Ypf Sociedad Anonima 6-K, filed Aug 1, 2023
Ypf Sociedad Anonima (YPF)
About this 6-K
Ypf Sociedad Anonima filed this 6-K on August 1, 2023.
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 2023
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 ☒ 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 ☒
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 ☒
YPF Sociedad Anónima
TABLE OF CONTENT
| ITEM | |
| 1 |
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| City of Buenos Aires, July 31, 2023 |
To the
COMISIÓN NACIONAL DE VALORES (“CNV”)
25 de mayo 175
City of Buenos Aires
MERCADO ABIERTO ELECTRÓNICO S.A. (“MAE”)
Maipú 1210
City of Buenos Aires
BOLSAS Y MERCADOS ARGENTINOS S.A. (“ByMA”)
Sarmiento 299
C1041AAE City of Buenos Aires
| Re.: Issuer rating for local currency, foreign currency and foreign currency senior secured debt |
Dear Sirs,
The purpose of this letter is to comply with the requirements of the Rules of the Argentine Securities and Exchange Commission and the corresponding ByMA and MAE Regulations.
In this regard, we hereby inform that on July 28, 2023, Moody’s Local Argentina upgraded YPF S.A.’s (“YPF”) issuer rating for long-term foreign currency and foreign currency senior secured debt to AA+.ar from AA-.ar and AA.ar, respectively, and affirmed YPF’s long-term local currency rating at AA+.ar. The outlook on the ratings is stable.
The report states that “The company’s ratings reflect its adequate debt and liquidity levels, high growth potential in hydrocarbon production from areas with unconventional resources and strong competitive position as the leading integrated company in the Argentine energy sector…”
A free translation from Spanish to English of the report is attached hereto.
Yours faithfully,
Pedro Kearney
Market Relations Officer
YPF S.A
APPRAISAL REPORT
July 28, 2023
| Summary Review Report | ||
CURRENT RATINGS (*)
| Issuer rating in local currency (ML) |
AA+ .ar/EST | |
| Issuer rating in foreign currency (ME) |
AA-.ar/EST | |
| Senior secured debt rating in EM | AA.ar/EST |
PREVIOUS RATINGS (*)
| Issuer rating in local currency (ML)
|
AA+ .ar/EST | |
| Foreign currency issuer rating (EM) | AA-.ar/EST | |
| Senior secured debt rating in EM
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AA.ar/EST |
(*) Risk Ratings assigned by Moody’s Local AR Agente de Calificación de Riesgo S.A., Registry No. 3 of the Comisión Nacional de Valores.
For further details on the ratings assigned, see the Supplementary Information section at the end of this report.
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CONTACTS
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| José Antonio Molino | +54.11.5129.2613 | |
| AVP-Manager | ||
| Jose.Molino@moodys.com |
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| Nazarena Ciucci | +54.11.5129.2673 | |
| Associate Lead Analyst | ||
| Nazarena.Ciucci@moodys.com |
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| CUSTOMER SERVICE | ||
| Argentina / Uruguay | +54.11.5129.2600 |
YPF S.A.
Main Indicators
| Mar-2023 (Last 12 months) |
1Q 2023 (Mar- |
2022 |
2021 |
2020 |
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Indicators |
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EBITDA(1) / Net Sales |
26.6% | 24.9% | 27.3% | 27.5% | 19.1% | |||||||||||||||
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EBIT(2) / Net sales |
11.2% | 6.7% | 12.5% | 5.3% | -9.8% | |||||||||||||||
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Debt(3) / EBITDA(1) |
2.1x | 2.0x | 2.0x | 2.3x | 5.7x | |||||||||||||||
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CFO(4) / Debt(3)
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1.8x | 1.7x | 1.7x | 1.9x | 5.0x | |||||||||||||||
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EBITDA(1) / Financial expenses(5) |
48.1% | 64.3% | 48.9% | 42.0% | 20.4% | |||||||||||||||
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EBIT(2) / Financial expenses(5) |
6.7x | 5.6x | 7.1x | 5.0x | 1.9x | |||||||||||||||
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Current assets / Current liabilities |
2.8x | 1.5x | 3.2x | 1.0x | -1.0x | |||||||||||||||
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Millions of ARS |
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Net sales |
2,945,340 | 820,325 | 2,526,466 | 1,315,633 | 669,186 | |||||||||||||||
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Debt(3) |
1,532,678 | 1,532,678 | 1,255,004 | 757,215 | 678,306 | |||||||||||||||
|
CFO(4) |
793,388 | 265,180 | 662,318 | 341,477 | 147,839 | |||||||||||||||
| Net worth |
2,278,274 | 2,278,274 | 1,868,304 | 848,118 | 683,395 | |||||||||||||||
(1) EBITDA is earnings before interest, taxes, depreciation and amortization; (2) EBIT is earnings before interest and taxes; (3)Adjusted debt is considered; (4) CFO is operating cash flow; (5) Contemplates interest expenses, total financial expenses are used when the company does not report the detail; (6) Annualized indicators.
YPF S.A. (“YPF”) is the largest vertically integrated energy company in Argentina. Its operations are focused on the exploration and exploitation of liquid and/or gaseous hydrocarbons and other minerals, as well as the industrialization, transportation and commercialization of these products and their derivatives. YPF is the largest producer of oil and gas in Argentina and has a strong competitive position in downstream with more than 1,600 service stations, equivalent to 35.1% of the total, and more than half of the country’s refining capacity, with approximately 328,100 barrels per day.
Source: Moody’s Local Argentina based on financial statements of YPF S.A.
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MOODY’S LOCAL | ARGENTINA
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NON-FINANCIAL COMPANIES
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Summary
Moody’s Local AR (“Moody’s Local Argentina”) affirms YPF S.A.’s (“YPF”) long-term local currency rating at AA+.ar. It also upgrades the long-term foreign currency and foreign currency senior secured debt ratings to AA+.ar from AA-.ar and AA.ar, respectively. The outlook on the ratings is stable.
The company’s ratings reflect its adequate debt and liquidity levels, high growth potential in hydrocarbon production from areas with unconventional resources and strong competitive position as the leading integrated company in the Argentine energy sector. The rating also reflects exposure to weak macroeconomic conditions in Argentina, high CAPEX needs for the development of its assets, and exposure to energy commodity price volatility.
The reduction in leverage metrics and the improvement in liquidity observed from 2020 to the first quarter of 2023 will allow YPF to finance a higher level of investments in unconventional oil fields, allowing it to increase production and allocate a considerable portion of its products to foreign markets in the coming years. In this scenario, we expect YPF to maintain its 2023-2024 average debt levels below 2.0x Debt/EBITDA, with interest to EBITDA coverage above 5.0x, and profitability margins around 30%. In the first quarter of 2023, the company generated EBITDA (Moody’s adjusted) of around USD 1,062 million and maintained a leverage ratio of 1.2x Net Debt to EBITDA (measured in dollars) with a production level of 511 kbbl/d.
YPF’s ratings reflect the company’s exposure to Argentina’s energy sector policies, as well as its position as Argentina’s most important industrial corporate and vertically integrated energy company, with significant oil and gas reserves, including large unconventional reserves. The ratings also incorporate its strong competitive position in the local market with more than 1,600 service stations, equivalent to 35.1% of the total, and more than half of the country’s refining capacity. The development of transportation infrastructure of the OTASA, Vaca Muerta Norte and Oldelval pipelines, led mainly by YPF, will allow the company, and the rest of the players in the sector, to considerably increase the level of hydrocarbon production in the country.
The foreign currency (FC) ratings assigned by Moody’s Local Argentina contemplate incremental convertibility and transferability risk reflected in potential regulatory restrictions on access to foreign currency acquisition for debt repayment. However, we believe that in the case of YPF these risks are partially mitigated by the company’s demonstrated access to foreign currency financing both in Argentina and abroad, the generation of cash flow from exports and the holding of physical assets with valuation and saleability in foreign currency, among other considerations.
Credit strengths
| » | Argentina’s largest oil and gas producer |
| » | Strong competitive position: YPF owns more than 1,600 service stations more than half of the country’s refining capacity with approximately 328,100 barrels per day. |
| » | Attractive growth potential of its resources through investment in Vaca Muerta. |
Credit weaknesses
| » | High exposure to weak macroeconomic conditions in Argentina and uncertain regulatory environment |
| » | High investment needs in a capital-intensive industry. |
| » | Exposure to energy commodity price volatility. |
| July 28, 2023 |
Appraisal report: YPF S.A. | |
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2 |
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MOODY’S LOCAL | ARGENTINA
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NON-FINANCIAL COMPANIES
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Accounting information and operational and financial indicators*.
| Mar-2023 (Last 12 months) |
1Q 2023 (Mar- 2023) |
2022 | 2021 | 2020 | ||||||||||||||||
| INDICATORS*** | ||||||||||||||||||||
| EBITDA / Net sales | 26.6% | 24.9% | 27.3% | 27.5% | 19.1% | |||||||||||||||
| EBIT / Net sales | 11.2% | 6.7% | 12.5% | 5.3% | -9.8% | |||||||||||||||
| Adjusted debt / EBITDA | 2.1x | 2.0x | 2.0x | 2.3x | 5.7x | |||||||||||||||
| Adjusted net debt / EBITDA | 1.8x | 1.7x | 1.7x | 1.9x | 5.0x | |||||||||||||||
| CFO / Debt | 48.1% | 64.3% | 48.9% | 42.0% | 20.4% | |||||||||||||||
| EBITDA / Financial expenses | 6.7x | 5.6x | 7.1x | 5.0x | 1.9x | |||||||||||||||
| EBIT / Financial expenses | 2.8x | 1.5x | 3.2x | 1.0x | -1.0x | |||||||||||||||
| Current liquidity (Current assets / Current liabilities) current) | 102.5% | 102.5% | 107.5% | 119.2% | 88.4% | |||||||||||||||
| Cash and cash equivalents / Short-term debt | 117.0% | 117.0% | 95.8% | 131.2% | 55.4% | |||||||||||||||
| In millions of ARS | ||||||||||||||||||||
| INCOME STATEMENT | ||||||||||||||||||||
| Net sales | 2,945,340 | 820,325 | 2,526,466 | 1,315,633 | 669,186 | |||||||||||||||
| Gross result | 720,255 | 173,809 | 644,755 | 287,453 | 42,974 | |||||||||||||||
| EBITDA | 783,313 | 204,530 | 688,614 | 361,147 | 127,505 | |||||||||||||||
| EBIT | 330,550 | 54,956 | 316,043 | 69,428 | (65,248) | |||||||||||||||
| Financial interest | (117,296) | (36,654) | (97,661) | (71,870) | (65,821) | |||||||||||||||
| Net income | 322,447 | 58,600 | 290,264 | (808) | (71,017) | |||||||||||||||
| CASH FLOW | ||||||||||||||||||||
| Flow generated by operations | 744,881 | 244,120 | 649,171 | 358,738 | 120,473 | |||||||||||||||
| CFO | 793,388 | 265,180 | 662,318 | 341,477 | 147,839 | |||||||||||||||
| Dividends | - | - | - | - | - | |||||||||||||||
| CAPEX | (695,657) | (247,158) | (532,128) | (234,801) | (114,616) | |||||||||||||||
| Free cash flow | 97,731 | 18,022 | 130,190 | 106,676 | 33,223 | |||||||||||||||
| STATEMENT OF NET WORTH ** STATEMENT OF ASSETS AND LIABILITIES |
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| Cash and cash equivalents | 270,783 | 270,783 | 193,363 | 113,690 | 83,552 | |||||||||||||||
| Current assets | 1,072,053 | 1,072,053 | 910,709 | 466,243 | 327,569 | |||||||||||||||
| Property, plant and equipment | 3,767,050 | 3,767,050 | 3,100,306 | 1,642,259 | 1,379,527 | |||||||||||||||
| Intangibles | 79,182 | 79,182 | 68,052 | 43,014 | 39,119 | |||||||||||||||
| Total assets | 5,490,081 | 5,490,081 | 4,588,159 | 2,390,068 | 1,923,225 | |||||||||||||||
| Short-term debt | 231,479 | 231,479 | 201,808 | 86,680 | 150,731 | |||||||||||||||
| Long-term debt | 1,301,199 | 1,301,199 | 1,053,196 | 670,535 | 527,575 | |||||||||||||||
| Total debt | 1,532,678 | 1,532,678 | 1,255,004 | 757,215 | 678,306 | |||||||||||||||
| Adjusted total debt | 1,650,754 | 1,650,754 | 1,355,289 | 812,837 | 724,576 | |||||||||||||||
| Total liabilities | 3,211,807 | 3,211,807 | 2,719,855 | 1,541,950 | 1,239,830 | |||||||||||||||
| Net worth | 2,278,274 | 2,278,274 | 1,868,304 | 848,118 | 683,395 | |||||||||||||||
* The company has adopted the U.S. dollar as its functional currency.
** Debt contains adjustments for operating leases.
*** Annualized indicators for 1Q 2023
| Note: | The values presented contain adjustments made by Moody’s Local Argentina and may differ from those reported by the company in its financial statements. |
| July 28, 2023 |
Appraisal report: YPF S.A. | |
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3 |
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MOODY’S LOCAL | ARGENTINA
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NON-FINANCIAL COMPANIES
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Annex I: Technical Glossary
CAPEX: Investment in capital goods.
Downstream: Sector of the oil industry that includes the refining of crude oil and natural gas, as well as the marketing and distribution of petroleum products.
Jet fuel: Aircraft fuel
Kbbl/d: Thousands of barrels of oil per day.
Mboe: Thousands of barrels of oil equivalent.
MMboe: Millions of barrels of oil equivalent.
Upstream: Sector of the oil industry that includes the exploration and production of hydrocarbons.
Annex II: Outstanding Negotiable Obligations rated by Moody’s Local Argentina
| Negotiable Obligations |
Currency | Date of issue |
Date of maturity |
Amortization of capital |
Coupon | Payment of interests | ||||||
| ON Class XVI |
USD | 12-Feb-2021 | 12-Feb-2026 | 13 quarterly installments (1° on Feb. 2023) |
4.0-9.0% (step up) | Quarterly | ||||||
| ON Class XVII |
USD | 12-Feb-2021 | 30-Jun-2029 | 7 semi-annual installments (1° in Jun. 2026) |
2.5-9.0% (step up) | Semiannual | ||||||
| ON Class XVIII |
USD | 12-Feb-2021 | 30-Sep-2033 | 4 annual installments (1° in Sep. 2030) |
1.5-7.0% (step up) | Semiannual | ||||||
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ON Additional Class XIV |
USD linked | 26-Feb-2021*. | 04-Dec-2023 | At maturity | 2.0% | Quarterly | ||||||
| ON Class XIX |
UVA | 26-Feb-2021 | 26-Aug-2024 | At maturity | 3.5% | Quarterly | ||||||
| ON Class XX |
USD linked | 22-Jul-2021 | 22-Jul-2032 | 14 semi-annual installments (1° Jan. 2026) |
5.75% | Semiannual | ||||||
|
ON Additional Class XXII |
ARS | 25-Apr-2023** | 10-Jul-2024 | At maturity | Badlar + 3.0% Badlar + 3.0% |
Quarterly | ||||||
| ON Class XXIII |
USD linked | 25-Apr-2023 | 25-Apr-2025 | At maturity | 0.0% | Quarterly | ||||||
| ON Class XXIV |
USD linked | 25-Apr-2023 | 25-Apr-2027 | At maturity | 1.0% | Quarterly | ||||||
* Originally issued on December 4, 2020. **Originally issued on January 10, 2023. Source: Moody’s Local based on YPF and CNV.
| July 28, 2023 |
Appraisal report: YPF S.A. | |
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4 |
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MOODY’S LOCAL | ARGENTINA
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NON-FINANCIAL COMPANIES
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Additional information
Detail of assigned grades
| Type / Instrument |
Rating current |
Rating previous | ||
| Long-term local currency issuer ratings |
AA+.ar/Stable | AA+.ar/Stable | ||
| Additional Class XIV Notes for up to the equivalent of USD 100 million |
AA+.ar/Stable | AA+.ar/Stable | ||
| Class XIX Negotiable Obligations for up to the equivalent of US$ 100 million |
AA+.ar/Stable | AA+.ar/Stable | ||
| Class XX Negotiable Obligations for up to the equivalent of USD 400 million |
AA+.ar/Stable | AA+.ar/Stable | ||
| Class XXIII Negotiable Obligations for up to the equivalent of USD 200 million with maturity in 2025(*) |
AA+.ar/Stable | AA+.ar/Stable | ||
| Class XXIV Negotiable Obligations for up to the equivalent of USD 200 million with maturity in 2027(*) |
AA+.ar/Stable | AA+.ar/Stable | ||
| Additional Class XXII notes for up to the equivalent of USD 200 million maturing in 2024(*) |
AA+.ar/Stable | AA+.ar/Stable | ||
| Long-term foreign currency issuer rating |
AA+.ar/Stable | AA-.ar/Stable | ||
| Class XVII Negotiable Obligations maturing in 2029 |
AA+.ar/Stable | AA-.ar/Stable | ||
| Class XVIII Negotiable Obligations maturing in 2033 |
AA+.ar/Stable | AA-.ar/Stable | ||
|
Long-term foreign currency senior secured debt ratings |
AA+.ar/Stable | AA.ar/Stable | ||
|
Class XVI Negotiable Obligations due 2026 |
AA+.ar/Stable | AA.ar/Stable | ||
(*) Issued jointly for up to the equivalent of USD 150 million, expandable up to USD 200 million;
Information considered for appraisal
| » | Annual Report and Audited Financial Statements for the fiscal year ended 12/31/2022 and prior years, available at www.argentina.gob.ar/cnv. |
| » | Interim Quarterly Financial Statements, available at www.argentina.gob.ar/cnv. |
| » | Prospectus of the Negotiable Obligations Program available at www.argentina.gob.ar/cnv. |
| » | Information published by the Secretariat of Energy, available at www.argentina.gob.ar/economia/energia. |
| » | The following factors of the methodology: Analysis of standard rating factors (Industry Stability, Scale, Business Profile, Profitability and Efficiency, Leverage and Coverage and Financial Policy) and Other Considerations are unchanged from the last full report. |
| » | The latest full report was published on 04/18/2023 and is available to the investing public at https://www.moodyslocal.com/country/ar. |
Definition of assigned ratings
| » | AA.ar: Issuers or issues rated AA.ar with very strong credit quality compared to other local issuers. |
| » | Moody’s Local Argentina adds “+” and “-” modifiers to each generic rating category ranging from AA to CCC. |
The “+” modifier indicates that the obligation is at the high end of its generic rating category, no modifier indicates a medium rating, and the “-” modifier indicates a rating at the low end of the generic rating category.
Methodology used
| » | Methodology for rating non-financial companies, available at www.argentina.gob.ar/cnv. |
|
This report should not be considered as an advertisement, publicity, dissemination or recommendation to acquire, sell or trade the instruments being rated. | ||
| July 28, 2023 |
Appraisal report: YPF S.A. | |
|
5 |
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MOODY’S LOCAL | ARGENTINA
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NON-FINANCIAL COMPANIES
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| - Corporate Governance - Constitutive Documents - Policy on Relations between Directors and Shareholders” ]. |
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| Applicable to Japan only: Moody’s Japan K.K. (“MJKK”) is a credit rating agency, a subsidiary of Moody’s Group Japan G.K., wholly owned by Moody’s Overseas Holdings Inc. and a wholly owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly owned subsidiary credit rating agency of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are non-NRSROs. The credit ratings are assigned by an entity that is not an NRSRO and, consequently, the rated obligation will not be eligible for certain types of treatment under U.S. law. MJKK and MSFJ are credit rating agencies registered with the Financial Services Agency of Japan and their registration numbers are FSA Commissioner (Ratings) Nos. 2 and 3, respectively. |
| MJKK or MSFJ (as applicable) hereby gives notice that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and securities) and preferred stock rated by MJKK or MSFJ (as applicable) have agreed, prior to the assignment of any credit ratings, to pay MJKK or MSFJ (as applicable) for its credit rating and opinion services for fees ranging from approximately JPY100.000 to approximately JPY550,000,000. |
| In addition, MJKK and MSFJ have policies and procedures in place to ensure compliance with Japanese regulatory requirements. |
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| July 28, 2023 |
Appraisal report: YPF S.A. | |
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6 |
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 1, 2023 |
By: | /s/ Pedro Kearney | ||
| Name: | Pedro Kearney | |||
| Title: | Market Relations Officer | |||