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\n

\n\n
(1)
\n
\n
\n\n
\n
\n
\n
The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2022 there were 1,180,536,830 shares issued. All issued shares are fully paid.
\n
\n
\n
\n\n
\n
\n

\n\n
\n\n
(2)
\n
\n
\n\n
Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and
\n
the changes in financial instruments measured at fair value through other comprehensive income.
\n\n
\n
\n
\n
(3)
\n
\n
\n\n
\n
\n
\n
The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 26 (iii) to these Consolidated Financial Statements.
\n
\n
\n
\n\n
\n
\n

\n\n

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(1)
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\n
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\n
\n
\n
\n\n
\n
\n

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(2)
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Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and
\n
the changes in financial instruments measured at fair value through other comprehensive income.
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\n
\n
(3)
\n
\n
\n\n
\n
\n
\n
The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 26 (iii) to these Consolidated Financial Statements.
\n
\n
\n
\n\n
\n
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(1)
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The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2021 and 2020 there were 1,180,536,830 shares issued. All issued shares are fully paid.
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(2)
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Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments
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measured at fair value through other comprehensive income.
\n\n
\n
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Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments
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measured at fair value through other comprehensive income.
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\n

\n\n

\n
I. GENERAL INFORMATION
\n
\n
Tenaris S.A. (the \u201cCompany\u201d) was established as a public limited liability company (soci\u00e9t\u00e9 anonyme) under the laws of
\n
the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly, controlling
\n
interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these
\n
Consolidated Financial Statements to \u201cTenaris\u201d refer to the Company and its consolidated subsidiaries. A list of the
\n
principal Company\u2019s subsidiaries is included in note 32 to these Consolidated Financial Statements.
\n
\n
The Company\u2019s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; and the Company\u2019s American
\n
Depositary Securities (\u201cADS\u201d) trade on the New York Stock Exchange.
\n
\n\n
These Consolidated Financial Statements were approved for issuance by the Company\u2019s Board of Directors on February
\n
15, 2023.
\n

\n\n

\n\n
\n\n

\n

\n

\n
II. ACCOUNTING POLICIES
\n
\n
The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below.
\n
These policies have been consistently applied to all the years presented, unless otherwise stated.
\n
\n\n

\n\n
A Basis of presentation
\n
\n
The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\n
Reporting Standards (\u201cIFRS\u201d), as issued by the International Accounting Standards Board (\u201cIASB\u201d) and in accordance with
\n
IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain
\n
financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial
\n
Statements are, unless otherwise noted, presented in thousands of U.S. dollars (\u201c$\u201d).
\n
\n
Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the
\n
current year.
\n
\n
The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain
\n
accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,
\n
contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas involving
\n
significant estimates or judgements are: impairment of goodwill and long-lived assets (notes II.H), impairment in
\n
investments in associates (note II.B); income taxes (note II.O); obsolescence of inventory (note II.J); contingencies (note
\n
II.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); business
\n
combinations (notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H);
\n
fair value estimation of certain financial instruments (notes III.B, IV.34) and property title ownership restriction (note
\n
IV.27). During the year there were no material changes in the significant accounting estimates and judgements.
\n
\n
(1) Accounting pronouncements applicable as from January 1, 2022
\n
\n
Accounting pronouncements that became effective during 2022 have no material effect on the Company\u2019s financial
\n
condition or results of operations.
\n
\n
(2) New accounting pronouncements not applicable as of December 31, 2022
\n
\n
Certain newly published accounting standards, amendments to accounting standards and interpretations are not
\n
mandatory for December 31, 2022 reporting periods and have not been early adopted by the Company. These standards,
\n
amendments or interpretations are not expected to have a material impact in the current or future reporting periods and
\n
on foreseeable future transactions.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n
B Group accounting
\n
\n\n

\n

\n

\n

\n

\n

\n
(1) Subsidiaries and transactions with non-controlling interests
\n
\n\n
Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights
\n
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over
\n
the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no
\n
longer consolidated from the date control ceases.
\n

\n\n
\n\n
The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an
\n
acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or
\n
assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired,
\n
liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values
\n
at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\n
controlling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of the
\n
consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the
\n
identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary
\n
acquired, the difference is recognized directly in the Consolidated Income Statement.
\n

\n\n
\n
Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability
\n
are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.
\n
\n\n
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held
\n
equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such
\n
remeasurement are recognized in profit or loss.
\n

\n\n
\n\n
Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with equity
\n
owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid
\n
and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses
\n
on disposals to non-controlling interests are also recorded in equity.
\n

\n\n
\n
When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to
\n
its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount
\n
for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
\n
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for
\n
as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized
\n
in other comprehensive income are reclassified to profit or loss.
\n
\n
Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries
\n
have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local
\n
currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the
\n
Consolidated Income Statement under Other financial results.
\n
\n\n

\n\n
(2) Non-consolidated companies
\n
\n
Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally
\n
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies
\n
(associates and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost
\n
(as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-consolidated
\n
companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\n
Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to
\n
recognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share of
\n
movements in other comprehensive income of the investee in other comprehensive income. Dividends received or
\n
receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the
\n
extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the
\n
transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\n
consolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\n
The Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\n
Statement under Equity in earnings of non-consolidated companies. The Company\u2019s pro-rata share of changes in other
\n
comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n
a) Ternium
\n
\n
At December 31, 2022, Tenaris held 11.46% of Ternium S.A. (\u201cTernium\u201d) common stock. The following factors and
\n
circumstances evidence that Tenaris has significant influence over Ternium:
\n
\n
\u25aa Both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d);
\n
\u25aa Four out of nine members of Ternium\u2019s Board of Directors (including Ternium\u2019s Chairman) are also members of the
\n
Company\u2019s Board of Directors;
\n
\u25aa Under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l, a wholly owned
\n
subsidiary of San Faustin and Ternium\u2019s main shareholder, dated January 9, 2006, Techint Holdings S.\u00e0r.l, is required
\n
to take actions within its power to cause (a) one of the members of Ternium\u2019s Board of Directors to be nominated
\n
by the Company and (b) any director nominated by the Company to be removed from Ternium\u2019s Board of Directors
\n
only pursuant to previous written instructions of the Company.
\n
\n
b) Usiminas
\n
\n
At December 31, 2022, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 36.5 million
\n
ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas (\u201cUsiminas\u201d),
\n
representing 5.19% of its shares with voting rights and 3.07% of its total share capital.
\n
\n
Confab\u2019s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant
\n
to which Tenaris\u2019s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas
\n
ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in 2016, Ternium and Confab subscribed to
\n
additional ordinary shares and to preferred shares.
\n
\n
At December 31, 2022, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the
\n
Usiminas shareholders\u2019 agreement, representing approximately 68.6% of Usiminas\u2019 voting capital. The Usiminas control
\n
group, which is bound by a long-term shareholders\u2019 agreement that governs the rights and obligations of Usiminas\u2019
\n
control group members, is currently composed of three sub-groups: the T/T Group, comprising Confab and certain
\n
Ternium entities; the NSC Group, comprising Nippon Steel Corporation (\u201cNSC\u201d), Metal One Corporation and Mitsubishi
\n
Corporation; and Usiminas\u2019 pension fund Previd\u00eancia Usiminas. The T/T Group holds approximately 47.1% of the total
\n
shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to
\n
Confab); the NSC Group holds approximately 45.9% of the total shares held by the control group; and Previd\u00eancia
\n
Usiminas holds the remaining 7%.
\n
\n
The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an
\n
alternation mechanism for the nomination of each of the Chief Executive Officer (\u201cCEO\u201d) and the Chairman of the Board
\n
of Directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas\u2019 executive board.
\n
The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure
\n
(exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group),
\n
which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other
\n
shareholder.
\n
\n
Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\n
agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement
\n
includes, among others, provisions granting Confab certain rights relating to the T/T Group\u2019s nomination of Usiminas\u2019
\n
officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has
\n
significant influence over Usiminas.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n
c) Techgen
\n
\n
Techgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company owned
\n
48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company, Ternium and
\n
Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are under the indirect
\n
common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant
\n
influence over this entity.
\n
\n
d) Global Pipe Company
\n
\n
Global Pipe Company (\u201cGPC\u201d) is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia,
\n
which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (\u201cSSPC\u201d), currently owns
\n
35% of the share capital of GPC. In accordance with GPC\u2019s bylaws, SSPC\u2019s 35% equity interest entitles SSPC to appoint
\n
four of the eleven members of the Board of Directors of GPC. In addition, SSPC has the ability to block any shareholder
\n
resolution. Based on the facts stated above, the Company has determined that it has significant influence over this
\n
entity.
\n
\n
Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill or
\n
intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever
\n
events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For more
\n
information see note 13 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n

\n\n
\n\n
C Segment information
\n
\n
The Company is organized in one major business segment, Tubes, which is also the reportable operating segment. All
\n
other business activities and operating segments that are not required to be separately reported, are disclosed in the
\n
Other segment.
\n
\n
The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related
\n
services mainly for the oil and gas industry, particularly oil country tubular goods (\u201cOCTG\u201d) used in drilling operations,
\n
and for other industrial applications with production processes that consist in the transformation of steel into tubular
\n
products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this
\n
industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe
\n
products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and
\n
natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are
\n
generally made to end users, with exports being done through a centrally managed global distribution network and
\n
domestic sales are made through local subsidiaries.
\n
\n
The Other segment includes all business activities related to the production and selling of sucker rods, industrial
\n
equipment, coiled tubing, tubes used for plumbing applications, oilfield / hydraulic fracturing services, energy and raw
\n
materials that exceed internal requirements.
\n
\n
Tenaris\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) holds monthly meetings with senior management, in which
\n
operating and financial performance information is reviewed. This information differs from IFRS principally as follows:
\n
\n
\u25aa The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption
\n
of production overheads and depreciations;
\n
\u25aa The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at
\n
historical cost, mainly on a FIFO basis;
\n
\u25aa Any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a different
\n
functional currency than the U.S. dollar;
\n
\u25aa Other timing differences, if any.
\n
\n
Tenaris presents its geographical information in five areas: North America, South America, Europe, Middle East and Africa
\n
and Asia Pacific. For purposes of reporting geographical information, net sales are allocated to geographical areas based
\n
on the customer\u2019s location; allocation of assets, capital expenditures and associated depreciations and amortizations are
\n
based on the geographical location of the assets.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n
D Foreign currency translation
\n
\n\n
(1) Functional and presentation currency
\n
\n
IAS 21 (revised), \u201cThe effects of changes in foreign exchange rates\u201d defines the functional currency as the currency of the
\n
primary economic environment in which an entity operates.
\n
\n
The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best
\n
reflects the economic substance of the underlying events and circumstances relevant to Tenaris\u2019s global operations.
\n
\n
Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian
\n
Real to the U.S. dollar.
\n
\n
This decision is a result of a significant increase of its Brazilian Subsidiaries\u2019 participation in the OCTG and line pipe
\n
international markets, a trend which started in recent years and has been strengthened in 2022, an increased level of
\n
integration of the local operations within Tenaris\u2019s international commercial and supply chain system, as well as the fact
\n
that the main purchase agreement contracts and the long term sales agreement contracts with major international and
\n
local oil companies are both indexed to the U.S. dollar. Local steel prices are also being affected by the U.S. dollar /
\n
Brazilian Real fluctuations.
\n
\n
As a result of this change, except for the Italian subsidiaries whose functional currency is the Euro, Tenaris determined
\n
that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:
\n
\n
\u25aa Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar,
\n
the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;
\n
\u25aa Prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars;
\n
\u25aa Transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference
\n
currency;
\n
\u25aa Significant level of integration of the local operations within Tenaris\u2019s international global distribution network;
\n
\u25aa Net financial assets and liabilities are mainly received and maintained in U.S. dollars;
\n
\u25aa The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.
\n

\n\n
\n
(2) Transactions in currencies other than the functional currency
\n
\n
Transactions in currencies other than the functional currency are translated into the functional currency using the
\n
exchange rates prevailing at the date of the transactions or valuation where items are re-measured.
\n
\n
At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency
\n
are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency
\n
other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and
\n
(iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated
\n
using the exchange rates prevailing at the date when the fair value was determined.
\n
\n
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-
\n
end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are
\n
recorded as gains and losses from foreign exchange and included in Other financial results in the Consolidated Income
\n
Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges.
\n

\n\n

\n\n

\n\n

\n

\n\n
(3) Translation of financial information in currencies other than the functional currency
\n
\n
Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars
\n
at the average exchange rates for each quarter of the year. Financial statement positions are translated at the year-end
\n
exchange rates. Translation differences are recognized in a separate component of equity as currency translation
\n
adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference
\n
would be recognized in the Consolidated Income Statement as a gain or loss from the sale following IAS 21.
\n
\n
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities
\n
of the foreign operation and translated at the closing rate.
\n

\n\n
\n\n

\n

\n
E Property, plant and equipment
\n
\n
Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation
\n
and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
\n
Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued
\n
initially at the fair market value of the assets acquired.
\n
\n
Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable
\n
that future economic benefits associated with the item will flow to the Company and the investment enhances the
\n
condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance
\n
expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.
\n
\n
Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
\n
purchases of property, plant and equipment.
\n
\n\n
Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of
\n
the cost of the asset, in accordance with IAS 23 (revised), \u201cBorrowing Costs\u201d. Assets for which borrowing costs are
\n
capitalized are those that require a substantial period of time to prepare for their intended use.
\n

\n\n
\n\n
The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to
\n
depreciate the cost of each asset to its residual value over its estimated useful life, as follows:
\n
\n
\n
Land
\n
No Depreciation
\n
\n
Buildings and improvements
\n
30-50 years
\n
\n
Plant and production equipment
\n
10-40 years
\n
\n
Vehicles, furniture and fixtures, and other equipment
\n
4-10 years
\n

\n\n
\n
The assets\u2019 residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if
\n
appropriate, at each year-end date. An asset\u2019s carrying amount is written down immediately to its recoverable amount
\n
if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 16, \u201cProperty, Plant and
\n
Equipment\u201d, resulted in additional depreciation expenses of approximately $39 million for 2022, of $45 million for 2020
\n
and did not materially affect depreciation expenses for 2021.
\n
\n
Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities
\n
that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost
\n
of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property,
\n
plant and equipment.
\n
\n
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are
\n
recognized under Other operating income or Other operating expenses in the Consolidated Income Statement.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n

\n

\n

\n
F Intangible assets
\n
\n\n
(1) Goodwill
\n
\n
Goodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\n
acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\n
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not
\n
reversed. Goodwill is included in the Consolidated Statement of Financial Position under Intangible assets, net.
\n
\n
For the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs that are
\n
expected to benefit from the business combination which generated the goodwill being tested.
\n

\n\n
\n\n

\n

\n

\n
(2) Information systems projects
\n
\n
Costs associated with maintaining computer software programs are generally recognized as an expense as incurred.
\n
However, costs directly related to the development, acquisition and implementation of information systems are
\n
recognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply with
\n
the recognition criteria of IAS 38, \u201cIntangible Assets\u201d.
\n
\n\n
Information systems projects recognized as assets are amortized using the straight-line method over their useful lives,
\n
generally not exceeding a period of 3 years. Amortization charges are mainly classified as Selling, general and
\n
administrative expenses in the Consolidated Income Statement.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022 and 2021 and resulted in additional amortization expenses of $11.1 million for 2020.
\n

\n\n
\n
(3) Licenses, patents, trademarks and proprietary technology
\n
\n
Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at
\n
fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful
\n
life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate
\n
the cost over their estimated useful lives, which are in the range between 3 and 10 years. Amortization charges are mainly
\n
classified as Cost of Sales in the Consolidated Income Statement.
\n
\n
The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7
\n
million at December 31, 2022, 2021 and 2020, and are included in Hydril CGU. Main factors considered in the
\n
determination of the indefinite useful lives include the years that they have been in service and their recognition among
\n
customers in the industry.
\n
\n\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022, 2021 and 2020.
\n

\n\n
\n

\n\n

\n\n
(4) Research and development
\n
\n
Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as Cost
\n
of sales in the Consolidated Income Statement as incurred. Research and development expenditures included in Cost of
\n
sales for the years 2022, 2021 and 2020 totaled $50.7 million, $45.3 million and $41.8 million, respectively.
\n
\n
Capitalized costs were not material for the years 2022, 2021 and 2020.
\n

\n\n

\n\n
\n
(5) Customer relationships
\n
\n
In accordance with IFRS 3, \"Business Combinations\" and IAS 38, Tenaris has recognized the value of customer relationships
\n
separately from goodwill attributable to the acquisition of Maverick Tube Corporation (\u201cMaverick\u201d) and Hydril Company
\n
(\u201cHydril\u201d) groups, as well as the more recent acquisitions of SSPC and Ipsco Tubulars Inc. (\u201cIPSCO\u201d).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n

\n\n

\n\n
Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite
\n
useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method
\n
over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril, 9 years for SSPC
\n
and 3 years for IPSCO.
\n
\n
In 2022, the Company has reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years to
\n
3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated Income
\n
Statement under Selling, general and administrative expenses for the year ended December 31, 2022.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not affect amortization
\n
expenses for 2021 and 2020.
\n
\n
As of December 31, 2022 the net book value of SSPC\u2019s customer relationship amounts to $41.5 million, with a residual useful
\n
life of 3 years, while IPSCO\u2019s, Maverick\u2019s and Hydril\u2019s customer relationships are fully amortized.
\n

\n\n

\n\n

\n\n
\n\n
G Right-of-use assets and lease liabilities
\n
\n
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available
\n
for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged
\n
to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
\n
the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.
\n
\n
Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease
\n
payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value
\n
guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v)
\n
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
\n
\n
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
\n
lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds
\n
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
\n
\n
Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease
\n
payments made at or before the commencement date less any lease incentives received and any initial direct costs
\n
incurred by the lessee.
\n
\n
In determining the lease term, management considers all facts and circumstances that create an economic incentive to
\n
exercise an extension option or early termination, or not to exercise a termination option. Extension options (or periods
\n
after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
\n
terminated).
\n
\n
Payments associated with short-term leases, variable leases and leases of low value assets are recognized on a straight-
\n
line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
\n

\n\n
\n\n

\n\n
H Impairment of non-financial assets
\n
\n
Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there
\n
are separately identifiable cash flows (CGU). Most of the Company\u2019s principal subsidiaries that constitute a CGU have a
\n
single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation
\n
that generates largely independent cash inflows.
\n
\n
Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in
\n
circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives,
\n
including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events or
\n
circumstances indicate that the carrying amount value may be impaired. In some circumstances where there have not
\n
been significant changes to CGU assets and liabilities as well as external and internal events which could materially alter
\n
the recoverable amount of the CGU, the most recent detailed calculation of recoverable amount made in a preceding
\n
period may be used in the impairment test for that CGU in the current period.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
\n

\n\n
In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information
\n
are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate
\n
used in Tenaris\u2019s cash flow projections and the business condition in terms of competitive, economic and regulatory
\n
factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.
\n
\n
An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
\n
The recoverable amount is the higher between the asset\u2019s value in use and fair value less costs of disposal. Any
\n
impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:
\n
\n
(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and
\n
(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in
\n
the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair
\n
value less cost of disposal, its value in use or zero.
\n
\n
Value in use is calculated by discounting the estimated cash flows over a five year period (or higher if the period can be
\n
justified) based on forecasts approved by management. For the subsequent years beyond the five-year period, a terminal
\n
value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly
\n
the historical inflation rate.
\n
\n
For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that
\n
a market participant could generate from the corresponding CGU.
\n
\n
Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary
\n
significantly from the forecasted future cash flows and related values derived using discounting techniques.
\n
\n
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting
\n
date. For more information on impairment charges see note 5 to these Consolidated Financial Statements.
\n
\n\n

\n\n
\n\n

\n
I Other investments
\n
\n
Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more
\n
than three months at the date of purchase.
\n
\n
Certain non-derivative financial assets that the Company held not for trading have been categorized as financial assets at
\n
fair value through other comprehensive income (\u201cFVOCI\u201d), as the business model objective is achieved by both holding
\n
financial assets in order to collect contractual cash flows and selling financial assets. They are carried at fair value and
\n
interest income from these financial assets is included in finance income using the effective interest rate method.
\n
Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive
\n
Income and transferred to the Consolidated Income Statement when the financial asset is sold. Exchange gains and losses
\n
and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement. FVOCI
\n
instruments with maturities greater than 12 months after the balance sheet date are included in non-current assets.
\n
\n\n
Other investments in financial instruments and time deposits are categorized as financial assets at fair value through
\n
profit or loss (\u201cFVPL\u201d) because such investments are held for trading and their performance is evaluated on a fair value
\n
basis. The results of these investments are recognized in Financial Results in the Consolidated Income Statement.
\n

\n\n
\n
Purchases and sales of financial investments are recognized as of their settlement date.
\n
\n
The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is
\n
not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques. See section
\n
III Financial Risk Management.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n
J Inventories
\n
\n
Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process
\n
is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs,
\n
and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization
\n
charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris
\n
estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value
\n
is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling
\n
expenses. Goods in transit as of year-end are valued based on the supplier\u2019s invoice cost.
\n
\n
Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process,
\n
supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on
\n
management\u2019s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare
\n
parts is established based on management's analysis of such items to be used as intended and the consideration of
\n
potential obsolescence due to technological changes, aging and consumption patterns.
\n

\n\n
\n\n
K Trade and other receivables
\n
\n
Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is
\n
unconditional unless they contain significant financing components. The Company holds trade receivables with the objective
\n
to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective
\n
interest method. Due to the short-term nature, their carrying amount is considered to be the same as their fair value.
\n
\n
Tenaris applies the IFRS 9 \u201cFinancial Instruments\u201d simplified approach to measure expected credit losses, which uses a
\n
lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have
\n
been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the
\n
payment profiles of sales over a period of three years and the corresponding historical credit losses experienced within this
\n
period. The expected loss allowance also reflects current and forward-looking information on macroeconomic factors
\n
affecting the ability of each customer to settle the receivables.
\n

\n\n
\n\n
L Cash and cash equivalents
\n
\n
Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less
\n
than three months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash
\n
and cash equivalents are carried at fair market value or at historical cost which approximates fair market value.
\n
\n
In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities.
\n
\n
For the purposes of the Consolidated Statement of Cash Flows, Cash and cash equivalents includes overdrafts.
\n

\n\n
\n\n
M Equity
\n
\n
(1) Equity components
\n
\n
The Consolidated Statement of Changes in Equity includes:
\n
\n
\u25aa The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance
\n
with Luxembourg law;
\n
\u25aa The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in
\n
accordance with IFRS.
\n
\n
(2) Share capital
\n
\n
The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per
\n
share. Total ordinary shares issued and outstanding as of December 31, 2022, 2021 and 2020 are 1,180,536,830 with a
\n
par value of $1.00 per share with one vote each. All issued shares are fully paid.
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n

\n

\n\n

\n\n
(3) Dividends distribution by the Company to shareholders
\n
\n
Dividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the right
\n
to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-
\n
laws of the Company.
\n
\n
Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance
\n
with Luxembourg law. See note 26 (iii) to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n\n
N Borrowings
\n
\n
Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized
\n
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit
\n
or loss over the period of the borrowings using the effective interest method.
\n

\n\n
\n

\n\n

\n
O Current and deferred income tax
\n
\n
The income tax expense or credit for the period is the tax payable or recoverable on the current period\u2019s taxable income
\n
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities
\n
attributable to temporary differences and to unused tax losses. Tax is recognized in the Consolidated Income Statement,
\n
except for tax items recognized in other comprehensive income or directly in equity.
\n
\n
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting
\n
date in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically
\n
evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to
\n
interpretation and establishes provisions when appropriate.
\n
\n\n
Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bases
\n
of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise mainly
\n
from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and
\n
equipment, valuation of inventories, provisions for post-employment benefits and other long-term employee benefits,
\n
fair value adjustments of assets acquired in business combinations and net operating loss carry-forwards. Deferred tax
\n
assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized
\n
or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.
\n

\n\n
\n
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
\n
regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an
\n
uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected
\n
value, depending on which method provides a better prediction of the resolution of the uncertainty.
\n
\n
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against
\n
which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized
\n
deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become
\n
probable that future taxable income will allow the deferred tax asset to be recovered.
\n
\n
Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax
\n
basis of investments in foreign operations where the company is able to control the timing of the reversal of the
\n
temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\n
\n
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
\n
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
\n
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize
\n
the asset and settle the liability simultaneously.
\n
\n
Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the
\n
Consolidated Income Statement or to the item Other comprehensive income in the Consolidated Statement of
\n
Comprehensive Income, depending on the account to which the original amount was charged or credited.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
P Employee benefits
\n
\n
(1) Short-term obligations
\n
\n
Liabilities for wages and salaries are recognized in respect of employees\u2019 services up to the end of the reporting period
\n
and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as
\n
current employee benefit obligations in the balance sheet.
\n
\n
(2) Post-employment benefits
\n
\n
The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines
\n
an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors
\n
such as age, years of service and compensation.
\n
\n
The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present
\n
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The
\n
defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit
\n
method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows
\n
using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be
\n
paid, and that have terms to maturity approximating to the terms of the related pension obligation.
\n
\n
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
\n
or credited to equity in Other comprehensive income in the period in which they arise. Past-service costs are recognized
\n
immediately in the Income Statement.
\n
\n
For defined benefit funded plans, net interest income / expense is calculated based on the surplus or deficit derived by
\n
the difference between the defined benefit obligations less fair value of plan assets. For defined contribution plans, the
\n
Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual
\n
or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The
\n
contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as
\n
an asset to the extent that a cash refund or a reduction in the future payments is available.
\n
\n
Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:
\n
\n
\u25aa An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide
\n
certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of
\n
termination of the employment relationship due to certain specified events, including retirement. This unfunded
\n
plan provides defined benefits based on years of service and final average salary. As of December 31, 2022 the
\n
outstanding liability for this plan amounts to $43.1 million.
\n
\n
\u25aa Employees\u2019 service rescission indemnity: the cost of this obligation is charged to the Consolidated Income Statement
\n
over the expected service lives of employees. This provision is primarily related to the liability accrued for employees
\n
at Tenaris\u2019s Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees
\n
were entitled to make contributions to external funds, thus, Tenaris\u2019s Italian subsidiary pays every year the required
\n
contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a
\n
defined contribution plan effective from that date, but only limited to the contributions of 2007 onwards. As of
\n
December 31, 2022 the outstanding liability for this plan amounts to $10.7 million.
\n
\n
\u25aa Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date, frozen
\n
for the purposes of credited service as well as determination of final average pay for the retirement benefit
\n
calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an
\n
unfunded post-retirement health and life plan is present that offers limited medical and life insurance benefits to
\n
the retirees, frozen to new participants. As of December 31, 2022 the outstanding liability for these plans amounts
\n
to $7.1 million.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n
\u25aa Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based
\n
on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of
\n
investments in debt and equity instruments. Both plans were replaced for defined contribution plans. Effective June
\n
2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As
\n
of December 31, 2022 the plan was overfunded and the net assets related to this plan amounted to $10.4 million.
\n
\n
(3) Other long-term benefits
\n
\n
During 2007, Tenaris launched an employee retention and long-term incentive program (the \u201cProgram\u201d) applicable to
\n
certain senior officers and employees of the Company, who will be granted a number of units throughout the duration
\n
of the Program. The value of each of these units is based on Tenaris\u2019s shareholders\u2019 equity (excluding non-controlling
\n
interest). Until the end of 2017, the units were vested ratably over a period of four years and were mandatorily redeemed
\n
by the Company ten years after grant date, with the option of an early redemption at seven years after the grant date.
\n
Since 2018, the units are vested ratably over the same period and are mandatorily redeemed by the Company seven
\n
years after grant date.
\n
\n
The beneficiaries of the Program are entitled to receive cash amounts based on: (i) the amount of dividend payments
\n
made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program. The payment
\n
of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this long-term incentive
\n
program as a long-term benefit plan as classified in IAS 19, \u201cEmployee Benefits\u201d.
\n
\n
As of December 31, 2022 and 2021, the outstanding liability corresponding to the Program amounts to $94.4 million and
\n
$84.2 million, respectively. The total value of the units granted (vested and unvested) to date under the program,
\n
considering the number of units and the book value per share as of December 31, 2022 and 2021, is $123.9 million and
\n
$99.6 million, respectively.
\n
\n\n
(4) Termination benefits
\n
\n
Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or
\n
when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits
\n
at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the
\n
costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations benefits. In the case of
\n
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
\n
employees expected to accept the offer.
\n

\n\n
\n
(5) Other compensation obligations
\n
\n
Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations obligations
\n
are accrued as earned.
\n
\n
Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.
\n

\n\n
\n\n
Q Provisions
\n
\n
Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party
\n
is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris\u2019s potential liability with respect
\n
to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically
\n
reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a
\n
potential loss from a claim or proceeding is considered probable and the amount can be reliably estimated, a provision
\n
is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on
\n
information available to management as of the date of preparation of the financial statements, and take into
\n
consideration Tenaris\u2019s litigation and settlement strategies. These estimates are primarily constructed with the assistance
\n
of legal counsel. As the scope of liabilities become better defined, there may be changes in the estimates of future costs
\n
which could have a material adverse effect on its results of operations, financial condition and cash flows.
\n
\n
If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under
\n
an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as
\n
a receivable.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n
This note should be read in conjunction with note 26 to these Consolidated Financial Statements.
\n

\n\n
\n\n
R Trade and other payables
\n
\n
Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and subsequently
\n
measured at amortized cost. They are presented as current liabilities unless payment is not due within twelve months
\n
after the reporting period. Due to the short-term nature their carrying amounts are considered to be the same as their
\n
fair value.
\n

\n\n
\n\n

\n
S Revenue recognition
\n
\n
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of
\n
services in the ordinary course of Tenaris\u2019s activities. The revenue recognized by the Company is measured at the
\n
transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated
\n
returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized
\n
and after eliminating sales within the group.
\n
\n
Revenue is recognized at a point in time or over time from sales when control has been transferred and there is no
\n
unfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is
\n
transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of
\n
obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the
\n
sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for
\n
acceptance have been satisfied, including all performance obligations. These conditions are determined and analyzed on
\n
a contract by contract basis to ensure that all performance obligations are fulfilled. In particular, Tenaris verifies customer
\n
acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.
\n
\n
For bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement
\n
must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically
\n
identified and are ready for delivery; (c) the Company does not have the ability to use the product or to direct it to another
\n
customer; (d) the usual payment terms apply.
\n
\n\n
The Company\u2019s contracts with customers do not provide any material variable consideration, other than discounts,
\n
rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return are
\n
based on expected value considering past experience and contract conditions.
\n

\n\n
\n
Where the contracts include multiple performance obligations, the transaction price is allocated to each performance
\n
obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on
\n
the expected cost plus margin.
\n
\n
There are no judgements applied by management that significantly affect the determination of timing of satisfaction of
\n
performance obligations, nor the transaction price and amounts allocated to different performance obligations.
\n
\n
Tenaris provides services primarily related to goods sold, which represent a non-material portion of sales revenue and
\n
mainly include:
\n
\n
Pipe Management Services: This comprises mainly preparation of the pipes ready to be run, delivery to the customer,
\n
storage services and rig return.
\n
\n
Field Services: Comprises field technical support and running assistance.
\n
\n
These services are rendered in connection to the sales of goods and are attached to contracts with customers for the sale
\n
of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct
\n
uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same
\n
contract, have the same counterparty and are subject to the same conditions.
\n
\n
The Company also provides hydraulic fracturing and coiled tubing services. The revenue related to these services is
\n
included in the Other segment.
\n
\n
Revenue from providing services is recognized over time in the accounting period in which the services are rendered.
\n
The following inputs and outputs methods are applied to recognize revenue considering the nature of service:
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n
Storage services: the Company provides storage services in owned or third-party warehouses, subject to a variable fee to
\n
be invoiced. This fee is determined based on the time that the customer maintains the material in the warehouse and
\n
the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month,
\n
the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).
\n
\n
Freights: the Company recognized the revenue on a pro rata basis considering the units delivered and time elapsed.
\n
\n
Field services: the revenue is recognized considering output methods, in particular surveys of service completion provided
\n
by the customer.
\n
\n
The Company does not expect to have any contracts where the period between the transfer of the promised goods or
\n
services to the customer and payment by the customer exceeds one year. As a consequence, considering that the
\n
contracts do not include any significant financing component, the Company does not adjust any of the transaction prices
\n
for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details
\n
on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.
\n
\n
Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their
\n
intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate
\n
performance obligation.
\n
\n\n
Other revenues earned by Tenaris are recognized on the following basis:
\n
\n
\u25aa Interest income: on the effective yield basis.
\n
\u25aa Dividend income from investments in other companies: when Tenaris\u2019s right to receive payment is established.
\n

\n\n
\u25aa Construction contracts revenues are recognized in accordance with the stage of the project completion.
\n

\n\n
\n\n
T Cost of sales and other selling expenses
\n
\n
Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis of
\n
accounting.
\n
\n
Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in Selling, general
\n
and administrative expenses in the Consolidated Income Statement.
\n

\n\n
\n\n

\n\n
U Earnings per share
\n
\n
Earnings per share are calculated by dividing the income attributable to the shareholders\u2019 equity by the daily weighted
\n
average number of common shares outstanding during the year.
\n
\n
There are no dilutive potential ordinary shares.
\n

\n\n

\n\n
\n\n

\n

\n
V Financial instruments
\n
\n
Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade
\n
and other receivables, cash and cash equivalents, borrowings and trade and other payables.
\n
\n
The Company classifies its financial instruments according to the following measurement categories:
\n
\n
\u25aa those to be measured subsequently at fair value (either through OCI or through profit or loss), and
\n
\u25aa those to be measured at amortised cost.
\n
\n
The classification depends on the Company\u2019s business model for managing the financial assets and contractual terms of
\n
the cash flows.
\n
\n\n
Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive
\n
cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially
\n
all the risks and rewards of ownership.
\n

\n\n
\n\n
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at
\n
fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.
\n
Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n
Subsequent measurement of debt instruments depends on the Company\u2019s business model for managing the asset and
\n
the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its
\n
debt instruments:
\n
\n
Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest. Interest income from these financial assets is included in finance income using the
\n
effective interest rate method.
\n
\n\n
\n\n
Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated
\n
Income Statement.
\n
\n\n

\n\n
\n
Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for
\n
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest. Interest
\n
income from these financial assets is included in finance income using the effective interest rate method. Unrealized
\n
gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and
\n
transferred to the Consolidated Income Statement when the financial asset is sold.
\n
\n\n
Fair value through profit and loss: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value
\n
of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n

\n\n
\n
Equity instruments are subsequently measured at fair value.
\n

\n\n
\n
Accounting for derivative financial instruments and hedging activities is included within the section III, Financial Risk
\n
Management.
\n

\n\n

\n\n

\n\n

\n\n

\n
III. FINANCIAL RISK MANAGEMENT
\n
\n
The multinational nature of Tenaris\u2019s operations and customer base exposes the Company to a variety of risks, mainly
\n
related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk
\n
and capital market risk. In order to manage the volatility related to these exposures, management evaluates exposures
\n
on a consolidated basis, taking advantage of exposure netting. The Company or its subsidiaries may then enter into
\n
various derivative transactions in order to prevent potential adverse impacts on Tenaris\u2019s financial performance. Such
\n
derivative transactions are executed in accordance with internal policies and hedging practices.
\n
\n
A. Financial risk factors
\n
\n\n
(i) Capital Risk Management
\n
\n
Tenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates.
\n
The year-end ratio of debt to total equity (where \u201cdebt\u201d comprises financial borrowings and \u201ctotal equity\u201d is the sum of
\n
financial borrowings and equity) is 0.05 as of December 31, 2022 and 0.03 as of December 31, 2021. The Company does
\n
not have to comply with regulatory capital adequacy requirements.
\n

\n\n
\n
(ii) Foreign exchange risk
\n
\n
Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed
\n
to foreign exchange rate risk. Since the Company\u2019s functional currency is the U.S. dollar the purpose of Tenaris\u2019s foreign
\n
currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against
\n
the U.S. dollar.
\n
\n
Tenaris\u2019s exposure to currency fluctuations is reviewed on a periodic and consolidated basis. A number of derivative
\n
transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges.
\n
Almost all of these transactions are forward exchange rates contracts. See note 25 to these Consolidated Financial
\n
Statements.
\n
\n
Tenaris does not enter into derivative financial instruments for trading or other speculative purposes, other than non-
\n
material investments in structured products.
\n
\n
In the case of subsidiaries with functional currencies other than the U.S. dollar, the results of hedging activities, reported
\n
in accordance with IFRS, may not reflect entirely the management\u2019s assessment of its foreign exchange risk hedging
\n
program. Intercompany balances between Tenaris\u2019s subsidiaries may generate financial gains (losses) to the extent that
\n
functional currencies differ.
\n
\n
The value of Tenaris\u2019s financial assets and liabilities is subject to changes arising from the variation of foreign currency
\n
exchange rates. The following table provides a breakdown of Tenaris\u2019s main financial assets and liabilities (including
\n
foreign exchange derivative contracts) which impact the Company\u2019s profit and loss as of December 31, 2022 and 2021.
\n
\n
\n
All amounts Long / (Short) in thousands of U.S. dollars
\n
As of December 31,
\n
Currency Exposure / Functional currency
\n
2022
\n
2021
\n
Argentine Peso / U.S. dollar
\n
(126,739)
\n
(95,073)
\n
Euro / U.S. dollar
\n
(42,458)
\n
12,462
\n
Saudi Arabian Riyal / U.S. dollar
\n
(74,183)
\n
(77,853)
\n
U.S. dollar / Brazilian Real
\n
(94,856)
\n
(32,738)
\n
\n
The main relevant exposures correspond to:
\n
\n
\u25aa Argentine Peso / U.S. dollar
\n
\n
As of December 31, 2022 and 2021 consisting primarily of Argentine Peso-denominated financial, trade, social and
\n
fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the
\n
ARS/USD exchange rate would have generated a pre-tax gain / loss of $1.3 million and $1 million as of December 31,
\n
2022 and 2021 respectively.
\n

\n\n

\n\n

\n\n

\n

\n
\u25aa Euro / U.S. dollar
\n
\n
As of December 31, 2022 consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries
\n
whose functional currency is the U.S. dollar and 2021, consisting primarily of U.S. dollar-denominated intercompany
\n
liabilities at certain subsidiaries whose functional currency is the Euro. A change of 1% in the EUR/USD exchange rate
\n
would have generated a pre-tax gain / loss of $0.4 million and $0.1 million as of December 31, 2022 and 2021,
\n
respectively, which would have been to a large extent offset by changes in currency translation adjustment included
\n
in Tenaris\u2019s net equity position.
\n
\n
\u25aa Saudi Arabian Riyal / U. S. dollar
\n
\n
As of December 31, 2022 and 2021 consisting primarily of Saudi Arabian Riyal-denominated financial and trade
\n
payables. The Saudi Arabian Riyal is tied to the U.S. dollar.
\n
\n
\u25aa U.S. dollar / Brazilian Real
\n
\n
As of December 31, 2022 and 2021, consisting primarily of U.S. dollar-denominated intercompany liabilities at certain
\n
subsidiaries whose functional currency is the Brazilian Real. A change of 1% in the BRL/USD exchange rate would
\n
have generated a pre-tax gain / loss of $0.9 million and $0.3 million as of December 31, 2022 and 2021, respectively,
\n
which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris\u2019s
\n
net equity position.
\n
\n\n
Considering the balances held as of December 31, 2022 on financial assets and liabilities exposed to foreign exchange
\n
rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% appreciation / depreciation movement in the
\n
levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain / loss of $4 million (including
\n
a loss / gain of $0.2 million due to foreign exchange derivative contracts), which would be partially offset by changes to
\n
Tenaris\u2019s net equity position of $0.9 million. For balances held as of December 31, 2021, a simultaneous 1% favorable /
\n
unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-
\n
tax gain / loss of $3.1 million (including a loss / gain of $0.5 million due to foreign exchange derivative contracts), which
\n
would have been partially offset by changes to Tenaris\u2019s net equity position of $0.2 million.
\n

\n\n
\n
(iii) Interest rate risk
\n
\n
Tenaris is subject to interest rate risk on its investment portfolio and its debt. The Company uses a mix of variable and
\n
fixed rate debt in combination with its investment portfolio strategy. The Company may choose to enter into foreign
\n
exchange derivative contracts and / or interest rate swaps to mitigate the exposure to changes in the interest rates.
\n
\n
The following table summarizes the proportions of variable-rate and fixed-rate debt as of each year end.
\n
\n
\n
As of December 31,
\n
\n
2022
\n
2021
\n
\n
In thousands of U.S. dollars
\n
%
\n
In thousands of U.S. dollars
\n
%
\n
Fixed rate
\n
(*)
\n
\n
497,889
\n
68%
\n
187,036
\n
57%
\n
Variable rate
\n
230,873
\n
32%
\n
143,897
\n
43%
\n
Total
\n
728,762
\n
\n
330,933
\n
\n
\n
(*)
\n
Out of the $497.9 million fixed rate borrowings, $479 million are short-term.
\n
\n
The Company estimates that, if market interest rates applicable to Tenaris\u2019s borrowings had been 100 basis points
\n
higher, then the additional pre-tax loss would have been $5.3 million in 2022 and $5.2 million in 2021.
\n
\n\n
(iv) Credit risk
\n
\n
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures
\n
to customers, including outstanding receivables and committed transactions. The Company also actively monitors the
\n
creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.
\n
\n
There is no significant concentration of credit risk from customers. No single customer comprised more than 10% of
\n
Tenaris\u2019s net sales in 2022, 2021 and 2020.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
Tenaris\u2019s credit policies related to sales of products and services are designed to identify customers with acceptable credit
\n
history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to
\n
minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit
\n
losses. See section II.K.
\n
\n
As of December 31, 2022 and 2021 trade receivables amounted to $2,493.9 million and $1,299.1 million respectively.
\n
Trade receivables have guarantees under credit insurance of $231.2 million and $175.8 million, letter of credit and other
\n
bank guarantees of $34.7 million and $17.8 million as of December 31, 2022 and 2021 respectively, and other guarantees
\n
of $2.2 million as of December 31, 2021.
\n
\n
As of December 31, 2022 and 2021, overdue trade receivables amounted to $544.9 million and $209.6 million,
\n
respectively. As of December 31, 2022 and 2021, overdue guaranteed trade receivables amounted to $28.1 million and
\n
$10.6 million; and the allowance for doubtful accounts amounted to $45.5 million and $47.1 million respectively. Both
\n
the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.
\n

\n\n
\n
(v) Counterparty risk
\n
\n
Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties
\n
for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade.
\n
\n
Approximately 80% of Tenaris\u2019s liquid financial assets corresponded to Investment Grade-rated instruments as of
\n
December 31, 2022, in comparison with approximately 77% as of December 31, 2021.
\n
\n\n
(vi) Liquidity risk
\n
\n
Tenaris financing strategy aims to maintain adequate financial resources and access to additional liquidity. During 2022,
\n
Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.
\n
\n
Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris
\n
also has appropriate access to market for short-term working capital needs.
\n
\n
Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 9% and 7% of total
\n
assets at the end of 2022 and 2021, respectively.
\n
\n
Tenaris has a conservative approach to the management of its liquidity, which consists of i) cash and cash equivalents
\n
(cash in banks, liquidity funds and investments with a maturity of less than three months at the date of purchase), and ii)
\n
other investments (fixed income securities, time deposits, and fund investments).
\n
\n
Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade
\n
issuers. As of December 31, 2022 and 2021 Tenaris held $5 million and $6 million in direct exposure to financial
\n
instruments issued by European sovereign counterparties respectively.
\n
\n
Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2022 and 2021, U.S. dollar denominated liquid
\n
assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately 87% of
\n
total liquid financial assets.
\n

\n\n
\n
(vii) Commodity price risk
\n
\n
In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price
\n
volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is
\n
exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices
\n
of such raw materials and commodities for short-term periods, typically not in excess of one year, and in general hedging
\n
for these risks is performed on a limited basis.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
B. Category of financial instruments and classification within the fair value hierarchy
\n
\n
As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories:
\n
amortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\n
instruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\n
requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:
\n
\n
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\n
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (that is, as prices) or indirectly (that is, derived from prices).
\n
\n
Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n
The following tables present the financial instruments by category and levels as of December 31, 2022 and 2021.
\n
\n
\n
\n
Carrying
\n
amount
\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2022
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
1,091,527
\n
668,668
\n
-
\n
422,859
\n
422,859
\n
-
\n
-
\n
Other investments
\n
438,448
\n
196,152
\n
182,988
\n
59,308
\n
242,296
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
196,152
\n
196,152
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
36,167
\n
36,167
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
19,785
\n
19,785
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
140,200
\n
140,200
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
211,953
\n
-
\n
182,988
\n
28,965
\n
211,953
\n
-
\n
-
\n
Non-U.S. government securities
\n
108,310
\n
-
\n
79,345
\n
28,965
\n
108,310
\n
-
\n
-
\n
Corporates securities
\n
103,643
\n
-
\n
103,643
\n
\n
103,643
\n
-
\n
-
\n
Mutual Fund
\n
30,343
\n
-
\n
-
\n
30,343
\n
30,343
\n
-
\n
-
\n
Derivative financial instruments
\n
30,805
\n
-
\n
-
\n
30,805
\n
-
\n
30,805
\n
-
\n
Other Investments Non-current
\n
119,902
\n
-
\n
113,574
\n
6,328
\n
113,574
\n
-
\n
6,328
\n
Bonds and other fixed income
\n
113,574
\n
-
\n
113,574
\n
-
\n
113,574
\n
-
\n
-
\n
Other investments
\n
6,328
\n
-
\n
-
\n
6,328
\n
-
\n
-
\n
6,328
\n
Trade receivables
\n
2,493,940
\n
2,493,940
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
395,531
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
154,056
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
241,475
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
3,464,157
\n
345,221
\n
519,300
\n
778,729
\n
30,805
\n
54,987
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
728,762
\n
728,762
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
1,179,457
\n
1,179,457
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
112,177
\n
112,177
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
7,127
\n
-
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
Total
\n
\n
2,020,396
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n\n

\n

\n

\n\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2021
\n
Carrying
\n
amount
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
318,127
\n
212,430
\n
-
\n
105,697
\n
105,697
\n
-
\n
-
\n
Other investments
\n
397,849
\n
239,742
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
239,742
\n
239,742
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
94,414
\n
94,414
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
30,062
\n
30,062
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
115,266
\n
115,266
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
158,107
\n
-
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Non-U.S. government securities
\n
10,660
\n
-
\n
10,660
\n
-
\n
10,660
\n
-
\n
-
\n
Corporates securities
\n
147,447
\n
-
\n
147,447
\n
-
\n
147,447
\n
-
\n
-
\n
Derivative financial instruments
\n
11,315
\n
-
\n
-
\n
11,315
\n
-
\n
11,315
\n
-
\n
Other Investments Non-current
\n
320,254
\n
-
\n
312,619
\n
7,635
\n
312,619
\n
-
\n
7,635
\n
Bonds and other fixed income
\n
312,619
\n
-
\n
312,619
\n
-
\n
312,619
\n
-
\n
-
\n
Other investments
\n
7,635
\n
-
\n
-
\n
7,635
\n
-
\n
-
\n
7,635
\n
Trade receivables
\n
1,299,072
\n
1,299,072
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
302,164
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
133,879
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
168,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
1,836,464
\n
519,385
\n
124,647
\n
576,423
\n
11,315
\n
56,294
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
330,933
\n
330,933
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
845,256
\n
845,256
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
117,285
\n
117,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
11,328
\n
-
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
Total
\n
\n
1,293,474
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n
\n
There were no transfers between levels during the year.
\n
\n\n

\n\n
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A
\n
market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry
\n
group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions
\n
on an arm\u2019s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These
\n
instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
\n
\n
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates
\n
of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is
\n
determined by using valuation techniques which maximize the use of observable market data when available and rely as
\n
little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the
\n
instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
\n
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
\n
contributors as of the valuation date.
\n
\n
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level
\n
3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which
\n
reflect the Company\u2019s best estimate on how market participants would price the asset or liability at measurement date.
\n
Main balances in this level include net receivables related to the Company interest in the Venezuelan Companies for a
\n
total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the
\n
probability of occurrence of weighted scenarios applied to the potential transaction value resulting from the awards
\n
purchase agreement mentioned in note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n
The following table presents the changes in Level 3 assets:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
56,294
\n
56,319
\n
(Decrease) / increase
\n
(1,126)
\n
219
\n
Currency translation adjustment and others
\n
(181)
\n
(244)
\n
At the end of the year
\n
54,987
\n
56,294
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n

\n
C. Fair value estimation
\n
\n\n
Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established
\n
by the IASB accounting guidance for fair value measurements and disclosures.
\n

\n\n
\n
The fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is not
\n
active or no market is available, fair values are established using standard valuation techniques.
\n
\n
The fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are
\n
observable in the market or can be derived from or corroborated by observable data. The fair value of forward foreign
\n
exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on
\n
observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.
\n
\n\n
Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that
\n
the fair value of its main financial liabilities is approximately 99.2% and 99.6% of its carrying amount (including interests
\n
accrued) in 2022 and 2021 respectively. Fair values were calculated using standard valuation techniques for floating rate
\n
instruments and comparable market rates for discounting cash flows.
\n

\n\n
\n
The carrying amount of investments valuated at amortized cost approximates its fair value.
\n

\n\n
\n\n

\n\n

\n\n
D. Accounting for derivative financial instruments and hedging activities
\n
\n
Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit
\n
and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools
\n
are used for calculation of each instrument\u2019s fair value and these tools are tested for consistency on a monthly basis.
\n
Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates
\n
matching the nature of each underlying risk.
\n
\n
As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments
\n
in Financial Results in the Consolidated Income Statement.
\n
\n
Tenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or highly
\n
probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair
\n
value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in
\n
equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged
\n
item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value
\n
of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial
\n
position.
\n
\n
For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction
\n
the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy
\n
for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the
\n
hedging instruments are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December
\n
31, 2022 and 2021, the effective portion of designated cash flow hedges which is included in Other Reserves in equity
\n
amounted to $13.1 million credit and $1.3 million credit respectively.
\n
\n
The fair values of various derivative instruments used for hedging purposes and the movements of the hedging reserve
\n
included within Other Reserves in equity are disclosed in note 25 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
1 Segment information
\n
\n
As mentioned in section II.C, the Segment Information is disclosed as follows:
\n
\n
Reportable operating segments
\n
\n
(All amounts in millions of U.S. dollars)
\n
\n
Year ended December 31, 2022
\n
Tubes
\n
Other
\n
Total
\n
Management view - operating income
\n
2,772
\n
75
\n
2,847
\n
Difference in cost of sales
\n
\n
\n
44
\n
Differences in depreciation and amortization
\n
\n
\n
2
\n
Differences in selling, general and administrative expenses
\n
\n
\n
(4)
\n
Differences in other operating income (expenses), net
\n
\n
\n
74
\n
IFRS - operating income
\n
\n
\n
2,963
\n
Financial income (expense), net
\n
\n
\n
(6)
\n
Income before equity in earnings of non-consolidated companies and income tax
\n
\n
\n
2,957
\n
Equity in earnings of non-consolidated companies
\n
\n
\n
209
\n
Income before income tax
\n
\n
\n
3,166
\n
\n
IFRS - Net Sales
\n
11,133
\n
630
\n
11,763
\n
Depreciation and amortization
\n
588
\n
20
\n
608
\n
\n
\n
Year ended December 31, 2021
\n
Tubes
\n
Other
\n
Total
\n
Management view - operating income
\n
178
\n
65
\n
243
\n
Difference in cost of sales
\n
\n
\n
473
\n
Differences in depreciation and amortization
\n
\n
\n
(1)
\n
Differences in other operating income (expenses), net
\n
\n
\n
(8)
\n
IFRS - operating income
\n
\n
\n
708
\n
Financial income (expense), net
\n
\n
\n
23
\n
Income before equity in earnings of non-consolidated companies and income tax
\n
\n
\n
731
\n
Equity in earnings of non-consolidated companies
\n
\n
\n
513
\n
Income before income tax
\n
\n
\n
1,243
\n
\n
IFRS - Net Sales
\n
5,994
\n
528
\n
6,521
\n
Depreciation and amortization
\n
575
\n
20
\n
595
\n
\n
\n
Year ended December 31, 2020
\n
Tubes
\n
Other
\n
Total
\n
Management view - operating (loss)
\n
(277)
\n
(50)
\n
(327)
\n
Difference in cost of sales
\n
\n
\n
(134)
\n
Differences in depreciation and amortization
\n
\n
\n
-
\n
Differences in selling, general and administrative expenses
\n
\n
\n
(2)
\n
Differences in other operating income (expenses), net
\n
\n
\n
(200)
\n
IFRS - operating (loss)
\n
\n
\n
(663)
\n
Financial income (expense), net
\n
\n
\n
(65)
\n
(Loss) before equity in earnings of non-consolidated companies and income tax
\n
\n
\n
(728)
\n
Equity in earnings of non-consolidated companies
\n
\n
\n
109
\n
(Loss) before income tax
\n
\n
\n
(619)
\n
\n
IFRS - Net Sales
\n
4,844
\n
303
\n
5,147
\n
Depreciation and amortization
\n
661
\n
18
\n
679
\n
\n
Transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap, energy,
\n
surplus raw materials and others from the Other segment to the Tubes segment for $77.9 million, $45.6 million and $16.9
\n
million in 2022, 2021 and 2020, respectively.
\n
\n
There are no material differences between IFRS and management view in total revenues and by reportable segments.
\n
\n
The differences between operating income under IFRS view and the management view are mainly related to the cost of
\n
goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement cost considered
\n
for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other minor timing
\n
differences.
\n

\n\n

\n\n

\n\n

\n

\n
The main difference in Other operating income (expenses), for the year ended December 31, 2022, is attributable to the
\n
effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes\u2019 definitive cease of
\n
operations, not impacting the management view. For the year ended in December 31, 2020, the main difference in Other
\n
operating income (expenses) is attributable to the impairment of the goodwill, which residual value in the management
\n
view differed from IFRS.
\n
\n
In addition to the amounts reconciled above, the main differences in net income arise from the impact of functional
\n
currencies on financial result, deferred income taxes as well as the result of investment in non-consolidated companies.
\n
\n
Geographical information
\n
\n
\n
North
\n
America
\n
South
\n
America
\n
Europe
\n
Middle East
\n
& Africa
\n
Asia
\n
Pacific
\n
Unallocated
\n
(*)
\n
\n
Total
\n
Year ended December 31, 2022
\n
\n
\n
\n
\n
\n
\n
\n
Net sales
\n
6,902,787
\n
2,550,402
\n
1,000,833
\n
1,031,106
\n
277,398
\n
-
\n
11,762,526
\n
Total assets
\n
9,018,386
\n
3,896,403
\n
2,071,624
\n
739,579
\n
283,608
\n
1,540,646
\n
17,550,246
\n
Trade receivables
\n
1,371,717
\n
583,223
\n
202,753
\n
249,637
\n
86,610
\n
-
\n
2,493,940
\n
Property, plant and equipment, net
\n
3,548,844
\n
1,031,423
\n
706,539
\n
189,701
\n
79,756
\n
-
\n
5,556,263
\n
Capital expenditures
\n
118,644
\n
176,448
\n
62,143
\n
2,813
\n
18,398
\n
-
\n
378,446
\n
Depreciation and amortization
\n
348,550
\n
125,324
\n
76,631
\n
37,612
\n
19,606
\n
-
\n
607,723
\n
\n
\n
\n
\n
\n
\n
\n
\n
Year ended December 31, 2021
\n
\n
\n
\n
\n
\n
\n
\n
Net sales
\n
3,360,345
\n
1,311,279
\n
742,463
\n
857,120
\n
250,000
\n
-
\n
6,521,207
\n
Total assets
\n
7,992,946
\n
2,399,448
\n
1,727,573
\n
581,204
\n
364,486
\n
1,383,774
\n
14,449,431
\n
Trade receivables
\n
652,483
\n
234,800
\n
180,515
\n
146,125
\n
85,149
\n
-
\n
1,299,072
\n
Property, plant and equipment, net
\n
3,805,912
\n
984,413
\n
742,461
\n
221,859
\n
70,156
\n
-
\n
5,824,801
\n
Capital expenditures
\n
106,118
\n
63,723
\n
43,344
\n
6,689
\n
19,644
\n
-
\n
239,518
\n
Depreciation and amortization
\n
307,116
\n
125,781
\n
89,667
\n
41,528
\n
30,629
\n
-
\n
594,721
\n
\n
\n
\n
\n
\n
\n
\n
\n
Year ended December 31, 2020
\n
\n
\n
\n
\n
\n
\n
\n
Net sales
\n
2,179,949
\n
776,235
\n
642,793
\n
1,227,532
\n
320,225
\n
-
\n
5,146,734
\n
Total assets
\n
8,071,574
\n
1,868,458
\n
1,461,738
\n
804,559
\n
552,508
\n
957,352
\n
13,716,189
\n
Trade receivables
\n
411,692
\n
115,972
\n
139,427
\n
210,194
\n
90,863
\n
-
\n
968,148
\n
Property, plant and equipment, net
\n
3,971,101
\n
1,050,619
\n
823,057
\n
242,939
\n
105,465
\n
-
\n
6,193,181
\n
Capital expenditures
\n
71,531
\n
63,111
\n
39,691
\n
10,452
\n
8,537
\n
-
\n
193,322
\n
Depreciation and amortization
\n
408,546
\n
106,827
\n
84,518
\n
44,259
\n
34,656
\n
-
\n
678,806
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
(*)
\n
For 2022, 2021 and 2020 includes Investments in non-consolidated companies. See note 13 to these Consolidated Financial Statements.
\n
\n\n
There are no revenues from external customers attributable to the Company\u2019s country of incorporation (Luxembourg).
\n
The principal countries from which the Company derives its revenues are USA (42%), Argentina (13%), Mexico (10%),
\n
Canada, Colombia and Italy.
\n
\n
Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no
\n
unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to
\n
governmental institutions represent approximately 22%, 23% and 24% in 2022, 2021 and 2020 respectively.
\n

\n\n
\n
Tubes segment revenues by market:
\n
\n
(All amounts in millions of U.S. dollars)
\n
\n
Revenues Tubes
\n
2022
\n
2021
\n
2020
\n
Oil & Gas
\n
9,543
\n
4,895
\n
4,022
\n
Oil & Gas processing plants
\n
738
\n
459
\n
407
\n
Industrial, Power and Others
\n
852
\n
640
\n
415
\n
Total
\n
11,133
\n
5,994
\n
4,844
\n
\n
\n\n
At December 31, 2022, 2021 and 2020, the Company recognized contract liabilities related to customer advances in the
\n
amount of $242.9 million, $92.4 million and $48.7 million, respectively. Each of these amounts are reclassified to
\n
revenues during the subsequent years. In these periods, no significant adjustments in revenues were performed related
\n
to previously satisfied performance obligations.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n
2 Cost of sales
\n
\n
\n\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Inventories at the beginning of the year
\n
2,672,593
\n
1,636,673
\n
2,265,880
\n
Increase in inventory due to business combinations
\n
-
\n
-
\n
199,589
\n
Decrease in inventory due to sale of subsidiaries
\n
-
\n
(10,662)
\n
-
\n
Plus: Charges of the year
\n
\n
\n
\n
Raw materials, energy, consumables and other
\n
5,772,031
\n
3,841,551
\n
1,545,688
\n
Services and fees
\n
293,490
\n
208,472
\n
154,976
\n
Labor cost
\n
(*)
\n
\n
1,160,085
\n
824,071
\n
757,359
\n
Depreciation of property, plant and equipment
\n
465,849
\n
448,843
\n
503,725
\n
Amortization of intangible assets
\n
11,754
\n
7,645
\n
8,121
\n
Depreciation of right-of-use assets
\n
33,244
\n
35,910
\n
40,127
\n
Maintenance expenses
\n
267,294
\n
129,350
\n
107,764
\n
Allowance for obsolescence
\n
24,901
\n
23,296
\n
35,809
\n
Taxes
\n
194,736
\n
40,887
\n
45,162
\n
Other
\n
178,691
\n
98,159
\n
59,790
\n
\n
8,402,075
\n
5,647,522
\n
3,458,110
\n
Less: Inventories at the end of the year
\n
(3,986,929)
\n
(2,672,593)
\n
(1,636,673)
\n
\n
7,087,739
\n
4,611,602
\n
4,087,317
\n
\n
(*)
\n
For the year ended December 2022, 2021 and 2020, labor cost includes approximately $17.8 million, $12.8 million and $81.3 million respectively of
\n
severance indemnities related to the adjustment of the workforce to market conditions.
\n

\n\n

\n\n
\n
\n\n

\n
3 Selling, general and administrative expenses
\n
\n
\n\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Services and fees
\n
148,331
\n
115,303
\n
115,883
\n
Labor cost
\n
(*)
\n
\n
518,500
\n
426,414
\n
444,436
\n
Depreciation of property, plant and equipment
\n
21,883
\n
22,924
\n
26,814
\n
Amortization of intangible assets
\n
59,018
\n
63,874
\n
82,355
\n
Depreciation of right-of-use assets
\n
15,975
\n
15,525
\n
17,664
\n
Commissions, freight and other selling expenses
\n
641,812
\n
415,895
\n
310,815
\n
Provisions for contingencies
\n
20,606
\n
24,998
\n
11,957
\n
Allowances for doubtful accounts
\n
(223)
\n
(4,297)
\n
4,644
\n
Taxes
\n
121,410
\n
78,800
\n
63,234
\n
Other
\n
87,263
\n
47,133
\n
41,425
\n
\n
1,634,575
\n
1,206,569
\n
1,119,227
\n
\n
(*)
\n
For the year ended December 2022, 2021 and 2020, labor cost includes approximately $11.2 million, $15.8 million and $61.2 million respectively of
\n
severance indemnities related to the adjustment of the workforce to market conditions.
\n

\n\n

\n\n
\n
\n\n
4 Labor costs (included in Cost of sales and in Selling, general and administrative expenses)
\n
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Wages, salaries and social security costs
\n
1,594,200
\n
1,170,562
\n
1,036,211
\n
Severance indemnities
\n
29,070
\n
28,625
\n
142,458
\n
Defined contribution plans
\n
13,256
\n
12,608
\n
12,442
\n
Pension benefits - defined benefit plans
\n
16,320
\n
13,353
\n
11,097
\n
Employee retention and long-term incentive program
\n
25,739
\n
25,337
\n
(413)
\n
\n
1,678,585
\n
1,250,485
\n
1,201,795
\n

\n\n

\n\n

\n

\n\n

\n\n
The following table shows the geographical distribution of the employees:
\n
\n
\n
2022
\n
2021
\n
2020
\n
Argentina
\n
6,444
\n
5,169
\n
4,376
\n
Mexico
\n
5,919
\n
5,474
\n
4,501
\n
USA
\n
3,509
\n
2,684
\n
1,596
\n
Italy
\n
2,136
\n
2,011
\n
2,039
\n
Romania
\n
1,847
\n
1,725
\n
1,552
\n
Brazil
\n
1,460
\n
1,817
\n
1,360
\n
Colombia
\n
1,183
\n
1,009
\n
746
\n
Canada
\n
944
\n
758
\n
561
\n
Indonesia
\n
495
\n
506
\n
521
\n
Japan
\n
11
\n
379
\n
399
\n
Other
\n
1,344
\n
1,244
\n
1,377
\n
\n
25,292
\n
22,776
\n
19,028
\n

\n\n

\n\n
\n\n
5 Impairment charge
\n
\n
Tenaris\u2019s main source of revenue is the sale of products and services to the oil and gas industry, and the level of such
\n
sales is sensitive to international oil and gas prices and their impact on drilling activities.
\n
\n
The Company conducts regular assessments of the carrying values of its assets. The recoverable value is based on the
\n
value in use. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive,
\n
economic and regulatory factors applied to determine cash flow projections, such as oil and gas prices, average number
\n
of active oil and gas drilling rigs (rig count) and raw material costs. In December 2022, the Company conducted
\n
impairment tests, and also reviewed and impaired the values of certain idle assets in its subsidiaries.
\n
\n
For purposes of assessing key assumptions, to estimate discounted future cash flows, the Company uses external sources
\n
of information and management judgment based on past experience and expectations. Management has determined
\n
the value of each of the key assumptions as follows:
\n
\n
- Discount rate: based on the applicable weighted average cost of capital (\u201cWACC\u201d), which is considered to be a good
\n
indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets
\n
are allocated, a specific WACC was determined. In 2022, the main discount rates used were in a range between 13.4%
\n
and 20.2%.
\n
\n
- Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas
\n
industry, the higher demand to offset depletion of existing fields and the Company\u2019s expected market penetration. In
\n
2022, a nominal growth rate of 2% was considered.
\n
\n
- Oil and gas prices: based on industry analysts\u2019 reports and management\u2019s expectations of market development.
\n
\n
- Rig count: based on information published by Baker Hughes and management\u2019s expectations.
\n
\n
- Raw material costs: based on industry analysts\u2019 reports and management\u2019s expectations.
\n
\n
In December 2022, in the presence of impairment indicators, the Company conducted impairment tests and reviewed
\n
the values of certain idle assets in its subsidiaries. The aforementioned analysis resulted in impairment charges of $76.7
\n
million, allocated in $63.1 million to the Tubes segment and $13.6 million to the Other segment.
\n
\n
In December, 2021, as a result of the expected termination of the NKKTubes joint venture, which represented an
\n
impairment indicator for its assets, an impairment test was conducted, resulting in a charge of $57 million that totally
\n
reduced the carrying amounts of property, plant and equipment and intangible assets. The total amount was allocated
\n
to the Tubes segment. Remaining carrying amounts after the recognition of impairment charges amounted to $53 million
\n
mainly related to working capital.
\n
\n
For the year 2020 a charge of approximately $622 million, impacting the carrying value of goodwill of the CGUs OCTG-
\n
USA, IPSCO and Coiled Tubing for $225 million, $357 million and $4 million respectively, and the carrying value of
\n
property, plant and equipment of the CGU Rods-USA for $36 million was recorded. Out of the total amount, $582 million
\n
were allocated to the Tubes segment.
\n

\n\n

\n\n

\n

\n\n

\n\n

\n
6 Other operating income and expenses
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Other operating income
\n
\n
\n
\n
Net income from other sales
\n
28,161
\n
10,694
\n
9,891
\n
Net rents
\n
5,084
\n
5,314
\n
5,501
\n
Reclassification of currency translation adjustment reserve
\n
(*)
\n
\n
71,252
\n
-
\n
-
\n
Tax recovery in Brazilian subsidiaries
\n
(**)
\n
\n
-
\n
35,568
\n
8,164
\n
Other
\n
(***)
\n
\n
-
\n
16,290
\n
9,837
\n
Recovery on allowance for doubtful receivables
\n
-
\n
379
\n
-
\n
\n
104,497
\n
68,245
\n
33,393
\n
Other operating expenses
\n
\n
\n
\n
Contributions to welfare projects and non-profit organizations
\n
13,668
\n
6,697
\n
12,989
\n
Securities Exchange Commission investigation settlement
\n
(****)
\n
\n
78,100
\n
-
\n
-
\n
Allowance for doubtful receivables
\n
346
\n
-
\n
1,263
\n
Other.
\n
12,595
\n
-
\n
-
\n
\n
104,709
\n
6,697
\n
14,252
\n
\n
(*)
\n
During 2022, as result of NKKTubes\u2019 definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was
\n
reclassified to the income statement. For more information see note 35 \u201cOther Relevant Information \u2013 Agreement to terminate NKKTubes joint
\n
venture\u201d.
\n
\n
(**)
\n
On May 13, 2021, the Brazilian Supreme Court issued a final judgment which confirmed that the methodology for calculating PIS and COFINS (Federal
\n
Social Contributions on Gross Revenues) tax claims to which taxpayers are entitled to, should exclude from its base the total output of ICMS, calculated
\n
on a gross basis. This decision led to a recognition of approximately $53 million tax credit in Brazilian subsidiaries, out of which $36 million were
\n
recognized in other operating income and $17 million in financial results (impacting in Finance Income and Finance Cost). In addition the tax charge
\n
related to this gain amounted to $12 million.
\n
\n
(***)
\n
On November 1, 2021 the Company transferred 100% of the shares of Geneva Structural Tubes LLC (\u201cGeneva\u201d) to MKK USA Inc., a subsidiary of
\n
Maruichi Steel Tube Ltd of Japan for an aggregate price of $24.3 million. The gain of this transaction ascended to approximately $6.8 million.
\n
\n\n
(****)
\n
For more information see note 26 \u201cContingencies, commitments and restrictions to the distribution of profits - Contingencies - Petrobras-related
\n
proceedings and claims\u201d.
\n

\n\n

\n\n

\n\n
\n
\n\n

\n

\n

\n\n
7 Financial results
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Interest Income
\n
86,112
\n
38,048
\n
21,625
\n
Net result on changes in FV of financial assets at FVPL
\n
(6,092)
\n
-
\n
-
\n
Impairment result on financial assets at FVTOCI
\n
-
\n
-
\n
(3,238)
\n
Finance income
\n
(*)
\n
\n
80,020
\n
38,048
\n
18,387
\n
Finance cost
\n
(45,940)
\n
(23,677)
\n
(27,014)
\n
Net foreign exchange transactions results
\n
(**)
\n
\n
15,654
\n
17,287
\n
(74,422)
\n
Foreign exchange derivatives contracts results
\n
(***)
\n
\n
(25,666)
\n
(7,966)
\n
19,644
\n
Other
\n
(****)
\n
\n
(30,108)
\n
(1,026)
\n
(1,590)
\n
Other financial results
\n
(40,120)
\n
8,295
\n
(56,368)
\n
Net financial results
\n
(6,040)
\n
22,666
\n
(64,995)
\n
\n\n
(*)
\n
Finance Income:
\n
In 2022, 2021 and 2020 includes $33 million, $3.3 million and $6.5 million of interest related to instruments carried at FVPL, respectively.
\n
In 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement
\n
of trade receivables.
\n
In 2021 also includes $18 million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see
\n
note 6 to these Consolidated Financial Statements.
\n

\n\n
\n\n
(**)
\n
Net foreign exchange transactions results:
\n
In 2022 mainly includes result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen
\n
denominated trade, financial, social, and fiscal payables at subsidiaries with functional currency U.S. dollar, together with the result from Euro
\n
depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by
\n
an increase in currency translation adjustment reserve from an Italian subsidiary.
\n
In 2021 mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with
\n
functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the
\n
result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated trade, financial,
\n
social, and fiscal payables at subsidiaries with functional currency U.S. dollar.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n

\n

\n

\n\n

\n

\n\n
In 2020 mainly includes the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries
\n
with functional currency U.S. dollar, largely offset by the currency translation adjustment reserve from our Italian subsidiary, together with the negative
\n
impact from Brazilian Real depreciation against the U.S. dollar on U.S. dollar denominated intercompany liabilities in subsidiaries with functional
\n
currency Brazilian Real, largely offset by the currency translation adjustment reserve from our Brazilian subsidiaries. Also includes the negative result
\n
from the Mexican peso depreciation against the U.S. dollar on peso denominated trade, social, fiscal and financial positions at Mexican subsidiaries
\n
with functional currency U.S. dollar.
\n

\n\n
\n
(***)
\n\n
Foreign exchange derivatives contracts results:
\n
In 2022 includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.
\n
In 2021 includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net
\n
receivables in Brazilian real.
\n
In 2020 includes mainly gain on derivatives covering net receivables in Mexican peso, Brazilian real and Canadian dollar and net payables in Euro.
\n

\n\n
\n
(****)
\n
Other:
\n
In 2022 includes a loss of $29.8 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to
\n
its shareholders. For more information see note 28.
\n

\n\n

\n\n
\n
\n\n
8 Income tax
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Current tax
\n
(589,706)
\n
(215,467)
\n
(121,048)
\n
Deferred tax
\n
(27,530)
\n
26,019
\n
97,898
\n
Tax charge
\n
(617,236)
\n
(189,448)
\n
(23,150)
\n
\n
\n
The tax on Tenaris\u2019s income before tax differs from the theoretical amount that would arise using the tax rate in each
\n
country as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Income (loss) before income tax
\n
3,165,937
\n
1,242,766
\n
(619,267)
\n
Less impairment charges (non-deductible)
\n
-
\n
57,075
\n
622,402
\n
Income before income tax without impairment charges
\n
3,165,937
\n
1,299,841
\n
3,135
\n
\n
\n
\n
\n
Tax calculated at the tax rate in each country
\n
(705,727)
\n
(209,765)
\n
21,052
\n
Effect of currency translation on tax base
\n
(187,186)
\n
(76,043)
\n
(72,936)
\n
Changes in the tax rates
\n
(3,422)
\n
(29,881)
\n
(958)
\n
Utilization of previously unrecognized tax losses
\n
29,560
\n
966
\n
98
\n
Tax revaluation, withholding tax and others
\n
249,539
\n
125,275
\n
29,594
\n
Tax charges
\n
(617,236)
\n
(189,448)
\n
(23,150)
\n
\n
\n
Effect of currency translation on tax base, Tenaris applies the liability method to recognize deferred income tax on
\n
temporary differences between the tax bases of assets / liabilities and their carrying amounts in the financial statements.
\n
By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the effect of the change
\n
in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a functional currency different
\n
than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax bases of
\n
the relevant assets will not result in any deduction / obligation for tax purposes in future periods.
\n
\n
Changes in the tax rates includes mainly the effect of the increase in the corporate income tax rate in Argentina from
\n
25% to 35% for fiscal years starting January 1, 2021.
\n
\n
Tax revaluation, withholding tax and others, includes a net tax income of $250 million, $113 million and $61 million for
\n
2022, 2021 and 2020 respectively related to the tax revaluation regimes in Argentina and Mexico. It also includes a charge
\n
of $21 million, $23 million and $10 million for 2022, 2021 and 2020 respectively related to withholding taxes for intra-
\n
group international operations.
\n

\n\n

\n\n

\n

\n\n
9 Dividends distribution
\n
\n
On November 3, 2022, the Company\u2019s Board of Directors approved the payment of an interim dividend of $0.17 per share
\n
($0.34 per ADS), or approximately $201 million, paid on November 23, 2022, with an ex-dividend date of November 21,
\n
2022.
\n
\n
On May 3, 2022, the Company\u2019s Shareholders approved an annual dividend in the amount of $0.41 per share ($0.82 per
\n
ADS). The amount approved included the interim dividend previously paid in November 24, 2021 in the amount of $0.13
\n
per share ($0.26 per ADS). The balance, amounting to $0.28 per share ($0.56 per ADS), was paid on May 25, 2022, for an
\n
amount of approximately $331 million. In the aggregate, the interim dividend paid in November 2021 and the balance
\n
paid in May 2022 amounted to approximately $484 million.
\n
\n
On May 3, 2021, the Company\u2019s Shareholders approved an annual dividend in the amount of $0.21 per share ($0.42 per
\n
ADS). The amount approved included the interim dividend previously paid in November 25, 2020 in the amount of $0.07
\n
per share ($0.14 per ADS). The balance, amounting to $0.14 per share ($0.28 per ADS), was paid on May 26, 2021, for an
\n
amount of approximately $165 million. In the aggregate, the interim dividend paid in November 2020 and the balance
\n
paid in May 2021 amounted to approximately $248 million.
\n

\n\n
\n
\n\n
10 Property, plant and equipment, net
\n
\n
\n
Year ended December 31, 2022
\n
Land and
\n
civil
\n
buildings
\n
Industrial
\n
buildings,
\n
plant and
\n
production
\n
equipment
\n
Vehicles,
\n
furniture
\n
and
\n
fixtures
\n
Work in
\n
progress
\n
Spare parts
\n
and
\n
equipment
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
830,104
\n
13,064,541
\n
420,930
\n
147,429
\n
59,522
\n
14,522,526
\n
Currency translation adjustment
\n
(1,601)
\n
(71,347)
\n
(1,838)
\n
376
\n
(174)
\n
(74,584)
\n
Increase due to business combinations
\n
(*)
\n
\n
-
\n
-
\n
-
\n
187
\n
-
\n
187
\n
Additions
\n
-
\n
2,271
\n
734
\n
334,912
\n
8,150
\n
346,067
\n
Transfers / Reclassifications
\n
9,829
\n
184,915
\n
16,221
\n
(227,153)
\n
-
\n
(16,188)
\n
Disposals / Consumptions
\n
(22,569)
\n
(322,886)
\n
(33,562)
\n
(3,372)
\n
(11,972)
\n
(394,361)
\n
Values at the end of the year
\n
815,763
\n
12,857,494
\n
402,485
\n
252,379
\n
55,526
\n
14,383,647
\n
\n
\n
\n
\n
\n
\n
\n
Depreciation and impairment
\n
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
139,941
\n
8,199,724
\n
353,639
\n
-
\n
4,421
\n
8,697,725
\n
Currency translation adjustment
\n
(289)
\n
(51,283)
\n
(1,756)
\n
-
\n
130
\n
(53,198)
\n
Depreciation charge
\n
13,577
\n
432,648
\n
21,022
\n
-
\n
20,485
\n
487,732
\n
Impairment charge (See note 5)
\n
-
\n
75,722
\n
321
\n
-
\n
-
\n
76,043
\n
Transfers / Reclassifications
\n
(2)
\n
(21,506)
\n
(215)
\n
-
\n
-
\n
(21,723)
\n
Disposals / Consumptions
\n
(955)
\n
(321,334)
\n
(32,485)
\n
-
\n
(4,421)
\n
(359,195)
\n
Accumulated at the end of the year
\n
152,272
\n
8,313,971
\n
340,526
\n
-
\n
20,615
\n
8,827,384
\n
At December 31, 2022
\n
663,491
\n
4,543,523
\n
61,959
\n
252,379
\n
34,911
\n
5,556,263
\n
\n
(*)
\n
Related to Parques E\u00f3licos de la Buena Ventura S.A. acquisition, for more information see note 33 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n

\n\n

\n
Land and
\n
civil
\n
buildings
\n
Industrial
\n
buildings,
\n
plant and
\n
production
\n
equipment
\n
Vehicles,
\n
furniture
\n
and
\n
fixtures
\n
Work in
\n
progress
\n
Spare
\n
parts and
\n
equipment
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
839,584
\n
13,079,545
\n
414,757
\n
102,226
\n
61,893
\n
14,498,005
\n
Currency translation adjustment
\n
(5,084)
\n
(138,839)
\n
(5,042)
\n
(365)
\n
(569)
\n
(149,899)
\n
Additions
\n
8
\n
15,238
\n
1,171
\n
192,470
\n
4,830
\n
213,717
\n
Transfers / Reclassifications
\n
2,448
\n
148,037
\n
17,688
\n
(146,752)
\n
-
\n
21,421
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
(200)
\n
(4,310)
\n
(62)
\n
-
\n
-
\n
(4,572)
\n
Disposals / Consumptions
\n
(6,652)
\n
(35,130)
\n
(7,582)
\n
(150)
\n
(6,632)
\n
(56,146)
\n
Values at the end of the year
\n
830,104
\n
13,064,541
\n
420,930
\n
147,429
\n
59,522
\n
14,522,526
\n
\n
\n
\n
\n
\n
\n
\n
Depreciation and impairment
\n
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
132,458
\n
7,830,120
\n
342,246
\n
-
\n
-
\n
8,304,824
\n
Currency translation adjustment
\n
(1,292)
\n
(97,236)
\n
(4,621)
\n
-
\n
-
\n
(103,149)
\n
Depreciation charge
\n
9,736
\n
440,316
\n
21,715
\n
-
\n
-
\n
471,767
\n
Impairment charge (See note 5)
\n
-
\n
51,470
\n
780
\n
-
\n
4,421
\n
56,671
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
-
\n
(567)
\n
(53)
\n
-
\n
-
\n
(620)
\n
Disposals / Consumptions
\n
(961)
\n
(24,379)
\n
(6,428)
\n
-
\n
-
\n
(31,768)
\n
Accumulated at the end of the year
\n
139,941
\n
8,199,724
\n
353,639
\n
-
\n
4,421
\n
8,697,725
\n
At December 31, 2021
\n
690,163
\n
4,864,817
\n
67,291
\n
147,429
\n
55,101
\n
5,824,801
\n
\n
(*)
\n
Related to Geneva sale. See note 6 to these Consolidated Financial Statements.
\n
\n
See note 27 for a description of certain restricted assets with a carrying value of $56.2 million held in Saudi Arabia by the Company\u2019s
\n
subsidiary SSPC, in which Tenaris holds a 47.79%.
\n
\n\n
Property, plant and equipment include capitalized interests for net amounts at December 31, 2022 and 2021 of $30.4 million and $32
\n
million, respectively. There were no new interests capitalized during 2022 and 2021.
\n

\n\n
\n
Government grants recognized as a reduction of property, plant and equipment were immaterial for the years 2022 and 2021.
\n
\n
The carrying amounts of assets pledged as security for current and non-current borrowings were immaterial for the years 2022 and
\n
2021.
\n

\n\n
\n
\n\n
\n
11 Intangible assets, net
\n
\n
Year ended December 31, 2022
\n
Information
\n
system
\n
projects
\n
Licenses,
\n
patents and
\n
trademarks
\n
(*)
\n
\n
Goodwill
\n
Customer
\n
relationships
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
650,155
\n
547,527
\n
2,468,638
\n
2,211,151
\n
5,877,471
\n
Currency translation adjustment
\n
(2,626)
\n
-
\n
1,088
\n
-
\n
(1,538)
\n
Increase due to business combinations
\n
(**)
\n
\n
-
\n
4,019
\n
-
\n
-
\n
4,019
\n
Additions
\n
31,427
\n
952
\n
-
\n
-
\n
32,379
\n
Transfers / Reclassifications
\n
(5,535)
\n
-
\n
-
\n
-
\n
(5,535)
\n
Disposals
\n
(***)
\n
\n
(58,947)
\n
(1,507)
\n
-
\n
(449,109)
\n
(509,563)
\n
Values at the end of the year
\n
614,474
\n
550,991
\n
2,469,726
\n
1,762,042
\n
5,397,233
\n
\n
\n
\n
\n
\n
\n
Amortization and impairment
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the
\n
year
\n
599,307
\n
391,223
\n
1,383,994
\n
2,130,771
\n
4,505,295
\n
Currency translation adjustment
\n
(2,496)
\n
-
\n
-
\n
-
\n
(2,496)
\n
Amortization charge
\n
23,218
\n
8,701
\n
-
\n
38,853
\n
70,772
\n
Impairment charge (See note 5)
\n
2
\n
-
\n
680
\n
-
\n
682
\n
Disposals
\n
(***)
\n
\n
(58,912)
\n
(1,507)
\n
-
\n
(449,109)
\n
(509,528)
\n
Accumulated at the end of the year
\n
561,119
\n
398,417
\n
1,384,674
\n
1,720,515
\n
4,064,725
\n
At December 31, 2022
\n
53,355
\n
152,574
\n
1,085,052
\n
41,527
\n
1,332,508
\n
\n\n
(*)
\n
Includes Proprietary Technology.
\n
(**)
\n
Related to Parques E\u00f3licos de la Buena Ventura S.A. acquisition, for more information see note 33 to these Consolidated Financial Statements.
\n
\n\n

\n\n

\n\n

\n\n
\n\n
(***)
\n
Mainly related to fully depreciated assets following the deconsolidation of a Canadian subsidiary of the Company.
\n
\n\n

\n\n

\n\n

\n

\n\n

\n
Information
\n
system projects
\n
Licenses,
\n
patents and
\n
trademarks
\n
(*)
\n
\n
Goodwill
\n
Customer
\n
relationships
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
637,352
\n
550,500
\n
2,469,962
\n
2,211,151
\n
5,868,965
\n
Currency translation adjustment
\n
(6,466)
\n
(151)
\n
(1,324)
\n
-
\n
(7,941)
\n
Additions
\n
22,830
\n
2,971
\n
-
\n
-
\n
25,801
\n
Transfers / Reclassifications
\n
(2,902)
\n
(4,637)
\n
-
\n
-
\n
(7,539)
\n
Disposals
\n
(659)
\n
(1,156)
\n
-
\n
-
\n
(1,815)
\n
Values at the end of the year
\n
650,155
\n
547,527
\n
2,468,638
\n
2,211,151
\n
5,877,471
\n
\n
\n
\n
\n
\n
\n
Amortization and impairment
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
577,359
\n
382,531
\n
1,383,994
\n
2,096,025
\n
4,439,909
\n
Currency translation adjustment
\n
(6,014)
\n
-
\n
-
\n
-
\n
(6,014)
\n
Amortization charge
\n
28,072
\n
8,701
\n
-
\n
34,746
\n
71,519
\n
Impairment charge (See note 5)
\n
404
\n
-
\n
-
\n
-
\n
404
\n
Disposals
\n
(514)
\n
(9)
\n
-
\n
-
\n
(523)
\n
Accumulated at the end of the year
\n
599,307
\n
391,223
\n
1,383,994
\n
2,130,771
\n
4,505,295
\n
At December 31, 2021
\n
50,848
\n
156,304
\n
1,084,644
\n
80,380
\n
1,372,176
\n
\n
(*)
\n
Includes Proprietary Technology.
\n
\n\n
\n\n
The geographical allocation of goodwill for the year ended December 31, 2022 was $939.2 million for North America,
\n
$111 million for South America, $33 million for Middle East & Africa and $1.9 million for Europe.
\n
\n\n
\n
The carrying amount of goodwill allocated by CGU, as of December 31, 2022, was as follows:
\n
\n
(all amounts in millions of U.S. dollars)
\n
\n
\n
\n
\n
Tubes Segment
\n
\n
CGU
\n
Hydril Acquisition
\n
Other
\n
Total
\n
Tamsa (Hydril and other)
\n
346
\n
19
\n
365
\n
Siderca (Hydril and other)
\n
265
\n
93
\n
358
\n
Hydril
\n
309
\n
-
\n
309
\n
Other
\n
-
\n
53
\n
53
\n
Total
\n
920
\n
165
\n
1,085
\n

\n\n

\n\n
\n
\n\n
12 Right-of-use assets, net and lease liabilities
\n
\n
Right of use assets evolution
\n
\n
Year ended December 31, 2022
\n
Land and Civil
\n
Buildings
\n
Industrial
\n
Buildings,
\n
Plant and
\n
Production
\n
Equipment
\n
Vehicles,
\n
furniture and
\n
fixtures
\n
Others
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
Opening net book amount
\n
46,082
\n
131,816
\n
20,256
\n
-
\n
198,154
\n
Currency translation adjustment
\n
52
\n
(414)
\n
(417)
\n
-
\n
(779)
\n
Additions
\n
15,872
\n
31,778
\n
7,674
\n
1,182
\n
56,506
\n
Transfers / Reclassifications
\n
(5,166)
\n
(1,317)
\n
6,483
\n
-
\n
-
\n
Disposals
\n
(13,270)
\n
(36,186)
\n
(3,705)
\n
-
\n
(53,161)
\n
At December 31, 2022
\n
43,570
\n
125,677
\n
30,291
\n
1,182
\n
200,720
\n
\n
\n
\n
\n
\n
\n
Depreciation
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the
\n
year
\n
24,005
\n
54,727
\n
10,684
\n
-
\n
89,416
\n
Currency translation adjustment
\n
(9)
\n
(139)
\n
(251)
\n
-
\n
(399)
\n
Depreciation charge
\n
8,965
\n
32,767
\n
7,277
\n
210
\n
49,219
\n
Transfers / Reclassifications
\n
(3,974)
\n
1,431
\n
2,543
\n
-
\n
-
\n
Disposals
\n
(10,054)
\n
(35,992)
\n
(3,211)
\n
-
\n
(49,257)
\n
Accumulated at the end of the year
\n
18,933
\n
52,794
\n
17,042
\n
210
\n
88,979
\n
At December 31, 2022
\n
24,637
\n
72,883
\n
13,249
\n
972
\n
111,741
\n

\n\n

\n\n

\n\n
Land and Civil
\n
Buildings
\n
Industrial
\n
Buildings, Plant
\n
and Production
\n
Equipment
\n
Vehicles, furniture
\n
and fixtures
\n
Total
\n
Cost
\n
\n
\n
\n
\n
Opening net book amount
\n
41,932
\n
273,358
\n
18,615
\n
333,905
\n
Currency translation adjustment
\n
(187)
\n
(592)
\n
(560)
\n
(1,339)
\n
Additions
\n
6,010
\n
10,127
\n
6,189
\n
22,326
\n
Transfers / Reclassifications
\n
-
\n
(274)
\n
277
\n
3
\n
Disposals
\n
(*)
\n
\n
(1,673)
\n
(150,803)
\n
(4,265)
\n
(156,741)
\n
At December 31, 2021
\n
46,082
\n
131,816
\n
20,256
\n
198,154
\n
\n
\n
\n
\n
\n
Depreciation
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
15,142
\n
67,993
\n
8,817
\n
91,952
\n
Currency translation adjustment
\n
(37)
\n
(177)
\n
(260)
\n
(474)
\n
Depreciation charge
\n
9,882
\n
35,964
\n
5,589
\n
51,435
\n
Transfers / Reclassifications
\n
-
\n
96
\n
(93)
\n
3
\n
Disposals
\n
(*)
\n
\n
(982)
\n
(49,149)
\n
(3,369)
\n
(53,500)
\n
Accumulated at the end of the year
\n
24,005
\n
54,727
\n
10,684
\n
89,416
\n
At December 31, 2021
\n
22,077
\n
77,089
\n
9,572
\n
108,738
\n
\n
(*)
\n
Includes net disposals of $96.6 million related to NKKTubes lease agreement re-measurement due to joint venture termination.
\n
\n
Depreciation of right-of-use assets is mainly included in Tubes segment.
\n
\n
Lease liability evolution
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
\n
\n
\n
Opening net book amount
\n
117,285
\n
257,343
\n
Translation differences
\n
(3,922)
\n
(11,350)
\n
Additions
\n
56,459
\n
22,261
\n
Cancellations
\n
(*)
\n
\n
(5,207)
\n
(103,329)
\n
Repayments
\n
(**)
\n
\n
(55,874)
\n
(50,998)
\n
Interest accrued
\n
3,436
\n
3,358
\n
At December 31,
\n
112,177
\n
117,285
\n
\n
(*)
\n
For 2021, includes $95.8 million related to NKKTubes lease agreement re-measurement due to joint venture termination.
\n
(**)
\n
For 2022 includes repayments of $52.4 million in capital and $3.5 million of interest, and for 2021 includes repayments of $48.5 million in capital
\n
and $2.5 million of interest.
\n
\n
As of December 2022, the amount of remaining payments with maturity less than 1 year, between 2 and 5 years and
\n
more than 5 years is approximately 25.5%, 47.5% and 27%, respectively.
\n
\n
As of December 2021, the amount of remaining payments with maturity less than 1 year, between 2 and 5 years and
\n
more than 5 years was approximately 29.5%, 33.6% and 36.9%, respectively.
\n
\n
Expenses related to short-term leases, leases of low value assets and variable leases (included in cost of sales and selling,
\n
general and administrative expenses) were not material for the years 2022 and 2021.
\n

\n\n

\n\n

\n\n

\n\n

\n
13 Investments in non-consolidated companies
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
1,383,774
\n
957,352
\n
Translation differences
\n
7,336
\n
(11,085)
\n
Equity in earnings of non-consolidated companies
\n
242,743
\n
512,591
\n
Impairment loss in non-consolidated companies
\n
(*)
\n
\n
(34,041)
\n
-
\n
Dividends and distributions declared
\n
(**)
\n
\n
(64,189)
\n
(78,926)
\n
Increase in equity reserves and others
\n
5,023
\n
3,842
\n
At the end of the year
\n
1,540,646
\n
1,383,774
\n
\n
(*)
\n
Includes an impairment of $19.1 million related to the investment in Usiminas and $14.9 million related to the joint venture with PAO Severstal
\n
(\u201cSeverstal\u201d). For more information see note 36.
\n
(**)
\n
Related to Ternium and Usiminas. During 2022 and 2021 $66.2 million and $75.9 million respectively were collected.
\n
\n
The principal non-consolidated companies are:
\n
\n
\n
\n
% ownership at December 31,
\n
Book value at December 31,
\n
Company
\n
Country of incorporation
\n
2022
\n
2021
\n
2022
\n
2021
\n
a) Ternium
\n
(*)
\n
\n
Luxembourg
\n
11.46%
\n
11.46%
\n
1,363,607
\n
1,210,206
\n
b) Usiminas
\n
(**)
\n
\n
Brazil
\n
3.07%
\n
3.07%
\n
109,534
\n
103,106
\n
c) Techgen
\n
Mexico
\n
22.00%
\n
22.00%
\n
41,506
\n
29,397
\n
d) Global Pipe Company
\n
Saudi Arabia
\n
35.00%
\n
35.00%
\n
23,022
\n
21,523
\n
Others
\n
\n
\n
\n
2,977
\n
19,542
\n
\n
\n
\n
\n
1,540,646
\n
1,383,774
\n
(*)
\n
Including treasury shares.
\n
(**)
\n
At December 31, 2022 and 2021 the voting rights were 5.19%.
\n
\n\n
a) Ternium
\n
\n
Ternium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United States
\n
and Central America and is one of Tenaris\u2019s main suppliers of round steel bars and flat steel products for its pipes business.
\n
\n
At December 31, 2022, the closing price of Ternium\u2019s ADSs as quoted on the New York Stock Exchange was $30.56 per
\n
ADS, giving Tenaris\u2019s ownership stake a market value of approximately $702 million. At December 31, 2022, the carrying
\n
value of Tenaris\u2019s ownership stake in Ternium, based on Ternium\u2019s IFRS Financial Statements, was approximately $1,363.6
\n
million. The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset\u2019s
\n
carrying amount may not be recoverable. As of December 31, 2022, the Company concluded that the carrying amount
\n
does not exceed the recoverable value of the investment.
\n
\n
Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Ternium
\n
\n
2022
\n
2021
\n
Non-current assets
\n
8,647,510
\n
8,491,363
\n
Current assets
\n
8,844,038
\n
8,606,544
\n
Total assets
\n
17,491,548
\n
17,097,907
\n
Non-current liabilities
\n
1,506,325
\n
1,649,105
\n
Current liabilities
\n
2,216,832
\n
3,213,764
\n
Total liabilities
\n
3,723,157
\n
4,862,869
\n
Total equity
\n
13,768,391
\n
12,235,038
\n
Non-controlling interests
\n
1,922,434
\n
1,700,019
\n
\n
\n
\n
Revenues
\n
16,414,466
\n
16,090,744
\n
Gross profit
\n
3,927,184
\n
6,195,674
\n
Net income for the year attributable to owners of the parent
\n
1,767,516
\n
3,825,068
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
b) Usiminas
\n
\n
Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.
\n
\n
As of December 31, 2022, the closing price of the Usiminas\u2019 ordinary and preferred shares, as quoted on the B3 - Brasil
\n
Bolsa Balc\u00e3o S.A, was BRL7.41 ($1.42) and BRL7.16 ($1.37), respectively, giving Tenaris\u2019s ownership stake a market value
\n
of approximately $53.6 million. As of that date, the carrying value of Tenaris\u2019s ownership stake in Usiminas was
\n
approximately $109.5 million.
\n
\n
For the year ended December 31, 2022, the Company conducted an impairment test and - mainly due to the lower
\n
expectations of steel demand and market steel prices, together with a worsened global macroeconomic situation that
\n
derived in the increase in discount rates - wrote down its investment in Usiminas by $19.1 million. The value-in-use was
\n
used to determine the recoverable value. Value-in-use was calculated discounting the estimated cash flows over a five-
\n
year period based on forecasts approved by management. For the subsequent years beyond the five-year period, a
\n
terminal value was calculated based on perpetuity considering a nominal growth rate of 2%. The discount rate used for
\n
such test was 13.5% and is based on the respective WACC, which is considered to be a good indicator of capital cost. The
\n
main factors that could result in additional impairment charges in future periods would be an increase of the discount
\n
rate, or a deterioration of the macroeconomic situation, steel demand and prices. Management has considered and
\n
assessed reasonably possible changes in the key assumptions and has not identified any instances that could give rise to
\n
an additional material impairment charge over its investment in Usiminas.
\n
\n
Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Usiminas
\n
\n
2022
\n
2021
\n
Non-current assets
\n
3,764,453
\n
3,491,103
\n
Current assets
\n
3,901,844
\n
3,583,814
\n
Total assets
\n
7,666,297
\n
7,074,917
\n
Non-current liabilities
\n
1,671,249
\n
1,575,321
\n
Current liabilities
\n
1,033,524
\n
1,134,663
\n
Total liabilities
\n
2,704,773
\n
2,709,984
\n
Total equity
\n
4,961,524
\n
4,364,933
\n
Non-controlling interests
\n
523,741
\n
467,551
\n
\n
\n
\n
Revenues
\n
6,296,964
\n
6,269,569
\n
Gross profit
\n
1,110,439
\n
2,101,336
\n
Net income for the year attributable to owners of the parent
\n
319,979
\n
1,687,682
\n

\n\n
\n
c) Techgen
\n
\n
Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer\u00eda
\n
area of the State of Nuevo Le\u00f3n, Mexico, with a power capacity of 900 megawatts. As of December 31, 2022, Tenaris held
\n
22% of Techgen\u2019s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San Faustin), held 48% and
\n
30% respectively. As of December 31, 2022, the carrying value of Tenaris\u2019s ownership stake in Techgen was approximately
\n
$41.5 million.
\n
\n
Techgen entered into certain transportation capacity agreements, equipment and other services related to the
\n
equipment, and an agreement for the purchase of clean energy certificates. As of December 31, 2022, Tenaris\u2019s exposure
\n
under these agreements amounted to $42.5 million, $0.9 million and $17.2 million respectively.
\n
\n
Techgen\u2019s sponsors granted certain subordinated loans to Techgen. As of December 31, 2022, the aggregate outstanding
\n
principal amount under these subordinated loans was $264.2 million, of which $58.1 million correspond to Tenaris\u2019s
\n
contribution.
\n
\n
On February 13, 2019, Techgen entered into a $640 million syndicated loan agreement with several banks to refinance
\n
an existing loan, resulting in the release of certain corporate guarantees previously issued by Techgen\u2019s shareholders to
\n
secure the replaced facility.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
The existing syndicated loan agreement is \u201cnon-recourse\u201d on the sponsors. Techgen\u2019s obligations thereunder are
\n
guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and
\n
certain direct agreements \u2013customary for these type of transactions\u2013. The commercial terms and conditions governing
\n
the purchase by the Company\u2019s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen remain
\n
substantially unchanged.
\n
\n
Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service
\n
becoming due during two consecutive quarters; such account is funded by stand-by letters of credit issued for the account
\n
of Techgen\u2019s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company applied for
\n
stand-by letters of credit covering 22% of the debt service coverage ratio, which as of December 31, 2022, amounted to
\n
$10.3 million.
\n
\n
d) GPC
\n
\n
GPC is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW
\n
pipes. Tenaris, through its subsidiary SSPC, currently owns 35% of the share capital of GPC. As of December 31, 2022, the
\n
carrying value of Tenaris\u2019s ownership stake in GPC was approximately $23 million.
\n
\n
SSPC and the other three owners of GPC have issued corporate guarantees to secure repayment of loan agreements
\n
entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank
\n
and Banque Saudi Fransi to finance GPC\u2019s capital expenditures and working capital. As of December 31, 2022, SSPC\u2019s
\n
exposure under the guarantees amounted to $84 million.
\n
\n
In December 2022, EEW, a German company that owns another 35% interest in GPC, expressed its intention to sell its
\n
entire interest in GPC for a cash amount of $9.9 million and a release of EEW\u2019s corporate guarantees with respect to
\n
GPC\u2019s debt. SSPC and another shareholder that owns a 20% interest in GPC exercised their respective rights of first refusal.
\n
Each such acquisition is subject to customary conditions, including competition clearance and bank consents. If both
\n
acquisitions are consummated, SSPC will acquire a 22.3% additional interest in GPC (thus totaling a 57.3% interest) and
\n
will assume a portion of EEW\u2019s corporate guarantees (so that SSPC\u2019s exposure under the guarantees will increase to
\n
$137.5 million based on debt amounts as of December 31, 2022).
\n

\n\n

\n\n
\n
\n\n
14 Receivables \u2013 non current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Employee advances and loans
\n
11,908
\n
8,117
\n
Tax credits
\n
(*)
\n
\n
27,333
\n
53,210
\n
Receivables from related parties
\n
67,921
\n
61,841
\n
Legal deposits
\n
9,394
\n
9,041
\n
Advances to suppliers and other advances
\n
28,779
\n
9,878
\n
Receivable Venezuelan subsidiaries
\n
48,659
\n
48,659
\n
Others
\n
17,726
\n
15,142
\n
\n
211,720
\n
205,888
\n
\n
(*)
\n
As of December 31, 2022 and 2021 respectively, included approximately $8 million and $36 million related to PIS and COFINS (Federal Social
\n
Contributions on Gross Revenues) tax recovery on Brazilian subsidiaries.
\n

\n\n
\n
\n\n
15 Inventories, net
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Finished goods
\n
1,592,706
\n
1,113,011
\n
Goods in process
\n
936,555
\n
707,665
\n
Raw materials
\n
606,977
\n
358,552
\n
Supplies
\n
542,636
\n
485,815
\n
Goods in transit
\n
530,721
\n
253,324
\n
\n
4,209,595
\n
2,918,367
\n
Allowance for obsolescence, see note 24 (i)
\n
(222,666)
\n
(245,774)
\n
\n
3,986,929
\n
2,672,593
\n

\n\n

\n\n

\n

\n

\n\n
16 Receivables and prepayments, net
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Prepaid expenses and other receivables
\n
47,419
\n
38,080
\n
Government entities
\n
18,121
\n
2,363
\n
Employee advances and loans
\n
10,701
\n
5,974
\n
Advances to suppliers and other advances
\n
41,549
\n
17,225
\n
Government tax refunds on exports
\n
8,898
\n
8,419
\n
Receivables from related parties
\n
19,184
\n
5,919
\n
Others
\n
41,418
\n
21,502
\n
\n
187,290
\n
99,482
\n
Allowance for other doubtful accounts, see note 24 (i)
\n
(3,479)
\n
(3,206)
\n
\n
183,811
\n
96,276
\n

\n\n
\n
\n\n
17 Current tax assets and liabilities
\n
\n
\n
\n
Year ended December 31,
\n
Current tax assets
\n
2022
\n
2021
\n
Income tax assets
\n
24,812
\n
16,394
\n
V.A.T. credits
\n
218,009
\n
176,202
\n
Other prepaid taxes
\n
315
\n
425
\n
\n
243,136
\n
193,021
\n
\n
\n
Year ended December 31,
\n
Current tax liabilities
\n
2022
\n
2021
\n
Income tax liabilities
\n
280,469
\n
73,352
\n
V.A.T. liabilities
\n
17,228
\n
12,955
\n
Other taxes
\n
78,543
\n
57,179
\n
\n
376,240
\n
143,486
\n

\n\n
\n
\n\n

\n
18 Trade receivables, net
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Current accounts
\n
2,479,035
\n
1,313,934
\n
Receivables from related parties
\n
60,400
\n
32,258
\n
\n
2,539,435
\n
1,346,192
\n
Allowance for doubtful accounts, see note 24 (i)
\n
(45,495)
\n
(47,120)
\n
\n
2,493,940
\n
1,299,072
\n
\n
The following table sets forth details of the aging of trade receivables:
\n
\n\n
At December 31, 2022
\n
Trade
\n
Receivables
\n
Not Due
\n
Past due
\n
\n
1 - 180 days
\n
> 180 days
\n
\n
\n
\n
\n
\n
Guaranteed
\n
265,898
\n
237,784
\n
27,431
\n
683
\n
Not guaranteed
\n
2,273,537
\n
1,756,707
\n
465,423
\n
51,407
\n
Guaranteed and not guaranteed
\n
2,539,435
\n
1,994,491
\n
492,854
\n
52,090
\n
Expected loss rate
\n
0.06%
\n
0.03%
\n
0.18%
\n
0.77%
\n
Allowances for doubtful accounts
\n
(1,657)
\n
(654)
\n
(920)
\n
(83)
\n
Nominative allowances for doubtful accounts
\n
(43,838)
\n
-
\n
(1,541)
\n
(42,297)
\n
Net Value
\n
2,493,940
\n
1,993,837
\n
490,393
\n
9,710
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n\n
At December 31, 2021
\n
Trade
\n
Receivables
\n
Not Due
\n
Past due
\n
\n
1 - 180 days
\n
> 180 days
\n
\n
\n
\n
\n
\n
Guaranteed
\n
195,848
\n
185,238
\n
9,894
\n
716
\n
Not guaranteed
\n
1,150,344
\n
951,356
\n
148,412
\n
50,576
\n
Guaranteed and not guaranteed
\n
1,346,192
\n
1,136,594
\n
158,306
\n
51,292
\n
Expected loss rate
\n
0.06%
\n
0.04%
\n
0.20%
\n
0.84%
\n
Allowances for doubtful accounts
\n
(833)
\n
(401)
\n
(367)
\n
(65)
\n
Nominative allowances for doubtful accounts
\n
(46,287)
\n
-
\n
(1,391)
\n
(44,896)
\n
Net Value
\n
1,299,072
\n
1,136,193
\n
156,548
\n
6,331
\n

\n\n
\n
Trade receivables are mainly denominated in U.S. dollars.
\n

\n\n
\n
\n
19 Cash and cash equivalents and other investments
\n
\n
\n\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Cash and cash equivalents
\n
\n
\n
Cash at banks
\n
149,424
\n
167,455
\n
Liquidity funds
\n
422,859
\n
105,697
\n
Short-term investments
\n
519,244
\n
44,975
\n
\n
1,091,527
\n
318,127
\n

\n\n
Other investments - current
\n
\n
\n
Fixed income (time-deposit, zero coupon bonds, commercial papers)
\n
196,152
\n
239,742
\n
Bonds and other fixed income
\n
211,953
\n
158,107
\n
Fund investments
\n
30,343
\n
-
\n
\n
438,448
\n
397,849
\n
Other investments - non-current
\n
\n
\n
Bonds and other fixed income
\n
113,574
\n
312,619
\n
Others
\n
6,328
\n
7,635
\n
\n
119,902
\n
320,254
\n
\n
\n\n
20 Borrowings
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Non-current
\n
\n
\n
Bank borrowings
\n
46,433
\n
111,452
\n
Costs of issue of debt
\n
-
\n
(20)
\n
\n
46,433
\n
111,432
\n
Current
\n
\n
\n
Bank borrowings
\n
682,255
\n
219,566
\n
Bank overdrafts
\n
94
\n
60
\n
Costs of issue of debt
\n
(20)
\n
(125)
\n
\n
682,329
\n
219,501
\n
Total Borrowings
\n
728,762
\n
330,933
\n
\n
\n
The maturity of borrowings is as follows:
\n
\n
\n
At December 31, 2022
\n
1 year or less
\n
1 - 2 years
\n
2 \u2013 3 years
\n
Over 3 years
\n
Total
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
682,329
\n
41,933
\n
3,000
\n
1,500
\n
728,762
\n
Total borrowings
\n
682,329
\n
41,933
\n
3,000
\n
1,500
\n
728,762
\n
\n
\n
\n
\n
\n
\n
Interest to be accrued
\n
(*)
\n
\n
26,153
\n
821
\n
64
\n
8
\n
27,046
\n
Total
\n
708,482
\n
42,754
\n
3,064
\n
1,508
\n
755,808
\n

\n\n

\n\n

\n
(*)
\n\n
Includes the effect of hedge accounting.
\n

\n\n

\n\n

\n\n
At December 31, 2021
\n
1 year or less
\n
1 - 2 years
\n
2 \u2013 3 years
\n
Over 3 years
\n
Total
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
219,501
\n
107,438
\n
3,994
\n
-
\n
330,933
\n
Total borrowings
\n
219,501
\n
107,438
\n
3,994
\n
-
\n
330,933
\n
\n
\n
\n
\n
\n
\n
Interest to be accrued
\n
(*)
\n
\n
2,465
\n
560
\n
13
\n
-
\n
3,038
\n
Total
\n
221,966
\n
107,998
\n
4,007
\n
-
\n
333,971
\n
\n
(*)
\n
Includes the effect of hedge accounting.
\n
\n
Significant borrowings include:
\n
\n
In millions of U.S. dollars
\n
\n
\n
\n
\n
Disbursement date
\n
Borrower
\n
Type
\n
Final maturity
\n
Outstanding
\n
2022
\n
Tamsa
\n
Bilateral
\n
2023
\n
100
\n
2022
\n
Maverick
\n
Bilateral
\n
2023
\n
100
\n
2022
\n
Tubos del Caribe
\n
Bilateral
\n
2023
\n
90
\n
2020
\n
Tamsa
\n
Bilateral
\n
2023
\n
80
\n
2022
\n
Siderca
\n
Bilateral
\n
2023
\n
55
\n
\n
As of December 31, 2022, Tenaris was in compliance with all of its covenants.
\n
\n
The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in
\n
its corresponding currency as of December 31, 2022 and 2021, considering hedge accounting where applicable.
\n
\n
\n
2022
\n
2021
\n
Total borrowings
\n
9.45%
\n
2.09%
\n
\n
Breakdown of long-term borrowings by currency and rate is as follows:
\n
\n
Non-current borrowings
\n
\n
\n
\n
Year ended December 31,
\n
Currency
\n
Interest rates
\n
2022
\n
2021
\n
USD
\n
Variable
\n
20,000
\n
99,587
\n
SAR
\n
Fixed
\n
18,933
\n
11,845
\n
SAR
\n
Variable
\n
7,500
\n
-
\n
Total non-current borrowings
\n
\n
46,433
\n
111,432
\n
\n
\n
Breakdown of short-term borrowings by currency and rate is as follows:
\n
\n
Current borrowings
\n
\n
\n
\n
Year ended December 31,
\n
Currency
\n
Interest rates
\n
2022
\n
2021
\n
USD
\n
Variable
\n
200,350
\n
17,015
\n
USD
\n
Fixed
\n
206,336
\n
-
\n
EUR
\n
Variable
\n
-
\n
1,273
\n
EUR
\n
Fixed
\n
26,829
\n
1,706
\n
MXN
\n
Fixed
\n
141,802
\n
141,861
\n
ARS
\n
Fixed
\n
74,025
\n
8,947
\n
SAR
\n
Variable
\n
3,023
\n
26,022
\n
SAR
\n
Fixed
\n
29,964
\n
22,677
\n
Total current borrowings
\n
\n
682,329
\n
219,501
\n

\n\n

\n\n

\n

\n\n
Borrowings evolution
\n
\n
\n
Year ended December 31, 2022
\n
\n
Non current
\n
Current
\n
At the beginning of the year
\n
111,432
\n
219,501
\n
Translation differences
\n
(18)
\n
(28,705)
\n
Proceeds and repayments, net
\n
49,948
\n
371,500
\n
Interests accrued less payments
\n
158
\n
4,774
\n
Reclassifications
\n
(115,087)
\n
115,087
\n
Increase due to business combinations
\n
(*)
\n
\n
-
\n
138
\n
Overdrafts variation
\n
-
\n
34
\n
At the end of the year
\n
46,433
\n
682,329
\n
\n
(*)
\n
Related to Parques E\u00f3licos de la Buena Ventura S.A. acquisition, for more information see note 33 to these Consolidated Financial Statements.
\n

\n\n
\n
\n\n
21 Deferred tax assets and liabilities
\n
\n
Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of
\n
each country.
\n
\n
The evolution of deferred tax assets and liabilities during the year is as follows:
\n
\n
Deferred tax liabilities
\n
\n
\n
Fixed assets
\n
Inventories
\n
Intangible assets
\n
and other
\n
Total
\n
At the beginning of the year
\n
669,830
\n
27,508
\n
104,346
\n
801,684
\n
Translation differences
\n
(64)
\n
15
\n
600
\n
551
\n
Charged to other comprehensive income
\n
-
\n
-
\n
1,719
\n
1,719
\n
Income statement (credit) / charge
\n
(94,099)
\n
16,009
\n
7,877
\n
(70,213)
\n
At December 31, 2022
\n
575,667
\n
43,532
\n
114,542
\n
733,741
\n
\n
\n
Fixed assets
\n
Inventories
\n
Intangible assets
\n
and other
\n
Total
\n
At the beginning of the year
\n
702,415
\n
15,255
\n
125,793
\n
843,463
\n
Translation differences
\n
(461)
\n
-
\n
(2,059)
\n
(2,520)
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
(637)
\n
-
\n
-
\n
(637)
\n
Charged to other comprehensive income
\n
-
\n
-
\n
4,061
\n
4,061
\n
Income statement (credit) / charge
\n
(31,487)
\n
12,253
\n
(23,449)
\n
(42,683)
\n
At December 31, 2021
\n
669,830
\n
27,508
\n
104,346
\n
801,684
\n
\n
Deferred tax assets
\n
\n
\n
Provisions
\n
and
\n
allowances
\n
Inventories
\n
Tax losses
\n
Other
\n
Total
\n
At the beginning of the year
\n
(25,083)
\n
(85,037)
\n
(485,763)
\n
(176,627)
\n
(772,510)
\n
Translation differences
\n
(345)
\n
114
\n
747
\n
(245)
\n
271
\n
Charged to other comprehensive income
\n
-
\n
-
\n
-
\n
954
\n
954
\n
Income statement charge / (credit)
\n
(389)
\n
(95,229)
\n
174,427
\n
18,934
\n
97,743
\n
At December 31, 2022
\n
(25,817)
\n
(180,152)
\n
(310,589)
\n
(156,984)
\n
(673,542)
\n
\n
\n
Provisions
\n
and
\n
allowances
\n
Inventories
\n
Tax losses
\n
Other
\n
Total
\n
At the beginning of the year
\n
(21,208)
\n
(85,937)
\n
(480,149)
\n
(206,958)
\n
(794,252)
\n
Translation differences
\n
506
\n
606
\n
80
\n
1,195
\n
2,387
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
-
\n
93
\n
-
\n
11
\n
104
\n
Charged to other comprehensive income
\n
-
\n
-
\n
-
\n
2,587
\n
2,587
\n
Income statement charge / (credit)
\n
(4,381)
\n
201
\n
(5,694)
\n
26,538
\n
16,664
\n
At December 31, 2021
\n
(25,083)
\n
(85,037)
\n
(485,763)
\n
(176,627)
\n
(772,510)
\n

\n\n

\n\n

\n

\n\n
(*)
\n
Related to Geneva sale. See note 6 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n

\n\n
Deferred tax assets related to taxable losses of Tenaris subsidiaries are recognized to the extent it is considered probable
\n
that future taxable profits will be available, against which such losses can be utilized in the foreseeable future. This
\n
amount includes $300 million related to U.S. subsidiaries mainly due to the recognition of accelerated fiscal depreciations,
\n
as well as the amounts related to the acquisition of IPSCO in 2020. The remaining balance mainly corresponds to Tenaris\u2019s
\n
Saudi Arabian subsidiaries. These subsidiaries have incurred in fiscal losses in the past one or two years. Tenaris has
\n
concluded that these deferred tax assets will be recoverable based on the business plans and budgets.
\n
\n
Approximately 100% of the recognized tax losses have an expiration date in more than 5 years or do not expire.
\n
\n
As of December 31, 2022, the net unrecognized deferred tax assets amounted to $120.4 million. Unrecognized tax credits
\n
with expiration dates in less than 1 year, between 2 and 5 years and more than 5 years or without expiration date are
\n
approximately 8%, 4% and 88% respectively.
\n
\n
The estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into
\n
consideration management assumptions and estimates, is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Deferred tax assets to be recovered after 12 months
\n
(171,717)
\n
(611,552)
\n
Deferred tax liabilities to be settled after 12 months
\n
688,124
\n
782,128
\n
\n
Deferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current tax
\n
assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority on either
\n
the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The
\n
following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Deferred tax assets
\n
(208,870)
\n
(245,547)
\n
Deferred tax liabilities
\n
269,069
\n
274,721
\n
\n
60,199
\n
29,174
\n
\n
The movement in the net deferred income tax liability account is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
29,174
\n
49,211
\n
Translation differences
\n
822
\n
(133)
\n
Decrease due to sale of subsidiaries
\n
-
\n
(533)
\n
Charged to other comprehensive income
\n
2,673
\n
6,648
\n
Income statement charge / (credit)
\n
27,530
\n
(26,019)
\n
At the end of the year
\n
60,199
\n
29,174
\n

\n\n
\n
\n\n

\n
22 Other liabilities
\n
\n\n
(i) Other liabilities \u2013 Non current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Post-employment benefits
\n
108,936
\n
111,904
\n
Other long-term benefits
\n
71,446
\n
71,345
\n
Miscellaneous
\n
49,760
\n
48,432
\n
\n
230,142
\n
231,681
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Post-employment benefits
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Unfunded
\n
103,822
\n
103,841
\n
Funded
\n
5,114
\n
8,063
\n
\n
108,936
\n
111,904
\n
\n
\u25aa Unfunded
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Values at the beginning of the year
\n
103,841
\n
115,774
\n
Current service cost
\n
6,810
\n
5,728
\n
Interest cost
\n
7,610
\n
5,997
\n
Curtailments and settlements
\n
(64)
\n
(422)
\n
Remeasurements
\n
(*)
\n
\n
(4,228)
\n
3,174
\n
Translation differences
\n
(5,657)
\n
(3,716)
\n
Benefits paid from the plan
\n
(5,111)
\n
(13,539)
\n
Reclassified to current liabilities
\n
(461)
\n
(8,884)
\n
Other
\n
1,082
\n
(271)
\n
At the end of the year
\n
103,822
\n
103,841
\n
\n
(*)
\n
For 2022 a gain of $0.1 million is attributable to demographic assumptions and a gain of $4.1 million to financial assumptions.
\n
For 2021 a loss of $0.7 million is attributable to demographic assumptions and a loss of $2.5 million to financial assumptions.
\n
\n
The actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Discount rate
\n
4% - 7%
\n
1% - 7%
\n
Rate of compensation increase
\n
2% - 3%
\n
0% - 3%
\n
\n
\n
As of December 31, 2022, an increase / (decrease) of 1% in the discount rate assumption of the main plans would have
\n
generated a (decrease) / increase on the defined benefit obligation of $5.2 million and $5.9 million respectively, and an
\n
increase / (decrease) of 1% in the rate of compensation assumption of the main plans would have generated an increase
\n
/ (decrease) impact on the defined benefit obligation of $3.2 million and $2.9 million respectively. The above sensitivity
\n
analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant.
\n
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
\n
\n
\u25aa Funded
\n
\n
The amounts recognized in the statement of financial position for the current annual period and the previous annual
\n
period are as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Present value of funded obligations
\n
116,617
\n
159,528
\n
Fair value of plan assets
\n
(126,842)
\n
(160,504)
\n
Asset
\n
(*)
\n
\n
(10,225)
\n
(976)
\n
\n
(*)
\n
In 2022 and 2021, $14.6 million and $9 million corresponding to plans with surplus balances that were reclassified within other non-current assets,
\n
respectively.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
The movement in the present value of funded obligations is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
159,528
\n
176,309
\n
Translation differences
\n
(6,635)
\n
356
\n
Current service cost
\n
154
\n
222
\n
Interest cost
\n
4,293
\n
4,190
\n
Remeasurements
\n
(*)
\n
\n
(30,349)
\n
(7,019)
\n
Benefits paid
\n
(10,374)
\n
(14,530)
\n
At the end of the year
\n
116,617
\n
159,528
\n
\n
(*)
\n
For 2022 a gain of $4.8 million is attributable to demographic assumptions and a gain of $25.6 million to financial assumptions.
\n
For 2021 a gain of $0.4 million is attributable to demographic assumptions and a gain of $6.6 million to financial assumptions.
\n
\n
The movement in the fair value of plan assets is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
(160,504)
\n
(157,335)
\n
Translation differences
\n
6,639
\n
(250)
\n
Return on plan assets
\n
(4,319)
\n
(3,793)
\n
Remeasurements
\n
20,987
\n
(10,817)
\n
Contributions paid to the plan
\n
(435)
\n
(3,338)
\n
Benefits paid from the plan
\n
10,374
\n
14,530
\n
Other
\n
416
\n
499
\n
At the end of the year
\n
(126,842)
\n
(160,504)
\n
\n
\n
The major categories of plan assets as a percentage of total plan assets are as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Equity instruments
\n
28.8%
\n
49.2%
\n
Debt instruments
\n
67.2%
\n
46.7%
\n
Others
\n
4.0%
\n
4.1%
\n
\n
The actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Discount rate
\n
3% - 5%
\n
2% - 3%
\n
Rate of compensation increase
\n
0% - 3%
\n
0% - 3%
\n
\n
The expected return on plan assets is determined by considering the expected returns available on the assets underlying
\n
the current investment policy. Expected return on plan assets is determined based on long-term, prospective rates of
\n
return as of the end of the reporting period.
\n
\n
As of December 31, 2022, an increase / (decrease) of 1% in the discount rate assumption of the main plans would have
\n
generated a (decrease) / increase on the defined benefit obligation of $10.3 million and $11.9 million respectively, and
\n
an increase / (decrease) of 1% in the compensation rate assumption of the main plans would have generated an increase
\n
/ (decrease) on the defined benefit obligation of $0.7 million and $0.7 million respectively. The above sensitivity analyses
\n
are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice,
\n
this is unlikely to occur, and changes in some of the assumptions may be correlated.
\n
\n
There are no expected employer contributions for the year 2023.
\n
\n
The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the
\n
previous period.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
(ii) Other liabilities \u2013 Current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Payroll and social security payable
\n
224,630
\n
174,794
\n
Miscellaneous
\n
35,984
\n
28,931
\n
\n
260,614
\n
203,725
\n

\n\n

\n\n
\n
\n\n

\n

\n
23 Non-current allowances and provisions
\n
\n
Liabilities
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
\n
\n
\n
Values at the beginning of the year
\n
83,556
\n
73,218
\n
Translation differences
\n
357
\n
(2,476)
\n
Additional allowance
\n
11,102
\n
13,896
\n
Reclassifications
\n
2,229
\n
4,014
\n
Used and other movements
\n
882
\n
(5,096)
\n
Values at the end of the year
\n
98,126
\n
83,556
\n

\n\n
\n
\n\n

\n

\n
24 Current allowances and provisions
\n
\n\n
(i) Deducted from assets
\n
\n
Year ended December 31, 2022
\n
Allowance for
\n
doubtful accounts -
\n
Trade receivables
\n
Allowance for other
\n
doubtful accounts -
\n
Other receivables
\n
Allowance for
\n
inventory
\n
obsolescence
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
(47,120)
\n
(3,206)
\n
(245,774)
\n
Translation differences
\n
(12)
\n
68
\n
(405)
\n
(Additional) / reversal allowances
\n
223
\n
(346)
\n
(24,901)
\n
Used
\n
1,414
\n
5
\n
48,414
\n
At December 31, 2022
\n
(45,495)
\n
(3,479)
\n
(222,666)
\n
\n
Year ended December 31, 2021
\n
Allowance for
\n
doubtful accounts -
\n
Trade receivables
\n
Allowance for other
\n
doubtful accounts -
\n
Other receivables
\n
Allowance for
\n
inventory
\n
obsolescence
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
(53,676)
\n
(3,917)
\n
(263,635)
\n
Translation differences
\n
111
\n
227
\n
1,877
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
2
\n
10
\n
405
\n
(Additional) / reversal allowances
\n
4,297
\n
379
\n
(23,296)
\n
Used
\n
2,146
\n
95
\n
38,875
\n
At December 31, 2021
\n
(47,120)
\n
(3,206)
\n
(245,774)
\n
\n
(*)
\n
Related to Geneva sale. See note 6 to these Consolidated Financial Statements.
\n

\n\n
\n
(ii) Liabilities
\n
\n
Year ended December 31, 2022
\n
Sales risks
\n
Other claims and
\n
contingencies
\n
(*)
\n
\n
Total
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
1,468
\n
7,854
\n
9,322
\n
Translation differences
\n
(160)
\n
(97)
\n
(257)
\n
Additional provisions
\n
5,315
\n
4,189
\n
9,504
\n
Reclassifications
\n
-
\n
(2,229)
\n
(2,229)
\n
Used
\n
(3,437)
\n
(1,718)
\n
(5,155)
\n
At December 31, 2022
\n
3,186
\n
7,999
\n
11,185
\n

\n\n

\n\n

\n

\n\n

\n
Year ended December 31, 2021
\n
Sales risks
\n
Other claims and
\n
contingencies
\n
(*)
\n
\n
Total
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
1,795
\n
10,484
\n
12,279
\n
Translation differences
\n
(3)
\n
(736)
\n
(739)
\n
Additional provisions
\n
3,506
\n
7,596
\n
11,102
\n
Reclassifications
\n
-
\n
(4,014)
\n
(4,014)
\n
Used
\n
(3,830)
\n
(5,476)
\n
(9,306)
\n
At December 31, 2021
\n
1,468
\n
7,854
\n
9,322
\n
\n
(*)
\n
Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.
\n

\n\n
\n
\n\n
25 Derivative financial instruments
\n
\n
Net fair values of derivative financial instruments
\n
\n
The net fair values of derivative financial instruments, in accordance with IFRS 13, are:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Derivatives hedging borrowings and investments
\n
6,480
\n
2,472
\n
Other derivatives
\n
24,325
\n
8,843
\n
Contracts with positive fair values
\n
30,805
\n
11,315
\n
\n
\n
\n
Derivatives hedging borrowings and investments
\n
-
\n
(147)
\n
Other derivatives
\n
(7,127)
\n
(11,181)
\n
Contracts with negative fair values
\n
(7,127)
\n
(11,328)
\n
Total
\n
23,678
\n
(13)
\n
\n
Foreign exchange and commodities derivative contracts and hedge accounting
\n
\n
Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values
\n
of exchange rate derivatives and those derivatives that were designated for hedge accounting as of December 31, 2022
\n
and 2021 were as follows:
\n
\n
Purchase currency
\n
Sell currency
\n
Term
\n
Fair Value
\n
Hedge Accounting Reserve
\n
2022
\n
2021
\n
2022
\n
2021
\n
MXN
\n
USD
\n
2023
\n
6,571
\n
1,444
\n
(67)
\n
(93)
\n
USD
\n
MXN
\n
2023
\n
-
\n
(838)
\n
-
\n
-
\n
EUR
\n
USD
\n
2023
\n
1,866
\n
(7,670)
\n
(2,786)
\n
(7,430)
\n
USD
\n
EUR
\n
2023
\n
20,783
\n
9,092
\n
23,935
\n
8,258
\n
JPY
\n
USD
\n
2023
\n
-
\n
(269)
\n
-
\n
557
\n
USD
\n
BRL
\n
2023
\n
(2,490)
\n
(1,030)
\n
-
\n
-
\n
USD
\n
KWD
\n
2023
\n
(129)
\n
-
\n
-
\n
-
\n
USD
\n
CAD
\n
2023
\n
404
\n
(246)
\n
-
\n
-
\n
USD
\n
GBP
\n
2023
\n
(11)
\n
(55)
\n
-
\n
-
\n
USD
\n
CNY
\n
2023
\n
(242)
\n
(130)
\n
-
\n
-
\n
BRL
\n
USD
\n
2023
\n
223
\n
(238)
\n
-
\n
-
\n
Others
\n
\n
2023
\n
63
\n
(40)
\n
3
\n
-
\n
Total
\n
\n
\n
27,038
\n
20
\n
21,085
\n
1,292
\n
\n
Purchase Commodity
\n
Term
\n
Fair Value
\n
Hedge Accounting Reserve
\n
2022
\n
2021
\n
2022
\n
2021
\n
Houston Ship Channel Gas
\n
2023
\n
(814)
\n
(33)
\n
(814)
\n
(33)
\n
LME Scrap
\n
2023
\n
29
\n
-
\n
(3,148)
\n
-
\n
Iron Ore
\n
2023
\n
12
\n
-
\n
(1,274)
\n
-
\n
Electric Energy
\n
2023
\n
(519)
\n
-
\n
(519)
\n
-
\n
TTF Gas
\n
2023
\n
(2,068)
\n
-
\n
(2,207)
\n
-
\n
Total
\n
\n
(3,360)
\n
(33)
\n
(7,963)
\n
(33)
\n

\n\n

\n\n

\n

\n\n
Following is a summary of the hedge reserve evolution:
\n
\n
(all amounts in thousands of U.S. dollars)
\n
\n
\n
Equity
\n
Reserve
\n
Dec-2020
\n
Movements 2021
\n
Equity
\n
Reserve
\n
Dec-2021
\n
Movements 2022
\n
Equity
\n
Reserve
\n
Dec-2022
\n
Foreign Exchange & Commodities
\n
(4,771)
\n
6,030
\n
1,259
\n
11,863
\n
13,122
\n
Total Cash flow Hedge
\n
(4,771)
\n
6,030
\n
1,259
\n
11,863
\n
13,122
\n
\n
Tenaris estimates that the cash flow hedge reserve corresponding to derivatives instruments at December 31, 2022 will be
\n
recycled to the Consolidated Income Statement during 2023. For information on hedge accounting reserve, see section III.D
\n
to these Consolidated Financial Statements.
\n

\n\n
\n
\n\n

\n
26 Contingencies, commitments and restrictions on the distribution of profits
\n
\n\n
(i) Contingencies
\n
\n
Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer,
\n
employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages,
\n
reimbursement for losses, or indemnity. Management with the assistance of legal counsel periodically reviews the status
\n
of each significant matter and assesses potential financial exposure.
\n
\n
Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are
\n
subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to
\n
ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company
\n
is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the
\n
proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.
\n
\n
If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably
\n
estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be
\n
incurred based on information available to management as of the date of preparation of the financial statements and
\n
take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able
\n
to make a reliable estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence,
\n
in some of such cases has accrued a provision for such loss but believes that publication of this information on a case-by-
\n
case basis would seriously prejudice the Tenaris\u2019s position in the ongoing legal proceedings or in any related settlement
\n
discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the
\n
contingency but has not disclosed its estimate of the range of potential loss.
\n
\n
The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial
\n
Statements are adequate based upon currently available information. However, if management\u2019s estimates prove
\n
incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a
\n
material adverse effect on its results of operations, financial condition, net worth and cash flows.
\n
\n
Below is a summary description of Tenaris\u2019s material legal proceedings which are outstanding as of the date of these
\n
Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is
\n
believed to be material.
\n
\n
\u25aa CSN claims relating to the January 2012 acquisition of Usiminas
\n
\n
Confab, a Brazilian subsidiary of the Company, is one of the defendants in a lawsuit filed in Brazil by Companhia
\n
Sider\u00fargica Nacional (\u201cCSN\u201d) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that
\n
acquired a participation in Usiminas\u2019 control group in January 2012.
\n
\n
The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along
\n
tender offer to all non-controlling holders of Usiminas\u2019 ordinary shares for a price per share equal to 80% of the price per
\n
share paid in such acquisition, or BRL28.8, and seeks an order to compel the acquirers to launch an offer at that price
\n
plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging
\n
to Usiminas\u2019 control group, and Confab would have a 17.9% share in that offer.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals
\n
maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court
\n
of Justice seeking the review and reversal of the decision issued by the Court of Appeals. On March 5, 2018, the court of
\n
appeals ruled that CSN\u2019s appeal did not meet the requirements for submission to the Superior Court of Justice and
\n
rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals
\n
rejected it and ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior
\n
Court of Justice declared CSN\u2019s appeal admissible. On March 7, 2023, the Superior Court of Justice, by majority vote,
\n
rejected CSN\u2019s appeal. Plaintiffs may still appeal against the Superior Court of Justice\u2019s decision. At this time, the Company
\n
cannot predict whether CSN will appeal against the decision and, if appealed, the ultimate resolution of the matter.
\n
\n
The Company continues to believe that all of CSN\u2019s claims and allegations are groundless and without merit, as confirmed
\n
by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator (\u201cCVM\u201d) in
\n
February 2012 and December 2016, the first and second instance court decisions and the March 2023 decision of the
\n
Superior Court of Justice referred to above.
\n
\n
\u25aa Veracel celulose accident litigation
\n
\n
On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (\u201cVeracel\u201d) in connection with a
\n
rupture in one of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly
\n
resulted in material damages to Veracel. Ita\u00fa Seguros S.A. (\u201cIta\u00fa\u201d), Veracel\u2019s insurer at the time of the Veracel accident
\n
and then replaced by Chubb Seguros Brasil S/A (\u201cChubb\u201d), initiated a lawsuit against Confab seeking reimbursement of
\n
damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab
\n
seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other
\n
amounts not covered by insurance. Ita\u00fa and Veracel claimed that the Veracel accident was caused by failures and defects
\n
attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused
\n
by the improper handling by Veracel\u2019s personnel of the equipment supplied by Confab in violation of Confab\u2019s
\n
instructions. The two lawsuits were consolidated and are considered by the 6th Civil Court of S\u00e3o Caetano do Sul.
\n
However, each lawsuit will be adjudicated separately.
\n
\n
On September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018,
\n
Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the accident or the
\n
claim.
\n
\n
On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were
\n
unfavorable to Confab:
\n
\n
\u25aa With respect to Chubb\u2019s claim, the court subsequently homologated the above-mentioned settlement and,
\n
accordingly, the claim was finalized.
\n
\n
\u25aa With respect to Veracel\u2019s claim, Confab was ordered to pay the insurance deductible and other concepts not
\n
covered by insurance, currently estimated to amount to BRL91.9 million (approximately $17.4 million) including
\n
interest, fees and expenses. Both parties filed motions for clarification against the court\u2019s decision, which were
\n
partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not
\n
be liable for damages arising from lost profits, the court award would appear to include BRL78.8 million
\n
(approximately $15.10 million) of damages arising therefrom. Confab has additional defense arguments in respect
\n
of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision,
\n
and on April 30, 2019, Veracel filed its response to the appeal. In June 2022, the court resolved that it lacked
\n
jurisdiction to decide on the appeal, which was re-allocated to another court. The parties are currently waiting
\n
for the trial of the appeal to be scheduled. At this stage the Company cannot predict the outcome of the claim or
\n
the amount or range of loss in case of an unfavorable outcome.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
\u25aa Petrobras-related proceedings and claims
\n
\n
The Company is aware that Brazilian, Italian and Swiss authorities investigated whether certain payments were made
\n
prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked
\n
to individuals related to Petr\u00f3leo Brasileiro S.A. (\u201cPetrobras\u201d) and whether any such payments were intended to benefit
\n
the Company\u2019s Brazilian subsidiary Confab.
\n
\n
Upon learning of the investigation, the Audit Committee of the Company's Board of Directors engaged external counsel
\n
in connection with the Company\u2019s review of these matters. In addition, the Company voluntarily notified the U.S.
\n
Securities and Exchange Commission (\u201cSEC\u201d) and the U.S. Department of Justice (\u201cDOJ\u201d) in October 2016. The Company
\n
conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any
\n
involvement by the Company or its directors, officers or employees in respect of improper payments. An internal
\n
investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or
\n
advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the
\n
Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking
\n
action. Under the settlement with the SEC, the Company neither admits nor denies the SEC\u2019s findings and on June 24,
\n
2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the
\n
matter.
\n
\n
In July 2019, the Company learned that the public prosecutors\u2019 office of Milan, Italy, had completed a preliminary
\n
investigation into the same alleged payments and had included in the investigation, among other persons, the Company\u2019s
\n
Chairman and Chief Executive Officer, two other board members, Gianfelice Rocca and Roberto Bonatti, and the
\n
Company\u2019s controlling shareholder, San Faustin. The Company is not a party to the proceedings. On March 22, 2022,
\n
upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan
\n
in charge of the case to impose sanctions on the Company\u2019s Chairman and Chief Executive Officer, on the other two board
\n
members, and on San Faustin. The Company\u2019s outside counsel in Italy advised the Company that neither the case file nor
\n
the prosecutor\u2019s request contain or identify any evidence of involvement in, or knowledge of, the alleged wrongdoing by
\n
any of the three directors. On May 26, 2022, the first-instance court dismissed the case brought by the public prosecutor
\n
against the defendants for lack of jurisdiction and stated that the criminal proceeding should not have been initiated. On
\n
October 7, 2022, the public prosecutor filed an appeal against the first-instance court\u2019s decision.
\n
\n
In June 2020, the Brazilian public prosecutors\u2019 office requested the indictment of several individuals, including three
\n
executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of
\n
corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to payments
\n
between 2009 and 2013. These criminal proceedings are underway. Neither the Company nor Confab is a party to these
\n
criminal proceedings.
\n
\n
In addition, Petrobras and the Brazilian public prosecutors filed civil claims for damages against, among others, Confab
\n
and the Confab executives named in the criminal proceedings referred to above. Confab became aware of these civil
\n
claims in September 2022. As of December 31, 2022, the aggregate amount of these claims was estimated at BRL284.2
\n
million (or approximately $54.5 million). The plaintiffs also seek that Confab be prohibited from contracting with, or
\n
receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not
\n
address either the defense arguments or the evidence available to the plaintiffs in Brazil and presented in other
\n
jurisdictions and is vigorously contesting them. At this stage, the Company cannot predict the outcome of these civil
\n
proceedings.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
\u25aa Putative class actions
\n
\n
Following the Company\u2019s November 27, 2018, announcement that its Chairman and CEO Paolo Rocca had been included
\n
in an Argentine court investigation known as the Notebooks Case (a decision subsequently reversed by a higher court),
\n
two putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29,
\n
2019, the court consolidated the complaints into a single case, captioned \u201cIn re Tenaris S.A. Securities Litigation\u201d, and
\n
appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly
\n
on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018.
\n
The individual defendants named in the complaint are Tenaris\u2019s Chairman and CEO and Tenaris\u2019s former CFO. The
\n
complaint alleges that during the class period, the Company and the individual defendants inflated the Tenaris share
\n
price by failing to disclose that the nationalization proceeds received by Ternium (in which the Company held an 11.46%
\n
stake) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments
\n
made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. On October 9, 2020, the
\n
court granted in part and denied in part the defendants\u2019 motions to dismiss. The court partially granted and partially
\n
denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted
\n
the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris\u2019s former CFO. On November 11, 2022,
\n
the parties filed a joint notice of settlement announcing a settlement in principle of all claims in the action, subject to
\n
finalizing the settlement agreements and court approval. The parties\u2019 agreement in principle provides that, in exchange
\n
for dismissal of the action and customary releases from class members and with no admission of liability by Tenaris or
\n
Mr. Rocca, Tenaris will pay to the class $9.5 million (inclusive of legal fees to lead plaintiff\u2019s counsel). On March 10, 2023,
\n
the lead plaintiffs filed a motion for preliminary approval of the class settlement.
\n
\n
\u25aa Administrative proceeding concerning Brazilian tax credits
\n
\n
Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount
\n
allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The proceeding
\n
resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which
\n
was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab\u2019s appeal,
\n
thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such
\n
administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab may appeal
\n
before the courts. The estimated amount of this claim is BRL59.2 million (approximately $11.3 million). At this stage, the
\n
Company cannot predict the outcome of this claim.
\n
\n
\u25aa U.S. patent infringement litigation
\n
\n
Tenaris Coiled Tubes, LLC (\u201cTCT\u201d), a U.S. subsidiary of the Company, was sued in 2017 by its competitor Global Tubing,
\n
alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not infringe patents
\n
held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by TCT, and Global Tubing
\n
has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint (including
\n
the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On
\n
March 20, 2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are
\n
unenforceable due to inequitable conduct during the patent prosecution process. TCT and the Company are analyzing
\n
whether to appeal this judgment. Although it is not possible to predict the final outcome of this matter, the Company
\n
believes that any potential losses arising from this case will not be material.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
\u25aa U.S. Antidumping Duty and Countervailing Duty Investigations
\n
\n
On October 27, 2021, the U.S. Department of Commerce (\u201cDOC\u201d) announced the initiation of antidumping duty
\n
investigations of oil country tubular goods (\u201cOCTG\u201d) from Argentina, Mexico, and Russia and countervailing duty
\n
investigations of OCTG from Russia and South Korea. The investigations were initiated on the basis of a petition by U.S.
\n
Steel Tubular Products, Inc., a small number of other U.S. domestic welded OCTG producers, and a steelworkers\u2019 union.
\n
On November 22, 2021, the International Trade Commission (\u201cITC\u201d) made a preliminary determination of injury, allowing
\n
the investigations to proceed. Subsequently, the DOC issued affirmative preliminary and final antidumping
\n
determinations with respect to imports from Argentina, Mexico and Russia, and final affirmative countervailing duty
\n
determinations with respect to imports from Russia and from some Korean exporters. On October 27, 2022, the ITC
\n
determined that the imports under investigation caused injury to the U.S. OCTG industry, bringing the investigation phase
\n
to a conclusion. Tenaris and other parties have appealed the agency determinations from the investigation to the Court
\n
of International Trade. As a result of the investigation, and unless overturned on appeal, Tenaris is required to pay
\n
antidumping duty deposits (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) until
\n
such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period
\n
under review. Tenaris has been paying such deposits since May 11, 2022, reflecting the amount of such deposits in its
\n
costs. The deposit rates may be reset periodically based on the results of the review process. It is possible that, through
\n
the periodic review process, the deposits may be either returned to Tenaris in whole or in part, or may be increased.
\n

\n\n
\n\n
(ii) Commitments and guarantees
\n
\n
Set forth is a description of the Tenaris\u2019s main outstanding commitments:
\n
\n
\u25aa Certain subsidiaries of the Company entered into a contract with Praxair S.A. for the service of oxygen and nitrogen
\n
supply. As of December 31, 2022, the aggregate amount to take or pay the committed volumes for an original 14-year
\n
term totaled approximately $36.4 million.
\n
\n
\u25aa A subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through December 1,
\n
2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen\u2019s capacity). Monthly payments are
\n
determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of
\n
the seventh contract year (as long as Techgen\u2019s existing or replacing bank facility has been repaid in full), the Company\u2019s
\n
subsidiary has the right to suspend or early terminate the contract if the rate payable under the agreement is higher
\n
than the rate charged by the Comisi\u00f3n Federal de Electricidad (\u201cCFE\u201d) or its successors. The Company\u2019s subsidiary may
\n
instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy
\n
under the agreement and the Company\u2019s subsidiary will benefit from the proceeds of such sale.
\n
\n
\u25aa A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to
\n
purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The
\n
contract became effective upon delivery of the first purchase order, which occurred in April 2021, and will remain in
\n
force for a 3-year term. As of December 31, 2022, the estimated aggregate contract amount calculated at current prices,
\n
is approximately $85.8 million. The contract gives the subsidiary of the Company the right to temporarily reduce the
\n
quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of material adverse
\n
changes in prevailing economic or market conditions.
\n
\n
\u25aa In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a 6-year master
\n
distribution agreement (the \u201cMDA\u201d) with PAO TMK (\u201cTMK\u201d) whereby, since January 2, 2020, Tenaris is the exclusive
\n
distributor of TMK\u2019s OCTG and line pipe products in United States and Canada. At the end of the MDA\u2019s 6-year term,
\n
TMK will have the option to extend the duration of its term for an additional 12-month period. Under the MDA, the
\n
Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products,
\n
based on the aggregate market demand for the relevant product category in the United States in the relevant year. In
\n
February 2022, however, the Company and TMK agreed that there shall be no minimum yearly purchase requirement
\n
for the OCTG product category for the year ending December 31, 2022, and there shall be no minimum yearly purchase
\n
requirement for TMK line pipe products under the MDA neither for the contract year ending December 31, 2022, nor
\n
for any subsequent contract year until expiration of the MDA\u2019s term.
\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
\u25aa A subsidiary of the Company entered into a contract with the supplier Voestalpine Grobblech GmbH from which it
\n
committed to purchase carbon steel for a remaining amount of approximately $30.2 million to use for manufacturing
\n
pipes related to the NFXP-QatarGas project.
\n
\n
\u25aa Certain subsidiaries of the Company entered into agreements with Vestas Group for the supply of materials and services
\n
related to the construction of a wind farm in Argentina. As of December 31, 2022, the remaining amount related to this
\n
commitment was $47.7 million.
\n
\n
\u25aa Certain subsidiaries of the Company entered into a one-year contract, renewable for one additional year, with Ternium
\n
USA, Inc., under which they are committed to purchase on a monthly basis specified minimum volumes of steel coils.
\n
The contract is effective since March 2022, with deliveries beginning in July 2022 until June 2023. As of December 31,
\n
2022, the aggregate commitment totaled approximately $6.3 million.
\n
\n
\u25aa Certain subsidiaries of the Company entered into a contract with Usiminas from which they committed to purchase
\n
steel coils for a total amount of approximately $183.6 million to use for manufacturing welded pipes for the
\n
construction of the Presidente Nestor Kirchner Gas Pipeline (\u201cGPNK\u201d) in Argentina.
\n
\n
\u25aa A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase tubular
\n
material, including 13 Chrome alloy products following the closure of NKKTubes. For more information see note 35
\n
\u201cOther Information \u2013 Agreement to terminate NKKTubes joint venture\u201d.
\n
\n
In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations
\n
of Techgen as described in note 13 (c), (ii) issued corporate guarantees securing certain obligations of GPC, as described
\n
in note 13 (d) and (iii) issued performance guarantees mainly related to long-term commercial contracts with several
\n
customers and parent companies for approximately $3.6 billion as of December 31, 2022.
\n

\n\n
\n
(iii) Restrictions on the distribution of profits and payment of dividends
\n
\n
In accordance with Luxembourg Law, the Company is required to transfer a minimum of 5% of its net profit for each
\n
financial year to a legal reserve until such reserve equals 10% of the issued share capital.
\n
\n
As of December 31, 2022, this reserve is fully allocated and additional allocations to the reserve are not required under
\n
Luxembourg law. Dividends may not be paid out of the legal reserve.
\n
\n
The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings
\n
calculated in accordance with Luxembourg law and regulations.
\n

\n\n
\n
\n\n
27 Cancellation of title deed in Saudi Steel Pipe Company
\n
\n
In early 2021, the Company learned through the Saudi Ministry of Justice\u2019s online portal that the electronic title deeds to
\n
certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.
\n
\n
The affected land plots, with a total surface of 811,284 square meters, are located in Dammam, Saudi Arabia, and were
\n
purchased from a private entity on February 2010, pursuant to a written purchase agreement duly executed by SSPC in
\n
full compliance with the laws of the Kingdom of Saudi Arabia. The purchase of the land occurred before Tenaris\u2019s
\n
acquisition of a 47.79% interest in SSPC in 2019. The affected plots are not part of the production facility of SSPC, have
\n
been partially used as a warehouse, and have a carrying value on Tenaris\u2019s financial statements of $56.2 million.
\n
\n
As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made
\n
public by the authorities, and the legal basis for the court order is unknown. On May 4, 2021, SSPC filed a petition with
\n
an ad-hoc newly-created special committee at the Saudi Ministry of Justice, seeking to have its title deeds reinstated. The
\n
proceeding is still ongoing and, at this time, it is not possible to predict the outcome of this matter.
\n

\n\n

\n\n

\n\n
28 Foreign exchange control measures in Argentina
\n
\n
Beginning in September 2019, the Argentine government has imposed and continues to impose significant restrictions
\n
on foreign exchange transactions. Restrictions have tightened significantly over time. The main currently applicable
\n
measures are described below:
\n
\n
\u25aa Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange
\n
market and converted into Argentine pesos within 60 days (if made to related parties) or 180 days (if made to
\n
unrelated parties) from shipment date, or, if collected earlier, within five days of collection.
\n
\n
\u25aa Foreign currency proceeds from exports of services must be sold into the Argentine foreign exchange market
\n
and converted into Argentine pesos within five business days of collection.
\n
\n
\u25aa Access to the Argentine foreign exchange market to pay for imports of services rendered by related parties
\n
(including royalties) is generally subject to Argentine Central Bank approval. Effective October 17, 2022, the
\n
Argentine Central Bank put in place a new regulation on import of services rendered by non-related parties,
\n
pursuant to which the Argentine Central Bank may clear or not the payment of import of services and, if cleared,
\n
may determine a payment term equal or different to that being requested. There are no rules on the conditions
\n
upon which the Argentine Central Bank may clear or determine alternative payment terms. Effective November
\n
1, 2022, this new regulation replaced previous rules.
\n
\n
\u25aa Access to the Argentine foreign exchange market to pay for imports of goods is subject to several restrictions.
\n
For example, advance payments or at sight cannot be made, and companies cannot access the official foreign
\n
exchange market if they hold cash or investments in excess of $100 thousand. Earlier this year, the Argentine
\n
government imposed additional limits to the amount of import payments that could be made by any single
\n
company per month or per year; companies that exceed such limits were required to obtain import financing of
\n
at least 180 days from the date of nationalization of the goods, except to the extent the goods qualify under a
\n
very limited number of exceptions, such as the import of capital goods and certain raw materials. Effective
\n
October 17, 2022, the Argentine government implemented a new system, known as the SIRA system, pursuant
\n
to which the Argentine government may clear or not the payment of imports and, if cleared, may determine a
\n
payment term equal or different to that being requested. There are no objective conditions upon which the
\n
Argentine government may clear the payment of imports or determine alternative payment terms under the
\n
SIRA system. The exceptions for the import of capital goods and certain raw materials, including many of those
\n
used by the Company\u2019s Argentine subsidiaries, still exist under the SIRA system.
\n
\n
\u25aa Negotiations with the Argentine authorities to raise the foregoing limits and/or expand the list of exceptions to
\n
obtain access to foreign currency to pay for import of goods (including raw materials to manufacture goods in
\n
Argentina) are ongoing.
\n
\n
\u25aa Access to the Argentine foreign exchange market to pay debt service (principal and interest) for financial debts
\n
with related parties requires prior Argentine Central Bank approval, unless the loan proceeds are sold in the
\n
Argentine foreign exchange market and converted into Argentine pesos after October 2, 2020, and such debts
\n
carry an average life of no less than 2 years.
\n
\n
\u25aa Debts with foreign creditors larger than $2 million maturing on or before December 31, 2023, need to be
\n
refinanced in at least 60% of outstanding principal and for a minimum period of 2 years.
\n
\n
\u25aa Access to the Argentine foreign exchange market to make dividend payments requires prior Argentine Central
\n
Bank approval.
\n
\n
When required, Argentine Central Bank approvals are rarely, if ever, granted.
\n
\n
Tenaris\u2019s financial position in Argentine peso as of December 31, 2022, amounted to a net short exposure of
\n
approximately $127 million. As of December 31, 2022, the total equity of Argentine subsidiaries represented
\n
approximately 10.6% of Tenaris\u2019s total equity and the sales performed by Argentine subsidiaries during the year ended
\n
on December 31, 2022, amounted approximately to 20% of Tenaris\u2019s total sales. Assets and liabilities denominated in
\n
Argentine peso as of December 31, 2022, have been valued at the prevailing official exchange rates.
\n

\n\n

\n\n

\n

\n

\n\n
Management continues to monitor closely the evolution of the main variables affecting its business, identifying the
\n
potential impact thereof on its financial and economic situation and determining the appropriate course of action in each
\n
case. The Company\u2019s Consolidated Financial Statements should be read taking into account these circumstances.
\n
\n
This context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements.
\n
If restrictions to access the official foreign exchange market continue to be maintained, or are further tightened, our
\n
Argentine subsidiaries could be restricted from making payment of imports for key steelmaking inputs (which would
\n
adversely affect their operations), or would need to resort to alternative, more expensive arrangements (which would
\n
adversely affect their results of operations).
\n
\n
On August 19, 2022, the Board of Directors of Siderca S.A.I.C., an Argentine subsidiary of the Company, approved the
\n
distribution of a dividend in kind of approximately ARS7,394 million paid in Argentine sovereign bonds, which in the
\n
Argentine market had a valuation of approximately $54.4 million. Considering that, as a result of the foreign exchange
\n
restrictions described above, the value of such bonds in the international market was approximately $24.6 million, the
\n
Company recorded a loss of approximately $29.8 million in Other Financial Results.
\n

\n\n
\n
\n\n
29 Cash flow disclosures
\n
\n
\n
\n
Year ended December 31,
\n
\n
\n
2022
\n
2021
\n
2020
\n
(i)
\n
Changes in working capital
\n
(*)
\n
\n
\n
\n
\n
\n
Inventories
\n
(1,329,865)
\n
(1,085,024)
\n
818,913
\n
\n
Receivables and prepayments and current tax assets
\n
(155,449)
\n
(79,912)
\n
67,610
\n
\n
Trade receivables
\n
(1,208,278)
\n
(356,069)
\n
414,826
\n
\n
Other liabilities
\n
57,389
\n
4,892
\n
(36,000)
\n
\n
Customer advances
\n
151,066
\n
44,661
\n
(29,253)
\n
\n
Trade payables
\n
353,892
\n
399,988
\n
(180,807)
\n
\n
\n
(2,131,245)
\n
(1,071,464)
\n
1,055,289
\n
(ii)
\n
Income tax accruals less payments
\n
\n
\n
\n
\n
Tax accrued
\n
617,236
\n
189,448
\n
23,150
\n
\n
Taxes paid
\n
(359,585)
\n
(153,846)
\n
(140,364)
\n
\n
\n
257,651
\n
35,602
\n
(117,214)
\n
(iii)
\n
Interest accruals less payments, net
\n
\n
\n
\n
\n
Interest accrued
\n
(34,080)
\n
(14,371)
\n
8,627
\n
\n
Interest received
\n
68,335
\n
24,567
\n
19,613
\n
\n
Interest paid
\n
(32,775)
\n
(21,559)
\n
(28,778)
\n
\n
\n
1,480
\n
(11,363)
\n
(538)
\n
\n
(*)
\n
Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional
\n
currencies different from the U.S. dollar.
\n

\n\n
\n
\n\n

\n
30 Related party transactions
\n
\n
As of December 31, 2022:
\n
\n
\u25aa San Faustin owned 713,605,187 shares in the Company, representing 60.45% of the Company\u2019s capital and voting
\n
rights.
\n
\n
\u25aa San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.\u00e0r.l., a
\n
Luxembourg soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e (\u201cTechint\u201d), who is the holder of record of the above-mentioned Tenaris
\n
shares.
\n
\n
\u25aa Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the
\n
Netherlands (Stichting) (\u201cRP STAK\u201d) held voting shares in San Faustin sufficient in number to control San Faustin.
\n
\n
\u25aa No person or group of persons controls RP STAK.
\n
\n\n
Based on the information most recently available to the Company, Tenaris\u2019s directors and senior management as a group
\n
owned 0.07% of the Company\u2019s outstanding shares.
\n

\n\n

\n\n

\n\n

\n

\n\n

\n
Transactions and balances disclosed as with \u201cnon-consolidated parties\u201d are those with companies over which Tenaris
\n
exerts significant influence or joint control in accordance with IFRS, but does not have control. All other transactions and
\n
balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as
\n
\u201cOther\u201d. The following transactions were carried out with related parties:
\n
\n
\n
\n
\n
Year ended December 31,
\n
(i)
\n
Transactions
\n
2022
\n
2021
\n
2020
\n
\n
(a) Sales of goods and services
\n
\n
\n
\n
\n
Sales of goods to non-consolidated parties
\n
100,019
\n
71,879
\n
20,183
\n
\n
Sales of goods to other related parties
\n
151,884
\n
76,467
\n
18,243
\n
\n
Sales of services to non-consolidated parties
\n
5,407
\n
4,161
\n
5,829
\n
\n
Sales of services to other related parties
\n
109,123
\n
49,268
\n
5,049
\n
\n
\n
366,433
\n
201,775
\n
49,304
\n
\n
(b) Purchases of goods and services
\n
\n
\n
\n
\n
Purchases of goods to non-consolidated parties
\n
656,877
\n
294,929
\n
84,485
\n
\n
Purchases of goods to other related parties
\n
51,040
\n
32,453
\n
12,892
\n
\n
Purchases of services to non-consolidated parties
\n
13,759
\n
9,763
\n
6,979
\n
\n
Purchases of services to other related parties
\n
36,767
\n
13,806
\n
18,133
\n
\n
\n
758,443
\n
350,951
\n
122,489
\n
\n
\n
\n
\n
At December 31,
\n
(ii)
\n
Period-end balances
\n
2022
\n
2021
\n
\n
(a) Arising from sales / purchases of goods / services
\n
\n
\n
\n
Receivables from non-consolidated parties
\n
69,135
\n
66,896
\n
\n
Receivables from other related parties
\n
78,370
\n
33,122
\n
\n
Payables to non-consolidated parties
\n
(142,228)
\n
(45,092)
\n
\n
Payables to other related parties
\n
(13,283)
\n
(2,125)
\n
\n
\n
(8,006)
\n
52,801
\n
\n
(b) Financial debt
\n
\n
\n
\n
Finance lease liabilities from non-consolidated parties
\n
(1,650)
\n
(1,936)
\n
\n
Finance lease liabilities from other related parties
\n
(483)
\n
(624)
\n
\n
\n
(2,133)
\n
(2,560)
\n
\n
In addition to the tables above, the Company issued various guarantees in favor of Techgen and GPC; for further details,
\n
please see note 13 (c and d) and note 26 (ii) to these Consolidated Financial Statements. No other material guarantees
\n
were issued in favor of other related parties.
\n
\n\n
Directors and senior management compensation
\n
\n
During the years ended December 31, 2022, 2021 and 2020, the cash compensation of Directors and Senior managers
\n
amounted to $35.2 million, $37.7 million and $27.4 million respectively. These amounts include cash benefits paid to
\n
certain senior managers in connection with the pre-existing retirement plans. In addition, Directors and Senior managers
\n
received 437, 382 and 522 thousand units for a total amount of $5.1 million, $3.9 million and $5 million respectively in
\n
connection with the Employee retention and long-term incentive program mentioned in note II.P.3 \u201cEmployee benefits
\n
\u2013 Other long-term benefits\u201d to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n
\n\n
31 Principal accountant fees
\n
\n
Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are
\n
detailed as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Audit fees
\n
3,966
\n
3,804
\n
3,781
\n
Audit-related fees
\n
255
\n
220
\n
134
\n
Tax fees
\n
-
\n
-
\n
102
\n
All other fees
\n
11
\n
5
\n
-
\n
Total
\n
4,232
\n
4,029
\n
4,017
\n

\n\n

\n\n

\n

\n\n
32 Principal subsidiaries
\n
\n
The following is a list of Tenaris\u2019s principal subsidiaries and its direct and indirect percentage of ownership of each
\n
controlled company at December 31, 2022.
\n
\n
Company
\n
Country of
\n
Incorporation
\n
Main activity
\n
Percentage of ownership at
\n
December 31,
\n
(*)
\n
\n
2022
\n
2021
\n
2020
\n
ALGOMA TUBES INC.
\n
Canada
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
CONFAB INDUSTRIAL S.A. and subsidiaries
\n
Brazil
\n
Manufacturing of welded steel pipes
\n
and capital goods
\n
100%
\n
100%
\n
100%
\n
DALMINE S.p.A.
\n
Italy
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
HYDRIL COMPANY and subsidiaries
\n
USA
\n
Manufacture and marketing of
\n
premium connections
\n
100%
\n
100%
\n
100%
\n
IPSCO TUBULARS INC. and subsidiaries
\n
USA
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
MAVERICK TUBE CORPORATION and
\n
subsidiaries
\n
USA
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
P.T. SEAMLESS PIPE INDONESIA JAYA
\n
Indonesia
\n
Manufacturing of seamless steel
\n
products
\n
89%
\n
89%
\n
89%
\n
S.C. SILCOTUB S.A.
\n
Romania
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
SAUDI STEEL PIPE CO.
\n
Saudi Arabia
\n
Manufacturing of welded steel pipes
\n
48%
\n
48%
\n
48%
\n
SIAT SOCIEDAD ANONIMA
\n
Argentina
\n
Manufacturing of welded steel pipes
\n
100%
\n
100%
\n
100%
\n
SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y
\n
COMERCIAL and subsidiaries (a)
\n
Argentina
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
TALTA - TRADING E MARKETING SOCIEDADE
\n
UNIPESSOAL LDA.
\n
Portugal
\n
Holding Company
\n
100%
\n
100%
\n
100%
\n
TENARIS BAY CITY, INC.
\n
USA
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
TENARIS CONNECTIONS BV
\n
Netherlands
\n
Development, management and
\n
licensing of intellectual property
\n
100%
\n
100%
\n
100%
\n
TENARIS FINANCIAL SERVICES S.A.
\n
Uruguay
\n
Financial company
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES (CANADA) INC.
\n
Canada
\n
Marketing of steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES (U.S.A.)
\n
CORPORATION
\n
USA
\n
Marketing of steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES (UK) LTD
\n
United
\n
Kingdom
\n
Holding company and marketing of
\n
steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES S.A. and
\n
subsidiaries (except detailed) (b)
\n
Uruguay
\n
Holding company, marketing and
\n
distribution of steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS INVESTMENTS (NL) B.V. and
\n
subsidiaries
\n
Netherlands
\n
Holding company
\n
100%
\n
100%
\n
100%
\n
TENARIS INVESTMENTS S.\u00e0r.l.
\n
Luxembourg
\n
Holding company
\n
100%
\n
100%
\n
100%
\n
TENARIS QINGDAO STEEL PIPES LTD.
\n
China
\n
Processing of premium joints,
\n
couplings and automotive
\n
components
\n
100%
\n
100%
\n
100%
\n
TENARIS TUBOCARIBE LTDA.
\n
Colombia
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
TUBOS DE ACERO DE MEXICO, S.A.
\n
Mexico
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
\n
(*) All percentages rounded.
\n
(a) Tenaris holds 51% of NKKTubes.
\n
(b) Tenaris holds 98.4% of Tenaris Supply Chain S.A. and 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Amaja Tubular
\n
Services Limited and 60% of Tenaris Baogang Baotou Steel Pipes Ltd, and until 2021 held 49% of Tubular Services Angola Lda.
\n

\n\n
\n
\n\n
33 Business combinations
\n
\n
Acquisition of Parques E\u00f3licos de la Buena Ventura S.A.
\n
\n
In connection with the construction of a wind farm in Argentina, in April 2022, Tenaris acquired 100% of the shares of
\n
Parques E\u00f3licos de la Buena Ventura S.A. for a price of $4.1 million, which was fully paid. The fair value of the acquired
\n
assets and liabilities amounted to $4.1 million, the same value of the consideration paid. Accordingly, no goodwill was
\n
recognized.
\n
\n
Had the acquisition occurred on January 1, 2022, Tenaris\u2019s unaudited pro forma net sales and net income from continuing
\n
operations would not have changed materially.
\n

\n\n

\n\n

\n\n
34 Nationalization of Venezuelan subsidiaries
\n
\n
In May 2009, within the framework of Decree Law 6058, Venezuela\u2019s President announced the nationalization of, among
\n
other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. (\u201cTavsa\u201d) and,
\n
Matesi Materiales Sider\u00fargicos S.A (\u201cMatesi\u201d), and Complejo Sider\u00fargico de Guayana, C.A (\u201cComsigua\u201d), in which the
\n
Company has a non-controlling interest (collectively, the \u201cVenezuelan Companies\u201d). Tenaris and its wholly-owned
\n
subsidiary, Talta - Trading e Marketing Sociedad Unipessoal Lda (\u201cTalta\u201d), initiated arbitration proceedings against
\n
Venezuela before the ICSID in Washington D.C. in connection with these nationalizations and obtained favorable awards,
\n
which are final and not subject to further appeals.
\n
\n
Matesi
\n
\n
On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of
\n
Matesi. The award upheld Tenaris\u2019s and Talta\u2019s claim that Venezuela had expropriated their investments in Matesi in
\n
violation of Venezuelan law as well as the bilateral investment treaties entered into by Venezuela with the Belgium-
\n
Luxembourg Economic Union and Portugal. The award granted compensation in the amount of $87.3 million for the
\n
breaches and ordered Venezuela to pay an additional amount of $85.5 million in pre-award interest, aggregating to a
\n
total award of $173 million (including $0.2 million of legal fees), payable in full and net of any applicable Venezuelan tax,
\n
duty or charge. The tribunal granted Venezuela a grace period of six months from the date of the award to make payment
\n
in full of the amount due without incurring post-award interest, and resolved that if no, or no full, payment is made by
\n
then, post-award interest will apply at the rate of 9% per annum compounded at six-monthly rests from the date of the
\n
award until payment in full. As of December 31, 2022, post-award interest calculated at the award rate amounted to
\n
approximately $144.7 million and, accordingly, the total amount owed by Venezuela under the award as of December
\n
31, 2022 was $317.7 million.
\n
\n
On June 8, 2018, Tenaris and Talta filed an action in federal court in the District of Columbia to recognize and enforce the
\n
award in the United States. On July 17, 2020, the Court entered judgment recognizing the Matesi award. The judgment
\n
orders Venezuela to pay to Tenaris and Talta an amount of $256.4 million, including principal and post-award interest
\n
through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal statutory
\n
rate. As of December 31, 2022, post-judgement interest calculated at the U.S. judgment rate amounted to approximately
\n
$0.9 million and, accordingly, the total amount owed by Venezuela under the U.S. judgment as of December 31, 2022
\n
was $257.3 million. The U.S. judgment, however, may not be enforced in the United States to the extent prohibited by
\n
the Venezuelan sanctions regulations issued by the U.S. Treasury Department\u2019s Office of Foreign Assets Control currently
\n
in effect.
\n
\n
Tavsa and Comsigua
\n
\n
On December 12, 2016, the tribunal issued its award upholding Tenaris\u2019s and Talta\u2019s claim that Venezuela had
\n
expropriated their investments in Tavsa and Comsigua in violation of the bilateral investment treaties entered into by
\n
Venezuela with the Belgium-Luxembourg Economic Union and Portugal. The award granted compensation in the amount
\n
of $137 million and ordered Venezuela to pay an additional amount of $76 million in pre-award interest and to reimburse
\n
Tenaris and Talta $3.3 million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay
\n
interest from April 30, 2008 until the day of effective payment at a rate equivalent to LIBOR + 4% per annum. As of
\n
December 31, 2022, post-award interest calculated at the award rate amounted to approximately $85.1 million and,
\n
accordingly, the total amount owed by Venezuela under the award as of December 31, 2022 was $301.4 million.
\n
\n
On June 8, 2018, Tenaris and Talta filed an action in federal court in the District of Columbia to recognize and enforce the
\n
award in the United States. On August 24, 2021, the court entered judgment in favor of Tenaris and Talta and against
\n
Venezuela in the amount of $276.9 million, with post-judgment interest accruing from the date of judgment at the federal
\n
statutory post-judgment interest rate. On November 5, 2021, the court, in response to a motion by Tenaris and Talta,
\n
amended the judgment amount to $280.7 million, with post-judgment interest continuing to accrue from August 24,
\n
2021 at the federal statutory post-judgment interest rate. As of December 31, 2022, post-judgement interest calculated
\n
at the U.S. judgment rate amounted to approximately $0.2 million and, accordingly, the total amount owed by Venezuela
\n
under the U.S. judgment as of December 31, 2022 was $280.9 million. The U.S. judgment, however, may not be enforced
\n
in the United States to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury
\n
Department\u2019s Office of Foreign Assets Control currently in effect.
\n

\n\n

\n\n

\n

\n\n
Transfer of the Awards and Judgements
\n
\n
On January 25, 2023, Tenaris and Talta entered into an awards purchase agreement with an unaffiliated purchaser
\n
pursuant to which Tenaris and Talta agreed to sell all of their rights, title and interests in the above-referenced claims,
\n
awards and judgements, including all post-award or post-judgement interest accruing on the awards and judgements,
\n
for a purchase price of $81 million, plus a non-refundable signing payment of $1 million as reimbursement of expenses.
\n
The transfer of the awards and judgements is subject to the Office of Foreign Assets Control (\u201cOFAC\u201d) approval, and
\n
according to the agreement must be obtained by February 25, 2024. The uncertainty associated with the OFAC approval
\n
is factored into the fair value determination of the related receivable. See note III.B.
\n

\n\n
\n
\n\n

\n
35 Other relevant information
\n
\n
Agreement to terminate NKKTubes joint venture
\n
\n
Tenaris\u2019s seamless pipe manufacturing facility in Japan, located in the Keihin steel complex owned by JFE Holdings Inc.
\n
(\u201cJFE\u201d), is operated by NKKTubes, a company owned 51% by Tenaris and 49% by JFE. Steel bars and other essential inputs
\n
and services for NKKTubes are supplied under a long-term agreement by JFE.
\n
\n
On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE\u2019s fiscal year ending March 2024
\n
the operations of its steel manufacturing facilities located at the Keihin complex. In light of that development, Tenaris
\n
and JFE engaged in discussions and ultimately determined that the project was no longer economically sustainable.
\n
Accordingly, on November 2, 2021, Tenaris and JFE agreed to terminate amicably their joint venture and liquidate
\n
NKKTubes, and on November 2, 2022, entered into a definitive wrap-up agreement. Under these agreements:
\n
\n
a) NKKTubes\u2019 manufacturing and production operations were closed by June 30, 2022;
\n
\n
b) the lease agreement of the Keihin steel complex between JFE and NKKTubes was terminated as of September
\n
30, 2022;
\n
\n
c) all tangible fixed assets owned by NKKTubes and placed in the Keihin steel complex were either purchased by
\n
JFE or removed and disposed of;
\n
\n
d) NKKTubes started its liquidation process on November 30, 2022;
\n
\n
e) all agreements that allowed the operation of the joint venture will terminate progressively in accordance with
\n
NKKTubes\u2019 operational needs until liquidation is accomplished;
\n
\n
f) all agreements with local Japanese customers and subcontractors were terminated;
\n
\n
g) the intangible assets belonging to NKKTubes will be allocated between the parties based on agreements still
\n
under negotiation; and
\n
\n
h) all related dissolution and liquidation costs were allocated between the parties.
\n
\n
In July, 2022, Tenaris and JFE entered into an agreement for the provision of tubular material, including 13 Chrome alloy
\n
products, thereby ensuring a continued supply of such products to international customers after NKKTubes\u2019 closure.
\n
\n
Management determined that the parties\u2019 decision to terminate the NKKTubes joint venture constituted an impairment
\n
indicator, conducted an impairment test, and as of December 2021, recognized a charge of approximately $57 million,
\n
impacting NKKTubes\u2019 property, plant and equipment and intangible assets.
\n
\n
During 2022, as result of NKKTubes\u2019 closure, the currency translation adjustment reserve belonging to the shareholders
\n
was reclassified to the income statement for an amount of $71.2 million.
\n
\n\n
As of December 31, 2022, the net non-controlling interests\u2019 reserve amounts to approximately $13.2 million. This balance
\n
will be reclassified through the Company\u2019s results in the period when the final liquidation of NKKTubes occurs.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n
Agreement for acquisition of Benteler Steel & Tube Manufacturing Corporation
\n
\n
On July 7, 2022, the Company entered into a definitive agreement to acquire from Benteler North America Corporation,
\n
a Benteler Group company, 100% of the shares of Benteler Steel & Tube Manufacturing Corporation, a U.S. producer of
\n
seamless steel pipes. The agreement provided that either party could unilaterally terminate the agreement in case that
\n
the conditions precedent to closing had not been satisfied by January 3, 2023. On February 5, 2023, Tenaris announced
\n
that Benteler North America Corporation had exercised its right to unilaterally terminate, effective immediately, the
\n
acquisition agreement and, accordingly, the transaction will not proceed.
\n

\n\n
\n
\n\n
36 The Russia-Ukraine armed conflict and its impact on Tenaris\u2019s operations
\n
\n
On February 24, 2022, Russia launched a military attack on Ukraine. In response, several jurisdictions, including the United
\n
States, the European Union and the United Kingdom imposed a wave of sanctions against certain Russian institutions,
\n
companies and citizens. The Russian government retaliated by ordering several economic counter measures, including
\n
restrictions on residents transferring foreign currency abroad.
\n
\n
Tenaris has so far found alternative sources in response to the interruption in supplies from Ukraine and the impact of
\n
sanctions on supplies from Russia but may still be faced with supply delays or forced to pay higher prices to secure the
\n
raw materials, in particular energy, required for its steelmaking operations. Although it is hard to predict how energy and
\n
commodity prices will continue to behave as the conflict unfolds, higher prices and possible shortages of energy and raw
\n
materials used in Tenaris\u2019s steelmaking operations would result in higher production costs and potential plant stoppages,
\n
affecting its profitability and results of operations.
\n
\n
Tenaris\u2019s sales to Russian customers were not material in the year ended December 31, 2022. All sales to Russian
\n
customers and all purchases from Russian suppliers were made in compliance with applicable regulations. There are no
\n
significant exposures or credit loss effects related to Russian counterparties, and the conflict has not created any
\n
uncertainty on the value of financial instruments. The currently ongoing events have not changed significant judgements
\n
taken into consideration when performing impairments tests, nor have they raised going concern risks. In addition,
\n
Tenaris is assessing the closure of its representative office in Moscow, which is currently not operative.
\n
\n
In light of the armed conflict and the designation of Severstal\u2019s controlling shareholder as person subject to EU and UK
\n
sanctions, in March 2022, Tenaris recorded an impairment in the amount of approximately $14.9 million in connection
\n
with its investment in a joint venture in Russia with Severstal. See note 13.
\n

\n\n
\n
\n\n
37 Climate change
\n
\n
Tenaris carefully assesses the potential impact of climate change and energy transition on its business and on the risks to
\n
its markets and its tangible and intangible assets, and adapts its business strategy accordingly.
\n
\n
In February 2021 Tenaris set a medium-term target to reduce its carbon emissions intensity rate by 30% by 2030,
\n
compared to a 2018 baseline, considering Scopes 1 and 2 emissions plus Scope 3 emissions related to raw materials and
\n
steel purchased from third parties. The Company aims to achieve this target by using a higher proportion of recycled steel
\n
scrap in the metallic mix and by making investments to increase energy efficiency and the use of renewable energy in its
\n
energy requirements. This medium-term target forms part of a broader objective of decarbonizing our operations and
\n
reaching carbon neutrality. At the same time, the Company is increasing its sales for low-carbon energy applications, such
\n
as hydrogen, geothermal and carbon capture and storage. These sales currently account for a relatively small proportion
\n
of overall sales but are expected to grow in the coming years.
\n
\n
In its assessment, Tenaris also considers that the countries in which it operates and its customers are also establishing
\n
their own decarbonization strategies and objectives, and that some customers are requesting specific information from
\n
their suppliers, including Tenaris, concerning the carbon emissions and Environmental, Social and Governance (\u201cESG\u201d)
\n
practices in their supply chain, and that they may adjust their supply practices in light of that information.
\n

\n\n

\n\n

\n

\n

\n

\n\n
The recoverable value assessments performed by the Company for purposes of the preparation of these financial
\n
statements reflect management\u2019s views on energy transition and climate change and their potential medium-and long-
\n
term impact on Tenaris\u2019s operations and its sales. In addition, the Company carefully monitors the medium-and long-
\n
term outlook scenarios published by leading industry experts on how the energy transition could affect global demand
\n
for energy and oil and gas and how this could affect the global demand for tubular products and its sales. Furthermore,
\n
estimates and assumptions used in the Company\u2019s impairment tests over long-lived assets and goodwill, useful lives of
\n
assets, capital and research and development expenditures, inventory valuation, recovery of deferred tax assets and
\n
provisions, and contingent liabilities are based on available information and current government regulations on energy
\n
transition and climate-related matters, as well as on Tenaris\u2019s current short-term investment plans. As of the date of
\n
these financial statements, the Company does not believe that climate-related matters should trigger any material
\n
adjustments to the conclusions of its impairment tests.
\n

\n\n

\n

\n\n
38 Events after the reporting period
\n

\n
Annual Dividend Proposal
\n

\n
Upon approval of the Company\u00b4s annual accounts in March 2023, the Board of Directors intends to propose, for the
\n
approval of the Annual General Shareholders' meeting to be held on May 3, 2023, the payment of an annual dividend of
\n
$0.51 per share ($1.02 per ADS), or approximately $602 million, which includes the interim dividend of $0.17 per share
\n
($0.34 per ADS) or approximately $201 million, paid on November 23, 2022. If the annual dividend is approved by the
\n
shareholders, a dividend of $0.34 per share ($0.68 per ADS), or approximately $401 million will be paid on May 24, 2023,
\n
with an ex-dividend date of May 22, 2023. These Consolidated Financial Statements do not reflect this dividend payable.
\n

\n

\n
39 Update as of March 31, 2023
\n
9
\n

\n

\n
Contingencies, commitments and restrictions on the distribution of profits updates
\n

\n
Information contained in note 26 \u201cContingencies, commitments and restrictions on the distribution of profits\u201d was
\n
amended reflecting the latest updates on the following cases: \u201cCSN claims relating to the January 2012 acquisition of
\n
Usiminas\u201d, \u201cPutative class actions\u201d and \u201cU.S. patent infringement litigation\u201d.
\n

\n
Tenaris to Increase its participation in Usiminas control group
\n
On March 30, 2023, the Company\u2019s subsidiary, Confab, together with Tenaris\u2019s affiliates Ternium Investments and
\n
Ternium Argentina, all of which compose the T/T Group within Usiminas control group, entered into a share purchase
\n
agreement to acquire from the NSC Group, pro rata to their current participations in the T/T Group, 68.7 million ordinary
\n
shares of Usiminas at a price of BRL10 (approximately $1.9) per ordinary share. Pursuant to the transaction, Tenaris would
\n
pay approximately BRL 110 million (approximately $21 million) in cash for 11 million ordinary shares, increasing its
\n
participation in the Usiminas control group to 9.8%. Upon the closing of this transaction, the T/T Group will hold an
\n
aggregate participation of 61.3% in the control group, with the NSC Group and Previd\u00eancia Usiminas (Usiminas
\n
employees\u2019 pension fund) holding 31.7% and 7.1%, respectively. The transaction is subject to approval by Brazil\u2019s antitrust
\n
authorities and will be financed with cash on hand.
\n

\n
The Company will continue having significant influence over Usiminas and consequently will continue accounting for its
\n
investment under the equity method.
\n

\n
At closing, the existing Usiminas shareholders agreement will be replaced by a new shareholders agreement setting forth
\n
a new governance structure for Usiminas. The T/T Group will nominate a majority of the Usiminas board of directors, the
\n
chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to the T/T
\n
Group, Tenaris will retain the right to nominate one member of the Usiminas board of directors and one members of the
\n
Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas\u2019 control group shares.
\n

\n

\n
9
\n
This note was added subsequently to the approval of these Consolidated Financial Statements by the Company\u2019s Board of Directors on February 15,
\n
2023.
\n

\n\n

\n\n

\n\n
At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the
\n
NSC Group\u2019s remaining interest in the Usiminas control group (153.1 million ordinary shares) at the higher of BRL10 per
\n
share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition,
\n
the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from
\n
the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-
\n
trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell
\n
such shares to the T/T Group at BRL10 per share. Confab will have the right to participate in each such transaction pro
\n
rata to its current participation in the T/T Group.
\n

\n
The Company will account for the transaction if and when the conditions precedent to closing are satisfied and the
\n
acquisition is completed.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag543": { "value": "\n

\n
I. GENERAL INFORMATION
\n
\n
Tenaris S.A. (the \u201cCompany\u201d) was established as a public limited liability company (soci\u00e9t\u00e9 anonyme) under the laws of
\n
the Grand-Duchy of Luxembourg on December 17, 2001. The Company holds, either directly or indirectly, controlling
\n
interests in various subsidiaries in the steel pipe manufacturing and distribution businesses. References in these
\n
Consolidated Financial Statements to \u201cTenaris\u201d refer to the Company and its consolidated subsidiaries. A list of the
\n
principal Company\u2019s subsidiaries is included in note 32 to these Consolidated Financial Statements.
\n
\n
The Company\u2019s shares trade on the Italian Stock Exchange and the Mexican Stock Exchange; and the Company\u2019s American
\n
Depositary Securities (\u201cADS\u201d) trade on the New York Stock Exchange.
\n
\n\n
These Consolidated Financial Statements were approved for issuance by the Company\u2019s Board of Directors on February
\n
15, 2023.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag524": { "value": "Tenaris S.A.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag535": { "value": "soci\u00e9t\u00e9 anonyme", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag526": { "value": "Luxembourg", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag536": { "value": "steel pipe manufacturing and distribution businesses", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag532": { "value": "\n
These Consolidated Financial Statements were approved for issuance by the Company\u2019s Board of Directors on February
\n
15, 2023.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag544": { "value": "\n

\n

\n

\n
II. ACCOUNTING POLICIES
\n
\n
The principal accounting policies applied in the preparation of these Consolidated Financial Statements are set out below.
\n
These policies have been consistently applied to all the years presented, unless otherwise stated.
\n
\n\n

\n\n
A Basis of presentation
\n
\n
The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\n
Reporting Standards (\u201cIFRS\u201d), as issued by the International Accounting Standards Board (\u201cIASB\u201d) and in accordance with
\n
IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain
\n
financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial
\n
Statements are, unless otherwise noted, presented in thousands of U.S. dollars (\u201c$\u201d).
\n
\n
Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the
\n
current year.
\n
\n
The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain
\n
accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,
\n
contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas involving
\n
significant estimates or judgements are: impairment of goodwill and long-lived assets (notes II.H), impairment in
\n
investments in associates (note II.B); income taxes (note II.O); obsolescence of inventory (note II.J); contingencies (note
\n
II.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); business
\n
combinations (notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H);
\n
fair value estimation of certain financial instruments (notes III.B, IV.34) and property title ownership restriction (note
\n
IV.27). During the year there were no material changes in the significant accounting estimates and judgements.
\n
\n
(1) Accounting pronouncements applicable as from January 1, 2022
\n
\n
Accounting pronouncements that became effective during 2022 have no material effect on the Company\u2019s financial
\n
condition or results of operations.
\n
\n
(2) New accounting pronouncements not applicable as of December 31, 2022
\n
\n
Certain newly published accounting standards, amendments to accounting standards and interpretations are not
\n
mandatory for December 31, 2022 reporting periods and have not been early adopted by the Company. These standards,
\n
amendments or interpretations are not expected to have a material impact in the current or future reporting periods and
\n
on foreseeable future transactions.
\n

\n\n

\n\n

\n\n

\n\n

\n
B Group accounting
\n
\n\n

\n

\n

\n

\n

\n

\n
(1) Subsidiaries and transactions with non-controlling interests
\n
\n\n
Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights
\n
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over
\n
the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no
\n
longer consolidated from the date control ceases.
\n

\n\n
\n\n
The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an
\n
acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or
\n
assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired,
\n
liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values
\n
at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\n
controlling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of the
\n
consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the
\n
identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary
\n
acquired, the difference is recognized directly in the Consolidated Income Statement.
\n

\n\n
\n
Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability
\n
are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.
\n
\n\n
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held
\n
equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such
\n
remeasurement are recognized in profit or loss.
\n

\n\n
\n\n
Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with equity
\n
owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid
\n
and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses
\n
on disposals to non-controlling interests are also recorded in equity.
\n

\n\n
\n
When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to
\n
its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount
\n
for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
\n
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for
\n
as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized
\n
in other comprehensive income are reclassified to profit or loss.
\n
\n
Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries
\n
have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local
\n
currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the
\n
Consolidated Income Statement under Other financial results.
\n
\n\n

\n\n
(2) Non-consolidated companies
\n
\n
Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally
\n
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies
\n
(associates and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost
\n
(as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-consolidated
\n
companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\n
Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to
\n
recognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share of
\n
movements in other comprehensive income of the investee in other comprehensive income. Dividends received or
\n
receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the
\n
extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the
\n
transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\n
consolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\n
The Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\n
Statement under Equity in earnings of non-consolidated companies. The Company\u2019s pro-rata share of changes in other
\n
comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n
a) Ternium
\n
\n
At December 31, 2022, Tenaris held 11.46% of Ternium S.A. (\u201cTernium\u201d) common stock. The following factors and
\n
circumstances evidence that Tenaris has significant influence over Ternium:
\n
\n
\u25aa Both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d);
\n
\u25aa Four out of nine members of Ternium\u2019s Board of Directors (including Ternium\u2019s Chairman) are also members of the
\n
Company\u2019s Board of Directors;
\n
\u25aa Under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l, a wholly owned
\n
subsidiary of San Faustin and Ternium\u2019s main shareholder, dated January 9, 2006, Techint Holdings S.\u00e0r.l, is required
\n
to take actions within its power to cause (a) one of the members of Ternium\u2019s Board of Directors to be nominated
\n
by the Company and (b) any director nominated by the Company to be removed from Ternium\u2019s Board of Directors
\n
only pursuant to previous written instructions of the Company.
\n
\n
b) Usiminas
\n
\n
At December 31, 2022, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 36.5 million
\n
ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas (\u201cUsiminas\u201d),
\n
representing 5.19% of its shares with voting rights and 3.07% of its total share capital.
\n
\n
Confab\u2019s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant
\n
to which Tenaris\u2019s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas
\n
ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in 2016, Ternium and Confab subscribed to
\n
additional ordinary shares and to preferred shares.
\n
\n
At December 31, 2022, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the
\n
Usiminas shareholders\u2019 agreement, representing approximately 68.6% of Usiminas\u2019 voting capital. The Usiminas control
\n
group, which is bound by a long-term shareholders\u2019 agreement that governs the rights and obligations of Usiminas\u2019
\n
control group members, is currently composed of three sub-groups: the T/T Group, comprising Confab and certain
\n
Ternium entities; the NSC Group, comprising Nippon Steel Corporation (\u201cNSC\u201d), Metal One Corporation and Mitsubishi
\n
Corporation; and Usiminas\u2019 pension fund Previd\u00eancia Usiminas. The T/T Group holds approximately 47.1% of the total
\n
shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to
\n
Confab); the NSC Group holds approximately 45.9% of the total shares held by the control group; and Previd\u00eancia
\n
Usiminas holds the remaining 7%.
\n
\n
The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an
\n
alternation mechanism for the nomination of each of the Chief Executive Officer (\u201cCEO\u201d) and the Chairman of the Board
\n
of Directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas\u2019 executive board.
\n
The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure
\n
(exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group),
\n
which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other
\n
shareholder.
\n
\n
Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\n
agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement
\n
includes, among others, provisions granting Confab certain rights relating to the T/T Group\u2019s nomination of Usiminas\u2019
\n
officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has
\n
significant influence over Usiminas.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n
c) Techgen
\n
\n
Techgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company owned
\n
48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company, Ternium and
\n
Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are under the indirect
\n
common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant
\n
influence over this entity.
\n
\n
d) Global Pipe Company
\n
\n
Global Pipe Company (\u201cGPC\u201d) is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia,
\n
which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (\u201cSSPC\u201d), currently owns
\n
35% of the share capital of GPC. In accordance with GPC\u2019s bylaws, SSPC\u2019s 35% equity interest entitles SSPC to appoint
\n
four of the eleven members of the Board of Directors of GPC. In addition, SSPC has the ability to block any shareholder
\n
resolution. Based on the facts stated above, the Company has determined that it has significant influence over this
\n
entity.
\n
\n
Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill or
\n
intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever
\n
events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For more
\n
information see note 13 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n

\n\n
\n\n
C Segment information
\n
\n
The Company is organized in one major business segment, Tubes, which is also the reportable operating segment. All
\n
other business activities and operating segments that are not required to be separately reported, are disclosed in the
\n
Other segment.
\n
\n
The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related
\n
services mainly for the oil and gas industry, particularly oil country tubular goods (\u201cOCTG\u201d) used in drilling operations,
\n
and for other industrial applications with production processes that consist in the transformation of steel into tubular
\n
products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this
\n
industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe
\n
products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and
\n
natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are
\n
generally made to end users, with exports being done through a centrally managed global distribution network and
\n
domestic sales are made through local subsidiaries.
\n
\n
The Other segment includes all business activities related to the production and selling of sucker rods, industrial
\n
equipment, coiled tubing, tubes used for plumbing applications, oilfield / hydraulic fracturing services, energy and raw
\n
materials that exceed internal requirements.
\n
\n
Tenaris\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) holds monthly meetings with senior management, in which
\n
operating and financial performance information is reviewed. This information differs from IFRS principally as follows:
\n
\n
\u25aa The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption
\n
of production overheads and depreciations;
\n
\u25aa The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at
\n
historical cost, mainly on a FIFO basis;
\n
\u25aa Any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a different
\n
functional currency than the U.S. dollar;
\n
\u25aa Other timing differences, if any.
\n
\n
Tenaris presents its geographical information in five areas: North America, South America, Europe, Middle East and Africa
\n
and Asia Pacific. For purposes of reporting geographical information, net sales are allocated to geographical areas based
\n
on the customer\u2019s location; allocation of assets, capital expenditures and associated depreciations and amortizations are
\n
based on the geographical location of the assets.
\n

\n\n

\n\n

\n

\n
D Foreign currency translation
\n
\n\n
(1) Functional and presentation currency
\n
\n
IAS 21 (revised), \u201cThe effects of changes in foreign exchange rates\u201d defines the functional currency as the currency of the
\n
primary economic environment in which an entity operates.
\n
\n
The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best
\n
reflects the economic substance of the underlying events and circumstances relevant to Tenaris\u2019s global operations.
\n
\n
Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian
\n
Real to the U.S. dollar.
\n
\n
This decision is a result of a significant increase of its Brazilian Subsidiaries\u2019 participation in the OCTG and line pipe
\n
international markets, a trend which started in recent years and has been strengthened in 2022, an increased level of
\n
integration of the local operations within Tenaris\u2019s international commercial and supply chain system, as well as the fact
\n
that the main purchase agreement contracts and the long term sales agreement contracts with major international and
\n
local oil companies are both indexed to the U.S. dollar. Local steel prices are also being affected by the U.S. dollar /
\n
Brazilian Real fluctuations.
\n
\n
As a result of this change, except for the Italian subsidiaries whose functional currency is the Euro, Tenaris determined
\n
that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:
\n
\n
\u25aa Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar,
\n
the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;
\n
\u25aa Prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars;
\n
\u25aa Transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference
\n
currency;
\n
\u25aa Significant level of integration of the local operations within Tenaris\u2019s international global distribution network;
\n
\u25aa Net financial assets and liabilities are mainly received and maintained in U.S. dollars;
\n
\u25aa The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.
\n

\n\n
\n
(2) Transactions in currencies other than the functional currency
\n
\n
Transactions in currencies other than the functional currency are translated into the functional currency using the
\n
exchange rates prevailing at the date of the transactions or valuation where items are re-measured.
\n
\n
At the end of each reporting period: (i) monetary items denominated in currencies other than the functional currency
\n
are translated using the closing rates; (ii) non-monetary items that are measured in terms of historical cost in a currency
\n
other than the functional currency are translated using the exchange rates prevailing at the date of the transactions; and
\n
(iii) non-monetary items that are measured at fair value in a currency other than the functional currency are translated
\n
using the exchange rates prevailing at the date when the fair value was determined.
\n
\n
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-
\n
end exchange rates of monetary assets and liabilities denominated in currencies other than the functional currency are
\n
recorded as gains and losses from foreign exchange and included in Other financial results in the Consolidated Income
\n
Statement, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges.
\n

\n\n

\n

\n\n
(3) Translation of financial information in currencies other than the functional currency
\n
\n
Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars
\n
at the average exchange rates for each quarter of the year. Financial statement positions are translated at the year-end
\n
exchange rates. Translation differences are recognized in a separate component of equity as currency translation
\n
adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference
\n
would be recognized in the Consolidated Income Statement as a gain or loss from the sale following IAS 21.
\n
\n
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities
\n
of the foreign operation and translated at the closing rate.
\n

\n\n
\n\n

\n

\n
E Property, plant and equipment
\n
\n
Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation
\n
and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
\n
Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued
\n
initially at the fair market value of the assets acquired.
\n
\n
Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable
\n
that future economic benefits associated with the item will flow to the Company and the investment enhances the
\n
condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance
\n
expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.
\n
\n
Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
\n
purchases of property, plant and equipment.
\n
\n\n
Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of
\n
the cost of the asset, in accordance with IAS 23 (revised), \u201cBorrowing Costs\u201d. Assets for which borrowing costs are
\n
capitalized are those that require a substantial period of time to prepare for their intended use.
\n

\n\n
\n\n
The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to
\n
depreciate the cost of each asset to its residual value over its estimated useful life, as follows:
\n
\n
\n
Land
\n
No Depreciation
\n
\n
Buildings and improvements
\n
30-50 years
\n
\n
Plant and production equipment
\n
10-40 years
\n
\n
Vehicles, furniture and fixtures, and other equipment
\n
4-10 years
\n

\n\n
\n
The assets\u2019 residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if
\n
appropriate, at each year-end date. An asset\u2019s carrying amount is written down immediately to its recoverable amount
\n
if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 16, \u201cProperty, Plant and
\n
Equipment\u201d, resulted in additional depreciation expenses of approximately $39 million for 2022, of $45 million for 2020
\n
and did not materially affect depreciation expenses for 2021.
\n
\n
Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities
\n
that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost
\n
of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property,
\n
plant and equipment.
\n
\n
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are
\n
recognized under Other operating income or Other operating expenses in the Consolidated Income Statement.
\n

\n\n

\n\n

\n

\n

\n\n

\n

\n

\n

\n

\n
F Intangible assets
\n
\n\n
(1) Goodwill
\n
\n
Goodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\n
acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\n
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not
\n
reversed. Goodwill is included in the Consolidated Statement of Financial Position under Intangible assets, net.
\n
\n
For the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs that are
\n
expected to benefit from the business combination which generated the goodwill being tested.
\n

\n\n
\n\n

\n

\n

\n
(2) Information systems projects
\n
\n
Costs associated with maintaining computer software programs are generally recognized as an expense as incurred.
\n
However, costs directly related to the development, acquisition and implementation of information systems are
\n
recognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply with
\n
the recognition criteria of IAS 38, \u201cIntangible Assets\u201d.
\n
\n\n
Information systems projects recognized as assets are amortized using the straight-line method over their useful lives,
\n
generally not exceeding a period of 3 years. Amortization charges are mainly classified as Selling, general and
\n
administrative expenses in the Consolidated Income Statement.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022 and 2021 and resulted in additional amortization expenses of $11.1 million for 2020.
\n

\n\n
\n
(3) Licenses, patents, trademarks and proprietary technology
\n
\n
Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at
\n
fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful
\n
life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate
\n
the cost over their estimated useful lives, which are in the range between 3 and 10 years. Amortization charges are mainly
\n
classified as Cost of Sales in the Consolidated Income Statement.
\n
\n
The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7
\n
million at December 31, 2022, 2021 and 2020, and are included in Hydril CGU. Main factors considered in the
\n
determination of the indefinite useful lives include the years that they have been in service and their recognition among
\n
customers in the industry.
\n
\n\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022, 2021 and 2020.
\n

\n\n
\n

\n\n

\n\n
(4) Research and development
\n
\n
Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as Cost
\n
of sales in the Consolidated Income Statement as incurred. Research and development expenditures included in Cost of
\n
sales for the years 2022, 2021 and 2020 totaled $50.7 million, $45.3 million and $41.8 million, respectively.
\n
\n
Capitalized costs were not material for the years 2022, 2021 and 2020.
\n

\n\n

\n\n
\n
(5) Customer relationships
\n
\n
In accordance with IFRS 3, \"Business Combinations\" and IAS 38, Tenaris has recognized the value of customer relationships
\n
separately from goodwill attributable to the acquisition of Maverick Tube Corporation (\u201cMaverick\u201d) and Hydril Company
\n
(\u201cHydril\u201d) groups, as well as the more recent acquisitions of SSPC and Ipsco Tubulars Inc. (\u201cIPSCO\u201d).
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n

\n\n

\n\n
Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite
\n
useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method
\n
over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril, 9 years for SSPC
\n
and 3 years for IPSCO.
\n
\n
In 2022, the Company has reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years to
\n
3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated Income
\n
Statement under Selling, general and administrative expenses for the year ended December 31, 2022.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not affect amortization
\n
expenses for 2021 and 2020.
\n
\n
As of December 31, 2022 the net book value of SSPC\u2019s customer relationship amounts to $41.5 million, with a residual useful
\n
life of 3 years, while IPSCO\u2019s, Maverick\u2019s and Hydril\u2019s customer relationships are fully amortized.
\n

\n\n

\n\n

\n\n
\n\n
G Right-of-use assets and lease liabilities
\n
\n
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available
\n
for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged
\n
to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
\n
the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.
\n
\n
Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease
\n
payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value
\n
guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v)
\n
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
\n
\n
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
\n
lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds
\n
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
\n
\n
Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease
\n
payments made at or before the commencement date less any lease incentives received and any initial direct costs
\n
incurred by the lessee.
\n
\n
In determining the lease term, management considers all facts and circumstances that create an economic incentive to
\n
exercise an extension option or early termination, or not to exercise a termination option. Extension options (or periods
\n
after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
\n
terminated).
\n
\n
Payments associated with short-term leases, variable leases and leases of low value assets are recognized on a straight-
\n
line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
\n

\n\n
\n\n

\n\n
H Impairment of non-financial assets
\n
\n
Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there
\n
are separately identifiable cash flows (CGU). Most of the Company\u2019s principal subsidiaries that constitute a CGU have a
\n
single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation
\n
that generates largely independent cash inflows.
\n
\n
Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in
\n
circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives,
\n
including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events or
\n
circumstances indicate that the carrying amount value may be impaired. In some circumstances where there have not
\n
been significant changes to CGU assets and liabilities as well as external and internal events which could materially alter
\n
the recoverable amount of the CGU, the most recent detailed calculation of recoverable amount made in a preceding
\n
period may be used in the impairment test for that CGU in the current period.
\n

\n\n

\n\n

\n\n

\n

\n\n
\n

\n\n
In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information
\n
are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate
\n
used in Tenaris\u2019s cash flow projections and the business condition in terms of competitive, economic and regulatory
\n
factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.
\n
\n
An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
\n
The recoverable amount is the higher between the asset\u2019s value in use and fair value less costs of disposal. Any
\n
impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:
\n
\n
(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and
\n
(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in
\n
the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair
\n
value less cost of disposal, its value in use or zero.
\n
\n
Value in use is calculated by discounting the estimated cash flows over a five year period (or higher if the period can be
\n
justified) based on forecasts approved by management. For the subsequent years beyond the five-year period, a terminal
\n
value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly
\n
the historical inflation rate.
\n
\n
For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that
\n
a market participant could generate from the corresponding CGU.
\n
\n
Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary
\n
significantly from the forecasted future cash flows and related values derived using discounting techniques.
\n
\n
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting
\n
date. For more information on impairment charges see note 5 to these Consolidated Financial Statements.
\n
\n\n

\n\n
\n\n

\n
I Other investments
\n
\n
Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more
\n
than three months at the date of purchase.
\n
\n
Certain non-derivative financial assets that the Company held not for trading have been categorized as financial assets at
\n
fair value through other comprehensive income (\u201cFVOCI\u201d), as the business model objective is achieved by both holding
\n
financial assets in order to collect contractual cash flows and selling financial assets. They are carried at fair value and
\n
interest income from these financial assets is included in finance income using the effective interest rate method.
\n
Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive
\n
Income and transferred to the Consolidated Income Statement when the financial asset is sold. Exchange gains and losses
\n
and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement. FVOCI
\n
instruments with maturities greater than 12 months after the balance sheet date are included in non-current assets.
\n
\n\n
Other investments in financial instruments and time deposits are categorized as financial assets at fair value through
\n
profit or loss (\u201cFVPL\u201d) because such investments are held for trading and their performance is evaluated on a fair value
\n
basis. The results of these investments are recognized in Financial Results in the Consolidated Income Statement.
\n

\n\n
\n
Purchases and sales of financial investments are recognized as of their settlement date.
\n
\n
The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is
\n
not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques. See section
\n
III Financial Risk Management.
\n

\n\n

\n\n

\n

\n

\n

\n\n
J Inventories
\n
\n
Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process
\n
is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs,
\n
and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization
\n
charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris
\n
estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value
\n
is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling
\n
expenses. Goods in transit as of year-end are valued based on the supplier\u2019s invoice cost.
\n
\n
Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process,
\n
supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on
\n
management\u2019s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare
\n
parts is established based on management's analysis of such items to be used as intended and the consideration of
\n
potential obsolescence due to technological changes, aging and consumption patterns.
\n

\n\n
\n\n
K Trade and other receivables
\n
\n
Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is
\n
unconditional unless they contain significant financing components. The Company holds trade receivables with the objective
\n
to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective
\n
interest method. Due to the short-term nature, their carrying amount is considered to be the same as their fair value.
\n
\n
Tenaris applies the IFRS 9 \u201cFinancial Instruments\u201d simplified approach to measure expected credit losses, which uses a
\n
lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have
\n
been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the
\n
payment profiles of sales over a period of three years and the corresponding historical credit losses experienced within this
\n
period. The expected loss allowance also reflects current and forward-looking information on macroeconomic factors
\n
affecting the ability of each customer to settle the receivables.
\n

\n\n
\n\n
L Cash and cash equivalents
\n
\n
Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less
\n
than three months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash
\n
and cash equivalents are carried at fair market value or at historical cost which approximates fair market value.
\n
\n
In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities.
\n
\n
For the purposes of the Consolidated Statement of Cash Flows, Cash and cash equivalents includes overdrafts.
\n

\n\n
\n\n
M Equity
\n
\n
(1) Equity components
\n
\n
The Consolidated Statement of Changes in Equity includes:
\n
\n
\u25aa The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance
\n
with Luxembourg law;
\n
\u25aa The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in
\n
accordance with IFRS.
\n
\n
(2) Share capital
\n
\n
The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per
\n
share. Total ordinary shares issued and outstanding as of December 31, 2022, 2021 and 2020 are 1,180,536,830 with a
\n
par value of $1.00 per share with one vote each. All issued shares are fully paid.
\n

\n\n

\n\n

\n

\n

\n\n

\n\n
(3) Dividends distribution by the Company to shareholders
\n
\n
Dividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the right
\n
to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-
\n
laws of the Company.
\n
\n
Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance
\n
with Luxembourg law. See note 26 (iii) to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n\n
N Borrowings
\n
\n
Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized
\n
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit
\n
or loss over the period of the borrowings using the effective interest method.
\n

\n\n
\n

\n\n

\n
O Current and deferred income tax
\n
\n
The income tax expense or credit for the period is the tax payable or recoverable on the current period\u2019s taxable income
\n
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities
\n
attributable to temporary differences and to unused tax losses. Tax is recognized in the Consolidated Income Statement,
\n
except for tax items recognized in other comprehensive income or directly in equity.
\n
\n
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting
\n
date in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically
\n
evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to
\n
interpretation and establishes provisions when appropriate.
\n
\n\n
Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bases
\n
of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise mainly
\n
from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and
\n
equipment, valuation of inventories, provisions for post-employment benefits and other long-term employee benefits,
\n
fair value adjustments of assets acquired in business combinations and net operating loss carry-forwards. Deferred tax
\n
assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized
\n
or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.
\n

\n\n
\n
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
\n
regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an
\n
uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected
\n
value, depending on which method provides a better prediction of the resolution of the uncertainty.
\n
\n
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against
\n
which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized
\n
deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become
\n
probable that future taxable income will allow the deferred tax asset to be recovered.
\n
\n
Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax
\n
basis of investments in foreign operations where the company is able to control the timing of the reversal of the
\n
temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\n
\n
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
\n
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
\n
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize
\n
the asset and settle the liability simultaneously.
\n
\n
Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the
\n
Consolidated Income Statement or to the item Other comprehensive income in the Consolidated Statement of
\n
Comprehensive Income, depending on the account to which the original amount was charged or credited.
\n

\n\n

\n\n

\n\n
P Employee benefits
\n
\n
(1) Short-term obligations
\n
\n
Liabilities for wages and salaries are recognized in respect of employees\u2019 services up to the end of the reporting period
\n
and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as
\n
current employee benefit obligations in the balance sheet.
\n
\n
(2) Post-employment benefits
\n
\n
The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines
\n
an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors
\n
such as age, years of service and compensation.
\n
\n
The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present
\n
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The
\n
defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit
\n
method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows
\n
using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be
\n
paid, and that have terms to maturity approximating to the terms of the related pension obligation.
\n
\n
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
\n
or credited to equity in Other comprehensive income in the period in which they arise. Past-service costs are recognized
\n
immediately in the Income Statement.
\n
\n
For defined benefit funded plans, net interest income / expense is calculated based on the surplus or deficit derived by
\n
the difference between the defined benefit obligations less fair value of plan assets. For defined contribution plans, the
\n
Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual
\n
or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The
\n
contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as
\n
an asset to the extent that a cash refund or a reduction in the future payments is available.
\n
\n
Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:
\n
\n
\u25aa An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide
\n
certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of
\n
termination of the employment relationship due to certain specified events, including retirement. This unfunded
\n
plan provides defined benefits based on years of service and final average salary. As of December 31, 2022 the
\n
outstanding liability for this plan amounts to $43.1 million.
\n
\n
\u25aa Employees\u2019 service rescission indemnity: the cost of this obligation is charged to the Consolidated Income Statement
\n
over the expected service lives of employees. This provision is primarily related to the liability accrued for employees
\n
at Tenaris\u2019s Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees
\n
were entitled to make contributions to external funds, thus, Tenaris\u2019s Italian subsidiary pays every year the required
\n
contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a
\n
defined contribution plan effective from that date, but only limited to the contributions of 2007 onwards. As of
\n
December 31, 2022 the outstanding liability for this plan amounts to $10.7 million.
\n
\n
\u25aa Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date, frozen
\n
for the purposes of credited service as well as determination of final average pay for the retirement benefit
\n
calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an
\n
unfunded post-retirement health and life plan is present that offers limited medical and life insurance benefits to
\n
the retirees, frozen to new participants. As of December 31, 2022 the outstanding liability for these plans amounts
\n
to $7.1 million.
\n

\n\n

\n\n

\n

\n\n

\n
\u25aa Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based
\n
on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of
\n
investments in debt and equity instruments. Both plans were replaced for defined contribution plans. Effective June
\n
2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As
\n
of December 31, 2022 the plan was overfunded and the net assets related to this plan amounted to $10.4 million.
\n
\n
(3) Other long-term benefits
\n
\n
During 2007, Tenaris launched an employee retention and long-term incentive program (the \u201cProgram\u201d) applicable to
\n
certain senior officers and employees of the Company, who will be granted a number of units throughout the duration
\n
of the Program. The value of each of these units is based on Tenaris\u2019s shareholders\u2019 equity (excluding non-controlling
\n
interest). Until the end of 2017, the units were vested ratably over a period of four years and were mandatorily redeemed
\n
by the Company ten years after grant date, with the option of an early redemption at seven years after the grant date.
\n
Since 2018, the units are vested ratably over the same period and are mandatorily redeemed by the Company seven
\n
years after grant date.
\n
\n
The beneficiaries of the Program are entitled to receive cash amounts based on: (i) the amount of dividend payments
\n
made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program. The payment
\n
of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this long-term incentive
\n
program as a long-term benefit plan as classified in IAS 19, \u201cEmployee Benefits\u201d.
\n
\n
As of December 31, 2022 and 2021, the outstanding liability corresponding to the Program amounts to $94.4 million and
\n
$84.2 million, respectively. The total value of the units granted (vested and unvested) to date under the program,
\n
considering the number of units and the book value per share as of December 31, 2022 and 2021, is $123.9 million and
\n
$99.6 million, respectively.
\n
\n\n
(4) Termination benefits
\n
\n
Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or
\n
when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits
\n
at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the
\n
costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations benefits. In the case of
\n
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
\n
employees expected to accept the offer.
\n

\n\n
\n
(5) Other compensation obligations
\n
\n
Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations obligations
\n
are accrued as earned.
\n
\n
Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.
\n

\n\n
\n\n
Q Provisions
\n
\n
Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party
\n
is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris\u2019s potential liability with respect
\n
to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically
\n
reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a
\n
potential loss from a claim or proceeding is considered probable and the amount can be reliably estimated, a provision
\n
is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on
\n
information available to management as of the date of preparation of the financial statements, and take into
\n
consideration Tenaris\u2019s litigation and settlement strategies. These estimates are primarily constructed with the assistance
\n
of legal counsel. As the scope of liabilities become better defined, there may be changes in the estimates of future costs
\n
which could have a material adverse effect on its results of operations, financial condition and cash flows.
\n
\n
If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under
\n
an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as
\n
a receivable.
\n

\n\n

\n\n

\n

\n

\n\n
This note should be read in conjunction with note 26 to these Consolidated Financial Statements.
\n

\n\n
\n\n
R Trade and other payables
\n
\n
Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and subsequently
\n
measured at amortized cost. They are presented as current liabilities unless payment is not due within twelve months
\n
after the reporting period. Due to the short-term nature their carrying amounts are considered to be the same as their
\n
fair value.
\n

\n\n
\n\n

\n
S Revenue recognition
\n
\n
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of
\n
services in the ordinary course of Tenaris\u2019s activities. The revenue recognized by the Company is measured at the
\n
transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated
\n
returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized
\n
and after eliminating sales within the group.
\n
\n
Revenue is recognized at a point in time or over time from sales when control has been transferred and there is no
\n
unfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is
\n
transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of
\n
obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the
\n
sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for
\n
acceptance have been satisfied, including all performance obligations. These conditions are determined and analyzed on
\n
a contract by contract basis to ensure that all performance obligations are fulfilled. In particular, Tenaris verifies customer
\n
acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.
\n
\n
For bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement
\n
must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically
\n
identified and are ready for delivery; (c) the Company does not have the ability to use the product or to direct it to another
\n
customer; (d) the usual payment terms apply.
\n
\n\n
The Company\u2019s contracts with customers do not provide any material variable consideration, other than discounts,
\n
rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return are
\n
based on expected value considering past experience and contract conditions.
\n

\n\n
\n
Where the contracts include multiple performance obligations, the transaction price is allocated to each performance
\n
obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on
\n
the expected cost plus margin.
\n
\n
There are no judgements applied by management that significantly affect the determination of timing of satisfaction of
\n
performance obligations, nor the transaction price and amounts allocated to different performance obligations.
\n
\n
Tenaris provides services primarily related to goods sold, which represent a non-material portion of sales revenue and
\n
mainly include:
\n
\n
Pipe Management Services: This comprises mainly preparation of the pipes ready to be run, delivery to the customer,
\n
storage services and rig return.
\n
\n
Field Services: Comprises field technical support and running assistance.
\n
\n
These services are rendered in connection to the sales of goods and are attached to contracts with customers for the sale
\n
of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct
\n
uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same
\n
contract, have the same counterparty and are subject to the same conditions.
\n
\n
The Company also provides hydraulic fracturing and coiled tubing services. The revenue related to these services is
\n
included in the Other segment.
\n
\n
Revenue from providing services is recognized over time in the accounting period in which the services are rendered.
\n
The following inputs and outputs methods are applied to recognize revenue considering the nature of service:
\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n
Storage services: the Company provides storage services in owned or third-party warehouses, subject to a variable fee to
\n
be invoiced. This fee is determined based on the time that the customer maintains the material in the warehouse and
\n
the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month,
\n
the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).
\n
\n
Freights: the Company recognized the revenue on a pro rata basis considering the units delivered and time elapsed.
\n
\n
Field services: the revenue is recognized considering output methods, in particular surveys of service completion provided
\n
by the customer.
\n
\n
The Company does not expect to have any contracts where the period between the transfer of the promised goods or
\n
services to the customer and payment by the customer exceeds one year. As a consequence, considering that the
\n
contracts do not include any significant financing component, the Company does not adjust any of the transaction prices
\n
for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details
\n
on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.
\n
\n
Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their
\n
intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate
\n
performance obligation.
\n
\n\n
Other revenues earned by Tenaris are recognized on the following basis:
\n
\n
\u25aa Interest income: on the effective yield basis.
\n
\u25aa Dividend income from investments in other companies: when Tenaris\u2019s right to receive payment is established.
\n

\n\n
\u25aa Construction contracts revenues are recognized in accordance with the stage of the project completion.
\n

\n\n
\n\n
T Cost of sales and other selling expenses
\n
\n
Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis of
\n
accounting.
\n
\n
Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in Selling, general
\n
and administrative expenses in the Consolidated Income Statement.
\n

\n\n
\n\n

\n\n
U Earnings per share
\n
\n
Earnings per share are calculated by dividing the income attributable to the shareholders\u2019 equity by the daily weighted
\n
average number of common shares outstanding during the year.
\n
\n
There are no dilutive potential ordinary shares.
\n

\n\n

\n\n
\n\n

\n

\n
V Financial instruments
\n
\n
Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade
\n
and other receivables, cash and cash equivalents, borrowings and trade and other payables.
\n
\n
The Company classifies its financial instruments according to the following measurement categories:
\n
\n
\u25aa those to be measured subsequently at fair value (either through OCI or through profit or loss), and
\n
\u25aa those to be measured at amortised cost.
\n
\n
The classification depends on the Company\u2019s business model for managing the financial assets and contractual terms of
\n
the cash flows.
\n
\n\n
Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive
\n
cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially
\n
all the risks and rewards of ownership.
\n

\n\n
\n\n
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at
\n
fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.
\n
Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n
Subsequent measurement of debt instruments depends on the Company\u2019s business model for managing the asset and
\n
the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its
\n
debt instruments:
\n
\n
Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest. Interest income from these financial assets is included in finance income using the
\n
effective interest rate method.
\n
\n\n
\n\n
Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated
\n
Income Statement.
\n
\n\n

\n\n
\n
Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for
\n
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest. Interest
\n
income from these financial assets is included in finance income using the effective interest rate method. Unrealized
\n
gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and
\n
transferred to the Consolidated Income Statement when the financial asset is sold.
\n
\n\n
Fair value through profit and loss: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value
\n
of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n

\n\n
\n
Equity instruments are subsequently measured at fair value.
\n

\n\n
\n
Accounting for derivative financial instruments and hedging activities is included within the section III, Financial Risk
\n
Management.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag565": { "value": "\n

\n\n
A Basis of presentation
\n
\n
The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\n
Reporting Standards (\u201cIFRS\u201d), as issued by the International Accounting Standards Board (\u201cIASB\u201d) and in accordance with
\n
IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain
\n
financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial
\n
Statements are, unless otherwise noted, presented in thousands of U.S. dollars (\u201c$\u201d).
\n
\n
Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the
\n
current year.
\n
\n
The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain
\n
accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,
\n
contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas involving
\n
significant estimates or judgements are: impairment of goodwill and long-lived assets (notes II.H), impairment in
\n
investments in associates (note II.B); income taxes (note II.O); obsolescence of inventory (note II.J); contingencies (note
\n
II.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); business
\n
combinations (notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H);
\n
fair value estimation of certain financial instruments (notes III.B, IV.34) and property title ownership restriction (note
\n
IV.27). During the year there were no material changes in the significant accounting estimates and judgements.
\n
\n
(1) Accounting pronouncements applicable as from January 1, 2022
\n
\n
Accounting pronouncements that became effective during 2022 have no material effect on the Company\u2019s financial
\n
condition or results of operations.
\n
\n
(2) New accounting pronouncements not applicable as of December 31, 2022
\n
\n
Certain newly published accounting standards, amendments to accounting standards and interpretations are not
\n
mandatory for December 31, 2022 reporting periods and have not been early adopted by the Company. These standards,
\n
amendments or interpretations are not expected to have a material impact in the current or future reporting periods and
\n
on foreseeable future transactions.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag553": { "value": "\n
A Basis of presentation
\n
\n
The Consolidated Financial Statements of Tenaris have been prepared in accordance with International Financial
\n
Reporting Standards (\u201cIFRS\u201d), as issued by the International Accounting Standards Board (\u201cIASB\u201d) and in accordance with
\n
IFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certain
\n
financial assets and liabilities (including derivative instruments) and plan assets at fair value. The Consolidated Financial
\n
Statements are, unless otherwise noted, presented in thousands of U.S. dollars (\u201c$\u201d).
\n
\n
Whenever necessary, certain comparative amounts have been reclassified to conform to changes in presentation in the
\n
current year.
\n
\n
The preparation of Consolidated Financial Statements in conformity with IFRS requires management to make certain
\n
accounting estimates and assumptions that might affect among others, the reported amounts of assets, liabilities,
\n
contingent liabilities, revenues and expenses. Actual results may differ from these estimates. The main areas involving
\n
significant estimates or judgements are: impairment of goodwill and long-lived assets (notes II.H), impairment in
\n
investments in associates (note II.B); income taxes (note II.O); obsolescence of inventory (note II.J); contingencies (note
\n
II.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); business
\n
combinations (notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H);
\n
fair value estimation of certain financial instruments (notes III.B, IV.34) and property title ownership restriction (note
\n
IV.27). During the year there were no material changes in the significant accounting estimates and judgements.
\n
\n
(1) Accounting pronouncements applicable as from January 1, 2022
\n
\n
Accounting pronouncements that became effective during 2022 have no material effect on the Company\u2019s financial
\n
condition or results of operations.
\n
\n
(2) New accounting pronouncements not applicable as of December 31, 2022
\n
\n
Certain newly published accounting standards, amendments to accounting standards and interpretations are not
\n
mandatory for December 31, 2022 reporting periods and have not been early adopted by the Company. These standards,
\n
amendments or interpretations are not expected to have a material impact in the current or future reporting periods and
\n
on foreseeable future transactions.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag542": { "value": "The Consolidated Financial Statements of Tenaris have been prepared in accordance with International FinancialReporting Standards (\u201cIFRS\u201d), as issued by the International Accounting Standards Board (\u201cIASB\u201d) and in accordance withIFRS as adopted by the European Union, under the historical cost convention, as modified by the revaluation of certainfinancial assets and liabilities (including derivative instruments) and plan assets at fair value.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag534": { "value": "The main areas involvingsignificant estimates or judgements are: impairment of goodwill and long-lived assets (notes II.H), impairment ininvestments in associates (note II.B); income taxes (note II.O); obsolescence of inventory (note II.J); contingencies (noteII.Q); allowance for trade receivables (note II.K); post-employment and other long-term benefits (note II.P); businesscombinations (notes II.B); useful lives of property, plant and equipment and other long-lived assets (notes II.E, II.F, II.H);fair value estimation of certain financial instruments (notes III.B, IV.34) and property title ownership restriction (noteIV.27). During the year there were no material changes in the significant accounting estimates and judgements.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag540": { "value": "\n

\n
B Group accounting
\n
\n\n

\n

\n

\n

\n

\n

\n
(1) Subsidiaries and transactions with non-controlling interests
\n
\n\n
Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights
\n
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over
\n
the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no
\n
longer consolidated from the date control ceases.
\n

\n\n
\n\n
The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an
\n
acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or
\n
assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired,
\n
liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values
\n
at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\n
controlling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of the
\n
consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the
\n
identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary
\n
acquired, the difference is recognized directly in the Consolidated Income Statement.
\n

\n\n
\n
Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability
\n
are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.
\n
\n\n
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held
\n
equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such
\n
remeasurement are recognized in profit or loss.
\n

\n\n
\n\n
Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with equity
\n
owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid
\n
and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses
\n
on disposals to non-controlling interests are also recorded in equity.
\n

\n\n
\n
When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to
\n
its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount
\n
for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
\n
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for
\n
as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized
\n
in other comprehensive income are reclassified to profit or loss.
\n
\n
Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries
\n
have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local
\n
currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the
\n
Consolidated Income Statement under Other financial results.
\n
\n\n

\n\n
(2) Non-consolidated companies
\n
\n
Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally
\n
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies
\n
(associates and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost
\n
(as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-consolidated
\n
companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\n
Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to
\n
recognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share of
\n
movements in other comprehensive income of the investee in other comprehensive income. Dividends received or
\n
receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the
\n
extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the
\n
transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\n
consolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\n
The Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\n
Statement under Equity in earnings of non-consolidated companies. The Company\u2019s pro-rata share of changes in other
\n
comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n
a) Ternium
\n
\n
At December 31, 2022, Tenaris held 11.46% of Ternium S.A. (\u201cTernium\u201d) common stock. The following factors and
\n
circumstances evidence that Tenaris has significant influence over Ternium:
\n
\n
\u25aa Both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d);
\n
\u25aa Four out of nine members of Ternium\u2019s Board of Directors (including Ternium\u2019s Chairman) are also members of the
\n
Company\u2019s Board of Directors;
\n
\u25aa Under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l, a wholly owned
\n
subsidiary of San Faustin and Ternium\u2019s main shareholder, dated January 9, 2006, Techint Holdings S.\u00e0r.l, is required
\n
to take actions within its power to cause (a) one of the members of Ternium\u2019s Board of Directors to be nominated
\n
by the Company and (b) any director nominated by the Company to be removed from Ternium\u2019s Board of Directors
\n
only pursuant to previous written instructions of the Company.
\n
\n
b) Usiminas
\n
\n
At December 31, 2022, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 36.5 million
\n
ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas (\u201cUsiminas\u201d),
\n
representing 5.19% of its shares with voting rights and 3.07% of its total share capital.
\n
\n
Confab\u2019s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant
\n
to which Tenaris\u2019s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas
\n
ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in 2016, Ternium and Confab subscribed to
\n
additional ordinary shares and to preferred shares.
\n
\n
At December 31, 2022, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the
\n
Usiminas shareholders\u2019 agreement, representing approximately 68.6% of Usiminas\u2019 voting capital. The Usiminas control
\n
group, which is bound by a long-term shareholders\u2019 agreement that governs the rights and obligations of Usiminas\u2019
\n
control group members, is currently composed of three sub-groups: the T/T Group, comprising Confab and certain
\n
Ternium entities; the NSC Group, comprising Nippon Steel Corporation (\u201cNSC\u201d), Metal One Corporation and Mitsubishi
\n
Corporation; and Usiminas\u2019 pension fund Previd\u00eancia Usiminas. The T/T Group holds approximately 47.1% of the total
\n
shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to
\n
Confab); the NSC Group holds approximately 45.9% of the total shares held by the control group; and Previd\u00eancia
\n
Usiminas holds the remaining 7%.
\n
\n
The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an
\n
alternation mechanism for the nomination of each of the Chief Executive Officer (\u201cCEO\u201d) and the Chairman of the Board
\n
of Directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas\u2019 executive board.
\n
The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure
\n
(exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group),
\n
which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other
\n
shareholder.
\n
\n
Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\n
agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement
\n
includes, among others, provisions granting Confab certain rights relating to the T/T Group\u2019s nomination of Usiminas\u2019
\n
officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has
\n
significant influence over Usiminas.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
c) Techgen
\n
\n
Techgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company owned
\n
48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company, Ternium and
\n
Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are under the indirect
\n
common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant
\n
influence over this entity.
\n
\n
d) Global Pipe Company
\n
\n
Global Pipe Company (\u201cGPC\u201d) is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia,
\n
which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (\u201cSSPC\u201d), currently owns
\n
35% of the share capital of GPC. In accordance with GPC\u2019s bylaws, SSPC\u2019s 35% equity interest entitles SSPC to appoint
\n
four of the eleven members of the Board of Directors of GPC. In addition, SSPC has the ability to block any shareholder
\n
resolution. Based on the facts stated above, the Company has determined that it has significant influence over this
\n
entity.
\n
\n
Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill or
\n
intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever
\n
events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For more
\n
information see note 13 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag537": { "value": "\n

\n

\n

\n

\n

\n

\n
(1) Subsidiaries and transactions with non-controlling interests
\n
\n\n
Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights
\n
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over
\n
the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no
\n
longer consolidated from the date control ceases.
\n

\n\n
\n\n
The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an
\n
acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or
\n
assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired,
\n
liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values
\n
at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\n
controlling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of the
\n
consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the
\n
identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary
\n
acquired, the difference is recognized directly in the Consolidated Income Statement.
\n

\n\n
\n
Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability
\n
are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.
\n
\n\n
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held
\n
equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such
\n
remeasurement are recognized in profit or loss.
\n

\n\n
\n\n
Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with equity
\n
owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid
\n
and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses
\n
on disposals to non-controlling interests are also recorded in equity.
\n

\n\n
\n
When the Company ceases to have control or significant influence, any retained interest in the entity is remeasured to
\n
its fair value, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount
\n
for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In
\n
addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for
\n
as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized
\n
in other comprehensive income are reclassified to profit or loss.
\n
\n
Material intercompany transactions, balances and unrealized gains (losses) on transactions between Tenaris subsidiaries
\n
have been eliminated in consolidation. However, since the functional currency of some subsidiaries is its respective local
\n
currency, some financial gains (losses) arising from intercompany transactions are generated. These are included in the
\n
Consolidated Income Statement under Other financial results.
\n
\n\n

\n\n
(2) Non-consolidated companies
\n
\n
Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally
\n
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies
\n
(associates and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost
\n
(as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-consolidated
\n
companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\n
Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to
\n
recognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share of
\n
movements in other comprehensive income of the investee in other comprehensive income. Dividends received or
\n
receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the
\n
extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the
\n
transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\n
consolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\n
The Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\n
Statement under Equity in earnings of non-consolidated companies. The Company\u2019s pro-rata share of changes in other
\n
comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n
a) Ternium
\n
\n
At December 31, 2022, Tenaris held 11.46% of Ternium S.A. (\u201cTernium\u201d) common stock. The following factors and
\n
circumstances evidence that Tenaris has significant influence over Ternium:
\n
\n
\u25aa Both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d);
\n
\u25aa Four out of nine members of Ternium\u2019s Board of Directors (including Ternium\u2019s Chairman) are also members of the
\n
Company\u2019s Board of Directors;
\n
\u25aa Under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l, a wholly owned
\n
subsidiary of San Faustin and Ternium\u2019s main shareholder, dated January 9, 2006, Techint Holdings S.\u00e0r.l, is required
\n
to take actions within its power to cause (a) one of the members of Ternium\u2019s Board of Directors to be nominated
\n
by the Company and (b) any director nominated by the Company to be removed from Ternium\u2019s Board of Directors
\n
only pursuant to previous written instructions of the Company.
\n
\n
b) Usiminas
\n
\n
At December 31, 2022, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 36.5 million
\n
ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas (\u201cUsiminas\u201d),
\n
representing 5.19% of its shares with voting rights and 3.07% of its total share capital.
\n
\n
Confab\u2019s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant
\n
to which Tenaris\u2019s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas
\n
ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in 2016, Ternium and Confab subscribed to
\n
additional ordinary shares and to preferred shares.
\n
\n
At December 31, 2022, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the
\n
Usiminas shareholders\u2019 agreement, representing approximately 68.6% of Usiminas\u2019 voting capital. The Usiminas control
\n
group, which is bound by a long-term shareholders\u2019 agreement that governs the rights and obligations of Usiminas\u2019
\n
control group members, is currently composed of three sub-groups: the T/T Group, comprising Confab and certain
\n
Ternium entities; the NSC Group, comprising Nippon Steel Corporation (\u201cNSC\u201d), Metal One Corporation and Mitsubishi
\n
Corporation; and Usiminas\u2019 pension fund Previd\u00eancia Usiminas. The T/T Group holds approximately 47.1% of the total
\n
shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to
\n
Confab); the NSC Group holds approximately 45.9% of the total shares held by the control group; and Previd\u00eancia
\n
Usiminas holds the remaining 7%.
\n
\n
The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an
\n
alternation mechanism for the nomination of each of the Chief Executive Officer (\u201cCEO\u201d) and the Chairman of the Board
\n
of Directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas\u2019 executive board.
\n
The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure
\n
(exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group),
\n
which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other
\n
shareholder.
\n
\n
Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\n
agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement
\n
includes, among others, provisions granting Confab certain rights relating to the T/T Group\u2019s nomination of Usiminas\u2019
\n
officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has
\n
significant influence over Usiminas.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
c) Techgen
\n
\n
Techgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company owned
\n
48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company, Ternium and
\n
Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are under the indirect
\n
common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant
\n
influence over this entity.
\n
\n
d) Global Pipe Company
\n
\n
Global Pipe Company (\u201cGPC\u201d) is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia,
\n
which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (\u201cSSPC\u201d), currently owns
\n
35% of the share capital of GPC. In accordance with GPC\u2019s bylaws, SSPC\u2019s 35% equity interest entitles SSPC to appoint
\n
four of the eleven members of the Board of Directors of GPC. In addition, SSPC has the ability to block any shareholder
\n
resolution. Based on the facts stated above, the Company has determined that it has significant influence over this
\n
entity.
\n
\n
Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill or
\n
intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever
\n
events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For more
\n
information see note 13 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag554": { "value": "\n
Subsidiaries are all entities over which Tenaris has control. Tenaris controls an entity when it is exposed to, or has rights
\n
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over
\n
the entity. Subsidiaries are fully consolidated from the date on which control is exercised by the Company and are no
\n
longer consolidated from the date control ceases.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag531": { "value": "\n
The acquisition method of accounting is used to account for the acquisition of subsidiaries by Tenaris. The cost of an
\n
acquisition is measured as the fair value of the assets transferred, equity instruments issued and liabilities incurred or
\n
assumed at the date of exchange. Acquisition-related costs are expensed as incurred. Identifiable assets acquired,
\n
liabilities and contingent liabilities assumed in a business combination are generally measured initially at their fair values
\n
at the acquisition date. Any non-controlling interest in the acquiree is measured either at fair value or at the non-
\n
controlling interest\u2019s proportionate share of the acquiree\u2019s net identifiable assets. The excess of the aggregate of the
\n
consideration transferred and the amount of any non-controlling interest in the acquiree over the fair value of the
\n
identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the net assets of the subsidiary
\n
acquired, the difference is recognized directly in the Consolidated Income Statement.
\n

\n\n
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held
\n
equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such
\n
remeasurement are recognized in profit or loss.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag555": { "value": "\n
Transactions with non-controlling interests that do not result in a loss of control are accounted as transactions with equity
\n
owners of the Company. For purchases from non-controlling interests, the difference between any consideration paid
\n
and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses
\n
on disposals to non-controlling interests are also recorded in equity.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag556": { "value": "\n

\n\n
(2) Non-consolidated companies
\n
\n
Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally
\n
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies
\n
(associates and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost
\n
(as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-consolidated
\n
companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\n
Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to
\n
recognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share of
\n
movements in other comprehensive income of the investee in other comprehensive income. Dividends received or
\n
receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.
\n

\n\n

\n\n

\n\n
If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the
\n
extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the
\n
transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\n
consolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\n
The Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\n
Statement under Equity in earnings of non-consolidated companies. The Company\u2019s pro-rata share of changes in other
\n
comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n
a) Ternium
\n
\n
At December 31, 2022, Tenaris held 11.46% of Ternium S.A. (\u201cTernium\u201d) common stock. The following factors and
\n
circumstances evidence that Tenaris has significant influence over Ternium:
\n
\n
\u25aa Both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d);
\n
\u25aa Four out of nine members of Ternium\u2019s Board of Directors (including Ternium\u2019s Chairman) are also members of the
\n
Company\u2019s Board of Directors;
\n
\u25aa Under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l, a wholly owned
\n
subsidiary of San Faustin and Ternium\u2019s main shareholder, dated January 9, 2006, Techint Holdings S.\u00e0r.l, is required
\n
to take actions within its power to cause (a) one of the members of Ternium\u2019s Board of Directors to be nominated
\n
by the Company and (b) any director nominated by the Company to be removed from Ternium\u2019s Board of Directors
\n
only pursuant to previous written instructions of the Company.
\n
\n
b) Usiminas
\n
\n
At December 31, 2022, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 36.5 million
\n
ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas (\u201cUsiminas\u201d),
\n
representing 5.19% of its shares with voting rights and 3.07% of its total share capital.
\n
\n
Confab\u2019s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant
\n
to which Tenaris\u2019s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas
\n
ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in 2016, Ternium and Confab subscribed to
\n
additional ordinary shares and to preferred shares.
\n
\n
At December 31, 2022, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the
\n
Usiminas shareholders\u2019 agreement, representing approximately 68.6% of Usiminas\u2019 voting capital. The Usiminas control
\n
group, which is bound by a long-term shareholders\u2019 agreement that governs the rights and obligations of Usiminas\u2019
\n
control group members, is currently composed of three sub-groups: the T/T Group, comprising Confab and certain
\n
Ternium entities; the NSC Group, comprising Nippon Steel Corporation (\u201cNSC\u201d), Metal One Corporation and Mitsubishi
\n
Corporation; and Usiminas\u2019 pension fund Previd\u00eancia Usiminas. The T/T Group holds approximately 47.1% of the total
\n
shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to
\n
Confab); the NSC Group holds approximately 45.9% of the total shares held by the control group; and Previd\u00eancia
\n
Usiminas holds the remaining 7%.
\n
\n
The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an
\n
alternation mechanism for the nomination of each of the Chief Executive Officer (\u201cCEO\u201d) and the Chairman of the Board
\n
of Directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas\u2019 executive board.
\n
The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure
\n
(exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group),
\n
which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other
\n
shareholder.
\n
\n
Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\n
agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement
\n
includes, among others, provisions granting Confab certain rights relating to the T/T Group\u2019s nomination of Usiminas\u2019
\n
officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has
\n
significant influence over Usiminas.
\n

\n\n

\n\n

\n\n
c) Techgen
\n
\n
Techgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company owned
\n
48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company, Ternium and
\n
Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are under the indirect
\n
common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant
\n
influence over this entity.
\n
\n
d) Global Pipe Company
\n
\n
Global Pipe Company (\u201cGPC\u201d) is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia,
\n
which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (\u201cSSPC\u201d), currently owns
\n
35% of the share capital of GPC. In accordance with GPC\u2019s bylaws, SSPC\u2019s 35% equity interest entitles SSPC to appoint
\n
four of the eleven members of the Board of Directors of GPC. In addition, SSPC has the ability to block any shareholder
\n
resolution. Based on the facts stated above, the Company has determined that it has significant influence over this
\n
entity.
\n
\n
Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill or
\n
intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever
\n
events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For more
\n
information see note 13 to these Consolidated Financial Statements.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag557": { "value": "\n
(2) Non-consolidated companies
\n
\n
Non-consolidated companies are all entities in which Tenaris has significant influence but not control, generally
\n
accompanying a shareholding of between 20% and 50% of the voting rights. Investments in non-consolidated companies
\n
(associates and joint ventures) are accounted for by the equity method of accounting and are initially recognized at cost
\n
(as defined by IAS 28, \u201cInvestments in Associates and Joint Ventures\u201d). The Company\u2019s investment in non-consolidated
\n
companies includes goodwill identified in acquisition, net of any accumulated impairment loss.
\n
\n
Under the equity method of accounting, the investments are initially recognized at cost and adjusted thereafter to
\n
recognize Tenaris\u2019s share of the post-acquisition profits or losses of the investee in profit or loss, and Tenaris\u2019s share of
\n
movements in other comprehensive income of the investee in other comprehensive income. Dividends received or
\n
receivable from associates and joint ventures are recognized as a reduction in the carrying amount of the investment.
\n

\n\n
If material, unrealized results on transactions between Tenaris and its non-consolidated companies are eliminated to the
\n
extent of Tenaris\u2019s interest in the non-consolidated companies. Unrealized losses are also eliminated unless the
\n
transaction provides evidence of an impairment indicator of the asset transferred. Financial statements of non-
\n
consolidated companies are adjusted where necessary to ensure consistency with IFRS.
\n
\n
The Company\u2019s pro-rata share of earnings in non-consolidated companies is recorded in the Consolidated Income
\n
Statement under Equity in earnings of non-consolidated companies. The Company\u2019s pro-rata share of changes in other
\n
comprehensive income is recognized in the Consolidated Statement of Comprehensive Income.
\n
\n
a) Ternium
\n
\n
At December 31, 2022, Tenaris held 11.46% of Ternium S.A. (\u201cTernium\u201d) common stock. The following factors and
\n
circumstances evidence that Tenaris has significant influence over Ternium:
\n
\n
\u25aa Both the Company and Ternium are under the indirect common control of San Faustin S.A. (\u201cSan Faustin\u201d);
\n
\u25aa Four out of nine members of Ternium\u2019s Board of Directors (including Ternium\u2019s Chairman) are also members of the
\n
Company\u2019s Board of Directors;
\n
\u25aa Under the shareholders\u2019 agreement by and between the Company and Techint Holdings S.\u00e0r.l, a wholly owned
\n
subsidiary of San Faustin and Ternium\u2019s main shareholder, dated January 9, 2006, Techint Holdings S.\u00e0r.l, is required
\n
to take actions within its power to cause (a) one of the members of Ternium\u2019s Board of Directors to be nominated
\n
by the Company and (b) any director nominated by the Company to be removed from Ternium\u2019s Board of Directors
\n
only pursuant to previous written instructions of the Company.
\n
\n
b) Usiminas
\n
\n
At December 31, 2022, Tenaris held, through its Brazilian subsidiary Confab Industrial S.A. (\u201cConfab\u201d), 36.5 million
\n
ordinary shares and 1.3 million preferred shares of Usinas Sider\u00fargicas de Minas Gerais S.A. - Usiminas (\u201cUsiminas\u201d),
\n
representing 5.19% of its shares with voting rights and 3.07% of its total share capital.
\n
\n
Confab\u2019s acquisition of the Usiminas shares was part of a larger transaction performed on January 16, 2012, pursuant
\n
to which Tenaris\u2019s affiliate Ternium (through certain of its subsidiaries) and Confab acquired a large block of Usiminas
\n
ordinary shares and joined Usiminas\u2019 existing control group. Subsequently, in 2016, Ternium and Confab subscribed to
\n
additional ordinary shares and to preferred shares.
\n
\n
At December 31, 2022, the Usiminas control group held, in the aggregate, 483.6 million ordinary shares bound to the
\n
Usiminas shareholders\u2019 agreement, representing approximately 68.6% of Usiminas\u2019 voting capital. The Usiminas control
\n
group, which is bound by a long-term shareholders\u2019 agreement that governs the rights and obligations of Usiminas\u2019
\n
control group members, is currently composed of three sub-groups: the T/T Group, comprising Confab and certain
\n
Ternium entities; the NSC Group, comprising Nippon Steel Corporation (\u201cNSC\u201d), Metal One Corporation and Mitsubishi
\n
Corporation; and Usiminas\u2019 pension fund Previd\u00eancia Usiminas. The T/T Group holds approximately 47.1% of the total
\n
shares held by the control group (39.5% corresponding to the Ternium entities and the other 7.6% corresponding to
\n
Confab); the NSC Group holds approximately 45.9% of the total shares held by the control group; and Previd\u00eancia
\n
Usiminas holds the remaining 7%.
\n
\n
The corporate governance rules reflected in the Usiminas shareholders agreement include, among others, an
\n
alternation mechanism for the nomination of each of the Chief Executive Officer (\u201cCEO\u201d) and the Chairman of the Board
\n
of Directors of Usiminas, as well as a mechanism for the nomination of other members of Usiminas\u2019 executive board.
\n
The Usiminas shareholders agreement also provides for an exit mechanism consisting of a buy-and-sell procedure
\n
(exercisable at any time after November 16, 2022, and applicable with respect to shares held by NSC and the T/T Group),
\n
which would allow either Ternium or NSC to purchase all or a majority of the Usiminas shares held by the other
\n
shareholder.
\n
\n
Confab and the Ternium entities party to the Usiminas shareholders agreement have a separate shareholders
\n
agreement governing their respective rights and obligations as members of the T/T Group. Such separate agreement
\n
includes, among others, provisions granting Confab certain rights relating to the T/T Group\u2019s nomination of Usiminas\u2019
\n
officers and directors under the Usiminas shareholders agreement. Those circumstances evidence that Tenaris has
\n
significant influence over Usiminas.
\n

\n\n
c) Techgen
\n
\n
Techgen S.A. de C.V. (\u201cTechgen\u201d), which operates an electric power plant in Mexico, is a joint venture company owned
\n
48% by Ternium, 30% by Tecpetrol International S.A. (\u201cTecpetrol\u201d) and 22% by Tenaris. The Company, Ternium and
\n
Tecpetrol are parties to a shareholders\u2019 agreement relating to the governance of Techgen and are under the indirect
\n
common control of San Faustin. Based on the facts stated above, the Company has determined that it has significant
\n
influence over this entity.
\n
\n
d) Global Pipe Company
\n
\n
Global Pipe Company (\u201cGPC\u201d) is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia,
\n
which manufactures LSAW pipes. Tenaris, through its subsidiary Saudi Steel Pipe Company (\u201cSSPC\u201d), currently owns
\n
35% of the share capital of GPC. In accordance with GPC\u2019s bylaws, SSPC\u2019s 35% equity interest entitles SSPC to appoint
\n
four of the eleven members of the Board of Directors of GPC. In addition, SSPC has the ability to block any shareholder
\n
resolution. Based on the facts stated above, the Company has determined that it has significant influence over this
\n
entity.
\n
\n
Tenaris carries its investments in non-consolidated companies under the equity method, with no additional goodwill or
\n
intangible assets recognized. Tenaris reviews investments in non-consolidated companies for impairment whenever
\n
events or changes in circumstances indicate that the asset\u2019s carrying amount may not be recoverable. For more
\n
information see note 13 to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag528": { "value": "\n
C Segment information
\n
\n
The Company is organized in one major business segment, Tubes, which is also the reportable operating segment. All
\n
other business activities and operating segments that are not required to be separately reported, are disclosed in the
\n
Other segment.
\n
\n
The Tubes segment includes the production and sale of both seamless and welded steel tubular products and related
\n
services mainly for the oil and gas industry, particularly oil country tubular goods (\u201cOCTG\u201d) used in drilling operations,
\n
and for other industrial applications with production processes that consist in the transformation of steel into tubular
\n
products. Business activities included in this segment are mainly dependent on the oil and gas industry worldwide, as this
\n
industry is a major consumer of steel pipe products, particularly OCTG used in drilling activities. Demand for steel pipe
\n
products from the oil and gas industry has historically been volatile and depends primarily upon the number of oil and
\n
natural gas wells being drilled, completed and reworked, and the depth and drilling conditions of these wells. Sales are
\n
generally made to end users, with exports being done through a centrally managed global distribution network and
\n
domestic sales are made through local subsidiaries.
\n
\n
The Other segment includes all business activities related to the production and selling of sucker rods, industrial
\n
equipment, coiled tubing, tubes used for plumbing applications, oilfield / hydraulic fracturing services, energy and raw
\n
materials that exceed internal requirements.
\n
\n
Tenaris\u2019s Chief Operating Decision Maker (\u201cCODM\u201d) holds monthly meetings with senior management, in which
\n
operating and financial performance information is reviewed. This information differs from IFRS principally as follows:
\n
\n
\u25aa The use of direct cost methodology to calculate the inventories, while under IFRS it is at full cost, including absorption
\n
of production overheads and depreciations;
\n
\u25aa The use of costs based on previously internally defined cost estimates, while, under IFRS, costs are calculated at
\n
historical cost, mainly on a FIFO basis;
\n
\u25aa Any currency translation adjustment reclassification, when applicable, for companies that under IFRS had a different
\n
functional currency than the U.S. dollar;
\n
\u25aa Other timing differences, if any.
\n
\n
Tenaris presents its geographical information in five areas: North America, South America, Europe, Middle East and Africa
\n
and Asia Pacific. For purposes of reporting geographical information, net sales are allocated to geographical areas based
\n
on the customer\u2019s location; allocation of assets, capital expenditures and associated depreciations and amortizations are
\n
based on the geographical location of the assets.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag558": { "value": "\n
(1) Functional and presentation currency
\n
\n
IAS 21 (revised), \u201cThe effects of changes in foreign exchange rates\u201d defines the functional currency as the currency of the
\n
primary economic environment in which an entity operates.
\n
\n
The functional and presentation currency of the Company is the U.S. dollar. The U.S. dollar is the currency that best
\n
reflects the economic substance of the underlying events and circumstances relevant to Tenaris\u2019s global operations.
\n
\n
Starting January 1, 2023, the Company changed the functional currency of its Brazilian subsidiaries, from the Brazilian
\n
Real to the U.S. dollar.
\n
\n
This decision is a result of a significant increase of its Brazilian Subsidiaries\u2019 participation in the OCTG and line pipe
\n
international markets, a trend which started in recent years and has been strengthened in 2022, an increased level of
\n
integration of the local operations within Tenaris\u2019s international commercial and supply chain system, as well as the fact
\n
that the main purchase agreement contracts and the long term sales agreement contracts with major international and
\n
local oil companies are both indexed to the U.S. dollar. Local steel prices are also being affected by the U.S. dollar /
\n
Brazilian Real fluctuations.
\n
\n
As a result of this change, except for the Italian subsidiaries whose functional currency is the Euro, Tenaris determined
\n
that the functional currency of its other subsidiaries is the U.S. dollar, based on the following principal considerations:
\n
\n
\u25aa Sales are mainly negotiated, denominated and settled in U.S. dollars. If priced in a currency other than the U.S. dollar,
\n
the sales price may consider exposure to fluctuation in the exchange rate against the U.S. dollar;
\n
\u25aa Prices of their critical raw materials and inputs are priced and / or settled in U.S. dollars;
\n
\u25aa Transaction and operational environment and the cash flow of these operations have the U.S. dollar as reference
\n
currency;
\n
\u25aa Significant level of integration of the local operations within Tenaris\u2019s international global distribution network;
\n
\u25aa Net financial assets and liabilities are mainly received and maintained in U.S. dollars;
\n
\u25aa The exchange rate of certain legal currencies has long-been affected by recurring and severe economic crises.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag539": { "value": "\n
(3) Translation of financial information in currencies other than the functional currency
\n
\n
Results of operations for subsidiaries whose functional currencies are not the U.S. dollar are translated into U.S. dollars
\n
at the average exchange rates for each quarter of the year. Financial statement positions are translated at the year-end
\n
exchange rates. Translation differences are recognized in a separate component of equity as currency translation
\n
adjustments. In the case of a sale or other disposal of any of such subsidiaries, any accumulated translation difference
\n
would be recognized in the Consolidated Income Statement as a gain or loss from the sale following IAS 21.
\n
\n
Goodwill and fair value adjustments arising from the acquisition of a foreign operation are treated as assets and liabilities
\n
of the foreign operation and translated at the closing rate.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag530": { "value": "\n

\n

\n
E Property, plant and equipment
\n
\n
Property, plant and equipment are recognized at historical acquisition or construction cost less accumulated depreciation
\n
and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
\n
Property, plant and equipment acquired through acquisitions accounted for as business combinations have been valued
\n
initially at the fair market value of the assets acquired.
\n
\n
Major overhaul and rebuilding expenditures are capitalized as property, plant and equipment only when it is probable
\n
that future economic benefits associated with the item will flow to the Company and the investment enhances the
\n
condition of assets beyond its original condition. The carrying amount of the replaced part is derecognized. Maintenance
\n
expenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.
\n
\n
Cost may also include transfers from equity of any gains or losses on qualifying cash flow hedges of foreign currency
\n
purchases of property, plant and equipment.
\n
\n\n
Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of
\n
the cost of the asset, in accordance with IAS 23 (revised), \u201cBorrowing Costs\u201d. Assets for which borrowing costs are
\n
capitalized are those that require a substantial period of time to prepare for their intended use.
\n

\n\n
\n\n
The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to
\n
depreciate the cost of each asset to its residual value over its estimated useful life, as follows:
\n
\n
\n
Land
\n
No Depreciation
\n
\n
Buildings and improvements
\n
30-50 years
\n
\n
Plant and production equipment
\n
10-40 years
\n
\n
Vehicles, furniture and fixtures, and other equipment
\n
4-10 years
\n

\n\n
\n
The assets\u2019 residual values and useful lives of significant plant and production equipment are reviewed and adjusted, if
\n
appropriate, at each year-end date. An asset\u2019s carrying amount is written down immediately to its recoverable amount
\n
if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 16, \u201cProperty, Plant and
\n
Equipment\u201d, resulted in additional depreciation expenses of approximately $39 million for 2022, of $45 million for 2020
\n
and did not materially affect depreciation expenses for 2021.
\n
\n
Tenaris depreciates each significant part of an item of property, plant and equipment for its different production facilities
\n
that (i) can be properly identified as an independent component with a cost that is significant in relation to the total cost
\n
of the item, and (ii) has a useful operating life that is different from another significant part of that same item of property,
\n
plant and equipment.
\n
\n
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount of assets and are
\n
recognized under Other operating income or Other operating expenses in the Consolidated Income Statement.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag559": { "value": "Maintenanceexpenses on manufacturing properties are recorded as cost of products sold in the year in which they are incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag560": { "value": "\n
Borrowing costs that are attributable to the acquisition or construction of certain capital assets are capitalized as part of
\n
the cost of the asset, in accordance with IAS 23 (revised), \u201cBorrowing Costs\u201d. Assets for which borrowing costs are
\n
capitalized are those that require a substantial period of time to prepare for their intended use.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag541": { "value": "\n
The depreciation method is reviewed at each year end. Depreciation is calculated using the straight-line method to
\n
depreciate the cost of each asset to its residual value over its estimated useful life, as follows:
\n
\n
\n
Land
\n
No Depreciation
\n
\n
Buildings and improvements
\n
30-50 years
\n
\n
Plant and production equipment
\n
10-40 years
\n
\n
Vehicles, furniture and fixtures, and other equipment
\n
4-10 years
\n

\n\n
Information systems projects recognized as assets are amortized using the straight-line method over their useful lives,
\n
generally not exceeding a period of 3 years. Amortization charges are mainly classified as Selling, general and
\n
administrative expenses in the Consolidated Income Statement.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022 and 2021 and resulted in additional amortization expenses of $11.1 million for 2020.
\n

\nLicenses, patents, proprietary technology and those trademarks that have a finite usefullife are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocatethe cost over their estimated useful lives, which are in the range between 3 and 10 years. Amortization charges are mainlyclassified as Cost of Sales in the Consolidated Income Statement. \n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022, 2021 and 2020.
\n

\n\n

\n\n
Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite
\n
useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method
\n
over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril, 9 years for SSPC
\n
and 3 years for IPSCO.
\n
\n
In 2022, the Company has reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years to
\n
3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated Income
\n
Statement under Selling, general and administrative expenses for the year ended December 31, 2022.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not affect amortization
\n
expenses for 2021 and 2020.
\n
\n
As of December 31, 2022 the net book value of SSPC\u2019s customer relationship amounts to $41.5 million, with a residual useful
\n
life of 3 years, while IPSCO\u2019s, Maverick\u2019s and Hydril\u2019s customer relationships are fully amortized.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag527": { "value": "\n

\n

\n

\n

\n

\n
F Intangible assets
\n
\n\n
(1) Goodwill
\n
\n
Goodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\n
acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\n
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not
\n
reversed. Goodwill is included in the Consolidated Statement of Financial Position under Intangible assets, net.
\n
\n
For the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs that are
\n
expected to benefit from the business combination which generated the goodwill being tested.
\n

\n\n
\n\n

\n

\n

\n
(2) Information systems projects
\n
\n
Costs associated with maintaining computer software programs are generally recognized as an expense as incurred.
\n
However, costs directly related to the development, acquisition and implementation of information systems are
\n
recognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply with
\n
the recognition criteria of IAS 38, \u201cIntangible Assets\u201d.
\n
\n\n
Information systems projects recognized as assets are amortized using the straight-line method over their useful lives,
\n
generally not exceeding a period of 3 years. Amortization charges are mainly classified as Selling, general and
\n
administrative expenses in the Consolidated Income Statement.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022 and 2021 and resulted in additional amortization expenses of $11.1 million for 2020.
\n

\n\n
\n
(3) Licenses, patents, trademarks and proprietary technology
\n
\n
Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at
\n
fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful
\n
life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate
\n
the cost over their estimated useful lives, which are in the range between 3 and 10 years. Amortization charges are mainly
\n
classified as Cost of Sales in the Consolidated Income Statement.
\n
\n
The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7
\n
million at December 31, 2022, 2021 and 2020, and are included in Hydril CGU. Main factors considered in the
\n
determination of the indefinite useful lives include the years that they have been in service and their recognition among
\n
customers in the industry.
\n
\n\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022, 2021 and 2020.
\n

\n\n
\n

\n\n

\n\n
(4) Research and development
\n
\n
Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as Cost
\n
of sales in the Consolidated Income Statement as incurred. Research and development expenditures included in Cost of
\n
sales for the years 2022, 2021 and 2020 totaled $50.7 million, $45.3 million and $41.8 million, respectively.
\n
\n
Capitalized costs were not material for the years 2022, 2021 and 2020.
\n

\n\n

\n\n
\n
(5) Customer relationships
\n
\n
In accordance with IFRS 3, \"Business Combinations\" and IAS 38, Tenaris has recognized the value of customer relationships
\n
separately from goodwill attributable to the acquisition of Maverick Tube Corporation (\u201cMaverick\u201d) and Hydril Company
\n
(\u201cHydril\u201d) groups, as well as the more recent acquisitions of SSPC and Ipsco Tubulars Inc. (\u201cIPSCO\u201d).
\n

\n\n

\n\n

\n

\n\n

\n\n
Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite
\n
useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method
\n
over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril, 9 years for SSPC
\n
and 3 years for IPSCO.
\n
\n
In 2022, the Company has reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years to
\n
3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated Income
\n
Statement under Selling, general and administrative expenses for the year ended December 31, 2022.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not affect amortization
\n
expenses for 2021 and 2020.
\n
\n
As of December 31, 2022 the net book value of SSPC\u2019s customer relationship amounts to $41.5 million, with a residual useful
\n
life of 3 years, while IPSCO\u2019s, Maverick\u2019s and Hydril\u2019s customer relationships are fully amortized.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag525": { "value": "\n
(1) Goodwill
\n
\n
Goodwill represents the excess of the acquisition cost over the fair value of Tenaris\u2019s share of net identifiable assets
\n
acquired as part of business combinations determined mainly by independent valuations. Goodwill is tested at least
\n
annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not
\n
reversed. Goodwill is included in the Consolidated Statement of Financial Position under Intangible assets, net.
\n
\n
For the purpose of impairment testing, goodwill is allocated to a cash generating unit (\u201cCGU\u201d) or group of CGUs that are
\n
expected to benefit from the business combination which generated the goodwill being tested.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag566": { "value": "\n

\n

\n

\n
(2) Information systems projects
\n
\n
Costs associated with maintaining computer software programs are generally recognized as an expense as incurred.
\n
However, costs directly related to the development, acquisition and implementation of information systems are
\n
recognized as intangible assets if it is probable that they have economic benefits exceeding one year and comply with
\n
the recognition criteria of IAS 38, \u201cIntangible Assets\u201d.
\n
\n\n
Information systems projects recognized as assets are amortized using the straight-line method over their useful lives,
\n
generally not exceeding a period of 3 years. Amortization charges are mainly classified as Selling, general and
\n
administrative expenses in the Consolidated Income Statement.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022 and 2021 and resulted in additional amortization expenses of $11.1 million for 2020.
\n

\n\n
\n
(3) Licenses, patents, trademarks and proprietary technology
\n
\n
Licenses, patents, trademarks, and proprietary technology acquired in a business combination are initially recognized at
\n
fair value at the acquisition date. Licenses, patents, proprietary technology and those trademarks that have a finite useful
\n
life are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate
\n
the cost over their estimated useful lives, which are in the range between 3 and 10 years. Amortization charges are mainly
\n
classified as Cost of Sales in the Consolidated Income Statement.
\n
\n
The balance of acquired trademarks that have indefinite useful lives according to external appraisal amounts to $86.7
\n
million at December 31, 2022, 2021 and 2020, and are included in Hydril CGU. Main factors considered in the
\n
determination of the indefinite useful lives include the years that they have been in service and their recognition among
\n
customers in the industry.
\n
\n\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not materially affect
\n
amortization expenses for 2022, 2021 and 2020.
\n

\n\n
\n

\n\n

\n\n
(4) Research and development
\n
\n
Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as Cost
\n
of sales in the Consolidated Income Statement as incurred. Research and development expenditures included in Cost of
\n
sales for the years 2022, 2021 and 2020 totaled $50.7 million, $45.3 million and $41.8 million, respectively.
\n
\n
Capitalized costs were not material for the years 2022, 2021 and 2020.
\n

\n\n

\n\n
\n
(5) Customer relationships
\n
\n
In accordance with IFRS 3, \"Business Combinations\" and IAS 38, Tenaris has recognized the value of customer relationships
\n
separately from goodwill attributable to the acquisition of Maverick Tube Corporation (\u201cMaverick\u201d) and Hydril Company
\n
(\u201cHydril\u201d) groups, as well as the more recent acquisitions of SSPC and Ipsco Tubulars Inc. (\u201cIPSCO\u201d).
\n

\n\n
Customer relationships acquired in a business combination are recognized at fair value at the acquisition date, have a finite
\n
useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight line method
\n
over the initial expected useful lives which were approximately 14 years for Maverick, 10 years for Hydril, 9 years for SSPC
\n
and 3 years for IPSCO.
\n
\n
In 2022, the Company has reviewed the useful life of SSPC\u2019s customer relationships and decided to reduce it from 5 years to
\n
3 years, consequently a higher amortization charge of approximately $4.1 million was recorded in the Consolidated Income
\n
Statement under Selling, general and administrative expenses for the year ended December 31, 2022.
\n
\n
Management\u2019s re-estimation of assets useful lives, performed in accordance with IAS 38, did not affect amortization
\n
expenses for 2021 and 2020.
\n
\n
As of December 31, 2022 the net book value of SSPC\u2019s customer relationship amounts to $41.5 million, with a residual useful
\n
life of 3 years, while IPSCO\u2019s, Maverick\u2019s and Hydril\u2019s customer relationships are fully amortized.
\n

\nNon-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reportingdate.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag561": { "value": "\n

\n\n
(4) Research and development
\n
\n
Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as Cost
\n
of sales in the Consolidated Income Statement as incurred. Research and development expenditures included in Cost of
\n
sales for the years 2022, 2021 and 2020 totaled $50.7 million, $45.3 million and $41.8 million, respectively.
\n
\n
Capitalized costs were not material for the years 2022, 2021 and 2020.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag562": { "value": "\n
(4) Research and development
\n
\n
Research expenditures as well as development costs that do not fulfill the criteria for capitalization are recorded as Cost
\n
of sales in the Consolidated Income Statement as incurred. Research and development expenditures included in Cost of
\n
sales for the years 2022, 2021 and 2020 totaled $50.7 million, $45.3 million and $41.8 million, respectively.
\n
\n
Capitalized costs were not material for the years 2022, 2021 and 2020.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag533": { "value": "\n
G Right-of-use assets and lease liabilities
\n
\n
Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available
\n
for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged
\n
to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of
\n
the liability for each period. The right-of-use asset is depreciated over the lease term on a straight-line basis.
\n
\n
Lease liabilities include the net present value of i) fixed payments, less any lease incentives receivable, ii) variable lease
\n
payments that are based on an index or a rate, iii) amounts expected to be payable by the lessee under residual value
\n
guarantees, iv) the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and v)
\n
payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.
\n
\n
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the
\n
lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds
\n
necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
\n
\n
Right-of-use assets are measured at cost comprising the amount of the initial measurement of lease liability, any lease
\n
payments made at or before the commencement date less any lease incentives received and any initial direct costs
\n
incurred by the lessee.
\n
\n
In determining the lease term, management considers all facts and circumstances that create an economic incentive to
\n
exercise an extension option or early termination, or not to exercise a termination option. Extension options (or periods
\n
after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not
\n
terminated).
\n
\n
Payments associated with short-term leases, variable leases and leases of low value assets are recognized on a straight-
\n
line basis as expenses in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag563": { "value": "The finance cost is chargedto profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance ofthe liability for each period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag538": { "value": "\n

\n\n
H Impairment of non-financial assets
\n
\n
Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there
\n
are separately identifiable cash flows (CGU). Most of the Company\u2019s principal subsidiaries that constitute a CGU have a
\n
single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation
\n
that generates largely independent cash inflows.
\n
\n
Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in
\n
circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives,
\n
including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events or
\n
circumstances indicate that the carrying amount value may be impaired. In some circumstances where there have not
\n
been significant changes to CGU assets and liabilities as well as external and internal events which could materially alter
\n
the recoverable amount of the CGU, the most recent detailed calculation of recoverable amount made in a preceding
\n
period may be used in the impairment test for that CGU in the current period.
\n

\n\n

\n\n
\n

\n\n
In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information
\n
are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate
\n
used in Tenaris\u2019s cash flow projections and the business condition in terms of competitive, economic and regulatory
\n
factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.
\n
\n
An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
\n
The recoverable amount is the higher between the asset\u2019s value in use and fair value less costs of disposal. Any
\n
impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:
\n
\n
(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and
\n
(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in
\n
the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair
\n
value less cost of disposal, its value in use or zero.
\n
\n
Value in use is calculated by discounting the estimated cash flows over a five year period (or higher if the period can be
\n
justified) based on forecasts approved by management. For the subsequent years beyond the five-year period, a terminal
\n
value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly
\n
the historical inflation rate.
\n
\n
For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that
\n
a market participant could generate from the corresponding CGU.
\n
\n
Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary
\n
significantly from the forecasted future cash flows and related values derived using discounting techniques.
\n
\n
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting
\n
date. For more information on impairment charges see note 5 to these Consolidated Financial Statements.
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag564": { "value": "\n
H Impairment of non-financial assets
\n
\n
Long-lived assets including identifiable intangible assets are reviewed for impairment at the lowest level for which there
\n
are separately identifiable cash flows (CGU). Most of the Company\u2019s principal subsidiaries that constitute a CGU have a
\n
single main production facility and, accordingly, each of such subsidiaries represents the lowest level of asset aggregation
\n
that generates largely independent cash inflows.
\n
\n
Assets that are subject to amortization or depreciation are reviewed for impairment whenever events or changes in
\n
circumstances indicate that the carrying amount may not be recoverable. Intangible assets with indefinite useful lives,
\n
including goodwill, are subject to at least an annual impairment test, or are tested more frequently if events or
\n
circumstances indicate that the carrying amount value may be impaired. In some circumstances where there have not
\n
been significant changes to CGU assets and liabilities as well as external and internal events which could materially alter
\n
the recoverable amount of the CGU, the most recent detailed calculation of recoverable amount made in a preceding
\n
period may be used in the impairment test for that CGU in the current period.
\n

\n\n
In assessing whether there is any indication that a CGU may be impaired, external and internal sources of information
\n
are analyzed. Material facts and circumstances specifically considered in the analysis usually include the discount rate
\n
used in Tenaris\u2019s cash flow projections and the business condition in terms of competitive, economic and regulatory
\n
factors, such as the cost of raw materials, oil and gas prices, and the evolution of the rig count.
\n
\n
An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
\n
The recoverable amount is the higher between the asset\u2019s value in use and fair value less costs of disposal. Any
\n
impairment loss is allocated to reduce the carrying amount of the assets of the CGU in the following order:
\n
\n
(a) first, to reduce the carrying amount of any goodwill allocated to the CGU; and
\n
(b) then, to the other assets of the unit (group of units) pro-rata on the basis of the carrying amount of each asset in
\n
the unit (group of units), considering not to reduce the carrying amount of the asset below the highest of its fair
\n
value less cost of disposal, its value in use or zero.
\n
\n
Value in use is calculated by discounting the estimated cash flows over a five year period (or higher if the period can be
\n
justified) based on forecasts approved by management. For the subsequent years beyond the five-year period, a terminal
\n
value is calculated based on perpetuity considering a nominal growth rate of 2% taking into account among others, mainly
\n
the historical inflation rate.
\n
\n
For purposes of calculating the fair value less costs of disposal, Tenaris uses the estimated value of future cash flows that
\n
a market participant could generate from the corresponding CGU.
\n
\n
Management judgment is required to estimate discounted future cash flows. Actual cash flows and values could vary
\n
significantly from the forecasted future cash flows and related values derived using discounting techniques.
\n
\n
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal at each reporting
\n
date. For more information on impairment charges see note 5 to these Consolidated Financial Statements.
\n
\n\n
Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated
\n
Income Statement.
\n
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag513": { "value": "\n

\n
I Other investments
\n
\n
Other investments consist primarily of investments in financial instruments and time deposits with a maturity of more
\n
than three months at the date of purchase.
\n
\n
Certain non-derivative financial assets that the Company held not for trading have been categorized as financial assets at
\n
fair value through other comprehensive income (\u201cFVOCI\u201d), as the business model objective is achieved by both holding
\n
financial assets in order to collect contractual cash flows and selling financial assets. They are carried at fair value and
\n
interest income from these financial assets is included in finance income using the effective interest rate method.
\n
Unrealized gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive
\n
Income and transferred to the Consolidated Income Statement when the financial asset is sold. Exchange gains and losses
\n
and impairments related to the financial assets are immediately recognized in the Consolidated Income Statement. FVOCI
\n
instruments with maturities greater than 12 months after the balance sheet date are included in non-current assets.
\n
\n\n
Other investments in financial instruments and time deposits are categorized as financial assets at fair value through
\n
profit or loss (\u201cFVPL\u201d) because such investments are held for trading and their performance is evaluated on a fair value
\n
basis. The results of these investments are recognized in Financial Results in the Consolidated Income Statement.
\n

\n\n
\n
Purchases and sales of financial investments are recognized as of their settlement date.
\n
\n
The fair values of quoted investments are generally based on current bid prices. If the market for a financial investment is
\n
not active or the securities are not listed, Tenaris estimates the fair value by using standard valuation techniques. See section
\n
III Financial Risk Management.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag546": { "value": "\n
Other investments in financial instruments and time deposits are categorized as financial assets at fair value through
\n
profit or loss (\u201cFVPL\u201d) because such investments are held for trading and their performance is evaluated on a fair value
\n
basis. The results of these investments are recognized in Financial Results in the Consolidated Income Statement.
\n

\n\n
Fair value through profit and loss: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value
\n
of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag505": { "value": "\n
J Inventories
\n
\n
Inventories are stated at the lower between cost and net realizable value. The cost of finished goods and goods in process
\n
is comprised of raw materials, direct labor, utilities, freights and other direct costs and related production overhead costs,
\n
and it excludes borrowing costs. The allocation of fixed production costs, including depreciation and amortization
\n
charges, is based on the normal level of production capacity. Inventories cost is mainly based on the FIFO method. Tenaris
\n
estimates net realizable value of inventories by grouping, where applicable, similar or related items. Net realizable value
\n
is the estimated selling price in the ordinary course of business, less any estimated costs of completion and selling
\n
expenses. Goods in transit as of year-end are valued based on the supplier\u2019s invoice cost.
\n
\n
Tenaris establishes an allowance for obsolete or slow-moving inventories related to finished goods, goods in process,
\n
supplies and spare parts. For slow moving or obsolete finished products, an allowance is established based on
\n
management\u2019s analysis of product aging. An allowance for obsolete and slow-moving inventory of supplies and spare
\n
parts is established based on management's analysis of such items to be used as intended and the consideration of
\n
potential obsolescence due to technological changes, aging and consumption patterns.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag514": { "value": "\n
K Trade and other receivables
\n
\n
Trade and other receivables are recognized initially at fair value that corresponds to the amount of consideration that is
\n
unconditional unless they contain significant financing components. The Company holds trade receivables with the objective
\n
to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective
\n
interest method. Due to the short-term nature, their carrying amount is considered to be the same as their fair value.
\n
\n
Tenaris applies the IFRS 9 \u201cFinancial Instruments\u201d simplified approach to measure expected credit losses, which uses a
\n
lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have
\n
been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the
\n
payment profiles of sales over a period of three years and the corresponding historical credit losses experienced within this
\n
period. The expected loss allowance also reflects current and forward-looking information on macroeconomic factors
\n
affecting the ability of each customer to settle the receivables.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag510": { "value": "\n
L Cash and cash equivalents
\n
\n
Cash and cash equivalents are comprised of cash at banks, liquidity funds and short-term investments with a maturity of less
\n
than three months at the date of purchase which are readily convertible to known amounts of cash. Assets recorded in cash
\n
and cash equivalents are carried at fair market value or at historical cost which approximates fair market value.
\n
\n
In the Consolidated Statement of Financial Position, bank overdrafts are included in Borrowings in current liabilities.
\n
\n
For the purposes of the Consolidated Statement of Cash Flows, Cash and cash equivalents includes overdrafts.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag508": { "value": "\n
M Equity
\n
\n
(1) Equity components
\n
\n
The Consolidated Statement of Changes in Equity includes:
\n
\n
\u25aa The value of share capital, legal reserve, share premium and other distributable reserves calculated in accordance
\n
with Luxembourg law;
\n
\u25aa The currency translation adjustment, other reserves, retained earnings and non-controlling interest calculated in
\n
accordance with IFRS.
\n
\n
(2) Share capital
\n
\n
The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per
\n
share. Total ordinary shares issued and outstanding as of December 31, 2022, 2021 and 2020 are 1,180,536,830 with a
\n
par value of $1.00 per share with one vote each. All issued shares are fully paid.
\n

\n\n

\n\n
(3) Dividends distribution by the Company to shareholders
\n
\n
Dividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the right
\n
to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-
\n
laws of the Company.
\n
\n
Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance
\n
with Luxembourg law. See note 26 (iii) to these Consolidated Financial Statements.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag547": { "value": "\n
(3) Dividends distribution by the Company to shareholders
\n
\n
Dividends distributions are recorded in the Company\u2019s financial statements when Company\u2019s shareholders have the right
\n
to receive the payment, or when interim dividends are approved by the Board of Directors in accordance with the by-
\n
laws of the Company.
\n
\n
Dividends may be paid by the Company to the extent that it has distributable retained earnings, calculated in accordance
\n
with Luxembourg law. See note 26 (iii) to these Consolidated Financial Statements.
\n

\n\n
Other revenues earned by Tenaris are recognized on the following basis:
\n
\n
\u25aa Interest income: on the effective yield basis.
\n
\u25aa Dividend income from investments in other companies: when Tenaris\u2019s right to receive payment is established.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag516": { "value": "\n
N Borrowings
\n
\n
Borrowings are recognized initially at fair value net of transaction costs incurred and subsequently measured at amortized
\n
cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit
\n
or loss over the period of the borrowings using the effective interest method.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag512": { "value": "\n

\n
O Current and deferred income tax
\n
\n
The income tax expense or credit for the period is the tax payable or recoverable on the current period\u2019s taxable income
\n
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities
\n
attributable to temporary differences and to unused tax losses. Tax is recognized in the Consolidated Income Statement,
\n
except for tax items recognized in other comprehensive income or directly in equity.
\n
\n
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the reporting
\n
date in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically
\n
evaluates positions taken in tax returns with respect to situations in which applicable tax regulations are subject to
\n
interpretation and establishes provisions when appropriate.
\n
\n\n
Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bases
\n
of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise mainly
\n
from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and
\n
equipment, valuation of inventories, provisions for post-employment benefits and other long-term employee benefits,
\n
fair value adjustments of assets acquired in business combinations and net operating loss carry-forwards. Deferred tax
\n
assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized
\n
or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.
\n

\n\n
\n
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax
\n
regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an
\n
uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected
\n
value, depending on which method provides a better prediction of the resolution of the uncertainty.
\n
\n
Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against
\n
which the temporary differences can be utilized. At the end of each reporting period, Tenaris reassesses unrecognized
\n
deferred tax assets. Tenaris recognizes a previously unrecognized deferred tax asset to the extent that it has become
\n
probable that future taxable income will allow the deferred tax asset to be recovered.
\n
\n
Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax
\n
basis of investments in foreign operations where the company is able to control the timing of the reversal of the
\n
temporary differences and it is probable that the differences will not reverse in the foreseeable future.
\n
\n
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and
\n
liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities
\n
are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize
\n
the asset and settle the liability simultaneously.
\n
\n
Deferred tax assets and liabilities are re-measured if tax rates change. These amounts are charged or credited to the
\n
Consolidated Income Statement or to the item Other comprehensive income in the Consolidated Statement of
\n
Comprehensive Income, depending on the account to which the original amount was charged or credited.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag518": { "value": "\n
Deferred income tax is recognized applying the liability method on temporary differences arising between the tax bases
\n
of assets and liabilities and their carrying amounts in the financial statements. The temporary differences arise mainly
\n
from the effect of currency translation on depreciable fixed assets and inventories, depreciation on property, plant and
\n
equipment, valuation of inventories, provisions for post-employment benefits and other long-term employee benefits,
\n
fair value adjustments of assets acquired in business combinations and net operating loss carry-forwards. Deferred tax
\n
assets and liabilities are measured at the tax rates that are expected to apply in the time period when the asset is realized
\n
or the liability is settled, based on tax laws that have been enacted or substantively enacted at the reporting date.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag509": { "value": "\n
P Employee benefits
\n
\n
(1) Short-term obligations
\n
\n
Liabilities for wages and salaries are recognized in respect of employees\u2019 services up to the end of the reporting period
\n
and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as
\n
current employee benefit obligations in the balance sheet.
\n
\n
(2) Post-employment benefits
\n
\n
The Company has defined benefit and defined contribution plans. A defined benefit plan is a pension plan that defines
\n
an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors
\n
such as age, years of service and compensation.
\n
\n
The liability recognized in the statement of financial position in respect of defined benefit pension plans is the present
\n
value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets, if any. The
\n
defined benefit obligation is calculated annually (at year end) by independent actuaries using the projected unit credit
\n
method. The present value of the defined benefit obligation is determined by discounting the estimated future cash flows
\n
using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be
\n
paid, and that have terms to maturity approximating to the terms of the related pension obligation.
\n
\n
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged
\n
or credited to equity in Other comprehensive income in the period in which they arise. Past-service costs are recognized
\n
immediately in the Income Statement.
\n
\n
For defined benefit funded plans, net interest income / expense is calculated based on the surplus or deficit derived by
\n
the difference between the defined benefit obligations less fair value of plan assets. For defined contribution plans, the
\n
Company pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual
\n
or voluntary basis. The Company has no further payment obligations once the contributions have been paid. The
\n
contributions are recognized as employee benefit expenses when they are due. Prepaid contributions are recognized as
\n
an asset to the extent that a cash refund or a reduction in the future payments is available.
\n
\n
Tenaris sponsors funded and unfunded defined benefit pension plans in certain subsidiaries. The most significant are:
\n
\n
\u25aa An unfunded defined benefit employee retirement plan for certain senior officers. The plan is designed to provide
\n
certain benefits to those officers (additional to those contemplated under applicable labor laws) in case of
\n
termination of the employment relationship due to certain specified events, including retirement. This unfunded
\n
plan provides defined benefits based on years of service and final average salary. As of December 31, 2022 the
\n
outstanding liability for this plan amounts to $43.1 million.
\n
\n
\u25aa Employees\u2019 service rescission indemnity: the cost of this obligation is charged to the Consolidated Income Statement
\n
over the expected service lives of employees. This provision is primarily related to the liability accrued for employees
\n
at Tenaris\u2019s Italian subsidiary. As from January 1, 2007 as a consequence of a change in an Italian law, employees
\n
were entitled to make contributions to external funds, thus, Tenaris\u2019s Italian subsidiary pays every year the required
\n
contribution to the funds with no further obligation. As a result, the plan changed from a defined benefit plan to a
\n
defined contribution plan effective from that date, but only limited to the contributions of 2007 onwards. As of
\n
December 31, 2022 the outstanding liability for this plan amounts to $10.7 million.
\n
\n
\u25aa Funded retirement benefit plan held in the U.S. for the benefit of some employees hired prior a certain date, frozen
\n
for the purposes of credited service as well as determination of final average pay for the retirement benefit
\n
calculation. Plan assets consist primarily of investments in equities and money market funds. Additionally, an
\n
unfunded post-retirement health and life plan is present that offers limited medical and life insurance benefits to
\n
the retirees, frozen to new participants. As of December 31, 2022 the outstanding liability for these plans amounts
\n
to $7.1 million.
\n

\n\n

\n
\u25aa Funded retirement benefit plans held in Canada for salary and hourly employees hired prior to a certain date based
\n
on years of service and, in the case of salaried employees, final average salary. Plan assets consist primarily of
\n
investments in debt and equity instruments. Both plans were replaced for defined contribution plans. Effective June
\n
2016 the salary plan was frozen for the purposes of credited service as well as determination of final average pay. As
\n
of December 31, 2022 the plan was overfunded and the net assets related to this plan amounted to $10.4 million.
\n
\n
(3) Other long-term benefits
\n
\n
During 2007, Tenaris launched an employee retention and long-term incentive program (the \u201cProgram\u201d) applicable to
\n
certain senior officers and employees of the Company, who will be granted a number of units throughout the duration
\n
of the Program. The value of each of these units is based on Tenaris\u2019s shareholders\u2019 equity (excluding non-controlling
\n
interest). Until the end of 2017, the units were vested ratably over a period of four years and were mandatorily redeemed
\n
by the Company ten years after grant date, with the option of an early redemption at seven years after the grant date.
\n
Since 2018, the units are vested ratably over the same period and are mandatorily redeemed by the Company seven
\n
years after grant date.
\n
\n
The beneficiaries of the Program are entitled to receive cash amounts based on: (i) the amount of dividend payments
\n
made by Tenaris to its shareholders and (ii) the number of units held by each beneficiary to the Program. The payment
\n
of the benefit is tied to the book value of the shares, and not to their market value. Tenaris valued this long-term incentive
\n
program as a long-term benefit plan as classified in IAS 19, \u201cEmployee Benefits\u201d.
\n
\n
As of December 31, 2022 and 2021, the outstanding liability corresponding to the Program amounts to $94.4 million and
\n
$84.2 million, respectively. The total value of the units granted (vested and unvested) to date under the program,
\n
considering the number of units and the book value per share as of December 31, 2022 and 2021, is $123.9 million and
\n
$99.6 million, respectively.
\n
\n\n
(4) Termination benefits
\n
\n
Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or
\n
when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits
\n
at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the
\n
costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations benefits. In the case of
\n
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
\n
employees expected to accept the offer.
\n

\n\n
\n
(5) Other compensation obligations
\n
\n
Employee entitlements to annual leave, long-service leave, sick leave and other bonuses and compensations obligations
\n
are accrued as earned.
\n
\n
Compensation to employees in the event of dismissal is charged to income in the year in which it becomes payable.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag506": { "value": "\n
(4) Termination benefits
\n
\n
Termination benefits are payable when employment is terminated by Tenaris before the normal retirement date, or
\n
when an employee accepts voluntary redundancy in exchange for these benefits. Tenaris recognizes termination benefits
\n
at the earlier of the following dates: (a) when it can no longer withdraw the offer of those benefits; and (b) when the
\n
costs for a restructuring that is within the scope of IAS 37 involves the payment of terminations benefits. In the case of
\n
an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of
\n
employees expected to accept the offer.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag523": { "value": "\n
Q Provisions
\n
\n
Tenaris is subject to various claims, lawsuits and other legal proceedings, including customer claims, in which a third party
\n
is seeking payment for alleged damages, reimbursement for losses or indemnity. Tenaris\u2019s potential liability with respect
\n
to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Management periodically
\n
reviews the status of each significant matter and assesses potential financial exposure. If, as a result of past events, a
\n
potential loss from a claim or proceeding is considered probable and the amount can be reliably estimated, a provision
\n
is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be incurred based on
\n
information available to management as of the date of preparation of the financial statements, and take into
\n
consideration Tenaris\u2019s litigation and settlement strategies. These estimates are primarily constructed with the assistance
\n
of legal counsel. As the scope of liabilities become better defined, there may be changes in the estimates of future costs
\n
which could have a material adverse effect on its results of operations, financial condition and cash flows.
\n
\n
If Tenaris expects to be reimbursed for an accrued expense, as would be the case for an expense or loss covered under
\n
an insurance contract, and reimbursement is considered virtually certain, the expected reimbursement is recognized as
\n
a receivable.
\n

\n\n
This note should be read in conjunction with note 26 to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag507": { "value": "\n
R Trade and other payables
\n
\n
Trade and other payables are recognized initially at fair value, generally the nominal invoice amount and subsequently
\n
measured at amortized cost. They are presented as current liabilities unless payment is not due within twelve months
\n
after the reporting period. Due to the short-term nature their carrying amounts are considered to be the same as their
\n
fair value.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag511": { "value": "\n

\n
S Revenue recognition
\n
\n
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and rendering of
\n
services in the ordinary course of Tenaris\u2019s activities. The revenue recognized by the Company is measured at the
\n
transaction price of the consideration received or receivable to which the Company is entitled to, reduced by estimated
\n
returns and other customer credits, such as discounts and volume rebates, based on the expected value to be realized
\n
and after eliminating sales within the group.
\n
\n
Revenue is recognized at a point in time or over time from sales when control has been transferred and there is no
\n
unfulfilled performance obligation that could affect the acceptance of the product by the customer. The control is
\n
transferred upon delivery. Delivery occurs when the products have been shipped to the specific location, the risks of
\n
obsolescence and loss have been transferred and either the customer has accepted the product in accordance with the
\n
sales contract, the acceptance provisions have lapsed or the Company has objective evidence that all criteria for
\n
acceptance have been satisfied, including all performance obligations. These conditions are determined and analyzed on
\n
a contract by contract basis to ensure that all performance obligations are fulfilled. In particular, Tenaris verifies customer
\n
acceptance of the goods, the satisfaction of delivery terms and any other applicable condition.
\n
\n
For bill and hold transactions revenue is recognized only to the extent that (a) the reason for the bill and hold arrangement
\n
must be substantive (for example, the customer has requested the arrangement); (b) the products have been specifically
\n
identified and are ready for delivery; (c) the Company does not have the ability to use the product or to direct it to another
\n
customer; (d) the usual payment terms apply.
\n
\n\n
The Company\u2019s contracts with customers do not provide any material variable consideration, other than discounts,
\n
rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return are
\n
based on expected value considering past experience and contract conditions.
\n

\n\n
\n
Where the contracts include multiple performance obligations, the transaction price is allocated to each performance
\n
obligation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on
\n
the expected cost plus margin.
\n
\n
There are no judgements applied by management that significantly affect the determination of timing of satisfaction of
\n
performance obligations, nor the transaction price and amounts allocated to different performance obligations.
\n
\n
Tenaris provides services primarily related to goods sold, which represent a non-material portion of sales revenue and
\n
mainly include:
\n
\n
Pipe Management Services: This comprises mainly preparation of the pipes ready to be run, delivery to the customer,
\n
storage services and rig return.
\n
\n
Field Services: Comprises field technical support and running assistance.
\n
\n
These services are rendered in connection to the sales of goods and are attached to contracts with customers for the sale
\n
of goods. A significant portion of service revenue is recognized in the same period as the goods sold. There are no distinct
\n
uncertainties in the revenues and cash flows of the goods sold and services rendered as they are included in the same
\n
contract, have the same counterparty and are subject to the same conditions.
\n
\n
The Company also provides hydraulic fracturing and coiled tubing services. The revenue related to these services is
\n
included in the Other segment.
\n
\n
Revenue from providing services is recognized over time in the accounting period in which the services are rendered.
\n
The following inputs and outputs methods are applied to recognize revenue considering the nature of service:
\n

\n\n

\n
Storage services: the Company provides storage services in owned or third-party warehouses, subject to a variable fee to
\n
be invoiced. This fee is determined based on the time that the customer maintains the material in the warehouse and
\n
the amount of the material stored. In the majority of cases, to quantify the amount to be invoiced in any given month,
\n
the monthly average fee of storage per ton is multiplied by the monthly average stock stored (in tons).
\n
\n
Freights: the Company recognized the revenue on a pro rata basis considering the units delivered and time elapsed.
\n
\n
Field services: the revenue is recognized considering output methods, in particular surveys of service completion provided
\n
by the customer.
\n
\n
The Company does not expect to have any contracts where the period between the transfer of the promised goods or
\n
services to the customer and payment by the customer exceeds one year. As a consequence, considering that the
\n
contracts do not include any significant financing component, the Company does not adjust any of the transaction prices
\n
for the time value of money. For this reason, the Company is also applying the practical expedient not to disclose details
\n
on transaction prices allocated to the remaining performance obligations as of the end of the reporting period.
\n
\n
Tenaris only provides standard quality warranties assuring that the goods sold will function as expected or are fit for their
\n
intended purpose, with no incremental service to the customer. Accordingly, warranties do not constitute a separate
\n
performance obligation.
\n
\n\n
Other revenues earned by Tenaris are recognized on the following basis:
\n
\n
\u25aa Interest income: on the effective yield basis.
\n
\u25aa Dividend income from investments in other companies: when Tenaris\u2019s right to receive payment is established.
\n

\n\n
\u25aa Construction contracts revenues are recognized in accordance with the stage of the project completion.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag548": { "value": "\n
The Company\u2019s contracts with customers do not provide any material variable consideration, other than discounts,
\n
rebates and right of return. Discounts and rebates are recognized based on the most likely value and rights of return are
\n
based on expected value considering past experience and contract conditions.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag517": { "value": "\n
T Cost of sales and other selling expenses
\n
\n
Cost of sales and other selling expenses are recognized in the Consolidated Income Statement on the accrual basis of
\n
accounting.
\n
\n
Commissions, freights and other selling expenses, including shipping and handling costs, are recorded in Selling, general
\n
and administrative expenses in the Consolidated Income Statement.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag519": { "value": "\n

\n\n
U Earnings per share
\n
\n
Earnings per share are calculated by dividing the income attributable to the shareholders\u2019 equity by the daily weighted
\n
average number of common shares outstanding during the year.
\n
\n
There are no dilutive potential ordinary shares.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag549": { "value": "\n
U Earnings per share
\n
\n
Earnings per share are calculated by dividing the income attributable to the shareholders\u2019 equity by the daily weighted
\n
average number of common shares outstanding during the year.
\n
\n
There are no dilutive potential ordinary shares.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag520": { "value": "\n

\n

\n
V Financial instruments
\n
\n
Non derivative financial instruments comprise investments in financial debt instruments and equity, time deposits, trade
\n
and other receivables, cash and cash equivalents, borrowings and trade and other payables.
\n
\n
The Company classifies its financial instruments according to the following measurement categories:
\n
\n
\u25aa those to be measured subsequently at fair value (either through OCI or through profit or loss), and
\n
\u25aa those to be measured at amortised cost.
\n
\n
The classification depends on the Company\u2019s business model for managing the financial assets and contractual terms of
\n
the cash flows.
\n
\n\n
Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive
\n
cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially
\n
all the risks and rewards of ownership.
\n

\n\n
\n\n
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at
\n
fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.
\n
Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.
\n

\n\n

\n\n

\n

\n

\n\n

\n

\n
Subsequent measurement of debt instruments depends on the Company\u2019s business model for managing the asset and
\n
the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its
\n
debt instruments:
\n
\n
Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest. Interest income from these financial assets is included in finance income using the
\n
effective interest rate method.
\n
\n\n
\n\n
Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated
\n
Income Statement.
\n
\n\n

\n\n
\n
Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for
\n
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest. Interest
\n
income from these financial assets is included in finance income using the effective interest rate method. Unrealized
\n
gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and
\n
transferred to the Consolidated Income Statement when the financial asset is sold.
\n
\n\n
Fair value through profit and loss: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value
\n
of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n

\n\n
\n
Equity instruments are subsequently measured at fair value.
\n

\n\n
\n
Accounting for derivative financial instruments and hedging activities is included within the section III, Financial Risk
\n
Management.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag550": { "value": "\n
Financial assets are recognized on their settlement date. Financial assets are derecognized when the rights to receive
\n
cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially
\n
all the risks and rewards of ownership.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag551": { "value": "\n
At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at
\n
fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset.
\n
Transaction costs of financial assets carried at fair value through profit or loss are expenses in profit or loss.
\n

\n\n

\n

\n
Subsequent measurement of debt instruments depends on the Company\u2019s business model for managing the asset and
\n
the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its
\n
debt instruments:
\n
\n
Amortized Cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
\n
payments of principal and interest. Interest income from these financial assets is included in finance income using the
\n
effective interest rate method.
\n
\n\n
\n\n
Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated
\n
Income Statement.
\n
\n\n

\n\n
\n
Fair value through other comprehensive income: Assets that are held for collection of contractual cash flows and for
\n
selling the financial assets, where the assets\u2019 cash flows represent solely payments of principal and interest. Interest
\n
income from these financial assets is included in finance income using the effective interest rate method. Unrealized
\n
gains or losses are recorded as a fair value adjustment in the Consolidated Statement of Comprehensive Income and
\n
transferred to the Consolidated Income Statement when the financial asset is sold.
\n
\n\n
Fair value through profit and loss: Assets that do not meet the criteria for amortized cost or FVOCI. Changes in fair value
\n
of financial instruments at FVPL are immediately recognized in the Consolidated Income Statement.
\n

\n\n
\n
Equity instruments are subsequently measured at fair value.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag552": { "value": "\n
\n\n
Exchange gains and losses and impairments related to the financial assets are immediately recognized in the Consolidated
\n
Income Statement.
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag515": { "value": "\n

\n
III. FINANCIAL RISK MANAGEMENT
\n
\n
The multinational nature of Tenaris\u2019s operations and customer base exposes the Company to a variety of risks, mainly
\n
related to market risks (including the effects of changes in foreign currency exchange rates and interest rates), credit risk
\n
and capital market risk. In order to manage the volatility related to these exposures, management evaluates exposures
\n
on a consolidated basis, taking advantage of exposure netting. The Company or its subsidiaries may then enter into
\n
various derivative transactions in order to prevent potential adverse impacts on Tenaris\u2019s financial performance. Such
\n
derivative transactions are executed in accordance with internal policies and hedging practices.
\n
\n
A. Financial risk factors
\n
\n\n
(i) Capital Risk Management
\n
\n
Tenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates.
\n
The year-end ratio of debt to total equity (where \u201cdebt\u201d comprises financial borrowings and \u201ctotal equity\u201d is the sum of
\n
financial borrowings and equity) is 0.05 as of December 31, 2022 and 0.03 as of December 31, 2021. The Company does
\n
not have to comply with regulatory capital adequacy requirements.
\n

\n\n
\n
(ii) Foreign exchange risk
\n
\n
Tenaris manufactures and sells its products in a number of countries throughout the world and consequently is exposed
\n
to foreign exchange rate risk. Since the Company\u2019s functional currency is the U.S. dollar the purpose of Tenaris\u2019s foreign
\n
currency hedging program is mainly to reduce the risk caused by changes in the exchange rates of other currencies against
\n
the U.S. dollar.
\n
\n
Tenaris\u2019s exposure to currency fluctuations is reviewed on a periodic and consolidated basis. A number of derivative
\n
transactions are performed in order to achieve an efficient coverage in the absence of operative or natural hedges.
\n
Almost all of these transactions are forward exchange rates contracts. See note 25 to these Consolidated Financial
\n
Statements.
\n
\n
Tenaris does not enter into derivative financial instruments for trading or other speculative purposes, other than non-
\n
material investments in structured products.
\n
\n
In the case of subsidiaries with functional currencies other than the U.S. dollar, the results of hedging activities, reported
\n
in accordance with IFRS, may not reflect entirely the management\u2019s assessment of its foreign exchange risk hedging
\n
program. Intercompany balances between Tenaris\u2019s subsidiaries may generate financial gains (losses) to the extent that
\n
functional currencies differ.
\n
\n
The value of Tenaris\u2019s financial assets and liabilities is subject to changes arising from the variation of foreign currency
\n
exchange rates. The following table provides a breakdown of Tenaris\u2019s main financial assets and liabilities (including
\n
foreign exchange derivative contracts) which impact the Company\u2019s profit and loss as of December 31, 2022 and 2021.
\n
\n
\n
All amounts Long / (Short) in thousands of U.S. dollars
\n
As of December 31,
\n
Currency Exposure / Functional currency
\n
2022
\n
2021
\n
Argentine Peso / U.S. dollar
\n
(126,739)
\n
(95,073)
\n
Euro / U.S. dollar
\n
(42,458)
\n
12,462
\n
Saudi Arabian Riyal / U.S. dollar
\n
(74,183)
\n
(77,853)
\n
U.S. dollar / Brazilian Real
\n
(94,856)
\n
(32,738)
\n
\n
The main relevant exposures correspond to:
\n
\n
\u25aa Argentine Peso / U.S. dollar
\n
\n
As of December 31, 2022 and 2021 consisting primarily of Argentine Peso-denominated financial, trade, social and
\n
fiscal payables at certain Argentine subsidiaries whose functional currency is the U.S. dollar. A change of 1% in the
\n
ARS/USD exchange rate would have generated a pre-tax gain / loss of $1.3 million and $1 million as of December 31,
\n
2022 and 2021 respectively.
\n

\n\n

\n

\n
\u25aa Euro / U.S. dollar
\n
\n
As of December 31, 2022 consisting primarily of Euro-denominated intercompany liabilities at certain subsidiaries
\n
whose functional currency is the U.S. dollar and 2021, consisting primarily of U.S. dollar-denominated intercompany
\n
liabilities at certain subsidiaries whose functional currency is the Euro. A change of 1% in the EUR/USD exchange rate
\n
would have generated a pre-tax gain / loss of $0.4 million and $0.1 million as of December 31, 2022 and 2021,
\n
respectively, which would have been to a large extent offset by changes in currency translation adjustment included
\n
in Tenaris\u2019s net equity position.
\n
\n
\u25aa Saudi Arabian Riyal / U. S. dollar
\n
\n
As of December 31, 2022 and 2021 consisting primarily of Saudi Arabian Riyal-denominated financial and trade
\n
payables. The Saudi Arabian Riyal is tied to the U.S. dollar.
\n
\n
\u25aa U.S. dollar / Brazilian Real
\n
\n
As of December 31, 2022 and 2021, consisting primarily of U.S. dollar-denominated intercompany liabilities at certain
\n
subsidiaries whose functional currency is the Brazilian Real. A change of 1% in the BRL/USD exchange rate would
\n
have generated a pre-tax gain / loss of $0.9 million and $0.3 million as of December 31, 2022 and 2021, respectively,
\n
which would have been to a large extent offset by changes in currency translation adjustment included in Tenaris\u2019s
\n
net equity position.
\n
\n\n
Considering the balances held as of December 31, 2022 on financial assets and liabilities exposed to foreign exchange
\n
rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% appreciation / depreciation movement in the
\n
levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain / loss of $4 million (including
\n
a loss / gain of $0.2 million due to foreign exchange derivative contracts), which would be partially offset by changes to
\n
Tenaris\u2019s net equity position of $0.9 million. For balances held as of December 31, 2021, a simultaneous 1% favorable /
\n
unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-
\n
tax gain / loss of $3.1 million (including a loss / gain of $0.5 million due to foreign exchange derivative contracts), which
\n
would have been partially offset by changes to Tenaris\u2019s net equity position of $0.2 million.
\n

\n\n
\n
(iii) Interest rate risk
\n
\n
Tenaris is subject to interest rate risk on its investment portfolio and its debt. The Company uses a mix of variable and
\n
fixed rate debt in combination with its investment portfolio strategy. The Company may choose to enter into foreign
\n
exchange derivative contracts and / or interest rate swaps to mitigate the exposure to changes in the interest rates.
\n
\n
The following table summarizes the proportions of variable-rate and fixed-rate debt as of each year end.
\n
\n
\n
As of December 31,
\n
\n
2022
\n
2021
\n
\n
In thousands of U.S. dollars
\n
%
\n
In thousands of U.S. dollars
\n
%
\n
Fixed rate
\n
(*)
\n
\n
497,889
\n
68%
\n
187,036
\n
57%
\n
Variable rate
\n
230,873
\n
32%
\n
143,897
\n
43%
\n
Total
\n
728,762
\n
\n
330,933
\n
\n
\n
(*)
\n
Out of the $497.9 million fixed rate borrowings, $479 million are short-term.
\n
\n
The Company estimates that, if market interest rates applicable to Tenaris\u2019s borrowings had been 100 basis points
\n
higher, then the additional pre-tax loss would have been $5.3 million in 2022 and $5.2 million in 2021.
\n
\n\n
(iv) Credit risk
\n
\n
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures
\n
to customers, including outstanding receivables and committed transactions. The Company also actively monitors the
\n
creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.
\n
\n
There is no significant concentration of credit risk from customers. No single customer comprised more than 10% of
\n
Tenaris\u2019s net sales in 2022, 2021 and 2020.
\n

\n\n

\n\n

\n

\n\n
Tenaris\u2019s credit policies related to sales of products and services are designed to identify customers with acceptable credit
\n
history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to
\n
minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit
\n
losses. See section II.K.
\n
\n
As of December 31, 2022 and 2021 trade receivables amounted to $2,493.9 million and $1,299.1 million respectively.
\n
Trade receivables have guarantees under credit insurance of $231.2 million and $175.8 million, letter of credit and other
\n
bank guarantees of $34.7 million and $17.8 million as of December 31, 2022 and 2021 respectively, and other guarantees
\n
of $2.2 million as of December 31, 2021.
\n
\n
As of December 31, 2022 and 2021, overdue trade receivables amounted to $544.9 million and $209.6 million,
\n
respectively. As of December 31, 2022 and 2021, overdue guaranteed trade receivables amounted to $28.1 million and
\n
$10.6 million; and the allowance for doubtful accounts amounted to $45.5 million and $47.1 million respectively. Both
\n
the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.
\n

\n\n
\n
(v) Counterparty risk
\n
\n
Tenaris has investment guidelines with specific parameters to limit issuer risk on marketable securities. Counterparties
\n
for derivatives and cash transactions are limited to high credit quality financial institutions, normally investment grade.
\n
\n
Approximately 80% of Tenaris\u2019s liquid financial assets corresponded to Investment Grade-rated instruments as of
\n
December 31, 2022, in comparison with approximately 77% as of December 31, 2021.
\n
\n\n
(vi) Liquidity risk
\n
\n
Tenaris financing strategy aims to maintain adequate financial resources and access to additional liquidity. During 2022,
\n
Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.
\n
\n
Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris
\n
also has appropriate access to market for short-term working capital needs.
\n
\n
Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 9% and 7% of total
\n
assets at the end of 2022 and 2021, respectively.
\n
\n
Tenaris has a conservative approach to the management of its liquidity, which consists of i) cash and cash equivalents
\n
(cash in banks, liquidity funds and investments with a maturity of less than three months at the date of purchase), and ii)
\n
other investments (fixed income securities, time deposits, and fund investments).
\n
\n
Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade
\n
issuers. As of December 31, 2022 and 2021 Tenaris held $5 million and $6 million in direct exposure to financial
\n
instruments issued by European sovereign counterparties respectively.
\n
\n
Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2022 and 2021, U.S. dollar denominated liquid
\n
assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately 87% of
\n
total liquid financial assets.
\n

\n\n
\n
(vii) Commodity price risk
\n
\n
In the ordinary course of its operations, Tenaris purchases commodities and raw materials that are subject to price
\n
volatility caused by supply conditions, political and economic variables and other factors. As a consequence, Tenaris is
\n
exposed to risk resulting from fluctuations in the prices of these commodities and raw materials. Tenaris fixes the prices
\n
of such raw materials and commodities for short-term periods, typically not in excess of one year, and in general hedging
\n
for these risks is performed on a limited basis.
\n

\n\n

\n\n

\n\n

\n\n
B. Category of financial instruments and classification within the fair value hierarchy
\n
\n
As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories:
\n
amortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\n
instruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\n
requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:
\n
\n
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\n
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (that is, as prices) or indirectly (that is, derived from prices).
\n
\n
Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n
The following tables present the financial instruments by category and levels as of December 31, 2022 and 2021.
\n
\n
\n
\n
Carrying
\n
amount
\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2022
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
1,091,527
\n
668,668
\n
-
\n
422,859
\n
422,859
\n
-
\n
-
\n
Other investments
\n
438,448
\n
196,152
\n
182,988
\n
59,308
\n
242,296
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
196,152
\n
196,152
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
36,167
\n
36,167
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
19,785
\n
19,785
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
140,200
\n
140,200
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
211,953
\n
-
\n
182,988
\n
28,965
\n
211,953
\n
-
\n
-
\n
Non-U.S. government securities
\n
108,310
\n
-
\n
79,345
\n
28,965
\n
108,310
\n
-
\n
-
\n
Corporates securities
\n
103,643
\n
-
\n
103,643
\n
\n
103,643
\n
-
\n
-
\n
Mutual Fund
\n
30,343
\n
-
\n
-
\n
30,343
\n
30,343
\n
-
\n
-
\n
Derivative financial instruments
\n
30,805
\n
-
\n
-
\n
30,805
\n
-
\n
30,805
\n
-
\n
Other Investments Non-current
\n
119,902
\n
-
\n
113,574
\n
6,328
\n
113,574
\n
-
\n
6,328
\n
Bonds and other fixed income
\n
113,574
\n
-
\n
113,574
\n
-
\n
113,574
\n
-
\n
-
\n
Other investments
\n
6,328
\n
-
\n
-
\n
6,328
\n
-
\n
-
\n
6,328
\n
Trade receivables
\n
2,493,940
\n
2,493,940
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
395,531
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
154,056
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
241,475
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
3,464,157
\n
345,221
\n
519,300
\n
778,729
\n
30,805
\n
54,987
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
728,762
\n
728,762
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
1,179,457
\n
1,179,457
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
112,177
\n
112,177
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
7,127
\n
-
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
Total
\n
\n
2,020,396
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n

\n\n

\n\n\n

\n

\n

\n\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2021
\n
Carrying
\n
amount
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
318,127
\n
212,430
\n
-
\n
105,697
\n
105,697
\n
-
\n
-
\n
Other investments
\n
397,849
\n
239,742
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
239,742
\n
239,742
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
94,414
\n
94,414
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
30,062
\n
30,062
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
115,266
\n
115,266
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
158,107
\n
-
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Non-U.S. government securities
\n
10,660
\n
-
\n
10,660
\n
-
\n
10,660
\n
-
\n
-
\n
Corporates securities
\n
147,447
\n
-
\n
147,447
\n
-
\n
147,447
\n
-
\n
-
\n
Derivative financial instruments
\n
11,315
\n
-
\n
-
\n
11,315
\n
-
\n
11,315
\n
-
\n
Other Investments Non-current
\n
320,254
\n
-
\n
312,619
\n
7,635
\n
312,619
\n
-
\n
7,635
\n
Bonds and other fixed income
\n
312,619
\n
-
\n
312,619
\n
-
\n
312,619
\n
-
\n
-
\n
Other investments
\n
7,635
\n
-
\n
-
\n
7,635
\n
-
\n
-
\n
7,635
\n
Trade receivables
\n
1,299,072
\n
1,299,072
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
302,164
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
133,879
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
168,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
1,836,464
\n
519,385
\n
124,647
\n
576,423
\n
11,315
\n
56,294
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
330,933
\n
330,933
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
845,256
\n
845,256
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
117,285
\n
117,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
11,328
\n
-
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
Total
\n
\n
1,293,474
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n
\n
There were no transfers between levels during the year.
\n
\n\n

\n\n
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A
\n
market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry
\n
group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions
\n
on an arm\u2019s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These
\n
instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
\n
\n
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates
\n
of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is
\n
determined by using valuation techniques which maximize the use of observable market data when available and rely as
\n
little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the
\n
instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
\n
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
\n
contributors as of the valuation date.
\n
\n
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level
\n
3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which
\n
reflect the Company\u2019s best estimate on how market participants would price the asset or liability at measurement date.
\n
Main balances in this level include net receivables related to the Company interest in the Venezuelan Companies for a
\n
total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the
\n
probability of occurrence of weighted scenarios applied to the potential transaction value resulting from the awards
\n
purchase agreement mentioned in note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n
The following table presents the changes in Level 3 assets:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
56,294
\n
56,319
\n
(Decrease) / increase
\n
(1,126)
\n
219
\n
Currency translation adjustment and others
\n
(181)
\n
(244)
\n
At the end of the year
\n
54,987
\n
56,294
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n

\n
C. Fair value estimation
\n
\n\n
Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established
\n
by the IASB accounting guidance for fair value measurements and disclosures.
\n

\n\n
\n
The fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is not
\n
active or no market is available, fair values are established using standard valuation techniques.
\n
\n
The fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are
\n
observable in the market or can be derived from or corroborated by observable data. The fair value of forward foreign
\n
exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on
\n
observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.
\n
\n\n
Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that
\n
the fair value of its main financial liabilities is approximately 99.2% and 99.6% of its carrying amount (including interests
\n
accrued) in 2022 and 2021 respectively. Fair values were calculated using standard valuation techniques for floating rate
\n
instruments and comparable market rates for discounting cash flows.
\n

\n\n
\n
The carrying amount of investments valuated at amortized cost approximates its fair value.
\n

\n\n
\n\n

\n\n

\n\n
D. Accounting for derivative financial instruments and hedging activities
\n
\n
Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit
\n
and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools
\n
are used for calculation of each instrument\u2019s fair value and these tools are tested for consistency on a monthly basis.
\n
Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates
\n
matching the nature of each underlying risk.
\n
\n
As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments
\n
in Financial Results in the Consolidated Income Statement.
\n
\n
Tenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or highly
\n
probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair
\n
value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in
\n
equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged
\n
item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value
\n
of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial
\n
position.
\n
\n
For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction
\n
the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy
\n
for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the
\n
hedging instruments are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December
\n
31, 2022 and 2021, the effective portion of designated cash flow hedges which is included in Other Reserves in equity
\n
amounted to $13.1 million credit and $1.3 million credit respectively.
\n
\n
The fair values of various derivative instruments used for hedging purposes and the movements of the hedging reserve
\n
included within Other Reserves in equity are disclosed in note 25 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag521": { "value": "\n
(i) Capital Risk Management
\n
\n
Tenaris seeks to maintain a low debt to total equity ratio considering the industry and the markets where it operates.
\n
The year-end ratio of debt to total equity (where \u201cdebt\u201d comprises financial borrowings and \u201ctotal equity\u201d is the sum of
\n
financial borrowings and equity) is 0.05 as of December 31, 2022 and 0.03 as of December 31, 2021. The Company does
\n
not have to comply with regulatory capital adequacy requirements.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag504": { "value": "\n
Considering the balances held as of December 31, 2022 on financial assets and liabilities exposed to foreign exchange
\n
rate fluctuations, Tenaris estimates that the impact of a simultaneous 1% appreciation / depreciation movement in the
\n
levels of foreign currencies exchange rates relative to the U.S. dollar, would be a pre-tax gain / loss of $4 million (including
\n
a loss / gain of $0.2 million due to foreign exchange derivative contracts), which would be partially offset by changes to
\n
Tenaris\u2019s net equity position of $0.9 million. For balances held as of December 31, 2021, a simultaneous 1% favorable /
\n
unfavorable movement in the foreign currencies exchange rates relative to the U.S. dollar, would have generated a pre-
\n
tax gain / loss of $3.1 million (including a loss / gain of $0.5 million due to foreign exchange derivative contracts), which
\n
would have been partially offset by changes to Tenaris\u2019s net equity position of $0.2 million.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag522": { "value": "\n
(iv) Credit risk
\n
\n
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures
\n
to customers, including outstanding receivables and committed transactions. The Company also actively monitors the
\n
creditworthiness of its treasury, derivative and insurance counterparties in order to minimize its credit risk.
\n
\n
There is no significant concentration of credit risk from customers. No single customer comprised more than 10% of
\n
Tenaris\u2019s net sales in 2022, 2021 and 2020.
\n

\n\n
Tenaris\u2019s credit policies related to sales of products and services are designed to identify customers with acceptable credit
\n
history and to allow Tenaris to require the use of credit insurance, letters of credit and other instruments designed to
\n
minimize credit risks whenever deemed necessary. Tenaris maintains allowances for impairment for potential credit
\n
losses. See section II.K.
\n
\n
As of December 31, 2022 and 2021 trade receivables amounted to $2,493.9 million and $1,299.1 million respectively.
\n
Trade receivables have guarantees under credit insurance of $231.2 million and $175.8 million, letter of credit and other
\n
bank guarantees of $34.7 million and $17.8 million as of December 31, 2022 and 2021 respectively, and other guarantees
\n
of $2.2 million as of December 31, 2021.
\n
\n
As of December 31, 2022 and 2021, overdue trade receivables amounted to $544.9 million and $209.6 million,
\n
respectively. As of December 31, 2022 and 2021, overdue guaranteed trade receivables amounted to $28.1 million and
\n
$10.6 million; and the allowance for doubtful accounts amounted to $45.5 million and $47.1 million respectively. Both
\n
the allowance for doubtful accounts and the existing guarantees are sufficient to cover doubtful trade receivables.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag587": { "value": "\n
(vi) Liquidity risk
\n
\n
Tenaris financing strategy aims to maintain adequate financial resources and access to additional liquidity. During 2022,
\n
Tenaris has counted on cash flows from operations as well as additional bank financing to fund its transactions.
\n
\n
Management maintains sufficient cash and marketable securities to finance normal operations and believes that Tenaris
\n
also has appropriate access to market for short-term working capital needs.
\n
\n
Liquid financial assets as a whole (comprising cash and cash equivalents and other investments) were 9% and 7% of total
\n
assets at the end of 2022 and 2021, respectively.
\n
\n
Tenaris has a conservative approach to the management of its liquidity, which consists of i) cash and cash equivalents
\n
(cash in banks, liquidity funds and investments with a maturity of less than three months at the date of purchase), and ii)
\n
other investments (fixed income securities, time deposits, and fund investments).
\n
\n
Tenaris holds primarily investments in money market funds and variable or fixed-rate securities from investment grade
\n
issuers. As of December 31, 2022 and 2021 Tenaris held $5 million and $6 million in direct exposure to financial
\n
instruments issued by European sovereign counterparties respectively.
\n
\n
Tenaris holds its investments primarily in U.S. dollars. As of December 31, 2022 and 2021, U.S. dollar denominated liquid
\n
assets plus investments denominated in other currencies hedged to the U.S. dollar represented approximately 87% of
\n
total liquid financial assets.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag579": { "value": "\n

\n\n

\n\n
B. Category of financial instruments and classification within the fair value hierarchy
\n
\n
As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories:
\n
amortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\n
instruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\n
requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:
\n
\n
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\n
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (that is, as prices) or indirectly (that is, derived from prices).
\n
\n
Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n
The following tables present the financial instruments by category and levels as of December 31, 2022 and 2021.
\n
\n
\n
\n
Carrying
\n
amount
\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2022
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
1,091,527
\n
668,668
\n
-
\n
422,859
\n
422,859
\n
-
\n
-
\n
Other investments
\n
438,448
\n
196,152
\n
182,988
\n
59,308
\n
242,296
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
196,152
\n
196,152
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
36,167
\n
36,167
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
19,785
\n
19,785
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
140,200
\n
140,200
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
211,953
\n
-
\n
182,988
\n
28,965
\n
211,953
\n
-
\n
-
\n
Non-U.S. government securities
\n
108,310
\n
-
\n
79,345
\n
28,965
\n
108,310
\n
-
\n
-
\n
Corporates securities
\n
103,643
\n
-
\n
103,643
\n
\n
103,643
\n
-
\n
-
\n
Mutual Fund
\n
30,343
\n
-
\n
-
\n
30,343
\n
30,343
\n
-
\n
-
\n
Derivative financial instruments
\n
30,805
\n
-
\n
-
\n
30,805
\n
-
\n
30,805
\n
-
\n
Other Investments Non-current
\n
119,902
\n
-
\n
113,574
\n
6,328
\n
113,574
\n
-
\n
6,328
\n
Bonds and other fixed income
\n
113,574
\n
-
\n
113,574
\n
-
\n
113,574
\n
-
\n
-
\n
Other investments
\n
6,328
\n
-
\n
-
\n
6,328
\n
-
\n
-
\n
6,328
\n
Trade receivables
\n
2,493,940
\n
2,493,940
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
395,531
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
154,056
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
241,475
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
3,464,157
\n
345,221
\n
519,300
\n
778,729
\n
30,805
\n
54,987
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
728,762
\n
728,762
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
1,179,457
\n
1,179,457
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
112,177
\n
112,177
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
7,127
\n
-
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
Total
\n
\n
2,020,396
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n\n\n

\n

\n

\n\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2021
\n
Carrying
\n
amount
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
318,127
\n
212,430
\n
-
\n
105,697
\n
105,697
\n
-
\n
-
\n
Other investments
\n
397,849
\n
239,742
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
239,742
\n
239,742
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
94,414
\n
94,414
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
30,062
\n
30,062
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
115,266
\n
115,266
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
158,107
\n
-
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Non-U.S. government securities
\n
10,660
\n
-
\n
10,660
\n
-
\n
10,660
\n
-
\n
-
\n
Corporates securities
\n
147,447
\n
-
\n
147,447
\n
-
\n
147,447
\n
-
\n
-
\n
Derivative financial instruments
\n
11,315
\n
-
\n
-
\n
11,315
\n
-
\n
11,315
\n
-
\n
Other Investments Non-current
\n
320,254
\n
-
\n
312,619
\n
7,635
\n
312,619
\n
-
\n
7,635
\n
Bonds and other fixed income
\n
312,619
\n
-
\n
312,619
\n
-
\n
312,619
\n
-
\n
-
\n
Other investments
\n
7,635
\n
-
\n
-
\n
7,635
\n
-
\n
-
\n
7,635
\n
Trade receivables
\n
1,299,072
\n
1,299,072
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
302,164
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
133,879
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
168,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
1,836,464
\n
519,385
\n
124,647
\n
576,423
\n
11,315
\n
56,294
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
330,933
\n
330,933
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
845,256
\n
845,256
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
117,285
\n
117,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
11,328
\n
-
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
Total
\n
\n
1,293,474
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n
\n
There were no transfers between levels during the year.
\n
\n\n

\n\n
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A
\n
market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry
\n
group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions
\n
on an arm\u2019s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These
\n
instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
\n
\n
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates
\n
of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is
\n
determined by using valuation techniques which maximize the use of observable market data when available and rely as
\n
little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the
\n
instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
\n
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
\n
contributors as of the valuation date.
\n
\n
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level
\n
3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which
\n
reflect the Company\u2019s best estimate on how market participants would price the asset or liability at measurement date.
\n
Main balances in this level include net receivables related to the Company interest in the Venezuelan Companies for a
\n
total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the
\n
probability of occurrence of weighted scenarios applied to the potential transaction value resulting from the awards
\n
purchase agreement mentioned in note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n
The following table presents the changes in Level 3 assets:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
56,294
\n
56,319
\n
(Decrease) / increase
\n
(1,126)
\n
219
\n
Currency translation adjustment and others
\n
(181)
\n
(244)
\n
At the end of the year
\n
54,987
\n
56,294
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag574": { "value": "\n

\n\n
B. Category of financial instruments and classification within the fair value hierarchy
\n
\n
As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories:
\n
amortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\n
instruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\n
requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:
\n
\n
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\n
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (that is, as prices) or indirectly (that is, derived from prices).
\n
\n
Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n
The following tables present the financial instruments by category and levels as of December 31, 2022 and 2021.
\n
\n
\n
\n
Carrying
\n
amount
\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2022
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
1,091,527
\n
668,668
\n
-
\n
422,859
\n
422,859
\n
-
\n
-
\n
Other investments
\n
438,448
\n
196,152
\n
182,988
\n
59,308
\n
242,296
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
196,152
\n
196,152
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
36,167
\n
36,167
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
19,785
\n
19,785
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
140,200
\n
140,200
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
211,953
\n
-
\n
182,988
\n
28,965
\n
211,953
\n
-
\n
-
\n
Non-U.S. government securities
\n
108,310
\n
-
\n
79,345
\n
28,965
\n
108,310
\n
-
\n
-
\n
Corporates securities
\n
103,643
\n
-
\n
103,643
\n
\n
103,643
\n
-
\n
-
\n
Mutual Fund
\n
30,343
\n
-
\n
-
\n
30,343
\n
30,343
\n
-
\n
-
\n
Derivative financial instruments
\n
30,805
\n
-
\n
-
\n
30,805
\n
-
\n
30,805
\n
-
\n
Other Investments Non-current
\n
119,902
\n
-
\n
113,574
\n
6,328
\n
113,574
\n
-
\n
6,328
\n
Bonds and other fixed income
\n
113,574
\n
-
\n
113,574
\n
-
\n
113,574
\n
-
\n
-
\n
Other investments
\n
6,328
\n
-
\n
-
\n
6,328
\n
-
\n
-
\n
6,328
\n
Trade receivables
\n
2,493,940
\n
2,493,940
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
395,531
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
154,056
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
241,475
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
3,464,157
\n
345,221
\n
519,300
\n
778,729
\n
30,805
\n
54,987
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
728,762
\n
728,762
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
1,179,457
\n
1,179,457
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
112,177
\n
112,177
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
7,127
\n
-
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
Total
\n
\n
2,020,396
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n

\n

\n\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2021
\n
Carrying
\n
amount
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
318,127
\n
212,430
\n
-
\n
105,697
\n
105,697
\n
-
\n
-
\n
Other investments
\n
397,849
\n
239,742
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
239,742
\n
239,742
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
94,414
\n
94,414
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
30,062
\n
30,062
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
115,266
\n
115,266
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
158,107
\n
-
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Non-U.S. government securities
\n
10,660
\n
-
\n
10,660
\n
-
\n
10,660
\n
-
\n
-
\n
Corporates securities
\n
147,447
\n
-
\n
147,447
\n
-
\n
147,447
\n
-
\n
-
\n
Derivative financial instruments
\n
11,315
\n
-
\n
-
\n
11,315
\n
-
\n
11,315
\n
-
\n
Other Investments Non-current
\n
320,254
\n
-
\n
312,619
\n
7,635
\n
312,619
\n
-
\n
7,635
\n
Bonds and other fixed income
\n
312,619
\n
-
\n
312,619
\n
-
\n
312,619
\n
-
\n
-
\n
Other investments
\n
7,635
\n
-
\n
-
\n
7,635
\n
-
\n
-
\n
7,635
\n
Trade receivables
\n
1,299,072
\n
1,299,072
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
302,164
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
133,879
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
168,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
1,836,464
\n
519,385
\n
124,647
\n
576,423
\n
11,315
\n
56,294
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
330,933
\n
330,933
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
845,256
\n
845,256
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
117,285
\n
117,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
11,328
\n
-
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
Total
\n
\n
1,293,474
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n
\n
There were no transfers between levels during the year.
\n
\n\n

\n\n
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A
\n
market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry
\n
group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions
\n
on an arm\u2019s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These
\n
instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
\n
\n
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates
\n
of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is
\n
determined by using valuation techniques which maximize the use of observable market data when available and rely as
\n
little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the
\n
instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
\n
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
\n
contributors as of the valuation date.
\n
\n
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level
\n
3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which
\n
reflect the Company\u2019s best estimate on how market participants would price the asset or liability at measurement date.
\n
Main balances in this level include net receivables related to the Company interest in the Venezuelan Companies for a
\n
total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the
\n
probability of occurrence of weighted scenarios applied to the potential transaction value resulting from the awards
\n
purchase agreement mentioned in note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n
The following table presents the changes in Level 3 assets:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
56,294
\n
56,319
\n
(Decrease) / increase
\n
(1,126)
\n
219
\n
Currency translation adjustment and others
\n
(181)
\n
(244)
\n
At the end of the year
\n
54,987
\n
56,294
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag569": { "value": "\n
B. Category of financial instruments and classification within the fair value hierarchy
\n
\n
As mentioned in note II.A, the Company classifies its financial instruments in the following measurement categories:
\n
amortized cost, fair value through other comprehensive income and fair value through profit and loss. For financial
\n
instruments that are measured in the statement of financial position at fair value, IFRS 13, \u201cFair value measurement\u201d
\n
requires a disclosure of fair value measurements by level according to the following fair value measurement hierarchy:
\n
\n
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
\n
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
\n
directly (that is, as prices) or indirectly (that is, derived from prices).
\n
\n
Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
\n
\n
The following tables present the financial instruments by category and levels as of December 31, 2022 and 2021.
\n
\n
\n
\n
Carrying
\n
amount
\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2022
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
1,091,527
\n
668,668
\n
-
\n
422,859
\n
422,859
\n
-
\n
-
\n
Other investments
\n
438,448
\n
196,152
\n
182,988
\n
59,308
\n
242,296
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
196,152
\n
196,152
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
36,167
\n
36,167
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
19,785
\n
19,785
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
140,200
\n
140,200
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
211,953
\n
-
\n
182,988
\n
28,965
\n
211,953
\n
-
\n
-
\n
Non-U.S. government securities
\n
108,310
\n
-
\n
79,345
\n
28,965
\n
108,310
\n
-
\n
-
\n
Corporates securities
\n
103,643
\n
-
\n
103,643
\n
\n
103,643
\n
-
\n
-
\n
Mutual Fund
\n
30,343
\n
-
\n
-
\n
30,343
\n
30,343
\n
-
\n
-
\n
Derivative financial instruments
\n
30,805
\n
-
\n
-
\n
30,805
\n
-
\n
30,805
\n
-
\n
Other Investments Non-current
\n
119,902
\n
-
\n
113,574
\n
6,328
\n
113,574
\n
-
\n
6,328
\n
Bonds and other fixed income
\n
113,574
\n
-
\n
113,574
\n
-
\n
113,574
\n
-
\n
-
\n
Other investments
\n
6,328
\n
-
\n
-
\n
6,328
\n
-
\n
-
\n
6,328
\n
Trade receivables
\n
2,493,940
\n
2,493,940
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
395,531
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
154,056
\n
105,397
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
241,475
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
3,464,157
\n
345,221
\n
519,300
\n
778,729
\n
30,805
\n
54,987
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
728,762
\n
728,762
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
1,179,457
\n
1,179,457
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
112,177
\n
112,177
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
7,127
\n
-
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
Total
\n
\n
2,020,396
\n
-
\n
7,127
\n
-
\n
7,127
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n

\n\n
Measurement Categories
\n
At Fair Value
\n
December 31, 2021
\n
Carrying
\n
amount
\n
Amortized
\n
Cost
\n
FVOCI
\n
FVPL
\n
Level 1
\n
Level 2
\n
Level 3
\n
Assets
\n
\n
\n
\n
\n
\n
\n
\n
Cash and cash equivalents
\n
318,127
\n
212,430
\n
-
\n
105,697
\n
105,697
\n
-
\n
-
\n
Other investments
\n
397,849
\n
239,742
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Fixed income (time-deposit, zero
\n
coupon bonds, commercial papers)
\n
239,742
\n
239,742
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Certificates of deposits
\n
94,414
\n
94,414
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Commercial papers
\n
30,062
\n
30,062
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Other notes
\n
115,266
\n
115,266
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Bonds and other fixed income
\n
158,107
\n
-
\n
158,107
\n
-
\n
158,107
\n
-
\n
-
\n
Non-U.S. government securities
\n
10,660
\n
-
\n
10,660
\n
-
\n
10,660
\n
-
\n
-
\n
Corporates securities
\n
147,447
\n
-
\n
147,447
\n
-
\n
147,447
\n
-
\n
-
\n
Derivative financial instruments
\n
11,315
\n
-
\n
-
\n
11,315
\n
-
\n
11,315
\n
-
\n
Other Investments Non-current
\n
320,254
\n
-
\n
312,619
\n
7,635
\n
312,619
\n
-
\n
7,635
\n
Bonds and other fixed income
\n
312,619
\n
-
\n
312,619
\n
-
\n
312,619
\n
-
\n
-
\n
Other investments
\n
7,635
\n
-
\n
-
\n
7,635
\n
-
\n
-
\n
7,635
\n
Trade receivables
\n
1,299,072
\n
1,299,072
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Receivables C and NC (*)
\n
302,164
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables
\n
133,879
\n
85,220
\n
48,659
\n
-
\n
-
\n
-
\n
48,659
\n
Other receivables (non-financial)
\n
168,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Total
\n
\n
1,836,464
\n
519,385
\n
124,647
\n
576,423
\n
11,315
\n
56,294
\n
Liabilities
\n
\n
\n
\n
\n
\n
\n
\n
Borrowings C and NC
\n
330,933
\n
330,933
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Trade payables
\n
845,256
\n
845,256
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Lease Liabilities C and NC
\n
117,285
\n
117,285
\n
-
\n
-
\n
-
\n
-
\n
-
\n
Derivative financial instruments
\n
11,328
\n
-
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
Total
\n
\n
1,293,474
\n
-
\n
11,328
\n
-
\n
11,328
\n
-
\n
\n
(*)
\n
Includes balances related to interest in Venezuelan companies. See note 34 to these Consolidated Financial Statements.
\n
\n
There were no transfers between levels during the year.
\n
\n\n

\n\n
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A
\n
market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry
\n
group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions
\n
on an arm\u2019s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These
\n
instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
\n
\n
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates
\n
of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is
\n
determined by using valuation techniques which maximize the use of observable market data when available and rely as
\n
little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the
\n
instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
\n
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
\n
contributors as of the valuation date.
\n
\n
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level
\n
3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which
\n
reflect the Company\u2019s best estimate on how market participants would price the asset or liability at measurement date.
\n
Main balances in this level include net receivables related to the Company interest in the Venezuelan Companies for a
\n
total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the
\n
probability of occurrence of weighted scenarios applied to the potential transaction value resulting from the awards
\n
purchase agreement mentioned in note 34 to these Consolidated Financial Statements.
\n

\n\n

\n\n
\n
The following table presents the changes in Level 3 assets:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
56,294
\n
56,319
\n
(Decrease) / increase
\n
(1,126)
\n
219
\n
Currency translation adjustment and others
\n
(181)
\n
(244)
\n
At the end of the year
\n
54,987
\n
56,294
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag572": { "value": "\n

\n\n
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A
\n
market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry
\n
group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions
\n
on an arm\u2019s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These
\n
instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
\n
\n
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates
\n
of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is
\n
determined by using valuation techniques which maximize the use of observable market data when available and rely as
\n
little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the
\n
instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
\n
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
\n
contributors as of the valuation date.
\n
\n
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level
\n
3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which
\n
reflect the Company\u2019s best estimate on how market participants would price the asset or liability at measurement date.
\n
Main balances in this level include net receivables related to the Company interest in the Venezuelan Companies for a
\n
total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the
\n
probability of occurrence of weighted scenarios applied to the potential transaction value resulting from the awards
\n
purchase agreement mentioned in note 34 to these Consolidated Financial Statements.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag584": { "value": "\n
The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. A
\n
market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry
\n
group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions
\n
on an arm\u2019s length basis. The quoted market price used for financial assets held by Tenaris is the current bid price. These
\n
instruments are included in Level 1 and comprise primarily corporate and sovereign debt securities.
\n
\n
The fair value of financial instruments that are not traded in an active market (such as certain debt securities, certificates
\n
of deposits with original maturity of more than three months, forward and interest rate derivative instruments) is
\n
determined by using valuation techniques which maximize the use of observable market data when available and rely as
\n
little as possible on entity specific estimates. If all significant inputs required to value an instrument are observable, the
\n
instrument is included in Level 2. Tenaris values its assets and liabilities included in this level using bid prices, interest rate
\n
curves, broker quotations, current exchange rates, forward rates and implied volatilities obtained from market
\n
contributors as of the valuation date.
\n
\n
If one or more of the significant inputs are not based on observable market data, the instruments are included in Level
\n
3. Tenaris values its assets and liabilities in this level using observable market inputs and management assumptions which
\n
reflect the Company\u2019s best estimate on how market participants would price the asset or liability at measurement date.
\n
Main balances in this level include net receivables related to the Company interest in the Venezuelan Companies for a
\n
total amount of approximately $48.7 million, which reflects the best estimation of the fair value calculated using the
\n
probability of occurrence of weighted scenarios applied to the potential transaction value resulting from the awards
\n
purchase agreement mentioned in note 34 to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag595": { "value": "\n

\n

\n
C. Fair value estimation
\n
\n\n
Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established
\n
by the IASB accounting guidance for fair value measurements and disclosures.
\n

\n\n
\n
The fair values of quoted investments are generally based on current bid prices. If the market for a financial asset is not
\n
active or no market is available, fair values are established using standard valuation techniques.
\n
\n
The fair value of all outstanding derivatives is determined using specific pricing models that include inputs that are
\n
observable in the market or can be derived from or corroborated by observable data. The fair value of forward foreign
\n
exchange contracts is calculated as the net present value of the estimated future cash flows in each currency, based on
\n
observable yield curves, converted into U.S. dollars at the spot rate of the valuation date.
\n
\n\n
Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that
\n
the fair value of its main financial liabilities is approximately 99.2% and 99.6% of its carrying amount (including interests
\n
accrued) in 2022 and 2021 respectively. Fair values were calculated using standard valuation techniques for floating rate
\n
instruments and comparable market rates for discounting cash flows.
\n

\n\n
\n
The carrying amount of investments valuated at amortized cost approximates its fair value.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag573": { "value": "\n
Financial assets or liabilities classified at fair value through profit or loss are measured under the framework established
\n
by the IASB accounting guidance for fair value measurements and disclosures.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag581": { "value": "\n
Borrowings are classified under other financial liabilities and measured at their amortized cost. Tenaris estimates that
\n
the fair value of its main financial liabilities is approximately 99.2% and 99.6% of its carrying amount (including interests
\n
accrued) in 2022 and 2021 respectively. Fair values were calculated using standard valuation techniques for floating rate
\n
instruments and comparable market rates for discounting cash flows.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag583": { "value": "\n

\n\n

\n\n
D. Accounting for derivative financial instruments and hedging activities
\n
\n
Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit
\n
and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools
\n
are used for calculation of each instrument\u2019s fair value and these tools are tested for consistency on a monthly basis.
\n
Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates
\n
matching the nature of each underlying risk.
\n
\n
As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments
\n
in Financial Results in the Consolidated Income Statement.
\n
\n
Tenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or highly
\n
probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair
\n
value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in
\n
equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged
\n
item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value
\n
of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial
\n
position.
\n
\n
For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction
\n
the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy
\n
for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the
\n
hedging instruments are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December
\n
31, 2022 and 2021, the effective portion of designated cash flow hedges which is included in Other Reserves in equity
\n
amounted to $13.1 million credit and $1.3 million credit respectively.
\n
\n
The fair values of various derivative instruments used for hedging purposes and the movements of the hedging reserve
\n
included within Other Reserves in equity are disclosed in note 25 to these Consolidated Financial Statements.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag590": { "value": "\n

\n\n
D. Accounting for derivative financial instruments and hedging activities
\n
\n
Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit
\n
and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools
\n
are used for calculation of each instrument\u2019s fair value and these tools are tested for consistency on a monthly basis.
\n
Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates
\n
matching the nature of each underlying risk.
\n
\n
As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments
\n
in Financial Results in the Consolidated Income Statement.
\n
\n
Tenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or highly
\n
probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair
\n
value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in
\n
equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged
\n
item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value
\n
of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial
\n
position.
\n
\n
For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction
\n
the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy
\n
for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the
\n
hedging instruments are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December
\n
31, 2022 and 2021, the effective portion of designated cash flow hedges which is included in Other Reserves in equity
\n
amounted to $13.1 million credit and $1.3 million credit respectively.
\n
\n
The fair values of various derivative instruments used for hedging purposes and the movements of the hedging reserve
\n
included within Other Reserves in equity are disclosed in note 25 to these Consolidated Financial Statements.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag585": { "value": "\n
D. Accounting for derivative financial instruments and hedging activities
\n
\n
Derivative financial instruments are initially recognized in the statement of financial position at fair value through profit
\n
and loss on each date a derivative contract is entered into and are subsequently remeasured at fair value. Specific tools
\n
are used for calculation of each instrument\u2019s fair value and these tools are tested for consistency on a monthly basis.
\n
Market rates are used for all pricing operations. These include exchange rates, deposit rates and other discount rates
\n
matching the nature of each underlying risk.
\n
\n
As a general rule, Tenaris recognizes the full amount related to the change in fair value of derivative financial instruments
\n
in Financial Results in the Consolidated Income Statement.
\n
\n
Tenaris designates certain derivatives as hedges of particular risks associated with recognized assets or liabilities or highly
\n
probable forecast transactions. These transactions are classified as cash flow hedges. The effective portion of the fair
\n
value of derivatives that are designated and qualify as cash flow hedges is recognized in equity. Amounts accumulated in
\n
equity are then recognized in the income statement in the same period as the offsetting losses and gains on the hedged
\n
item. The gain or loss relating to the ineffective portion is recognized immediately in the income statement. The fair value
\n
of Tenaris\u2019s derivative financial instruments (assets or liabilities) continues to be reflected in the statement of financial
\n
position.
\n
\n
For transactions designated and qualifying for hedge accounting, Tenaris documents at the inception of the transaction
\n
the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy
\n
for undertaking various hedge transactions. Tenaris also documents its assessment on an ongoing basis, of whether the
\n
hedging instruments are highly effective in offsetting changes in the fair value or cash flow of hedged items. At December
\n
31, 2022 and 2021, the effective portion of designated cash flow hedges which is included in Other Reserves in equity
\n
amounted to $13.1 million credit and $1.3 million credit respectively.
\n
\n
The fair values of various derivative instruments used for hedging purposes and the movements of the hedging reserve
\n
included within Other Reserves in equity are disclosed in note 25 to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag593": { "value": "\n
1 Segment information
\n
\n
As mentioned in section II.C, the Segment Information is disclosed as follows:
\n
\n
Reportable operating segments
\n
\n
(All amounts in millions of U.S. dollars)
\n
\n
Year ended December 31, 2022
\n
Tubes
\n
Other
\n
Total
\n
Management view - operating income
\n
2,772
\n
75
\n
2,847
\n
Difference in cost of sales
\n
\n
\n
44
\n
Differences in depreciation and amortization
\n
\n
\n
2
\n
Differences in selling, general and administrative expenses
\n
\n
\n
(4)
\n
Differences in other operating income (expenses), net
\n
\n
\n
74
\n
IFRS - operating income
\n
\n
\n
2,963
\n
Financial income (expense), net
\n
\n
\n
(6)
\n
Income before equity in earnings of non-consolidated companies and income tax
\n
\n
\n
2,957
\n
Equity in earnings of non-consolidated companies
\n
\n
\n
209
\n
Income before income tax
\n
\n
\n
3,166
\n
\n
IFRS - Net Sales
\n
11,133
\n
630
\n
11,763
\n
Depreciation and amortization
\n
588
\n
20
\n
608
\n
\n
\n
Year ended December 31, 2021
\n
Tubes
\n
Other
\n
Total
\n
Management view - operating income
\n
178
\n
65
\n
243
\n
Difference in cost of sales
\n
\n
\n
473
\n
Differences in depreciation and amortization
\n
\n
\n
(1)
\n
Differences in other operating income (expenses), net
\n
\n
\n
(8)
\n
IFRS - operating income
\n
\n
\n
708
\n
Financial income (expense), net
\n
\n
\n
23
\n
Income before equity in earnings of non-consolidated companies and income tax
\n
\n
\n
731
\n
Equity in earnings of non-consolidated companies
\n
\n
\n
513
\n
Income before income tax
\n
\n
\n
1,243
\n
\n
IFRS - Net Sales
\n
5,994
\n
528
\n
6,521
\n
Depreciation and amortization
\n
575
\n
20
\n
595
\n
\n
\n
Year ended December 31, 2020
\n
Tubes
\n
Other
\n
Total
\n
Management view - operating (loss)
\n
(277)
\n
(50)
\n
(327)
\n
Difference in cost of sales
\n
\n
\n
(134)
\n
Differences in depreciation and amortization
\n
\n
\n
-
\n
Differences in selling, general and administrative expenses
\n
\n
\n
(2)
\n
Differences in other operating income (expenses), net
\n
\n
\n
(200)
\n
IFRS - operating (loss)
\n
\n
\n
(663)
\n
Financial income (expense), net
\n
\n
\n
(65)
\n
(Loss) before equity in earnings of non-consolidated companies and income tax
\n
\n
\n
(728)
\n
Equity in earnings of non-consolidated companies
\n
\n
\n
109
\n
(Loss) before income tax
\n
\n
\n
(619)
\n
\n
IFRS - Net Sales
\n
4,844
\n
303
\n
5,147
\n
Depreciation and amortization
\n
661
\n
18
\n
679
\n
\n
Transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap, energy,
\n
surplus raw materials and others from the Other segment to the Tubes segment for $77.9 million, $45.6 million and $16.9
\n
million in 2022, 2021 and 2020, respectively.
\n
\n
There are no material differences between IFRS and management view in total revenues and by reportable segments.
\n
\n
The differences between operating income under IFRS view and the management view are mainly related to the cost of
\n
goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement cost considered
\n
for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other minor timing
\n
differences.
\n

\n\n

\n

\n
The main difference in Other operating income (expenses), for the year ended December 31, 2022, is attributable to the
\n
effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes\u2019 definitive cease of
\n
operations, not impacting the management view. For the year ended in December 31, 2020, the main difference in Other
\n
operating income (expenses) is attributable to the impairment of the goodwill, which residual value in the management
\n
view differed from IFRS.
\n
\n
In addition to the amounts reconciled above, the main differences in net income arise from the impact of functional
\n
currencies on financial result, deferred income taxes as well as the result of investment in non-consolidated companies.
\n
\n
Geographical information
\n
\n
\n
North
\n
America
\n
South
\n
America
\n
Europe
\n
Middle East
\n
& Africa
\n
Asia
\n
Pacific
\n
Unallocated
\n
(*)
\n
\n
Total
\n
Year ended December 31, 2022
\n
\n
\n
\n
\n
\n
\n
\n
Net sales
\n
6,902,787
\n
2,550,402
\n
1,000,833
\n
1,031,106
\n
277,398
\n
-
\n
11,762,526
\n
Total assets
\n
9,018,386
\n
3,896,403
\n
2,071,624
\n
739,579
\n
283,608
\n
1,540,646
\n
17,550,246
\n
Trade receivables
\n
1,371,717
\n
583,223
\n
202,753
\n
249,637
\n
86,610
\n
-
\n
2,493,940
\n
Property, plant and equipment, net
\n
3,548,844
\n
1,031,423
\n
706,539
\n
189,701
\n
79,756
\n
-
\n
5,556,263
\n
Capital expenditures
\n
118,644
\n
176,448
\n
62,143
\n
2,813
\n
18,398
\n
-
\n
378,446
\n
Depreciation and amortization
\n
348,550
\n
125,324
\n
76,631
\n
37,612
\n
19,606
\n
-
\n
607,723
\n
\n
\n
\n
\n
\n
\n
\n
\n
Year ended December 31, 2021
\n
\n
\n
\n
\n
\n
\n
\n
Net sales
\n
3,360,345
\n
1,311,279
\n
742,463
\n
857,120
\n
250,000
\n
-
\n
6,521,207
\n
Total assets
\n
7,992,946
\n
2,399,448
\n
1,727,573
\n
581,204
\n
364,486
\n
1,383,774
\n
14,449,431
\n
Trade receivables
\n
652,483
\n
234,800
\n
180,515
\n
146,125
\n
85,149
\n
-
\n
1,299,072
\n
Property, plant and equipment, net
\n
3,805,912
\n
984,413
\n
742,461
\n
221,859
\n
70,156
\n
-
\n
5,824,801
\n
Capital expenditures
\n
106,118
\n
63,723
\n
43,344
\n
6,689
\n
19,644
\n
-
\n
239,518
\n
Depreciation and amortization
\n
307,116
\n
125,781
\n
89,667
\n
41,528
\n
30,629
\n
-
\n
594,721
\n
\n
\n
\n
\n
\n
\n
\n
\n
Year ended December 31, 2020
\n
\n
\n
\n
\n
\n
\n
\n
Net sales
\n
2,179,949
\n
776,235
\n
642,793
\n
1,227,532
\n
320,225
\n
-
\n
5,146,734
\n
Total assets
\n
8,071,574
\n
1,868,458
\n
1,461,738
\n
804,559
\n
552,508
\n
957,352
\n
13,716,189
\n
Trade receivables
\n
411,692
\n
115,972
\n
139,427
\n
210,194
\n
90,863
\n
-
\n
968,148
\n
Property, plant and equipment, net
\n
3,971,101
\n
1,050,619
\n
823,057
\n
242,939
\n
105,465
\n
-
\n
6,193,181
\n
Capital expenditures
\n
71,531
\n
63,111
\n
39,691
\n
10,452
\n
8,537
\n
-
\n
193,322
\n
Depreciation and amortization
\n
408,546
\n
106,827
\n
84,518
\n
44,259
\n
34,656
\n
-
\n
678,806
\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
(*)
\n
For 2022, 2021 and 2020 includes Investments in non-consolidated companies. See note 13 to these Consolidated Financial Statements.
\n
\n\n
There are no revenues from external customers attributable to the Company\u2019s country of incorporation (Luxembourg).
\n
The principal countries from which the Company derives its revenues are USA (42%), Argentina (13%), Mexico (10%),
\n
Canada, Colombia and Italy.
\n
\n
Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no
\n
unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to
\n
governmental institutions represent approximately 22%, 23% and 24% in 2022, 2021 and 2020 respectively.
\n

\n\n
\n
Tubes segment revenues by market:
\n
\n
(All amounts in millions of U.S. dollars)
\n
\n
Revenues Tubes
\n
2022
\n
2021
\n
2020
\n
Oil & Gas
\n
9,543
\n
4,895
\n
4,022
\n
Oil & Gas processing plants
\n
738
\n
459
\n
407
\n
Industrial, Power and Others
\n
852
\n
640
\n
415
\n
Total
\n
11,133
\n
5,994
\n
4,844
\n
\n
\n\n
At December 31, 2022, 2021 and 2020, the Company recognized contract liabilities related to customer advances in the
\n
amount of $242.9 million, $92.4 million and $48.7 million, respectively. Each of these amounts are reclassified to
\n
revenues during the subsequent years. In these periods, no significant adjustments in revenues were performed related
\n
to previously satisfied performance obligations.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag576": { "value": "\n
There are no revenues from external customers attributable to the Company\u2019s country of incorporation (Luxembourg).
\n
The principal countries from which the Company derives its revenues are USA (42%), Argentina (13%), Mexico (10%),
\n
Canada, Colombia and Italy.
\n
\n
Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no
\n
unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to
\n
governmental institutions represent approximately 22%, 23% and 24% in 2022, 2021 and 2020 respectively.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag589": { "value": "USA (42%), Argentina (13%), Mexico (10%),Canada, Colombia and Italy.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag567": { "value": "\n
At December 31, 2022, 2021 and 2020, the Company recognized contract liabilities related to customer advances in the
\n
amount of $242.9 million, $92.4 million and $48.7 million, respectively. Each of these amounts are reclassified to
\n
revenues during the subsequent years. In these periods, no significant adjustments in revenues were performed related
\n
to previously satisfied performance obligations.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag568": { "value": "\n

\n
2 Cost of sales
\n
\n
\n\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Inventories at the beginning of the year
\n
2,672,593
\n
1,636,673
\n
2,265,880
\n
Increase in inventory due to business combinations
\n
-
\n
-
\n
199,589
\n
Decrease in inventory due to sale of subsidiaries
\n
-
\n
(10,662)
\n
-
\n
Plus: Charges of the year
\n
\n
\n
\n
Raw materials, energy, consumables and other
\n
5,772,031
\n
3,841,551
\n
1,545,688
\n
Services and fees
\n
293,490
\n
208,472
\n
154,976
\n
Labor cost
\n
(*)
\n
\n
1,160,085
\n
824,071
\n
757,359
\n
Depreciation of property, plant and equipment
\n
465,849
\n
448,843
\n
503,725
\n
Amortization of intangible assets
\n
11,754
\n
7,645
\n
8,121
\n
Depreciation of right-of-use assets
\n
33,244
\n
35,910
\n
40,127
\n
Maintenance expenses
\n
267,294
\n
129,350
\n
107,764
\n
Allowance for obsolescence
\n
24,901
\n
23,296
\n
35,809
\n
Taxes
\n
194,736
\n
40,887
\n
45,162
\n
Other
\n
178,691
\n
98,159
\n
59,790
\n
\n
8,402,075
\n
5,647,522
\n
3,458,110
\n
Less: Inventories at the end of the year
\n
(3,986,929)
\n
(2,672,593)
\n
(1,636,673)
\n
\n
7,087,739
\n
4,611,602
\n
4,087,317
\n
\n
(*)
\n
For the year ended December 2022, 2021 and 2020, labor cost includes approximately $17.8 million, $12.8 million and $81.3 million respectively of
\n
severance indemnities related to the adjustment of the workforce to market conditions.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag575": { "value": "\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Inventories at the beginning of the year
\n
2,672,593
\n
1,636,673
\n
2,265,880
\n
Increase in inventory due to business combinations
\n
-
\n
-
\n
199,589
\n
Decrease in inventory due to sale of subsidiaries
\n
-
\n
(10,662)
\n
-
\n
Plus: Charges of the year
\n
\n
\n
\n
Raw materials, energy, consumables and other
\n
5,772,031
\n
3,841,551
\n
1,545,688
\n
Services and fees
\n
293,490
\n
208,472
\n
154,976
\n
Labor cost
\n
(*)
\n
\n
1,160,085
\n
824,071
\n
757,359
\n
Depreciation of property, plant and equipment
\n
465,849
\n
448,843
\n
503,725
\n
Amortization of intangible assets
\n
11,754
\n
7,645
\n
8,121
\n
Depreciation of right-of-use assets
\n
33,244
\n
35,910
\n
40,127
\n
Maintenance expenses
\n
267,294
\n
129,350
\n
107,764
\n
Allowance for obsolescence
\n
24,901
\n
23,296
\n
35,809
\n
Taxes
\n
194,736
\n
40,887
\n
45,162
\n
Other
\n
178,691
\n
98,159
\n
59,790
\n
\n
8,402,075
\n
5,647,522
\n
3,458,110
\n
Less: Inventories at the end of the year
\n
(3,986,929)
\n
(2,672,593)
\n
(1,636,673)
\n
\n
7,087,739
\n
4,611,602
\n
4,087,317
\n
\n
(*)
\n
For the year ended December 2022, 2021 and 2020, labor cost includes approximately $17.8 million, $12.8 million and $81.3 million respectively of
\n
severance indemnities related to the adjustment of the workforce to market conditions.
\n

\n\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Services and fees
\n
148,331
\n
115,303
\n
115,883
\n
Labor cost
\n
(*)
\n
\n
518,500
\n
426,414
\n
444,436
\n
Depreciation of property, plant and equipment
\n
21,883
\n
22,924
\n
26,814
\n
Amortization of intangible assets
\n
59,018
\n
63,874
\n
82,355
\n
Depreciation of right-of-use assets
\n
15,975
\n
15,525
\n
17,664
\n
Commissions, freight and other selling expenses
\n
641,812
\n
415,895
\n
310,815
\n
Provisions for contingencies
\n
20,606
\n
24,998
\n
11,957
\n
Allowances for doubtful accounts
\n
(223)
\n
(4,297)
\n
4,644
\n
Taxes
\n
121,410
\n
78,800
\n
63,234
\n
Other
\n
87,263
\n
47,133
\n
41,425
\n
\n
1,634,575
\n
1,206,569
\n
1,119,227
\n
\n
(*)
\n
For the year ended December 2022, 2021 and 2020, labor cost includes approximately $11.2 million, $15.8 million and $61.2 million respectively of
\n
severance indemnities related to the adjustment of the workforce to market conditions.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag582": { "value": "\n

\n
3 Selling, general and administrative expenses
\n
\n
\n\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Services and fees
\n
148,331
\n
115,303
\n
115,883
\n
Labor cost
\n
(*)
\n
\n
518,500
\n
426,414
\n
444,436
\n
Depreciation of property, plant and equipment
\n
21,883
\n
22,924
\n
26,814
\n
Amortization of intangible assets
\n
59,018
\n
63,874
\n
82,355
\n
Depreciation of right-of-use assets
\n
15,975
\n
15,525
\n
17,664
\n
Commissions, freight and other selling expenses
\n
641,812
\n
415,895
\n
310,815
\n
Provisions for contingencies
\n
20,606
\n
24,998
\n
11,957
\n
Allowances for doubtful accounts
\n
(223)
\n
(4,297)
\n
4,644
\n
Taxes
\n
121,410
\n
78,800
\n
63,234
\n
Other
\n
87,263
\n
47,133
\n
41,425
\n
\n
1,634,575
\n
1,206,569
\n
1,119,227
\n
\n
(*)
\n
For the year ended December 2022, 2021 and 2020, labor cost includes approximately $11.2 million, $15.8 million and $61.2 million respectively of
\n
severance indemnities related to the adjustment of the workforce to market conditions.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag588": { "value": "\n
4 Labor costs (included in Cost of sales and in Selling, general and administrative expenses)
\n
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Wages, salaries and social security costs
\n
1,594,200
\n
1,170,562
\n
1,036,211
\n
Severance indemnities
\n
29,070
\n
28,625
\n
142,458
\n
Defined contribution plans
\n
13,256
\n
12,608
\n
12,442
\n
Pension benefits - defined benefit plans
\n
16,320
\n
13,353
\n
11,097
\n
Employee retention and long-term incentive program
\n
25,739
\n
25,337
\n
(413)
\n
\n
1,678,585
\n
1,250,485
\n
1,201,795
\n

\n\n

\n\n
The following table shows the geographical distribution of the employees:
\n
\n
\n
2022
\n
2021
\n
2020
\n
Argentina
\n
6,444
\n
5,169
\n
4,376
\n
Mexico
\n
5,919
\n
5,474
\n
4,501
\n
USA
\n
3,509
\n
2,684
\n
1,596
\n
Italy
\n
2,136
\n
2,011
\n
2,039
\n
Romania
\n
1,847
\n
1,725
\n
1,552
\n
Brazil
\n
1,460
\n
1,817
\n
1,360
\n
Colombia
\n
1,183
\n
1,009
\n
746
\n
Canada
\n
944
\n
758
\n
561
\n
Indonesia
\n
495
\n
506
\n
521
\n
Japan
\n
11
\n
379
\n
399
\n
Other
\n
1,344
\n
1,244
\n
1,377
\n
\n
25,292
\n
22,776
\n
19,028
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag580": { "value": "\n
The following table shows the geographical distribution of the employees:
\n
\n
\n
2022
\n
2021
\n
2020
\n
Argentina
\n
6,444
\n
5,169
\n
4,376
\n
Mexico
\n
5,919
\n
5,474
\n
4,501
\n
USA
\n
3,509
\n
2,684
\n
1,596
\n
Italy
\n
2,136
\n
2,011
\n
2,039
\n
Romania
\n
1,847
\n
1,725
\n
1,552
\n
Brazil
\n
1,460
\n
1,817
\n
1,360
\n
Colombia
\n
1,183
\n
1,009
\n
746
\n
Canada
\n
944
\n
758
\n
561
\n
Indonesia
\n
495
\n
506
\n
521
\n
Japan
\n
11
\n
379
\n
399
\n
Other
\n
1,344
\n
1,244
\n
1,377
\n
\n
25,292
\n
22,776
\n
19,028
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag577": { "value": "\n
5 Impairment charge
\n
\n
Tenaris\u2019s main source of revenue is the sale of products and services to the oil and gas industry, and the level of such
\n
sales is sensitive to international oil and gas prices and their impact on drilling activities.
\n
\n
The Company conducts regular assessments of the carrying values of its assets. The recoverable value is based on the
\n
value in use. The main key assumptions used in estimating the value in use are discount rate, growth rate and competitive,
\n
economic and regulatory factors applied to determine cash flow projections, such as oil and gas prices, average number
\n
of active oil and gas drilling rigs (rig count) and raw material costs. In December 2022, the Company conducted
\n
impairment tests, and also reviewed and impaired the values of certain idle assets in its subsidiaries.
\n
\n
For purposes of assessing key assumptions, to estimate discounted future cash flows, the Company uses external sources
\n
of information and management judgment based on past experience and expectations. Management has determined
\n
the value of each of the key assumptions as follows:
\n
\n
- Discount rate: based on the applicable weighted average cost of capital (\u201cWACC\u201d), which is considered to be a good
\n
indicator of capital cost, taking into account the industry, country and size of the business. For each CGU where assets
\n
are allocated, a specific WACC was determined. In 2022, the main discount rates used were in a range between 13.4%
\n
and 20.2%.
\n
\n
- Growth rate: considers mainly the inflation impact on prices and costs, the long-term evolution of the oil and gas
\n
industry, the higher demand to offset depletion of existing fields and the Company\u2019s expected market penetration. In
\n
2022, a nominal growth rate of 2% was considered.
\n
\n
- Oil and gas prices: based on industry analysts\u2019 reports and management\u2019s expectations of market development.
\n
\n
- Rig count: based on information published by Baker Hughes and management\u2019s expectations.
\n
\n
- Raw material costs: based on industry analysts\u2019 reports and management\u2019s expectations.
\n
\n
In December 2022, in the presence of impairment indicators, the Company conducted impairment tests and reviewed
\n
the values of certain idle assets in its subsidiaries. The aforementioned analysis resulted in impairment charges of $76.7
\n
million, allocated in $63.1 million to the Tubes segment and $13.6 million to the Other segment.
\n
\n
In December, 2021, as a result of the expected termination of the NKKTubes joint venture, which represented an
\n
impairment indicator for its assets, an impairment test was conducted, resulting in a charge of $57 million that totally
\n
reduced the carrying amounts of property, plant and equipment and intangible assets. The total amount was allocated
\n
to the Tubes segment. Remaining carrying amounts after the recognition of impairment charges amounted to $53 million
\n
mainly related to working capital.
\n
\n
For the year 2020 a charge of approximately $622 million, impacting the carrying value of goodwill of the CGUs OCTG-
\n
USA, IPSCO and Coiled Tubing for $225 million, $357 million and $4 million respectively, and the carrying value of
\n
property, plant and equipment of the CGU Rods-USA for $36 million was recorded. Out of the total amount, $582 million
\n
were allocated to the Tubes segment.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag571": { "value": "\n

\n\n

\n
6 Other operating income and expenses
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Other operating income
\n
\n
\n
\n
Net income from other sales
\n
28,161
\n
10,694
\n
9,891
\n
Net rents
\n
5,084
\n
5,314
\n
5,501
\n
Reclassification of currency translation adjustment reserve
\n
(*)
\n
\n
71,252
\n
-
\n
-
\n
Tax recovery in Brazilian subsidiaries
\n
(**)
\n
\n
-
\n
35,568
\n
8,164
\n
Other
\n
(***)
\n
\n
-
\n
16,290
\n
9,837
\n
Recovery on allowance for doubtful receivables
\n
-
\n
379
\n
-
\n
\n
104,497
\n
68,245
\n
33,393
\n
Other operating expenses
\n
\n
\n
\n
Contributions to welfare projects and non-profit organizations
\n
13,668
\n
6,697
\n
12,989
\n
Securities Exchange Commission investigation settlement
\n
(****)
\n
\n
78,100
\n
-
\n
-
\n
Allowance for doubtful receivables
\n
346
\n
-
\n
1,263
\n
Other.
\n
12,595
\n
-
\n
-
\n
\n
104,709
\n
6,697
\n
14,252
\n
\n
(*)
\n
During 2022, as result of NKKTubes\u2019 definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was
\n
reclassified to the income statement. For more information see note 35 \u201cOther Relevant Information \u2013 Agreement to terminate NKKTubes joint
\n
venture\u201d.
\n
\n
(**)
\n
On May 13, 2021, the Brazilian Supreme Court issued a final judgment which confirmed that the methodology for calculating PIS and COFINS (Federal
\n
Social Contributions on Gross Revenues) tax claims to which taxpayers are entitled to, should exclude from its base the total output of ICMS, calculated
\n
on a gross basis. This decision led to a recognition of approximately $53 million tax credit in Brazilian subsidiaries, out of which $36 million were
\n
recognized in other operating income and $17 million in financial results (impacting in Finance Income and Finance Cost). In addition the tax charge
\n
related to this gain amounted to $12 million.
\n
\n
(***)
\n
On November 1, 2021 the Company transferred 100% of the shares of Geneva Structural Tubes LLC (\u201cGeneva\u201d) to MKK USA Inc., a subsidiary of
\n
Maruichi Steel Tube Ltd of Japan for an aggregate price of $24.3 million. The gain of this transaction ascended to approximately $6.8 million.
\n
\n\n
(****)
\n
For more information see note 26 \u201cContingencies, commitments and restrictions to the distribution of profits - Contingencies - Petrobras-related
\n
proceedings and claims\u201d.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag586": { "value": "\n

\n
6 Other operating income and expenses
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Other operating income
\n
\n
\n
\n
Net income from other sales
\n
28,161
\n
10,694
\n
9,891
\n
Net rents
\n
5,084
\n
5,314
\n
5,501
\n
Reclassification of currency translation adjustment reserve
\n
(*)
\n
\n
71,252
\n
-
\n
-
\n
Tax recovery in Brazilian subsidiaries
\n
(**)
\n
\n
-
\n
35,568
\n
8,164
\n
Other
\n
(***)
\n
\n
-
\n
16,290
\n
9,837
\n
Recovery on allowance for doubtful receivables
\n
-
\n
379
\n
-
\n
\n
104,497
\n
68,245
\n
33,393
\n
Other operating expenses
\n
\n
\n
\n
Contributions to welfare projects and non-profit organizations
\n
13,668
\n
6,697
\n
12,989
\n
Securities Exchange Commission investigation settlement
\n
(****)
\n
\n
78,100
\n
-
\n
-
\n
Allowance for doubtful receivables
\n
346
\n
-
\n
1,263
\n
Other.
\n
12,595
\n
-
\n
-
\n
\n
104,709
\n
6,697
\n
14,252
\n
\n
(*)
\n
During 2022, as result of NKKTubes\u2019 definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was
\n
reclassified to the income statement. For more information see note 35 \u201cOther Relevant Information \u2013 Agreement to terminate NKKTubes joint
\n
venture\u201d.
\n
\n
(**)
\n
On May 13, 2021, the Brazilian Supreme Court issued a final judgment which confirmed that the methodology for calculating PIS and COFINS (Federal
\n
Social Contributions on Gross Revenues) tax claims to which taxpayers are entitled to, should exclude from its base the total output of ICMS, calculated
\n
on a gross basis. This decision led to a recognition of approximately $53 million tax credit in Brazilian subsidiaries, out of which $36 million were
\n
recognized in other operating income and $17 million in financial results (impacting in Finance Income and Finance Cost). In addition the tax charge
\n
related to this gain amounted to $12 million.
\n
\n
(***)
\n
On November 1, 2021 the Company transferred 100% of the shares of Geneva Structural Tubes LLC (\u201cGeneva\u201d) to MKK USA Inc., a subsidiary of
\n
Maruichi Steel Tube Ltd of Japan for an aggregate price of $24.3 million. The gain of this transaction ascended to approximately $6.8 million.
\n
\n\n
(****)
\n
For more information see note 26 \u201cContingencies, commitments and restrictions to the distribution of profits - Contingencies - Petrobras-related
\n
proceedings and claims\u201d.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag596": { "value": "\n
(****)
\n
For more information see note 26 \u201cContingencies, commitments and restrictions to the distribution of profits - Contingencies - Petrobras-related
\n
proceedings and claims\u201d.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag594": { "value": "\n

\n

\n

\n\n
7 Financial results
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Interest Income
\n
86,112
\n
38,048
\n
21,625
\n
Net result on changes in FV of financial assets at FVPL
\n
(6,092)
\n
-
\n
-
\n
Impairment result on financial assets at FVTOCI
\n
-
\n
-
\n
(3,238)
\n
Finance income
\n
(*)
\n
\n
80,020
\n
38,048
\n
18,387
\n
Finance cost
\n
(45,940)
\n
(23,677)
\n
(27,014)
\n
Net foreign exchange transactions results
\n
(**)
\n
\n
15,654
\n
17,287
\n
(74,422)
\n
Foreign exchange derivatives contracts results
\n
(***)
\n
\n
(25,666)
\n
(7,966)
\n
19,644
\n
Other
\n
(****)
\n
\n
(30,108)
\n
(1,026)
\n
(1,590)
\n
Other financial results
\n
(40,120)
\n
8,295
\n
(56,368)
\n
Net financial results
\n
(6,040)
\n
22,666
\n
(64,995)
\n
\n\n
(*)
\n
Finance Income:
\n
In 2022, 2021 and 2020 includes $33 million, $3.3 million and $6.5 million of interest related to instruments carried at FVPL, respectively.
\n
In 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement
\n
of trade receivables.
\n
In 2021 also includes $18 million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see
\n
note 6 to these Consolidated Financial Statements.
\n

\n\n
\n\n
(**)
\n
Net foreign exchange transactions results:
\n
In 2022 mainly includes result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen
\n
denominated trade, financial, social, and fiscal payables at subsidiaries with functional currency U.S. dollar, together with the result from Euro
\n
depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by
\n
an increase in currency translation adjustment reserve from an Italian subsidiary.
\n
In 2021 mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with
\n
functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the
\n
result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated trade, financial,
\n
social, and fiscal payables at subsidiaries with functional currency U.S. dollar.
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n

\n\n
In 2020 mainly includes the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries
\n
with functional currency U.S. dollar, largely offset by the currency translation adjustment reserve from our Italian subsidiary, together with the negative
\n
impact from Brazilian Real depreciation against the U.S. dollar on U.S. dollar denominated intercompany liabilities in subsidiaries with functional
\n
currency Brazilian Real, largely offset by the currency translation adjustment reserve from our Brazilian subsidiaries. Also includes the negative result
\n
from the Mexican peso depreciation against the U.S. dollar on peso denominated trade, social, fiscal and financial positions at Mexican subsidiaries
\n
with functional currency U.S. dollar.
\n

\n\n
\n
(***)
\n\n
Foreign exchange derivatives contracts results:
\n
In 2022 includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.
\n
In 2021 includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net
\n
receivables in Brazilian real.
\n
In 2020 includes mainly gain on derivatives covering net receivables in Mexican peso, Brazilian real and Canadian dollar and net payables in Euro.
\n

\n\n
\n
(****)
\n
Other:
\n
In 2022 includes a loss of $29.8 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to
\n
its shareholders. For more information see note 28.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag570": { "value": "\n
7 Financial results
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Interest Income
\n
86,112
\n
38,048
\n
21,625
\n
Net result on changes in FV of financial assets at FVPL
\n
(6,092)
\n
-
\n
-
\n
Impairment result on financial assets at FVTOCI
\n
-
\n
-
\n
(3,238)
\n
Finance income
\n
(*)
\n
\n
80,020
\n
38,048
\n
18,387
\n
Finance cost
\n
(45,940)
\n
(23,677)
\n
(27,014)
\n
Net foreign exchange transactions results
\n
(**)
\n
\n
15,654
\n
17,287
\n
(74,422)
\n
Foreign exchange derivatives contracts results
\n
(***)
\n
\n
(25,666)
\n
(7,966)
\n
19,644
\n
Other
\n
(****)
\n
\n
(30,108)
\n
(1,026)
\n
(1,590)
\n
Other financial results
\n
(40,120)
\n
8,295
\n
(56,368)
\n
Net financial results
\n
(6,040)
\n
22,666
\n
(64,995)
\n
\n\n
(*)
\n
Finance Income:
\n
In 2022, 2021 and 2020 includes $33 million, $3.3 million and $6.5 million of interest related to instruments carried at FVPL, respectively.
\n
In 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement
\n
of trade receivables.
\n
In 2021 also includes $18 million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see
\n
note 6 to these Consolidated Financial Statements.
\n

\n\n
\n\n
(**)
\n
Net foreign exchange transactions results:
\n
In 2022 mainly includes result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen
\n
denominated trade, financial, social, and fiscal payables at subsidiaries with functional currency U.S. dollar, together with the result from Euro
\n
depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by
\n
an increase in currency translation adjustment reserve from an Italian subsidiary.
\n
In 2021 mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with
\n
functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the
\n
result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated trade, financial,
\n
social, and fiscal payables at subsidiaries with functional currency U.S. dollar.
\n

\n\n

\n\n

\n

\n\n
In 2020 mainly includes the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries
\n
with functional currency U.S. dollar, largely offset by the currency translation adjustment reserve from our Italian subsidiary, together with the negative
\n
impact from Brazilian Real depreciation against the U.S. dollar on U.S. dollar denominated intercompany liabilities in subsidiaries with functional
\n
currency Brazilian Real, largely offset by the currency translation adjustment reserve from our Brazilian subsidiaries. Also includes the negative result
\n
from the Mexican peso depreciation against the U.S. dollar on peso denominated trade, social, fiscal and financial positions at Mexican subsidiaries
\n
with functional currency U.S. dollar.
\n

\n\n
\n
(***)
\n\n
Foreign exchange derivatives contracts results:
\n
In 2022 includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.
\n
In 2021 includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net
\n
receivables in Brazilian real.
\n
In 2020 includes mainly gain on derivatives covering net receivables in Mexican peso, Brazilian real and Canadian dollar and net payables in Euro.
\n

\n\n
\n
(****)
\n
Other:
\n
In 2022 includes a loss of $29.8 million related to the transfer of Argentine sovereign bonds paid as dividend in kind from an Argentinian subsidiary to
\n
its shareholders. For more information see note 28.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag591": { "value": "\n
(*)
\n
Finance Income:
\n
In 2022, 2021 and 2020 includes $33 million, $3.3 million and $6.5 million of interest related to instruments carried at FVPL, respectively.
\n
In 2022 also includes a realized loss of $10.5 million related to the change in FV of certain financial instruments obtained in an operation of settlement
\n
of trade receivables.
\n
In 2021 also includes $18 million of non-financial interest related to PIS and COFINS taxes recovery in Brazilian subsidiaries. For more information, see
\n
note 6 to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag578": { "value": "\n
(**)
\n
Net foreign exchange transactions results:
\n
In 2022 mainly includes result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen
\n
denominated trade, financial, social, and fiscal payables at subsidiaries with functional currency U.S. dollar, together with the result from Euro
\n
depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with functional currency U.S. dollar, largely offset by
\n
an increase in currency translation adjustment reserve from an Italian subsidiary.
\n
In 2021 mainly includes the result from Euro depreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries with
\n
functional currency U.S. dollar, largely offset by an increase in currency translation adjustment reserve from an Italian subsidiary, together with the
\n
result from the Argentine peso and Japanese yen depreciation against the U.S. dollar on Argentine peso and Japanese yen denominated trade, financial,
\n
social, and fiscal payables at subsidiaries with functional currency U.S. dollar.
\n

\n\n
In 2020 mainly includes the negative impact from Euro appreciation against the U.S. dollar on Euro denominated intercompany liabilities in subsidiaries
\n
with functional currency U.S. dollar, largely offset by the currency translation adjustment reserve from our Italian subsidiary, together with the negative
\n
impact from Brazilian Real depreciation against the U.S. dollar on U.S. dollar denominated intercompany liabilities in subsidiaries with functional
\n
currency Brazilian Real, largely offset by the currency translation adjustment reserve from our Brazilian subsidiaries. Also includes the negative result
\n
from the Mexican peso depreciation against the U.S. dollar on peso denominated trade, social, fiscal and financial positions at Mexican subsidiaries
\n
with functional currency U.S. dollar.
\n

\n\n
Foreign exchange derivatives contracts results:
\n
In 2022 includes mainly losses on derivatives covering net receivables in Brazilian real and net liabilities in Euro and Japanese yen.
\n
In 2021 includes mainly losses on derivatives covering net liabilities in Euro and Japanese yen, partially offset by gains on derivatives covering net
\n
receivables in Brazilian real.
\n
In 2020 includes mainly gain on derivatives covering net receivables in Mexican peso, Brazilian real and Canadian dollar and net payables in Euro.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag592": { "value": "\n
8 Income tax
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Current tax
\n
(589,706)
\n
(215,467)
\n
(121,048)
\n
Deferred tax
\n
(27,530)
\n
26,019
\n
97,898
\n
Tax charge
\n
(617,236)
\n
(189,448)
\n
(23,150)
\n
\n
\n
The tax on Tenaris\u2019s income before tax differs from the theoretical amount that would arise using the tax rate in each
\n
country as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Income (loss) before income tax
\n
3,165,937
\n
1,242,766
\n
(619,267)
\n
Less impairment charges (non-deductible)
\n
-
\n
57,075
\n
622,402
\n
Income before income tax without impairment charges
\n
3,165,937
\n
1,299,841
\n
3,135
\n
\n
\n
\n
\n
Tax calculated at the tax rate in each country
\n
(705,727)
\n
(209,765)
\n
21,052
\n
Effect of currency translation on tax base
\n
(187,186)
\n
(76,043)
\n
(72,936)
\n
Changes in the tax rates
\n
(3,422)
\n
(29,881)
\n
(958)
\n
Utilization of previously unrecognized tax losses
\n
29,560
\n
966
\n
98
\n
Tax revaluation, withholding tax and others
\n
249,539
\n
125,275
\n
29,594
\n
Tax charges
\n
(617,236)
\n
(189,448)
\n
(23,150)
\n
\n
\n
Effect of currency translation on tax base, Tenaris applies the liability method to recognize deferred income tax on
\n
temporary differences between the tax bases of assets / liabilities and their carrying amounts in the financial statements.
\n
By application of this method, Tenaris recognizes gains and losses on deferred income tax due to the effect of the change
\n
in the value on the tax bases in subsidiaries (mainly Argentina and Mexico), which have a functional currency different
\n
than their local currency. These gains and losses are required by IFRS even though the revalued / devalued tax bases of
\n
the relevant assets will not result in any deduction / obligation for tax purposes in future periods.
\n
\n
Changes in the tax rates includes mainly the effect of the increase in the corporate income tax rate in Argentina from
\n
25% to 35% for fiscal years starting January 1, 2021.
\n
\n
Tax revaluation, withholding tax and others, includes a net tax income of $250 million, $113 million and $61 million for
\n
2022, 2021 and 2020 respectively related to the tax revaluation regimes in Argentina and Mexico. It also includes a charge
\n
of $21 million, $23 million and $10 million for 2022, 2021 and 2020 respectively related to withholding taxes for intra-
\n
group international operations.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag501": { "value": "\n
9 Dividends distribution
\n
\n
On November 3, 2022, the Company\u2019s Board of Directors approved the payment of an interim dividend of $0.17 per share
\n
($0.34 per ADS), or approximately $201 million, paid on November 23, 2022, with an ex-dividend date of November 21,
\n
2022.
\n
\n
On May 3, 2022, the Company\u2019s Shareholders approved an annual dividend in the amount of $0.41 per share ($0.82 per
\n
ADS). The amount approved included the interim dividend previously paid in November 24, 2021 in the amount of $0.13
\n
per share ($0.26 per ADS). The balance, amounting to $0.28 per share ($0.56 per ADS), was paid on May 25, 2022, for an
\n
amount of approximately $331 million. In the aggregate, the interim dividend paid in November 2021 and the balance
\n
paid in May 2022 amounted to approximately $484 million.
\n
\n
On May 3, 2021, the Company\u2019s Shareholders approved an annual dividend in the amount of $0.21 per share ($0.42 per
\n
ADS). The amount approved included the interim dividend previously paid in November 25, 2020 in the amount of $0.07
\n
per share ($0.14 per ADS). The balance, amounting to $0.14 per share ($0.28 per ADS), was paid on May 26, 2021, for an
\n
amount of approximately $165 million. In the aggregate, the interim dividend paid in November 2020 and the balance
\n
paid in May 2021 amounted to approximately $248 million.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag493": { "value": "0.17", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "Tag497": { "value": "\n
10 Property, plant and equipment, net
\n
\n
\n
Year ended December 31, 2022
\n
Land and
\n
civil
\n
buildings
\n
Industrial
\n
buildings,
\n
plant and
\n
production
\n
equipment
\n
Vehicles,
\n
furniture
\n
and
\n
fixtures
\n
Work in
\n
progress
\n
Spare parts
\n
and
\n
equipment
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
830,104
\n
13,064,541
\n
420,930
\n
147,429
\n
59,522
\n
14,522,526
\n
Currency translation adjustment
\n
(1,601)
\n
(71,347)
\n
(1,838)
\n
376
\n
(174)
\n
(74,584)
\n
Increase due to business combinations
\n
(*)
\n
\n
-
\n
-
\n
-
\n
187
\n
-
\n
187
\n
Additions
\n
-
\n
2,271
\n
734
\n
334,912
\n
8,150
\n
346,067
\n
Transfers / Reclassifications
\n
9,829
\n
184,915
\n
16,221
\n
(227,153)
\n
-
\n
(16,188)
\n
Disposals / Consumptions
\n
(22,569)
\n
(322,886)
\n
(33,562)
\n
(3,372)
\n
(11,972)
\n
(394,361)
\n
Values at the end of the year
\n
815,763
\n
12,857,494
\n
402,485
\n
252,379
\n
55,526
\n
14,383,647
\n
\n
\n
\n
\n
\n
\n
\n
Depreciation and impairment
\n
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
139,941
\n
8,199,724
\n
353,639
\n
-
\n
4,421
\n
8,697,725
\n
Currency translation adjustment
\n
(289)
\n
(51,283)
\n
(1,756)
\n
-
\n
130
\n
(53,198)
\n
Depreciation charge
\n
13,577
\n
432,648
\n
21,022
\n
-
\n
20,485
\n
487,732
\n
Impairment charge (See note 5)
\n
-
\n
75,722
\n
321
\n
-
\n
-
\n
76,043
\n
Transfers / Reclassifications
\n
(2)
\n
(21,506)
\n
(215)
\n
-
\n
-
\n
(21,723)
\n
Disposals / Consumptions
\n
(955)
\n
(321,334)
\n
(32,485)
\n
-
\n
(4,421)
\n
(359,195)
\n
Accumulated at the end of the year
\n
152,272
\n
8,313,971
\n
340,526
\n
-
\n
20,615
\n
8,827,384
\n
At December 31, 2022
\n
663,491
\n
4,543,523
\n
61,959
\n
252,379
\n
34,911
\n
5,556,263
\n
\n
(*)
\n
Related to Parques E\u00f3licos de la Buena Ventura S.A. acquisition, for more information see note 33 to these Consolidated Financial Statements.
\n

\n\n

\n
Land and
\n
civil
\n
buildings
\n
Industrial
\n
buildings,
\n
plant and
\n
production
\n
equipment
\n
Vehicles,
\n
furniture
\n
and
\n
fixtures
\n
Work in
\n
progress
\n
Spare
\n
parts and
\n
equipment
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
839,584
\n
13,079,545
\n
414,757
\n
102,226
\n
61,893
\n
14,498,005
\n
Currency translation adjustment
\n
(5,084)
\n
(138,839)
\n
(5,042)
\n
(365)
\n
(569)
\n
(149,899)
\n
Additions
\n
8
\n
15,238
\n
1,171
\n
192,470
\n
4,830
\n
213,717
\n
Transfers / Reclassifications
\n
2,448
\n
148,037
\n
17,688
\n
(146,752)
\n
-
\n
21,421
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
(200)
\n
(4,310)
\n
(62)
\n
-
\n
-
\n
(4,572)
\n
Disposals / Consumptions
\n
(6,652)
\n
(35,130)
\n
(7,582)
\n
(150)
\n
(6,632)
\n
(56,146)
\n
Values at the end of the year
\n
830,104
\n
13,064,541
\n
420,930
\n
147,429
\n
59,522
\n
14,522,526
\n
\n
\n
\n
\n
\n
\n
\n
Depreciation and impairment
\n
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
132,458
\n
7,830,120
\n
342,246
\n
-
\n
-
\n
8,304,824
\n
Currency translation adjustment
\n
(1,292)
\n
(97,236)
\n
(4,621)
\n
-
\n
-
\n
(103,149)
\n
Depreciation charge
\n
9,736
\n
440,316
\n
21,715
\n
-
\n
-
\n
471,767
\n
Impairment charge (See note 5)
\n
-
\n
51,470
\n
780
\n
-
\n
4,421
\n
56,671
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
-
\n
(567)
\n
(53)
\n
-
\n
-
\n
(620)
\n
Disposals / Consumptions
\n
(961)
\n
(24,379)
\n
(6,428)
\n
-
\n
-
\n
(31,768)
\n
Accumulated at the end of the year
\n
139,941
\n
8,199,724
\n
353,639
\n
-
\n
4,421
\n
8,697,725
\n
At December 31, 2021
\n
690,163
\n
4,864,817
\n
67,291
\n
147,429
\n
55,101
\n
5,824,801
\n
\n
(*)
\n
Related to Geneva sale. See note 6 to these Consolidated Financial Statements.
\n
\n
See note 27 for a description of certain restricted assets with a carrying value of $56.2 million held in Saudi Arabia by the Company\u2019s
\n
subsidiary SSPC, in which Tenaris holds a 47.79%.
\n
\n\n
Property, plant and equipment include capitalized interests for net amounts at December 31, 2022 and 2021 of $30.4 million and $32
\n
million, respectively. There were no new interests capitalized during 2022 and 2021.
\n

\n\n
\n
Government grants recognized as a reduction of property, plant and equipment were immaterial for the years 2022 and 2021.
\n
\n
The carrying amounts of assets pledged as security for current and non-current borrowings were immaterial for the years 2022 and
\n
2021.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag496": { "value": "\n
Property, plant and equipment include capitalized interests for net amounts at December 31, 2022 and 2021 of $30.4 million and $32
\n
million, respectively. There were no new interests capitalized during 2022 and 2021.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag502": { "value": "\n
\n
11 Intangible assets, net
\n
\n
Year ended December 31, 2022
\n
Information
\n
system
\n
projects
\n
Licenses,
\n
patents and
\n
trademarks
\n
(*)
\n
\n
Goodwill
\n
Customer
\n
relationships
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
650,155
\n
547,527
\n
2,468,638
\n
2,211,151
\n
5,877,471
\n
Currency translation adjustment
\n
(2,626)
\n
-
\n
1,088
\n
-
\n
(1,538)
\n
Increase due to business combinations
\n
(**)
\n
\n
-
\n
4,019
\n
-
\n
-
\n
4,019
\n
Additions
\n
31,427
\n
952
\n
-
\n
-
\n
32,379
\n
Transfers / Reclassifications
\n
(5,535)
\n
-
\n
-
\n
-
\n
(5,535)
\n
Disposals
\n
(***)
\n
\n
(58,947)
\n
(1,507)
\n
-
\n
(449,109)
\n
(509,563)
\n
Values at the end of the year
\n
614,474
\n
550,991
\n
2,469,726
\n
1,762,042
\n
5,397,233
\n
\n
\n
\n
\n
\n
\n
Amortization and impairment
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the
\n
year
\n
599,307
\n
391,223
\n
1,383,994
\n
2,130,771
\n
4,505,295
\n
Currency translation adjustment
\n
(2,496)
\n
-
\n
-
\n
-
\n
(2,496)
\n
Amortization charge
\n
23,218
\n
8,701
\n
-
\n
38,853
\n
70,772
\n
Impairment charge (See note 5)
\n
2
\n
-
\n
680
\n
-
\n
682
\n
Disposals
\n
(***)
\n
\n
(58,912)
\n
(1,507)
\n
-
\n
(449,109)
\n
(509,528)
\n
Accumulated at the end of the year
\n
561,119
\n
398,417
\n
1,384,674
\n
1,720,515
\n
4,064,725
\n
At December 31, 2022
\n
53,355
\n
152,574
\n
1,085,052
\n
41,527
\n
1,332,508
\n
\n\n
(*)
\n
Includes Proprietary Technology.
\n
(**)
\n
Related to Parques E\u00f3licos de la Buena Ventura S.A. acquisition, for more information see note 33 to these Consolidated Financial Statements.
\n
\n\n

\n\n
\n\n
(***)
\n
Mainly related to fully depreciated assets following the deconsolidation of a Canadian subsidiary of the Company.
\n
\n\n

\n\n

\n
Information
\n
system projects
\n
Licenses,
\n
patents and
\n
trademarks
\n
(*)
\n
\n
Goodwill
\n
Customer
\n
relationships
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
637,352
\n
550,500
\n
2,469,962
\n
2,211,151
\n
5,868,965
\n
Currency translation adjustment
\n
(6,466)
\n
(151)
\n
(1,324)
\n
-
\n
(7,941)
\n
Additions
\n
22,830
\n
2,971
\n
-
\n
-
\n
25,801
\n
Transfers / Reclassifications
\n
(2,902)
\n
(4,637)
\n
-
\n
-
\n
(7,539)
\n
Disposals
\n
(659)
\n
(1,156)
\n
-
\n
-
\n
(1,815)
\n
Values at the end of the year
\n
650,155
\n
547,527
\n
2,468,638
\n
2,211,151
\n
5,877,471
\n
\n
\n
\n
\n
\n
\n
Amortization and impairment
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
577,359
\n
382,531
\n
1,383,994
\n
2,096,025
\n
4,439,909
\n
Currency translation adjustment
\n
(6,014)
\n
-
\n
-
\n
-
\n
(6,014)
\n
Amortization charge
\n
28,072
\n
8,701
\n
-
\n
34,746
\n
71,519
\n
Impairment charge (See note 5)
\n
404
\n
-
\n
-
\n
-
\n
404
\n
Disposals
\n
(514)
\n
(9)
\n
-
\n
-
\n
(523)
\n
Accumulated at the end of the year
\n
599,307
\n
391,223
\n
1,383,994
\n
2,130,771
\n
4,505,295
\n
At December 31, 2021
\n
50,848
\n
156,304
\n
1,084,644
\n
80,380
\n
1,372,176
\n
\n
(*)
\n
Includes Proprietary Technology.
\n
\n\n
\n\n
The geographical allocation of goodwill for the year ended December 31, 2022 was $939.2 million for North America,
\n
$111 million for South America, $33 million for Middle East & Africa and $1.9 million for Europe.
\n
\n\n
\n
The carrying amount of goodwill allocated by CGU, as of December 31, 2022, was as follows:
\n
\n
(all amounts in millions of U.S. dollars)
\n
\n
\n
\n
\n
Tubes Segment
\n
\n
CGU
\n
Hydril Acquisition
\n
Other
\n
Total
\n
Tamsa (Hydril and other)
\n
346
\n
19
\n
365
\n
Siderca (Hydril and other)
\n
265
\n
93
\n
358
\n
Hydril
\n
309
\n
-
\n
309
\n
Other
\n
-
\n
53
\n
53
\n
Total
\n
920
\n
165
\n
1,085
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag545": { "value": "\n
(*)
\n
Includes Proprietary Technology.
\n
(**)
\n
Related to Parques E\u00f3licos de la Buena Ventura S.A. acquisition, for more information see note 33 to these Consolidated Financial Statements.
\n
\n\n
(***)
\n
Mainly related to fully depreciated assets following the deconsolidation of a Canadian subsidiary of the Company.
\n
\n\n
The geographical allocation of goodwill for the year ended December 31, 2022 was $939.2 million for North America,
\n
$111 million for South America, $33 million for Middle East & Africa and $1.9 million for Europe.
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag503": { "value": "\n
\n\n
The geographical allocation of goodwill for the year ended December 31, 2022 was $939.2 million for North America,
\n
$111 million for South America, $33 million for Middle East & Africa and $1.9 million for Europe.
\n
\n\n
\n
The carrying amount of goodwill allocated by CGU, as of December 31, 2022, was as follows:
\n
\n
(all amounts in millions of U.S. dollars)
\n
\n
\n
\n
\n
Tubes Segment
\n
\n
CGU
\n
Hydril Acquisition
\n
Other
\n
Total
\n
Tamsa (Hydril and other)
\n
346
\n
19
\n
365
\n
Siderca (Hydril and other)
\n
265
\n
93
\n
358
\n
Hydril
\n
309
\n
-
\n
309
\n
Other
\n
-
\n
53
\n
53
\n
Total
\n
920
\n
165
\n
1,085
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag494": { "value": "\n
12 Right-of-use assets, net and lease liabilities
\n
\n
Right of use assets evolution
\n
\n
Year ended December 31, 2022
\n
Land and Civil
\n
Buildings
\n
Industrial
\n
Buildings,
\n
Plant and
\n
Production
\n
Equipment
\n
Vehicles,
\n
furniture and
\n
fixtures
\n
Others
\n
Total
\n
Cost
\n
\n
\n
\n
\n
\n
Opening net book amount
\n
46,082
\n
131,816
\n
20,256
\n
-
\n
198,154
\n
Currency translation adjustment
\n
52
\n
(414)
\n
(417)
\n
-
\n
(779)
\n
Additions
\n
15,872
\n
31,778
\n
7,674
\n
1,182
\n
56,506
\n
Transfers / Reclassifications
\n
(5,166)
\n
(1,317)
\n
6,483
\n
-
\n
-
\n
Disposals
\n
(13,270)
\n
(36,186)
\n
(3,705)
\n
-
\n
(53,161)
\n
At December 31, 2022
\n
43,570
\n
125,677
\n
30,291
\n
1,182
\n
200,720
\n
\n
\n
\n
\n
\n
\n
Depreciation
\n
\n
\n
\n
\n
\n
Accumulated at the beginning of the
\n
year
\n
24,005
\n
54,727
\n
10,684
\n
-
\n
89,416
\n
Currency translation adjustment
\n
(9)
\n
(139)
\n
(251)
\n
-
\n
(399)
\n
Depreciation charge
\n
8,965
\n
32,767
\n
7,277
\n
210
\n
49,219
\n
Transfers / Reclassifications
\n
(3,974)
\n
1,431
\n
2,543
\n
-
\n
-
\n
Disposals
\n
(10,054)
\n
(35,992)
\n
(3,211)
\n
-
\n
(49,257)
\n
Accumulated at the end of the year
\n
18,933
\n
52,794
\n
17,042
\n
210
\n
88,979
\n
At December 31, 2022
\n
24,637
\n
72,883
\n
13,249
\n
972
\n
111,741
\n

\n\n
Land and Civil
\n
Buildings
\n
Industrial
\n
Buildings, Plant
\n
and Production
\n
Equipment
\n
Vehicles, furniture
\n
and fixtures
\n
Total
\n
Cost
\n
\n
\n
\n
\n
Opening net book amount
\n
41,932
\n
273,358
\n
18,615
\n
333,905
\n
Currency translation adjustment
\n
(187)
\n
(592)
\n
(560)
\n
(1,339)
\n
Additions
\n
6,010
\n
10,127
\n
6,189
\n
22,326
\n
Transfers / Reclassifications
\n
-
\n
(274)
\n
277
\n
3
\n
Disposals
\n
(*)
\n
\n
(1,673)
\n
(150,803)
\n
(4,265)
\n
(156,741)
\n
At December 31, 2021
\n
46,082
\n
131,816
\n
20,256
\n
198,154
\n
\n
\n
\n
\n
\n
Depreciation
\n
\n
\n
\n
\n
Accumulated at the beginning of the year
\n
15,142
\n
67,993
\n
8,817
\n
91,952
\n
Currency translation adjustment
\n
(37)
\n
(177)
\n
(260)
\n
(474)
\n
Depreciation charge
\n
9,882
\n
35,964
\n
5,589
\n
51,435
\n
Transfers / Reclassifications
\n
-
\n
96
\n
(93)
\n
3
\n
Disposals
\n
(*)
\n
\n
(982)
\n
(49,149)
\n
(3,369)
\n
(53,500)
\n
Accumulated at the end of the year
\n
24,005
\n
54,727
\n
10,684
\n
89,416
\n
At December 31, 2021
\n
22,077
\n
77,089
\n
9,572
\n
108,738
\n
\n
(*)
\n
Includes net disposals of $96.6 million related to NKKTubes lease agreement re-measurement due to joint venture termination.
\n
\n
Depreciation of right-of-use assets is mainly included in Tubes segment.
\n
\n
Lease liability evolution
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
\n
\n
\n
Opening net book amount
\n
117,285
\n
257,343
\n
Translation differences
\n
(3,922)
\n
(11,350)
\n
Additions
\n
56,459
\n
22,261
\n
Cancellations
\n
(*)
\n
\n
(5,207)
\n
(103,329)
\n
Repayments
\n
(**)
\n
\n
(55,874)
\n
(50,998)
\n
Interest accrued
\n
3,436
\n
3,358
\n
At December 31,
\n
112,177
\n
117,285
\n
\n
(*)
\n
For 2021, includes $95.8 million related to NKKTubes lease agreement re-measurement due to joint venture termination.
\n
(**)
\n
For 2022 includes repayments of $52.4 million in capital and $3.5 million of interest, and for 2021 includes repayments of $48.5 million in capital
\n
and $2.5 million of interest.
\n
\n
As of December 2022, the amount of remaining payments with maturity less than 1 year, between 2 and 5 years and
\n
more than 5 years is approximately 25.5%, 47.5% and 27%, respectively.
\n
\n
As of December 2021, the amount of remaining payments with maturity less than 1 year, between 2 and 5 years and
\n
more than 5 years was approximately 29.5%, 33.6% and 36.9%, respectively.
\n
\n
Expenses related to short-term leases, leases of low value assets and variable leases (included in cost of sales and selling,
\n
general and administrative expenses) were not material for the years 2022 and 2021.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag500": { "value": "\n

\n\n

\n
13 Investments in non-consolidated companies
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
1,383,774
\n
957,352
\n
Translation differences
\n
7,336
\n
(11,085)
\n
Equity in earnings of non-consolidated companies
\n
242,743
\n
512,591
\n
Impairment loss in non-consolidated companies
\n
(*)
\n
\n
(34,041)
\n
-
\n
Dividends and distributions declared
\n
(**)
\n
\n
(64,189)
\n
(78,926)
\n
Increase in equity reserves and others
\n
5,023
\n
3,842
\n
At the end of the year
\n
1,540,646
\n
1,383,774
\n
\n
(*)
\n
Includes an impairment of $19.1 million related to the investment in Usiminas and $14.9 million related to the joint venture with PAO Severstal
\n
(\u201cSeverstal\u201d). For more information see note 36.
\n
(**)
\n
Related to Ternium and Usiminas. During 2022 and 2021 $66.2 million and $75.9 million respectively were collected.
\n
\n
The principal non-consolidated companies are:
\n
\n
\n
\n
% ownership at December 31,
\n
Book value at December 31,
\n
Company
\n
Country of incorporation
\n
2022
\n
2021
\n
2022
\n
2021
\n
a) Ternium
\n
(*)
\n
\n
Luxembourg
\n
11.46%
\n
11.46%
\n
1,363,607
\n
1,210,206
\n
b) Usiminas
\n
(**)
\n
\n
Brazil
\n
3.07%
\n
3.07%
\n
109,534
\n
103,106
\n
c) Techgen
\n
Mexico
\n
22.00%
\n
22.00%
\n
41,506
\n
29,397
\n
d) Global Pipe Company
\n
Saudi Arabia
\n
35.00%
\n
35.00%
\n
23,022
\n
21,523
\n
Others
\n
\n
\n
\n
2,977
\n
19,542
\n
\n
\n
\n
\n
1,540,646
\n
1,383,774
\n
(*)
\n
Including treasury shares.
\n
(**)
\n
At December 31, 2022 and 2021 the voting rights were 5.19%.
\n
\n\n
a) Ternium
\n
\n
Ternium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United States
\n
and Central America and is one of Tenaris\u2019s main suppliers of round steel bars and flat steel products for its pipes business.
\n
\n
At December 31, 2022, the closing price of Ternium\u2019s ADSs as quoted on the New York Stock Exchange was $30.56 per
\n
ADS, giving Tenaris\u2019s ownership stake a market value of approximately $702 million. At December 31, 2022, the carrying
\n
value of Tenaris\u2019s ownership stake in Ternium, based on Ternium\u2019s IFRS Financial Statements, was approximately $1,363.6
\n
million. The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset\u2019s
\n
carrying amount may not be recoverable. As of December 31, 2022, the Company concluded that the carrying amount
\n
does not exceed the recoverable value of the investment.
\n
\n
Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Ternium
\n
\n
2022
\n
2021
\n
Non-current assets
\n
8,647,510
\n
8,491,363
\n
Current assets
\n
8,844,038
\n
8,606,544
\n
Total assets
\n
17,491,548
\n
17,097,907
\n
Non-current liabilities
\n
1,506,325
\n
1,649,105
\n
Current liabilities
\n
2,216,832
\n
3,213,764
\n
Total liabilities
\n
3,723,157
\n
4,862,869
\n
Total equity
\n
13,768,391
\n
12,235,038
\n
Non-controlling interests
\n
1,922,434
\n
1,700,019
\n
\n
\n
\n
Revenues
\n
16,414,466
\n
16,090,744
\n
Gross profit
\n
3,927,184
\n
6,195,674
\n
Net income for the year attributable to owners of the parent
\n
1,767,516
\n
3,825,068
\n

\n\n

\n\n

\n\n

\n\n

\n\n
b) Usiminas
\n
\n
Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.
\n
\n
As of December 31, 2022, the closing price of the Usiminas\u2019 ordinary and preferred shares, as quoted on the B3 - Brasil
\n
Bolsa Balc\u00e3o S.A, was BRL7.41 ($1.42) and BRL7.16 ($1.37), respectively, giving Tenaris\u2019s ownership stake a market value
\n
of approximately $53.6 million. As of that date, the carrying value of Tenaris\u2019s ownership stake in Usiminas was
\n
approximately $109.5 million.
\n
\n
For the year ended December 31, 2022, the Company conducted an impairment test and - mainly due to the lower
\n
expectations of steel demand and market steel prices, together with a worsened global macroeconomic situation that
\n
derived in the increase in discount rates - wrote down its investment in Usiminas by $19.1 million. The value-in-use was
\n
used to determine the recoverable value. Value-in-use was calculated discounting the estimated cash flows over a five-
\n
year period based on forecasts approved by management. For the subsequent years beyond the five-year period, a
\n
terminal value was calculated based on perpetuity considering a nominal growth rate of 2%. The discount rate used for
\n
such test was 13.5% and is based on the respective WACC, which is considered to be a good indicator of capital cost. The
\n
main factors that could result in additional impairment charges in future periods would be an increase of the discount
\n
rate, or a deterioration of the macroeconomic situation, steel demand and prices. Management has considered and
\n
assessed reasonably possible changes in the key assumptions and has not identified any instances that could give rise to
\n
an additional material impairment charge over its investment in Usiminas.
\n
\n
Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Usiminas
\n
\n
2022
\n
2021
\n
Non-current assets
\n
3,764,453
\n
3,491,103
\n
Current assets
\n
3,901,844
\n
3,583,814
\n
Total assets
\n
7,666,297
\n
7,074,917
\n
Non-current liabilities
\n
1,671,249
\n
1,575,321
\n
Current liabilities
\n
1,033,524
\n
1,134,663
\n
Total liabilities
\n
2,704,773
\n
2,709,984
\n
Total equity
\n
4,961,524
\n
4,364,933
\n
Non-controlling interests
\n
523,741
\n
467,551
\n
\n
\n
\n
Revenues
\n
6,296,964
\n
6,269,569
\n
Gross profit
\n
1,110,439
\n
2,101,336
\n
Net income for the year attributable to owners of the parent
\n
319,979
\n
1,687,682
\n

\n\n
\n
c) Techgen
\n
\n
Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer\u00eda
\n
area of the State of Nuevo Le\u00f3n, Mexico, with a power capacity of 900 megawatts. As of December 31, 2022, Tenaris held
\n
22% of Techgen\u2019s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San Faustin), held 48% and
\n
30% respectively. As of December 31, 2022, the carrying value of Tenaris\u2019s ownership stake in Techgen was approximately
\n
$41.5 million.
\n
\n
Techgen entered into certain transportation capacity agreements, equipment and other services related to the
\n
equipment, and an agreement for the purchase of clean energy certificates. As of December 31, 2022, Tenaris\u2019s exposure
\n
under these agreements amounted to $42.5 million, $0.9 million and $17.2 million respectively.
\n
\n
Techgen\u2019s sponsors granted certain subordinated loans to Techgen. As of December 31, 2022, the aggregate outstanding
\n
principal amount under these subordinated loans was $264.2 million, of which $58.1 million correspond to Tenaris\u2019s
\n
contribution.
\n
\n
On February 13, 2019, Techgen entered into a $640 million syndicated loan agreement with several banks to refinance
\n
an existing loan, resulting in the release of certain corporate guarantees previously issued by Techgen\u2019s shareholders to
\n
secure the replaced facility.
\n

\n\n

\n\n

\n\n
The existing syndicated loan agreement is \u201cnon-recourse\u201d on the sponsors. Techgen\u2019s obligations thereunder are
\n
guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and
\n
certain direct agreements \u2013customary for these type of transactions\u2013. The commercial terms and conditions governing
\n
the purchase by the Company\u2019s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen remain
\n
substantially unchanged.
\n
\n
Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service
\n
becoming due during two consecutive quarters; such account is funded by stand-by letters of credit issued for the account
\n
of Techgen\u2019s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company applied for
\n
stand-by letters of credit covering 22% of the debt service coverage ratio, which as of December 31, 2022, amounted to
\n
$10.3 million.
\n
\n
d) GPC
\n
\n
GPC is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW
\n
pipes. Tenaris, through its subsidiary SSPC, currently owns 35% of the share capital of GPC. As of December 31, 2022, the
\n
carrying value of Tenaris\u2019s ownership stake in GPC was approximately $23 million.
\n
\n
SSPC and the other three owners of GPC have issued corporate guarantees to secure repayment of loan agreements
\n
entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank
\n
and Banque Saudi Fransi to finance GPC\u2019s capital expenditures and working capital. As of December 31, 2022, SSPC\u2019s
\n
exposure under the guarantees amounted to $84 million.
\n
\n
In December 2022, EEW, a German company that owns another 35% interest in GPC, expressed its intention to sell its
\n
entire interest in GPC for a cash amount of $9.9 million and a release of EEW\u2019s corporate guarantees with respect to
\n
GPC\u2019s debt. SSPC and another shareholder that owns a 20% interest in GPC exercised their respective rights of first refusal.
\n
Each such acquisition is subject to customary conditions, including competition clearance and bank consents. If both
\n
acquisitions are consummated, SSPC will acquire a 22.3% additional interest in GPC (thus totaling a 57.3% interest) and
\n
will assume a portion of EEW\u2019s corporate guarantees (so that SSPC\u2019s exposure under the guarantees will increase to
\n
$137.5 million based on debt amounts as of December 31, 2022).
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag498": { "value": "\n

\n
13 Investments in non-consolidated companies
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
1,383,774
\n
957,352
\n
Translation differences
\n
7,336
\n
(11,085)
\n
Equity in earnings of non-consolidated companies
\n
242,743
\n
512,591
\n
Impairment loss in non-consolidated companies
\n
(*)
\n
\n
(34,041)
\n
-
\n
Dividends and distributions declared
\n
(**)
\n
\n
(64,189)
\n
(78,926)
\n
Increase in equity reserves and others
\n
5,023
\n
3,842
\n
At the end of the year
\n
1,540,646
\n
1,383,774
\n
\n
(*)
\n
Includes an impairment of $19.1 million related to the investment in Usiminas and $14.9 million related to the joint venture with PAO Severstal
\n
(\u201cSeverstal\u201d). For more information see note 36.
\n
(**)
\n
Related to Ternium and Usiminas. During 2022 and 2021 $66.2 million and $75.9 million respectively were collected.
\n
\n
The principal non-consolidated companies are:
\n
\n
\n
\n
% ownership at December 31,
\n
Book value at December 31,
\n
Company
\n
Country of incorporation
\n
2022
\n
2021
\n
2022
\n
2021
\n
a) Ternium
\n
(*)
\n
\n
Luxembourg
\n
11.46%
\n
11.46%
\n
1,363,607
\n
1,210,206
\n
b) Usiminas
\n
(**)
\n
\n
Brazil
\n
3.07%
\n
3.07%
\n
109,534
\n
103,106
\n
c) Techgen
\n
Mexico
\n
22.00%
\n
22.00%
\n
41,506
\n
29,397
\n
d) Global Pipe Company
\n
Saudi Arabia
\n
35.00%
\n
35.00%
\n
23,022
\n
21,523
\n
Others
\n
\n
\n
\n
2,977
\n
19,542
\n
\n
\n
\n
\n
1,540,646
\n
1,383,774
\n
(*)
\n
Including treasury shares.
\n
(**)
\n
At December 31, 2022 and 2021 the voting rights were 5.19%.
\n
\n\n
a) Ternium
\n
\n
Ternium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United States
\n
and Central America and is one of Tenaris\u2019s main suppliers of round steel bars and flat steel products for its pipes business.
\n
\n
At December 31, 2022, the closing price of Ternium\u2019s ADSs as quoted on the New York Stock Exchange was $30.56 per
\n
ADS, giving Tenaris\u2019s ownership stake a market value of approximately $702 million. At December 31, 2022, the carrying
\n
value of Tenaris\u2019s ownership stake in Ternium, based on Ternium\u2019s IFRS Financial Statements, was approximately $1,363.6
\n
million. The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset\u2019s
\n
carrying amount may not be recoverable. As of December 31, 2022, the Company concluded that the carrying amount
\n
does not exceed the recoverable value of the investment.
\n
\n
Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Ternium
\n
\n
2022
\n
2021
\n
Non-current assets
\n
8,647,510
\n
8,491,363
\n
Current assets
\n
8,844,038
\n
8,606,544
\n
Total assets
\n
17,491,548
\n
17,097,907
\n
Non-current liabilities
\n
1,506,325
\n
1,649,105
\n
Current liabilities
\n
2,216,832
\n
3,213,764
\n
Total liabilities
\n
3,723,157
\n
4,862,869
\n
Total equity
\n
13,768,391
\n
12,235,038
\n
Non-controlling interests
\n
1,922,434
\n
1,700,019
\n
\n
\n
\n
Revenues
\n
16,414,466
\n
16,090,744
\n
Gross profit
\n
3,927,184
\n
6,195,674
\n
Net income for the year attributable to owners of the parent
\n
1,767,516
\n
3,825,068
\n

\n\n

\n\n

\n\n
b) Usiminas
\n
\n
Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.
\n
\n
As of December 31, 2022, the closing price of the Usiminas\u2019 ordinary and preferred shares, as quoted on the B3 - Brasil
\n
Bolsa Balc\u00e3o S.A, was BRL7.41 ($1.42) and BRL7.16 ($1.37), respectively, giving Tenaris\u2019s ownership stake a market value
\n
of approximately $53.6 million. As of that date, the carrying value of Tenaris\u2019s ownership stake in Usiminas was
\n
approximately $109.5 million.
\n
\n
For the year ended December 31, 2022, the Company conducted an impairment test and - mainly due to the lower
\n
expectations of steel demand and market steel prices, together with a worsened global macroeconomic situation that
\n
derived in the increase in discount rates - wrote down its investment in Usiminas by $19.1 million. The value-in-use was
\n
used to determine the recoverable value. Value-in-use was calculated discounting the estimated cash flows over a five-
\n
year period based on forecasts approved by management. For the subsequent years beyond the five-year period, a
\n
terminal value was calculated based on perpetuity considering a nominal growth rate of 2%. The discount rate used for
\n
such test was 13.5% and is based on the respective WACC, which is considered to be a good indicator of capital cost. The
\n
main factors that could result in additional impairment charges in future periods would be an increase of the discount
\n
rate, or a deterioration of the macroeconomic situation, steel demand and prices. Management has considered and
\n
assessed reasonably possible changes in the key assumptions and has not identified any instances that could give rise to
\n
an additional material impairment charge over its investment in Usiminas.
\n
\n
Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Usiminas
\n
\n
2022
\n
2021
\n
Non-current assets
\n
3,764,453
\n
3,491,103
\n
Current assets
\n
3,901,844
\n
3,583,814
\n
Total assets
\n
7,666,297
\n
7,074,917
\n
Non-current liabilities
\n
1,671,249
\n
1,575,321
\n
Current liabilities
\n
1,033,524
\n
1,134,663
\n
Total liabilities
\n
2,704,773
\n
2,709,984
\n
Total equity
\n
4,961,524
\n
4,364,933
\n
Non-controlling interests
\n
523,741
\n
467,551
\n
\n
\n
\n
Revenues
\n
6,296,964
\n
6,269,569
\n
Gross profit
\n
1,110,439
\n
2,101,336
\n
Net income for the year attributable to owners of the parent
\n
319,979
\n
1,687,682
\n

\n\n
\n
c) Techgen
\n
\n
Techgen is a Mexican company that operates a natural gas-fired combined cycle electric power plant in the Pesquer\u00eda
\n
area of the State of Nuevo Le\u00f3n, Mexico, with a power capacity of 900 megawatts. As of December 31, 2022, Tenaris held
\n
22% of Techgen\u2019s share capital, and its affiliates, Ternium and Tecpetrol (both controlled by San Faustin), held 48% and
\n
30% respectively. As of December 31, 2022, the carrying value of Tenaris\u2019s ownership stake in Techgen was approximately
\n
$41.5 million.
\n
\n
Techgen entered into certain transportation capacity agreements, equipment and other services related to the
\n
equipment, and an agreement for the purchase of clean energy certificates. As of December 31, 2022, Tenaris\u2019s exposure
\n
under these agreements amounted to $42.5 million, $0.9 million and $17.2 million respectively.
\n
\n
Techgen\u2019s sponsors granted certain subordinated loans to Techgen. As of December 31, 2022, the aggregate outstanding
\n
principal amount under these subordinated loans was $264.2 million, of which $58.1 million correspond to Tenaris\u2019s
\n
contribution.
\n
\n
On February 13, 2019, Techgen entered into a $640 million syndicated loan agreement with several banks to refinance
\n
an existing loan, resulting in the release of certain corporate guarantees previously issued by Techgen\u2019s shareholders to
\n
secure the replaced facility.
\n

\n\n
The existing syndicated loan agreement is \u201cnon-recourse\u201d on the sponsors. Techgen\u2019s obligations thereunder are
\n
guaranteed by a Mexican security trust (covering shares, assets, accounts and contract rights), account pledges and
\n
certain direct agreements \u2013customary for these type of transactions\u2013. The commercial terms and conditions governing
\n
the purchase by the Company\u2019s Mexican subsidiary, Tamsa, of 22% of the energy generated by Techgen remain
\n
substantially unchanged.
\n
\n
Under the loan agreement, Techgen is committed to maintain a debt service reserve account covering debt service
\n
becoming due during two consecutive quarters; such account is funded by stand-by letters of credit issued for the account
\n
of Techgen\u2019s sponsors in proportion to their respective participations in Techgen. Accordingly, the Company applied for
\n
stand-by letters of credit covering 22% of the debt service coverage ratio, which as of December 31, 2022, amounted to
\n
$10.3 million.
\n
\n
d) GPC
\n
\n
GPC is a Saudi-German joint venture, established in 2010 and located in Jubail, Saudi Arabia, which manufactures LSAW
\n
pipes. Tenaris, through its subsidiary SSPC, currently owns 35% of the share capital of GPC. As of December 31, 2022, the
\n
carrying value of Tenaris\u2019s ownership stake in GPC was approximately $23 million.
\n
\n
SSPC and the other three owners of GPC have issued corporate guarantees to secure repayment of loan agreements
\n
entered into by GPC, with the Saudi Investment Development Fund, the Saudi British Bank, the National Commercial Bank
\n
and Banque Saudi Fransi to finance GPC\u2019s capital expenditures and working capital. As of December 31, 2022, SSPC\u2019s
\n
exposure under the guarantees amounted to $84 million.
\n
\n
In December 2022, EEW, a German company that owns another 35% interest in GPC, expressed its intention to sell its
\n
entire interest in GPC for a cash amount of $9.9 million and a release of EEW\u2019s corporate guarantees with respect to
\n
GPC\u2019s debt. SSPC and another shareholder that owns a 20% interest in GPC exercised their respective rights of first refusal.
\n
Each such acquisition is subject to customary conditions, including competition clearance and bank consents. If both
\n
acquisitions are consummated, SSPC will acquire a 22.3% additional interest in GPC (thus totaling a 57.3% interest) and
\n
will assume a portion of EEW\u2019s corporate guarantees (so that SSPC\u2019s exposure under the guarantees will increase to
\n
$137.5 million based on debt amounts as of December 31, 2022).
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag499": { "value": "\n
a) Ternium
\n
\n
Ternium is a steel producer with production facilities in Mexico, Brazil, Argentina, Colombia, the Southern United States
\n
and Central America and is one of Tenaris\u2019s main suppliers of round steel bars and flat steel products for its pipes business.
\n
\n
At December 31, 2022, the closing price of Ternium\u2019s ADSs as quoted on the New York Stock Exchange was $30.56 per
\n
ADS, giving Tenaris\u2019s ownership stake a market value of approximately $702 million. At December 31, 2022, the carrying
\n
value of Tenaris\u2019s ownership stake in Ternium, based on Ternium\u2019s IFRS Financial Statements, was approximately $1,363.6
\n
million. The Company reviews its participation in Ternium whenever events or circumstances indicate that the asset\u2019s
\n
carrying amount may not be recoverable. As of December 31, 2022, the Company concluded that the carrying amount
\n
does not exceed the recoverable value of the investment.
\n
\n
Summarized selected financial information of Ternium, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Ternium
\n
\n
2022
\n
2021
\n
Non-current assets
\n
8,647,510
\n
8,491,363
\n
Current assets
\n
8,844,038
\n
8,606,544
\n
Total assets
\n
17,491,548
\n
17,097,907
\n
Non-current liabilities
\n
1,506,325
\n
1,649,105
\n
Current liabilities
\n
2,216,832
\n
3,213,764
\n
Total liabilities
\n
3,723,157
\n
4,862,869
\n
Total equity
\n
13,768,391
\n
12,235,038
\n
Non-controlling interests
\n
1,922,434
\n
1,700,019
\n
\n
\n
\n
Revenues
\n
16,414,466
\n
16,090,744
\n
Gross profit
\n
3,927,184
\n
6,195,674
\n
Net income for the year attributable to owners of the parent
\n
1,767,516
\n
3,825,068
\n

\n\n
b) Usiminas
\n
\n
Usiminas is a Brazilian producer of high quality flat steel products used in the energy, automotive and other industries.
\n
\n
As of December 31, 2022, the closing price of the Usiminas\u2019 ordinary and preferred shares, as quoted on the B3 - Brasil
\n
Bolsa Balc\u00e3o S.A, was BRL7.41 ($1.42) and BRL7.16 ($1.37), respectively, giving Tenaris\u2019s ownership stake a market value
\n
of approximately $53.6 million. As of that date, the carrying value of Tenaris\u2019s ownership stake in Usiminas was
\n
approximately $109.5 million.
\n
\n
For the year ended December 31, 2022, the Company conducted an impairment test and - mainly due to the lower
\n
expectations of steel demand and market steel prices, together with a worsened global macroeconomic situation that
\n
derived in the increase in discount rates - wrote down its investment in Usiminas by $19.1 million. The value-in-use was
\n
used to determine the recoverable value. Value-in-use was calculated discounting the estimated cash flows over a five-
\n
year period based on forecasts approved by management. For the subsequent years beyond the five-year period, a
\n
terminal value was calculated based on perpetuity considering a nominal growth rate of 2%. The discount rate used for
\n
such test was 13.5% and is based on the respective WACC, which is considered to be a good indicator of capital cost. The
\n
main factors that could result in additional impairment charges in future periods would be an increase of the discount
\n
rate, or a deterioration of the macroeconomic situation, steel demand and prices. Management has considered and
\n
assessed reasonably possible changes in the key assumptions and has not identified any instances that could give rise to
\n
an additional material impairment charge over its investment in Usiminas.
\n
\n
Summarized selected financial information of Usiminas, including the aggregated amounts of assets, liabilities, revenues
\n
and profit or loss is as follows:
\n
\n
\n
Usiminas
\n
\n
2022
\n
2021
\n
Non-current assets
\n
3,764,453
\n
3,491,103
\n
Current assets
\n
3,901,844
\n
3,583,814
\n
Total assets
\n
7,666,297
\n
7,074,917
\n
Non-current liabilities
\n
1,671,249
\n
1,575,321
\n
Current liabilities
\n
1,033,524
\n
1,134,663
\n
Total liabilities
\n
2,704,773
\n
2,709,984
\n
Total equity
\n
4,961,524
\n
4,364,933
\n
Non-controlling interests
\n
523,741
\n
467,551
\n
\n
\n
\n
Revenues
\n
6,296,964
\n
6,269,569
\n
Gross profit
\n
1,110,439
\n
2,101,336
\n
Net income for the year attributable to owners of the parent
\n
319,979
\n
1,687,682
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag632": { "value": "\n
14 Receivables \u2013 non current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Employee advances and loans
\n
11,908
\n
8,117
\n
Tax credits
\n
(*)
\n
\n
27,333
\n
53,210
\n
Receivables from related parties
\n
67,921
\n
61,841
\n
Legal deposits
\n
9,394
\n
9,041
\n
Advances to suppliers and other advances
\n
28,779
\n
9,878
\n
Receivable Venezuelan subsidiaries
\n
48,659
\n
48,659
\n
Others
\n
17,726
\n
15,142
\n
\n
211,720
\n
205,888
\n
\n
(*)
\n
As of December 31, 2022 and 2021 respectively, included approximately $8 million and $36 million related to PIS and COFINS (Federal Social
\n
Contributions on Gross Revenues) tax recovery on Brazilian subsidiaries.
\n

\n\n

\n
18 Trade receivables, net
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Current accounts
\n
2,479,035
\n
1,313,934
\n
Receivables from related parties
\n
60,400
\n
32,258
\n
\n
2,539,435
\n
1,346,192
\n
Allowance for doubtful accounts, see note 24 (i)
\n
(45,495)
\n
(47,120)
\n
\n
2,493,940
\n
1,299,072
\n
\n
The following table sets forth details of the aging of trade receivables:
\n
\n\n
At December 31, 2022
\n
Trade
\n
Receivables
\n
Not Due
\n
Past due
\n
\n
1 - 180 days
\n
> 180 days
\n
\n
\n
\n
\n
\n
Guaranteed
\n
265,898
\n
237,784
\n
27,431
\n
683
\n
Not guaranteed
\n
2,273,537
\n
1,756,707
\n
465,423
\n
51,407
\n
Guaranteed and not guaranteed
\n
2,539,435
\n
1,994,491
\n
492,854
\n
52,090
\n
Expected loss rate
\n
0.06%
\n
0.03%
\n
0.18%
\n
0.77%
\n
Allowances for doubtful accounts
\n
(1,657)
\n
(654)
\n
(920)
\n
(83)
\n
Nominative allowances for doubtful accounts
\n
(43,838)
\n
-
\n
(1,541)
\n
(42,297)
\n
Net Value
\n
2,493,940
\n
1,993,837
\n
490,393
\n
9,710
\n

\n\n

\n\n

\n\n
At December 31, 2021
\n
Trade
\n
Receivables
\n
Not Due
\n
Past due
\n
\n
1 - 180 days
\n
> 180 days
\n
\n
\n
\n
\n
\n
Guaranteed
\n
195,848
\n
185,238
\n
9,894
\n
716
\n
Not guaranteed
\n
1,150,344
\n
951,356
\n
148,412
\n
50,576
\n
Guaranteed and not guaranteed
\n
1,346,192
\n
1,136,594
\n
158,306
\n
51,292
\n
Expected loss rate
\n
0.06%
\n
0.04%
\n
0.20%
\n
0.84%
\n
Allowances for doubtful accounts
\n
(833)
\n
(401)
\n
(367)
\n
(65)
\n
Nominative allowances for doubtful accounts
\n
(46,287)
\n
-
\n
(1,391)
\n
(44,896)
\n
Net Value
\n
1,299,072
\n
1,136,193
\n
156,548
\n
6,331
\n

\n\n
\n
Trade receivables are mainly denominated in U.S. dollars.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag495": { "value": "\n
15 Inventories, net
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Finished goods
\n
1,592,706
\n
1,113,011
\n
Goods in process
\n
936,555
\n
707,665
\n
Raw materials
\n
606,977
\n
358,552
\n
Supplies
\n
542,636
\n
485,815
\n
Goods in transit
\n
530,721
\n
253,324
\n
\n
4,209,595
\n
2,918,367
\n
Allowance for obsolescence, see note 24 (i)
\n
(222,666)
\n
(245,774)
\n
\n
3,986,929
\n
2,672,593
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag601": { "value": "\n
16 Receivables and prepayments, net
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Prepaid expenses and other receivables
\n
47,419
\n
38,080
\n
Government entities
\n
18,121
\n
2,363
\n
Employee advances and loans
\n
10,701
\n
5,974
\n
Advances to suppliers and other advances
\n
41,549
\n
17,225
\n
Government tax refunds on exports
\n
8,898
\n
8,419
\n
Receivables from related parties
\n
19,184
\n
5,919
\n
Others
\n
41,418
\n
21,502
\n
\n
187,290
\n
99,482
\n
Allowance for other doubtful accounts, see note 24 (i)
\n
(3,479)
\n
(3,206)
\n
\n
183,811
\n
96,276
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag599": { "value": "\n
17 Current tax assets and liabilities
\n
\n
\n
\n
Year ended December 31,
\n
Current tax assets
\n
2022
\n
2021
\n
Income tax assets
\n
24,812
\n
16,394
\n
V.A.T. credits
\n
218,009
\n
176,202
\n
Other prepaid taxes
\n
315
\n
425
\n
\n
243,136
\n
193,021
\n
\n
\n
Year ended December 31,
\n
Current tax liabilities
\n
2022
\n
2021
\n
Income tax liabilities
\n
280,469
\n
73,352
\n
V.A.T. liabilities
\n
17,228
\n
12,955
\n
Other taxes
\n
78,543
\n
57,179
\n
\n
376,240
\n
143,486
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag600": { "value": "\n
At December 31, 2022
\n
Trade
\n
Receivables
\n
Not Due
\n
Past due
\n
\n
1 - 180 days
\n
> 180 days
\n
\n
\n
\n
\n
\n
Guaranteed
\n
265,898
\n
237,784
\n
27,431
\n
683
\n
Not guaranteed
\n
2,273,537
\n
1,756,707
\n
465,423
\n
51,407
\n
Guaranteed and not guaranteed
\n
2,539,435
\n
1,994,491
\n
492,854
\n
52,090
\n
Expected loss rate
\n
0.06%
\n
0.03%
\n
0.18%
\n
0.77%
\n
Allowances for doubtful accounts
\n
(1,657)
\n
(654)
\n
(920)
\n
(83)
\n
Nominative allowances for doubtful accounts
\n
(43,838)
\n
-
\n
(1,541)
\n
(42,297)
\n
Net Value
\n
2,493,940
\n
1,993,837
\n
490,393
\n
9,710
\n

\n\n
At December 31, 2021
\n
Trade
\n
Receivables
\n
Not Due
\n
Past due
\n
\n
1 - 180 days
\n
> 180 days
\n
\n
\n
\n
\n
\n
Guaranteed
\n
195,848
\n
185,238
\n
9,894
\n
716
\n
Not guaranteed
\n
1,150,344
\n
951,356
\n
148,412
\n
50,576
\n
Guaranteed and not guaranteed
\n
1,346,192
\n
1,136,594
\n
158,306
\n
51,292
\n
Expected loss rate
\n
0.06%
\n
0.04%
\n
0.20%
\n
0.84%
\n
Allowances for doubtful accounts
\n
(833)
\n
(401)
\n
(367)
\n
(65)
\n
Nominative allowances for doubtful accounts
\n
(46,287)
\n
-
\n
(1,391)
\n
(44,896)
\n
Net Value
\n
1,299,072
\n
1,136,193
\n
156,548
\n
6,331
\n

\n\n
(i) Deducted from assets
\n
\n
Year ended December 31, 2022
\n
Allowance for
\n
doubtful accounts -
\n
Trade receivables
\n
Allowance for other
\n
doubtful accounts -
\n
Other receivables
\n
Allowance for
\n
inventory
\n
obsolescence
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
(47,120)
\n
(3,206)
\n
(245,774)
\n
Translation differences
\n
(12)
\n
68
\n
(405)
\n
(Additional) / reversal allowances
\n
223
\n
(346)
\n
(24,901)
\n
Used
\n
1,414
\n
5
\n
48,414
\n
At December 31, 2022
\n
(45,495)
\n
(3,479)
\n
(222,666)
\n
\n
Year ended December 31, 2021
\n
Allowance for
\n
doubtful accounts -
\n
Trade receivables
\n
Allowance for other
\n
doubtful accounts -
\n
Other receivables
\n
Allowance for
\n
inventory
\n
obsolescence
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
(53,676)
\n
(3,917)
\n
(263,635)
\n
Translation differences
\n
111
\n
227
\n
1,877
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
2
\n
10
\n
405
\n
(Additional) / reversal allowances
\n
4,297
\n
379
\n
(23,296)
\n
Used
\n
2,146
\n
95
\n
38,875
\n
At December 31, 2021
\n
(47,120)
\n
(3,206)
\n
(245,774)
\n
\n
(*)
\n
Related to Geneva sale. See note 6 to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag606": { "value": "\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Cash and cash equivalents
\n
\n
\n
Cash at banks
\n
149,424
\n
167,455
\n
Liquidity funds
\n
422,859
\n
105,697
\n
Short-term investments
\n
519,244
\n
44,975
\n
\n
1,091,527
\n
318,127
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag598": { "value": "\n
20 Borrowings
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Non-current
\n
\n
\n
Bank borrowings
\n
46,433
\n
111,452
\n
Costs of issue of debt
\n
-
\n
(20)
\n
\n
46,433
\n
111,432
\n
Current
\n
\n
\n
Bank borrowings
\n
682,255
\n
219,566
\n
Bank overdrafts
\n
94
\n
60
\n
Costs of issue of debt
\n
(20)
\n
(125)
\n
\n
682,329
\n
219,501
\n
Total Borrowings
\n
728,762
\n
330,933
\n
\n
\n
The maturity of borrowings is as follows:
\n
\n
\n
At December 31, 2022
\n
1 year or less
\n
1 - 2 years
\n
2 \u2013 3 years
\n
Over 3 years
\n
Total
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
682,329
\n
41,933
\n
3,000
\n
1,500
\n
728,762
\n
Total borrowings
\n
682,329
\n
41,933
\n
3,000
\n
1,500
\n
728,762
\n
\n
\n
\n
\n
\n
\n
Interest to be accrued
\n
(*)
\n
\n
26,153
\n
821
\n
64
\n
8
\n
27,046
\n
Total
\n
708,482
\n
42,754
\n
3,064
\n
1,508
\n
755,808
\n

\n\n
Includes the effect of hedge accounting.
\n

\n\n
At December 31, 2021
\n
1 year or less
\n
1 - 2 years
\n
2 \u2013 3 years
\n
Over 3 years
\n
Total
\n
\n
\n
\n
\n
\n
\n
Borrowings
\n
219,501
\n
107,438
\n
3,994
\n
-
\n
330,933
\n
Total borrowings
\n
219,501
\n
107,438
\n
3,994
\n
-
\n
330,933
\n
\n
\n
\n
\n
\n
\n
Interest to be accrued
\n
(*)
\n
\n
2,465
\n
560
\n
13
\n
-
\n
3,038
\n
Total
\n
221,966
\n
107,998
\n
4,007
\n
-
\n
333,971
\n
\n
(*)
\n
Includes the effect of hedge accounting.
\n
\n
Significant borrowings include:
\n
\n
In millions of U.S. dollars
\n
\n
\n
\n
\n
Disbursement date
\n
Borrower
\n
Type
\n
Final maturity
\n
Outstanding
\n
2022
\n
Tamsa
\n
Bilateral
\n
2023
\n
100
\n
2022
\n
Maverick
\n
Bilateral
\n
2023
\n
100
\n
2022
\n
Tubos del Caribe
\n
Bilateral
\n
2023
\n
90
\n
2020
\n
Tamsa
\n
Bilateral
\n
2023
\n
80
\n
2022
\n
Siderca
\n
Bilateral
\n
2023
\n
55
\n
\n
As of December 31, 2022, Tenaris was in compliance with all of its covenants.
\n
\n
The weighted average interest rates before tax shown below were calculated using the rates set for each instrument in
\n
its corresponding currency as of December 31, 2022 and 2021, considering hedge accounting where applicable.
\n
\n
\n
2022
\n
2021
\n
Total borrowings
\n
9.45%
\n
2.09%
\n
\n
Breakdown of long-term borrowings by currency and rate is as follows:
\n
\n
Non-current borrowings
\n
\n
\n
\n
Year ended December 31,
\n
Currency
\n
Interest rates
\n
2022
\n
2021
\n
USD
\n
Variable
\n
20,000
\n
99,587
\n
SAR
\n
Fixed
\n
18,933
\n
11,845
\n
SAR
\n
Variable
\n
7,500
\n
-
\n
Total non-current borrowings
\n
\n
46,433
\n
111,432
\n
\n
\n
Breakdown of short-term borrowings by currency and rate is as follows:
\n
\n
Current borrowings
\n
\n
\n
\n
Year ended December 31,
\n
Currency
\n
Interest rates
\n
2022
\n
2021
\n
USD
\n
Variable
\n
200,350
\n
17,015
\n
USD
\n
Fixed
\n
206,336
\n
-
\n
EUR
\n
Variable
\n
-
\n
1,273
\n
EUR
\n
Fixed
\n
26,829
\n
1,706
\n
MXN
\n
Fixed
\n
141,802
\n
141,861
\n
ARS
\n
Fixed
\n
74,025
\n
8,947
\n
SAR
\n
Variable
\n
3,023
\n
26,022
\n
SAR
\n
Fixed
\n
29,964
\n
22,677
\n
Total current borrowings
\n
\n
682,329
\n
219,501
\n

\n\n
Borrowings evolution
\n
\n
\n
Year ended December 31, 2022
\n
\n
Non current
\n
Current
\n
At the beginning of the year
\n
111,432
\n
219,501
\n
Translation differences
\n
(18)
\n
(28,705)
\n
Proceeds and repayments, net
\n
49,948
\n
371,500
\n
Interests accrued less payments
\n
158
\n
4,774
\n
Reclassifications
\n
(115,087)
\n
115,087
\n
Increase due to business combinations
\n
(*)
\n
\n
-
\n
138
\n
Overdrafts variation
\n
-
\n
34
\n
At the end of the year
\n
46,433
\n
682,329
\n
\n
(*)
\n
Related to Parques E\u00f3licos de la Buena Ventura S.A. acquisition, for more information see note 33 to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag604": { "value": "\n
21 Deferred tax assets and liabilities
\n
\n
Deferred income taxes are calculated in full on temporary differences under the liability method using the tax rate of
\n
each country.
\n
\n
The evolution of deferred tax assets and liabilities during the year is as follows:
\n
\n
Deferred tax liabilities
\n
\n
\n
Fixed assets
\n
Inventories
\n
Intangible assets
\n
and other
\n
Total
\n
At the beginning of the year
\n
669,830
\n
27,508
\n
104,346
\n
801,684
\n
Translation differences
\n
(64)
\n
15
\n
600
\n
551
\n
Charged to other comprehensive income
\n
-
\n
-
\n
1,719
\n
1,719
\n
Income statement (credit) / charge
\n
(94,099)
\n
16,009
\n
7,877
\n
(70,213)
\n
At December 31, 2022
\n
575,667
\n
43,532
\n
114,542
\n
733,741
\n
\n
\n
Fixed assets
\n
Inventories
\n
Intangible assets
\n
and other
\n
Total
\n
At the beginning of the year
\n
702,415
\n
15,255
\n
125,793
\n
843,463
\n
Translation differences
\n
(461)
\n
-
\n
(2,059)
\n
(2,520)
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
(637)
\n
-
\n
-
\n
(637)
\n
Charged to other comprehensive income
\n
-
\n
-
\n
4,061
\n
4,061
\n
Income statement (credit) / charge
\n
(31,487)
\n
12,253
\n
(23,449)
\n
(42,683)
\n
At December 31, 2021
\n
669,830
\n
27,508
\n
104,346
\n
801,684
\n
\n
Deferred tax assets
\n
\n
\n
Provisions
\n
and
\n
allowances
\n
Inventories
\n
Tax losses
\n
Other
\n
Total
\n
At the beginning of the year
\n
(25,083)
\n
(85,037)
\n
(485,763)
\n
(176,627)
\n
(772,510)
\n
Translation differences
\n
(345)
\n
114
\n
747
\n
(245)
\n
271
\n
Charged to other comprehensive income
\n
-
\n
-
\n
-
\n
954
\n
954
\n
Income statement charge / (credit)
\n
(389)
\n
(95,229)
\n
174,427
\n
18,934
\n
97,743
\n
At December 31, 2022
\n
(25,817)
\n
(180,152)
\n
(310,589)
\n
(156,984)
\n
(673,542)
\n
\n
\n
Provisions
\n
and
\n
allowances
\n
Inventories
\n
Tax losses
\n
Other
\n
Total
\n
At the beginning of the year
\n
(21,208)
\n
(85,937)
\n
(480,149)
\n
(206,958)
\n
(794,252)
\n
Translation differences
\n
506
\n
606
\n
80
\n
1,195
\n
2,387
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
-
\n
93
\n
-
\n
11
\n
104
\n
Charged to other comprehensive income
\n
-
\n
-
\n
-
\n
2,587
\n
2,587
\n
Income statement charge / (credit)
\n
(4,381)
\n
201
\n
(5,694)
\n
26,538
\n
16,664
\n
At December 31, 2021
\n
(25,083)
\n
(85,037)
\n
(485,763)
\n
(176,627)
\n
(772,510)
\n

\n\n
(*)
\n
Related to Geneva sale. See note 6 to these Consolidated Financial Statements.
\n

\n\n
Deferred tax assets related to taxable losses of Tenaris subsidiaries are recognized to the extent it is considered probable
\n
that future taxable profits will be available, against which such losses can be utilized in the foreseeable future. This
\n
amount includes $300 million related to U.S. subsidiaries mainly due to the recognition of accelerated fiscal depreciations,
\n
as well as the amounts related to the acquisition of IPSCO in 2020. The remaining balance mainly corresponds to Tenaris\u2019s
\n
Saudi Arabian subsidiaries. These subsidiaries have incurred in fiscal losses in the past one or two years. Tenaris has
\n
concluded that these deferred tax assets will be recoverable based on the business plans and budgets.
\n
\n
Approximately 100% of the recognized tax losses have an expiration date in more than 5 years or do not expire.
\n
\n
As of December 31, 2022, the net unrecognized deferred tax assets amounted to $120.4 million. Unrecognized tax credits
\n
with expiration dates in less than 1 year, between 2 and 5 years and more than 5 years or without expiration date are
\n
approximately 8%, 4% and 88% respectively.
\n
\n
The estimated recovery analysis of deferred tax assets and settlement of deferred tax liabilities, which takes into
\n
consideration management assumptions and estimates, is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Deferred tax assets to be recovered after 12 months
\n
(171,717)
\n
(611,552)
\n
Deferred tax liabilities to be settled after 12 months
\n
688,124
\n
782,128
\n
\n
Deferred income tax assets and liabilities are offset when (1) there is a legally enforceable right to set-off current tax
\n
assets against current tax liabilities and (2) when the deferred income taxes relate to the same fiscal authority on either
\n
the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. The
\n
following amounts, determined after appropriate set-off, are shown in the Consolidated Statement of Financial Position:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Deferred tax assets
\n
(208,870)
\n
(245,547)
\n
Deferred tax liabilities
\n
269,069
\n
274,721
\n
\n
60,199
\n
29,174
\n
\n
The movement in the net deferred income tax liability account is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
29,174
\n
49,211
\n
Translation differences
\n
822
\n
(133)
\n
Decrease due to sale of subsidiaries
\n
-
\n
(533)
\n
Charged to other comprehensive income
\n
2,673
\n
6,648
\n
Income statement charge / (credit)
\n
27,530
\n
(26,019)
\n
At the end of the year
\n
60,199
\n
29,174
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag597": { "value": "\n

\n
22 Other liabilities
\n
\n\n
(i) Other liabilities \u2013 Non current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Post-employment benefits
\n
108,936
\n
111,904
\n
Other long-term benefits
\n
71,446
\n
71,345
\n
Miscellaneous
\n
49,760
\n
48,432
\n
\n
230,142
\n
231,681
\n

\n\n

\n\n

\n\n
Post-employment benefits
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Unfunded
\n
103,822
\n
103,841
\n
Funded
\n
5,114
\n
8,063
\n
\n
108,936
\n
111,904
\n
\n
\u25aa Unfunded
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Values at the beginning of the year
\n
103,841
\n
115,774
\n
Current service cost
\n
6,810
\n
5,728
\n
Interest cost
\n
7,610
\n
5,997
\n
Curtailments and settlements
\n
(64)
\n
(422)
\n
Remeasurements
\n
(*)
\n
\n
(4,228)
\n
3,174
\n
Translation differences
\n
(5,657)
\n
(3,716)
\n
Benefits paid from the plan
\n
(5,111)
\n
(13,539)
\n
Reclassified to current liabilities
\n
(461)
\n
(8,884)
\n
Other
\n
1,082
\n
(271)
\n
At the end of the year
\n
103,822
\n
103,841
\n
\n
(*)
\n
For 2022 a gain of $0.1 million is attributable to demographic assumptions and a gain of $4.1 million to financial assumptions.
\n
For 2021 a loss of $0.7 million is attributable to demographic assumptions and a loss of $2.5 million to financial assumptions.
\n
\n
The actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Discount rate
\n
4% - 7%
\n
1% - 7%
\n
Rate of compensation increase
\n
2% - 3%
\n
0% - 3%
\n
\n
\n
As of December 31, 2022, an increase / (decrease) of 1% in the discount rate assumption of the main plans would have
\n
generated a (decrease) / increase on the defined benefit obligation of $5.2 million and $5.9 million respectively, and an
\n
increase / (decrease) of 1% in the rate of compensation assumption of the main plans would have generated an increase
\n
/ (decrease) impact on the defined benefit obligation of $3.2 million and $2.9 million respectively. The above sensitivity
\n
analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant.
\n
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
\n
\n
\u25aa Funded
\n
\n
The amounts recognized in the statement of financial position for the current annual period and the previous annual
\n
period are as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Present value of funded obligations
\n
116,617
\n
159,528
\n
Fair value of plan assets
\n
(126,842)
\n
(160,504)
\n
Asset
\n
(*)
\n
\n
(10,225)
\n
(976)
\n
\n
(*)
\n
In 2022 and 2021, $14.6 million and $9 million corresponding to plans with surplus balances that were reclassified within other non-current assets,
\n
respectively.
\n

\n\n

\n\n

\n\n
The movement in the present value of funded obligations is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
159,528
\n
176,309
\n
Translation differences
\n
(6,635)
\n
356
\n
Current service cost
\n
154
\n
222
\n
Interest cost
\n
4,293
\n
4,190
\n
Remeasurements
\n
(*)
\n
\n
(30,349)
\n
(7,019)
\n
Benefits paid
\n
(10,374)
\n
(14,530)
\n
At the end of the year
\n
116,617
\n
159,528
\n
\n
(*)
\n
For 2022 a gain of $4.8 million is attributable to demographic assumptions and a gain of $25.6 million to financial assumptions.
\n
For 2021 a gain of $0.4 million is attributable to demographic assumptions and a gain of $6.6 million to financial assumptions.
\n
\n
The movement in the fair value of plan assets is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
(160,504)
\n
(157,335)
\n
Translation differences
\n
6,639
\n
(250)
\n
Return on plan assets
\n
(4,319)
\n
(3,793)
\n
Remeasurements
\n
20,987
\n
(10,817)
\n
Contributions paid to the plan
\n
(435)
\n
(3,338)
\n
Benefits paid from the plan
\n
10,374
\n
14,530
\n
Other
\n
416
\n
499
\n
At the end of the year
\n
(126,842)
\n
(160,504)
\n
\n
\n
The major categories of plan assets as a percentage of total plan assets are as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Equity instruments
\n
28.8%
\n
49.2%
\n
Debt instruments
\n
67.2%
\n
46.7%
\n
Others
\n
4.0%
\n
4.1%
\n
\n
The actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Discount rate
\n
3% - 5%
\n
2% - 3%
\n
Rate of compensation increase
\n
0% - 3%
\n
0% - 3%
\n
\n
The expected return on plan assets is determined by considering the expected returns available on the assets underlying
\n
the current investment policy. Expected return on plan assets is determined based on long-term, prospective rates of
\n
return as of the end of the reporting period.
\n
\n
As of December 31, 2022, an increase / (decrease) of 1% in the discount rate assumption of the main plans would have
\n
generated a (decrease) / increase on the defined benefit obligation of $10.3 million and $11.9 million respectively, and
\n
an increase / (decrease) of 1% in the compensation rate assumption of the main plans would have generated an increase
\n
/ (decrease) on the defined benefit obligation of $0.7 million and $0.7 million respectively. The above sensitivity analyses
\n
are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice,
\n
this is unlikely to occur, and changes in some of the assumptions may be correlated.
\n
\n
There are no expected employer contributions for the year 2023.
\n
\n
The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the
\n
previous period.
\n

\n\n

\n\n

\n\n
(ii) Other liabilities \u2013 Current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Payroll and social security payable
\n
224,630
\n
174,794
\n
Miscellaneous
\n
35,984
\n
28,931
\n
\n
260,614
\n
203,725
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag605": { "value": "\n
(i) Other liabilities \u2013 Non current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Post-employment benefits
\n
108,936
\n
111,904
\n
Other long-term benefits
\n
71,446
\n
71,345
\n
Miscellaneous
\n
49,760
\n
48,432
\n
\n
230,142
\n
231,681
\n

\n\n
Post-employment benefits
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Unfunded
\n
103,822
\n
103,841
\n
Funded
\n
5,114
\n
8,063
\n
\n
108,936
\n
111,904
\n
\n
\u25aa Unfunded
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Values at the beginning of the year
\n
103,841
\n
115,774
\n
Current service cost
\n
6,810
\n
5,728
\n
Interest cost
\n
7,610
\n
5,997
\n
Curtailments and settlements
\n
(64)
\n
(422)
\n
Remeasurements
\n
(*)
\n
\n
(4,228)
\n
3,174
\n
Translation differences
\n
(5,657)
\n
(3,716)
\n
Benefits paid from the plan
\n
(5,111)
\n
(13,539)
\n
Reclassified to current liabilities
\n
(461)
\n
(8,884)
\n
Other
\n
1,082
\n
(271)
\n
At the end of the year
\n
103,822
\n
103,841
\n
\n
(*)
\n
For 2022 a gain of $0.1 million is attributable to demographic assumptions and a gain of $4.1 million to financial assumptions.
\n
For 2021 a loss of $0.7 million is attributable to demographic assumptions and a loss of $2.5 million to financial assumptions.
\n
\n
The actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Discount rate
\n
4% - 7%
\n
1% - 7%
\n
Rate of compensation increase
\n
2% - 3%
\n
0% - 3%
\n
\n
\n
As of December 31, 2022, an increase / (decrease) of 1% in the discount rate assumption of the main plans would have
\n
generated a (decrease) / increase on the defined benefit obligation of $5.2 million and $5.9 million respectively, and an
\n
increase / (decrease) of 1% in the rate of compensation assumption of the main plans would have generated an increase
\n
/ (decrease) impact on the defined benefit obligation of $3.2 million and $2.9 million respectively. The above sensitivity
\n
analyses are based on a change in discount rate and rate of compensation while holding all other assumptions constant.
\n
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated.
\n
\n
\u25aa Funded
\n
\n
The amounts recognized in the statement of financial position for the current annual period and the previous annual
\n
period are as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Present value of funded obligations
\n
116,617
\n
159,528
\n
Fair value of plan assets
\n
(126,842)
\n
(160,504)
\n
Asset
\n
(*)
\n
\n
(10,225)
\n
(976)
\n
\n
(*)
\n
In 2022 and 2021, $14.6 million and $9 million corresponding to plans with surplus balances that were reclassified within other non-current assets,
\n
respectively.
\n

\n\n
The movement in the present value of funded obligations is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
159,528
\n
176,309
\n
Translation differences
\n
(6,635)
\n
356
\n
Current service cost
\n
154
\n
222
\n
Interest cost
\n
4,293
\n
4,190
\n
Remeasurements
\n
(*)
\n
\n
(30,349)
\n
(7,019)
\n
Benefits paid
\n
(10,374)
\n
(14,530)
\n
At the end of the year
\n
116,617
\n
159,528
\n
\n
(*)
\n
For 2022 a gain of $4.8 million is attributable to demographic assumptions and a gain of $25.6 million to financial assumptions.
\n
For 2021 a gain of $0.4 million is attributable to demographic assumptions and a gain of $6.6 million to financial assumptions.
\n
\n
The movement in the fair value of plan assets is as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
At the beginning of the year
\n
(160,504)
\n
(157,335)
\n
Translation differences
\n
6,639
\n
(250)
\n
Return on plan assets
\n
(4,319)
\n
(3,793)
\n
Remeasurements
\n
20,987
\n
(10,817)
\n
Contributions paid to the plan
\n
(435)
\n
(3,338)
\n
Benefits paid from the plan
\n
10,374
\n
14,530
\n
Other
\n
416
\n
499
\n
At the end of the year
\n
(126,842)
\n
(160,504)
\n
\n
\n
The major categories of plan assets as a percentage of total plan assets are as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Equity instruments
\n
28.8%
\n
49.2%
\n
Debt instruments
\n
67.2%
\n
46.7%
\n
Others
\n
4.0%
\n
4.1%
\n
\n
The actuarial assumptions for the most relevant plans were as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Discount rate
\n
3% - 5%
\n
2% - 3%
\n
Rate of compensation increase
\n
0% - 3%
\n
0% - 3%
\n
\n
The expected return on plan assets is determined by considering the expected returns available on the assets underlying
\n
the current investment policy. Expected return on plan assets is determined based on long-term, prospective rates of
\n
return as of the end of the reporting period.
\n
\n
As of December 31, 2022, an increase / (decrease) of 1% in the discount rate assumption of the main plans would have
\n
generated a (decrease) / increase on the defined benefit obligation of $10.3 million and $11.9 million respectively, and
\n
an increase / (decrease) of 1% in the compensation rate assumption of the main plans would have generated an increase
\n
/ (decrease) on the defined benefit obligation of $0.7 million and $0.7 million respectively. The above sensitivity analyses
\n
are based on a change in discount rate and rate of compensation while holding all other assumptions constant. In practice,
\n
this is unlikely to occur, and changes in some of the assumptions may be correlated.
\n
\n
There are no expected employer contributions for the year 2023.
\n
\n
The methods and types of assumptions used in preparing the sensitivity analyses did not change compared to the
\n
previous period.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag602": { "value": "\n
(ii) Other liabilities \u2013 Current
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Payroll and social security payable
\n
224,630
\n
174,794
\n
Miscellaneous
\n
35,984
\n
28,931
\n
\n
260,614
\n
203,725
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag603": { "value": "\n

\n

\n
23 Non-current allowances and provisions
\n
\n
Liabilities
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
\n
\n
\n
Values at the beginning of the year
\n
83,556
\n
73,218
\n
Translation differences
\n
357
\n
(2,476)
\n
Additional allowance
\n
11,102
\n
13,896
\n
Reclassifications
\n
2,229
\n
4,014
\n
Used and other movements
\n
882
\n
(5,096)
\n
Values at the end of the year
\n
98,126
\n
83,556
\n

\n\n

\n

\n
24 Current allowances and provisions
\n
\n\n
(i) Deducted from assets
\n
\n
Year ended December 31, 2022
\n
Allowance for
\n
doubtful accounts -
\n
Trade receivables
\n
Allowance for other
\n
doubtful accounts -
\n
Other receivables
\n
Allowance for
\n
inventory
\n
obsolescence
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
(47,120)
\n
(3,206)
\n
(245,774)
\n
Translation differences
\n
(12)
\n
68
\n
(405)
\n
(Additional) / reversal allowances
\n
223
\n
(346)
\n
(24,901)
\n
Used
\n
1,414
\n
5
\n
48,414
\n
At December 31, 2022
\n
(45,495)
\n
(3,479)
\n
(222,666)
\n
\n
Year ended December 31, 2021
\n
Allowance for
\n
doubtful accounts -
\n
Trade receivables
\n
Allowance for other
\n
doubtful accounts -
\n
Other receivables
\n
Allowance for
\n
inventory
\n
obsolescence
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
(53,676)
\n
(3,917)
\n
(263,635)
\n
Translation differences
\n
111
\n
227
\n
1,877
\n
Decrease due to sale of subsidiaries
\n
(*)
\n
\n
2
\n
10
\n
405
\n
(Additional) / reversal allowances
\n
4,297
\n
379
\n
(23,296)
\n
Used
\n
2,146
\n
95
\n
38,875
\n
At December 31, 2021
\n
(47,120)
\n
(3,206)
\n
(245,774)
\n
\n
(*)
\n
Related to Geneva sale. See note 6 to these Consolidated Financial Statements.
\n

\n\n
\n
(ii) Liabilities
\n
\n
Year ended December 31, 2022
\n
Sales risks
\n
Other claims and
\n
contingencies
\n
(*)
\n
\n
Total
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
1,468
\n
7,854
\n
9,322
\n
Translation differences
\n
(160)
\n
(97)
\n
(257)
\n
Additional provisions
\n
5,315
\n
4,189
\n
9,504
\n
Reclassifications
\n
-
\n
(2,229)
\n
(2,229)
\n
Used
\n
(3,437)
\n
(1,718)
\n
(5,155)
\n
At December 31, 2022
\n
3,186
\n
7,999
\n
11,185
\n

\n\n

\n
Year ended December 31, 2021
\n
Sales risks
\n
Other claims and
\n
contingencies
\n
(*)
\n
\n
Total
\n
\n
\n
\n
\n
Values at the beginning of the year
\n
1,795
\n
10,484
\n
12,279
\n
Translation differences
\n
(3)
\n
(736)
\n
(739)
\n
Additional provisions
\n
3,506
\n
7,596
\n
11,102
\n
Reclassifications
\n
-
\n
(4,014)
\n
(4,014)
\n
Used
\n
(3,830)
\n
(5,476)
\n
(9,306)
\n
At December 31, 2021
\n
1,468
\n
7,854
\n
9,322
\n
\n
(*)
\n
Other claims and contingencies mainly include lawsuits and other legal proceedings, including employee, tax and environmental-related claims.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag621": { "value": "\n
25 Derivative financial instruments
\n
\n
Net fair values of derivative financial instruments
\n
\n
The net fair values of derivative financial instruments, in accordance with IFRS 13, are:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
Derivatives hedging borrowings and investments
\n
6,480
\n
2,472
\n
Other derivatives
\n
24,325
\n
8,843
\n
Contracts with positive fair values
\n
30,805
\n
11,315
\n
\n
\n
\n
Derivatives hedging borrowings and investments
\n
-
\n
(147)
\n
Other derivatives
\n
(7,127)
\n
(11,181)
\n
Contracts with negative fair values
\n
(7,127)
\n
(11,328)
\n
Total
\n
23,678
\n
(13)
\n
\n
Foreign exchange and commodities derivative contracts and hedge accounting
\n
\n
Tenaris applies hedge accounting to certain cash flow hedges of highly probable forecast transactions. The net fair values
\n
of exchange rate derivatives and those derivatives that were designated for hedge accounting as of December 31, 2022
\n
and 2021 were as follows:
\n
\n
Purchase currency
\n
Sell currency
\n
Term
\n
Fair Value
\n
Hedge Accounting Reserve
\n
2022
\n
2021
\n
2022
\n
2021
\n
MXN
\n
USD
\n
2023
\n
6,571
\n
1,444
\n
(67)
\n
(93)
\n
USD
\n
MXN
\n
2023
\n
-
\n
(838)
\n
-
\n
-
\n
EUR
\n
USD
\n
2023
\n
1,866
\n
(7,670)
\n
(2,786)
\n
(7,430)
\n
USD
\n
EUR
\n
2023
\n
20,783
\n
9,092
\n
23,935
\n
8,258
\n
JPY
\n
USD
\n
2023
\n
-
\n
(269)
\n
-
\n
557
\n
USD
\n
BRL
\n
2023
\n
(2,490)
\n
(1,030)
\n
-
\n
-
\n
USD
\n
KWD
\n
2023
\n
(129)
\n
-
\n
-
\n
-
\n
USD
\n
CAD
\n
2023
\n
404
\n
(246)
\n
-
\n
-
\n
USD
\n
GBP
\n
2023
\n
(11)
\n
(55)
\n
-
\n
-
\n
USD
\n
CNY
\n
2023
\n
(242)
\n
(130)
\n
-
\n
-
\n
BRL
\n
USD
\n
2023
\n
223
\n
(238)
\n
-
\n
-
\n
Others
\n
\n
2023
\n
63
\n
(40)
\n
3
\n
-
\n
Total
\n
\n
\n
27,038
\n
20
\n
21,085
\n
1,292
\n
\n
Purchase Commodity
\n
Term
\n
Fair Value
\n
Hedge Accounting Reserve
\n
2022
\n
2021
\n
2022
\n
2021
\n
Houston Ship Channel Gas
\n
2023
\n
(814)
\n
(33)
\n
(814)
\n
(33)
\n
LME Scrap
\n
2023
\n
29
\n
-
\n
(3,148)
\n
-
\n
Iron Ore
\n
2023
\n
12
\n
-
\n
(1,274)
\n
-
\n
Electric Energy
\n
2023
\n
(519)
\n
-
\n
(519)
\n
-
\n
TTF Gas
\n
2023
\n
(2,068)
\n
-
\n
(2,207)
\n
-
\n
Total
\n
\n
(3,360)
\n
(33)
\n
(7,963)
\n
(33)
\n

\n\n
Following is a summary of the hedge reserve evolution:
\n
\n
(all amounts in thousands of U.S. dollars)
\n
\n
\n
Equity
\n
Reserve
\n
Dec-2020
\n
Movements 2021
\n
Equity
\n
Reserve
\n
Dec-2021
\n
Movements 2022
\n
Equity
\n
Reserve
\n
Dec-2022
\n
Foreign Exchange & Commodities
\n
(4,771)
\n
6,030
\n
1,259
\n
11,863
\n
13,122
\n
Total Cash flow Hedge
\n
(4,771)
\n
6,030
\n
1,259
\n
11,863
\n
13,122
\n
\n
Tenaris estimates that the cash flow hedge reserve corresponding to derivatives instruments at December 31, 2022 will be
\n
recycled to the Consolidated Income Statement during 2023. For information on hedge accounting reserve, see section III.D
\n
to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag623": { "value": "\n

\n
26 Contingencies, commitments and restrictions on the distribution of profits
\n
\n\n
(i) Contingencies
\n
\n
Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer,
\n
employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages,
\n
reimbursement for losses, or indemnity. Management with the assistance of legal counsel periodically reviews the status
\n
of each significant matter and assesses potential financial exposure.
\n
\n
Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are
\n
subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to
\n
ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company
\n
is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the
\n
proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.
\n
\n
If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably
\n
estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be
\n
incurred based on information available to management as of the date of preparation of the financial statements and
\n
take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able
\n
to make a reliable estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence,
\n
in some of such cases has accrued a provision for such loss but believes that publication of this information on a case-by-
\n
case basis would seriously prejudice the Tenaris\u2019s position in the ongoing legal proceedings or in any related settlement
\n
discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the
\n
contingency but has not disclosed its estimate of the range of potential loss.
\n
\n
The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial
\n
Statements are adequate based upon currently available information. However, if management\u2019s estimates prove
\n
incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a
\n
material adverse effect on its results of operations, financial condition, net worth and cash flows.
\n
\n
Below is a summary description of Tenaris\u2019s material legal proceedings which are outstanding as of the date of these
\n
Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is
\n
believed to be material.
\n
\n
\u25aa CSN claims relating to the January 2012 acquisition of Usiminas
\n
\n
Confab, a Brazilian subsidiary of the Company, is one of the defendants in a lawsuit filed in Brazil by Companhia
\n
Sider\u00fargica Nacional (\u201cCSN\u201d) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that
\n
acquired a participation in Usiminas\u2019 control group in January 2012.
\n
\n
The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along
\n
tender offer to all non-controlling holders of Usiminas\u2019 ordinary shares for a price per share equal to 80% of the price per
\n
share paid in such acquisition, or BRL28.8, and seeks an order to compel the acquirers to launch an offer at that price
\n
plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging
\n
to Usiminas\u2019 control group, and Confab would have a 17.9% share in that offer.
\n

\n\n

\n\n

\n\n
On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals
\n
maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court
\n
of Justice seeking the review and reversal of the decision issued by the Court of Appeals. On March 5, 2018, the court of
\n
appeals ruled that CSN\u2019s appeal did not meet the requirements for submission to the Superior Court of Justice and
\n
rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals
\n
rejected it and ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior
\n
Court of Justice declared CSN\u2019s appeal admissible. On March 7, 2023, the Superior Court of Justice, by majority vote,
\n
rejected CSN\u2019s appeal. Plaintiffs may still appeal against the Superior Court of Justice\u2019s decision. At this time, the Company
\n
cannot predict whether CSN will appeal against the decision and, if appealed, the ultimate resolution of the matter.
\n
\n
The Company continues to believe that all of CSN\u2019s claims and allegations are groundless and without merit, as confirmed
\n
by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator (\u201cCVM\u201d) in
\n
February 2012 and December 2016, the first and second instance court decisions and the March 2023 decision of the
\n
Superior Court of Justice referred to above.
\n
\n
\u25aa Veracel celulose accident litigation
\n
\n
On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (\u201cVeracel\u201d) in connection with a
\n
rupture in one of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly
\n
resulted in material damages to Veracel. Ita\u00fa Seguros S.A. (\u201cIta\u00fa\u201d), Veracel\u2019s insurer at the time of the Veracel accident
\n
and then replaced by Chubb Seguros Brasil S/A (\u201cChubb\u201d), initiated a lawsuit against Confab seeking reimbursement of
\n
damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab
\n
seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other
\n
amounts not covered by insurance. Ita\u00fa and Veracel claimed that the Veracel accident was caused by failures and defects
\n
attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused
\n
by the improper handling by Veracel\u2019s personnel of the equipment supplied by Confab in violation of Confab\u2019s
\n
instructions. The two lawsuits were consolidated and are considered by the 6th Civil Court of S\u00e3o Caetano do Sul.
\n
However, each lawsuit will be adjudicated separately.
\n
\n
On September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018,
\n
Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the accident or the
\n
claim.
\n
\n
On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were
\n
unfavorable to Confab:
\n
\n
\u25aa With respect to Chubb\u2019s claim, the court subsequently homologated the above-mentioned settlement and,
\n
accordingly, the claim was finalized.
\n
\n
\u25aa With respect to Veracel\u2019s claim, Confab was ordered to pay the insurance deductible and other concepts not
\n
covered by insurance, currently estimated to amount to BRL91.9 million (approximately $17.4 million) including
\n
interest, fees and expenses. Both parties filed motions for clarification against the court\u2019s decision, which were
\n
partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not
\n
be liable for damages arising from lost profits, the court award would appear to include BRL78.8 million
\n
(approximately $15.10 million) of damages arising therefrom. Confab has additional defense arguments in respect
\n
of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision,
\n
and on April 30, 2019, Veracel filed its response to the appeal. In June 2022, the court resolved that it lacked
\n
jurisdiction to decide on the appeal, which was re-allocated to another court. The parties are currently waiting
\n
for the trial of the appeal to be scheduled. At this stage the Company cannot predict the outcome of the claim or
\n
the amount or range of loss in case of an unfavorable outcome.
\n

\n\n

\n\n

\n\n
\u25aa Petrobras-related proceedings and claims
\n
\n
The Company is aware that Brazilian, Italian and Swiss authorities investigated whether certain payments were made
\n
prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked
\n
to individuals related to Petr\u00f3leo Brasileiro S.A. (\u201cPetrobras\u201d) and whether any such payments were intended to benefit
\n
the Company\u2019s Brazilian subsidiary Confab.
\n
\n
Upon learning of the investigation, the Audit Committee of the Company's Board of Directors engaged external counsel
\n
in connection with the Company\u2019s review of these matters. In addition, the Company voluntarily notified the U.S.
\n
Securities and Exchange Commission (\u201cSEC\u201d) and the U.S. Department of Justice (\u201cDOJ\u201d) in October 2016. The Company
\n
conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any
\n
involvement by the Company or its directors, officers or employees in respect of improper payments. An internal
\n
investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or
\n
advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the
\n
Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking
\n
action. Under the settlement with the SEC, the Company neither admits nor denies the SEC\u2019s findings and on June 24,
\n
2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the
\n
matter.
\n
\n
In July 2019, the Company learned that the public prosecutors\u2019 office of Milan, Italy, had completed a preliminary
\n
investigation into the same alleged payments and had included in the investigation, among other persons, the Company\u2019s
\n
Chairman and Chief Executive Officer, two other board members, Gianfelice Rocca and Roberto Bonatti, and the
\n
Company\u2019s controlling shareholder, San Faustin. The Company is not a party to the proceedings. On March 22, 2022,
\n
upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan
\n
in charge of the case to impose sanctions on the Company\u2019s Chairman and Chief Executive Officer, on the other two board
\n
members, and on San Faustin. The Company\u2019s outside counsel in Italy advised the Company that neither the case file nor
\n
the prosecutor\u2019s request contain or identify any evidence of involvement in, or knowledge of, the alleged wrongdoing by
\n
any of the three directors. On May 26, 2022, the first-instance court dismissed the case brought by the public prosecutor
\n
against the defendants for lack of jurisdiction and stated that the criminal proceeding should not have been initiated. On
\n
October 7, 2022, the public prosecutor filed an appeal against the first-instance court\u2019s decision.
\n
\n
In June 2020, the Brazilian public prosecutors\u2019 office requested the indictment of several individuals, including three
\n
executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of
\n
corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to payments
\n
between 2009 and 2013. These criminal proceedings are underway. Neither the Company nor Confab is a party to these
\n
criminal proceedings.
\n
\n
In addition, Petrobras and the Brazilian public prosecutors filed civil claims for damages against, among others, Confab
\n
and the Confab executives named in the criminal proceedings referred to above. Confab became aware of these civil
\n
claims in September 2022. As of December 31, 2022, the aggregate amount of these claims was estimated at BRL284.2
\n
million (or approximately $54.5 million). The plaintiffs also seek that Confab be prohibited from contracting with, or
\n
receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not
\n
address either the defense arguments or the evidence available to the plaintiffs in Brazil and presented in other
\n
jurisdictions and is vigorously contesting them. At this stage, the Company cannot predict the outcome of these civil
\n
proceedings.
\n

\n\n

\n\n

\n\n
\u25aa Putative class actions
\n
\n
Following the Company\u2019s November 27, 2018, announcement that its Chairman and CEO Paolo Rocca had been included
\n
in an Argentine court investigation known as the Notebooks Case (a decision subsequently reversed by a higher court),
\n
two putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29,
\n
2019, the court consolidated the complaints into a single case, captioned \u201cIn re Tenaris S.A. Securities Litigation\u201d, and
\n
appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly
\n
on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018.
\n
The individual defendants named in the complaint are Tenaris\u2019s Chairman and CEO and Tenaris\u2019s former CFO. The
\n
complaint alleges that during the class period, the Company and the individual defendants inflated the Tenaris share
\n
price by failing to disclose that the nationalization proceeds received by Ternium (in which the Company held an 11.46%
\n
stake) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments
\n
made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. On October 9, 2020, the
\n
court granted in part and denied in part the defendants\u2019 motions to dismiss. The court partially granted and partially
\n
denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted
\n
the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris\u2019s former CFO. On November 11, 2022,
\n
the parties filed a joint notice of settlement announcing a settlement in principle of all claims in the action, subject to
\n
finalizing the settlement agreements and court approval. The parties\u2019 agreement in principle provides that, in exchange
\n
for dismissal of the action and customary releases from class members and with no admission of liability by Tenaris or
\n
Mr. Rocca, Tenaris will pay to the class $9.5 million (inclusive of legal fees to lead plaintiff\u2019s counsel). On March 10, 2023,
\n
the lead plaintiffs filed a motion for preliminary approval of the class settlement.
\n
\n
\u25aa Administrative proceeding concerning Brazilian tax credits
\n
\n
Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount
\n
allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The proceeding
\n
resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which
\n
was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab\u2019s appeal,
\n
thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such
\n
administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab may appeal
\n
before the courts. The estimated amount of this claim is BRL59.2 million (approximately $11.3 million). At this stage, the
\n
Company cannot predict the outcome of this claim.
\n
\n
\u25aa U.S. patent infringement litigation
\n
\n
Tenaris Coiled Tubes, LLC (\u201cTCT\u201d), a U.S. subsidiary of the Company, was sued in 2017 by its competitor Global Tubing,
\n
alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not infringe patents
\n
held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by TCT, and Global Tubing
\n
has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint (including
\n
the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On
\n
March 20, 2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are
\n
unenforceable due to inequitable conduct during the patent prosecution process. TCT and the Company are analyzing
\n
whether to appeal this judgment. Although it is not possible to predict the final outcome of this matter, the Company
\n
believes that any potential losses arising from this case will not be material.
\n

\n\n

\n\n

\n

\n\n
\u25aa U.S. Antidumping Duty and Countervailing Duty Investigations
\n
\n
On October 27, 2021, the U.S. Department of Commerce (\u201cDOC\u201d) announced the initiation of antidumping duty
\n
investigations of oil country tubular goods (\u201cOCTG\u201d) from Argentina, Mexico, and Russia and countervailing duty
\n
investigations of OCTG from Russia and South Korea. The investigations were initiated on the basis of a petition by U.S.
\n
Steel Tubular Products, Inc., a small number of other U.S. domestic welded OCTG producers, and a steelworkers\u2019 union.
\n
On November 22, 2021, the International Trade Commission (\u201cITC\u201d) made a preliminary determination of injury, allowing
\n
the investigations to proceed. Subsequently, the DOC issued affirmative preliminary and final antidumping
\n
determinations with respect to imports from Argentina, Mexico and Russia, and final affirmative countervailing duty
\n
determinations with respect to imports from Russia and from some Korean exporters. On October 27, 2022, the ITC
\n
determined that the imports under investigation caused injury to the U.S. OCTG industry, bringing the investigation phase
\n
to a conclusion. Tenaris and other parties have appealed the agency determinations from the investigation to the Court
\n
of International Trade. As a result of the investigation, and unless overturned on appeal, Tenaris is required to pay
\n
antidumping duty deposits (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) until
\n
such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period
\n
under review. Tenaris has been paying such deposits since May 11, 2022, reflecting the amount of such deposits in its
\n
costs. The deposit rates may be reset periodically based on the results of the review process. It is possible that, through
\n
the periodic review process, the deposits may be either returned to Tenaris in whole or in part, or may be increased.
\n

\n\n
\n\n
(ii) Commitments and guarantees
\n
\n
Set forth is a description of the Tenaris\u2019s main outstanding commitments:
\n
\n
\u25aa Certain subsidiaries of the Company entered into a contract with Praxair S.A. for the service of oxygen and nitrogen
\n
supply. As of December 31, 2022, the aggregate amount to take or pay the committed volumes for an original 14-year
\n
term totaled approximately $36.4 million.
\n
\n
\u25aa A subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through December 1,
\n
2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen\u2019s capacity). Monthly payments are
\n
determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of
\n
the seventh contract year (as long as Techgen\u2019s existing or replacing bank facility has been repaid in full), the Company\u2019s
\n
subsidiary has the right to suspend or early terminate the contract if the rate payable under the agreement is higher
\n
than the rate charged by the Comisi\u00f3n Federal de Electricidad (\u201cCFE\u201d) or its successors. The Company\u2019s subsidiary may
\n
instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy
\n
under the agreement and the Company\u2019s subsidiary will benefit from the proceeds of such sale.
\n
\n
\u25aa A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to
\n
purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The
\n
contract became effective upon delivery of the first purchase order, which occurred in April 2021, and will remain in
\n
force for a 3-year term. As of December 31, 2022, the estimated aggregate contract amount calculated at current prices,
\n
is approximately $85.8 million. The contract gives the subsidiary of the Company the right to temporarily reduce the
\n
quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of material adverse
\n
changes in prevailing economic or market conditions.
\n
\n
\u25aa In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a 6-year master
\n
distribution agreement (the \u201cMDA\u201d) with PAO TMK (\u201cTMK\u201d) whereby, since January 2, 2020, Tenaris is the exclusive
\n
distributor of TMK\u2019s OCTG and line pipe products in United States and Canada. At the end of the MDA\u2019s 6-year term,
\n
TMK will have the option to extend the duration of its term for an additional 12-month period. Under the MDA, the
\n
Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products,
\n
based on the aggregate market demand for the relevant product category in the United States in the relevant year. In
\n
February 2022, however, the Company and TMK agreed that there shall be no minimum yearly purchase requirement
\n
for the OCTG product category for the year ending December 31, 2022, and there shall be no minimum yearly purchase
\n
requirement for TMK line pipe products under the MDA neither for the contract year ending December 31, 2022, nor
\n
for any subsequent contract year until expiration of the MDA\u2019s term.
\n

\n\n

\n\n

\n\n
\u25aa A subsidiary of the Company entered into a contract with the supplier Voestalpine Grobblech GmbH from which it
\n
committed to purchase carbon steel for a remaining amount of approximately $30.2 million to use for manufacturing
\n
pipes related to the NFXP-QatarGas project.
\n
\n
\u25aa Certain subsidiaries of the Company entered into agreements with Vestas Group for the supply of materials and services
\n
related to the construction of a wind farm in Argentina. As of December 31, 2022, the remaining amount related to this
\n
commitment was $47.7 million.
\n
\n
\u25aa Certain subsidiaries of the Company entered into a one-year contract, renewable for one additional year, with Ternium
\n
USA, Inc., under which they are committed to purchase on a monthly basis specified minimum volumes of steel coils.
\n
The contract is effective since March 2022, with deliveries beginning in July 2022 until June 2023. As of December 31,
\n
2022, the aggregate commitment totaled approximately $6.3 million.
\n
\n
\u25aa Certain subsidiaries of the Company entered into a contract with Usiminas from which they committed to purchase
\n
steel coils for a total amount of approximately $183.6 million to use for manufacturing welded pipes for the
\n
construction of the Presidente Nestor Kirchner Gas Pipeline (\u201cGPNK\u201d) in Argentina.
\n
\n
\u25aa A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase tubular
\n
material, including 13 Chrome alloy products following the closure of NKKTubes. For more information see note 35
\n
\u201cOther Information \u2013 Agreement to terminate NKKTubes joint venture\u201d.
\n
\n
In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations
\n
of Techgen as described in note 13 (c), (ii) issued corporate guarantees securing certain obligations of GPC, as described
\n
in note 13 (d) and (iii) issued performance guarantees mainly related to long-term commercial contracts with several
\n
customers and parent companies for approximately $3.6 billion as of December 31, 2022.
\n

\n\n
\n
(iii) Restrictions on the distribution of profits and payment of dividends
\n
\n
In accordance with Luxembourg Law, the Company is required to transfer a minimum of 5% of its net profit for each
\n
financial year to a legal reserve until such reserve equals 10% of the issued share capital.
\n
\n
As of December 31, 2022, this reserve is fully allocated and additional allocations to the reserve are not required under
\n
Luxembourg law. Dividends may not be paid out of the legal reserve.
\n
\n
The Company may pay dividends to the extent, among other conditions, that it has distributable retained earnings
\n
calculated in accordance with Luxembourg law and regulations.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag619": { "value": "\n
(i) Contingencies
\n
\n
Tenaris is from time to time subject to various claims, lawsuits and other legal proceedings, including customer,
\n
employee, tax and environmental-related claims, in which third parties are seeking payment for alleged damages,
\n
reimbursement for losses, or indemnity. Management with the assistance of legal counsel periodically reviews the status
\n
of each significant matter and assesses potential financial exposure.
\n
\n
Some of these claims, lawsuits and other legal proceedings involve highly complex issues, and often these issues are
\n
subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to
\n
ascertain. Accordingly, with respect to a large portion of such claims, lawsuits and other legal proceedings, the Company
\n
is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the
\n
proceeding. In those cases, the Company has not accrued a provision for the potential outcome of these cases.
\n
\n
If a potential loss from a claim, lawsuit or other proceeding is considered probable and the amount can be reasonably
\n
estimated, a provision is recorded. Accruals for loss contingencies reflect a reasonable estimate of the losses to be
\n
incurred based on information available to management as of the date of preparation of the financial statements and
\n
take into consideration litigation and settlement strategies. In a limited number of ongoing cases, the Company was able
\n
to make a reliable estimate of the expected loss or range of probable loss and, depending on the likelihood of occurrence,
\n
in some of such cases has accrued a provision for such loss but believes that publication of this information on a case-by-
\n
case basis would seriously prejudice the Tenaris\u2019s position in the ongoing legal proceedings or in any related settlement
\n
discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the
\n
contingency but has not disclosed its estimate of the range of potential loss.
\n
\n
The Company believes that the aggregate provisions recorded for potential losses in these Consolidated Financial
\n
Statements are adequate based upon currently available information. However, if management\u2019s estimates prove
\n
incorrect, current reserves could be inadequate and the Company could incur a charge to earnings which could have a
\n
material adverse effect on its results of operations, financial condition, net worth and cash flows.
\n
\n
Below is a summary description of Tenaris\u2019s material legal proceedings which are outstanding as of the date of these
\n
Consolidated Financial Statements. In addition, the Company is subject to other legal proceedings, none of which is
\n
believed to be material.
\n
\n
\u25aa CSN claims relating to the January 2012 acquisition of Usiminas
\n
\n
Confab, a Brazilian subsidiary of the Company, is one of the defendants in a lawsuit filed in Brazil by Companhia
\n
Sider\u00fargica Nacional (\u201cCSN\u201d) and various entities affiliated with CSN against Confab and several Ternium subsidiaries that
\n
acquired a participation in Usiminas\u2019 control group in January 2012.
\n
\n
The CSN lawsuit alleges that, under applicable Brazilian laws and rules, the acquirers were required to launch a tag-along
\n
tender offer to all non-controlling holders of Usiminas\u2019 ordinary shares for a price per share equal to 80% of the price per
\n
share paid in such acquisition, or BRL28.8, and seeks an order to compel the acquirers to launch an offer at that price
\n
plus interest. If so ordered, the offer would need to be made to 182,609,851 ordinary shares of Usiminas not belonging
\n
to Usiminas\u2019 control group, and Confab would have a 17.9% share in that offer.
\n

\n\n
On September 23, 2013, the first instance court dismissed the CSN lawsuit, and on February 8, 2017, the court of appeals
\n
maintained the understanding of the first instance court. On August 18, 2017, CSN filed an appeal to the Superior Court
\n
of Justice seeking the review and reversal of the decision issued by the Court of Appeals. On March 5, 2018, the court of
\n
appeals ruled that CSN\u2019s appeal did not meet the requirements for submission to the Superior Court of Justice and
\n
rejected the appeal. On May 8, 2018, CSN appealed against such ruling and on January 22, 2019, the court of appeals
\n
rejected it and ordered that the case be submitted to the Superior Court of Justice. On September 10, 2019, the Superior
\n
Court of Justice declared CSN\u2019s appeal admissible. On March 7, 2023, the Superior Court of Justice, by majority vote,
\n
rejected CSN\u2019s appeal. Plaintiffs may still appeal against the Superior Court of Justice\u2019s decision. At this time, the Company
\n
cannot predict whether CSN will appeal against the decision and, if appealed, the ultimate resolution of the matter.
\n
\n
The Company continues to believe that all of CSN\u2019s claims and allegations are groundless and without merit, as confirmed
\n
by several opinions of Brazilian legal counsel, two decisions issued by the Brazilian securities regulator (\u201cCVM\u201d) in
\n
February 2012 and December 2016, the first and second instance court decisions and the March 2023 decision of the
\n
Superior Court of Justice referred to above.
\n
\n
\u25aa Veracel celulose accident litigation
\n
\n
On September 21, 2007, an accident occurred in the premises of Veracel Celulose S.A. (\u201cVeracel\u201d) in connection with a
\n
rupture in one of the tanks used in an evaporation system manufactured by Confab. The Veracel accident allegedly
\n
resulted in material damages to Veracel. Ita\u00fa Seguros S.A. (\u201cIta\u00fa\u201d), Veracel\u2019s insurer at the time of the Veracel accident
\n
and then replaced by Chubb Seguros Brasil S/A (\u201cChubb\u201d), initiated a lawsuit against Confab seeking reimbursement of
\n
damages paid to Veracel in connection with the Veracel accident. Veracel initiated a second lawsuit against Confab
\n
seeking reimbursement of the amount paid as insurance deductible with respect to the Veracel accident and other
\n
amounts not covered by insurance. Ita\u00fa and Veracel claimed that the Veracel accident was caused by failures and defects
\n
attributable to the evaporation system manufactured by Confab. Confab believes that the Veracel accident was caused
\n
by the improper handling by Veracel\u2019s personnel of the equipment supplied by Confab in violation of Confab\u2019s
\n
instructions. The two lawsuits were consolidated and are considered by the 6th Civil Court of S\u00e3o Caetano do Sul.
\n
However, each lawsuit will be adjudicated separately.
\n
\n
On September 28, 2018, Confab and Chubb entered into a settlement agreement pursuant to which on October 9, 2018,
\n
Confab paid an amount of approximately $3.5 million to Chubb, without assuming any liability for the accident or the
\n
claim.
\n
\n
On October 10, 2018, Confab was notified that the court had issued rulings for both lawsuits. Both decisions were
\n
unfavorable to Confab:
\n
\n
\u25aa With respect to Chubb\u2019s claim, the court subsequently homologated the above-mentioned settlement and,
\n
accordingly, the claim was finalized.
\n
\n
\u25aa With respect to Veracel\u2019s claim, Confab was ordered to pay the insurance deductible and other concepts not
\n
covered by insurance, currently estimated to amount to BRL91.9 million (approximately $17.4 million) including
\n
interest, fees and expenses. Both parties filed motions for clarification against the court\u2019s decision, which were
\n
partially granted. Although the contract between Confab and Veracel expressly provided that Confab would not
\n
be liable for damages arising from lost profits, the court award would appear to include BRL78.8 million
\n
(approximately $15.10 million) of damages arising therefrom. Confab has additional defense arguments in respect
\n
of a claim for lost profits. On December 18, 2018, Confab filed an appeal against the first instance court decision,
\n
and on April 30, 2019, Veracel filed its response to the appeal. In June 2022, the court resolved that it lacked
\n
jurisdiction to decide on the appeal, which was re-allocated to another court. The parties are currently waiting
\n
for the trial of the appeal to be scheduled. At this stage the Company cannot predict the outcome of the claim or
\n
the amount or range of loss in case of an unfavorable outcome.
\n

\n\n
\u25aa Petrobras-related proceedings and claims
\n
\n
The Company is aware that Brazilian, Italian and Swiss authorities investigated whether certain payments were made
\n
prior to 2014 from accounts of entities presumably associated with affiliates of the Company to accounts allegedly linked
\n
to individuals related to Petr\u00f3leo Brasileiro S.A. (\u201cPetrobras\u201d) and whether any such payments were intended to benefit
\n
the Company\u2019s Brazilian subsidiary Confab.
\n
\n
Upon learning of the investigation, the Audit Committee of the Company's Board of Directors engaged external counsel
\n
in connection with the Company\u2019s review of these matters. In addition, the Company voluntarily notified the U.S.
\n
Securities and Exchange Commission (\u201cSEC\u201d) and the U.S. Department of Justice (\u201cDOJ\u201d) in October 2016. The Company
\n
conducted, with the assistance of external counsel, an internal investigation and found no evidence corroborating any
\n
involvement by the Company or its directors, officers or employees in respect of improper payments. An internal
\n
investigation commissioned by Petrobras also found no evidence that Confab obtained any unfair commercial benefit or
\n
advantage from Petrobras in return for payments, including improperly obtained contracts. On June 2, 2022, the
\n
Company resolved the investigation by the SEC, and the DOJ informed that it had closed its parallel inquiry without taking
\n
action. Under the settlement with the SEC, the Company neither admits nor denies the SEC\u2019s findings and on June 24,
\n
2022, paid $53.1 million in disgorgement and prejudgment interest and $25 million for a civil penalty to conclude the
\n
matter.
\n
\n
In July 2019, the Company learned that the public prosecutors\u2019 office of Milan, Italy, had completed a preliminary
\n
investigation into the same alleged payments and had included in the investigation, among other persons, the Company\u2019s
\n
Chairman and Chief Executive Officer, two other board members, Gianfelice Rocca and Roberto Bonatti, and the
\n
Company\u2019s controlling shareholder, San Faustin. The Company is not a party to the proceedings. On March 22, 2022,
\n
upon completion of the evidentiary phase of the trial, the acting prosecutor requested the first-instance court in Milan
\n
in charge of the case to impose sanctions on the Company\u2019s Chairman and Chief Executive Officer, on the other two board
\n
members, and on San Faustin. The Company\u2019s outside counsel in Italy advised the Company that neither the case file nor
\n
the prosecutor\u2019s request contain or identify any evidence of involvement in, or knowledge of, the alleged wrongdoing by
\n
any of the three directors. On May 26, 2022, the first-instance court dismissed the case brought by the public prosecutor
\n
against the defendants for lack of jurisdiction and stated that the criminal proceeding should not have been initiated. On
\n
October 7, 2022, the public prosecutor filed an appeal against the first-instance court\u2019s decision.
\n
\n
In June 2020, the Brazilian public prosecutors\u2019 office requested the indictment of several individuals, including three
\n
executives or former executives of Confab and a former agent of Confab, charging them with the alleged crimes of
\n
corruption in relation to contracts executed between 2007 and 2010, and money laundering in relation to payments
\n
between 2009 and 2013. These criminal proceedings are underway. Neither the Company nor Confab is a party to these
\n
criminal proceedings.
\n
\n
In addition, Petrobras and the Brazilian public prosecutors filed civil claims for damages against, among others, Confab
\n
and the Confab executives named in the criminal proceedings referred to above. Confab became aware of these civil
\n
claims in September 2022. As of December 31, 2022, the aggregate amount of these claims was estimated at BRL284.2
\n
million (or approximately $54.5 million). The plaintiffs also seek that Confab be prohibited from contracting with, or
\n
receiving benefits or exemptions from, the Brazilian state for an unspecified term. Confab believes these claims do not
\n
address either the defense arguments or the evidence available to the plaintiffs in Brazil and presented in other
\n
jurisdictions and is vigorously contesting them. At this stage, the Company cannot predict the outcome of these civil
\n
proceedings.
\n

\n\n
\u25aa Putative class actions
\n
\n
Following the Company\u2019s November 27, 2018, announcement that its Chairman and CEO Paolo Rocca had been included
\n
in an Argentine court investigation known as the Notebooks Case (a decision subsequently reversed by a higher court),
\n
two putative class action complaints were filed in the U.S. District Court for the Eastern District of New York. On April 29,
\n
2019, the court consolidated the complaints into a single case, captioned \u201cIn re Tenaris S.A. Securities Litigation\u201d, and
\n
appointed lead plaintiffs and lead counsel. On July 19, 2019, the lead plaintiffs filed an amended complaint purportedly
\n
on behalf of purchasers of Tenaris securities during the putative class period of May 1, 2014, through December 5, 2018.
\n
The individual defendants named in the complaint are Tenaris\u2019s Chairman and CEO and Tenaris\u2019s former CFO. The
\n
complaint alleges that during the class period, the Company and the individual defendants inflated the Tenaris share
\n
price by failing to disclose that the nationalization proceeds received by Ternium (in which the Company held an 11.46%
\n
stake) when Sidor was expropriated by Venezuela were received or expedited as a result of allegedly improper payments
\n
made to Argentine officials. The complaint does not specify the damages that plaintiff is seeking. On October 9, 2020, the
\n
court granted in part and denied in part the defendants\u2019 motions to dismiss. The court partially granted and partially
\n
denied the motion to dismiss the claims against the Company and its Chairman and CEO. In addition, the court granted
\n
the motions to dismiss as to all claims against San Faustin, Techint, and Tenaris\u2019s former CFO. On November 11, 2022,
\n
the parties filed a joint notice of settlement announcing a settlement in principle of all claims in the action, subject to
\n
finalizing the settlement agreements and court approval. The parties\u2019 agreement in principle provides that, in exchange
\n
for dismissal of the action and customary releases from class members and with no admission of liability by Tenaris or
\n
Mr. Rocca, Tenaris will pay to the class $9.5 million (inclusive of legal fees to lead plaintiff\u2019s counsel). On March 10, 2023,
\n
the lead plaintiffs filed a motion for preliminary approval of the class settlement.
\n
\n
\u25aa Administrative proceeding concerning Brazilian tax credits
\n
\n
Confab is a party to an administrative proceeding concerning the recognition and transfer of tax credits for an amount
\n
allegedly exceeding the amount that Confab would have been entitled to recognize and / or transfer. The proceeding
\n
resulted in the imposition of a fine against Confab representing approximately 75% of the allegedly undue credits, which
\n
was appealed by Confab. On January 21, 2019, Confab was notified of an administrative decision denying Confab\u2019s appeal,
\n
thereby upholding the tax determination and the fine against Confab. On January 28, 2019, Confab challenged such
\n
administrative decision and is currently awaiting a resolution. In case of an unfavorable resolution, Confab may appeal
\n
before the courts. The estimated amount of this claim is BRL59.2 million (approximately $11.3 million). At this stage, the
\n
Company cannot predict the outcome of this claim.
\n
\n
\u25aa U.S. patent infringement litigation
\n
\n
Tenaris Coiled Tubes, LLC (\u201cTCT\u201d), a U.S. subsidiary of the Company, was sued in 2017 by its competitor Global Tubing,
\n
alleging defamatory conduct by TCT and seeking a declaration that certain Global Tubing products do not infringe patents
\n
held by TCT. TCT counterclaimed that certain Global Tubing products did infringe patents held by TCT, and Global Tubing
\n
has since sought to invalidate such patents. On December 13, 2019, Global Tubing filed an amended complaint (including
\n
the Company as defendant), alleging, among other things, that TCT and the Company had misled the patent office. On
\n
March 20, 2023, the judge granted summary judgment in favor of Global Tubing, concluding that the patents at issue are
\n
unenforceable due to inequitable conduct during the patent prosecution process. TCT and the Company are analyzing
\n
whether to appeal this judgment. Although it is not possible to predict the final outcome of this matter, the Company
\n
believes that any potential losses arising from this case will not be material.
\n

\n\n
\u25aa U.S. Antidumping Duty and Countervailing Duty Investigations
\n
\n
On October 27, 2021, the U.S. Department of Commerce (\u201cDOC\u201d) announced the initiation of antidumping duty
\n
investigations of oil country tubular goods (\u201cOCTG\u201d) from Argentina, Mexico, and Russia and countervailing duty
\n
investigations of OCTG from Russia and South Korea. The investigations were initiated on the basis of a petition by U.S.
\n
Steel Tubular Products, Inc., a small number of other U.S. domestic welded OCTG producers, and a steelworkers\u2019 union.
\n
On November 22, 2021, the International Trade Commission (\u201cITC\u201d) made a preliminary determination of injury, allowing
\n
the investigations to proceed. Subsequently, the DOC issued affirmative preliminary and final antidumping
\n
determinations with respect to imports from Argentina, Mexico and Russia, and final affirmative countervailing duty
\n
determinations with respect to imports from Russia and from some Korean exporters. On October 27, 2022, the ITC
\n
determined that the imports under investigation caused injury to the U.S. OCTG industry, bringing the investigation phase
\n
to a conclusion. Tenaris and other parties have appealed the agency determinations from the investigation to the Court
\n
of International Trade. As a result of the investigation, and unless overturned on appeal, Tenaris is required to pay
\n
antidumping duty deposits (at a rate of 78.30% for imports from Argentina and 44.93% for imports from Mexico) until
\n
such time the imports are reviewed by the DOC to determine whether final duties are necessary for the specific period
\n
under review. Tenaris has been paying such deposits since May 11, 2022, reflecting the amount of such deposits in its
\n
costs. The deposit rates may be reset periodically based on the results of the review process. It is possible that, through
\n
the periodic review process, the deposits may be either returned to Tenaris in whole or in part, or may be increased.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag629": { "value": "\n
(ii) Commitments and guarantees
\n
\n
Set forth is a description of the Tenaris\u2019s main outstanding commitments:
\n
\n
\u25aa Certain subsidiaries of the Company entered into a contract with Praxair S.A. for the service of oxygen and nitrogen
\n
supply. As of December 31, 2022, the aggregate amount to take or pay the committed volumes for an original 14-year
\n
term totaled approximately $36.4 million.
\n
\n
\u25aa A subsidiary of the Company entered into a 25-year contract (effective as of December 1, 2016, through December 1,
\n
2041) with Techgen for the supply of 197 MW (which represents 22% of Techgen\u2019s capacity). Monthly payments are
\n
determined on the basis of capacity charges, operation costs, back-up power charges, and transmission charges. As of
\n
the seventh contract year (as long as Techgen\u2019s existing or replacing bank facility has been repaid in full), the Company\u2019s
\n
subsidiary has the right to suspend or early terminate the contract if the rate payable under the agreement is higher
\n
than the rate charged by the Comisi\u00f3n Federal de Electricidad (\u201cCFE\u201d) or its successors. The Company\u2019s subsidiary may
\n
instruct Techgen to sell to any affiliate, to CFE, or to any other third party all or any part of unused contracted energy
\n
under the agreement and the Company\u2019s subsidiary will benefit from the proceeds of such sale.
\n
\n
\u25aa A U.S. subsidiary of the Company is a party to a contract with Nucor Steel Memphis Inc. under which it is committed to
\n
purchase on a monthly basis a specified minimum volume of steel bars, at prices subject to quarterly adjustments. The
\n
contract became effective upon delivery of the first purchase order, which occurred in April 2021, and will remain in
\n
force for a 3-year term. As of December 31, 2022, the estimated aggregate contract amount calculated at current prices,
\n
is approximately $85.8 million. The contract gives the subsidiary of the Company the right to temporarily reduce the
\n
quantities to be purchased thereunder to 75% of the agreed-upon minimum volume in cases of material adverse
\n
changes in prevailing economic or market conditions.
\n
\n
\u25aa In connection with the closing of the acquisition of IPSCO, a U.S. subsidiary of the Company entered into a 6-year master
\n
distribution agreement (the \u201cMDA\u201d) with PAO TMK (\u201cTMK\u201d) whereby, since January 2, 2020, Tenaris is the exclusive
\n
distributor of TMK\u2019s OCTG and line pipe products in United States and Canada. At the end of the MDA\u2019s 6-year term,
\n
TMK will have the option to extend the duration of its term for an additional 12-month period. Under the MDA, the
\n
Company is required to purchase specified minimum volumes of TMK-manufactured OCTG and line pipe products,
\n
based on the aggregate market demand for the relevant product category in the United States in the relevant year. In
\n
February 2022, however, the Company and TMK agreed that there shall be no minimum yearly purchase requirement
\n
for the OCTG product category for the year ending December 31, 2022, and there shall be no minimum yearly purchase
\n
requirement for TMK line pipe products under the MDA neither for the contract year ending December 31, 2022, nor
\n
for any subsequent contract year until expiration of the MDA\u2019s term.
\n

\n\n
\u25aa A subsidiary of the Company entered into a contract with the supplier Voestalpine Grobblech GmbH from which it
\n
committed to purchase carbon steel for a remaining amount of approximately $30.2 million to use for manufacturing
\n
pipes related to the NFXP-QatarGas project.
\n
\n
\u25aa Certain subsidiaries of the Company entered into agreements with Vestas Group for the supply of materials and services
\n
related to the construction of a wind farm in Argentina. As of December 31, 2022, the remaining amount related to this
\n
commitment was $47.7 million.
\n
\n
\u25aa Certain subsidiaries of the Company entered into a one-year contract, renewable for one additional year, with Ternium
\n
USA, Inc., under which they are committed to purchase on a monthly basis specified minimum volumes of steel coils.
\n
The contract is effective since March 2022, with deliveries beginning in July 2022 until June 2023. As of December 31,
\n
2022, the aggregate commitment totaled approximately $6.3 million.
\n
\n
\u25aa Certain subsidiaries of the Company entered into a contract with Usiminas from which they committed to purchase
\n
steel coils for a total amount of approximately $183.6 million to use for manufacturing welded pipes for the
\n
construction of the Presidente Nestor Kirchner Gas Pipeline (\u201cGPNK\u201d) in Argentina.
\n
\n
\u25aa A subsidiary of the Company entered into a contract with the supplier JFE Steel Corporation for the purchase tubular
\n
material, including 13 Chrome alloy products following the closure of NKKTubes. For more information see note 35
\n
\u201cOther Information \u2013 Agreement to terminate NKKTubes joint venture\u201d.
\n
\n
In addition, Tenaris (i) applied for stand-by letters of credit as well as corporate guarantees covering certain obligations
\n
of Techgen as described in note 13 (c), (ii) issued corporate guarantees securing certain obligations of GPC, as described
\n
in note 13 (d) and (iii) issued performance guarantees mainly related to long-term commercial contracts with several
\n
customers and parent companies for approximately $3.6 billion as of December 31, 2022.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag620": { "value": "\n
27 Cancellation of title deed in Saudi Steel Pipe Company
\n
\n
In early 2021, the Company learned through the Saudi Ministry of Justice\u2019s online portal that the electronic title deeds to
\n
certain land plots of its Saudi Arabian subsidiary SSPC had become inactive due to cancellation by court order.
\n
\n
The affected land plots, with a total surface of 811,284 square meters, are located in Dammam, Saudi Arabia, and were
\n
purchased from a private entity on February 2010, pursuant to a written purchase agreement duly executed by SSPC in
\n
full compliance with the laws of the Kingdom of Saudi Arabia. The purchase of the land occurred before Tenaris\u2019s
\n
acquisition of a 47.79% interest in SSPC in 2019. The affected plots are not part of the production facility of SSPC, have
\n
been partially used as a warehouse, and have a carrying value on Tenaris\u2019s financial statements of $56.2 million.
\n
\n
As of the date hereof, neither the cancellation nor the court order have been notified to SSPC or otherwise been made
\n
public by the authorities, and the legal basis for the court order is unknown. On May 4, 2021, SSPC filed a petition with
\n
an ad-hoc newly-created special committee at the Saudi Ministry of Justice, seeking to have its title deeds reinstated. The
\n
proceeding is still ongoing and, at this time, it is not possible to predict the outcome of this matter.
\n

\n", "dimensions": { "concept": "ts:DisclosureOfCancellationOfTitleDeedInAffiliatesTextBlock", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag627": { "value": "\n
28 Foreign exchange control measures in Argentina
\n
\n
Beginning in September 2019, the Argentine government has imposed and continues to impose significant restrictions
\n
on foreign exchange transactions. Restrictions have tightened significantly over time. The main currently applicable
\n
measures are described below:
\n
\n
\u25aa Foreign currency proceeds derived from exports of goods must be sold into the Argentine foreign exchange
\n
market and converted into Argentine pesos within 60 days (if made to related parties) or 180 days (if made to
\n
unrelated parties) from shipment date, or, if collected earlier, within five days of collection.
\n
\n
\u25aa Foreign currency proceeds from exports of services must be sold into the Argentine foreign exchange market
\n
and converted into Argentine pesos within five business days of collection.
\n
\n
\u25aa Access to the Argentine foreign exchange market to pay for imports of services rendered by related parties
\n
(including royalties) is generally subject to Argentine Central Bank approval. Effective October 17, 2022, the
\n
Argentine Central Bank put in place a new regulation on import of services rendered by non-related parties,
\n
pursuant to which the Argentine Central Bank may clear or not the payment of import of services and, if cleared,
\n
may determine a payment term equal or different to that being requested. There are no rules on the conditions
\n
upon which the Argentine Central Bank may clear or determine alternative payment terms. Effective November
\n
1, 2022, this new regulation replaced previous rules.
\n
\n
\u25aa Access to the Argentine foreign exchange market to pay for imports of goods is subject to several restrictions.
\n
For example, advance payments or at sight cannot be made, and companies cannot access the official foreign
\n
exchange market if they hold cash or investments in excess of $100 thousand. Earlier this year, the Argentine
\n
government imposed additional limits to the amount of import payments that could be made by any single
\n
company per month or per year; companies that exceed such limits were required to obtain import financing of
\n
at least 180 days from the date of nationalization of the goods, except to the extent the goods qualify under a
\n
very limited number of exceptions, such as the import of capital goods and certain raw materials. Effective
\n
October 17, 2022, the Argentine government implemented a new system, known as the SIRA system, pursuant
\n
to which the Argentine government may clear or not the payment of imports and, if cleared, may determine a
\n
payment term equal or different to that being requested. There are no objective conditions upon which the
\n
Argentine government may clear the payment of imports or determine alternative payment terms under the
\n
SIRA system. The exceptions for the import of capital goods and certain raw materials, including many of those
\n
used by the Company\u2019s Argentine subsidiaries, still exist under the SIRA system.
\n
\n
\u25aa Negotiations with the Argentine authorities to raise the foregoing limits and/or expand the list of exceptions to
\n
obtain access to foreign currency to pay for import of goods (including raw materials to manufacture goods in
\n
Argentina) are ongoing.
\n
\n
\u25aa Access to the Argentine foreign exchange market to pay debt service (principal and interest) for financial debts
\n
with related parties requires prior Argentine Central Bank approval, unless the loan proceeds are sold in the
\n
Argentine foreign exchange market and converted into Argentine pesos after October 2, 2020, and such debts
\n
carry an average life of no less than 2 years.
\n
\n
\u25aa Debts with foreign creditors larger than $2 million maturing on or before December 31, 2023, need to be
\n
refinanced in at least 60% of outstanding principal and for a minimum period of 2 years.
\n
\n
\u25aa Access to the Argentine foreign exchange market to make dividend payments requires prior Argentine Central
\n
Bank approval.
\n
\n
When required, Argentine Central Bank approvals are rarely, if ever, granted.
\n
\n
Tenaris\u2019s financial position in Argentine peso as of December 31, 2022, amounted to a net short exposure of
\n
approximately $127 million. As of December 31, 2022, the total equity of Argentine subsidiaries represented
\n
approximately 10.6% of Tenaris\u2019s total equity and the sales performed by Argentine subsidiaries during the year ended
\n
on December 31, 2022, amounted approximately to 20% of Tenaris\u2019s total sales. Assets and liabilities denominated in
\n
Argentine peso as of December 31, 2022, have been valued at the prevailing official exchange rates.
\n

\n\n
Management continues to monitor closely the evolution of the main variables affecting its business, identifying the
\n
potential impact thereof on its financial and economic situation and determining the appropriate course of action in each
\n
case. The Company\u2019s Consolidated Financial Statements should be read taking into account these circumstances.
\n
\n
This context of volatility and uncertainty remains in place as of the issue date of these Consolidated Financial Statements.
\n
If restrictions to access the official foreign exchange market continue to be maintained, or are further tightened, our
\n
Argentine subsidiaries could be restricted from making payment of imports for key steelmaking inputs (which would
\n
adversely affect their operations), or would need to resort to alternative, more expensive arrangements (which would
\n
adversely affect their results of operations).
\n
\n
On August 19, 2022, the Board of Directors of Siderca S.A.I.C., an Argentine subsidiary of the Company, approved the
\n
distribution of a dividend in kind of approximately ARS7,394 million paid in Argentine sovereign bonds, which in the
\n
Argentine market had a valuation of approximately $54.4 million. Considering that, as a result of the foreign exchange
\n
restrictions described above, the value of such bonds in the international market was approximately $24.6 million, the
\n
Company recorded a loss of approximately $29.8 million in Other Financial Results.
\n

\n", "dimensions": { "concept": "ts:DisclosureOfForeignExchangeControlMeasuresInForiegnCountriesTextBlock", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag626": { "value": "\n
29 Cash flow disclosures
\n
\n
\n
\n
Year ended December 31,
\n
\n
\n
2022
\n
2021
\n
2020
\n
(i)
\n
Changes in working capital
\n
(*)
\n
\n
\n
\n
\n
\n
Inventories
\n
(1,329,865)
\n
(1,085,024)
\n
818,913
\n
\n
Receivables and prepayments and current tax assets
\n
(155,449)
\n
(79,912)
\n
67,610
\n
\n
Trade receivables
\n
(1,208,278)
\n
(356,069)
\n
414,826
\n
\n
Other liabilities
\n
57,389
\n
4,892
\n
(36,000)
\n
\n
Customer advances
\n
151,066
\n
44,661
\n
(29,253)
\n
\n
Trade payables
\n
353,892
\n
399,988
\n
(180,807)
\n
\n
\n
(2,131,245)
\n
(1,071,464)
\n
1,055,289
\n
(ii)
\n
Income tax accruals less payments
\n
\n
\n
\n
\n
Tax accrued
\n
617,236
\n
189,448
\n
23,150
\n
\n
Taxes paid
\n
(359,585)
\n
(153,846)
\n
(140,364)
\n
\n
\n
257,651
\n
35,602
\n
(117,214)
\n
(iii)
\n
Interest accruals less payments, net
\n
\n
\n
\n
\n
Interest accrued
\n
(34,080)
\n
(14,371)
\n
8,627
\n
\n
Interest received
\n
68,335
\n
24,567
\n
19,613
\n
\n
Interest paid
\n
(32,775)
\n
(21,559)
\n
(28,778)
\n
\n
\n
1,480
\n
(11,363)
\n
(538)
\n
\n
(*)
\n
Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional
\n
currencies different from the U.S. dollar.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag628": { "value": "\n

\n
30 Related party transactions
\n
\n
As of December 31, 2022:
\n
\n
\u25aa San Faustin owned 713,605,187 shares in the Company, representing 60.45% of the Company\u2019s capital and voting
\n
rights.
\n
\n
\u25aa San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.\u00e0r.l., a
\n
Luxembourg soci\u00e9t\u00e9 \u00e0 responsabilit\u00e9 limit\u00e9e (\u201cTechint\u201d), who is the holder of record of the above-mentioned Tenaris
\n
shares.
\n
\n
\u25aa Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a private foundation located in the
\n
Netherlands (Stichting) (\u201cRP STAK\u201d) held voting shares in San Faustin sufficient in number to control San Faustin.
\n
\n
\u25aa No person or group of persons controls RP STAK.
\n
\n\n
Based on the information most recently available to the Company, Tenaris\u2019s directors and senior management as a group
\n
owned 0.07% of the Company\u2019s outstanding shares.
\n

\n\n

\n\n

\n
Transactions and balances disclosed as with \u201cnon-consolidated parties\u201d are those with companies over which Tenaris
\n
exerts significant influence or joint control in accordance with IFRS, but does not have control. All other transactions and
\n
balances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as
\n
\u201cOther\u201d. The following transactions were carried out with related parties:
\n
\n
\n
\n
\n
Year ended December 31,
\n
(i)
\n
Transactions
\n
2022
\n
2021
\n
2020
\n
\n
(a) Sales of goods and services
\n
\n
\n
\n
\n
Sales of goods to non-consolidated parties
\n
100,019
\n
71,879
\n
20,183
\n
\n
Sales of goods to other related parties
\n
151,884
\n
76,467
\n
18,243
\n
\n
Sales of services to non-consolidated parties
\n
5,407
\n
4,161
\n
5,829
\n
\n
Sales of services to other related parties
\n
109,123
\n
49,268
\n
5,049
\n
\n
\n
366,433
\n
201,775
\n
49,304
\n
\n
(b) Purchases of goods and services
\n
\n
\n
\n
\n
Purchases of goods to non-consolidated parties
\n
656,877
\n
294,929
\n
84,485
\n
\n
Purchases of goods to other related parties
\n
51,040
\n
32,453
\n
12,892
\n
\n
Purchases of services to non-consolidated parties
\n
13,759
\n
9,763
\n
6,979
\n
\n
Purchases of services to other related parties
\n
36,767
\n
13,806
\n
18,133
\n
\n
\n
758,443
\n
350,951
\n
122,489
\n
\n
\n
\n
\n
At December 31,
\n
(ii)
\n
Period-end balances
\n
2022
\n
2021
\n
\n
(a) Arising from sales / purchases of goods / services
\n
\n
\n
\n
Receivables from non-consolidated parties
\n
69,135
\n
66,896
\n
\n
Receivables from other related parties
\n
78,370
\n
33,122
\n
\n
Payables to non-consolidated parties
\n
(142,228)
\n
(45,092)
\n
\n
Payables to other related parties
\n
(13,283)
\n
(2,125)
\n
\n
\n
(8,006)
\n
52,801
\n
\n
(b) Financial debt
\n
\n
\n
\n
Finance lease liabilities from non-consolidated parties
\n
(1,650)
\n
(1,936)
\n
\n
Finance lease liabilities from other related parties
\n
(483)
\n
(624)
\n
\n
\n
(2,133)
\n
(2,560)
\n
\n
In addition to the tables above, the Company issued various guarantees in favor of Techgen and GPC; for further details,
\n
please see note 13 (c and d) and note 26 (ii) to these Consolidated Financial Statements. No other material guarantees
\n
were issued in favor of other related parties.
\n
\n\n
Directors and senior management compensation
\n
\n
During the years ended December 31, 2022, 2021 and 2020, the cash compensation of Directors and Senior managers
\n
amounted to $35.2 million, $37.7 million and $27.4 million respectively. These amounts include cash benefits paid to
\n
certain senior managers in connection with the pre-existing retirement plans. In addition, Directors and Senior managers
\n
received 437, 382 and 522 thousand units for a total amount of $5.1 million, $3.9 million and $5 million respectively in
\n
connection with the Employee retention and long-term incentive program mentioned in note II.P.3 \u201cEmployee benefits
\n
\u2013 Other long-term benefits\u201d to these Consolidated Financial Statements.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag618": { "value": "San Faustin", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag630": { "value": "RP STAK", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag622": { "value": "\n
Based on the information most recently available to the Company, Tenaris\u2019s directors and senior management as a group
\n
owned 0.07% of the Company\u2019s outstanding shares.
\n

\n\n
Directors and senior management compensation
\n
\n
During the years ended December 31, 2022, 2021 and 2020, the cash compensation of Directors and Senior managers
\n
amounted to $35.2 million, $37.7 million and $27.4 million respectively. These amounts include cash benefits paid to
\n
certain senior managers in connection with the pre-existing retirement plans. In addition, Directors and Senior managers
\n
received 437, 382 and 522 thousand units for a total amount of $5.1 million, $3.9 million and $5 million respectively in
\n
connection with the Employee retention and long-term incentive program mentioned in note II.P.3 \u201cEmployee benefits
\n
\u2013 Other long-term benefits\u201d to these Consolidated Financial Statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag625": { "value": "Transactions and balances disclosed as with \u201cnon-consolidated parties\u201d are those with companies over which Tenarisexerts significant influence or joint control in accordance with IFRS, but does not have control. All other transactions andbalances with related parties which are not non-consolidated parties and which are not consolidated are disclosed as\u201cOther\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag624": { "value": "\n
31 Principal accountant fees
\n
\n
Total fees accrued for professional services rendered by PwC Network firms to Tenaris S.A. and its subsidiaries are
\n
detailed as follows:
\n
\n
\n
Year ended December 31,
\n
\n
2022
\n
2021
\n
2020
\n
Audit fees
\n
3,966
\n
3,804
\n
3,781
\n
Audit-related fees
\n
255
\n
220
\n
134
\n
Tax fees
\n
-
\n
-
\n
102
\n
All other fees
\n
11
\n
5
\n
-
\n
Total
\n
4,232
\n
4,029
\n
4,017
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag609": { "value": "\n
32 Principal subsidiaries
\n
\n
The following is a list of Tenaris\u2019s principal subsidiaries and its direct and indirect percentage of ownership of each
\n
controlled company at December 31, 2022.
\n
\n
Company
\n
Country of
\n
Incorporation
\n
Main activity
\n
Percentage of ownership at
\n
December 31,
\n
(*)
\n
\n
2022
\n
2021
\n
2020
\n
ALGOMA TUBES INC.
\n
Canada
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
CONFAB INDUSTRIAL S.A. and subsidiaries
\n
Brazil
\n
Manufacturing of welded steel pipes
\n
and capital goods
\n
100%
\n
100%
\n
100%
\n
DALMINE S.p.A.
\n
Italy
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
HYDRIL COMPANY and subsidiaries
\n
USA
\n
Manufacture and marketing of
\n
premium connections
\n
100%
\n
100%
\n
100%
\n
IPSCO TUBULARS INC. and subsidiaries
\n
USA
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
MAVERICK TUBE CORPORATION and
\n
subsidiaries
\n
USA
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
P.T. SEAMLESS PIPE INDONESIA JAYA
\n
Indonesia
\n
Manufacturing of seamless steel
\n
products
\n
89%
\n
89%
\n
89%
\n
S.C. SILCOTUB S.A.
\n
Romania
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
SAUDI STEEL PIPE CO.
\n
Saudi Arabia
\n
Manufacturing of welded steel pipes
\n
48%
\n
48%
\n
48%
\n
SIAT SOCIEDAD ANONIMA
\n
Argentina
\n
Manufacturing of welded steel pipes
\n
100%
\n
100%
\n
100%
\n
SIDERCA SOCIEDAD ANONIMA INDUSTRIAL Y
\n
COMERCIAL and subsidiaries (a)
\n
Argentina
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
TALTA - TRADING E MARKETING SOCIEDADE
\n
UNIPESSOAL LDA.
\n
Portugal
\n
Holding Company
\n
100%
\n
100%
\n
100%
\n
TENARIS BAY CITY, INC.
\n
USA
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
TENARIS CONNECTIONS BV
\n
Netherlands
\n
Development, management and
\n
licensing of intellectual property
\n
100%
\n
100%
\n
100%
\n
TENARIS FINANCIAL SERVICES S.A.
\n
Uruguay
\n
Financial company
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES (CANADA) INC.
\n
Canada
\n
Marketing of steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES (U.S.A.)
\n
CORPORATION
\n
USA
\n
Marketing of steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES (UK) LTD
\n
United
\n
Kingdom
\n
Holding company and marketing of
\n
steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS GLOBAL SERVICES S.A. and
\n
subsidiaries (except detailed) (b)
\n
Uruguay
\n
Holding company, marketing and
\n
distribution of steel products
\n
100%
\n
100%
\n
100%
\n
TENARIS INVESTMENTS (NL) B.V. and
\n
subsidiaries
\n
Netherlands
\n
Holding company
\n
100%
\n
100%
\n
100%
\n
TENARIS INVESTMENTS S.\u00e0r.l.
\n
Luxembourg
\n
Holding company
\n
100%
\n
100%
\n
100%
\n
TENARIS QINGDAO STEEL PIPES LTD.
\n
China
\n
Processing of premium joints,
\n
couplings and automotive
\n
components
\n
100%
\n
100%
\n
100%
\n
TENARIS TUBOCARIBE LTDA.
\n
Colombia
\n
Manufacturing of welded and
\n
seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
TUBOS DE ACERO DE MEXICO, S.A.
\n
Mexico
\n
Manufacturing of seamless steel pipes
\n
100%
\n
100%
\n
100%
\n
\n
(*) All percentages rounded.
\n
(a) Tenaris holds 51% of NKKTubes.
\n
(b) Tenaris holds 98.4% of Tenaris Supply Chain S.A. and 40% of Tubular Technical Services Ltd. and Pipe Coaters Nigeria Ltd., 49% of Amaja Tubular
\n
Services Limited and 60% of Tenaris Baogang Baotou Steel Pipes Ltd, and until 2021 held 49% of Tubular Services Angola Lda.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag613": { "value": "\n
33 Business combinations
\n
\n
Acquisition of Parques E\u00f3licos de la Buena Ventura S.A.
\n
\n
In connection with the construction of a wind farm in Argentina, in April 2022, Tenaris acquired 100% of the shares of
\n
Parques E\u00f3licos de la Buena Ventura S.A. for a price of $4.1 million, which was fully paid. The fair value of the acquired
\n
assets and liabilities amounted to $4.1 million, the same value of the consideration paid. Accordingly, no goodwill was
\n
recognized.
\n
\n
Had the acquisition occurred on January 1, 2022, Tenaris\u2019s unaudited pro forma net sales and net income from continuing
\n
operations would not have changed materially.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag611": { "value": "\n
34 Nationalization of Venezuelan subsidiaries
\n
\n
In May 2009, within the framework of Decree Law 6058, Venezuela\u2019s President announced the nationalization of, among
\n
other companies, the Company's majority-owned subsidiaries TAVSA - Tubos de Acero de Venezuela S.A. (\u201cTavsa\u201d) and,
\n
Matesi Materiales Sider\u00fargicos S.A (\u201cMatesi\u201d), and Complejo Sider\u00fargico de Guayana, C.A (\u201cComsigua\u201d), in which the
\n
Company has a non-controlling interest (collectively, the \u201cVenezuelan Companies\u201d). Tenaris and its wholly-owned
\n
subsidiary, Talta - Trading e Marketing Sociedad Unipessoal Lda (\u201cTalta\u201d), initiated arbitration proceedings against
\n
Venezuela before the ICSID in Washington D.C. in connection with these nationalizations and obtained favorable awards,
\n
which are final and not subject to further appeals.
\n
\n
Matesi
\n
\n
On January 29, 2016, the tribunal released its award on the arbitration proceeding concerning the nationalization of
\n
Matesi. The award upheld Tenaris\u2019s and Talta\u2019s claim that Venezuela had expropriated their investments in Matesi in
\n
violation of Venezuelan law as well as the bilateral investment treaties entered into by Venezuela with the Belgium-
\n
Luxembourg Economic Union and Portugal. The award granted compensation in the amount of $87.3 million for the
\n
breaches and ordered Venezuela to pay an additional amount of $85.5 million in pre-award interest, aggregating to a
\n
total award of $173 million (including $0.2 million of legal fees), payable in full and net of any applicable Venezuelan tax,
\n
duty or charge. The tribunal granted Venezuela a grace period of six months from the date of the award to make payment
\n
in full of the amount due without incurring post-award interest, and resolved that if no, or no full, payment is made by
\n
then, post-award interest will apply at the rate of 9% per annum compounded at six-monthly rests from the date of the
\n
award until payment in full. As of December 31, 2022, post-award interest calculated at the award rate amounted to
\n
approximately $144.7 million and, accordingly, the total amount owed by Venezuela under the award as of December
\n
31, 2022 was $317.7 million.
\n
\n
On June 8, 2018, Tenaris and Talta filed an action in federal court in the District of Columbia to recognize and enforce the
\n
award in the United States. On July 17, 2020, the Court entered judgment recognizing the Matesi award. The judgment
\n
orders Venezuela to pay to Tenaris and Talta an amount of $256.4 million, including principal and post-award interest
\n
through the judgment date, and provides for post-judgment interest to accrue on this sum at the U.S. federal statutory
\n
rate. As of December 31, 2022, post-judgement interest calculated at the U.S. judgment rate amounted to approximately
\n
$0.9 million and, accordingly, the total amount owed by Venezuela under the U.S. judgment as of December 31, 2022
\n
was $257.3 million. The U.S. judgment, however, may not be enforced in the United States to the extent prohibited by
\n
the Venezuelan sanctions regulations issued by the U.S. Treasury Department\u2019s Office of Foreign Assets Control currently
\n
in effect.
\n
\n
Tavsa and Comsigua
\n
\n
On December 12, 2016, the tribunal issued its award upholding Tenaris\u2019s and Talta\u2019s claim that Venezuela had
\n
expropriated their investments in Tavsa and Comsigua in violation of the bilateral investment treaties entered into by
\n
Venezuela with the Belgium-Luxembourg Economic Union and Portugal. The award granted compensation in the amount
\n
of $137 million and ordered Venezuela to pay an additional amount of $76 million in pre-award interest and to reimburse
\n
Tenaris and Talta $3.3 million in legal fees and ICSID administrative costs. In addition, Venezuela was ordered to pay
\n
interest from April 30, 2008 until the day of effective payment at a rate equivalent to LIBOR + 4% per annum. As of
\n
December 31, 2022, post-award interest calculated at the award rate amounted to approximately $85.1 million and,
\n
accordingly, the total amount owed by Venezuela under the award as of December 31, 2022 was $301.4 million.
\n
\n
On June 8, 2018, Tenaris and Talta filed an action in federal court in the District of Columbia to recognize and enforce the
\n
award in the United States. On August 24, 2021, the court entered judgment in favor of Tenaris and Talta and against
\n
Venezuela in the amount of $276.9 million, with post-judgment interest accruing from the date of judgment at the federal
\n
statutory post-judgment interest rate. On November 5, 2021, the court, in response to a motion by Tenaris and Talta,
\n
amended the judgment amount to $280.7 million, with post-judgment interest continuing to accrue from August 24,
\n
2021 at the federal statutory post-judgment interest rate. As of December 31, 2022, post-judgement interest calculated
\n
at the U.S. judgment rate amounted to approximately $0.2 million and, accordingly, the total amount owed by Venezuela
\n
under the U.S. judgment as of December 31, 2022 was $280.9 million. The U.S. judgment, however, may not be enforced
\n
in the United States to the extent prohibited by the Venezuelan sanctions regulations issued by the U.S. Treasury
\n
Department\u2019s Office of Foreign Assets Control currently in effect.
\n

\n\n
Transfer of the Awards and Judgements
\n
\n
On January 25, 2023, Tenaris and Talta entered into an awards purchase agreement with an unaffiliated purchaser
\n
pursuant to which Tenaris and Talta agreed to sell all of their rights, title and interests in the above-referenced claims,
\n
awards and judgements, including all post-award or post-judgement interest accruing on the awards and judgements,
\n
for a purchase price of $81 million, plus a non-refundable signing payment of $1 million as reimbursement of expenses.
\n
The transfer of the awards and judgements is subject to the Office of Foreign Assets Control (\u201cOFAC\u201d) approval, and
\n
according to the agreement must be obtained by February 25, 2024. The uncertainty associated with the OFAC approval
\n
is factored into the fair value determination of the related receivable. See note III.B.
\n

\n", "dimensions": { "concept": "ts:DisclosureOfNationalizationOfSubsidiariesTextBlock", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag610": { "value": "\n

\n
35 Other relevant information
\n
\n
Agreement to terminate NKKTubes joint venture
\n
\n
Tenaris\u2019s seamless pipe manufacturing facility in Japan, located in the Keihin steel complex owned by JFE Holdings Inc.
\n
(\u201cJFE\u201d), is operated by NKKTubes, a company owned 51% by Tenaris and 49% by JFE. Steel bars and other essential inputs
\n
and services for NKKTubes are supplied under a long-term agreement by JFE.
\n
\n
On March 27, 2020, JFE informed Tenaris of its decision to permanently cease as from JFE\u2019s fiscal year ending March 2024
\n
the operations of its steel manufacturing facilities located at the Keihin complex. In light of that development, Tenaris
\n
and JFE engaged in discussions and ultimately determined that the project was no longer economically sustainable.
\n
Accordingly, on November 2, 2021, Tenaris and JFE agreed to terminate amicably their joint venture and liquidate
\n
NKKTubes, and on November 2, 2022, entered into a definitive wrap-up agreement. Under these agreements:
\n
\n
a) NKKTubes\u2019 manufacturing and production operations were closed by June 30, 2022;
\n
\n
b) the lease agreement of the Keihin steel complex between JFE and NKKTubes was terminated as of September
\n
30, 2022;
\n
\n
c) all tangible fixed assets owned by NKKTubes and placed in the Keihin steel complex were either purchased by
\n
JFE or removed and disposed of;
\n
\n
d) NKKTubes started its liquidation process on November 30, 2022;
\n
\n
e) all agreements that allowed the operation of the joint venture will terminate progressively in accordance with
\n
NKKTubes\u2019 operational needs until liquidation is accomplished;
\n
\n
f) all agreements with local Japanese customers and subcontractors were terminated;
\n
\n
g) the intangible assets belonging to NKKTubes will be allocated between the parties based on agreements still
\n
under negotiation; and
\n
\n
h) all related dissolution and liquidation costs were allocated between the parties.
\n
\n
In July, 2022, Tenaris and JFE entered into an agreement for the provision of tubular material, including 13 Chrome alloy
\n
products, thereby ensuring a continued supply of such products to international customers after NKKTubes\u2019 closure.
\n
\n
Management determined that the parties\u2019 decision to terminate the NKKTubes joint venture constituted an impairment
\n
indicator, conducted an impairment test, and as of December 2021, recognized a charge of approximately $57 million,
\n
impacting NKKTubes\u2019 property, plant and equipment and intangible assets.
\n
\n
During 2022, as result of NKKTubes\u2019 closure, the currency translation adjustment reserve belonging to the shareholders
\n
was reclassified to the income statement for an amount of $71.2 million.
\n
\n\n
As of December 31, 2022, the net non-controlling interests\u2019 reserve amounts to approximately $13.2 million. This balance
\n
will be reclassified through the Company\u2019s results in the period when the final liquidation of NKKTubes occurs.
\n

\n\n

\n\n
Agreement for acquisition of Benteler Steel & Tube Manufacturing Corporation
\n
\n
On July 7, 2022, the Company entered into a definitive agreement to acquire from Benteler North America Corporation,
\n
a Benteler Group company, 100% of the shares of Benteler Steel & Tube Manufacturing Corporation, a U.S. producer of
\n
seamless steel pipes. The agreement provided that either party could unilaterally terminate the agreement in case that
\n
the conditions precedent to closing had not been satisfied by January 3, 2023. On February 5, 2023, Tenaris announced
\n
that Benteler North America Corporation had exercised its right to unilaterally terminate, effective immediately, the
\n
acquisition agreement and, accordingly, the transaction will not proceed.
\n

\n", "dimensions": { "concept": "ts:DisclosureOfOtherRelevantInformationTextBlock", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag607": { "value": "\n
As of December 31, 2022, the net non-controlling interests\u2019 reserve amounts to approximately $13.2 million. This balance
\n
will be reclassified through the Company\u2019s results in the period when the final liquidation of NKKTubes occurs.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag612": { "value": "\n
36 The Russia-Ukraine armed conflict and its impact on Tenaris\u2019s operations
\n
\n
On February 24, 2022, Russia launched a military attack on Ukraine. In response, several jurisdictions, including the United
\n
States, the European Union and the United Kingdom imposed a wave of sanctions against certain Russian institutions,
\n
companies and citizens. The Russian government retaliated by ordering several economic counter measures, including
\n
restrictions on residents transferring foreign currency abroad.
\n
\n
Tenaris has so far found alternative sources in response to the interruption in supplies from Ukraine and the impact of
\n
sanctions on supplies from Russia but may still be faced with supply delays or forced to pay higher prices to secure the
\n
raw materials, in particular energy, required for its steelmaking operations. Although it is hard to predict how energy and
\n
commodity prices will continue to behave as the conflict unfolds, higher prices and possible shortages of energy and raw
\n
materials used in Tenaris\u2019s steelmaking operations would result in higher production costs and potential plant stoppages,
\n
affecting its profitability and results of operations.
\n
\n
Tenaris\u2019s sales to Russian customers were not material in the year ended December 31, 2022. All sales to Russian
\n
customers and all purchases from Russian suppliers were made in compliance with applicable regulations. There are no
\n
significant exposures or credit loss effects related to Russian counterparties, and the conflict has not created any
\n
uncertainty on the value of financial instruments. The currently ongoing events have not changed significant judgements
\n
taken into consideration when performing impairments tests, nor have they raised going concern risks. In addition,
\n
Tenaris is assessing the closure of its representative office in Moscow, which is currently not operative.
\n
\n
In light of the armed conflict and the designation of Severstal\u2019s controlling shareholder as person subject to EU and UK
\n
sanctions, in March 2022, Tenaris recorded an impairment in the amount of approximately $14.9 million in connection
\n
with its investment in a joint venture in Russia with Severstal. See note 13.
\n

\n", "dimensions": { "concept": "ts:DisclosureOfRussiaUkraineArmedConflictAndItsImpactOnTenarissOperationsTextBlock", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag608": { "value": "\n
37 Climate change
\n
\n
Tenaris carefully assesses the potential impact of climate change and energy transition on its business and on the risks to
\n
its markets and its tangible and intangible assets, and adapts its business strategy accordingly.
\n
\n
In February 2021 Tenaris set a medium-term target to reduce its carbon emissions intensity rate by 30% by 2030,
\n
compared to a 2018 baseline, considering Scopes 1 and 2 emissions plus Scope 3 emissions related to raw materials and
\n
steel purchased from third parties. The Company aims to achieve this target by using a higher proportion of recycled steel
\n
scrap in the metallic mix and by making investments to increase energy efficiency and the use of renewable energy in its
\n
energy requirements. This medium-term target forms part of a broader objective of decarbonizing our operations and
\n
reaching carbon neutrality. At the same time, the Company is increasing its sales for low-carbon energy applications, such
\n
as hydrogen, geothermal and carbon capture and storage. These sales currently account for a relatively small proportion
\n
of overall sales but are expected to grow in the coming years.
\n
\n
In its assessment, Tenaris also considers that the countries in which it operates and its customers are also establishing
\n
their own decarbonization strategies and objectives, and that some customers are requesting specific information from
\n
their suppliers, including Tenaris, concerning the carbon emissions and Environmental, Social and Governance (\u201cESG\u201d)
\n
practices in their supply chain, and that they may adjust their supply practices in light of that information.
\n

\n\n
The recoverable value assessments performed by the Company for purposes of the preparation of these financial
\n
statements reflect management\u2019s views on energy transition and climate change and their potential medium-and long-
\n
term impact on Tenaris\u2019s operations and its sales. In addition, the Company carefully monitors the medium-and long-
\n
term outlook scenarios published by leading industry experts on how the energy transition could affect global demand
\n
for energy and oil and gas and how this could affect the global demand for tubular products and its sales. Furthermore,
\n
estimates and assumptions used in the Company\u2019s impairment tests over long-lived assets and goodwill, useful lives of
\n
assets, capital and research and development expenditures, inventory valuation, recovery of deferred tax assets and
\n
provisions, and contingent liabilities are based on available information and current government regulations on energy
\n
transition and climate-related matters, as well as on Tenaris\u2019s current short-term investment plans. As of the date of
\n
these financial statements, the Company does not believe that climate-related matters should trigger any material
\n
adjustments to the conclusions of its impairment tests.
\n

\n", "dimensions": { "concept": "ts:DisclosureOfClimateChangeTextBlock", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag616": { "value": "\n
38 Events after the reporting period
\n

\n
Annual Dividend Proposal
\n

\n
Upon approval of the Company\u00b4s annual accounts in March 2023, the Board of Directors intends to propose, for the
\n
approval of the Annual General Shareholders' meeting to be held on May 3, 2023, the payment of an annual dividend of
\n
$0.51 per share ($1.02 per ADS), or approximately $602 million, which includes the interim dividend of $0.17 per share
\n
($0.34 per ADS) or approximately $201 million, paid on November 23, 2022. If the annual dividend is approved by the
\n
shareholders, a dividend of $0.34 per share ($0.68 per ADS), or approximately $401 million will be paid on May 24, 2023,
\n
with an ex-dividend date of May 22, 2023. These Consolidated Financial Statements do not reflect this dividend payable.
\n

\n

\n
39 Update as of March 31, 2023
\n
9
\n

\n

\n
Contingencies, commitments and restrictions on the distribution of profits updates
\n

\n
Information contained in note 26 \u201cContingencies, commitments and restrictions on the distribution of profits\u201d was
\n
amended reflecting the latest updates on the following cases: \u201cCSN claims relating to the January 2012 acquisition of
\n
Usiminas\u201d, \u201cPutative class actions\u201d and \u201cU.S. patent infringement litigation\u201d.
\n

\n
Tenaris to Increase its participation in Usiminas control group
\n
On March 30, 2023, the Company\u2019s subsidiary, Confab, together with Tenaris\u2019s affiliates Ternium Investments and
\n
Ternium Argentina, all of which compose the T/T Group within Usiminas control group, entered into a share purchase
\n
agreement to acquire from the NSC Group, pro rata to their current participations in the T/T Group, 68.7 million ordinary
\n
shares of Usiminas at a price of BRL10 (approximately $1.9) per ordinary share. Pursuant to the transaction, Tenaris would
\n
pay approximately BRL 110 million (approximately $21 million) in cash for 11 million ordinary shares, increasing its
\n
participation in the Usiminas control group to 9.8%. Upon the closing of this transaction, the T/T Group will hold an
\n
aggregate participation of 61.3% in the control group, with the NSC Group and Previd\u00eancia Usiminas (Usiminas
\n
employees\u2019 pension fund) holding 31.7% and 7.1%, respectively. The transaction is subject to approval by Brazil\u2019s antitrust
\n
authorities and will be financed with cash on hand.
\n

\n
The Company will continue having significant influence over Usiminas and consequently will continue accounting for its
\n
investment under the equity method.
\n

\n
At closing, the existing Usiminas shareholders agreement will be replaced by a new shareholders agreement setting forth
\n
a new governance structure for Usiminas. The T/T Group will nominate a majority of the Usiminas board of directors, the
\n
chief executive officer and four other members of the Usiminas board of officers. Of the positions allocated to the T/T
\n
Group, Tenaris will retain the right to nominate one member of the Usiminas board of directors and one members of the
\n
Usiminas board of officers. Ordinary decisions may be approved with a 55% majority of Usiminas\u2019 control group shares.
\n

\n

\n
9
\n
This note was added subsequently to the approval of these Consolidated Financial Statements by the Company\u2019s Board of Directors on February 15,
\n
2023.
\n

\n\n
At any time after the second anniversary of the closing of the transaction, the T/T Group will have the right to buy the
\n
NSC Group\u2019s remaining interest in the Usiminas control group (153.1 million ordinary shares) at the higher of BRL10 per
\n
share and the 40-trading day average price per share immediately prior to the date of exercising the option. In addition,
\n
the NSC Group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from
\n
the control group and sell them in the open market after giving the T/T Group the opportunity to buy them at the 40-
\n
trading day average price per share, as well as the right, at any time after the second anniversary of the closing, to sell
\n
such shares to the T/T Group at BRL10 per share. Confab will have the right to participate in each such transaction pro
\n
rata to its current participation in the T/T Group.
\n

\n
The Company will account for the transaction if and when the conditions precedent to closing are satisfied and the
\n
acquisition is completed.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag614": { "value": "0.51", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "Tag615": { "value": "602000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "Tag631": { "value": "26, BoulevardRoyal \u2013 4th floor, L-2449, Luxembourg, Grand-Duchy of Luxembourg", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300Y7C05BKC4HZB40", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "footnote8": { "value": "
Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and the changes in financial instruments
\n
measured at fair value through other comprehensive income.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote8", "language": "en" } }, "footnote3": { "value": "
Other reserves include mainly the result of transactions with non-controlling interests that do not result in a loss of control, the remeasurement of post-employment benefit obligations, the changes in value of cash flow hedges and
\n
the changes in financial instruments measured at fair value through other comprehensive income.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote3", "language": "en" } }, "footnote2": { "value": "
\n
\n
\n
The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2022 there were 1,180,536,830 shares issued. All issued shares are fully paid.
\n
\n
\n
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote2", "language": "en" } }, "footnote10": { "value": "
\n
Related to NKKTubes\u2019 cease of operations. For more information see note 35 \u201cOther Information - Agreement to terminate NKKTubes joint venture\u201d.
\n
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote10", "language": "en" } }, "footnote4": { "value": "
\n
\n
\n
The restrictions on the distribution of profits and payment of dividends according to Luxembourg Law are disclosed in note 26 (iii) to these Consolidated Financial Statements.
\n
\n
\n
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote4", "language": "en" } }, "footnote5": { "value": "
\n
Related to NKKTubes\u2019 cease of operations. For more information see note 35 \u201cOther Relevant Information - Agreement to terminate NKKTubes joint venture\u201d.
\n
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote5", "language": "en" } }, "footnote1": { "value": "
During 2022 as a result of NKKTubes\u2019 definitive cease of operations, the currency translation adjustment reserve belonging to the shareholders was
\n
reclassified to the income statement. For more information see note 35 \u201cOther Information - Agreement to terminate NKKTubes joint venture\u201d.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote1", "language": "en" } }, "footnote11": { "value": "
Each ADS equals two shares.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote11", "language": "en" } }, "footnote9": { "value": "
Changes in working capital do not include non-cash movements due to the variations in the exchange rates used by subsidiaries with functional
\n
currencies different from the U.S. dollar for an amount of $4.2 million for 2022, $25.6 million for 2021 and $3.8 million for 2020.
\n
The accompanying notes are an integral part of these Consolidated Financial Statements.
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote9", "language": "en" } }, "footnote6": { "value": "
\n
Mainly related to the agreement for the construction of Tenaris Baogang Baotou Steel Pipes Ltd.
\n
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote6", "language": "en" } }, "footnote7": { "value": "
\n
\n
\n
The Company has an authorized share capital of a single class of 2.5 billion shares having a nominal value of $1.00 per share. As of December 31, 2021 and 2020 there were 1,180,536,830 shares issued. All issued shares are fully paid.
\n
\n
\n
", "dimensions": { "concept": "xbrl:note", "noteId": "footnote7", "language": "en" } } } }