TENARIS SA | CIK:0001190723 | 3

  • Filed: 4/30/2018
  • Entity registrant name: TENARIS SA (CIK: 0001190723)
  • Generator: Thunderdome
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1190723/000117184318003182/0001171843-18-003182-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1190723/000117184318003182/ts-20171231.xml
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    • ifrs-full:DisclosureOfRelatedPartyExplanatory

    29
    		 Related party transactions
     
    As of
    December 31, 2017:
     
    §
    		 San Faustin S.A., a Luxembourg société anonyme (“San Faustin”), owned
    713,605,187
    shares in the Company, representing
    60.45%
    of the Company’s capital and voting rights.
     
    §
    		 San Faustin owned all of its shares in the Company through its wholly-owned subsidiary Techint Holdings S.à r.l., a Luxembourg société à responsabilité limitée (“Techint”), who is the holder of record of the above-mentioned Tenaris shares.
     
    §
    		 Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a Dutch private foundation (Stichting) (“RP STAK”) held voting shares in San Faustin sufficient in number to control San Faustin.
     
    §
    No
    person or group of persons controls RP STAK.
     
    Based on the information most recently available to the Company, Tenaris’s directors and senior management as a group owned
    0.08%
    of the Company’s outstanding shares.
     
    Transactions and balances disclosed as with “non-consolidated parties” are those with companies over which Tenaris exerts significant influence or joint control in accordance with IFRS, but does
    not
    have control. All other transactions and balances with related parties which are
    not
    non-consolidated parties and which are
    not
    consolidated are disclosed as “Other”. The following transactions were carried out with related parties:
     
    (all amounts in thousands of U.S. dollars)   Year ended December 31,
        2017   2016   2015
    (i) Transactions                        
    (a) Sales of goods and services                        
    Sales of goods to non-consolidated parties    
    32,362
    		      
    21,174
    		      
    24,019
    		  
    Sales of goods to other related parties    
    94,624
    		      
    32,613
    		      
    87,663
    		  
    Sales of services to non-consolidated parties    
    11,637
    		      
    9,542
    		      
    10,154
    		  
    Sales of services to other related parties    
    3,751
    		      
    2,948
    		      
    4,010
    		  
         
    142,374
    		      
    66,277
    		      
    125,846
    		  
    (b) Purchases of goods and services                        
    Purchases of goods to non-consolidated parties    
    234,361
    		      
    67,048
    		      
    260,280
    		  
    Purchases of goods to other related parties    
    17,711
    		      
    20,150
    		      
    35,153
    		  
    Purchases of services to non-consolidated parties    
    12,077
    		      
    11,528
    		      
    16,153
    		  
    Purchases of services to other related parties    
    50,794
    		      
    53,530
    		      
    78,805
    		  
         
    314,943
    		      
    152,256
    		      
    390,391
    		  
     
     
    (all amounts in thousands of U.S. dollars)   At December 31,
        2017   2016
    (ii) Period-end balances                
    (a) Arising from sales / purchases of goods / services                
    Receivables from non-consolidated parties    
    117,853
    		      
    117,187
    		  
    Receivables from other related parties    
    50,815
    		      
    13,357
    		  
    Payables to non-consolidated parties    
    (49,354
    		 )    
    (21,314
    		 )
    Payables to other related parties    
    (14,475
    		 )    
    (12,708
    		 )
         
    104,839
    		      
    96,522
    		  
     
    Directors’ and senior management compensation
     
    During the years ended
    December 31, 2017,
    2016
    and
    2015,
    the cash compensation of Directors and Senior managers amounted to
    $45.8
    million,
    $38.6
    million and
    $28.8
    million respectively. These amounts include cash benefits paid to certain senior managers in connection with the vesting of pre-existing retirement plans. In addition, Directors and Senior managers received
    484,
    500
    and
    540
    thousand units for a total amount of
    $4.7
    million,
    $4.8
    million and
    $5.4
    million respectively in connection with the Employee retention and long term incentive program mentioned in Note O
    Employee benefits –Other long term benefits
    .