16. LOANS
| 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||||||||||||
| Interest rate (1) | Maturity | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | |||||||||||||||||||||||||||||||||
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Argentine pesos: |
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Negotiable obligations |
16.50 | % | — | 28.57 | % | 2018-2024 | 29,640 | (7) | 5,753 | (7) | 29,194 | (7) | 4,400 | (7) | 19,280 | 2,050 | ||||||||||||||||||||||||
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Loans(3) |
20.00 | % | — | 26.41 | % | 2018-2020 | 728 | 2,794 | 2,416 | 1,459 | 1,224 | 792 | ||||||||||||||||||||||||||||
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Account overdraft |
29.50% | 2018 | — | 10 | — | 4,037 | (5) | — | 4,737 | (5) | ||||||||||||||||||||||||||||||
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| 30,368 | 8,557 | 31,610 | 9,896 | 20,504 | 7,579 | |||||||||||||||||||||||||||||||||||
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Currencies other than the Argentine peso: |
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Negotiable obligations(2)(4) (6) |
3.50 | % | — | 10.00 | % | 2018-2047 | 114,686 | 15,075 | 86,116 | 4,360 | 52,651 | 9,981 | ||||||||||||||||||||||||||||
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Export pre-financing |
1.50 | % | — | 8.22 | % | 2018-2019 | 383 | 6,521 | 1,908 | 6,491 | 1,039 | 3,680 | ||||||||||||||||||||||||||||
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Imports financing |
1.60 | % | — | 3.26 | % | 2018 | — | 4,595 | — | 2,439 | — | 4,736 | ||||||||||||||||||||||||||||
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Loans(6) |
1.80 | % | — | 6.13 | % | 2018-2021 | 6,290 | 4,588 | 7,934 | 3,591 | 3,740 | 1,841 | ||||||||||||||||||||||||||||
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| 121,359 | 30,779 | 95,958 | 16,881 | 57,430 | 20,238 | |||||||||||||||||||||||||||||||||||
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| 151,727 | 39,336 | 127,568 | 26,777 | 77,934 | 27,817 | |||||||||||||||||||||||||||||||||||
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| (1) | Annual interest rate in force as of December 31, 2017. |
| (2) | Disclosed net of 309, 672, 1,349 corresponding to YPF’s own negotiable obligations repurchased through open market transactions, as of December 31, 2017, 2016, and 2015, respectively. |
| (3) | Includes loans granted by Banco Nación Argentina. As of December 31, 2017, it incudes 2,500, 1,500 of which accrues variable interest at a BADLAR plus a margin of 3.5 points and 1,000 at a fixed rate of 20%. As of December 31, 2016, it includes 2,105; 105 of which accrues interest at a BADLAR variable rate plus a spread of 4 percentage points and 2,000 of which accrues interest at a BADLAR variable rate plus a spread of 3.5 percentage points. As of December 31, 2015, it includes 460, 210 of which accrues interest at a fixed rate of 15% until December 2015 and then at a variable BADLAR rate plus a margin of 4 percentage points and 250 of which accrues interest at a variable BADLAR rate plus a spread of 4 percentage points with a maximum lending rate of the general portfolio of Banco Nación Argentina. See Note 31. |
| (4) | Includes 1,528, 3,253, and 9,970 as of December 31, 2017, 2016, and 2015, respectively, of nominal value of negotiable obligations that will be canceled in pesos at the applicable exchange rate in accordance with the terms of the series issued. |
| (5) | Includes 1,440 and 1,926 corresponding to overdrafts granted by Banco Nación Argentina as of December 31, 2016 and 2015, respectively. See Note 31. |
| (6) | Includes 492, 4,960, and 2,575 corresponding to financial loans and negotiable obligations secured by cash flows as of December 31, 2017, 2016, and 2015, respectively. |
| (7) | Includes 15,850 and 11,248 as of December 31, 2017 and 2016, respectively, of nominal value of NO that will be canceled in dollars at the applicable exchange rate according to the conditions of the issued series. |
The breakdown of the Group’s borrowings as of the year ended on December 31, 2017, 2016 and 2015 is as follows:
| 2017 | 2016 | 2015 | ||||||||||
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Balance at beginning of the year |
154,345 | 105,751 | 49,305 | |||||||||
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Proceed from loans |
54,719 | 101,322 | 55,158 | |||||||||
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Payments of loans |
(36,346 | ) | (73,286 | ) | (24,090 | ) | ||||||
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Payments of interest |
(17,912 | ) | (16,330 | ) | (6,780 | ) | ||||||
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Accrued interest(1) |
17,995 | 16,623 | 8,342 | |||||||||
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Net exchange differences and translation |
21,465 | 20,265 | 26,189 | |||||||||
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Reclassifications and other movements |
(3,203 | )(2) | — | (2,373 | )(3) | |||||||
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Balance at the end of the year |
191,063 | 154,345 | 105,751 | |||||||||
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| (1) | Includes capitalized financial costs. See Note 8. |
| (2) | Includes 3,130 of loans reclassified to the item “Liabilities associated with assets held for disposal”. See Note 3. |
| (3) | Corresponds to settlement of loans by agreement “El Orejano”. See Note 29.b). |
On April 28, 2017, the General and Extraordinary Shareholders’ Meeting approved an extension in the effective term of the Global Medium Term Notes (“MTN”) Program of the Company for a term of 5 years.
The maximum nominal amount at any time outstanding of the Program of US$ 10,000 million or its equivalent in other currencies.
Details regarding the Negotiable Obligations of the Group are as follows:
| Principal Maturity |
2017 | 2016 | 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Month |
Year | Principal value |
Ref. | Class | Interest rate(3) | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | |||||||||||||||||||||||||||||||||||||||||||||
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YPF |
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— |
1998 | US$ | 15 | (1) (6) | — | Fixed | 10.00 | % | 2028 | 276 | 5 | 63 | 4 | 49 | 3 | |||||||||||||||||||||||||||||||||||||||||
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October and December |
2012 | US$ | 552 | (2) (4) (5) (6) (7) | Class X | — | — | — | — | — | — | — | — | 7,258 | ||||||||||||||||||||||||||||||||||||||||||
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November and December |
2012 | $ | 2,110 | (2) (4) (6) (7) | Class XI | — | — | — | — | — | — | 260 | 1,055 | 1,129 | ||||||||||||||||||||||||||||||||||||||||||
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December and March |
2012/3 | $ | 2,828 | (2) (4) (6) (7) | Class XIII | |
BADLAR plus 4.75% |
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26.77 | % | 2018 | — | 1,427 | 1,414 | 1,439 | 2,828 | 25 | |||||||||||||||||||||||||||||||||||||||
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April |
2013 | $ | 2,250 | (2) (4) (6) (7) | Class XVII | |
BADLAR plus 2.25% |
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24.82 | % | 2020 | 2,250 | 96 | 2,250 | 101 | 2,250 | 91 | |||||||||||||||||||||||||||||||||||||||
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April |
2013 | US$ | 89 | (2) (5) (6) | Class XIX | — | — | — | — | — | — | 1,413 | 1,156 | 3 | ||||||||||||||||||||||||||||||||||||||||||
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June |
2013 | $ | 1,265 | (2) (4) (6) | Class XX | |
BADLAR plus 2.25% |
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24.20 | % | 2020 | 1,265 | 12 | 1,265 | 12 | 1,265 | 12 | |||||||||||||||||||||||||||||||||||||||
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July |
2013 | US$ | 92 | (2) (5) (6) | Class XXII | Fixed | 3.50 | % | 2020 | 451 | 230 | 576 | 197 | 630 | 162 | |||||||||||||||||||||||||||||||||||||||||
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October |
2013 | US$ | 150 | (2) (6) | Class XXIV | |
Libor plus 7.50% |
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8.92 | % | 2018 | — | 498 | 419 | 570 | 802 | 471 | |||||||||||||||||||||||||||||||||||||||
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December, April, February and December |
2013/4/5 | US$ | 862 | (2) (6) | Class XXVI | Fixed | 8.88 | % | 2018 | — | 8,422 | 13,410 | 40 | 11,057 | 33 | |||||||||||||||||||||||||||||||||||||||||
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April, February and October |
2014/5/6 | US$ | 1,522 | (2) (4) (6) | Class XXVIII | Fixed | 8.75 | % | 2024 | 28,311 | 599 | 24,111 | 509 | 17,212 | 364 | |||||||||||||||||||||||||||||||||||||||||
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March |
2014 | $ | 500 | (2) (6) (7) | Class XXIX | BADLAR | 21.74 | % | 2020 | 350 | 158 | 500 | 8 | 500 | 7 | |||||||||||||||||||||||||||||||||||||||||
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June |
2014 | $ | 465 | (2) (6) | Class XXXII | — | — | — | — | — | — | — | — | 157 | ||||||||||||||||||||||||||||||||||||||||||
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June |
2014 | US$ | 66 | (2) (5) (6) | Class XXXIII | — | — | — | — | — | — | 350 | 287 | 574 | ||||||||||||||||||||||||||||||||||||||||||
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September |
2014 | $ | 1,000 | (2) (6) (7) | Class XXXIV | |
BADLAR plus 0.1% |
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20.08 | % | 2024 | 1,000 | 54 | 1,000 | 76 | 1,000 | 56 | |||||||||||||||||||||||||||||||||||||||
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September |
2014 | $ | 750 | (2) (4) (6) | Class XXXV | |
BADLAR plus 3.5% |
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23.48 | % | 2019 | 500 | 298 | 750 | 64 | 750 | 49 | |||||||||||||||||||||||||||||||||||||||
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February |
2015 | $ | 950 | (2) (6) (7) | Class XXXVI | |
BADLAR plus 4.74% |
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24.47 | % | 2020 | 950 | 92 | 950 | 126 | 950 | 95 | |||||||||||||||||||||||||||||||||||||||
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February |
2015 | $ | 250 | (2) (6) | Class XXXVII | — | — | — | — | — | — | 260 | 250 | 9 | ||||||||||||||||||||||||||||||||||||||||||
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April |
2015 | $ | 935 | (2) (4) (6) | Class XXXVIII | |
BADLAR plus 4.75% |
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24.89 | % | 2020 | 626 | 362 | 935 | 69 | 935 | 55 | |||||||||||||||||||||||||||||||||||||||
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April |
2015 | US$ | 1,500 | (2) (6) | Class XXXIX | Fixed | 8.50 | % | 2025 | 27,731 | 1,002 | 23,617 | 853 | 19,369 | 1,111 | |||||||||||||||||||||||||||||||||||||||||
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July |
2015 | $ | 500 | (2) (6) | Class XL | — | — | — | — | — | — | 529 | 500 | 26 | ||||||||||||||||||||||||||||||||||||||||||
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September |
2015 | $ | 1,900 | (2) (6) (7) | Class XLI | BADLAR | 19.98 | % | 2020 | 1,267 | 736 | 1,900 | 145 | 1,900 | 112 | |||||||||||||||||||||||||||||||||||||||||
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September and December |
2015 | $ | 1,697 | (2) (4) (6) | Class XLII | |
BADLAR plus 4% |
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23.98 | % | 2020 | 1,697 | 110 | 1,697 | 148 | 1,697 | 119 | |||||||||||||||||||||||||||||||||||||||
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October |
2015 | $ | 2,000 | (2) (6) (7) | Class XLIII | BADLAR | 20.30 | % | 2023 | 2,000 | 80 | 2,000 | 106 | 2,000 | 83 | |||||||||||||||||||||||||||||||||||||||||
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December |
2015 | $ | 1,400 | (2) (6) | Class XLIV | |
BADLAR plus 4.75% |
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26.53 | % | 2018 | — | 1,422 | 1,400 | 23 | 1,400 | 25 | |||||||||||||||||||||||||||||||||||||||
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March |
2016 | $ | 150 | (2) (6) | Class XLV | — | — | — | — | — | — | 153 | — | — | ||||||||||||||||||||||||||||||||||||||||||
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March |
2016 | $ | 1,350 | (2) (4) (6) | Class XLVI | |
BADLAR plus 6% |
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25.83 | % | 2021 | 1,350 | 114 | 1,350 | 152 | — | — | |||||||||||||||||||||||||||||||||||||||
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March |
2016 | US$ | 1,000 | (2) (6) | Class XLVII | Fixed | 8.50 | % | 2021 | 18,599 | 430 | 15,840 | 367 | — | — | |||||||||||||||||||||||||||||||||||||||||
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April |
2016 | US$ | 46 | (2) (5) (6) | Class XLVIII | Fixed | 8.25 | % | 2020 | 852 | 14 | 726 | 12 | — | — | |||||||||||||||||||||||||||||||||||||||||
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Abril |
2016 | $ | 535 | (2) | Class XLIX | |
BADLAR plus 6% |
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28.57 | % | 2020 | 535 | 31 | 535 | 33 | — | — | |||||||||||||||||||||||||||||||||||||||
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July |
2016 | $ | 11,248 | (2) (6) (8) | Class L | |
BADLAR plus 4% |
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25.46 | % | 2020 | 11,248 | 651 | 11,248 | 696 | — | — | |||||||||||||||||||||||||||||||||||||||
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September |
2016 | CHF | 300 | (2) | Class LI | Fixed | 3.75 | % | 2019 | 5,731 | 54 | 4,673 | 45 | — | — | |||||||||||||||||||||||||||||||||||||||||
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May |
2017 | $ | 4,602 | (2) (6) (8) | Clase LII | Fixed | 16.50 | % | 2022 | 4,602 | 110 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
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July and December |
2017 | US$ | 1,000 | (2) | Clase LIII | Fixed | 6.95 | % | 2027 | 18,889 | 445 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
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December |
2017 | US$ | 750 | (2) | Clase LIV | Fixed | 7.00 | % | 2047 | 13,846 | 44 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
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Metrogas |
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January |
2013 | US$ | 177 | Series A-L | Fixed | 8.88 | % | 2018 | — | 3,076 | 2,461 | — | 1,906 | 2 | ||||||||||||||||||||||||||||||||||||||||||
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January |
2013 | US$ | 18 | Series A-U | Fixed | 8.88 | % | 2018 | — | 256 | 220 | — | 183 | — | ||||||||||||||||||||||||||||||||||||||||||
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| 144,326 | 20,828 | 115,310 | 8,760 | 71,931 | 12,031 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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| (1) | Corresponds to the 1997 M.T.N. Program for US$1,000 million. |
| (2) | Corresponds to the 2008 M.T.N. Program for US$ 10,000 million. |
| (3) | Interest rate as of December 31, 2017. |
| (4) | The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these negotiable obligations, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded. |
| (5) | The payment currency of these Negotiable Obligations is the Argentine Peso at the Exchange rate applicable under the terms of the series issued. |
| (6) | As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the pricing supplements. |
| (7) | Negotiable obligations classified as productive investments computable as such for the purposes of section 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau. |
| (8) | The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series. |