Q4
2009
|
Q3
2009
|
Q4
2008
|
|||
Net
sales (US$ million)
|
1,847.2
|
1,771.5
|
4%
|
3,203.4
|
(42%)
|
Operating
income (US$ million)
|
330.6
|
360.6
|
(8%)
|
669.2
|
(51%)
|
Net
income (US$ million)
|
240.8
|
237.3
|
1%
|
114.5
|
110%
|
Shareholders’
net income (US$ million)
|
222.4
|
229.9
|
(3%)
|
93.7
|
137%
|
Earnings
per ADS (US$)
|
0.38
|
0.39
|
(3%)
|
0.16
|
137%
|
Earnings
per share (US$)
|
0.19
|
0.19
|
(3%)
|
0.08
|
137%
|
EBITDA*
(US$ million)
|
459.6
|
488.3
|
(6%)
|
1,190.5
|
(61%)
|
EBITDA
margin (% of net sales)
|
25%
|
28%
|
37%
|
FY
2009
|
FY
2008
|
Increase/(Decrease)
|
|
Net
sales (US$ million)
|
8,149.3
|
11,987.8
|
(32%)
|
Operating
income (US$ million)
|
1,813.6
|
3,125.6
|
(42%)
|
Net
income (US$ million)
|
1,207.6
|
2,275.6
|
(47%)
|
Shareholders’
net income (US$ million)
|
1,161.6
|
2,124.8
|
(45%)
|
Earnings
per ADS (US$)
|
1.97
|
3.60
|
(45%)
|
Earnings
per share (US$)
|
0.98
|
1.80
|
(45%)
|
EBITDA*
(US$ million)
|
2,318.4
|
4,044.4
|
(43%)
|
EBITDA
margin (% of net sales)
|
28%
|
34%
|
Sales
volume (metric tons)
|
Q4
2009
|
Q4
2008
|
Increase/(Decrease)
|
Tubes
– Seamless
|
487,000
|
692,000
|
(30%)
|
Tubes
– Welded
|
104,000
|
242,000
|
(57%)
|
Tubes
– Total
|
591,000
|
934,000
|
(37%)
|
Projects
– Welded
|
63,000
|
134,000
|
(53%)
|
Total
|
654,000
|
1,068,000
|
(39%)
|
Tubes
|
Q4
2009
|
Q4
2008
|
Increase/(Decrease)
|
(Net
sales - $ million)
|
|||
North
America
|
563.8
|
1,419.3
|
(60%)
|
South
America
|
261.8
|
351.7
|
(26%)
|
Europe
|
167.1
|
369.1
|
(55%)
|
Middle
East & Africa
|
414.2
|
424.4
|
(2%)
|
Far
East & Oceania
|
93.8
|
193.1
|
(51%)
|
Total
net sales ($ million)
|
1,500.6
|
2,757.6
|
(46%)
|
Cost
of sales (% of sales)
|
61%
|
50%
|
|
Operating
income ($ million)*
|
264.7
|
628.9
|
(58%)
|
Operating
income (% of sales)
|
18%
|
23%
|
Projects
|
Q4
2009
|
Q4
2008
|
Increase/(Decrease)
|
Net
sales ($ million)
|
221.2
|
311.9
|
(29%)
|
Cost
of sales (% of sales)
|
69%
|
63%
|
|
Operating
income ($ million)
|
54.6
|
75.8
|
(28%)
|
Operating
income (% of sales)
|
25%
|
24%
|
Others
|
Q4
2009
|
Q4
2008
|
Increase/(Decrease)
|
Net
sales ($ million)
|
125.5
|
133.9
|
(6%)
|
Cost
of sales (% of sales)
|
76%
|
80%
|
|
Operating
income ($ million)*
|
11.3
|
(35.5)
|
132%
|
Operating
income (% of sales)
|
9%
|
(27%)
|
Sales
volume (metric tons)
|
FY
2009
|
FY
2008
|
Increase/(Decrease)
|
Tubes
– Seamless
|
1,970,000
|
2,818,000
|
(30%)
|
Tubes
– Welded
|
346,000
|
1,057,000
|
(67%)
|
Tubes
– Total
|
2,316,000
|
3,875,000
|
(40%)
|
Projects
– Welded
|
334,000
|
591,000
|
(43%)
|
Total
– Tubes + Projects
|
2,650,000
|
4,466,000
|
(41%)
|
Tubes
|
FY
2009
|
FY
2008
|
Increase/(Decrease)
|
Net
sales ($ million)
|
|||
-
North America
|
2,756.1
|
4,519.3
|
(39%)
|
-
South America
|
981.9
|
1,248.7
|
(21%)
|
-
Europe
|
828.8
|
1,705.6
|
(51%)
|
-
Middle East & Africa
|
1,622.6
|
1,809.9
|
(10%)
|
-
Far East & Oceania
|
481.5
|
726.6
|
(34%)
|
Total
net sales
|
6,670.9
|
10,010.1
|
(33%)
|
Cost
of sales (% of sales)
|
57%
|
53%
|
|
Operating
income ($ million)
|
1,576.8
|
2,827.0
|
(44%)
|
Operating
income (% of sales)
|
24%
|
28%
|
Projects
|
FY
2009
|
FY
2008
|
Increase/(Decrease)
|
Net
sales ($ million)
|
986.5
|
1,270.9
|
(22%)
|
Cost
of sales (% of sales)
|
71%
|
70%
|
|
Operating
income ($ million)
|
208.6
|
249.0
|
(16%)
|
Operating
income (% of sales)
|
21%
|
20%
|
Others
|
FY
2009
|
FY
2008
|
Increase/(Decrease)
|
Net
sales ($ million)
|
491.8
|
706.8
|
(30%)
|
Cost
of sales (% of net sales)
|
79%
|
73%
|
|
Operating
income ($ million)
|
28.1
|
49.6
|
(43%)
|
Operating
income (% of sales)
|
6%
|
7%
|
Holders
|
Number
of shares
|
%
of capital and voting rights
|
San
Faustin N.V (1)
|
713,605,187
|
60.45
|
(all
amounts in thousands of U.S. dollars, unless otherwise
stated)
|
Three-month
period ended
December 31,
|
Year
ended December 31,
|
||
2009
|
2008
|
2009
|
2008
|
|
Continuing
operations
|
||||
Net
sales
|
1,847,213
|
3,203,359
|
8,149,320
|
11,987,760
|
Cost
of sales
|
(1,156,550)
|
(1,683,037)
|
(4,864,922)
|
(6,698,285)
|
Gross
profit
|
690,663
|
1,520,322
|
3,284,398
|
5,289,475
|
Selling,
general and administrative expenses
|
(363,551)
|
(459,461)
|
(1,473,791)
|
(1,787,952)
|
Other
operating income (expenses) net
|
3,504
|
(391,614)
|
3,000
|
(375,873)
|
Operating
income
|
330,616
|
669,247
|
1,813,607
|
3,125,650
|
Interest
income
|
7,659
|
3,120
|
30,831
|
48,711
|
Interest
expense
|
(23,712)
|
(41,319)
|
(118,301)
|
(179,885)
|
Other
financial results
|
3,413
|
(58,615)
|
(64,230)
|
(99,850)
|
Income
before equity in earnings of associated companies and income
tax
|
317,976
|
572,433
|
1,661,907
|
2,894,626
|
Equity
in earnings of associated companies
|
18,812
|
(32,830)
|
87,041
|
89,423
|
Income
before income tax
|
336,788
|
539,603
|
1,748,948
|
2,984,049
|
Income
tax
|
(96,036)
|
(314,202)
|
(513,211)
|
(1,015,334)
|
Income
for continuing operations
|
240,752
|
225,401
|
1,235,737
|
1,968,715
|
Discontinued
operations
|
||||
Results
for discontinued operations
|
-
|
(110,936)
|
(28,138)
|
306,905
|
Income
for the Year
|
240,752
|
114,465
|
1,207,599
|
2,275,620
|
Attributable
to:
|
||||
Equity
holders of the Company
|
222,367
|
93,653
|
1,161,555
|
2,124,802
|
Minority
interest
|
18,385
|
20,812
|
46,044
|
150,818
|
240,752
|
114,465
|
1,207,599
|
2,275,620
|
(all amounts in thousands of U.S. dollars) | At December 31, 2009 | At December 31, 2008 | |||
ASSETS
|
|||||
Non-current
assets
|
|||||
Property,
plant and equipment, net
|
3,254,587
|
2,982,871
|
|||
Intangible
assets, net
|
3,670,920
|
3,826,987
|
|||
Investments
in associated companies
|
602,572
|
527,007
|
|||
Other
investments
|
34,167
|
38,355
|
|||
Deferred
tax assets
|
197,603
|
390,323
|
|||
Receivables
|
101,618
|
7,861,467
|
82,752
|
7,848,295
|
|
Current
assets
|
|||||
Inventories
|
1,687,059
|
3,091,401
|
|||
Receivables
and prepayments
|
220,124
|
251,481
|
|||
Current
tax assets
|
260,280
|
201,607
|
|||
Trade
receivables
|
1,310,302
|
2,123,296
|
|||
Available
for sale
assets
|
21,572
|
-
|
|||
Other
investments
|
579,675
|
45,863
|
|||
Cash
and cash equivalents
|
1,542,829
|
5,621,841
|
1,538,769
|
7,252,417
|
|
Total
assets
|
13,483,308
|
15,100,712
|
|||
EQUITY
|
|||||
Capital
and reserves attributable to the Company’s equity holders
|
9,092,164
|
8,176,571
|
|||
Minority
interest
|
628,672
|
525,316
|
|||
Total
equity
|
9,720,836
|
8,701,887
|
|||
LIABILITIES
|
|||||
Non-current
liabilities
|
|||||
Borrowings
|
655,181
|
1,241,048
|
|||
Deferred
tax liabilities
|
860,787
|
1,053,838
|
|||
Other
liabilities
|
192,467
|
223,142
|
|||
Provisions
|
80,755
|
89,526
|
|||
Trade
payables
|
2,812
|
1,792,002
|
1,254
|
2,608,808
|
|
Current
liabilities
|
|||||
Borrowings
|
791,583
|
1,735,967
|
|||
Current
tax liabilities
|
306,539
|
610,313
|
|||
Other
liabilities
|
192,190
|
242,620
|
|||
Provisions
|
28,632
|
28,511
|
|||
Customer
advances
|
95,107
|
275,815
|
|||
Trade
payables
|
556,419
|
1,970,470
|
896,791
|
3,790,017
|
|
Total
liabilities
|
3,762,472
|
6,398,825
|
|||
Total
equity and liabilities
|
13,483,308
|
15,100,712
|
Three-month period ended December 31,
|
Year ended December 31,
|
|||||||||||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2009
|
2008
|
||||||||
Cash
flows from operating activities
|
||||||||||||
Income
for the year
|
240,752
|
114,465
|
1,207,599
|
2,275,620
|
||||||||
Adjustments
for:
|
||||||||||||
Depreciation
and amortization
|
129,014
|
129,176
|
504,864
|
532,934
|
||||||||
Income
tax accruals less payments
|
(112,655)
|
(5,288)
|
(458,086)
|
(225,038)
|
||||||||
Equity
in earnings of associated companies
|
(18,812)
|
32,830
|
(86,179)
|
(89,556)
|
||||||||
Interest
accruals less payments, net
|
(6,210)
|
28,985
|
(24,167)
|
55,492
|
||||||||
Income
from disposal of investment and other
|
-
|
-
|
-
|
(394,323)
|
||||||||
Changes
in provisions
|
(11,294)
|
(10,056)
|
(7,268)
|
783
|
||||||||
Impairment
charge
|
-
|
502,899
|
-
|
502,899
|
||||||||
Changes
in working capital
|
202,400
|
(248,554)
|
1,737,348
|
(1,051,632)
|
||||||||
Other,
including currency translation adjustment
|
(6,233)
|
(165,143)
|
189,837
|
(142,174)
|
||||||||
Net
cash provided by operating activities
|
416,962
|
379,314
|
3,063,948
|
1,465,005
|
||||||||
Cash
flows from investing activities
|
||||||||||||
Capital
expenditures
|
(133,132)
|
(106,100)
|
(460,927)
|
(443,238)
|
||||||||
Acquisitions
of subsidiaries and minority interest
|
(20)
|
(8,717)
|
(73,584)
|
(18,585)
|
||||||||
Other
disbursements relating to the acquisition of Hydril
|
-
|
-
|
-
|
-
|
||||||||
Proceeds
from the sale of pressure control business (*)
|
-
|
-
|
-
|
1,113,805
|
||||||||
Decrease
in subsidiaries / associated
|
-
|
-
|
-
|
-
|
||||||||
Proceeds
from disposal of property, plant and equipment and intangible
assets
|
4,306
|
4,995
|
16,310
|
17,161
|
||||||||
Dividends
and distributions received from associated companies
|
2,517
|
1,396
|
11,420
|
15,032
|
||||||||
Investments
in short terms securities
|
(50,814)
|
(18,866)
|
(533,812)
|
41,667
|
||||||||
Other
|
-
|
-
|
-
|
(3,428)
|
||||||||
Net
cash used in investing activities
|
(177,143)
|
(127,292)
|
(1,040,593)
|
722,414
|
||||||||
Cash
flows from financing activities
|
||||||||||||
Dividends
paid
|
(153,470)
|
(153,470)
|
(507,631)
|
(448,604)
|
||||||||
Dividends
paid to minority interest in subsidiaries
|
(13,388)
|
(27,083)
|
(46,086)
|
(87,200)
|
||||||||
Proceeds
from borrowings
|
121,742
|
356,444
|
631,544
|
1,087,649
|
||||||||
Repayments
of borrowings
|
(392,752)
|
(344,804)
|
(2,096,925)
|
(2,122,268)
|
||||||||
Net
cash used in financing activities
|
(437,868)
|
(168,913)
|
(2,019,098)
|
(1,570,423)
|
||||||||
(Decrease)
increase in cash and cash equivalents
|
(198,049)
|
83,109
|
4,257
|
616,996
|
||||||||
Movement
in cash and cash equivalents
|
||||||||||||
At
the beginning of the period
|
1,733,420
|
1,463,642
|
1,525,022
|
954,303
|
||||||||
Effect
of exchange rate changes
|
(6,664)
|
(21,729)
|
9,124
|
(46,277)
|
||||||||
Decrease
in cash due to deconsolidation
|
-
|
-
|
(9,696)
|
-
|
||||||||
Increase
(decrease) in cash and cash equivalents
|
(198,049)
|
83,109
|
4,257
|
616,996
|
||||||||
At
December 31,
|
1,528,707
|
1,525,022
|
1,528,707
|
1,525,022
|
||||||||
Cash and cash equivalents | At December 31, | At December 31, | ||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||
Cash and bank deposits | 1,542,829 | 1,538,769 | 1,542,829 | 1,538,769 | ||||||||
Bank overdrafts | (14,122) | (13,747) | (14,122) | (13,747) | ||||||||
Restricted bank deposits | - | - | - | - | ||||||||
1,528,707 | 1,525,022 | 1,528,707 | 1,525,022 |