(all
amounts in thousands of U.S. dollars, unless otherwise
stated)
|
Year
ended December 31,
|
|||||||||||||||
Notes
|
2009
|
2008
|
2007
|
|||||||||||||
Continuing
operations
|
||||||||||||||||
Net
sales
|
1 | 8,149,320 | 11,987,760 | 9,874,312 | ||||||||||||
Cost
of sales
|
1
& 2
|
(4,864,922 | ) | (6,698,285 | ) | (5,408,984 | ) | |||||||||
Gross
profit
|
3,284,398 | 5,289,475 | 4,465,328 | |||||||||||||
Selling,
general and administrative expenses
|
1
& 3
|
(1,473,791 | ) | (1,787,952 | ) | (1,551,836 | ) | |||||||||
Other
operating income
|
5(i) | 7,673 | 35,140 | 27,251 | ||||||||||||
Other
operating expenses
|
5
(ii)
|
(4,673 | ) | (411,013 | ) | (23,771 | ) | |||||||||
Operating
income
|
1,813,607 | 3,125,650 | 2,916,972 | |||||||||||||
Interest
income
|
6 | 30,831 | 48,711 | 92,733 | ||||||||||||
Interest
expense
|
6 | (118,301 | ) | (179,885 | ) | (270,705 | ) | |||||||||
Other
financial results
|
6 | (64,230 | ) | (99,850 | ) | (22,358 | ) | |||||||||
Income
before equity in earnings of associated companies and income
tax
|
1,661,907 | 2,894,626 | 2,716,642 | |||||||||||||
Equity
in earnings of associated companies
|
7 | 87,041 | 89,423 | 113,062 | ||||||||||||
Income
before income tax
|
1,748,948 | 2,984,049 | 2,829,704 | |||||||||||||
Income
tax
|
8 | (513,211 | ) | (1,015,334 | ) | (805,773 | ) | |||||||||
Income
for continuing operations
|
1,235,737 | 1,968,715 | 2,023,931 | |||||||||||||
Discontinued
operations
|
||||||||||||||||
Result
for discontinued operations
|
29 | (28,138 | ) | 306,905 | 52,128 | |||||||||||
Income
for the year
|
1,207,599 | 2,275,620 | 2,076,059 | |||||||||||||
Attributable
to:
|
||||||||||||||||
Equity
holders of the Company
|
1,161,555 | 2,124,802 | 1,923,748 | |||||||||||||
Minority
interest
|
46,044 | 150,818 | 152,311 | |||||||||||||
1,207,599 | 2,275,620 | 2,076,059 | ||||||||||||||
Earnings
per share attributable to the equity holders of the Company during year
:
|
||||||||||||||||
Weighted
average number of ordinary shares (thousands)
|
9 | 1,180,537 | 1,180,537 | 1,180,537 | ||||||||||||
Continuing
and Discontinued operations
|
||||||||||||||||
Basic
and diluted earnings per share (U.S. dollars per share)
|
9 | 0.98 | 1.80 | 1.63 | ||||||||||||
Basic
and diluted earnings per ADS (U.S. dollars per ADS)
|
9 | 1.97 | 3.60 | 3.26 | ||||||||||||
Continuing
operations
|
||||||||||||||||
Basic
and diluted earnings per share (U.S. dollars per share)
|
1.00 | 1.49 | 1.58 | |||||||||||||
Basic
and diluted earnings per ADS (U.S. dollars per ADS)
|
2.00 | 2.99 | 3.17 |
(all
amounts in thousands of U.S. dollars)
|
Year
ended December 31,
|
|||||||||||
2009
|
2008
|
2007
|
||||||||||
Income
for the year
|
1,207,599 | 2,275,620 | 2,076,059 | |||||||||
Other
comprehensive income:
|
||||||||||||
Currency
translation adjustment
|
357,511 | (486,636 | ) | 306,266 | ||||||||
Cash
flow hedges
|
1,384 | (8,513 | ) | (10,554 | ) | |||||||
Share
of other comprehensive income of associates
|
||||||||||||
Currency
translation adjustment
|
(1,302 | ) | (51,004 | ) | 3,595 | |||||||
Cash
flow hedges
|
2,722 | (6,044 | ) | - | ||||||||
Income
tax relating to components of other comprehensive income
(*)
|
2,089 | 3,003 | - | |||||||||
Other
comprehensive income for the year, net of tax
|
362,404 | (549,194 | ) | 299,307 | ||||||||
Total
comprehensive income for the year
|
1,570,003 | 1,726,426 | 2,375,366 | |||||||||
Attributable
to:
|
||||||||||||
Equity
holders of the Company
|
1,423,986 | 1,620,640 | 2,175,289 | |||||||||
Minority
interest
|
146,017 | 105,786 | 200,077 | |||||||||
1,570,003 | 1,726,426 | 2,375,366 |
(all
amounts in thousands of U.S. dollars)
|
At
December 31, 2009
|
At
December 31, 2008
|
||||||||||||||||||
Notes
|
||||||||||||||||||||
ASSETS
|
||||||||||||||||||||
Non-current
assets
|
||||||||||||||||||||
Property,
plant and equipment, net
|
10 | 3,254,587 | 2,982,871 | |||||||||||||||||
Intangible
assets, net
|
11 | 3,670,920 | 3,826,987 | |||||||||||||||||
Investments
in associated companies
|
12 | 602,572 | 527,007 | |||||||||||||||||
Other
investments
|
13 | 34,167 | 38,355 | |||||||||||||||||
Deferred
tax assets
|
21 | 197,603 | 390,323 | |||||||||||||||||
Receivables
|
14 | 101,618 | 7,861,467 | 82,752 | 7,848,295 | |||||||||||||||
Current
assets
|
||||||||||||||||||||
Inventories
|
15 | 1,687,059 | 3,091,401 | |||||||||||||||||
Receivables
and prepayments
|
16 | 220,124 | 251,481 | |||||||||||||||||
Current
tax assets
|
17 | 260,280 | 201,607 | |||||||||||||||||
Trade
receivables
|
18 | 1,310,302 | 2,123,296 | |||||||||||||||||
Available
for sale assets
|
32 | 21,572 | - | |||||||||||||||||
Other
investments
|
19 | 579,675 | 45,863 | |||||||||||||||||
Cash
and cash equivalents
|
19 | 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
|
20 | 655,181 | 1,241,048 | |||||||||||||||||
Deferred
tax liabilities
|
21 | 860,787 | 1,053,838 | |||||||||||||||||
Other
liabilities
|
22(i) | 192,467 | 223,142 | |||||||||||||||||
Provisions
|
23
(ii)
|
80,755 | 89,526 | |||||||||||||||||
Trade
payables
|
2,812 | 1,792,002 | 1,254 | 2,608,808 | ||||||||||||||||
Current
liabilities
|
||||||||||||||||||||
Borrowings
|
20 | 791,583 | 1,735,967 | |||||||||||||||||
Current
tax liabilities
|
17 | 306,539 | 610,313 | |||||||||||||||||
Other
liabilities
|
22
(ii)
|
192,190 | 242,620 | |||||||||||||||||
Provisions
|
24
(ii)
|
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 | ||||||||||||||||||
Contingencies,
commitments and restrictions to the distribution of profits are disclosed
in Note 26.
|
Attributable
to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||
Share
Capital
|
Legal
Reserves
|
Share
Premium
|
Currency
Translation Adjustment
|
Other
Reserves
|
Retained
Earnings (*)
|
Total
|
Minority
Interest
|
Total
|
||||||||||||||||||||||||||||
Balance
at January 1, 2009
|
1,180,537 | 118,054 | 609,733 | (223,779 | ) | 2,127 | 6,489,899 | 8,176,571 | 525,316 | 8,701,887 | ||||||||||||||||||||||||||
Income
for the year
|
- | - | - | - | - | 1,161,555 | 1,161,555 | 46,044 | 1,207,599 | |||||||||||||||||||||||||||
Other
comprehensive income for the year
|
- | - | - | 253,312 | 9,119 | - | 262,431 | 99,973 | 362,404 | |||||||||||||||||||||||||||
Total
comprehensive income for the year
|
- | - | - | 253,312 | 9,119 | 1,161,555 | 1,423,986 | 146,017 | 1,570,003 | |||||||||||||||||||||||||||
Acquisition
and decrease of minority interest
|
- | - | - | - | (783 | ) | - | (783 | ) | 3,425 | 2,642 | |||||||||||||||||||||||||
Change
in equity reserves
|
- | - | - | - | 21 | - | 21 | - | 21 | |||||||||||||||||||||||||||
Dividends
paid in cash
|
- | - | - | - | - | (507,631 | ) | (507,631 | ) | (46,086 | ) | (553,717 | ) | |||||||||||||||||||||||
Balance
at
December
31, 2009
|
1,180,537 | 118,054 | 609,733 | 29,533 | 10,484 | 7,143,823 | 9,092,164 | 628,672 | 9,720,836 |
Attributable
to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||
Share
Capital
|
Legal
Reserves
|
Share
Premium
|
Currency
Translation Adjustment
|
Other
Reserves
|
Retained
Earnings
|
Total
|
Minority
Interest
|
Total
|
||||||||||||||||||||||||||||
Balance
at January 1, 2008
|
1,180,537 | 118,054 | 609,733 | 266,049 | 18,203 | 4,813,701 | 7,006,277 | 523,573 | 7,529,850 | |||||||||||||||||||||||||||
Income
for the year
|
- | - | - | - | - | 2,124,802 | 2,124,802 | 150,818 | 2,275,620 | |||||||||||||||||||||||||||
Other
comprehensive income for the year
|
- | - | - | (489,828 | ) | (14,334 | ) | - | (504,162 | ) | (45,032 | ) | (549,194 | ) | ||||||||||||||||||||||
Total
comprehensive income for the year
|
- | - | - | (489,828 | ) | (14,334 | ) | 2,124,802 | 1,620,640 | 105,786 | 1,726,426 | |||||||||||||||||||||||||
Acquisition
and decrease of minority interest
|
- | - | - | - | (1,742 | ) | - | (1,742 | ) | (16,843 | ) | (18,585 | ) | |||||||||||||||||||||||
Dividends
paid in cash
|
- | - | - | - | - | (448,604 | ) | (448,604 | ) | (87,200 | ) | (535,804 | ) | |||||||||||||||||||||||
Balance
at
December
31, 2008
|
1,180,537 | 118,054 | 609,733 | (223,779 | ) | 2,127 | 6,489,899 | 8,176,571 | 525,316 | 8,701,887 | ||||||||||||||||||||||||||
Attributable
to equity holders of the Company
|
||||||||||||||||||||||||||||||||||||
Share
Capital
|
Legal
Reserves
|
Share
Premium
|
Currency
Translation Adjustment
|
Other
Reserves
|
Retained
Earnings
|
Total
|
Minority
Interest
|
Total
|
||||||||||||||||||||||||||||
Balance
at January 1, 2007
|
1,180,537 | 118,054 | 609,733 | 3,954 | 28,757 | 3,397,584 | 5,338,619 | 363,011 | 5,701,630 | |||||||||||||||||||||||||||
Income
for the year
|
- | - | - | - | - | 1,923,748 | 1,923,748 | 152,311 | 2,076,059 | |||||||||||||||||||||||||||
Other
comprehensive income for the year
|
- | - | - | 262,095 | (10,554 | ) | - | 251,541 | 47,766 | 299,307 | ||||||||||||||||||||||||||
Total
comprehensive income for the year
|
- | - | - | 262,095 | (10,554 | ) | 1,923,748 | 2,175,289 | 200,077 | 2,375,366 | ||||||||||||||||||||||||||
Acquisition
and decrease of minority interest
|
- | - | - | - | - | - | - | 20,748 | 20,748 | |||||||||||||||||||||||||||
Dividends
paid in cash
|
- | - | - | - | - | (507,631 | ) | (507,631 | ) | (60,263 | ) | (567,894 | ) | |||||||||||||||||||||||
Balance
at
December
31, 2007
|
1,180,537 | 118,054 | 609,733 | 266,049 | 18,203 | 4,813,701 | 7,006,277 | 523,573 | 7,529,850 |
Year
ended December 31,
|
||||||||||||||||
(all
amounts in thousands of U.S. dollars)
|
Note
|
2009
|
2008
|
2007
|
||||||||||||
Cash
flows from operating activities
|
||||||||||||||||
Income
for the year
|
1,207,599 | 2,275,620 | 2,076,059 | |||||||||||||
Adjustments
for:
|
||||||||||||||||
Depreciation
and amortization
|
10
& 11
|
504,864 | 532,934 | 514,820 | ||||||||||||
Income
tax accruals less payments
|
28
(ii)
|
(458,086 | ) | (225,038 | ) | (393,055 | ) | |||||||||
Equity
in earnings of associated companies
|
(86,179 | ) | (89,556 | ) | (94,888 | ) | ||||||||||
Interest
accruals less payments, net
|
28
(iii)
|
(24,167 | ) | 55,492 | (21,302 | ) | ||||||||||
Income
from disposal of investment and other
|
- | (394,323 | ) | (18,388 | ) | |||||||||||
Changes
in provisions
|
(7,268 | ) | 783 | (421 | ) | |||||||||||
Impairment
charge
|
5 | - | 502,899 | - | ||||||||||||
Changes
in working capital
|
28(i) | 1,737,348 | (1,051,632 | ) | (110,425 | ) | ||||||||||
Other,
including currency translation adjustment
|
189,837 | (142,174 | ) | 68,224 | ||||||||||||
Net
cash provided by operating activities
|
3,063,948 | 1,465,005 | 2,020,624 | |||||||||||||
Cash
flows from investing activities
|
||||||||||||||||
Capital
expenditures
|
10
& 11
|
(460,927 | ) | (443,238 | ) | (447,917 | ) | |||||||||
Acquisitions
of subsidiaries and minority interest
|
27 | (73,584 | ) | (18,585 | ) | (1,927,262 | ) | |||||||||
Other
disbursements relating to the acquisition of Hydril
|
- | - | (71,580 | ) | ||||||||||||
Proceeds
from the sale of pressure control business (*)
|
29 | - | 1,113,805 | - | ||||||||||||
Decrease
in subsidiaries / associated
|
- | - | 27,321 | |||||||||||||
Proceeds
from disposal of property, plant and equipment and intangible
assets
|
16,310 | 17,161 | 24,041 | |||||||||||||
Dividends
and distributions received from associated companies
|
12 | 11,420 | 15,032 | 12,170 | ||||||||||||
Changes
in restricted bank deposits
|
- | - | 21 | |||||||||||||
Investments
in short terms securities
|
(533,812 | ) | 41,667 | 96,074 | ||||||||||||
Other
|
- | (3,428 | ) | - | ||||||||||||
Net
cash (used in) provided by investing activities
|
(1,040,593 | ) | 722,414 | (2,287,132 | ) | |||||||||||
Cash
flows from financing activities
|
||||||||||||||||
Dividends
paid
|
(507,631 | ) | (448,604 | ) | (507,631 | ) | ||||||||||
Dividends
paid to minority interest in subsidiaries
|
(46,086 | ) | (87,200 | ) | (60,263 | ) | ||||||||||
Proceeds
from borrowings
|
631,544 | 1,087,649 | 2,718,264 | |||||||||||||
Repayments
of borrowings
|
(2,096,925 | ) | (2,122,268 | ) | (2,347,054 | ) | ||||||||||
Net
cash used in financing activities
|
(2,019,098 | ) | (1,570,423 | ) | (196,684 | ) | ||||||||||
Increase
(decrease) in cash and cash equivalents
|
4,257 | 616,996 | (463,192 | ) | ||||||||||||
Movement
in cash and cash equivalents
|
||||||||||||||||
At
the beginning of the period
|
1,525,022 | 954,303 | 1,365,008 | |||||||||||||
Effect
of exchange rate changes
|
9,124 | (46,277 | ) | 52,487 | ||||||||||||
Decrease
in cash due to deconsolidation
|
32 | (9,696 | ) | - | - | |||||||||||
Increase
(decrease) in cash and cash equivalents
|
4,257 | 616,996 | (463,192 | ) | ||||||||||||
At
December 31,
|
28
(iv)
|
1,528,707 | 1,525,022 | 954,303 |
Non-cash
financing activity
|
||||||||||||
Conversion
of debt to equity in subsidiaries
|
- | - | 35,140 |
I.
|
GENERAL
INFORMATION
|
IV.
|
OTHER
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
|
1
|
Segment
information
|
||
II.
|
ACCOUNTING
POLICIES (“AP”)
|
2
|
Cost
of sales
|
A
|
Basis
of presentation
|
3
|
Selling,
general and administrative expenses
|
B
|
Group
accounting
|
4
|
Labor
costs (included in Cost of sales and in Selling, general and
administrative expenses)
|
C
|
Segment
information
|
5
|
Other
operating items
|
D
|
Foreign
currency translation
|
6
|
Financial
results
|
E
|
Property,
plant and equipment
|
7
|
Equity
in earnings of associated companies
|
F
|
Intangible
assets
|
8
|
Income
tax
|
G
|
Impairment
of non financial assets
|
9
|
Earnings
and dividends per share
|
H
|
Other
investments
|
10
|
Property,
plant and equipment, net
|
I
|
Inventories
|
11
|
Intangible
assets, net
|
J
|
Trade
and other receivables
|
12
|
Investments
in associated companies
|
K
|
Cash
and cash equivalents
|
13
|
Other
investments - non current
|
L
|
Equity
|
14
|
Receivables
- non current
|
M
|
Borrowings
|
15
|
Inventories
|
N
|
Current
and Deferred income tax
|
16
|
Receivables
and prepayments
|
O
|
Employee
benefits
|
17
|
Current
tax assets and liabilities
|
P
|
Employees’
statutory profit sharing
|
18
|
Trade
receivables
|
Q
|
Provisions
|
19
|
Cash
and cash equivalents, and Other investments
|
R
|
Trade
payables
|
20
|
Borrowings
|
S
|
Revenue
recognition
|
21
|
Deferred
income tax
|
T
|
Cost
of sales and sales expenses
|
22
|
Other
liabilities
|
U
|
Earnings
per share
|
23
|
Non-current
allowances and provisions
|
V
|
Financial
instruments
|
24
|
Current
allowances and provisions
|
25
|
Derivative
financial instruments
|
||
26
|
Contingencies,
commitments and restrictions on the distribution of
profits
|
||
III.
|
FINANCIAL
RISK MANAGEMENT
|
27
|
Business
combinations and other acquisitions
|
28
|
Cash
flow disclosures
|
||
A
|
Financial
Risk Factors
|
29
|
Discontinued
operations
|
B
|
Financial
instruments by category
|
30
|
Related
party transactions
|
C
|
Fair
value by hierarchy
|
31
|
Principal
subsidiaries
|
D
|
Fair
value estimation
|
32
|
Processes
in Venezuela
|
E
|
Accounting
for derivatives financial instruments and hedging
activities
|
33
|
Subsequent
events
|
(1)
|
New
and amended standards effective in 2009 and relevant for
Tenaris
|
§
|
IFRS
7, “Financial Instruments – Disclosures
(amendment)”
|
§
|
IFRS
8, “Operating segments”
|
§
|
IAS
1 Revised, “Presentation of Financial
Statements”
|
§
|
IAS
23 Revised, “Borrowing Costs”
|
(2)
|
Interpretations
and amendments to published standards that are not yet effective and have
not been early adopted
|
§
|
IAS
27 Revised, “Consolidated and separate financial
statements”
|
§
|
IFRS
3 (revised January 2008), “Business
Combinations”
|
§
|
Amendment
to IFRS 5 “Non-current Assets held for sale and Discontinued
Operations”
|
§
|
IFRS
9, “Financial Instruments”
|
§
|
Improvements
to International Financial Reporting
Standards
|
·
|
Sales
are mainly negotiated, denominated and settled in U.S. dollars. If priced
in a currency other than the U.S. dollar, the price considers exposure to
fluctuation in the exchange rate versus the U.S.
dollar;
|
·
|
Prices
of critical raw materials and inputs are priced and settled in U.S.
dollars;
|
·
|
The
exchange rate of the currency of Argentina has long-been affected by
recurring and severe economic crises;
and
|
·
|
Net
financial assets and liabilities are mainly received and maintained in
U.S. dollars.
|
Buildings
and improvements
|
30-50
years
|
|
Plant
and production equipment
|
10-20
years
|
|
Vehicles,
furniture and fixtures, and other equipment
|
4-10
years
|
(5)
|
Customer
relationships
|
·
|
The
value of share capital, legal reserve, share premium and other
distributable reserve calculated in accordance with Luxembourg
Law;
|
·
|
The
currency translation adjustment, other reserves, retained earnings and
minority interest calculated in accordance with
IFRS.
|
·
|
Interest
income: on the effective yield
basis.
|
·
|
Dividend
income from investments in other companies: when Tenaris’ right to receive
payment is established.
|
·
|
Financial
instruments at fair value through profit and loss: comprises mainly cash
and cash equivalents and investments in debt securities held for
trading.
|
·
|
Loans
and receivables: measured at amortized cost using the effective interest
rate method less any impairment.
|
·
|
Available
for sale assets: See Note 32 (b)
|
·
|
Other
financial liabilities: measured at amortized cost using the effective
interest rate method.
|
Monetary
position
|
Functional
Currency (in thousand $)
|
||||||||
exposure
|
USD
|
EUR
|
MXN
|
GBP
|
BRL
|
JPY
|
CAD
|
RON
|
CNY
|
USD
|
(n/a)
|
(211,143)
|
(183,143)
|
(417)
|
393,521
|
89,911
|
211,236
|
5,369
|
(34,706)
|
EUR
|
(22,113)
|
(n/a)
|
32,236
|
-
|
361
|
(489)
|
(115)
|
(11,311)
|
1
|
MXN
|
(1)
|
-
|
(n/a)
|
-
|
-
|
-
|
-
|
-
|
-
|
GBP
|
2,291
|
(2,642)
|
(18)
|
(n/a)
|
-
|
(100)
|
-
|
686
|
-
|
BRL
|
-
|
-
|
-
|
-
|
(n/a)
|
-
|
-
|
-
|
-
|
JPY
|
344
|
(49)
|
(3)
|
-
|
-
|
(n/a)
|
-
|
-
|
(1,782)
|
CAD
|
(67,972)
|
-
|
136
|
-
|
1,476
|
(19)
|
(n/a)
|
-
|
-
|
RON
|
(4,017)
|
-
|
-
|
-
|
-
|
-
|
-
|
(n/a)
|
-
|
VEF
|
(731)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
ARS
|
(74,527)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Other
|
10,285
|
(7)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(iii)
|
Interest
rate risk
|
As
of December 31,
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Amount
in million of $
|
Percentage
|
Amount
in million of $
|
Percentage
|
|||||||||||||
Fixed
rate
|
287.7 | 20 | % | 222.9 | 7 | % | ||||||||||
Variable
rate
|
1,159.1 | 80 | % | 2,754.1 | 93 | % |
December
31, 2009
|
Assets
at fair value through profit and loss
|
Loans
and receivables
|
Available
for sale
|
Total
|
||||||||||||
Assets
as per balance sheet
|
||||||||||||||||
Derivative
financial instruments
|
16,873 | - | - | 16,873 | ||||||||||||
Trade
receivables
|
- | 1,310,302 | - | 1,310,302 | ||||||||||||
Other
receivables
|
- | 102,348 | - | 102,348 | ||||||||||||
Available
for sale assets
|
- | - | 21,572 | 21,572 | ||||||||||||
Other
investments
|
613,842 | - | - | 613,842 | ||||||||||||
Cash
and cash equivalents
|
1,542,829 | - | - | 1,542,829 | ||||||||||||
Total
|
2,173,544 | 1,412,650 | 21,572 | 3,607,766 |
Liabilities
at fair value through profit and loss
|
Other
financial liabilities
|
Total
|
||||||||||
December
31, 2009
|
||||||||||||
Liabilities
as per balance sheet
|
||||||||||||
Borrowings
|
- | 1,446,764 | 1,446,764 | |||||||||
Derivative
financial instruments
|
23,990 | - | 23,990 | |||||||||
Trade
and other payables (*)
|
- | 596,897 | 596,897 | |||||||||
Total
|
23,990 | 2,043,661 | 2,067,651 |
December
31, 2008
|
Assets
at fair value through profit and loss
|
Loans
and receivables
|
Total
|
|||||||||
Assets
as per balance sheet
|
||||||||||||
Derivative
financial instruments
|
41,509 | - | 41,509 | |||||||||
Trade
receivables
|
- | 2,123,296 | 2,123,296 | |||||||||
Other
receivables
|
- | 97,683 | 97,683 | |||||||||
Other
investments
|
84,218 | - | 84,218 | |||||||||
Cash
and cash equivalents
|
1,538,769 | - | 1,538,769 | |||||||||
Total
|
1,664,496 | 2,220,979 | 3,885,475 |
Liabilities
at fair value through profit and loss
|
Other
financial liabilities
|
Total
|
||||||||||
December
31, 2008
|
||||||||||||
Liabilities
as per balance sheet
|
||||||||||||
Borrowings
|
- | 2,977,015 | 2,977,015 | |||||||||
Derivative
financial instruments
|
77,792 | - | 77,792 | |||||||||
Trade
and other payables (*)
|
- | 952,660 | 952,660 | |||||||||
Total
|
77,792 | 3,929,675 | 4,007,467 |
Level
1
|
Level
2
|
Level
3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Cash
and cash equivalents
|
1,542,829 | - | - | 1,542,829 | ||||||||||||
Other
investments
|
456,209 | 155,137 | 2,496 | 613,842 | ||||||||||||
Foreign
exchange derivatives contracts
|
- | 16,873 | - | 16,873 | ||||||||||||
Available
for sale assets*
|
- | - | 21,572 | 21,572 | ||||||||||||
Total
|
1,999,038 | 172,010 | 24,068 | 2,195,116 | ||||||||||||
Liabilities
|
||||||||||||||||
Foreign
exchange derivatives contracts
|
- | 3,434 | - | 3,434 | ||||||||||||
Interest
rate derivatives financial instruments
|
- | 17,738 | - | 17,738 | ||||||||||||
Embedded
derivative (See Note 25)
|
- | - | 2,818 | 2,818 | ||||||||||||
Total
|
- | 21,172 | 2,818 | 23,990 |
Year
ended December 31, 2009
|
||||||||
Assets
|
Liabilities
|
|||||||
At
the beginning of the year
|
12,370 | (30,758 | ) | |||||
Available
for sale assets
|
11,578 | - | ||||||
Gain
for the year
|
- | 27,940 | ||||||
Currency
translation adjustment
|
120 | - | ||||||
At
the end of the year
|
24,068 | (2,818 | ) |
(all
amounts in thousands of U.S. dollars)
|
Tubes
|
Projects
|
Other
|
Unallocated
(**)
|
Total
Continuing operations
|
Total
Discontinued operations (*)
|
||||||||||||||||||
Year
ended December 31, 2009
|
||||||||||||||||||||||||
Net
sales
|
6,670,929 | 986,548 | 491,843 | - | 8,149,320 | 18,558 | ||||||||||||||||||
Cost
of sales
|
(3,769,895 | ) | (704,238 | ) | (390,789 | ) | - | (4,864,922 | ) | (31,866 | ) | |||||||||||||
Gross
profit
|
2,901,034 | 282,310 | 101,054 | - | 3,284,398 | (13,308 | ) | |||||||||||||||||
Selling,
general and administrative expenses
|
(1,325,441 | ) | (75,841 | ) | (72,509 | ) | - | (1,473,791 | ) | (9,540 | ) | |||||||||||||
Other
operating income (expenses), net
|
1,249 | 2,165 | (414 | ) | - | 3,000 | (179 | ) | ||||||||||||||||
Operating
income
|
1,576,842 | 208,634 | 28,131 | - | 1,813,607 | (23,027 | ) | |||||||||||||||||
Segment
assets
|
11,365,861 | 971,783 | 521,520 | 624,144 | 13,483,308 | - | ||||||||||||||||||
Segment
liabilities
|
3,463,294 | 234,549 | 64,629 | - | 3,762,472 | - | ||||||||||||||||||
Capital
expenditures
|
425,545 | 30,820 | 4,562 | - | 460,927 | - | ||||||||||||||||||
Depreciation and
amortization
|
464,841 | 18,593 | 21,403 | - | 504,837 | 27 | ||||||||||||||||||
Year
ended December 31, 2008
|
||||||||||||||||||||||||
Net
sales
|
10,010,066 | 1,270,915 | 706,779 | - | 11,987,760 | 242,464 | ||||||||||||||||||
Cost
of sales
|
(5,300,257 | ) | (883,534 | ) | (514,494 | ) | - | (6,698,285 | ) | (158,616 | ) | |||||||||||||
Gross
profit
|
4,709,809 | 387,381 | 192,285 | - | 5,289,475 | 83,848 | ||||||||||||||||||
Selling,
general and administrative expenses
|
(1,549,466 | ) | (136,923 | ) | (101,563 | ) | - | (1,787,952 | ) | (44,858 | ) | |||||||||||||
Other
operating income (expenses), net
|
(333,302 | ) | (1,415 | ) | (41,156 | ) | - | (375,873 | ) | (109,770 | ) | |||||||||||||
Operating
income
|
2,827,041 | 249,043 | 49,566 | - | 3,125,650 | (70,780 | ) | |||||||||||||||||
Segment
assets
|
13,154,333 | 941,519 | 477,853 | 527,007 | 15,100,712 | - | ||||||||||||||||||
Segment
liabilities
|
5,860,736 | 377,497 | 160,592 | - | 6,398,825 | - | ||||||||||||||||||
Capital
expenditures
|
412,298 | 17,284 | 13,656 | - | 443,238 | 3,429 | ||||||||||||||||||
Depreciation and
amortization
|
481,953 | 20,084 | 22,426 | - | 524,463 | 17,436 | ||||||||||||||||||
Impairment
charge
|
354,905 | - | 39,347 | - | 394,252 | 108,647 | ||||||||||||||||||
Year
ended December 31, 2007
|
||||||||||||||||||||||||
Net
sales
|
8,433,166 | 876,289 | 564,857 | - | 9,874,312 | 405,916 | ||||||||||||||||||
Cost
of sales
|
(4,360,781 | ) | (620,836 | ) | (427,367 | ) | - | (5,408,984 | ) | (264,139 | ) | |||||||||||||
Gross
profit
|
4,072,385 | 255,453 | 137,490 | - | 4,465,328 | 141,777 | ||||||||||||||||||
Selling,
general and administrative expenses
|
(1,373,773 | ) | (94,702 | ) | (83,361 | ) | - | (1,551,836 | ) | (58,554 | ) | |||||||||||||
Other
operating income (expenses), net
|
(19,611 | ) | 24,089 | (998 | ) | - | 3,480 | 1,022 | ||||||||||||||||
Operating
income
|
2,679,001 | 184,840 | 53,131 | - | 2,916,972 | 84,245 | ||||||||||||||||||
Segment
assets
|
12,453,156 | 1,085,254 | 545,663 | 509,354 | 14,593,427 | 651,160 | ||||||||||||||||||
Segment
liabilities
|
6,727,523 | 579,376 | 140,796 | - | 7,447,695 | 267,042 | ||||||||||||||||||
Capital
expenditures
|
404,545 | 17,969 | 16,822 | - | 439,336 | 8,581 | ||||||||||||||||||
Depreciation
and amortization
|
443,712 | 19,563 | 20,956 | - | 484,231 | 30,589 |
(all
amounts in thousands of U.S. dollars)
|
North
America
|
South
America
|
Europe
|
Middle
East & Africa
|
Far
East & Oceania
|
Unallocated
(**)
|
Total
Continuing operations
|
Total
Discontinued operations (*)
|
||||||||||||||||||||||||
Year
ended December 31, 2009
|
||||||||||||||||||||||||||||||||
Net
sales
|
2,891,523 | 2,285,677 | 866,692 | 1,623,541 | 481,887 | - | 8,149,320 | 18,558 | ||||||||||||||||||||||||
Total
assets
|
6,722,816 | 2,790,249 | 2,469,042 | 386,242 | 490,815 | 624,144 | 13,483,308 | - | ||||||||||||||||||||||||
Trade
receivables
|
344,548 | 361,976 | 235,708 | 327,924 | 40,146 | - | 1,310,302 | - | ||||||||||||||||||||||||
Property,
plant and equipment, net
|
1,387,146 | 826,028 | 864,612 | 14,357 | 162,444 | - | 3,254,587 | - | ||||||||||||||||||||||||
Capital
expenditures
|
261,781 | 99,521 | 68,394 | 5,580 | 25,651 | - | 460,927 | - | ||||||||||||||||||||||||
Depreciation
and amortization
|
272,677 | 100,089 | 108,770 | 1,367 | 21,934 | - | 504,837 | 27 | ||||||||||||||||||||||||
Year
ended December 31, 2008
|
||||||||||||||||||||||||||||||||
Net
sales
|
4,809,330 | 2,815,578 | 1,824,684 | 1,810,695 | 727,473 | - | 11,987,760 | 242,464 | ||||||||||||||||||||||||
Total
assets
|
7,083,508 | 3,460,729 | 3,033,555 | 436,179 | 559,734 | 527,007 | 15,100,712 | - | ||||||||||||||||||||||||
Trade
receivables
|
786,867 | 432,987 | 379,794 | 386,786 | 136,862 | - | 2,123,296 | - | ||||||||||||||||||||||||
Property,
plant and equipment, net
|
1,180,738 | 796,009 | 861,892 | 10,128 | 134,104 | - | 2,982,871 | - | ||||||||||||||||||||||||
Capital
expenditures
|
159,990 | 141,174 | 101,050 | 6,705 | 34,319 | - | 443,238 | 3,429 | ||||||||||||||||||||||||
Depreciation
and amortization
|
298,240 | 99,261 | 111,040 | 1,246 | 14,676 | - | 524,463 | 17,436 | ||||||||||||||||||||||||
Year
ended December 31, 2007
|
||||||||||||||||||||||||||||||||
Net
sales
|
3,187,753 | 2,185,279 | 1,707,788 | 2,093,916 | 699,576 | - | 9,874,312 | 405,916 | ||||||||||||||||||||||||
Total
assets
|
7,471,569 | 3,342,206 | 2,315,187 | 507,331 | 447,780 | 509,354 | 14,593,427 | 651,160 | ||||||||||||||||||||||||
Trade
receivables
|
418,081 | 344,743 | 435,384 | 455,965 | 94,660 | - | 1,748,833 | 79,220 | ||||||||||||||||||||||||
Property,
plant and equipment, net
|
1,349,863 | 906,211 | 913,642 | 4,672 | 94,619 | - | 3,269,007 | 63,629 | ||||||||||||||||||||||||
Capital
expenditures
|
149,434 | 149,355 | 112,165 | 1,879 | 26,503 | - | 439,336 | 8,581 | ||||||||||||||||||||||||
Depreciation
and amortization
|
283,358 | 102,518 | 87,311 | 1,139 | 9,905 | - | 484,231 | 30,589 |
Year
ended December 31,
|
|||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2007
|
Inventories
at the beginning of the year
|
3,091,401
|
2,598,856
|
2,372,308
|
Plus:
Charges of the year
|
|||
Raw
materials, energy, consumables and other
|
1,948,596
|
5,430,147
|
4,183,577
|
Increase
in inventory due to business combinations
|
53,541
|
-
|
152,500
|
Services
and fees
|
240,346
|
395,104
|
392,531
|
Labor
cost
|
737,883
|
927,132
|
766,173
|
Depreciation
of property, plant and equipment
|
263,634
|
282,407
|
263,813
|
Amortization
of intangible assets
|
2,813
|
2,170
|
1,737
|
Maintenance
expenses
|
145,413
|
203,207
|
180,502
|
Provisions
for contingencies
|
1,984
|
12
|
3,191
|
Allowance
for obsolescence
|
89,041
|
(2,055)
|
24,371
|
Taxes
|
6,799
|
8,655
|
7,651
|
Other
|
46,122
|
102,667
|
82,453
|
3,536,172
|
7,349,446
|
6,058,499
|
|
Deconsolidation
/ Transfer to assets held for sale
|
(43,726)
|
-
|
(158,828)
|
Less:
Inventories at the end of the year
|
(1,687,059)
|
(3,091,401)
|
(2,598,856)
|
4,896,788
|
6,856,901
|
5,673,123
|
|
From
Discontinued operations
|
(31,866)
|
(158,616)
|
(264,139)
|
4,864,922
|
6,698,285
|
5,408,984
|
Year
ended December 31,
|
||||||||||||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2007
|
|||||||||
Services
and fees
|
207,202 | 214,010 | 193,389 | |||||||||
Labor
cost
|
407,235 | 447,150 | 402,919 | |||||||||
Depreciation
of property, plant and equipment
|
14,524 | 12,096 | 13,272 | |||||||||
Amortization
of intangible assets
|
223,893 | 245,226 | 235,998 | |||||||||
Commissions,
freight and other selling expenses
|
368,451 | 571,823 | 462,640 | |||||||||
Provisions
for contingencies
|
33,880 | 37,101 | 30,738 | |||||||||
Allowances
for doubtful accounts
|
13,837 | 13,823 | 5,035 | |||||||||
Taxes
|
114,976 | 167,686 | 147,326 | |||||||||
Other
|
99,333 | 123,895 | 119,073 | |||||||||
1,483,331 | 1,832,810 | 1,610,390 | ||||||||||
From
Discontinued operations
|
(9,540 | ) | (44,858 | ) | (58,554 | ) | ||||||
1,473,791 | 1,787,952 | 1,551,836 |
Year
ended December 31,
|
||||||||||||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2007
|
|||||||||
Wages,
salaries and social security costs
|
1,113,757 | 1,347,667 | 1,139,587 | |||||||||
Employees'
severance indemnity
|
13,436 | 19,168 | 10,931 | |||||||||
Pension
benefits - defined benefit plans
|
8,734 | 8,161 | 7,454 | |||||||||
Employee
retention and long term incentive program
|
9,191 | (714 | ) | 11,120 | ||||||||
1,145,118 | 1,374,282 | 1,169,092 | ||||||||||
From
Discontinued operations
|
(23,024 | ) | (55,835 | ) | (57,565 | ) | ||||||
1,122,094 | 1,318,447 | 1,111,527 |
Year
ended December 31,
|
|||||||||||||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2007
|
||||||||||
(i)
|
Other
operating income
|
||||||||||||
Reimbursement
from insurance companies and other third parties
|
76 | 10,511 | 2,611 | ||||||||||
Net
income from other sales
|
2,130 | 23,704 | 21,957 | ||||||||||
Net
rents
|
3,538 | 1,971 | 2,437 | ||||||||||
Other
|
1,750 | - | 1,834 | ||||||||||
7,494 | 36,186 | 28,839 | |||||||||||
From
Discontinued operations
|
179 | (1,046 | ) | (1,588 | ) | ||||||||
7,673 | 35,140 | 27,251 | |||||||||||
(ii)
|
Other
operating expenses
|
||||||||||||
Contributions
to welfare projects and non-profits organizations
|
2,758 | 2,871 | 2,283 | ||||||||||
Provisions
for legal claims and contingencies
|
- | (22 | ) | (51 | ) | ||||||||
Loss
on fixed assets and material supplies disposed / scrapped
|
27 | 461 | 5,742 | ||||||||||
Settlement
of outstanding redemptions on Maverick’s 2005 notes
|
- | - | 10,275 | ||||||||||
Loss
from natural disasters
|
- | 1,743 | 5,693 | ||||||||||
Allowance
for doubtful receivables
|
1,888 | (184 | ) | 395 | |||||||||
Losses
on prepayment to suppliers
|
- | 3,830 | - | ||||||||||
Impairment
charge
|
- | 502,899 | - | ||||||||||
Other
|
- | 10,231 | - | ||||||||||
4,673 | 521,829 | 24,337 | |||||||||||
From
Discontinued operations
|
- | (110,816 | ) | (566 | ) | ||||||||
4,673 | 411,013 | 23,771 |
Total
Assets before impairment
|
Impairment
|
Total
Assets after impairment (*)
|
||||||||||
Oil
Country Tubular Goods ("OCTG")
|
2,506,332 | (192,707 | ) | 2,313,625 | ||||||||
Prudential
|
736,772 | (138,466 | ) | 598,306 | ||||||||
Coiled
Tubing
|
259,722 | (23,732 | ) | 235,990 | ||||||||
Electric
Conduits
|
250,106 | (39,347 | ) | 210,759 | ||||||||
Total
U.S. and Canadian Operations
|
3,752,932 | (394,252 | ) | 3,358,680 | ||||||||
Venezuelan
Operations
|
266,758 | (108,647 | ) | 158,111 | ||||||||
Total
|
4,019,690 | (502,899 | ) | 3,516,791 |
(all
amounts in thousands of U.S. dollars)
|
Year
ended December 31,
|
|||||||||||
2009
|
2008
|
2007
|
||||||||||
Interest
income
|
30,986 | 49,114 | 93,458 | |||||||||
Interest
expense (*)
|
(121,881 | ) | (185,851 | ) | (275,763 | ) | ||||||
Interest
net
|
(90,895 | ) | (136,737 | ) | (182,305 | ) | ||||||
Net
foreign exchange transaction results
|
(73,015 | ) | (120,515 | ) | 5,908 | |||||||
Foreign
exchange derivatives contracts results (**)
|
10,467 | 35,993 | (16,690 | ) | ||||||||
Other
|
(2,564 | ) | (19,738 | ) | (11,969 | ) | ||||||
Other
financial results
|
(65,112 | ) | (104,260 | ) | (22,751 | ) | ||||||
Net
financial results
|
(156,007 | ) | (240,997 | ) | (205,056 | ) | ||||||
From
Discontinued operations
|
4,307 | 9,973 | 4,726 | |||||||||
(151,700 | ) | (231,024 | ) | (200,330 | ) |
Year
ended December 31,
|
||||||||||||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2007
|
|||||||||
From
associated companies
|
87,159 | 89,556 | 94,888 | |||||||||
(Loss)
gain on sale of associated companies and other
|
(980 | ) | - | 18,388 | ||||||||
86,179 | 89,556 | 113,276 | ||||||||||
From
Discontinued operations
|
862 | (133 | ) | (214 | ) | |||||||
87,041 | 89,423 | 113,062 |
Year
ended December 31,
|
||||||||||||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2007
|
|||||||||
Current
tax
|
541,818 | 1,255,759 | 936,831 | |||||||||
Deferred
tax
|
(32,962 | ) | (244,331 | ) | (97,799 | ) | ||||||
508,856 | 1,011,428 | 839,032 | ||||||||||
Effect
of currency translation on tax base (a)
|
4,297 | 10,704 | (5,654 | ) | ||||||||
513,153 | 1,022,132 | 833,378 | ||||||||||
From
Discontinued operations
|
58 | (6,798 | ) | (27,605 | ) | |||||||
513,211 | 1,015,334 | 805,773 |
Year
ended December 31,
|
||||||||||||
(all
amounts in thousands of U.S. dollars)
|
2009
|
2008
|
2007
|
|||||||||
Income
before income tax
|
1,748,948 | 2,984,049 | 2,829,704 | |||||||||
Tax
calculated at the tax rate in each country
|
525,844 | 918,200 | 835,738 | |||||||||
Non
taxable income / Non deductible expenses (*)
|
(25,760 | ) | 85,950 | (6,838 | ) | |||||||
Changes
in the tax rates
|
837 | (4,476 | ) | (27,479 | ) | |||||||
Effect
of currency translation on tax base (a)
|
4,297 | 10,704 | (5,654 | ) | ||||||||
Effect
of taxable exchange differences
|
8,906 | 8,878 | 11,660 | |||||||||
Utilization
of previously unrecognized tax losses
|
(913 | ) | (3,922 | ) | (1,654 | ) | ||||||
Tax
charge
|
513,211 | 1,015,334 | 805,773 |
(a)
|
Tenaris
applies the liability method to recognize deferred income tax expense on
temporary differences between the tax bases of assets and their carrying
amounts in the financial statements. By application of this method,
Tenaris recognizes gains and losses on deferred income tax due to the
effect of the change in the value of the Argentine peso on the tax bases
of the fixed assets of its Argentine subsidiaries, which have the U.S.
dollar as their functional currency. These gains and losses are required
by IFRS even though the devalued tax basis of the relevant assets will
result in a reduced dollar value of amortization deductions for tax
purposes in future periods throughout the useful life of those assets. As
a result, the resulting deferred income tax charge does not represent a
separate obligation for Tenaris that is due and payable in any of the
relevant periods.
|
Year
ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Net
income attributable to equity holders
|
1,161,555 | 2,124,802 | 1,923,748 | |||||||||
Weighted
average number of ordinary shares in issue (thousands)
|
1,180,537 | 1,180,537 | 1,180,537 | |||||||||
Basic
and diluted earnings per share ( U.S. dollars per share)
|
0.98 | 1.80 | 1.63 | |||||||||
Basic
and diluted earnings per ADS ( U.S. dollars per ADS) (*)
|
1.97 | 3.60 | 3.26 | |||||||||
Dividends
paid
|
(507,631 | ) | (448,604 | ) | (507,631 | ) | ||||||
Basic
and diluted dividends per share (U.S. dollars per share)
|
0.43 | 0.38 | 0.43 | |||||||||
Basic
and diluted dividends per ADS (U.S. dollars per ADS) (*)
|
0.86 | 0.76 | 0.86 | |||||||||
Result
for discontinued operations attributable to equity holders
|
||||||||||||
Basic
and diluted earnings per share (U.S. dollars per share)
|
(0.01 | ) | 0.31 | 0.04 | ||||||||
Basic
and diluted earnings per ADS (U.S. dollars per ADS) (*)
|
(0.03 | ) | 0.61 | 0.09 |
Year
ended December 31, 2009
|
Land,
building and improvements
|
Plant
and production equipment
|
Vehicles,
furniture and fixtures
|
Work
in progress
|
Spare
parts and equipment
|
Total
|
||||||||||||||||||
Cost
|
||||||||||||||||||||||||
Values
at the beginning of the year
|
689,173 | 6,238,423 | 195,628 | 235,857 | 38,450 | 7,397,531 | ||||||||||||||||||
Translation
differences
|
30,682 | 155,286 | 8,091 | 13,967 | 1,795 | 209,821 | ||||||||||||||||||
Additions
|
2,741 | 3,613 | 1,194 | 427,170 | 5,749 | 440,467 | ||||||||||||||||||
Disposals
/ Consumptions
|
(3,358 | ) | (10,591 | ) | (3,750 | ) | - | (7,850 | ) | (25,549 | ) | |||||||||||||
Increase
due to business acquisitions
|
12,083 | 11,507 | 46 | 487 | - | 24,123 | ||||||||||||||||||
Transfers
/ Reclassifications
|
31,603 | 194,760 | (12,859 | ) | (218,954 | ) | 2,886 | (2,564 | ) | |||||||||||||||
Deconsolidation
/ Transfers to Available for sale assets
|
(4,435 | ) | (137,874 | ) | (793 | ) | (7,508 | ) | (5,237 | ) | (155,847 | ) | ||||||||||||
Values
at the end of the year
|
758,489 | 6,455,124 | 187,557 | 451,019 | 35,793 | 7,887,982 | ||||||||||||||||||
Depreciation
and impairment
|
||||||||||||||||||||||||
Accumulated
at the beginning of the year
|
158,443 | 4,136,038 | 99,113 | 7,200 | 13,866 | 4,414,660 | ||||||||||||||||||
Translation
differences
|
9,419 | 84,364 | 6,684 | - | 252 | 100,719 | ||||||||||||||||||
Depreciation
charge
|
19,350 | 232,927 | 24,529 | - | 1,352 | 278,158 | ||||||||||||||||||
Transfers
/ Reclassifications
|
194 | 1,183 | (1,377 | ) | - | - | - | |||||||||||||||||
Disposals
/ Consumptions
|
(33 | ) | (7,884 | ) | (2,420 | ) | - | (18 | ) | (10,355 | ) | |||||||||||||
Deconsolidation
/ Transfers to Available for sale assets
|
(3,550 | ) | (135,809 | ) | (584 | ) | (7,200 | ) | (2,644 | ) | (149,787 | ) | ||||||||||||
Accumulated
at the end of the year
|
183,823 | 4,310,819 | 125,945 | - | 12,808 | 4,633,395 | ||||||||||||||||||
At
December 31, 2009
|
574,666 | 2,144,305 | 61,612 | 451,019 | 22,985 | 3,254,587 |
Year
ended December 31, 2008
|
Land,
building and improvements
|
Plant
and production equipment
|
Vehicles,
furniture and fixtures
|
Work
in progress
|
Spare
parts and equipment
|
Total
|
||||||||||||||||||
Cost
|
||||||||||||||||||||||||
Values
at the beginning of the year
|
642,269 | 6,570,777 | 196,538 | 327,019 | 35,818 | 7,772,421 | ||||||||||||||||||
Translation
differences
|
(87,144 | ) | (436,811 | ) | (9,720 | ) | (26,315 | ) | (2,008 | ) | (561,998 | ) | ||||||||||||
Additions
|
16,125 | 7,769 | 2,110 | 381,375 | 4,603 | 411,982 | ||||||||||||||||||
Disposals
/ Consumptions
|
(7,986 | ) | (161,804 | ) | (49,958 | ) | - | (3,796 | ) | (223,544 | ) | |||||||||||||
Transfers
/ Reclassifications
|
125,909 | 258,492 | 56,658 | (446,222 | ) | 3,833 | (1,330 | ) | ||||||||||||||||
Values
at the end of the year
|
689,173 | 6,238,423 | 195,628 | 235,857 | 38,450 | 7,397,531 | ||||||||||||||||||
Depreciation
and impairment
|
||||||||||||||||||||||||
Accumulated
at the beginning of the year
|
163,919 | 4,196,295 | 132,729 | - | 10,471 | 4,503,414 | ||||||||||||||||||
Translation
differences
|
(25,416 | ) | (249,212 | ) | (6,729 | ) | - | (339 | ) | (281,696 | ) | |||||||||||||
Depreciation
charge
|
19,431 | 239,990 | 31,622 | - | 1,206 | 292,249 | ||||||||||||||||||
Transfers
/ Reclassifications
|
558 | 10,186 | (10,744 | ) | - | - | - | |||||||||||||||||
Disposals
/ Consumptions
|
(2,628 | ) | (157,296 | ) | (47,914 | ) | - | (116 | ) | (207,954 | ) | |||||||||||||
Impairment
charge (see Note 5)
|
2,579 | 96,075 | 149 | 7,200 | 2,644 | 108,647 | ||||||||||||||||||
Accumulated
at the end of the year
|
158,443 | 4,136,038 | 99,113 | 7,200 | 13,866 | 4,414,660 | ||||||||||||||||||
At
December 31, 2008
|
530,730 | 2,102,385 | 96,515 | 228,657 | 24,584 | 2,982,871 |
Year
ended December 31, 2009
|
Information
system projects
|
Licenses, patents
and trademarks (*)
|
Goodwill
(**)
|
Customer
relationships
|
Total
|
|||||||||||||||
Cost
|
||||||||||||||||||||
Values
at the beginning of the year
|
203,612 | 495,657 | 2,130,799 | 1,975,254 | 4,805,322 | |||||||||||||||
Translation
differences
|
6,679 | 3,170 | 11,963 | 70,418 | 92,230 | |||||||||||||||
Additions
|
20,385 | 75 | - | - | 20,460 | |||||||||||||||
Deconsolidation
/ Transfers to Available for sale assets
|
(430 | ) | - | - | - | (430 | ) | |||||||||||||
Transfers
/ Reclassifications
|
2,564 | - | - | - | 2,564 | |||||||||||||||
Disposals
|
(626 | ) | (583 | ) | - | - | (1,209 | ) | ||||||||||||
Values
at the end of the year
|
232,184 | 498,319 | 2,142,762 | 2,045,672 | 4,918,937 | |||||||||||||||
Amortization
and impairment
|
||||||||||||||||||||
Accumulated
at the beginning of the year
|
133,974 | 130,167 | 325,440 | 388,754 | 978,335 | |||||||||||||||
Translation
differences
|
5,713 | 204 | 12,652 | 24,500 | 43,069 | |||||||||||||||
Amortization
charge
|
20,815 | 54,736 | - | 151,155 | 226,706 | |||||||||||||||
Disposals
|
(56 | ) | (37 | ) | - | - | (93 | ) | ||||||||||||
Accumulated
at the end of the year
|
160,446 | 185,070 | 338,092 | 564,409 | 1,248,017 | |||||||||||||||
At
December 31, 2009
|
71,738 | 313,249 | 1,804,670 | 1,481,263 | 3,670,920 |
Year
ended December 31, 2008
|
Information
system projects
|
Licenses, patents
and trademarks (*)
|
Goodwill
(**)
|
Customer
relationships
|
Total
|
|||||||||||||||
Cost
|
||||||||||||||||||||
Values
at the beginning of the year
|
186,073 | 500,523 | 2,149,037 | 2,072,006 | 4,907,639 | |||||||||||||||
Translation
differences
|
(9,906 | ) | (7,469 | ) | (16,836 | ) | (100,264 | ) | (134,475 | ) | ||||||||||
Additions
|
26,970 | 4,286 | - | - | 31,256 | |||||||||||||||
Transfers
/ Reclassifications
|
635 | (1,606 | ) | - | 3,512 | 2,541 | ||||||||||||||
Disposals
|
(160 | ) | (77 | ) | (1,402 | ) | - | (1,639 | ) | |||||||||||
Values
at the end of the year
|
203,612 | 495,657 | 2,130,799 | 1,975,254 | 4,805,322 | |||||||||||||||
Amortization
and impairment
|
||||||||||||||||||||
Accumulated
at the beginning of the year
|
124,164 | 67,200 | - | 173,923 | 365,287 | |||||||||||||||
Translation
differences
|
(8,041 | ) | (163 | ) | (684 | ) | (14,144 | ) | (23,032 | ) | ||||||||||
Amortization
charge
|
17,851 | 63,198 | - | 159,636 | 240,685 | |||||||||||||||
Transfers
/ Reclassifications
|
- | - | - | 1,211 | 1,211 | |||||||||||||||
Impairment
charge (see Note 5)
|
- | - | 326,124 | 68,128 | 394,252 | |||||||||||||||
Disposals
|
- | (68 | ) | - | - | (68 | ) | |||||||||||||
Accumulated
at the end of the year
|
133,974 | 130,167 | 325,440 | 388,754 | 978,335 | |||||||||||||||
At
December 31, 2008
|
69,638 | 365,490 | 1,805,359 | 1,586,500 | 3,826,987 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
South
America
|
189,376 | 189,376 | ||||||
Europe
|
769 | 769 | ||||||
North
America
|
1,614,525 | 1,615,214 | ||||||
1,804,670 | 1,805,359 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
At
the beginning of the year
|
527,007 | 509,354 | ||||||
Translation
differences
|
(1,302 | ) | (51,004 | ) | ||||
Equity
in earnings of associated companies
|
87,159 | 89,556 | ||||||
Dividends
and distributions received
|
(11,420 | ) | (15,032 | ) | ||||
Transfer
to Available for sale assets
|
(1,615 | ) | - | |||||
Increase
in equity reserves in Ternium and other
|
2,743 | (5,867 | ) | |||||
At
the end of the year
|
602,572 | 527,007 |
Percentage
of ownership and voting rights at December 31,
|
Value
at December 31,
|
|||||||||||||||||||
Company
|
Country
of incorporation
|
2009
|
2008
|
2009
|
2008
|
|||||||||||||||
Ternium
S.A.
|
Luxembourg
|
11.46 | % | 11.46 | % | 584,389 | 504,288 | |||||||||||||
- | - | - | 18,183 | 22,719 | ||||||||||||||||
602,572 | 527,007 |
Ternium
S.A.
|
||||||||
2009
|
2008
|
|||||||
Non-current
assets
|
5,250,135 | 5,491,408 | ||||||
Current
assets
|
5,042,538 | 5,179,839 | ||||||
Total
assets
|
10,292,673 | 10,671,247 | ||||||
Non-current
liabilities
|
2,872,667 | 3,374,964 | ||||||
Current
liabilities
|
1,158,767 | 1,734,819 | ||||||
Total
liabilities
|
4,031,434 | 5,109,783 | ||||||
Minority
interest
|
964,897 | 964,094 | ||||||
Revenues
|
4,958,983 | 8,464,885 | ||||||
Gross
profit
|
848,613 | 2,336,858 | ||||||
Income
from discontinued operations
|
428,023 | 157,095 | ||||||
Net
income for the period attributable to equity holders of the
company
|
717,400 | 715,418 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Deposits
with insurance companies
|
23,482 | 18,487 | ||||||
Investments
in other companies
|
2,496 | 12,370 | ||||||
Others
|
8,189 | 7,498 | ||||||
34,167 | 38,355 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Government
entities
|
4,666 | 5,138 | ||||||
Employee
advances and loans
|
13,682 | 13,512 | ||||||
Tax
credits
|
17,575 | 10,013 | ||||||
Trade
receivables
|
298 | 208 | ||||||
Receivables
from related parties
|
375 | 495 | ||||||
Receivables
on off- take contract
|
104 | 114 | ||||||
Legal
deposits
|
22,545 | 15,812 | ||||||
Advances
to suppliers and other advances
|
25,181 | 38,862 | ||||||
Other
|
21,917 | 3,615 | ||||||
106,343 | 87,769 | |||||||
Allowances
for doubtful accounts (see Note 23 (i))
|
(4,725 | ) | (5,017 | ) | ||||
101,618 | 82,752 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Finished
goods
|
715,906 | 1,122,147 | ||||||
Goods
in process
|
353,367 | 665,982 | ||||||
Raw
materials
|
297,834 | 659,973 | ||||||
Supplies
|
378,876 | 430,488 | ||||||
Goods
in transit
|
125,847 | 306,155 | ||||||
1,871,830 | 3,184,745 | |||||||
Allowance
for obsolescence (See Note 24 (i))
|
(184,771 | ) | (93,344 | ) | ||||
1,687,059 | 3,091,401 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Prepaid
expenses and other receivables
|
55,473 | 41,244 | ||||||
Government
entities
|
11,739 | 3,793 | ||||||
Employee
advances and loans
|
14,380 | 14,552 | ||||||
Advances
to suppliers and other advances
|
15,894 | 33,063 | ||||||
Government
tax refunds on exports
|
35,379 | 35,319 | ||||||
Receivables
from related parties
|
16,561 | 45,735 | ||||||
Derivative
financial instruments
|
16,873 | 41,509 | ||||||
Miscellaneous
|
60,769 | 41,513 | ||||||
227,068 | 256,728 | |||||||
Allowance
for other doubtful accounts (see Note 24 (i))
|
(6,944 | ) | (5,247 | ) | ||||
220,124 | 251,481 |
Year
ended December 31,
|
||||||||
Current
tax assets
|
2009
|
2008
|
||||||
V.A.T.
credits
|
78,925 | 167,691 | ||||||
Prepaid
taxes
|
146,524 | 33,916 | ||||||
Carry-backs
|
34,831 | - | ||||||
260,280 | 201,607 |
Year
ended December 31,
|
||||||||
Current
tax liabilities
|
2009
|
2008
|
||||||
Income
tax liabilities
|
202,111 | 474,640 | ||||||
V.A.T.
liabilities
|
33,382 | 28,274 | ||||||
Other
taxes
|
71,046 | 107,399 | ||||||
306,539 | 610,313 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Current
accounts
|
1,341,942 | 2,138,146 | ||||||
Receivables
from related parties
|
8,532 | 19,278 | ||||||
1,350,474 | 2,157,424 | |||||||
Allowance
for doubtful accounts (see Note 24 (i))
|
(40,172 | ) | (34,128 | ) | ||||
1,310,302 | 2,123,296 |
Trade
Receivables
|
Not
Due
|
Past
due
|
||
1
- 180 days
|
>
180 days
|
|||
At
December 31, 2009
|
||||
Guaranteed
|
588,935
|
479,352
|
98,074
|
11,509
|
Not
guaranteed
|
761,539
|
556,805
|
163,344
|
41,390
|
Guaranteed
and not guaranteed
|
1,350,474
|
1,036,157
|
261,418
|
52,899
|
Allowance
for doubtful accounts
|
(40,172)
|
-
|
(183)
|
(39,989)
|
Net
Value
|
1,310,302
|
1,036,157
|
261,235
|
12,910
|
At
December 31, 2008
|
||||
Guaranteed
|
929,566
|
742,854
|
173,687
|
13,025
|
Not
guaranteed
|
1,227,858
|
914,784
|
281,946
|
31,128
|
Guaranteed
and not guaranteed
|
2,157,424
|
1,657,638
|
455,633
|
44,153
|
Allowance
for doubtful accounts
|
(34,128)
|
(246)
|
(2,997)
|
(30,885)
|
Net
Value
|
2,123,296
|
1,657,392
|
452,636
|
13,268
|
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Other
investments
|
||||||||
Fixed
income instruments and certificates of deposit
|
579,675 | 45,863 | ||||||
Cash
and cash equivalents
|
||||||||
Cash
at banks, liquidity funds and short - term investments
|
1,542,829 | 1,538,769 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Non-Current
|
||||||||
Bank
borrowings
|
663,256 | 1,225,267 | ||||||
Other
loans
|
220 | 22,803 | ||||||
Finance
lease liabilities
|
407 | 564 | ||||||
Costs
of issue of debt
|
(8,702 | ) | (7,586 | ) | ||||
655,181 | 1,241,048 | |||||||
Current
|
||||||||
Bank
Borrowings
|
771,024 | 1,608,467 | ||||||
Other
loans
|
9,074 | 119,135 | ||||||
Bank
Overdrafts
|
14,122 | 13,747 | ||||||
Finance
lease liabilities
|
179 | 368 | ||||||
Costs
of issue of debt
|
(2,816 | ) | (5,750 | ) | ||||
791,583 | 1,735,967 | |||||||
Total
Borrowings
|
1,446,764 | 2,977,015 |
1
year or less
|
1
- 2 years
|
2
– 3 years
|
3
- 4 years
|
4
- 5 years
|
Over
5 years
|
Total
|
||||||||||||||||||||||
At
December 31, 2009
|
||||||||||||||||||||||||||||
Financial
lease
|
179 | 324 | 83 | - | - | - | 586 | |||||||||||||||||||||
Other
borrowings
|
791,404 | 390,638 | 186,625 | 32,700 | 7,579 | 37,232 | 1,446,178 | |||||||||||||||||||||
Total
borrowings
|
791,583 | 390,962 | 186,708 | 32,700 | 7,579 | 37,232 | 1,446,764 | |||||||||||||||||||||
Interest
to be accrued
|
39,056 | 13,246 | 8,199 | 3,532 | 2,719 | 7,357 | 74,109 | |||||||||||||||||||||
Interest
rate derivatives contract
|
12,452 | 5,286 | - | - | - | - | 17,738 | |||||||||||||||||||||
Total
|
843,091 | 409,494 | 194,907 | 36,232 | 10,298 | 44,589 | 1,538,611 |
In
million of $
|
|||||
Disbursement
date
|
Borrower
|
Type
|
Original
|
Outstanding
|
Final
maturity
|
October
2006
|
Tamsa
|
Syndicated
|
700.0
|
311.1
|
October
2011 (**)
|
May
2007
|
Tenaris
|
Syndicated
|
1,000.0
|
178.6
|
May
2012 (*)
|
May
2007
|
Hydril
|
Syndicated
|
300.0
|
166.7
|
May
2012
|
June
2008
|
Dalmine
|
Bilateral
|
150.0
|
150.0
|
June
2013
|
October
2006
|
Dalmine
|
Syndicated
|
150.0
|
66.7
|
October
2011 (**)
|
March
2005
|
Tamsa
|
Syndicated
|
300.0
|
60.0
|
March
2010
|
2009
|
2008
|
|||||||
Bank
borrowings
|
3.97 | % | 5.23 | % | ||||
Other
loans
|
4.00 | % | 4.99 | % | ||||
Finance
lease liabilities
|
8.02 | % | 7.74 | % |
Year
ended December 31,
|
|||||||||
Currency
|
Interest rates
|
2009
|
2008
|
||||||
USD
|
Variable
|
1,026,288 | 2,268,381 | ||||||
USD
|
Fixed
|
20 | 20 | ||||||
EUR
|
Variable
|
12,525 | 14,310 | ||||||
EUR
|
Fixed
|
4,525 | 5,133 | ||||||
BRL
|
Fixed
|
52,979 | - | ||||||
BRL
|
Variable
|
- | 11,397 | ||||||
1,096,337 | 2,299,241 | ||||||||
Less:
Current portion of medium and long - term loans
|
(433,081 | ) | (1,073,974 | ) | |||||
Total
non current bank borrowings
|
663,256 | 1,225,267 |
Year
ended December 31,
|
|||||||||
Currency
|
Interest rates
|
2009
|
2008
|
||||||
USD
|
Variable
|
- | 28,032 | ||||||
AED
|
Variable
|
220 | - | ||||||
220 | 28,032 | ||||||||
Less:
Current portion of medium and long - term loans
|
- | (5,229 | ) | ||||||
Total
non current other loans
|
220 | 22,803 |
Year
ended December 31,
|
|||||||||
Currency
|
Interest rates
|
2009
|
2008
|
||||||
EUR
|
Fixed
|
10 | 195 | ||||||
USD
|
Fixed
|
572 | 737 | ||||||
582 | 932 | ||||||||
Less:
Current portion of medium and long - term loans
|
(175 | ) | (368 | ) | |||||
Total
non current finance leases
|
407 | 564 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Property,
plant and equipment mortgages
|
167,357 | 247,143 |
Year
ended December 31,
|
|||||||||
Currency
|
Interest rates
|
2009
|
2008
|
||||||
USD
|
Variable
|
463,370 | 1,134,416 | ||||||
USD
|
Fixed
|
674 | 76,472 | ||||||
EUR
|
Variable
|
75,001 | 251,138 | ||||||
EUR
|
Fixed
|
878 | 837 | ||||||
CNY
|
Variable
|
- | 3,951 | ||||||
BRL
|
Variable
|
291 | 5,370 | ||||||
NGN
|
Fixed
|
669 | - | ||||||
ARS
|
Fixed
|
230,141 | 115,541 | ||||||
VEB
|
Variable
|
- | 20,509 | ||||||
VEB
|
Fixed
|
- | 233 | ||||||
Total
current bank borrowings
|
771,024 | 1,608,467 |
Year
ended December 31,
|
||||||||
Currency
|
2009
|
2008
|
||||||
USD
|
7,121 | 51 | ||||||
EUR
|
762 | 24 | ||||||
ARS
|
896 | 8,871 | ||||||
VEB
|
- | 44 | ||||||
NGN
|
5,152 | 4,051 | ||||||
NOK
|
6 | - | ||||||
COP
|
157 | 706 | ||||||
RON
|
28 | - | ||||||
Total
current bank overdrafts
|
14,122 | 13,747 |
Year
ended December 31,
|
|||||||||
Currency
|
Interest rates
|
2009
|
2008
|
||||||
EUR
|
Variable
|
265 | 111,448 | ||||||
USD
|
Variable
|
2,733 | 2,186 | ||||||
USD
|
Fixed
|
5,610 | 5,229 | ||||||
CAD
|
Variable
|
- | 1 | ||||||
AED
|
Variable
|
466 | 271 | ||||||
Total
Current other loans
|
9,074 | 119,135 |
Year
ended December 31,
|
|||||||||
Currency
|
Interest rates
|
2009
|
2008
|
||||||
EUR
|
Fixed
|
14 | 189 | ||||||
USD
|
Fixed
|
165 | 179 | ||||||
Total
current finance leases
|
179 | 368 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
At
the beginning of the year
|
663,515 | 923,246 | ||||||
Translation
differences
|
9,991 | (49,022 | ) | |||||
Deconsolidation
/ Transfer to held for sale
|
24,250 | (464 | ) | |||||
Charged
directly to Other Comprehensive Income
|
(5,684 | ) | 2,421 | |||||
Income
statement credit
|
(32,962 | ) | (240,754 | ) | ||||
Effect
of currency translation on tax base
|
4,297 | 10,704 | ||||||
Deferred
employees' statutory profit sharing charge
|
(223 | ) | 17,384 | |||||
At
the end of the year
|
663,184 | 663,515 |
Fixed
assets
|
Inventories
|
Intangible
and Other (a)
|
Total
|
|||||||||||||
At
the beginning of the year
|
242,426 | 49,176 | 762,236 | 1,053,838 | ||||||||||||
Translation
differences
|
11,247 | 577 | 11,619 | 23,443 | ||||||||||||
Deconsolidation
/ Transfer to held for sale
|
- | - | (149 | ) | (149 | ) | ||||||||||
Charged
directly to Other Comprehensive Income
|
- | - | (1,265 | ) | (1,265 | ) | ||||||||||
Income
statement charge / (credit)
|
(2,499 | ) | (11,017 | ) | (63,800 | ) | (77,316 | ) | ||||||||
At
December 31,2009
|
251,174 | 38,736 | 708,641 | 998,551 |
Fixed
assets
|
Inventories
|
Intangible
and Other (a)
|
Total
|
|||||||||||||
At
the beginning of the year
|
300,459 | 39,620 | 893,757 | 1,233,836 | ||||||||||||
Translation
differences
|
(37,609 | ) | (5,137 | ) | (22,281 | ) | (65,027 | ) | ||||||||
Deconsolidation
/ Transfer to held for sale
|
- | - | (464 | ) | (464 | ) | ||||||||||
Income
statement charge / (credit)
|
(20,424 | ) | 14,693 | (108,776 | ) | (114,507 | ) | |||||||||
At
December 31,2008
|
242,426 | 49,176 | 762,236 | 1,053,838 |
Provisions
and allowances
|
Inventories
|
Tax
losses
|
Other
|
Total
|
||||||||||||||||
At
the beginning of the year
|
(59,063 | ) | (218,969 | ) | (1,744 | ) | (110,547 | ) | (390,323 | ) | ||||||||||
Translation
differences
|
(8,663 | ) | (1,500 | ) | (352 | ) | (2,937 | ) | (13,452 | ) | ||||||||||
Deconsolidation
/ Transfer to held for sale
|
2,809 | 10,260 | - | 11,330 | 24,399 | |||||||||||||||
Charged
directly to Other Comprehensive Income
|
- | - | - | (4,419 | ) | (4,419 | ) | |||||||||||||
Income
statement charge / (credit)
|
13,760 | 70,238 | (33,676 | ) | (1,894 | ) | 48,428 | |||||||||||||
At
December 31, 2009
|
(51,157 | ) | (139,971 | ) | (35,772 | ) | (108,467 | ) | (335,367 | ) |
Provisions
and allowances
|
Inventories
|
Tax
losses
|
Other
|
Total
|
||||||||||||||||
At
the beginning of the year
|
(46,737 | ) | (143,652 | ) | (1,396 | ) | (118,805 | ) | (310,590 | ) | ||||||||||
Translation
differences
|
5,243 | 211 | 46 | 10,505 | 16,005 | |||||||||||||||
Charged
directly to Other Comprehensive Income
|
- | - | - | 2,421 | 2,421 | |||||||||||||||
Income
statement charge / (credit)
|
(17,569 | ) | (75,528 | ) | (394 | ) | (4,668 | ) | (98,159 | ) | ||||||||||
At
December 31, 2008
|
(59,063 | ) | (218,969 | ) | (1,744 | ) | (110,547 | ) | (390,323 | ) |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Deferred
tax assets
|
(197,603 | ) | (390,323 | ) | ||||
Deferred
tax liabilities
|
860,787 | 1,053,838 | ||||||
663,184 | 663,515 |
|
Year
ended December 31,
|
|||||||
2009
|
2008
|
|||||||
Deferred
tax assets to be recovered after 12 months
|
(106,862 | ) | (71,849 | ) | ||||
Deferred
tax liabilities to be recovered after 12 months
|
936,732 | 1,002,325 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Employee
liabilities
|
||||||||
Employee's
statutory profit sharing
|
26,369 | 26,381 | ||||||
Employee
severance indemnity (a)
|
52,725 | 56,939 | ||||||
Pension
benefits (b)
|
46,473 | 39,130 | ||||||
Employee
retention and long term incentive program
|
19,597 | 10,406 | ||||||
145,164 | 132,856 | |||||||
Taxes
payable
|
3,360 | 12,605 | ||||||
Derivative
financial instruments
|
20,533 | 55,926 | ||||||
Miscellaneous
|
23,410 | 21,755 | ||||||
47,303 | 90,286 | |||||||
192,467 | 223,142 |
(i)
|
Other
liabilities – Non current (Cont.)
|
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Total
included in non - current Employee liabilities
|
52,725 | 56,939 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Current
service cost
|
10,809 | 16,343 | ||||||
Interest
cost
|
2,627 | 2,825 | ||||||
Total
included in Labor costs
|
13,436 | 19,168 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Discount
rate
|
4% - 8 | % | 4% - 5 | % | ||||
Rate
of compensation increase
|
3% - 6 | % | 2% - 4 | % |
§
|
Unfunded
|
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Present
value of unfunded obligations
|
44,261 | 40,339 | ||||||
Unrecognized
past service cost
|
- | (68 | ) | |||||
Unrecognized
actuarial losses
|
(11,235 | ) | (14,512 | ) | ||||
Liability
in the balance sheet
|
33,026 | 25,759 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Current
service cost
|
1,356 | 1,342 | ||||||
Interest
cost
|
2,855 | 2,319 | ||||||
Net
actuarial losses (gains) recognized in the year
|
681 | 405 | ||||||
Past
service cost recognized
|
189 | 30 | ||||||
Curtailments
and settlements
|
- | 170 | ||||||
Total
included in Labor costs
|
5,081 | 4,266 |
(i)
|
Other
liabilities – Non current (Cont.)
|
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
At
the beginning of the year
|
40,339 | 37,329 | ||||||
Translation
differences
|
1,146 | (1,669 | ) | |||||
Transfers,
reclassifications and new participants of the plan
|
2,662 | 605 | ||||||
Total
expense
|
4,211 | 3,831 | ||||||
Actuarial
(gains) losses
|
(2,482 | ) | 2,104 | |||||
Contributions
paid
|
- | (791 | ) | |||||
Benefits
paid
|
(1,615 | ) | (1,070 | ) | ||||
At
the end of the year
|
44,261 | 40,339 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Discount
rate
|
6% - 7 | % | 6% - 7 | % | ||||
Rate
of compensation increase
|
2% - 3 | % | 2% - 3 | % |
§
|
Funded
|
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Present
value of funded obligations
|
144,005 | 117,463 | ||||||
Unrecognized
actuarial losses
|
(10,053 | ) | (4,581 | ) | ||||
Fair
value of plan assets (*)
|
(120,505 | ) | (99,511 | ) | ||||
Liability
in the balance sheet
|
13,447 | 13,371 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Current
service cost
|
1,775 | 2,329 | ||||||
Interest
cost
|
7,640 | 7,682 | ||||||
Net
actuarial (gains) losses recognized in the year
|
(168 | ) | 1,156 | |||||
Expected
return on plan assets
|
(5,594 | ) | (7,232 | ) | ||||
Past
service cost recognized
|
- | 291 | ||||||
Curtailments
and settlements
|
- | (331 | ) | |||||
Total
included in Labor costs
|
3,653 | 3,895 |
§
|
Funded
(Cont.)
|
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
At
the beginning of the year
|
117,463 | 138,736 | ||||||
Translation
differences
|
14,204 | (21,672 | ) | |||||
Transfers,
reclassifications and new participants of the plan
|
- | 8,250 | ||||||
Total
expense
|
9,415 | 9,680 | ||||||
Actuarial
losses (gains)
|
11,827 | (11,787 | ) | |||||
Benefits
paid
|
(8,817 | ) | (5,709 | ) | ||||
Other
|
(87 | ) | (35 | ) | ||||
At
the end of the year
|
144,005 | 117,463 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
At
the beginning of the year
|
(99,511 | ) | (122,196 | ) | ||||
Translation
differences
|
(10,762 | ) | 18,209 | |||||
Transfers,
reclassifications and new participants of the plan
|
- | (6,531 | ) | |||||
Expected
return on plan assets
|
(5,594 | ) | (7,232 | ) | ||||
Actuarial
(gains) losses
|
(7,694 | ) | 18,820 | |||||
Contributions
paid
|
(5,845 | ) | (6,405 | ) | ||||
Benefits
paid
|
8,817 | 5,709 | ||||||
Other
|
84 | 115 | ||||||
At
the end of the year
|
(120,505 | ) | (99,511 | ) |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Discount
rate
|
6 | % | 6% - 7 | % | ||||
Rate
of compensation increase
|
3% - 4 | % | 2% - 3 | % |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Payroll
and social security payable
|
151,067 | 166,139 | ||||||
Liabilities
with related parties
|
1,142 | 1,424 | ||||||
Derivative
financial instruments
|
3,457 | 21,866 | ||||||
Miscellaneous
|
36,524 | 53,191 | ||||||
192,190 | 242,620 |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Values
at the beginning of the year
|
(5,017 | ) | (10,583 | ) | ||||
Translation
differences
|
276 | 1,157 | ||||||
Reversals
/ Additional allowances
|
(2 | ) | (71 | ) | ||||
Reclassifications
|
- | (551 | ) | |||||
Used
|
18 | 5,031 | ||||||
At
December 31,
|
(4,725 | ) | (5,017 | ) |
Year
ended December 31,
|
||||||||
2009
|
2008
|
|||||||
Values
at the beginning of the year
|
89,526 | 97,912 | ||||||
Translation
differences
|
9,805 | (12,636 | ) | |||||
Deconsolidation
/ Transfer to held for sale
|
(1,380 | ) | - | |||||
Reversals
/ Additional provisions
|
(7,170 | ) | 25,604 | |||||
Reclassifications
|
129 | (8,408 | ) | |||||
Used
|
(10,155 | ) | (12,946 | ) | ||||
At
December 31,
|
80,755 | 89,526 |
Year
ended December 31, 2009
|
Allowance
for doubtful accounts - Trade receivables
|
Allowance
for other doubtful accounts - Other receivables
|
Allowance
for inventory obsolescence
|
|||||||||
Values
at the beginning of the year
|
(34,128 | ) | (5,247 | ) | (93,344 | ) | ||||||
Translation
differences
|
(333 | ) | (238 | ) | (4,186 | ) | ||||||
Reversals
/ Additional allowances
|
(13,960 | ) | (1,763 | ) | (89,041 | ) | ||||||
Used
|
3,756 | 304 | 218 | |||||||||
Deconsolidation
/ Transfer to held for sale
|
4,493 | - | 1,582 | |||||||||
At
December 31, 2009
|
(40,172 | ) | (6,944 | ) | (184,771 | ) | ||||||
Year
ended December 31, 2008
|
||||||||||||
Values
at the beginning of the year
|
(24,530 | ) | (7,284 | ) | (102,211 | ) | ||||||
Translation
differences
|
709 | 208 | 6,552 | |||||||||
Reversals
/ Additional allowances
|
(13,901 | ) | 238 | 2,355 | ||||||||
Reclassifications
|
- | 551 | - | |||||||||
Used
|
3,594 | 1,040 | (40 | ) | ||||||||
At
December 31, 2008
|
(34,128 | ) | (5,247 | ) | (93,344 | ) |
Year
ended December 31, 2009
|
Sales
risks
|
Other
claims and contingencies
|
Total
|
|||||||||
Values
at the beginning of the year
|
9,318 | 19,193 | 28,511 | |||||||||
Translation
differences
|
722 | 871 | 1,593 | |||||||||
Reversals
/ Additional allowances
|
20,586 | 19,158 | 39,744 | |||||||||
Reclassifications
|
- | (129 | ) | (129 | ) | |||||||
Used
|
(23,603 | ) | (17,484 | ) | (41,087 | ) | ||||||
At
December 31, 2009
|
7,023 | 21,609 | 28,632 | |||||||||
Year
ended December 31, 2008
|
||||||||||||
Values
at the beginning of the year
|
9,136 | 10,206 | 19,342 | |||||||||
Translation
differences
|
3 | (1,369 | ) | (1,366 | ) | |||||||
Reversals
/ Additional allowances
|
5,222 | 6,667 | 11,889 | |||||||||
Reclassifications
|
- | 8,408 | 8,408 | |||||||||
Used
|
(5,043 | ) | (4,719 | ) | (9,762 | ) | ||||||
At
December 31, 2008
|
9,318 | 19,193 | 28,511 |
Year
ended December 31,
|
||||||||
|
2009
|
2008
|
||||||
Contracts
with positive fair values
|
||||||||
Foreign
exchange derivatives contracts
|
16,873 | 41,509 | ||||||
Contracts
with negative fair values
|
||||||||
Interest
rate derivatives contracts
|
(17,738 | ) | (29,220 | ) | ||||
Foreign
exchange derivatives contracts
|
(3,434 | ) | (17,814 | ) | ||||
Embedded
Canadian Dollar forward purchases
|
(2,818 | ) | (30,758 | ) |
Currencies
|
Contract
|
Term
|
Fair
Value at Dec-09
|
Fair
Value at Dec-08
|
USD/JPY
|
Japanese
Yen Purchases
|
2009
|
-
|
217
|
KWD/USD
|
Kuwaiti
Dinar Sales
|
2009
|
-
|
857
|
BRL/EUR
|
Euro
Purchases
|
2009
|
-
|
4,901
|
RON/USD
|
Romanian
Leu Sales
|
2010
|
6
|
(984)
|
GBP/USD
|
Great
Britain Pound Sales
|
2010
|
19
|
-
|
USD/MXN
|
Mexican
Peso Purchases
|
2010
|
(305)
|
-
|
CAD/USD
|
Canadian
Dollar Sales
|
2010
|
(398)
|
(1,631)
|
COP/USD
|
Colombian
Peso Sales
|
2010
|
589
|
-
|
BRL/USD
|
Brazilian
Real Sales
|
2010
|
(585)
|
11,109
|
MXN/EUR
|
Euro
Purchases
|
2010
|
(674)
|
8,186
|
USD/EUR
|
Euro
Purchases
|
2010
|
1,186
|
11,320
|
USD/ARS
|
Argentine
Peso Purchases
|
2010
|
13,601
|
(10,280)
|
Subtotal
|
13,439
|
23,695
|
||
USD/CAD
|
Embedded
Canadian Dollar Purchases
|
2017
|
(2,818)
|
(30,758)
|
Total
|
10,621
|
(7,063)
|
Type
of derivative
|
Receive
Reference rate
|
Term
|
Notional
amount
|
Fair
Value at Dec-09
|
Fair
Value at Dec-08
|
|||||||||
Pay
fixed/Receive variable
|
Euribor
|
2010
|
911 | (22 | ) | (82 | ) | |||||||
Swaps
with KI (2.50%)
|
Libor
6M
|
2011
|
150,000 | - | (8,852 | ) | ||||||||
Swaps
with KI (2.50%)
|
Libor
6M
|
2011
|
350,000 | (17,716 | ) | (20,286 | ) | |||||||
500,911 | (17,738 | ) | (29,220 | ) |
·
|
Foreign
Exchange Hedge
|
Fair
Value
|
Hedge
Accounting Reserve
|
|||||||||||||||||
Year
ended December 31,
|
Year
ended December 31,
|
|||||||||||||||||
Currencies
|
Contract
|
Term
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
USD/EUR
|
Euro
Forward Purchases
|
2010
|
(506 | ) | - | (506 | ) | - | ||||||||||
BRL/EUR
|
Euro
Forward Purchases
|
2009
|
- | 4,901 | - | 6,716 | ||||||||||||
BRL/USD
|
Brazilian
Real Forward Sales
|
2008
|
- | - | - | 362 | ||||||||||||
MXN/EUR
|
Euro
Forward Purchases
|
2010
|
(674 | ) | 5,432 | 1,511 | 5,671 | |||||||||||
(1,180 | ) | 10,333 | 1,005 | 12,749 |
·
|
Interest
Rate Hedge
|
Fair
Value
|
Hedge
Accounting Reserve
|
|||||||||||||||||||||||||
Type
of
|
Notional
|
Year
ended December 31,
|
Year
ended December 31,
|
|||||||||||||||||||||||
Derivative
|
Rate
|
Term
|
Rate
|
Amount
|
2009
|
2008
|
2009
|
2008
|
||||||||||||||||||
Pay
fixed / Receive variable
|
Euribor
|
2010
|
5.72 | % | 911 | (22 | ) | (82 | ) | - | (106 | ) | ||||||||||||||
Swaps
with KI (2.50%)
|
Libor
6M
|
2011
|
4.79% - 5.01 | % | 150,000 | - | (8,852 | ) | - | (8,852 | ) | |||||||||||||||
Swaps
with KI (2.50%)
|
Libor
6M
|
2011
|
4.60% - 5.08 | % | 350,000 | (17,716 | ) | (20,286 | ) | (17,716 | ) | (20,779 | ) | |||||||||||||
(17,738 | ) | (29,220 | ) | (17,716 | ) | (29,737 | ) |
Equity
Reserve Dec-07
|
Movements
2008
|
Equity
Reserve Dec-08
|
Movements
2009
|
Equity
Reserve Dec-09
|
||||||||||||||||
Foreign
Exchange
|
(5,462 | ) | 18,211 | 12,749 | (11,744 | ) | 1,005 | |||||||||||||
Interest
Rate (Euribor)
|
(91 | ) | (15 | ) | (106 | ) | 106 | - | ||||||||||||
Interest
Rate Collars
|
(2,922 | ) | 2,922 | - | - | - | ||||||||||||||
Interest
Rate (swaps with KI – notional $150 million)
|
- | (8,852 | ) | (8,852 | ) | 8,852 | - | |||||||||||||
Interest
Rate (swaps with KI – notional $350 million)
|
- | (20,779 | ) | (20,779 | ) | 3,063 | (17,716 | ) | ||||||||||||
Total
Cash flow Hedge
|
(8,475 | ) | (8,513 | ) | (16,988 | ) | 277 | (16,711 | ) |
|
|
·
|
A
Tenaris company is a party to a five-year contract with Nucor Corporation,
under which it committed to purchase from Nucor steel coils, with
deliveries starting in January 2007 on a monthly basis. The Tenaris
company has negotiated and obtained from Nucor a waiver of the monthly
committed volumes. The Company is reviewing its steel purchasing
requirements with Nucor each quarter, therefore, the current waiver of
monthly commitments is valid until March 31,
2010.
|
·
|
A
Tenaris company is a party to a ten year raw material purchase contract
with QIT, under which it committed to purchase steel bars, with deliveries
starting in July 2007. The estimated aggregate amount of the remaining
commitments on the contract at current prices is approximately $275.8
million. The contract allows the Tenaris company to claim lower
commitments in market downturns and severe market downturns subject to
certain limitations.
|
·
|
A
Tenaris company is a party to a contract with Siderar for the supply of
steam generated at the power generation facility owned by Tenaris in San
Nicolas, Argentina. Under this contract, the Tenaris company is required
to provide 250 tn/hour of steam and Siderar has the obligation to take or
pay this volume. The contract is due to terminate in
2018.
|
Share
capital
|
1,180,537 | |||
Legal
reserve
|
118,054 | |||
Share
premium
|
609,733 | |||
Retained
earnings including net income for the year ended December 31,
2009
|
3,916,482 | |||
Total
equity in accordance with Luxembourg law
|
5,824,806 |
Retained
earnings at December 31, 2008 under Luxembourg law
|
3,174,932 | |||
Dividends
received
|
1,265,460 | |||
Other
income and expenses for the year ended December 31, 2009
|
(16,279 | ) | ||
Dividends
paid
|
(507,631 | ) | ||
Retained
earnings at December 31, 2009 under Luxembourg law
|
3,916,482 | |||
Share
premium
|
609,733 | |||
Distributable
amount at December 31, 2009 under Luxembourg law
|
4,526,215 |
Year
ended December 31, 2009
|
||||
Other
assets and liabilities (net)
|
(1,309 | ) | ||
Property,
plant and equipment
|
24,123 | |||
Net
assets acquired
|
22,814 | |||
Minority
interest
|
3,170 | |||
Sub-total
|
25,984 | |||
Assumed
liabilities
|
47,600 | |||
Sub-total
|
73,584 | |||
Cash
acquired
|
5,501 | |||
Purchase
consideration
|
79,085 |
|
(i)
|
Changes
in working capital
|
Year
ended December 31,
|
|||||||||||
2009
|
2008
|
2007
|
|||||||||||
Inventories
|
1,414,157 | (492,545 | ) | (252,810 | ) | ||||||||
Receivables
and prepayments
|
(52,395 | ) | 12,079 | 2,080 | |||||||||
Trade
receivables
|
792,345 | (374,463 | ) | (115,838 | ) | ||||||||
Other
liabilities
|
80,696 | (71,638 | ) | 127,434 | |||||||||
Customer
advances
|
(180,531 | ) | (174,014 | ) | 113,548 | ||||||||
Trade
payables
|
(316,924 | ) | 48,949 | 15,161 | |||||||||
1,737,348 | (1,051,632 | ) | (110,425 | ) |
|
|
|||||||||||||
(ii)
|
Income
tax accruals less payments
|
||||||||||||
Tax
accrued (*)
|
513,153 | 1,011,675 | 833,378 | ||||||||||
Taxes
paid
|
(971,239 | ) | (1,236,713 | ) | (1,226,433 | ) | |||||||
(458,086 | ) | (225,038 | ) | (393,055 | ) |
|
|
(iii) |
Interest
accruals less payments, net
|
||||||||||||
Interest
accrued
|
90,896 | 136,737 | 183,995 | ||||||||||
Interest
received
|
26,900 | 83,241 | 62,697 | ||||||||||
Interest
paid
|
(141,963 | ) | (164,486 | ) | (267,994 | ) | |||||||
(24,167 | ) | 55,492 | (21,302 | ) |
(iv)
|
Cash
and cash equivalents
|
||||||||||||
Cash
at banks, liquidity funds and
short
- term investments
|
1,542,829 | 1,538,769 | 962,497 | ||||||||||
Bank
overdrafts
|
(14,122 | ) | (13,747 | ) | (8,194 | ) | |||||||
1,528,707 | 1,525,022 | 954,303 |
|
At
March 31, 2008
|
||||
Property,
plant and equipment, net
|
64,556 | |||
Intangible
assets, net
|
295,371 | |||
Inventories
|
173,110 | |||
Trade
receivables
|
78,018 | |||
Other
assets
|
39,643 | |||
Total
current and non current assets held for sale
|
650,698 | |||
Deferred
tax liabilities
|
71,434 | |||
Customer
advances
|
128,975 | |||
Trade
payables
|
54,175 | |||
Other
liabilities
|
15,291 | |||
Liabilities
associated with current and non-current assets held for
sale
|
269,875 |
(all
amounts in thousands of U.S. dollars)
|
(*)
Year ended December 31,
|
|||||||||||
2009
|
2008
|
2007
|
||||||||||
(Loss)
income for discontinued operations
|
(28,138 | ) | (87,418 | ) | 52,128 | |||||||
After
tax gain on disposal of operations
|
- | 394,323 | - | |||||||||
Net
(loss) income for discontinued operations
|
(28,138 | ) | 306,905 | 52,128 |
(*)
Year ended December 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
Net
cash provided by operating activities
|
1,788 | 20,786 | 41,678 | |||||||||
Net
cash used in investing activities
|
(801 | ) | (7,330 | ) | (21,854 | ) | ||||||
Net
cash provided by (used in) financing activities
|
5,306 | 9,046 | (10,796 | ) |
·
|
San
Faustin N.V. owned 713,605,187 shares in the Company, representing 60.45%
of the Company’s capital and voting
rights.
|
·
|
San
Faustin N.V. owned all of its shares in the Company through its
wholly-owned subsidiary I.I.I. Industrial Investments
Inc.
|
·
|
Rocca
& Partners S.A. controlled a significant portion of the voting power
of San Faustín N.V. and had the ability to influence matters affecting, or
submitted to a vote of the shareholders of San Faustín N.V., such as the
election of directors, the approval of certain corporate transactions and
other matters concerning the company’s
policies.
|
·
|
There were
no controlling shareholders for Rocca & Partners
S.A.
|
|
|
Year
ended December 31, 2009
|
||||||||||||
Associated
(1)
|
Other
|
Total
|
|||||||||||
(i)
|
Transactions
(2)
|
||||||||||||
(a)
Sales of goods and services
|
|||||||||||||
Sales
of goods
|
25,561 | 75,097 | 100,658 | ||||||||||
Sales
of services
|
12,752 | 4,352 | 17,103 | ||||||||||
38,313 | 79,449 | 117,762 | |||||||||||
(b)
Purchases of goods and services
|
|||||||||||||
Purchases
of goods
|
40,171 | 9,705 | 49,877 | ||||||||||
Purchases
of services
|
89,023 | 71,541 | 160,564 | ||||||||||
129,194 | 81,247 | 210,441 |
|
Year
ended December 31, 2008
|
|||||||||||||
Associated
(1)
|
Other
|
Total
|
|||||||||||
(i)
|
Transactions
(3)
|
||||||||||||
(a)
Sales of goods and services
|
|||||||||||||
Sales
of goods
|
74,420 | 37,636 | 112,056 | ||||||||||
Sales
of services
|
19,444 | 4,205 | 23,649 | ||||||||||
93,864 | 41,841 | 135,705 | |||||||||||
(b)
Purchases of goods and services
|
|||||||||||||
Purchases
of goods
|
123,704 | 24,161 | 147,865 | ||||||||||
Purchases
of services
|
125,161 | 79,037 | 204,198 | ||||||||||
248,865 | 103,198 | 352,063 |
|
Year
ended December 31, 2007
|
||||||||||||
Associated
(4)
|
Other
|
Total
|
|||||||||||
(i)
|
Transactions
(5)
|
||||||||||||
(a)
Sales of goods and services
|
|||||||||||||
Sales
of goods
|
98,141 | 39,307 | 137,448 | ||||||||||
Sales
of services
|
18,712 | 5,110 | 23,822 | ||||||||||
116,853 | 44,417 | 161,270 | |||||||||||
(b)
Purchases of goods and services
|
|||||||||||||
Purchases
of goods
|
254,063 | 27,277 | 281,340 | ||||||||||
Purchases
of services
|
94,152 | 70,205 | 164,357 | ||||||||||
348,215 | 97,482 | 445,697 |
|
At
December 31, 2009
|
||||||||||||
Associated
(1)
|
Other
|
Total
|
|||||||||||
(ii)
|
Year-end
balances
|
||||||||||||
(a)
Arising from sales / purchases of goods / services
|
|||||||||||||
Receivables
from related parties
|
18,273 | 7,093 | 25,366 | ||||||||||
Payables
to related parties
|
(23,898 | ) | (5,856 | ) | (29,754 | ) | |||||||
(5,625 | ) | 1,237 | (4,388 | ) | |||||||||
(b)
Financial debt
|
|||||||||||||
Borrowings
|
(2,907 | ) | - | (2,907 | ) |
|
At
December 31, 2008
|
||||||||||||
Associated
(1)
|
Other
|
Total
|
|||||||||||
(ii)
|
Year-end
balances
|
||||||||||||
(a)
Arising from sales / purchases of goods / services
|
|||||||||||||
Receivables
from related parties
|
50,137 | 15,504 | 65,641 | ||||||||||
Payables
to related parties
|
(44,470 | ) | (5,974 | ) | (50,444 | ) | |||||||
5,667 | 9,530 | 15,197 | |||||||||||
(b)
Financial debt
|
|||||||||||||
Borrowings
|
(2,294 | ) | - | (2,294 | ) |
At
December 31, 2007
|
|||||||||||||
Associated
(1)
|
Other
|
Total
|
|||||||||||
(ii)
|
Year-end
balances
|
||||||||||||
(a)
Arising from sales / purchases of goods / services
|
|||||||||||||
Receivables
from related parties
|
45,773 | 8,015 | 53,788 | ||||||||||
Payables
to related parties
|
(61,597 | ) | (7,379 | ) | (68,976 | ) | |||||||
(15,824 | ) | 636 | (15,188 | ) | |||||||||
(b)
Financial debt
|
|||||||||||||
Borrowings
(6)
|
(27,482 | ) | - | (27,482 | ) |
|
Company
|
Country
of Organization
|
Main
activity
|
Percentage
of ownership at December 31, (*)
|
||
2009
|
2008
|
2007
|
|||
ALGOMA
TUBES INC.
|
Canada
|
Manufacturing
of seamless steel pipes
|
100%
|
100%
|
100%
|
CONFAB
INDUSTRIAL S.A. and subsidiaries (a)
|
Brazil
|
Manufacturing
of welded steel pipes and capital goods
|
40%
|
40%
|
39%
|
DALMINE
S.p.A.
|
Italy
|
Manufacturing
of seamless steel pipes
|
99%
|
99%
|
99%
|
HYDRIL
COMPANY and subsidiaries (except detailed) (b)
|
USA
|
Manufacture
and marketing of premium connections
|
100%
|
100%
|
100%
|
HYDRIL
U.K. LTD.
|
United
Kingdom
|
Manufacturing
of steel products
|
100%
|
100%
|
100%
|
INVERSIONES
BERNA S.A.
|
Chile
|
Financial
Company
|
100%
|
100%
|
100%
|
MAVERICK
TUBE CORPORATION and subsidiaries (except detailed)
|
USA
|
Manufacturing
of welded steel pipes
|
100%
|
100%
|
100%
|
MAVERICK
TUBE, LLC
|
USA
|
Manufacturing
of welded steel pipes
|
100%
|
100%
|
100%
|
NKKTUBES
|
Japan
|
Manufacturing
of seamless steel pipes
|
51%
|
51%
|
51%
|
PRUDENTIAL
STEEL ULC
|
Canada
|
Manufacturing
of welded steel pipes
|
100%
|
100%
|
100%
|
S.C.
SILCOTUB S.A.
|
Romania
|
Manufacturing
of seamless steel pipes
|
100%
|
100%
|
99%
|
SIAT
S.A.
|
Argentina
|
Manufacturing
of welded and seamless steel pipes
|
82%
|
82%
|
82%
|
SIDERCA
S.A.I.C. and subsidiaries (except detailed) (c)
|
Argentina
|
Manufacturing
of seamless steel pipes
|
100%
|
100%
|
100%
|
SIDTAM
LTD.
|
British
Virgin Islands
|
Holding
Company
|
100%
|
100%
|
100%
|
TALTA
- TRADING E MARKETING SOCIEDADE UNIPESSOAL LDA.
|
Madeira
|
Holding
Company
|
100%
|
100%
|
100%
|
TENARIS
CONNECTION Limited and subsidiaries (except detailed)
|
St.
Vincent & the Grenadines
|
Ownership
and licensing of steel technology
|
100%
|
100%
|
100%
|
TENARIS
FINANCIAL SERVICES S.A.
|
Uruguay
|
Financial
Company
|
100%
|
100%
|
100%
|
TENARIS
GLOBAL SERVICES (CANADA) INC.
|
Canada
|
Marketing
of steel products
|
100%
|
100%
|
100%
|
TENARIS
GLOBAL SERVICES (PANAMA) S.A. - Suc. Colombia
|
Colombia
|
Marketing
of steel products
|
100%
|
100%
|
100%
|
TENARIS
GLOBAL SERVICES (U.S.A.) CORPORATION
|
USA
|
Marketing
of steel products
|
100%
|
100%
|
100%
|
TENARIS
GLOBAL SERVICES NORWAY A.S.
|
Norway
|
Marketing
of steel products
|
100%
|
100%
|
100%
|
TENARIS
GLOBAL SERVICES S.A. and subsidiaries (except detailed)
(d)
|
Uruguay
|
Holding
company and marketing of steel products
|
100%
|
100%
|
100%
|
TENARIS
INVESTMENTS LTD and subsidiaries (except detailed)
|
Ireland
|
Holding
company and financial services
|
100%
|
100%
|
100%
|
TUBOS
DE ACERO DE MEXICO SA
|
Mexico
|
Manufacturing
of seamless steel pipes
|
100%
|
100%
|
100%
|
TUBOS
DEL CARIBE LTDA.
|
Colombia
|
Manufacturing
of welded steel pipes
|
100%
|
100%
|
100%
|
|
Annual
Dividend Proposal
|
Ricardo
Soler
|
||
Chief
Financial Officer
|