Tenaris SA 6-K, filed Apr 27, 2023

Tenaris SA (TS)

6-K 2023-04-27 For: 2023-03-31

Added on July 07, 2026

About this 6-K

Tenaris SA filed this 6-K on April 27, 2023.

	1Q 2023			4Q 2022					1Q 2022
Net sales ($ million)		4,141			3,620		14	%		2,367		75	%
Operating income ($ million)		1,351			1,013		33	%		484		179	%
Net income ($ million)		1,129			803		41	%		503		124	%
Shareholders’ net income ($ million)		1,129			807		40	%		503		124	%
Earnings per ADS ($)		1.91			1.37		40	%		0.85		124	%
Earnings per share ($)		0.96			0.68		40	%		0.43		124	%
EBITDA ($ million)		1,477			1,269		16	%		627		135	%
EBITDA margin (% of net sales)		35.7	%		35.1	%				26.5	%

Tubes Sales volume (thousand metric tons)	1Q 2023		4Q 2022					1Q 2022
Seamless		840		809	4	%	772		9	%
Welded		283		156	81	%	50		460	%
Total		1,123		965	16	%	822		37	%

Tubes	1Q 2023			4Q 2022					1Q 2022
(Net sales - $ million)
North America		2,229			2,105		6	%		1,347		65	%
South America		975			802		22	%		348		180	%
Europe		252			185		36	%		232		8	%
Asia Pacific, Middle East and Africa		519			373		39	%		276		88	%
Total net sales ($ million)		3,975			3,466		15	%		2,203		80	%
Operating income ($ million)		1,312			980		34	%		471		179	%
Operating margin (% of sales)		33.0	%		28.3	%				21.4	%

(all amounts in thousands of U.S. dollars)	Three-month period ended March 31,
	2023			2022
	Unaudited
Net sales		4,141,181			2,367,041
Cost of sales		(2,307,779	)		(1,521,942	)
Gross profit		1,833,402			845,099
Selling, general and administrative expenses		(487,347	)		(364,922	)
Other operating income (expense), net		5,299			4,077
Operating income		1,351,354			484,254
Finance Income		47,887			8,825
Finance Cost		(31,545	)		(1,835	)
Other financial results		4,477			(8,108	)
Income before equity in earnings of non-consolidated companies and income tax		1,372,173			483,136
Equity in earnings of non-consolidated companies		53,006			87,604
Income before income tax		1,425,179			570,740
Income tax		(295,972	)		(67,307	)
Income for the period		1,129,207			503,433

Attributable to:
Shareholders' equity		1,128,627			502,774
Non-controlling interests		580			659
		1,129,207			503,433

(all amounts in thousands of U.S. dollars)	At March 31, 2023			At December 31, 2022
	Unaudited
ASSETS
Non-current assets
Property, plant and equipment, net		5,558,141			5,556,263
Intangible assets, net		1,331,221			1,332,508
Right-of-use assets, net		112,363			111,741
Investments in non-consolidated companies		1,597,442			1,540,646
Other investments		381,994			119,902
Deferred tax assets		228,501			208,870
Receivables, net		231,458	9,441,120		211,720	9,081,650
Current assets
Inventories, net		3,991,501			3,986,929
Receivables and prepayments, net		174,846			183,811
Current tax assets		224,397			243,136
Trade receivables, net		2,834,369			2,493,940
Derivative financial instruments		30,433			30,805
Other investments		1,081,141			438,448
Cash and cash equivalents		861,494	9,198,181		1,091,527	8,468,596
Total assets			18,639,301			17,550,246
EQUITY
Shareholders' equity			15,065,074			13,905,709
Non-controlling interests			129,454			128,728
Total equity			15,194,528			14,034,437
LIABILITIES
Non-current liabilities
Borrowings		56,739			46,433
Lease liabilities		82,118			83,616
Deferred tax liabilities		329,861			269,069
Other liabilities		233,499			230,142
Provisions		103,215	805,432		98,126	727,386
Current liabilities
Borrowings		536,907			682,329
Lease liabilities		32,481			28,561
Derivative financial instruments		6,831			7,127
Current tax liabilities		509,460			376,240
Other liabilities		335,835			260,614
Provisions		14,053			11,185
Customer advances		136,172			242,910
Trade payables		1,067,602	2,639,341		1,179,457	2,788,423
Total liabilities			3,444,773			3,515,809
Total equity and liabilities			18,639,301			17,550,246

(all amounts in thousands of U.S. dollars)	At March 31,
	2023			2022
Cash and cash equivalents		861,494			315,399
Other current investments		1,081,141			354,104
Non-current investments		375,677			233,988
Derivatives hedging borrowings and investments		11,680			6,662
Current borrowings		(536,907	)		(340,121	)
Non-current borrowings		(56,739	)		(7,905	)
Net cash / (debt)		1,736,346			562,127

(all amounts in thousands of U.S. dollars)	Three-month period ended March 31,
	2023			2022
	Unaudited
Cash flows from operating activities
Income for the period		1,129,207			503,433
Adjustments for:
Depreciation and amortization		125,453			143,076
Income tax accruals less payments		188,856			6,915
Equity in earnings of non-consolidated companies		(53,006	)		(87,604	)
Interest accruals less payments, net		(3,700	)		(1,300	)
Changes in provisions		7,957			6,888
Changes in working capital		(460,557	)		(591,821	)
Currency translation adjustment and others		(13,440	)		(6,191	)
Net cash provided by (used in) operating activities		920,770			(26,604	)

Cash flows from investing activities
Capital expenditures		(117,088	)		(66,934	)
Changes in advance to suppliers of property, plant and equipment		33			(18,565	)
Proceeds from disposal of property, plant and equipment and intangible assets		4,796			4,819
Changes in investments in securities		(890,636	)		109,236
Net cash (used in) provided by investing activities		(1,002,895	)		28,556

Cash flows from financing activities
Payments of lease liabilities		(10,758	)		(15,678	)
Proceeds from borrowings		559,274			268,143
Repayments of borrowings		(679,892	)		(256,144	)
Net cash used in financing activities		(131,376	)		(3,679	)

Decrease in cash and cash equivalents		(213,501	)		(1,727	)

Movement in cash and cash equivalents
At the beginning of the period		1,091,433			318,067
Effect of exchange rate changes		(16,518	)		(2,021	)
Decrease in cash and cash equivalents		(213,501	)		(1,727	)
		861,414			314,319

(all amounts in thousands of U.S. dollars)	At March 31,
	2023			2022
Inventories		3,991,501			3,032,127
Trade receivables		2,834,369			1,718,058
Customer advances		(136,172	)		(96,905	)
Trade payables		(1,067,602	)		(1,006,132	)
Operating working capital		5,622,096			3,647,148
Annualized quarterly sales		16,564,724			9,468,164
Operating working capital days		124			141