Tenaris S.A. (TS) · 22 Years of Financial statements

Income Statement

Revenue

3,174

3,219

3,180

4,136

6,736

7,728

10,042

12,132

8,149

7,712

9,972

10,834

10,597

10,338

7,101

4,294

5,289

7,659

7,294

5,147

6,521

11,763

COGS

2,166

2,169

2,208

2,777

3,943

3,884

5,516

6,799

4,865

4,701

6,230

6,637

6,457

6,287

4,885

3,166

3,685

5,279

5,107

4,087

4,612

7,088

Gross Profit

1,009

1,051

972

1,359

2,793

3,844

4,526

5,333

3,284

3,011

3,743

4,197

4,140

4,051

2,216

1,128

1,603

2,379

2,187

1,059

1,910

4,675

Gross Profit Ratio

31.78%

32.64%

30.56%

32.86%

41.47%

49.74%

45.07%

43.96%

40.30%

39.04%

37.53%

38.74%

39.07%

39.18%

31.20%

26.27%

30.32%

31.07%

29.98%

20.58%

29.28%

39.74%

Operating Expenses

567

579

684

546

845

1,051

1,569

2,305

1,471

1,425

1,719

1,821

1,937

1,940

1,617

1,182

1,264

1,501

1,348

1,093

1,144

1,697

R&D Expenses

- -

Selling, G&A Exp.

- -

1,082

667

1,291

1,412

1,482

1,509

1,182

853

994

1,190

1,167

913

1,005

1,396

General and Admin. Exp.

- -

714

247

746

861

882

911

830

609

655

698

725

602

589

754

Selling and Marketing Exp.

- -

368

420

545

551

600

598

352

243

340

492

441

311

416

642

Other Expenses

567

579

684

546

845

1,051

1,569

2,305

389

758

428

409

455

431

436

329

269

311

181

180

139

302

COGS and Expenses

2,733

2,748

2,891

3,323

4,788

4,935

7,085

9,104

6,336

6,126

7,949

8,458

8,394

8,227

6,502

4,348

4,949

6,780

6,456

5,180

5,755

8,785

Interest Income

- -

49

31

33

31

33

40

60

48

42

48

22

38

86

Interest Expense

- -

186

118

64

52

56

70

44

23

22

27

37

43

27

24

46

Depreciation and Amortization

- -

176

200

208

214

255

515

533

505

507

554

568

610

616

659

662

609

664

511

679

595

608

EBITDA

375

478

474

1,213

2,061

3,070

3,262

4,006

2,298

2,148

2,463

2,864

2,860

2,404

846

757

1,163

1,807

1,499

95

1,908

3,824

EBITDA ratio

11.81%

14.86%

14.91%

29.33%

30.59%

39.73%

32.49%

33.02%

28.20%

27.86%

24.70%

26.43%

26.99%

23.26%

11.92%

17.63%

22.00%

23.59%

20.55%

1.84%

29.26%

32.51%

Operating Income

442

472

288

814

1,948

2,792

2,957

3,028

1,814

1,574

1,895

2,357

2,185

1,899

195

(59)

335

872

832

(663)

708

2,977

Operating Income ratio

13.91%

14.66%

9.06%

19.67%

28.93%

36.14%

29.45%

24.96%

22.25%

20.40%

19.00%

21.75%

20.62%

18.37%

2.75%

(1.38)%

6.33%

11.38%

11.41%

(12.88)%

10.85%

25.31%

Total Other Income Exp.(Gains)

(67)

(27)

(29)

6

8

90

(92)

(152)

(65)

18

51

(114)

17

(132)

(25)

93

231

101

44

535

189

Income Before Tax

375

444

259

819

1,956

2,882

2,865

2,876

1,749

1,591

1,946

2,243

2,202

1,767

170

34

428

1,103

934

(619)

1,243

3,166

Income Before Tax ratio

11.81%

13.81%

8.14%

19.81%

29.04%

37.30%

28.54%

23.71%

21.46%

20.63%

19.51%

20.70%

20.78%

17.09%

2.40%

0.80%

8.09%

14.40%

12.80%

(12.03)%

19.06%

26.92%

Income Tax Expense (Gain)

219

208

64

220

569

870

824

1,012

513

450

525

542

628

586

245

17

(17)

229

202

23

189

617

Net Income

156

94

210

785

1,278

1,945

1,924

2,276

1,162

1,127

1,331

1,699

1,551

1,159

(80)

55

545

876

743

(634)

1,100

2,553

Net Income Ratio

4.91%

2.93%

6.61%

18.97%

25.17%

19.16%

18.76%

14.25%

14.62%

13.35%

15.68%

14.64%

11.21%

(1.13)%

1.29%

10.30%

11.44%

10.18%

(12.33)%

16.87%

21.71%

EPS

0.22

0.26

0.36

1.32

2.16

3.30

3.26

3.60

1.96

1.90

2.26

2.88

2.62

2.28

(0.14)

0.09

0.92

1.48

1.26

(1.08)

1.86

4.32

EPS Diluted

0.22

0.26

0.36

1.32

2.16

3.30

3.26

3.60

1.96

1.90

2.26

2.88

2.62

2.28

(0.14)

0.09

0.92

1.48

1.26

(1.08)

1.86

4.32

Weighted Avg. Shares Outs.

355

366

584

590

Weighted Avg. Shares Outs. Dil.

355

366

584

590

1,181

590

SEC Link

Link

Balance Sheet

Cash and Cash Equivalents

- -

305

248

312

707

1,372

962

1,539

1,543

844

824

828

615

418

287

400

330

428

1,554

585

318

1,092

Short-Term Investments

- -

138

120

184

88

46

601

676

431

666

1,249

1,838

2,141

1,633

1,192

488

210

872

398

438

Cash & Short-Term Investments

- -

305

386

431

827

1,556

1,050

1,585

2,144

1,520

1,255

1,494

1,863

2,256

2,427

2,033

1,523

916

1,765

1,457

716

1,530

Net Receivables

- -

826

665

970

1,467

1,898

1,971

2,375

1,530

1,646

2,070

2,282

2,207

2,235

1,386

1,163

1,408

1,953

1,478

1,137

1,527

2,821

Inventory

- -

680

832

1,269

1,376

2,372

2,599

3,091

1,687

2,460

2,806

2,986

2,703

2,780

1,843

1,564

2,368

2,524

2,266

1,637

2,673

3,987

Other Current Assets

- -

153

341

102

203

243

202

260

329

262

225

152

125

86

209

82

71

162

57

66

131

Total Current Assets

- -

1,811

2,036

3,012

3,773

6,029

5,863

7,252

5,622

5,956

6,393

6,987

6,925

7,396

5,743

4,969

5,381

5,464

5,671

4,288

4,981

8,469

PP&E

- -

1,934

1,960

2,165

2,230

2,939

3,269

2,983

3,255

3,781

4,054

4,435

4,674

5,160

5,672

6,002

6,229

6,064

6,323

6,435

5,934

5,668

Goodwill

- -

1,805

2,147

2,146

1,807

1,745

1,334

1,293

1,292

1,288

1,320

1,086

1,085

Intangible Assets

- -

33

54

49

159

2,844

4,542

3,827

1,866

1,435

1,230

1,393

1,260

1,012

810

570

368

178

10,427

343

288

247

Goodwill and Intangible Assets

- -

33

54

49

159

2,844

4,542

3,827

3,671

3,582

3,376

3,200

3,067

2,758

2,143

1,863

1,661

1,466

11,748

1,429

1,372

1,333

Investments

- -

565

637

715

673

986

915

667

907

828

790

924

905

1,204

1,704

1,661

Tax Assets

- -

49

131

161

195

292

311

390

198

211

235

214

197

268

201

145

154

182

- -

206

246

209

Other Non-Current Assets

- -

191

128

275

349

491

1,260

83

102

120

133

142

152

262

221

197

183

152

(9,803)

154

213

212

Total Non-Current Assets

- -

2,207

2,274

2,650

2,933

6,566

9,382

7,848

7,861

8,409

8,470

8,977

9,005

9,114

9,144

9,035

9,017

8,787

9,172

9,429

9,468

9,082

Other Assets

- -

Total Assets

- -

4,017

4,310

5,662

6,706

12,595

15,245

15,101

13,483

14,364

14,864

15,964

15,931

16,511

14,887

14,003

14,398

14,251

14,843

13,716

14,449

17,550

Accounts Payable

- -

483

460

592

625

838

848

897

556

818

902

883

835

832

504

557

751

694

556

462

845

1,179

Short-Term Debt

- -

394

459

839

332

794

1,151

2,865

792

1,024

781

1,212

685

968

748

809

931

510

819

347

254

711

Tax Payable

- -

307

- -

255

267

352

136

101

102

250

128

91

143

376

Deferred Revenue

- -

70

56

134

57

134

135

40

57

63

190

49

92

243

Other Current Liabilities

- -

326

410

569

742

1,133

1,062

29

316

466

665

346

277

317

232

225

230

202

88

218

224

279

Total Current Liabilities

- -

1,203

1,329

2,000

1,699

2,766

3,061

3,790

1,970

2,379

2,404

2,829

2,120

2,603

1,755

1,731

2,071

1,718

1,780

1,166

1,560

2,788

Long-Term Debt

- -

322

375

421

678

2,857

2,869

1,242

655

220

150

531

245

30

223

32

35

29

41

316

194

130

Deferred Revenue

- -

Deferred Tax Liabilities

- -

436

418

372

353

992

1,234

1,054

861

934

829

749

751

714

750

551

458

379

- -

255

275

269

Other Non-Current Liabilities

- -

176

226

209

200

279

550

313

276

281

309

294

346

357

293

277

254

249

- -

533

315

328

Total Non-Current Liabilities

- -

933

1,020

1,001

1,231

4,128

4,654

2,609

1,792

1,435

1,287

1,574

1,341

1,102

1,266

859

746

657

41

1,103

784

727

Other Liabilities

- -

835

- -

Capital Lease Obligations

- -

1

0

2

1

0

230

257

117

112

Total Liabilities

- -

2,137

2,348

3,001

2,930

6,894

7,715

6,399

3,762

3,814

3,691

4,404

3,461

3,704

3,021

2,590

2,817

2,376

2,657

2,270

2,344

3,516

Preferred Stock

- -

Common Stock

- -

875

1,180

1,181

Retained Earnings

- -

55

305

536

1,657

3,398

4,814

6,490

7,144

7,870

8,800

10,050

11,095

11,722

11,110

10,658

10,719

11,116

11,493

10,658

11,440

13,462

Other Compreh. Income(Loss)

- -

764

(253)

169

61

151

402

(224)

30

242

(84)

(452)

(594)

(858)

(1,187)

(1,161)

(1,027)

(1,124)

(1,176)

(1,186)

(1,269)

(1,346)

Other Total Stockhold. Equity

- -

609

610

730

738

610

492

610

- -

Total Stockholders Equity

- -

1,694

1,841

2,496

3,508

5,339

7,006

8,177

9,092

9,902

10,506

11,388

12,290

12,654

11,713

11,287

11,482

11,783

11,989

11,263

11,961

13,906

Total Liab.&Stockhold. Equity

- -

3,831

4,190

5,497

6,438

12,232

14,721

14,575

12,855

13,716

14,197

15,792

15,752

16,358

14,734

13,878

14,299

14,159

14,646

13,533

14,304

17,422

Minority Interest

- -

Total Liabilities & Equity

- -

3,831

4,190

5,497

6,438

12,232

14,721

14,575

12,855

13,716

14,197

15,792

15,752

16,358

14,734

13,878

14,299

14,159

14,646

13,533

14,304

17,422

SEC Link

Link

Cash Flow Statement

Net Income

- -

94

210

785

1,278

1,945

1,924

2,276

1,162

1,127

1,331

1,699

1,551

1,159

(80)

55

545

876

743

(634)

1,100

2,549

Depreciation and Amortization

- -

176

200

208

214

255

515

533

505

507

554

568

610

616

659

662

609

664

511

679

595

608

Deferred Income Tax

- -

(58)

118

(161)

125

79

(91)

(128)

(194)

58

- -

(117)

36

258

Stock Based Compensation

- -

Change in Working Capital

- -

(192)

(107)

(621)

(434)

(470)

(110)

(1,052)

1,737

(644)

(646)

(303)

189

(72)

1,374

348

(855)

(738)

523

1,059

(1,046)

(2,131)

Accounts Receivable

- -

(374)

792

(111)

(457)

(167)

130

21

828

147

(259)

(518)

428

409

(335)

(1,208)

Inventory

- -

46

(152)

(411)

(101)

(456)

(253)

(493)

1,414

(773)

(335)

(175)

288

(73)

936

245

(804)

(176)

- -

829

(1,060)

(1,330)

Accounts Payable

- -

262

66

(20)

(62)

(4)

(328)

60

194

(57)

(181)

(184)

383

354

Other Working Capital

- -

30

(43)

78

(77)

76

1

(95)

17

6

17

(34)

44

151

Other Non-Cash Items

- -

382

(27)

(273)

237

80

(308)

(292)

(340)

(61)

(73)

58

(121)

263

353

(74)

(126)

(250)

(1,776)

534

(566)

(116)

Cash Provided by Operating Activities

- -

461

276

98

1,295

1,811

2,021

1,465

3,064

871

1,283

1,860

2,355

2,044

2,215

864

(22)

611

- -

1,520

119

1,167

CAPEX

- -

(125)

(163)

(183)

(284)

(441)

(448)

(443)

(461)

(847)

(863)

(782)

(720)

(1,142)

(1,121)

(763)

(553)

(343)

(314)

(194)

(222)

(397)

Acquisitions Net

- -

(0)

(65)

(98)

(48)

(2,334)

(1,999)

1,095

(74)

(0)

(11)

(508)

- -

(29)

(4)

(17)

314

- -

(155)

(1,025)

24

(4)

Purchases of Investments

- -

(120)

(64)

- -

(42)

(534)

(97)

- -

(887)

- -

Sales/Maturities of Investments

- -

96

42

- -

Other Investing Activities

- -

(56)

(24)

81

160

17

64

(373)

(433)

(824)

(594)

(977)

(1,287)

(1,756)

(1,769)

(81)

36

399

115

(179)

244

(141)

Cash Used for Investing Activities

- -

(181)

(252)

(200)

(293)

(2,822)

(2,287)

722

(1,041)

(921)

(605)

(1,484)

(1,287)

(1,786)

(1,774)

(98)

349

399

(40)

(2,092)

268

(164)

Debt Repayment

- -

(2,122)

(2,097)

(863)

(953)

(1,272)

(3,143)

(2,891)

(2,064)

(1,296)

(1,090)

(1,432)

132

(946)

(1,170)

(1,147)

Common Stock Issued

- -

Common Stock Repurchased

- -

Dividends Paid

- -

(81)

(129)

(135)

(364)

(204)

(568)

(536)

(554)

(401)

(449)

(508)

(531)

(508)

(484)

- -

(83)

(319)

(531)

Other Financing Activities

- -

(104)

46

300

(240)

1,905

371

1,088

632

613

687

1,295

2,434

2,998

2,060

1,151

1,173

1,016

(486)

653

840

1,500

Cash Used/Provided by Financing Activities

- -

(184)

(83)

165

(604)

1,701

(197)

(1,570)

(2,019)

(652)

(668)

(426)

(1,217)

(424)

(535)

(653)

(401)

(900)

(354)

(375)

(648)

(178)

Effect of Forex Changes on Cash

- -

(6)

3

0

(12)

(5)

52

(46)

9

(7)

(18)

7

(26)

(16)

(37)

(0)

6

(13)

(6)

(22)

(6)

(52)

Net Change In Cash

- -

91

(57)

64

387

684

(411)

571

4

(709)

(7)

(42)

(175)

(182)

(130)

112

(68)

97

1,128

(970)

(267)

773

Cash at the End of Period

- -

305

248

312

681

1,365

954

1,525

1,529

820

813

773

598

416

286

399

330

427

- -

585

318

1,091

Cash at the Beginning of Period

- -

214

305

248

294

681

1,365

954

1,525

1,529

820

815

773

598

416

286

399

330

- -

1,554

585

318

Free Cash Flow

- -

337

113

(85)

1,011

1,369

1,573

1,022

2,603

24

421

1,079

1,635

902

1,094

100

(575)

267

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1,326

(103)

770

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