

Name:

Title:

 

Gabriel E. Abalos

Market Relations Officer

 

22