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
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    • ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory

    1
    Segment information
     
    As mentioned in section II. AP – C, the Segment Information is disclosed as follows:
     
    Reportable operating segments
     
    (All amounts in million US dollar)
    Year ended December 31, 2017   Tubes     Other     Continuing operations     Discontinued operations  
    IFRS - Net Sales    
    4,966
    		      
    323
    		      
    5,289
    		      
    12
    		  
    Management view - operating income    
    115
    		      
    48
    		      
    163
    		      
    3
    		  
    Difference in cost of sales    
    164
    		      
    1
    		      
    165
    		      
    (1
    		 )
    Direct cost and others    
    115
    		      
    -
    		      
    115
    		      
    (1
    		 )
    Absorption    
    49
    		      
    1
    		      
    50
    		      
    -
    		  
    Differences in depreciation and amortization    
    (3
    		 )    
    -
    		      
    (3
    		 )    
    -
    		  
    Differences in selling, general and administrative expenses    
    14
    		      
    (6
    		 )    
    8
    		      
    -
    		  
    Differences in other operating income (expenses), net    
    2
    		      
    -
    		      
    2
    		      
    -
    		  
    IFRS - operating income    
    292
    		      
    43
    		      
    335
    		      
    2
    		  
    Financial income (expense), net    
     
    		      
     
    		      
    (23
    		 )    
    -
    		  
    Income before equity in earnings of non-consolidated companies and income tax    
     
    		      
     
    		      
    312
    		      
    2
    		  
    Equity in earnings of non-consolidated companies    
     
    		      
     
    		      
    116
    		      
    -
    		  
    Income before income tax    
     
    		      
     
    		      
    428
    		      
    2
    		  
    Capital expenditures    
    550
    		      
    8
    		      
    558
    		      
    -
    		  
    Depreciation and amortization    
    594
    		      
    15
    		      
    609
    		      
    -
    		  
     
    Year Ended December 31, 2016   Tubes     Other     Continuing operations     Discontinued operations  
    IFRS - Net Sales    
    4,015
    		      
    278
    		      
    4,294
    		      
    235
    		  
    Management view - operating income    
    19
    		      
    19
    		      
    38
    		      
    62
    		  
    Difference in cost of sales    
    (108
    		 )    
    (8
    		 )    
    (116
    		 )    
    4
    		  
    Direct cost and others    
    (114
    		 )    
    (8
    		 )    
    (122
    		 )    
    4
    		  
    Absorption    
    6
    		      
    -
    		      
    6
    		      
    -
    		  
    Differences in Depreciation and Amortization    
    28
    		      
    -
    		      
    28
    		      
    -
    		  
    Differences in Selling, general and administrative expenses    
    (5
    		 )    
    1
    		      
    (4
    		 )    
    -
    		  
    Differences in Other operating income (expenses), net    
    (5
    		 )    
    -
    		      
    (5
    		 )    
    -
    		  
    IFRS - operating (loss) income    
    (71
    		 )    
    12
    		      
    (59
    		 )    
    66
    		  
    Financial income (expense), net    
     
    		      
     
    		      
    22
    		      
    -
    		  
    (Loss) income before equity in earnings of non-consolidated companies and income tax    
     
    		      
     
    		      
    (37
    		 )    
    66
    		  
    Equity in earnings of non-consolidated companies    
     
    		      
     
    		      
    71
    		      
    -
    		  
    Income before income tax    
     
    		      
     
    		      
    34
    		      
    66
    		  
    Capital expenditures    
    752
    		      
    33
    		      
    785
    		      
    2
    		  
    Depreciation and amortization    
    643
    		      
    14
    		      
    657
    		      
    5
    		  
     
    Year Ended December 31, 2015   Tubes     Other     Continuing operations     Discontinued operations  
    IFRS - Net Sales    
    6,444
    		      
    459
    		      
    6,903
    		      
    198
    		  
    Management view - operating income    
    686
    		      
    27
    		      
    713
    		      
    39
    		  
    Difference in cost of sales    
    (225
    		 )    
    -
    		      
    (225
    		 )    
    (9
    		 )
    Direct cost and others    
    (184
    		 )    
    -
    		      
    (184
    		 )    
    (9
    		 )
    Absorption    
    (41
    		 )    
    -
    		      
    (41
    		 )    
    -
    		  
    Differences in Depreciation and Amortization    
    (319
    		 )    
    1
    		      
    (318
    		 )    
    -
    		  
    Differences in Selling, general and administrative expenses    
    (4
    		 )    
    -
    		      
    (4
    		 )    
    -
    		  
    Differences in Other operating income (expenses), net    
    -
    		      
    -
    		      
    -
    		      
    -
    		  
    IFRS - operating income    
    138
    		      
    28
    		      
    166
    		      
    30
    		  
    Financial income (expense), net    
     
    		      
     
    		      
    15
    		      
    -
    		  
    Income before equity in earnings of non-consolidated companies and income tax    
     
    		      
     
    		      
    181
    		      
    30
    		  
    Equity in losses of non-consolidated companies    
     
    		      
     
    		      
    (40
    		 )    
    -
    		  
    Income before income tax    
     
    		      
     
    		      
    141
    		      
    30
    		  
    Capital expenditures    
    1,089
    		      
    41
    		      
    1,130
    		      
    1
    		  
    Depreciation and amortization    
    638
    		      
    15
    		      
    653
    		      
    5
    		  
     
    Transactions between segments, which were eliminated in consolidation, are mainly related to sales of scrap, energy, surplus raw materials and others from the Other segment to the Tubes segment for
    $53,
    $47
    and
    $57
    million in
    2017,
    2016
    and
    2015,
    respectively.
     
    In addition to the amounts reconciled above, the main differences in net income arise from the impact of functional currencies on financial result, deferred income taxes as well as the result of investment in non-consolidated companies and changes on the valuation of inventories according to cost estimation internally defined.
     
    Geographical information
     
     
    (all amounts in thousands of U.S. dollars)   North America     South America     Europe     Middle East & Africa     Asia Pacific     Unallocated (*)     Total continuing operations     Total discontinued operations  
    Year ended December 31, 2017                                                                
    Net sales    
    2,451,357
    		      
    1,142,142
    		      
    545,777
    		      
    937,439
    		      
    211,789
    		      
    -
    		      
    5,288,504
    		      
    11,899
    		  
    Total assets    
    7,925,520
    		      
    2,975,599
    		      
    2,002,658
    		      
    391,029
    		      
    441,546
    		      
    661,866
    		      
    14,398,218
    		      
    -
    		  
    Trade receivables    
    582,204
    		      
    234,877
    		      
    214,944
    		      
    135,524
    		      
    46,511
    		      
    -
    		      
    1,214,060
    		      
    -
    		  
    Property, plant and equipment, net    
    3,914,229
    		      
    1,190,145
    		      
    878,788
    		      
    102,481
    		      
    143,500
    		      
    -
    		      
    6,229,143
    		      
    -
    		  
    Capital expenditures    
    430,143
    		      
    58,949
    		      
    57,285
    		      
    7,562
    		      
    4,153
    		      
    -
    		      
    558,092
    		      
    145
    		  
    Depreciation and amortization    
    354,091
    		      
    126,273
    		      
    93,900
    		      
    12,094
    		      
    22,282
    		      
    -
    		      
    608,640
    		      
    -
    		  
                                                                     
    Year ended December 31, 2016                                                                
    Net sales    
    1,320,297
    		      
    1,210,527
    		      
    565,173
    		      
    1,055,994
    		      
    141,601
    		      
    -
    		      
    4,293,592
    		      
    234,911
    		  
    Total assets    
    7,467,842
    		      
    2,803,848
    		      
    1,925,784
    		      
    593,649
    		      
    482,132
    		      
    578,603
    		      
    13,851,858
    		      
    151,417
    		  
    Trade receivables    
    229,390
    		      
    204,746
    		      
    161,291
    		      
    308,919
    		      
    50,339
    		      
    -
    		      
    954,685
    		      
    33,620
    		  
    Property, plant and equipment, net    
    3,652,032
    		      
    1,237,391
    		      
    847,318
    		      
    106,941
    		      
    158,257
    		      
    -
    		      
    6,001,939
    		      
    41,470
    		  
    Capital expenditures    
    646,545
    		      
    59,780
    		      
    35,270
    		      
    24,166
    		      
    19,201
    		      
    -
    		      
    784,962
    		      
    1,911
    		  
    Depreciation and amortization    
    381,811
    		      
    128,458
    		      
    113,875
    		      
    11,053
    		      
    21,912
    		      
    -
    		      
    657,109
    		      
    5,303
    		  
                                                                     
    Year ended December 31, 2015                                                                
    Net sales    
    2,668,724
    		      
    2,132,221
    		      
    728,815
    		      
    1,096,688
    		      
    276,675
    		      
    -
    		      
    6,903,123
    		      
    197,630
    		  
    Total assets    
    8,625,806
    		      
    2,931,297
    		      
    1,877,429
    		      
    429,317
    		      
    423,479
    		      
    512,217
    		      
    14,799,545
    		      
    87,429
    		  
    Trade receivables    
    339,499
    		      
    396,834
    		      
    181,084
    		      
    137,278
    		      
    52,494
    		      
    -
    		      
    1,107,189
    		      
    27,940
    		  
    Property, plant and equipment, net    
    3,207,661
    		      
    1,269,995
    		      
    907,466
    		      
    86,181
    		      
    155,299
    		      
    -
    		      
    5,626,602
    		      
    45,656
    		  
    Capital expenditures    
    822,396
    		      
    168,140
    		      
    82,344
    		      
    36,867
    		      
    20,566
    		      
    -
    		      
    1,130,313
    		      
    1,206
    		  
    Depreciation and amortization    
    385,189
    		      
    125,754
    		      
    112,742
    		      
    9,912
    		      
    19,716
    		      
    -
    		      
    653,313
    		      
    5,465
    		  
     
    There are
    no
    revenues from external customers attributable to the Company’s country of incorporation (Luxembourg). For geographical information purposes, “North America” comprises Canada, Mexico and the USA (
    31.8%
    ); “South America” comprises principally Argentina (
    14.0%
    ), Brazil and Colombia; “Europe” comprises principally Italy and Romania; “Middle East and Africa” comprises principally Kazakhstan, United Arab Emirates, Nigeria and Saudi Arabia and; “Asia Pacific” comprises principally China, Japan and Thailand.
     
    (*) Includes Investments in non-consolidated companies and Available for sale assets for
    $
    21.6
    million in
    2017,
    2016
    and
    2015
    (see Note
    12
    and
    31
    ).