Tenaris S.A. TEN

MIL: TEN | ISIN: LU0156801721   28/03/2024
18,32 EUR (-0,46%)
(-0,46%)   28/03/2024

Tenaris Announces 2022 Third Quarter Results

The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

LUXEMBOURG, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended September 30, 2022 in comparison with its results for the quarter ended September 30, 2021.

Summary of 2022 Third Quarter Results

 3Q 20222Q 20223Q 2021
Net sales ($ million)2,975 2,800 6%1,754 70%
Operating income ($ million)803 663 21%231 248%
Net income ($ million)608 634 (4%)326 86%
Shareholders’ net income ($ million)606 637 (5%)330 84%
Earnings per ADS ($)1.03 1.08 (5%)0.56 84%
Earnings per share ($)0.51 0.54 (5%)0.28 84%
EBITDA ($ million)946 806 17%379 149%
EBITDA margin (% of net sales)31.8%28.8% 21.6% 

Our third quarter sales increased 6% sequentially as further pricing gains more than compensated lower shipments, which were affected by lower deliveries to pipeline projects and seasonal factors. Our EBITDA increased a further 17% sequentially with the margin rising above 30% following the increase in average selling prices which offset the increase in costs of raw materials and energy. Net income decreased 4% sequentially affected by non-operating items: lower results from our equity participation in non-consolidated companies (Ternium and Usiminas) and higher financial expenses.

Our free cash flow for the quarter remained positive at $113 million despite an increase in working capital of $601 million related to a buildup of inventories in anticipation of increased shipments and an increase in receivables. Our capital investments for the quarter, which included $56 million for the wind farm in Argentina, also increased. Our net cash position increased to $700 million at September 30, 2022.

Interim Dividend Payment

Our board of directors approved the payment of an interim dividend of $0.17 per share ($0.34 per ADS), or approximately $201 million. The payment date will be November 23, 2022 , with an ex-dividend date on November 21, 2022 and record date on November 22, 2022.

Market Background and Outlook

In an environment of high geopolitical and macro-economic risk, global economic growth is slowing, and energy prices have come off their recent highs. Conditions in the energy industry, however, remain supportive for an increased level of investment, with low levels of spare capacity and inventories, uncertainty about the impact of further sanctions on Russian exports and a renewed focus on energy security around the world. Global energy provision is constrained and all sources of supply will be needed to meet growing demand.

Drilling activity has increased this year and is expected to increase further, particularly in the Middle East and offshore. Global demand for OCTG is increasing and is expected to surpass pre-Covid levels in 2023. Pipeline activity is also advancing to support oil and gas developments, notably in Argentina and the Middle East.

In the fourth quarter, we anticipate further growth in sales boosted by higher shipments to pipeline projects and additional pricing gains. At the same time, our EBITDA margin should continue to benefit from higher operating leverage while our free cash flow should continue to recover.

US Trade Case

On October 27, 2021, the U.S. Department of Commerce (“DOC”) announced the initiation of antidumping duty investigations of oil country tubular goods (“OCTG”) from Argentina, Mexico, and Russia and countervailing duty investigations of OCTG from Russia and South Korea.

On October 26, 2022, the ITC issued a final determination that the imports under investigation caused injury to the U.S. OCTG industry. As a result of the investigation, Tenaris is required to pay antidumping duties (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) on its imports of OCTG from Argentina and Mexico for five years. Tenaris has been paying such duties since May 11, 2022, reflecting the amount of such deposits in its production costs. The duty rates may be reset periodically based on the results of the review process.

Analysis of 2022 Third Quarter Results

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)3Q 20222Q 20223Q 2021
Seamless750815(8%)67511%
Welded1067541%7149%
Total856890(4%)74615%

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes3Q 20222Q 20223Q 2021
(Net sales - $ million)     
North America1,761 1,583 11%901 95%
South America600 462 30%314 91%
Europe190 259 (27%)141 35%
Middle East & Africa234 260 (10%)199 18%
Asia Pacific46 67 (31%)52 (11%)
Total net sales ($ million)2,832 2,632 8%1,607 76%
Operating income ($ million)780 636 23%200 290%
Operating margin (% of sales)27.5%24.2% 12.4% 

Net sales of tubular products and services increased 8% sequentially and 76% year on year. On a sequential basis volumes shipped decreased 4%, affected by lower deliveries to pipeline projects and seasonal factors, while average selling prices increased 12% sequentially, more than offsetting the lower volumes. In North America, sales increased thanks to higher OCTG prices throughout the region and higher shipments of OCTG in Canada. In South America we had higher sales of OCTG to offshore projects in Guyana and higher sales for pipelines in Argentina. In Europe sales declined due to lower sales for offshore line pipe projects and lower sales of industrial products. In the Middle East and Africa sales declined as we had lower sales in Saudi Arabia and lower sales of high alloy products in UAE. In Asia Pacific sales declined reflecting the discontinuation of sales from NKKTubes in Japan and lower sales in China.

Operating results from tubular products and services amounted to a gain of $780 million in the third quarter of 2022 compared to a gain of $636 million in the previous quarter and $200 million in the third quarter of 2021. Our operating margin improved as tubes price increases more than offset higher energy and raw material costs.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others3Q 20222Q 20223Q 2021
Net sales ($ million)143 168 (15%)147 (2%)
Operating income ($ million)23 27 (12%)31 (26%)
Operating margin (% of sales)16.2%15.8% 21.4% 

Net sales of other products and services decreased 15% sequentially and 2% year on year. Sequentially, sales declined mainly due to lower sales of excess raw materials and lower sales of pipes for plumbing applications in Italy.

Selling, general and administrative expenses, or SG&A, amounted to $403 million, or 13.6% of net sales, in the third quarter of 2022, compared to $412 million, 14.7% in the previous quarter and $317 million, 18.1% in the third quarter of 2021. Sequentially, our SG&A expenses decreased mainly due to a reduction in logistic costs associated with lower shipments.

Financial results amounted to a loss of $29 million in the third quarter of 2022, compared to a loss of $11 million in the previous quarter and a loss close to zero in the third quarter of 2021. The financial result of the quarter includes a $30 million loss related to a dividend distribution in kind (Argentine sovereign bonds) paid by an Argentine subsidiary of the Company, which was impacted by the change in value of such bonds from the local Argentine market to the International market. This is related to foreign exchange control measures in Argentina, please see note 18 to our consolidated condensed interim financial statements for the nine-month period ended September 30, 2022.

Equity in earnings of non-consolidated companies generated a gain of $5 million in the third quarter of 2022, compared to a gain of $103 million in the previous quarter and a gain of $154 million in the third quarter of 2021. The result of the quarter includes a $32 million loss from an impairment in Usiminas ($19 million from our direct investment in Usiminas and $13 million from our indirect investment in Usiminas through Ternium). Excluding the impairment loss the equity in earnings of non-consolidated companies would have amounted to $37 million.

Income tax charge amounted to $171 million in the third quarter of 2022, compared to $120 million in the previous quarter and $59 million in the third quarter of 2021. The increase in income tax mainly reflects better results at several subsidiaries following the improvement in activity.

Cash Flow and Liquidity of 2022 Third Quarter

Net cash generated by operating activities during the third quarter of 2022 was $242 million, compared to $428 million in the previous quarter and $53 million in the third quarter of 2021. During the third quarter of 2022 cash generated by operating activities is net of an increase in working capital of $601 million mainly related to a buildup of inventories in anticipation of increased shipments and higher receivables reflecting the increase in sales.

With capital expenditures of $129 million, which include $56 million invested in the wind farm in Argentina, our free cash flow amounted to $113 million during the quarter and our net cash position amounted to $700 million at September 30, 2022.

Analysis of 2022 First Nine Months Results

 9M 20229M 2021Increase/(Decrease)
Net sales ($ million)8,142 4,464 82%
Operating income ($ million)1,950 434 349%
Net income ($ million)1,746 717 143%
Shareholders’ net income ($ million)1,746 730 139%
Earnings per ADS ($)2.96 1.24 139%
Earnings per share ($)1.48 0.62 139%
EBITDA ($ million)2,379 877 171%
EBITDA margin (% of net sales)29.2%19.6% 

The following table shows our net sales by business segment for the periods indicated below:

Net sales ($ million)9M 20229M 2021Increase/(Decrease)
Tubes7,66794%4,08491%88%
Others4756%3809%25%
Total8,142 4,464 82%

Tubes

The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

Tubes Sales volume (thousand metric tons)9M 20229M 2021Increase/(Decrease)
Seamless2,3371,78231%
Welded2312215%
Total2,5682,00328%

The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

Tubes9M 20229M 2021Increase/(Decrease)
(Net sales - $ million)   
North America4,691 2,122 121%
South America1,411 710 99%
Europe681 454 50%
Middle East & Africa676 623 9%
Asia Pacific207 174 19%
Total net sales ($ million)7,667 4,084 88%
Operating income ($ million)1,887 368 413%
Operating margin (% of sales)24.6%9.0% 

Net sales of tubular products and services increased 88% to $7,667 million in the first nine months of 2022, compared to $4,084 million in the first nine months of 2021 due to an increase of 28% in volumes and a 46% increase in average selling prices. Sales increased in all regions, mainly in North America where there was a recovery in volumes and prices throughout the region, led by the U.S. onshore market. Average drilling activity in the first nine months of 2022 increased 54% in the United States & Canada and 13% internationally compared to the first nine months of 2021.

Operating results from tubular products and services amounted to a gain of $1,887 million in the first nine months of 2022 compared to $368 million in the first nine months of 2021. The improvement in operating results was driven by the recovery in sales and margins, as higher tubes prices and an improvement in industrial performance due to the increased levels of activity and utilization of production capacity more than offset the increase in raw material and energy costs.

Others

The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

Others9M 20229M 2021Increase/(Decrease)
Net sales ($ million)475 380 25%
Operating income ($ million)63 66 (5%)
Operating margin (% of sales)13.2%17.4% 

Net sales of other products and services increased 25% to $475 million in the first nine months of 2022, compared to $380 million in the first nine months of 2021, mainly due to higher sales of our oilfield services business in Argentina which offers hydraulic fracturing and coiled tubing services, higher sales of sucker rods and excess raw materials, partially offset by lower sales from the discontinued industrial equipment business in Brazil.

Selling, general and administrative expenses, or SG&A, amounted to $1,180 million in the first nine months of 2022, representing 14.5% of sales, and $869 million in the first nine months of 2021, representing 19.5% of sales. SG&A expenses increased mainly due to higher selling expenses (in particular commissions and freights) associated with higher sales and higher labor costs. However, they decreased as a percentage of sales due to the better absorption of fixed and semi-fixed components of SG&A expenses on higher sales.

Other operating results amounted to a net gain of $12 million in the first nine months of 2022, compared to a net gain of $50 million in the first nine months of 2021. In the first nine months of 2022 other operating results include a non-cash gain of $71 million from the reclassification to the income statement of NKKTubes’s cumulative foreign exchange adjustments belonging to the shareholders, an $18 million gain from the sale of land in Canada after the relocation of the Prudential facility, partially offset by a $78 million loss from the settlement with the U.S. SEC. The gain in 2021 was mainly due to a $34 million recognition of fiscal credits in Brazil and the profit from the sale of fixed assets in Saudi Arabia.

Financial results amounted to a loss of $42 million in the first nine months of 2022, compared to a gain of $21 million in the first nine months of 2021. The financial result in the first nine months of 2022 includes a $30 million loss related to a dividend distribution in kind (Argentine sovereign bonds) performed by an Argentine subsidiary of the Company, which was mainly impacted by the change in valuation of the bonds from the local Argentine market to the International market, as well as the decline in the fair value of certain financial instruments obtained in an operation of settlement of trade receivables in the second quarter of 2022.

Equity in earnings of non-consolidated companies generated a gain of $196 million in the first nine months of 2022, compared to a gain of $379 million in the first nine months of 2021. The result of the first nine months of 2022 includes a $32 million loss from an impairment in Usiminas ($19 million from our direct investment in Usiminas and $13 million from our indirect investment in Usiminas through Ternium) and an impairment on the value of our joint venture in Russia, amounting to $15 million. The remaining results are mainly derived from our participation in Ternium (NYSE:TX).

Income tax amounted to a charge of $359 million in the first nine months of 2022, compared to $117 million in the first nine months of 2021. The increase in income tax reflects better results at several subsidiaries following the improvement in activity in 2022.

Cash Flow and Liquidity of 2022 First Nine Months

Net cash provided by operating activities during the first nine months of 2022 amounted to $643 million (net of an increase in working capital of $1,408 million), compared to cash provided by operations of $73 million (net of an increase in working capital of $673 million) in the first nine months of 2021. Working capital, mainly inventories and trade receivables, has been increasing since 2021 following the recovery in activity from very low levels in 2020.

Capital expenditures amounted to $271 million in the first nine months of 2022, compared to $171 million in the first nine months of 2021. Free cash flow amounted to $372 million in the first nine months of 2022, compared to a negative free cash flow of $98 million in the first nine months of 2021.

Our net cash position amounted to $700 million at September 30, 2022, same level as at December 31, 2021.

Conference call

Tenaris will hold a conference call to discuss the above reported results, on November 4, 2022, at 09:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.
To listen to the conference please join through one of the following options:
ir.tenaris.com/events-and-presentations or
https://edge.media-server.com/mmc/p/9rkcyax4
If you wish to participate in the Q&A session please register at the following link: https://register.vevent.com/register/BI722f17c9bfb94b2ea67ce3682137cb5d
Please connect 10 minutes before the scheduled start time.
A replay of the conference call will also be available on our webpage at:
ir.tenaris.com/events-and-presentations

Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Consolidated Condensed Interim Income Statement

(all amounts in thousands of U.S. dollars)Three-month period
ended September 30,
Nine-month period ended
September 30,
 2022 2021 2022 2021 
 UnauditedUnaudited
Net sales2,974,801 1,753,743 8,142,316 4,464,043 
Cost of sales(1,766,486)(1,214,451)(5,023,770)(3,211,232)
Gross profit1,208,315 539,292 3,118,546 1,252,811 
Selling, general and administrative expenses(403,435)(316,708)(1,180,097)(868,519)
Other operating income (expense), net(1,755)8,325 11,775 49,902 
Operating income803,125 230,909 1,950,224 434,194 
Finance Income26,998 4,988 42,264 32,203 
Finance Cost(17,741)(6,320)(25,703)(16,826)
Other financial results(38,368)1,024 (58,247)5,704 
Income before equity in earnings of non-consolidated companies and income tax774,014 230,601 1,908,538 455,275 
Equity in earnings of non-consolidated companies5,295 154,139 196,001 379,109 
Income before income tax779,309 384,740 2,104,539 834,384 
Income tax(171,239)(58,505)(359,010)(117,202)
Income for continuing operations608,070 326,235 1,745,529 717,182 
     
Attributable to:    
Shareholders' equity606,470 329,871 1,745,962 730,157 
Non-controlling interests1,600 (3,636)(433)(12,975)
 608,070 326,235 1,745,529 717,182 


Consolidated Condensed Interim Statement of Financial Position

(all amounts in thousands of U.S. dollars)At September 30, 2022 At December 31, 2021
 Unaudited  
ASSETS     
Non-current assets     
Property, plant and equipment, net5,640,329  5,824,801 
Intangible assets, net1,347,892  1,372,176 
Right-of-use assets, net112,342  108,738 
Investments in non-consolidated companies1,536,439  1,383,774 
Other investments150,489  320,254 
Derivative financial instruments-  7,080 
Deferred tax assets264,843  245,547 
Receivables, net220,3129,272,646 205,8889,468,258
Current assets     
Inventories, net3,679,135  2,672,593 
Receivables and prepayments, net208,287  96,276 
Current tax assets212,093  193,021 
Trade receivables, net2,013,660  1,299,072 
Derivative financial instruments46,178  4,235 
Other investments434,566  397,849 
Cash and cash equivalents994,8547,588,773 318,1274,981,173
Total assets 16,861,419   14,449,431
EQUITY     
Shareholders' equity 13,204,886  11,960,578
Non-controlling interests 129,895  145,124
Total equity 13,334,781   12,105,702
LIABILITIES     
Non-current liabilities     
Borrowings47,164  111,432 
Lease liabilities84,922  82,694 
Deferred tax liabilities284,549  274,721 
Other liabilities235,309  231,681 
Provisions91,318743,262 83,556784,084
Current liabilities     
Borrowings827,962  219,501 
Lease liabilities31,127  34,591 
Derivative financial instruments11,778  11,328 
Current tax liabilities288,208  143,486 
Other liabilities277,812  203,725 
Provisions10,829  9,322 
Customer advances324,623  92,436 
Trade payables1,011,0372,783,376 845,2561,559,645
Total liabilities 3,526,638   2,343,729
Total equity and liabilities 16,861,419   14,449,431


Consolidated Condensed Interim Statement of Cash Flows

(all amounts in thousands of U.S. dollars) Three-month period ended
September 30,
Nine-month period ended
September 30,
  2022 2021 2022 2021 
  Unaudited Unaudited
Cash flows from operating activities     
Income for the period 608,070 326,235 1,745,529 717,182 
Adjustments for:     
Depreciation and amortization 142,488 148,465 428,588 442,561 
Income tax accruals less payments 72,639 12,197 118,590 11,630 
Equity in earnings of non-consolidated companies (5,295)(154,139)(196,001)(379,109)
Interest accruals less payments, net 6,763 (490)5,152 (12,537)
Changes in provisions (1,210)4,618 9,269 14,216 
Reclassification of currency translation adjustment reserve - - (71,252)- 
Changes in working capital (601,242)(275,622)(1,408,341)(672,712)
Currency translation adjustment and others 19,914 (8,360)11,741 (48,186)
Net cash provided by operating activities 242,127 52,904 643,275 73,045 
      
Cash flows from investing activities     
Capital expenditures (129,457)(74,306)(270,800)(170,871)
Changes in advance to suppliers of property, plant and equipment 14,062 1,308 (5,793)(4,420)
Acquisition of subsidiaries, net of cash acquired - - (4,082)- 
Proceeds from disposal of property, plant and equipment and intangible assets 772 9,016 46,768 14,355 
Investment in companies under cost method - (692)- (692)
Dividends received from non-consolidated companies - - 45,488 49,131 
Changes in investments in securities 128,746 35,500 85,175 278,423 
Net cash provided by (used in) investing activities 14,123 (29,174)(103,244)165,926 
      
Cash flows from financing activities     
Dividends paid - - (330,584)(165,275)
Dividends paid to non-controlling interest in subsidiaries (10,432)(148)(10,432)(3,355)
Changes in non-controlling interests (5,128)- (3,506)- 
Payments of lease liabilities (10,431)(11,917)(38,836)(38,221)
Proceeds from borrowings 497,982 289,579 1,349,718 575,698 
Repayments of borrowings (352,411)(370,438)(793,587)(674,325)
Net cash provided by (used in) financing activities 119,580 (92,924)172,773 (305,478)
      
Increase (decrease) in cash and cash equivalents 375,830 (69,194)712,804 (66,507)
      
Movement in cash and cash equivalents     
At the beginning of the period 635,928 585,239 318,067 584,583 
Effect of exchange rate changes (20,955)(2,380)(40,068)(4,411)
Increase (decrease) in cash and cash equivalents 375,830 (69,194)712,804 (66,507)
  990,803 513,665 990,803 513,665 

Exhibit I – Alternative performance measures

Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

EBITDA, Earnings before interest, tax, depreciation and amortization.

EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

EBITDA is calculated in the following manner:

EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals)

EBITDA is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)Three-month period ended
September 30,
Nine-month period ended
September 30,
 2022 2021 2022 2021 
Income for continuing operations608,070 326,235 1,745,529 717,182 
Income tax171,239 58,505 359,010 117,202 
Equity in earnings of non-consolidated companies(5,295)(154,139)(196,001)(379,109)
Financial Results29,111 308 41,686 (21,081)
Depreciation and amortization142,488 148,465 428,588 442,561 
EBITDA945,613 379,374 2,378,812 876,755 

Free Cash Flow

Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

Free cash flow is calculated in the following manner:

Free cash flow = Net cash (used in) provided by operating activities - Capital expenditures.

Free cash flow is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)Three-month period ended
September 30,
Nine-month period ended
September 30,
 2022 2021 2022 2021 
Net cash provided by operating activities242,127 52,904 643,275 73,045 
Capital expenditures(129,457)(74,306)(270,800)(170,871)
Free cash flow112,670 (21,402)372,475 (97,826)

Net Cash / (Debt)

This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

Net cash/ debt is calculated in the following manner:

Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments - Borrowings (Current and Non-Current).

Net cash/debt is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)At September 30,
 2022 2021 
Cash and cash equivalents994,854 513,781 
Other current investments434,566 457,861 
Non-current investments144,222 369,079 
Derivatives hedging borrowings and investments1,284 3,381 
Current borrowings(827,962)(402,237)
Non-current borrowings(47,164)(111,442)
Net cash 699,800 830,423 

Operating working capital days

Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

Operating working capital days is calculated in the following manner:

Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365

Operating working capital days is a non-IFRS alternative performance measure.

(all amounts in thousands of U.S. dollars)At September 30,
 2022 2021 
Inventories3,679,135 2,477,445 
Trade receivables2,013,660 1,111,174 
Customer advances(324,623)(56,738)
Trade payables(1,011,037)(791,424)
Operating working capital4,357,135 2,740,457 
Annualized quarterly sales11,899,204 7,014,972 
Operating working capital days134 143 

Giovanni Sardagna        
Tenaris
1-888-300-5432
www.tenaris.com


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