Tenaris SA 6-K, filed Aug 5, 2022

Tenaris SA (TS)

6-K 2022-08-05 For: 2022-06-30

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Added on July 07, 2026

About this 6-K

Tenaris SA filed this 6-K on August 5, 2022.

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			Three-month period ended June 30,						Six-month period ended June 30,
			2022			2021			2022			2021
	Notes		(Unaudited)						(Unaudited)
Net sales		3		2,800,474			1,528,511			5,167,515			2,710,300
Cost of sales		4		(1,735,342	)		(1,113,782	)		(3,257,284	)		(1,996,781	)
Gross profit				1,065,132			414,729			1,910,231			713,519
Selling, general and administrative expenses		5		(411,740	)		(296,785	)		(776,662	)		(551,811	)
Other operating income (expense), net		6		9,453			33,750			13,530			41,577
Operating income				662,845			151,694			1,147,099			203,285
Finance Income		7		6,441			21,517			15,266			27,215
Finance Cost		7		(6,127	)		(5,831	)		(7,962	)		(10,506	)
Other financial results		7		(11,771	)		(6,074	)		(19,879	)		4,680
Income before equity in earnings of non-consolidated companies and income tax				651,388			161,306			1,134,524			224,674
Equity in earnings of non-consolidated companies		15		103,102			145,829			190,706			224,970
Income before income tax				754,490			307,135			1,325,230			449,644
Income tax				(120,464	)		(16,953	)		(187,771	)		(58,697	)
Income for the period				634,026			290,182			1,137,459			390,947

Attributable to:
Shareholders' equity				636,718			293,940			1,139,492			400,286
Non-controlling interests				(2,692	)		(3,758	)		(2,033	)		(9,339	)
				634,026			290,182			1,137,459			390,947
Earnings per share attributable to shareholders' equity during the period:
Weighted average number of ordinary shares (thousands)				1,180,537			1,180,537			1,180,537			1,180,537

Basic and diluted earnings per share (U.S. dollars per share)				0.54			0.25			0.97			0.34
Basic and diluted earnings per ADS (U.S. dollars per ADS) ^(*)				1.08			0.50			1.93			0.68

	Three-month period ended June 30,						Six-month period ended June 30,
	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
Income for the period		634,026			290,182			1,137,459			390,947
Items that may be subsequently reclassified to profit or loss:
Currency translation adjustment		(75,098	)		42,972			(47,013	)		(17,534	)
Reclassification of currency translation adjustment reserve ^(*)		(71,252	)		-			(71,252	)		-
Change in value of cash flow hedges and instruments at fair value		4,917			2,910			(7,320	)		556
Income tax relating to components of other comprehensive income		-			532			-			(2,411	)
From participation in non-consolidated companies:
- Currency translation adjustment		(22,380	)		18,649			8,481			7,803
- Changes in the fair value of derivatives held as cash flow hedges and others		(519	)		472			(2,095	)		(676	)
		(164,332	)		65,535			(119,199	)		(12,262	)
Items that will not be reclassified to profit or loss:
Remeasurements of post employment benefit obligations		25			705			(301	)		893
Income tax on items that will not be reclassified		(139	)		(1,046	)		(139	)		(1,728	)
Remeasurements of post employment benefit obligations of non-consolidated companies		(486	)		3,353			(512	)		2,981
		(600	)		3,012			(952	)		2,146
Other comprehensive (loss) income for the period		(164,932	)		68,547			(120,151	)		(10,116	)
Total comprehensive income for the period		469,094			358,729			1,017,308			380,831
Attributable to:
Shareholders' equity		472,140			362,484			1,019,683			387,609
Non-controlling interests		(3,046	)		(3,755	)		(2,375	)		(6,778	)
		469,094			358,729			1,017,308			380,831

		At June 30, 2022			At December 31, 2021
	Notes	(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment, net	9		5,662,744			5,824,801
Intangible assets, net	10		1,358,935			1,372,176
Right-of-use assets, net	11		109,340			108,738
Investments in non-consolidated companies	15		1,539,006			1,383,774
Other investments NC	12		184,222			320,254
Derivative financial instruments NCA	13		8,279			7,080
Deferred tax assets			264,161			245,547
Receivables, net			228,610	9,355,297		205,888	9,468,258
Current assets
Inventories, net			3,370,139			2,672,593
Receivables and prepayments, net			134,661			96,276
Current tax assets			201,786			193,021
Trade receivables, net			1,890,697			1,299,072
Derivative financial instruments CA	13		27,064			4,235
Other investments C	12		559,827			397,849
Cash and cash equivalents	12		636,571	6,820,745		318,127	4,981,173
Total assets				16,176,042			14,449,431
EQUITY
Shareholders' equity				12,649,677			11,960,578
Non-controlling interests				144,371			145,124
Total equity				12,794,048			12,105,702
LIABILITIES
Non-current liabilities
Borrowings			16,931			111,432
Lease liabilities	11		83,315			82,694
Deferred tax liabilities			279,799			274,721
Other liabilities			236,224			231,681
Provisions			93,312	709,581		83,556	784,084
Current liabilities
Borrowings			727,497			219,501
Lease liabilities	11		29,357			34,591
Derivative financial instruments CL	13		12,811			11,328
Current tax liabilities			232,437			143,486
Other liabilities			317,846			203,725
Provisions			10,045			9,322
Customer advances			343,613			92,436
Trade payables			998,807	2,672,413		845,256	1,559,645
Total liabilities				3,381,994			2,343,729
Total equity and liabilities				16,176,042			14,449,431

	Shareholders' equity
	Share Capital ⁽¹⁾	Legal Reserves	Share Premium	Currency Translation Adjustment		Other Reserves ⁽²⁾		Retained Earnings ⁽³⁾		Total		Non- controlling interests		Total
														(Unaudited)
Balance at December 31, 2021	1,180,537	118,054	609,733	(1,051,133	)	(336,200	)	11,439,587		11,960,578		145,124		12,105,702
Income (loss) for the period	-	-	-	-		-		1,139,492		1,139,492		(2,033	)	1,137,459
Currency translation adjustment	-	-	-	(46,688	)	-		-		(46,688	)	(325	)	(47,013	)
Reclassification of currency translation adjustment reserve ⁽⁴⁾	-	-	-	(71,252	)	-		-		(71,252	)	-		(71,252	)
Remeasurements of post employment benefit obligations, net of taxes	-	-	-	-		(470	)	-		(470	)	30		(440	)
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes	-	-	-	-		(7,273	)	-		(7,273	)	(47	)	(7,320	)
From other comprehensive income of non-consolidated companies	-	-	-	8,481		(2,607	)	-		5,874		-		5,874
Other comprehensive (loss) for the period	-	-	-	(109,459	)	(10,350	)	-		(119,809	)	(342	)	(120,151	)
Total comprehensive income (loss) for the period	-	-	-	(109,459	)	(10,350	)	1,139,492		1,019,683		(2,375	)	1,017,308
Acquisition and other changes in non-controlling interests	-	-	-	-		-		-		-		1,622		1,622
Dividends paid	-	-	-	-		-		(330,584	)	(330,584	)	-		(330,584	)
Balance at June 30, 2022	1,180,537	118,054	609,733	(1,160,592	)	(346,550	)	12,248,495		12,649,677		144,371		12,794,048

	Shareholders' equity
	Share Capital ⁽¹⁾		Legal Reserves		Share Premium		Currency Translation Adjustment			Other Reserves ⁽²⁾			Retained Earnings ⁽³⁾			Total			Non- controlling interests			Total
																						(Unaudited)
Balance at December 31, 2020		1,180,537		118,054		609,733		(958,374	)		(345,217	)		10,658,155			11,262,888			183,585			11,446,473
Income (loss) for the period		-		-		-		-			-			400,286			400,286			(9,339	)		390,947
Currency translation adjustment		-		-		-		(17,418	)		-			-			(17,418	)		(116	)		(17,534	)
Remeasurements of post employment benefit obligations, net of taxes		-		-		-		-			(835	)		-			(835	)		-			(835	)
Change in value of instruments at fair value through other comprehensive income and cash flow hedges, net of taxes		-		-		-		-			(4,532	)		-			(4,532	)		2,677			(1,855	)
From other comprehensive income of non-consolidated companies		-		-		-		7,803			2,305			-			10,108			-			10,108
Other comprehensive (loss) income for the period		-		-		-		(9,615	)		(3,062	)		-			(12,677	)		2,561			(10,116	)
Total comprehensive income (loss) for the period		-		-		-		(9,615	)		(3,062	)		400,286			387,609			(6,778	)		380,831
Acquisition and other changes in non-controlling interests ⁽⁵⁾		-		-		-		-			-			-			-			4,885			4,885
Dividends paid		-		-		-		-			-			(165,275	)		(165,275	)		(3,207	)		(168,482	)
Balance at June 30, 2021		1,180,537		118,054		609,733		(967,989	)		(348,279	)		10,893,166			11,485,222			178,485			11,663,707

			Six-month period ended June 30,
	Notes		2022			2021
			(Unaudited)
Cash flows from operating activities
Income for the period				1,137,459			390,947
Adjustments for:
Depreciation and amortization		9, 10 & 11		286,100			294,096
Income tax accruals less payments				45,951			(567	)
Equity in earnings of non-consolidated companies		15		(190,706	)		(224,970	)
Interest accruals less payments, net				(1,611	)		(12,047	)
Changes in provisions				10,479			9,598
Reclassification of currency translation adjustment reserve ^(*)		6		(71,252	)		-
Changes in working capital				(807,099	)		(397,090	)
Currency translation adjustment and others				(8,173	)		(39,826	)
Net cash provided by operating activities				401,148			20,141

Cash flows from investing activities
Capital expenditures		9 & 10		(141,343	)		(96,565	)
Changes in advance to suppliers of property, plant and equipment				(19,855	)		(5,728	)
Acquisition of subsidiaries, net of cash acquired		20		(4,082	)		-
Proceeds from disposal of property, plant and equipment and intangible assets				45,996			5,339
Dividends received from non-consolidated companies		15		45,488			49,131
Changes in investments in securities				(43,571	)		242,923
Net cash (used in) provided by investing activities				(117,367	)		195,100

Cash flows from financing activities
Dividends paid		8		(330,584	)		(165,275	)
Dividends paid to non-controlling interest in subsidiaries				-			(3,207	)
Changes in non-controlling interests				1,622			-
Payments of lease liabilities				(28,405	)		(26,304	)
Proceeds from borrowings				851,736			286,120
Repayments of borrowings				(441,176	)		(303,888	)
Net cash provided by (used in) financing activities				53,193			(212,554	)

Increase in cash and cash equivalents				336,974			2,687

Movement in cash and cash equivalents
At the beginning of the period				318,067			584,583
Effect of exchange rate changes				(19,113	)		(2,031	)
Increase in cash and cash equivalents				336,974			2,687
At June 30,				635,928			585,239

				At June 30,
Cash and cash equivalents				2022			2021
Cash and bank deposits				636,571			587,337
Bank overdrafts				(643	)		(2,098	)
				635,928			585,239

1	General information
2	Accounting policies and basis of presentation
3	Segment information
4	Cost of sales
5	Selling, general and administrative expenses
6	Other operating income (expense), net
7	Financial results
8	Dividend distribution
9	Property, plant and equipment, net
10	Intangible assets, net
11	Right-of-use assets, net and lease liabilities
12	Cash and cash equivalents and other investments
13	Derivative financial instruments
14	Category of financial instruments and classification within the fair value hierarchy
15	Investments in non-consolidated companies
16	Contingencies, commitments and restrictions to the distribution of profits
17	Cancellation of title deed in Saudi Steel Pipe Company
18	Foreign exchange control measures in Argentina
19	Related party transactions
20	Business Combinations
21	Nationalization of Venezuelan Subsidiaries
22	The Russia-Ukraine armed conflict and its impact on Tenaris’s operations
23	Subsequent events

Six-month period ended June 30, 2022	Tubes			Other		Total
IFRS - Net Sales		4,836			332		5,168

Management view - operating income		865			32		897
Difference in cost of sales		173			8		181
Differences in depreciation and amortization		1			-		1
Differences in selling, general and administrative expenses		(4	)		-		(4	)
Differences in other operating income (expenses), net and others		72			-		72
IFRS - operating income		1,107			40		1,147
Financial income (expense), net							(13	)
Income before equity in earnings of non-consolidated companies and income tax							1,134
Equity in earnings of non-consolidated companies							191
Income before income tax							1,325
Capital expenditures		140			1		141
Depreciation and amortization		275			11		286

Six-month period ended June 30, 2021	Tubes			Other			Total
IFRS - Net Sales		2,476			234			2,710

Management view - operating (loss) income		(47	)		25			(22	)
Difference in cost of sales		217			11			227
Differences in depreciation and amortization		1			(1	)		-
Differences in other operating income (expenses), net		(2	)		-			(2	)
IFRS - operating income		169			35			203
Financial income (expense), net								21
Income before equity in earnings of non-consolidated companies and income tax								225
Equity in earnings of non-consolidated companies								225
Income before income tax								450
Capital expenditures		84			13			97
Depreciation and amortization		284			10			294

	North America		South America		Europe		Middle East & Africa		Asia Pacific		Total
Six-month period ended June 30, 2022
Net sales		2,978,222		992,948		565,479		469,451		161,415		5,167,515
Capital expenditures		60,842		44,986		23,299		1,115		11,101		141,343
Depreciation and amortization		163,246		55,516		37,744		17,322		12,272		286,100

Six-month period ended June 30, 2021
Net sales		1,276,271		507,484		367,780		435,740		123,025		2,710,300
Capital expenditures		35,668		36,929		13,956		4,795		5,217		96,565
Depreciation and amortization		140,987		68,517		49,593		19,917		15,082		294,096

	Six-month period ended June 30,
Revenues Tubes	2022		2021
	(Unaudited)
Oil and Gas		4,094		2,008
Hydrocarbon Processing and Power Generation		352		197
Industrial and Other		390		271
Total		4,836		2,476

	At June 30,		At December 31,
	2022		2021
		(Unaudited)
Land and Civil Buildings		18,533		22,077
Industrial Buildings, Plant and Production Equipment		77,400		77,089
Vehicles, furniture and fixtures		12,309		9,572
Others		1,098		-
		109,340		108,738

	Carrying		Measurement Categories				At Fair Value
June 30, 2022	amount		Amortized Cost		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents		636,571		372,810		263,761		263,761		-		-
Other investments		559,827		282,510		277,317		277,317		-		-
Fixed Income (time-deposit, zero coupon bonds, commercial papers)		282,510		282,510		-		-		-		-
Non - U.S. Sovereign Bills		101,954		101,954		-		-		-		-
Certificates of Deposits		45,142		45,142		-		-		-		-
Other notes		135,414		135,414		-		-		-		-
Bonds and other fixed income		277,317		-		277,317		277,317		-		-
Non - U.S. government securities		83,801		-		83,801		83,801		-		-
Corporates securities		193,516		-		193,516		193,516		-		-
Derivative financial instruments		35,343		-		35,343		-		35,343		-
Other Investments Non-current		184,222		-		184,222		177,594		-		6,628
Bonds and other fixed income		177,594		-		177,594		177,594		-		-
Other investments		6,628		-		6,628		-		-		6,628
Trade receivables		1,890,697		1,890,697		-		-		-		-
**Receivables C and NC ^()***		363,271		80,327		48,659		-		-		48,659
Other receivables		128,986		80,327		48,659		-		-		48,659
Other receivables (non-financial)		234,285		-		-		-		-		-
Total				2,626,344		809,302		718,672		35,343		55,287
Liabilities
Borrowings C and NC		744,428		744,428		-		-		-		-
Trade payables		998,807		998,807		-		-		-		-
Lease Liabilities C and NC		112,672		112,672		-		-		-		-
Derivative financial instruments		12,811		-		12,811		-		12,811		-
Total				1,855,907		12,811		-		12,811		-

	Six-month period ended June 30,
	2022			2021
	(Unaudited)
Inventories at the beginning of the period		2,672,593			1,636,673
Plus: Charges of the period
Raw materials, energy, consumables and other		2,778,840			1,644,120
Services and fees		150,652			96,023
Labor cost		549,319			375,699
Depreciation of property, plant and equipment		216,658			221,754
Amortization of intangible assets		5,043			3,746
Depreciation of right-of-use assets		17,586			17,645
Maintenance expenses		124,309			72,762
Allowance for obsolescence		(3,265	)		19,920
Taxes		39,384			18,283
Other		76,304			35,716
		3,954,830			2,505,668
Less: Inventories at the end of the period		(3,370,139	)		(2,145,560	)
		3,257,284			1,996,781

	Six-month period ended June 30,
	2022			2021
	(Unaudited)
Services and fees		70,279			54,633
Labor cost		255,160			207,932
Depreciation of property, plant and equipment		10,657			11,145
Amortization of intangible assets		28,313			32,007
Depreciation of right-of-use assets		7,843			7,799
Commissions, freight and other selling expenses		307,821			173,341
Provisions for contingencies		8,450			13,004
Allowances for doubtful accounts		(744	)		(2,084	)
Taxes		50,220			33,068
Other		38,663			20,966
		776,662			551,811

		Six-month period ended June 30,
		2022			2021
		(Unaudited)
(i)	Other operating income
	Net income from other sales		24,838		2,788
	Net rents		2,820		2,663
	Reclassification of currency translation adjustment reserve ^(*)		71,252		-
	Other ^(**)		-		39,500
			98,910		44,951
(ii)	Other operating expenses
	Contributions to welfare projects and non-profits organizations		(6,698	)	(3,726)
	Allowance for doubtful receivables		(290	)	352
	Securities Exchange Commission investigation settlement ^(***)		(78,100	)	-
	Other		(292	)	-
			(85,380	)	(3,374)
	Total		13,530		41,577