Tenaris S.A
(NYSE:TS)

Tenaris S.A., through its subsidiaries, produces and sells seamless and welded steel tubular products; and provides related services for the oil and gas industry, and other industrial applications. The company offers steel casings, tubing products, mechanical and structural pipes, cold-drawn pipes, ...

Website: http://www.tenaris.com

Founded: 2001

Full Time Employees: 23,200

Sector: Energy

Industry: Oil & Gas Equipment & Services

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Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2023-02-15	2022-12-31	2022-09-30	2022-06-30	2022-04-27	2021-12-31	2021-11-03	2021-06-30	2021-03-31	2021-03-29	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-10-31	2018-08-02	2018-06-30	2018-04-27	2018-02-22	2017-12-31	2017-11-01	2017-08-02	2017-03-31	2017-02-24	2016-12-31	2016-11-03	2016-08-04	2016-08-03	2016-04-01	2016-03-31	2016-02-24	2015-12-31	2015-11-05	2015-06-30	2015-06-01	2015-05-07	2015-05-04	2015-04-30	2015-03-31	2015-02-20	2014-12-31	2014-11-07	2014-09-30	2014-06-30	2014-05-05	2014-04-02	2014-02-26	2013-12-31	2013-11-13	2013-08-05	2013-05-03	2013-03-28	2013-02-26	2012-12-31	2012-11-09	2012-08-06	2012-04-30	2012-02-24	2011-12-31	2011-11-04	2011-08-05	2011-05-09	2011-04-20	2010-12-31	2010-09-30	2010-06-30	2010-05-06	2010-04-27	2010-03-04	2009-12-31	2009-09-30	2009-09-01	2009-08-07	2009-05-08	2009-04-30	2009-02-27	2008-12-31	2008-11-10	2008-08-07	2008-05-02	2007-12-31	2007-05-08	2006-12-31	2005-12-31	2004-12-31	2004-04-15	2003-12-31	2003-03-07	2002-12-31

net sales	2,978,140,000	3,085,672,000	2,922,212,000	3,441,544,000		3,237,836,000	4,074,913,000	4,141,181,000	11,762,526,000		2,974,801,000	2,800,474,000	2,367,041,000		1,753,743,000	1,528,511,000	1,181,789,000	5,146,734,000		1,012,750,000	1,241,045,000	1,762,311,000		1,763,783,000	1,917,965,000	1,871,759,000		1,898,892,000	1,788,484,000	1,788,484,000	1,866,235,000	5,288,504,000		1,302,924,000	1,242,804,000	1,153,860,000	4,293,592,000		1,048,527,000	1,120,673,000	3,000	7,101,000,000	1,257,254,000	7,100,753,000		1,559,194,000	1,868,078,000	10,338,000,000	10,337,962,000	2,253,555,000	10,337,962,000	2,253,555,000	10,337,962,000		2,420,631,000	2,420,631,000	2,660,882,000	2,579,944,000	10,597,000,000	10,596,781,000		2,415,061,000	2,829,270,000	2,678,305,000	10,834,030,000	10,834,030,000		2,657,069,000	2,801,492,000	2,617,349,000	9,972,478,000		2,494,840,000	2,403,122,000	2,323,965,000	7,711,598,000		2,027,242,000	1,981,762,000	1,638,721,000	8,149,320,000	8,149,320,000		1,771,475,000	2,096,344,000	2,096,344,000	2,449,485,000	12,131,836,000	12,131,836,000		3,118,512,000	3,148,385,000	10,042,008,000		7,727,745,000				2,313,162,000		3,219,384,000
yoy		-4.70%	-28.29%	-16.89%			36.98%	47.87%	396.93%		69.63%	83.22%	100.29%			50.93%	-4.77%	192.04%		-42.58%	-35.29%	-5.85%		-7.12%	7.24%	4.66%		-64.09%		37.27%	50.16%	358.33%			18.53%	2.96%	143119633.33%		-16.60%	-84.22%		355.43%	-32.70%	-31.31%		-30.81%	-81.93%	358.74%	0.00%		327.08%	-6.90%	288.52%		-77.16%	-77.16%		6.83%	274.55%	295.65%		-77.71%		0.80%	286.72%	313.93%			12.29%	8.91%	329.11%			18.54%	17.27%	370.59%		-75.12%		-7.49%	288.74%	288.74%		-85.40%	-82.72%		-21.45%	285.34%	20.81%		-59.65%				234.08%
qoq	-3.48%	5.59%	-15.09%			-20.54%	-1.60%	-64.79%			6.22%	18.31%			14.74%	29.34%	-77.04%			-18.40%	-29.58%			-8.04%	2.47%			6.17%	0.00%	-4.17%	-64.71%			4.84%	7.71%	-73.13%			-6.44%	37355666.67%	-100.00%	464.80%	-82.29%			-16.53%	-81.93%	0.00%	358.74%	-78.20%	358.74%	-78.20%			0.00%	-9.03%	3.14%	-75.65%	0.00%			-14.64%	5.64%	-75.28%	0.00%			-5.16%	7.04%	-73.75%			3.82%	3.41%	-69.86%			2.29%	20.93%	-79.89%	0.00%			-15.50%	0.00%	-14.42%	-79.81%	0.00%			-0.95%	-68.65%
cost of sales	-1,946,125,000	-2,013,639,000	-1,920,855,000	-2,134,052,000		-1,973,381,000	-2,267,164,000	-2,307,779,000	-7,087,739,000		-1,766,486,000	-1,735,342,000	-1,521,942,000		-1,214,451,000	-1,113,782,000	-882,999,000	-4,087,317,000		-855,873,000	-1,042,322,000	-1,293,665,000		-1,248,691,000	-1,342,819,000	-1,271,799,000		-1,305,232,000	-1,226,557,000	-1,226,557,000	-1,305,506,000	-3,685,057,000		-918,338,000	-865,729,000	-823,856,000	-3,165,684,000		-766,574,000	-814,847,000	4,000	-4,885,000,000	-927,393,000	-4,885,078,000		-1,096,539,000	-1,324,377,000	-6,287,000,000	-6,287,460,000	-1,440,692,000	-6,287,460,000	-1,440,692,000	-6,287,460,000		-1,510,166,000	-1,510,166,000	-1,590,888,000	-1,527,034,000	-6,457,000,000	-6,456,786,000		-1,507,706,000	-1,714,443,000	-1,645,432,000	-6,637,293,000	-6,637,293,000		-1,658,967,000	-1,694,712,000	-1,611,097,000	-6,229,526,000			-1,523,448,000	-1,434,362,000	-4,700,810,000		-1,252,583,000	-1,183,429,000	-987,043,000	-4,864,922,000	-4,864,922,000		-1,080,161,000	-1,264,899,000	-1,264,899,000	-1,380,415,000	-6,799,189,000	-6,799,189,000		-1,745,064,000	-1,842,911,000	-5,515,767,000		-3,884,226,000				-1,551,124,000		-2,168,594,000
gross profit	1,032,015,000	1,072,033,000	1,001,357,000	1,307,492,000		1,264,455,000	1,807,749,000	1,833,402,000	4,674,787,000		1,208,315,000	1,065,132,000	845,099,000		539,292,000	414,729,000	298,790,000	1,059,417,000		156,877,000	198,723,000	468,646,000		515,092,000	575,146,000	599,960,000		593,660,000	561,927,000	561,927,000	560,729,000	1,603,447,000		384,586,000	377,075,000	330,004,000	1,127,908,000		281,953,000	305,826,000		2,216,000,000	329,861,000	2,215,675,000		462,655,000	543,701,000	4,051,000,000	4,050,502,000	812,863,000	4,050,502,000	812,863,000	4,050,502,000		910,465,000	910,465,000	1,069,994,000	1,052,910,000	4,140,000,000	4,139,995,000		907,355,000	1,114,827,000	1,032,873,000	4,196,737,000	4,196,737,000		998,102,000	1,106,780,000	1,006,252,000	3,742,952,000		946,018,000	879,674,000	889,603,000	3,010,788,000		774,659,000	798,333,000	651,678,000	3,284,398,000	3,284,398,000		691,314,000	831,445,000	831,445,000	1,069,070,000	5,332,647,000	5,332,647,000		1,373,448,000	1,305,474,000	4,526,241,000		3,843,519,000				762,038,000		1,050,790,000
yoy		-15.22%	-44.61%	-28.68%			49.61%	72.13%	453.16%		124.06%	156.83%	182.84%			164.37%	50.36%	126.06%		-69.54%	-65.45%	-21.89%		-13.23%	2.35%	6.77%		-62.98%		46.11%	48.70%	385.89%			33.74%	7.91%			-14.52%	-86.20%		378.97%	-39.33%	-45.31%		-43.08%	-86.58%	398.36%	0.00%		344.88%	-10.72%	278.55%		-78.01%	-78.01%		16.04%	271.36%	300.82%		-78.38%		3.48%	279.18%	317.07%			16.99%	14.39%	320.74%			13.56%	11.43%	362.01%		-76.41%		-5.73%	295.02%	295.02%		-87.04%	-84.41%		-22.16%	308.48%	17.82%		-64.27%				404.37%
qoq	-3.73%	7.06%	-23.41%			-30.05%	-1.40%	-60.78%			13.44%	26.04%			30.03%	38.80%	-71.80%			-21.06%	-57.60%			-10.44%	-4.14%			5.65%	0.00%	0.21%	-65.03%			1.99%	14.26%	-70.74%			-7.81%			571.80%	-85.11%			-14.91%	-86.58%	0.01%	398.30%	-79.93%	398.30%	-79.93%			0.00%	-14.91%	1.62%	-74.57%	0.00%			-18.61%	7.93%	-75.39%	0.00%			-9.82%	9.99%	-73.12%			7.54%	-1.12%	-70.45%			-2.97%	22.50%	-80.16%	0.00%			-16.85%	0.00%	-22.23%	-79.95%	0.00%			5.21%	-71.16%
gross margin %	34.65%	34.74%	34.27%	37.99%	NaN%	39.05%	44.36%	44.27%	39.74%	NaN%	40.62%	38.03%	35.70%	NaN%	30.75%	27.13%	25.28%	20.58%	NaN%	15.49%	16.01%	26.59%	NaN%	29.20%	29.99%	32.05%	NaN%	31.26%	31.42%	31.42%	30.05%	30.32%	NaN%	29.52%	30.34%	28.60%	26.27%	NaN%	26.89%	27.29%	0%	31.21%	26.24%	31.20%	NaN%	29.67%	29.10%	39.19%	39.18%	36.07%	39.18%	36.07%	39.18%	NaN%	37.61%	37.61%	40.21%	40.81%	39.07%	39.07%	NaN%	37.57%	39.40%	38.56%	38.74%	38.74%	NaN%	37.56%	39.51%	38.45%	37.53%	NaN%	37.92%	36.61%	38.28%	39.04%	NaN%	38.21%	40.28%	39.77%	40.30%	40.30%	NaN%	39.02%	39.66%	39.66%	43.64%	43.96%	43.96%	NaN%	44.04%	41.46%	45.07%	NaN%	49.74%			NaN%	32.94%	NaN%	32.64%
selling, general and administrative expenses	-434,969,000	-483,633,000	-457,065,000	-508,132,000		-432,682,000	-528,736,000	-487,347,000	-1,634,575,000		-403,435,000	-411,740,000	-364,922,000		-316,708,000	-296,785,000	-255,026,000	-1,119,227,000		-234,081,000	-285,964,000	-357,045,000		-333,111,000	-338,608,000	-345,366,000		-335,714,000	-337,574,000	-337,574,000	-349,634,000	-1,270,016,000		-304,723,000	-327,132,000	-294,431,000	-1,196,929,000		-312,481,000	-341,996,000	5,000	-1,624,000,000	-286,567,000	-1,624,275,000		-381,582,000	-437,620,000	-1,964,000,000	-1,963,952,000	-436,107,000	-1,963,952,000	-436,107,000	-1,963,952,000		-480,103,000	-480,103,000	-518,237,000	-488,860,000	-1,941,000,000	-1,941,213,000		-439,191,000	-529,329,000	-475,565,000	-1,883,789,000	-1,883,789,000		-458,716,000	-486,655,000	-444,143,000	-1,853,244,000			-468,341,000	-449,774,000	-1,515,870,000		-370,267,000	-391,144,000	-347,387,000	-1,473,791,000	-1,473,791,000		-327,234,000	-395,926,000	-395,926,000	-392,355,000	-1,819,011,000	-1,819,011,000		-459,165,000	-478,076,000	-1,573,949,000		-1,054,806,000				-350,369,000		-568,149,000
other operating income	7,226,000	4,317,000	11,788,000	12,304,000		36,128,000	-823,000	5,299,000	104,497,000		-1,755,000	9,453,000	4,077,000		8,325,000	33,750,000	7,827,000	33,393,000		6,888,000	-3,354,000	1,256,000		5,139,000	-2,050,000	4,422,000		551,000	-1,917,000	-1,917,000	1,102,000	10,516,000		-808,000	1,547,000	441,000	21,127,000		16,717,000	-3,644,000			-1,130,000	14,603,000		-400,532,000	5,041,000		27,855,000	2,617,000	27,855,000	2,617,000	27,855,000		3,243,000	3,243,000	-2,475,000	1,720,000		14,305,000		-4,484,000	-7,302,000	-3,723,000		71,380,000		44,174,000	761,000	4,092,000	11,541,000		1,654,000	1,028,000	1,621,000			694,000	-1,886,000	5,049,000		7,673,000		-3,528,000	1,278,000	1,278,000	1,384,000	35,892,000	35,892,000		19,633,000	-3,676,000	28,704,000		13,077,000						15,589,000
other operating expenses	-7,641,000	-9,983,000	-6,167,000						-104,709,000									-14,252,000														-9,359,000					-11,163,000							-410,575,000					-215,589,000		-215,589,000		-215,589,000							-28,257,000						-27,721,000					-6,491,000											-4,673,000						-521,664,000	-521,664,000				-23,771,000		-9,304,000						-26,353,000
operating income	596,631,000	582,734,000	549,913,000	811,664,000		867,901,000	1,278,190,000	1,351,354,000	2,963,275,000		803,125,000	662,845,000	484,254,000		230,909,000	151,694,000	51,591,000	-663,071,000		-70,316,000	-90,595,000	-509,545,000		187,120,000	234,488,000	259,016,000		258,497,000	222,436,000	222,436,000	212,197,000	334,588,000		79,055,000	51,490,000	36,014,000	-59,057,000		-13,811,000	-39,814,000		195,000,000	42,164,000	195,428,000		-319,459,000	111,122,000	1,899,000,000	1,898,816,000	379,373,000	1,898,816,000	379,373,000	1,898,816,000		433,605,000	433,605,000	549,282,000	565,770,000	2,185,000,000	2,184,830,000		463,680,000	578,196,000	553,585,000	2,356,607,000	2,356,607,000		583,560,000	620,886,000	566,201,000	1,894,758,000		485,257,000	412,361,000	441,450,000	1,573,547,000		405,086,000	405,303,000	309,340,000	1,813,607,000	1,813,607,000		360,552,000	436,797,000	436,797,000	678,099,000	3,027,864,000	3,027,864,000		933,916,000	823,722,000	2,957,225,000		2,792,486,000				422,014,000		471,877,000
yoy		-32.86%	-56.98%	-39.94%			59.15%	103.87%	511.93%		247.81%	336.96%	838.64%			-315.73%	-156.95%	30.13%		-137.58%	-138.64%	-296.72%		-27.61%	5.42%	16.45%		-22.74%		181.37%	312.11%	829.05%			-472.82%	-190.46%			-132.76%	-120.37%		-161.04%	-62.06%	-89.71%		-184.21%	-94.15%	400.56%	0.00%		337.91%	-12.51%	245.69%		-80.16%	-80.15%		22.02%	277.90%	294.67%		-80.32%		-5.14%	279.56%	316.21%			27.95%	37.31%	329.21%			1.80%	8.92%	408.68%		-77.66%		-14.20%	315.21%	315.21%		-88.09%	-85.57%		-27.39%	267.58%	2.39%		-66.56%				561.70%
qoq	2.38%	5.97%	-32.25%			-32.10%	-5.41%	-54.40%			21.16%	36.88%			52.22%	194.03%	-107.78%			-22.38%	-82.22%			-20.20%	-9.47%			16.21%	0.00%	4.83%	-36.58%			53.53%	42.97%	-160.98%			-65.31%			362.48%	-78.42%			-387.48%	-94.15%	0.01%	400.51%	-80.02%	400.51%	-80.02%			0.00%	-21.06%	-2.91%	-74.11%	0.01%			-19.81%	4.45%	-76.51%	0.00%			-6.01%	9.66%	-70.12%			17.68%	-6.59%	-71.95%			-0.05%	31.02%	-82.94%	0.00%			-17.46%	0.00%	-35.59%	-77.60%	0.00%			13.38%	-72.15%
operating margin %	20.03%	18.89%	18.82%	23.58%	NaN%	26.80%	31.37%	32.63%	25.19%	NaN%	27.00%	23.67%	20.46%	NaN%	13.17%	9.92%	4.37%	-12.88%	NaN%	-6.94%	-7.30%	-28.91%	NaN%	10.61%	12.23%	13.84%	NaN%	13.61%	12.44%	12.44%	11.37%	6.33%	NaN%	6.07%	4.14%	3.12%	-1.38%	NaN%	-1.32%	-3.55%	0%	2.75%	3.35%	2.75%	NaN%	-20.49%	5.95%	18.37%	18.37%	16.83%	18.37%	16.83%	18.37%	NaN%	17.91%	17.91%	20.64%	21.93%	20.62%	20.62%	NaN%	19.20%	20.44%	20.67%	21.75%	21.75%	NaN%	21.96%	22.16%	21.63%	19.00%	NaN%	19.45%	17.16%	19.00%	20.40%	NaN%	19.98%	20.45%	18.88%	22.25%	22.25%	NaN%	20.35%	20.84%	20.84%	27.68%	24.96%	24.96%	NaN%	29.95%	26.16%	29.45%	NaN%	36.14%			NaN%	18.24%	NaN%	14.66%
finance income	56,181,000	63,669,000	78,444,000	56,289,000		56,100,000	45,866,000	47,887,000	80,020,000		26,998,000	6,441,000	8,825,000		4,988,000	21,517,000	5,698,000	18,387,000		4,904,000	3,792,000	1,877,000		13,015,000	12,736,000	10,461,000		10,804,000	9,609,000	9,609,000	9,373,000	47,605,000		11,776,000	11,059,000	12,927,000	66,204,000		14,226,000	24,212,000	6,000	35,000,000	19,895,000	34,574,000		2,554,000	10,978,000	38,000,000	38,211,000	12,107,000	38,211,000	12,107,000	38,211,000		7,021,000	7,021,000
finance cost	-9,636,000	-9,712,000	-11,745,000	-20,583,000		-19,179,000	-36,379,000	-31,545,000	-45,940,000		-17,741,000	-6,127,000	-1,835,000		-6,320,000	-5,831,000	-4,675,000	-27,014,000		-6,567,000	-7,418,000	-8,442,000		-13,454,000	-11,287,000	-6,982,000		-8,586,000	-10,422,000	-10,422,000	-10,174,000	-27,072,000		-6,501,000	-6,020,000	-5,938,000	-22,329,000		-6,913,000	-4,814,000	6,000	-23,000,000	-4,304,000	-23,058,000		-4,721,000	-9,363,000	-44,000,000	-44,388,000	-6,257,000	-44,388,000	-6,257,000	-44,388,000		-12,878,000	-12,878,000
other financial results	-9,877,000	-22,294,000	-31,441,000	-60,468,000		30,565,000	30,074,000	4,477,000	-40,120,000		-38,368,000	-11,771,000	-8,108,000		1,024,000	-6,074,000	10,754,000	-56,368,000		-13,377,000	-9,894,000	-15,742,000		8,340,000	-7,585,000	20,915,000		10,839,000	39,383,000	39,383,000	-7,066,000	-43,550,000		-12,549,000	-20,667,000	-11,415,000	-21,921,000		-3,456,000	-9,776,000	6,000	3,000,000	-30,158,000	2,694,000		6,754,000	-9,718,000	39,000,000	39,214,000	-7,270,000	39,214,000	-7,270,000	39,214,000		2,293,000	2,293,000	1,144,000	46,434,000	9,000,000	8,677,000		-7,215,000	-955,000	-1,381,000	-28,056,000	-28,056,000		-15,154,000	-16,476,000	13,081,000	11,268,000		28,019,000	-12,408,000	1,058,000	-21,305,000		-16,223,000	-7,368,000	7,691,000	-64,230,000	-64,230,000		-15,377,000	-15,907,000	-15,907,000	-37,233,000	-104,272,000	-104,272,000		-32,032,000	1,146,000	-22,754,000		26,826,000
income before equity in earnings of non-consolidated companies and income tax	633,299,000	614,397,000	585,171,000	786,902,000		935,387,000	1,317,751,000	1,372,173,000	2,957,235,000		774,014,000	651,388,000	483,136,000		230,601,000	161,306,000	63,368,000	-728,066,000		-85,356,000	-104,115,000	-531,852,000		195,021,000	228,352,000	283,410,000		271,554,000	261,006,000	261,006,000	204,330,000	311,571,000		71,781,000	35,862,000	31,588,000	-37,103,000		-9,954,000	-30,192,000		210,000,000	27,597,000	209,638,000		-314,872,000	103,019,000	1,932,000,000	1,931,853,000	377,953,000	1,931,853,000	377,953,000	1,931,853,000		430,041,000	430,041,000
equity in (losses) earnings of non-consolidated companies	-8,955,000
income before income tax	624,344,000	647,048,000	599,206,000	835,081,000		825,005,000	1,413,672,000	1,425,179,000	3,165,937,000		779,309,000	754,490,000	570,740,000		384,740,000	307,135,000	142,509,000	-619,267,000		-64,212,000	-99,709,000	-529,963,000		208,256,000	254,641,000	312,545,000		327,484,000	301,926,000	301,926,000	250,356,000	427,711,000		96,533,000	66,063,000	66,788,000	34,430,000		16,632,000	-11,580,000		170,000,000	39,324,000	170,080,000		-320,247,000	107,288,000	1,767,000,000	1,951,994,000	353,003,000	1,951,994,000	385,868,000	1,951,994,000		440,044,000	203,629,000	564,119,000	627,084,000	2,202,000,000	2,202,249,000		456,692,000	579,360,000	556,573,000	2,242,969,000	2,242,969,000		573,978,000	608,484,000	598,102,000	1,945,968,000		506,264,000	416,938,000	461,439,000	1,591,051,000		408,403,000	399,686,000	327,636,000	1,748,948,000	1,748,948,000		334,897,000	471,132,000	471,132,000	596,193,000	2,876,185,000	2,876,185,000		902,871,000	854,302,000	2,865,491,000		2,882,201,000
income tax	-171,698,000	-105,342,000	-81,342,000	-84,856,000		-278,200,000	-277,632,000	-295,972,000	-617,236,000		-171,239,000	-120,464,000	-67,307,000		-58,505,000	-16,953,000	-41,744,000	-23,150,000		28,328,000	49,402,000	-135,769,000		-107,741,000	-14,942,000	-69,956,000		-80,355,000	-135,454,000	-135,454,000	-15,122,000	17,136,000		-1,307,000	7,357,000	47,245,000	-17,102,000		-1,144,000	2,403,000		-245,000,000	-11,374,000	-244,505,000		-35,420,000	-34,965,000	-586,000,000	-586,061,000	-131,925,000	-586,061,000	-131,925,000	-586,061,000		-116,614,000	-116,614,000	-144,219,000	-199,065,000	-628,000,000	-627,877,000		-142,404,000	-149,795,000	-133,856,000	-541,558,000	-541,558,000		-136,491,000	-148,325,000	-144,674,000	-525,247,000			-112,235,000	-137,242,000	-450,004,000		-105,696,000	-104,716,000	-105,426,000	-513,211,000	-513,211,000		-97,583,000	-114,518,000	-114,518,000	-203,098,000	-1,011,675,000	-1,011,675,000		-271,714,000	-218,590,000	-823,924,000		-869,977,000				-104,740,000		-219,288,000
income for the period	452,646,000	541,706,000	517,864,000	750,225,000		546,805,000	1,136,040,000	1,129,207,000			608,070,000	634,026,000	503,433,000		326,235,000	290,182,000	100,765,000			-35,884,000	-50,307,000	-665,732,000		100,515,000	239,699,000	242,589,000		247,129,000	166,472,000	166,472,000	235,234,000			95,226,000	73,420,000	205,575,000	58,739,000		15,488,000	-9,177,000			27,950,000			-355,667,000	72,323,000			221,078,000		253,943,000			323,430,000	87,015,000	419,900,000	428,019,000				314,288,000	429,565,000	422,717,000				437,487,000	460,159,000	453,428,000			365,488,000	304,703,000	324,197,000			302,707,000	294,970,000	222,210,000				237,314,000	336,438,000	336,438,000	393,095,000				631,157,000	1,030,035,000
attributable to:
shareholders' equity	445,694,000	531,323,000	506,931,000	736,980,000		537,311,000	1,123,029,000	1,128,627,000	2,553,280,000		606,470,000	636,718,000	502,774,000
non-controlling interests	6,952,000	10,383,000	10,933,000	13,245,000		9,494,000	13,011,000	580,000	-4,579,000		1,600,000	-2,692,000	659,000		-3,636,000	-3,758,000	-5,581,000	-7,999,000		-2,938,000	-2,346,000	-5,664,000		-6,033,000	-1,787,000	-290,000		202,000	-1,856,000	-1,856,000	251,000	-8,348,000		-9,628,000	-1,104,000	448,000	3,441,000		-1,115,000	4,089,000		6,000,000	9,789,000	5,737,000		-763,000	6,009,000	23,000,000	22,659,000	-1,139,000	22,659,000	-1,139,000	22,659,000		5,806,000	5,806,000	12,015,000	5,514,000	23,000,000	22,978,000		14,129,000	11,737,000	-2,060,000	2,364,000	2,364,000		1,056,000	-930,000	9,588,000	89,564,000		40,497,000	17,485,000	4,823,000	13,680,000		-2,105,000	12,872,000
earnings per share attributable to shareholders' equity during the period:
weighted-average number of outstanding ordinary shares	1,048,131	1,068,721	1,076,982	1,160,008																																																																																	1,180,537	1,180,537
basic and diluted earnings per share	0.43	0.5	0.47	0.64		0.46	0.95	0.96	2.16		0.51	0.54	0.43											0.09	0.2	0.21		0.21	0.14	0.14	0.2	0.38		0.09	0.06	0.1			0.01	-0.01		-0.07	0.02	-0.07		-0.3	0.06	0.98	1.14	0.19	1.14	0.22	1.14		0.27	0.07	0.35	0.36	1.31	1.31		0.25	0.35	0.36	1.44	1.44		0.37	0.39	0.38	1.13		0.28	0.24	0.27	0.95		0.26	0.24	0.19	0.98	0.98
basic and diluted earnings per ads	0.85	0.99	0.94	1.27		0.91	1.9	1.91	4.33		1.03	1.08	0.85											0.18	0.41	0.41		0.42	0.29	0.29	0.4	0.77		0.18	0.13	0.19			0.03	-0.02			0.03	-0.14		-0.6	0.11		2.28	0.38	2.28	0.43	2.28		0.54	0.14	0.69	0.72		2.63		0.51	0.71	0.72		2.88		0.74	0.78	0.75	2.26		0.55	0.49	0.54			0.52	0.48	0.37		1.97
notes
equity in earnings (losses) of non-consolidated companies		32,651,000																																			71,533,000		26,586,000			-40,000,000		-39,558,000				-165,000,000	20,141,000		20,141,000		20,141,000
equity in earnings of non-consolidated companies			14,035,000	48,179,000		-110,382,000	95,921,000	53,006,000	208,702,000		5,295,000	103,102,000	87,604,000		154,139,000	145,829,000	79,141,000	108,799,000		21,144,000	4,406,000	1,889,000		13,235,000	26,289,000	29,135,000		55,930,000	40,920,000	40,920,000	46,026,000	116,140,000		24,752,000	30,201,000	35,200,000				18,612,000			11,727,000			-5,375,000	4,269,000			-24,950,000		7,915,000			10,003,000	-226,412,000
attributable to: - sum				750,225,000																																																																																					2,275,620,000				2,076,059,000
weighted-average number of ordinary shares						1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537			1,180,537	1,180,537		1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537		1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537			1,180,537	1,180,537	1,180,537			1,180,537					1,180,537		1,180,537	1,180,537	1,180,537		1,180,537
items that may be subsequently reclassified to profit or loss:
currency translation adjustment						-51,983	-75,098																								27,950				11,769
reclassification of currency translation adjustment reserve							-71,252
change in value of cash flow hedges and instruments at fair value						8,069	4,917																								3,827
from participation in non-consolidated companies:
- currency translation adjustment						-7,308	-22,380																								4,731				14,652
- changes in the value of cash flow hedges, instruments at fair value and others						-246	-519
66,335						-51,468
items that will not be reclassified to profit or loss:
remeasurements of post-employment benefit obligations							25
income tax on items that will not be reclassified							-139																												-763
remeasurements of post-employment benefit obligations of non-consolidated companies						-308	-486
-						-308
other comprehensive income for the period						-51,776
total comprehensive income for the period						556,294	469,094																								243,691				17,970
613,140						556,294
other comprehensive (loss) for the period							-164,932
974,359							469,094
impairment charge									-76,725,000									-622,402,000				-622,402,000
income for the year									2,548,701,000									-642,417,000														536,389,000										-74,000,000		-74,425,000				1,181,000,000	1,365,933,000		1,365,933,000		1,365,933,000						1,574,000,000	1,574,372,000					1,701,411,000	1,701,411,000					1,420,721,000					1,141,047,000					1,207,599,000	1,207,599,000						2,275,620,000	2,275,620,000				2,076,059,000		2,059,404,000
earnings per share attributable to shareholders' equity during the year:
continuing operations																															151,655				295
owners of the parent															329,871,000	293,940,000	106,346,000	-634,418,000		-32,946,000	-47,961,000	-660,068,000		106,548,000	241,486,000	242,879,000		246,927,000	168,328,000	168,328,000	234,983,000	544,737,000		104,854,000	74,524,000	205,127,000	55,298,000		16,603,000	-13,266,000		-80,000,000	18,161,000	-80,162,000		-354,904,000	66,314,000	1,159,000,000	1,343,274,000	222,217,000	1,343,274,000	255,082,000	1,343,274,000		317,624,000	81,209,000	407,885,000	422,505,000	1,551,000,000	1,551,394,000		300,159,000	417,828,000	424,777,000	1,699,047,000	1,699,047,000
earnings (losses) per share attributable to the owners of the parent during the period:
basic and diluted earnings															0.28	0.25	0.09																				0.01
earnings per share attributable to the owners of the parent during the year:
weighted-average number of ordinary shares						1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537			1,180,537	1,180,537		1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537	1,180,537	1,180,537		1,180,537		1,180,537	1,180,537	1,180,537	1,180,537		1,180,537	1,180,537	1,180,537			1,180,537	1,180,537	1,180,537			1,180,537					1,180,537		1,180,537	1,180,537	1,180,537		1,180,537
basic and diluted																		-0.54		-0.03	-0.04	-0.56
basic and diluted																		-1.07		-0.06	-0.08	-1.12
(losses) earnings per share attributable to the owners of the parent during the period:
earnings per share attributable to the owners of the parent during the period:
income for continuing operations																												247,129,000	166,472,000	166,472,000	235,234,000	444,847,000		95,226,000	73,420,000	114,033,000	17,328,000																																		1,420,721,000					1,141,047,000		302,707,000	294,970,000	222,210,000	1,235,737,000	1,235,737,000		237,314,000	356,614,000	356,614,000	393,095,000	1,864,510,000	1,864,510,000		631,157,000	635,712,000	2,041,567,000		2,012,224,000
discontinued operations																															91,542				13,737
result for discontinued operations																																91,542,000				91,542,000	41,411,000																																													-28,138,000			-20,176,000	-20,176,000
continuing and discontinued operations
from participation in non consolidated companies:
- changes in the fair value of derivatives held as cash flow hedges and others																															-10				-394
income tax relating to components of other comprehensive income																															23
remeasurements of post employment benefit obligations																																			1,433
remeasurements of post employment benefit obligations of non-consolidated companies																															1,595
other comprehensive income for the period, net of tax																															38,116				27,147
attributable to owners of the parent arises from
share of other comprehensive income of non-consolidated companies:
total comprehensive income for the period attributable to owners of the parent arises from
25,661																															36,521
260,823																															243,691
total comprehensive income for the year
260,429																															243,197
change in value of cash flow hedges																																			450
cash and cash equivalents at period end																																									393,000
bank overdrafts																																									2,000
other current investments																																									1,879,000
fixed income investments held to maturity																																									329,000
borrowings																																									-820,000
net cash																																									1,783,000
selected consolidated income statement data
other operating income (expenses)																																										-396,000,000						-188,000,000											-14,000,000						43,659,000											78,629,000					3,000,000																		10,345,000
income attributable to :
depreciation and amortization																																										-659,000,000						-616,000,000											-610,000,000						-567,654,000											-506,902,000					-504,837,000
weighted-average number of shares outstanding										1,180,536,830,000				1,180,536,830,000					1,180,536,830,000								1,180,536,830,000						1,180,536,830,000									1,180,536,830,000,000			1,180,536,830,000			1,180,536,830,000,000											1,180,536,830,000,000						1,180,536,830,000		1,180,536,830,000					1,180,536,830,000				1,180,536,830,000	1,180,536,830,000																					1,180,506,876,000	710,747,000	1,167,229,751,000
dividends per share																																										0.45						0.45											0.43						0.43											0.34					0.34
interest income																																																									9,944,000	9,062,000	33,000,000	33,094,000		9,188,000	6,870,000	6,081,000	33,459,000	33,459,000		9,413,000	5,706,000	9,583,000	30,840,000		5,547,000	6,513,000	7,687,000	32,855,000		13,968,000	4,352,000	7,148,000	30,831,000	30,831,000		10,435,000	8,163,000	8,163,000	4,613,000	48,873,000	48,873,000		16,881,000	16,510,000	93,392,000		60,798,000
interest expense																																																									-10,618,000	-13,003,000	-70,000,000	-70,450,000		-18,845,000	-16,620,000	-13,909,000	-55,507,000	-55,507,000		-18,247,000	-12,688,000	-9,925,000	-52,407,000			-12,248,000	-13,041,000	-64,103,000		-10,003,000	-21,889,000	-20,069,000	-118,301,000	-118,301,000		-31,007,000	-24,435,000	-24,435,000	-40,827,000	-185,836,000	-185,836,000		-40,184,000	-35,178,000	-275,648,000		-92,576,000
income before equity in earnings of associated companies and income tax																																																									549,752,000	608,263,000	2,156,000,000	2,156,151,000		446,808,000	567,491,000	544,376,000	2,306,503,000	2,306,503,000		559,572,000	597,428,000	578,940,000	1,884,459,000		504,750,000	394,218,000	437,154,000	1,520,994,000		392,828,000	380,398,000	304,110,000	1,661,907,000	1,661,907,000			404,618,000	404,618,000	604,652,000	2,786,629,000	2,786,629,000		878,581,000	806,200,000	2,752,215,000		2,787,534,000
equity in earnings of associated companies																																																									14,367,000	18,821,000				9,884,000	11,869,000	12,197,000				14,406,000	11,056,000	19,162,000	61,509,000		1,514,000	22,720,000	24,285,000	70,057,000		15,575,000	19,288,000		87,041,000	87,041,000		10,294,000	66,514,000	66,514,000	-8,459,000	89,556,000	89,556,000		24,290,000	48,102,000	113,276,000		94,667,000
equity in earnings (losses) of associated companies																																																											46,000,000	46,098,000																				23,526,000
earnings per share attributable to the owners of the parent during period:
equity in (losses) earnings of associated companies																																																																	-63,534,000	-63,534,000
earnings per share attributable to the owners of the parent during year:
equity holders of the company																																																																				436,431,000	461,089,000	443,840,000	1,331,157,000		324,991,000	287,218,000	319,374,000			304,812,000	282,098,000	219,549,000		1,161,555,000		229,873,000	343,268,000	343,268,000	366,047,000	2,124,802,000	2,124,802,000		570,635,000	987,471,000	1,923,748,000		1,945,314,000
earnings per share attributable to the equity holders of the company during the period:
earnings per share attributable to the equity holders of the company during period:
earnings per share attributable to the equity holders of the company during year:
ifrs
equity holders of the company……………………...																																																																												1,127,367,000					1,161,555,000
basic and diluted earnings per share for continuing operations																																																																												0.95					1
minority interest																																																																																2,661,000	46,044,000	46,044,000		7,441,000	-6,830,000	-6,830,000	27,048,000	150,818,000	150,818,000		60,522,000	42,564,000	152,311,000		114,090,000				-115,288,000		-42,881,000
income (loss) for discontinued operations																																																																																	-28,138,000												34,492,000		47,180,000
weighted average number of shares outstanding																																																																																	1,180,536,830,000
earnings per share attributable to the equity holders of the company during year :
weighted average number of ordinary shares																																																																																		1,180,537					1,180,537		1,180,537				1,180,537		1,180,537
income before equity in earnings of associated companies
and income tax																																																																																				324,603,000
earnings per share attributable to the equity holders of the
company during period
earnings per share																																																																																				0.19	0.29	0.29	0.31	1.8	1.8		0.48	0.84	1.63		1.65
earnings per ads																																																																																				0.39	0.58	0.58	0.62	3.6	3.6		0.97	1.67	3.26		3.3
earnings per share attributable to the equity holders of the company during year
income for discontinued operations																																																																																								411,110,000	411,110,000			394,323,000
earnings per share attributable to the equity holders of the company during the period
attributable to :
financial income (expenses) – net																																																																																																			207,000
equity en earnings of associated companies																																																																																																			-38,272,000
profit before tax																																																																																																			383,949,000
net income before effect of accounting changes																																																																																																			163,921,000
effect of accounting changes																																																																																																			-1,007,000
net income																																																																																																			162,914,000		94,304,000
yoy
qoq
net income margin %	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	0%	0%	NaN%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	0%	0%	0%	NaN%	0%	0%	0%	NaN%	0%			NaN%	7.04%	NaN%	2.93%
combined earnings per share before cumulative effect of accounting changes																																																																																																			0.23
cumulative effect of accounting changes per share
combined earnings per share in accordance with us gaap																																																																																																			0.23
financial income (expenses)																																																																																																					-11,145,000
other exchange rate differences																																																																																																					-9,452,000
income before income tax and equity in earnings (losses) of associated companies																																																																																																					451,280,000
equity in (losses) of associated companies																																																																																																					-6,802,000
income before income tax and minority interest																																																																																																					444,478,000
recovery of income tax																																																																																																					36,783,000
effect of currency translation on tax base																																																																																																					-25,266,000
net income before minority interest																																																																																																					236,707,000
net income before other minority interest																																																																																																					193,826,000
other minority interest																																																																																																					-99,522,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-03-31	2024-02-21	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2023-02-15	2022-12-31	2022-09-30	2022-08-03	2022-06-30	2022-04-27	2022-03-31	2022-02-16	2021-12-31	2021-11-03	2021-09-30	2021-08-04	2021-06-30	2021-03-31	2021-02-24	2020-12-31	2020-11-04	2020-09-30	2020-06-30	2020-04-29	2020-03-31	2019-12-31	2019-10-30	2019-09-30	2019-06-30	2019-03-31	2019-02-21	2018-12-31	2018-10-31	2018-09-30	2018-08-02	2018-08-01	2018-06-30	2018-04-27	2018-04-26	2018-03-31	2018-02-22	2017-12-31	2017-11-01	2017-09-30	2017-08-02	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-08-03	2016-06-30	2016-04-27	2016-04-03	2016-03-31	2015-12-31	2015-09-30	2015-08-06	2015-06-30	2015-04-01	2015-03-31	2014-12-31	2014-11-07	2014-09-30	2014-07-30	2014-06-30	2014-06-01	2014-04-02	2014-03-31	2013-12-31	2013-09-30	2013-08-05	2013-06-30	2013-05-03	2013-04-02	2013-03-31	2013-02-26	2012-12-31	2012-09-30	2012-06-30	2012-04-30	2012-03-31	2012-03-28	2011-12-31	2011-09-30	2011-08-05	2011-06-30	2011-04-20	2011-04-03	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-04-27	2010-03-31	2010-03-04	2010-03-03	2009-12-31	2009-09-30	2009-06-30	2009-05-08	2009-04-27	2009-03-31	2009-02-27	2008-12-31	2008-11-07	2008-09-30	2008-05-02	2007-12-31	2007-05-08	2005-12-31	2004-12-31	2004-04-15	2003-12-31	2003-08-08	2003-03-07	2002-12-31

non-current debt
fixed rate	24,000
variable rate	23,000
current debt
535	47,000
at december 31, 2022
682	42,000
99
annual report 2023
all amounts in millions of u.s. dollars
currency exposure
argentine peso	-135,000
euro	-204,000
saudi arabian riyal	-182,000
100
101
102
103
assets
non-current assets
property, plant and equipment		6,213,624,000	6,168,254,000	6,183,251,000	6,094,145,000	6,078,179,000	6,078,179,000	5,910,555	5,779,137,000	5,558,141,000	5,556,263	5,556,263,000	5,640,329,000	5,662,744,000	5,662,744	5,771,759,000	5,771,759,000	5,824,801,000	5,824,801,000	5,937,710,000	5,937,710,000	6,024,114,000	6,024,114,000	6,081,084,000	6,193,181,000	6,193,181,000	6,273,586,000	6,273,586,000	6,368,345,000	6,450,499,000	6,450,499,000	6,090,017,000	6,111,975,000	6,111,975,000	6,173,577,000	6,197,512,000	6,063,908,000	6,063,908,000	6,092,025,000	6,092,025,000	6,139,845,000	6,139,845,000	6,139,845,000	6,218,278,000	6,218,278,000	6,218,278,000	6,229,143,000	6,229,143,000	6,192,271,000	6,192,271,000	6,124,342,000	6,124,342,000	6,048,740,000	6,001,939,000	6,026,707,000	5,945,317,000	5,945,317,000	5,840,103,000		5,840,103,000	5,672,258,000	5,507,972,000	5,367,107,000	5,367,107,000		5,192,692,000	5,159,557,000	4,963,906,000	4,963,906,000	4,856,796,000	4,856,796,000			4,754,390,000	4,673,767,000	4,631,933,000	4,536,995,000	4,536,995,000	4,490,305,000		4,490,305,000	4,434,970,000	4,434,970,000	4,327,490,000	4,215,747,000	4,184,142,000	4,184,142,000		4,053,653,000	4,029,640,000	4,212,424,000	4,212,424,000			4,016,127,000	3,780,580,000	3,576,154,000	3,329,749,000		3,323,522,000	3,254,587,000	3,254,587,000	3,254,587,000	3,193,279,000	3,122,122,000	2,936,160,000		2,936,160,000	2,982,871,000	2,982,871,000	3,307,590,000	3,307,590,000	3,269,007,000	3,269,007,000		2,230,038,000	2,164,601,000	1,960,314,000	1,960,314,000	1,981,596,000	1,934,237,000	1,934,237,000
intangible assets		1,357,258,000	1,362,262,000	1,359,463,000	1,356,065,000	1,377,110,000	1,377,110,000	1,336,609	1,334,036,000	1,331,221,000	1,332,508		1,347,892,000	1,358,935,000	1,358,935	1,365,335,000	1,365,335,000	1,372,176,000		1,384,798,000	1,384,798,000	1,404,265,000	1,404,265,000	1,411,761,000	1,429,056,000	1,429,056,000	1,444,648,000	1,444,648,000	1,460,659,000	1,470,105,000	1,470,105,000	1,561,559,000	1,565,891,000	1,565,891,000	1,575,561,000	1,576,436,000	1,465,965,000		1,590,979,000	1,590,979,000	1,614,043,000	1,614,043,000	1,614,043,000	1,635,785,000	1,635,785,000	1,635,785,000	1,660,859,000		1,729,391,000	1,729,391,000	1,761,686,000	1,761,686,000	1,804,676,000	1,862,827,000	1,970,995,000	2,032,412,000	2,032,412,000	2,087,412,000		2,087,412,000	2,143,452,000	2,219,960,000	2,674,520,000	2,674,520,000		2,709,467,000	2,757,630,000	2,973,912,000	2,973,912,000	2,993,696,000	2,993,696,000			3,027,964,000	3,067,236,000	3,095,411,000	3,131,767,000	3,131,767,000	3,161,011,000		3,161,011,000	3,199,916,000	3,199,916,000	3,242,640,000	3,286,788,000	3,330,778,000	3,330,778,000		3,375,930,000	3,434,038,000	3,509,504,000	3,509,504,000			3,548,306,000	3,581,816,000	3,543,508,000	3,576,341,000		3,635,435,000	3,670,920,000	3,670,920,000	3,670,920,000	3,707,914,000	3,736,821,000	3,760,964,000		3,760,964,000	3,826,987,000	3,826,987,000	4,347,873,000	4,347,873,000	4,542,352,000	4,542,352,000		159,099,000	49,211,000	54,037,000		44,785,000	32,684,000	32,684,000
right-of-use assets		148,604,000	147,197,000	147,606,000	137,026,000	132,138,000	132,138,000	116,976	115,550,000	112,363,000	111,741		112,342,000	109,340,000	109,340	119,655,000	119,655,000	108,738,000		215,177,000	215,177,000	224,514,000	224,514,000	229,415,000	241,953,000	241,953,000	261,284,000	261,284,000	265,027,000	251,449,000	251,449,000	233,126,000	240,182,000	240,182,000	230,084,000	233,899,000
investments in non-consolidated companies		1,562,796,000	1,575,101,000	1,574,156,000	1,681,971,000	1,608,804,000	1,608,804,000	1,602,494	1,603,609,000	1,597,442,000	1,540,646		1,536,439,000	1,539,006,000	1,539,006	1,500,637,000	1,500,637,000	1,383,774,000		1,277,059,000	1,277,059,000	1,144,191,000	1,144,191,000	1,024,127,000	957,352,000	957,352,000	872,234,000	872,234,000	855,264,000	853,205,000	853,205,000	879,965,000	856,524,000	856,524,000	862,905,000	851,442,000	805,568,000		743,748,000	743,748,000	663,261,000	663,261,000	663,261,000	681,323,000	681,323,000	681,323,000	640,294,000		625,105,000	625,105,000	601,712,000	601,712,000	598,546,000	557,031,000	548,882,000	524,625,000	524,625,000	495,319,000		495,319,000	490,645,000	555,190,000	596,561,000	596,561,000		615,025,000	643,630,000	893,046,000	893,046,000
other investments nc		830,937,000	1,009,677,000	1,014,502,000	983,519,000		405,631,000	566,475			119,902				184,222
deferred tax assets		833,681,000	835,954,000	838,912,000	774,014,000	789,615,000	789,615,000	195,332	219,704,000	228,501,000	208,870		264,843,000	264,161,000	264,161	259,709,000	259,709,000	245,547,000		253,178,000	253,178,000	239,384,000	239,384,000	208,788,000	205,590,000	205,590,000	310,949,000	310,949,000	228,699,000	230,412,000	230,412,000	225,680,000	217,608,000	217,608,000	205,806,000	163,231,000	181,606,000		190,224,000	190,224,000	177,266,000	177,266,000	177,266,000	169,926,000	169,926,000	169,926,000	153,532,000		152,059,000	152,059,000	149,849,000	149,849,000	153,277,000	144,613,000	181,467,000	197,906,000	197,906,000	193,752,000		193,752,000	200,706,000	199,900,000	207,360,000	207,360,000		230,338,000	268,252,000	240,457,000	240,457,000	219,560,000	219,560,000			201,401,000	197,159,000	212,787,000	192,433,000	192,433,000	201,599,000		201,599,000	214,199,000	214,199,000	222,758,000	226,741,000	236,263,000	236,263,000		234,760,000	217,219,000	227,591,000	227,591,000			207,783,000	210,523,000	220,528,000	217,197,000		203,426,000	197,603,000	197,603,000	197,603,000	195,778,000	217,686,000	370,633,000		370,633,000	390,323,000	390,323,000	356,333,000	356,333,000	310,590,000	310,590,000		194,874,000	161,173,000	130,812,000	130,812,000	52,236,000	49,412,000	49,412,000
receivables		161,429,000	152,215,000	197,411,000	177,221,000	185,959,000	185,959,000	154,291	208,480,000	231,458,000	211,720		220,312,000	228,610,000	228,610	232,833,000	232,833,000	205,888,000		207,782,000	207,782,000	211,869,000	211,869,000	155,482,000	154,303,000	154,303,000	150,597,000	150,597,000	151,941,000	152,647,000	152,647,000	157,103,000	154,718,000	154,718,000	156,173,000	156,954,000	151,905,000		130,049,000	130,049,000	155,734,000	155,734,000	155,734,000	173,446,000	173,446,000	173,446,000	183,329,000		187,571,000	187,571,000	198,233,000	198,233,000	201,989,000	197,003,000	202,368,000	201,547,000	201,547,000	213,890,000		213,890,000	220,564,000	235,455,000	247,522,000	247,522,000		257,814,000	262,176,000	249,099,000	249,099,000	219,824,000	219,824,000			209,129,000	152,080,000	120,639,000	121,765,000	121,765,000	128,921,000		128,921,000	142,060,000	142,060,000	129,903,000	135,614,000	137,042,000	137,042,000		133,280,000	138,509,000	137,980,000	137,980,000			121,559,000	120,429,000	121,721,000	109,856,000		102,205,000	101,618,000	101,618,000	101,618,000	81,143,000	84,595,000	57,214,000		57,214,000	82,752,000	82,752,000	50,857,000	50,857,000	63,738,000	63,738,000		65,852,000	151,365,000	59,521,000	59,521,000	63,801,000	16,902,000	16,902,000
current assets												8,468,596,000							4,981,173,000																			5,464,192,000										5,381,154,000
inventories		3,506,607,000	3,486,537,000	3,519,237,000	3,911,719,000	3,921,097,000	3,921,097,000	3,884,882	3,884,364,000	3,991,501,000	3,986,929		3,679,135,000	3,370,139,000	3,370,139	3,032,127,000	3,032,127,000	2,672,593,000		2,477,445,000	2,477,445,000	2,145,560,000	2,145,560,000	1,910,293,000	1,636,673,000	1,636,673,000	1,621,644,000	1,621,644,000	1,857,713,000	2,235,251,000	2,235,251,000	2,265,880,000	2,387,367,000	2,387,367,000	2,432,657,000	2,462,762,000	2,524,341,000		2,664,573,000	2,664,573,000	2,530,072,000	2,530,072,000	2,530,072,000	2,384,411,000	2,384,411,000	2,384,411,000	2,368,304,000		2,204,815,000	2,204,815,000	1,988,820,000	1,988,820,000	1,673,034,000	1,563,889,000	1,498,624,000	1,533,666,000	1,533,666,000	1,604,225,000		1,604,225,000	1,843,467,000	2,023,626,000	2,142,391,000	2,142,391,000		2,438,252,000	2,779,869,000	2,825,108,000	2,825,108,000	2,774,035,000	2,774,035,000			2,705,667,000	2,702,647,000	2,674,532,000	2,697,932,000	2,697,932,000	2,894,456,000		2,894,456,000	2,985,805,000	2,985,805,000	2,988,690,000	2,985,056,000	2,864,315,000	2,864,315,000		2,806,409,000	2,772,199,000	2,765,885,000	2,765,885,000			2,578,666,000	2,460,384,000	2,270,276,000	2,062,844,000		1,820,265,000	1,687,059,000	1,687,059,000	1,687,059,000	1,902,555,000	2,150,785,000	2,563,726,000		2,563,726,000	3,091,401,000	3,091,401,000	3,334,040,000	3,334,040,000	2,598,856,000	2,598,856,000		1,376,113,000	1,269,470,000	831,879,000		691,588,000	680,113,000	680,113,000
receivables and prepayments		310,531,000	244,958,000	174,294,000	291,694,000	228,819,000	228,819,000	247,427	195,711,000	174,846,000	183,811		208,287,000	134,661,000	134,661	125,643,000	125,643,000	96,276,000		119,222,000	119,222,000	85,989,000	85,989,000	80,029,000	77,849,000	77,849,000	84,008,000	84,008,000	129,662,000	104,399,000	104,399,000	104,575,000	111,673,000	111,673,000	133,878,000	141,985,000	155,885,000		163,606,000	163,606,000	142,276,000	142,276,000	142,276,000	177,050,000	177,050,000	177,050,000	143,929,000		182,292,000	182,292,000	186,950,000	186,950,000	173,246,000	124,715,000	116,416,000	126,817,000	126,817,000	154,818,000		154,818,000	148,846,000	202,268,000	237,192,000	237,192,000		249,283,000	267,631,000	219,787,000	219,787,000	232,688,000	232,688,000			199,777,000	220,224,000	230,239,000	246,710,000	246,710,000	256,572,000		256,572,000	260,532,000	260,532,000	278,126,000	294,679,000	273,638,000	273,638,000		241,801,000	241,974,000	268,912,000	268,912,000			303,868,000	282,536,000	274,457,000	229,644,000		225,421,000	220,124,000	220,124,000	220,124,000	225,905,000	228,791,000	226,631,000		226,631,000	251,481,000	251,481,000	248,805,000	248,805,000	222,410,000	222,410,000		143,282,000	374,446,000	165,134,000	165,134,000	154,011,000	155,706,000	155,706,000
current tax assets		366,092,000	415,626,000	360,416,000	261,983,000	256,401,000	256,401,000	283,096	321,152,000	224,397,000	243,136		212,093,000	201,786,000	201,786	219,702,000	219,702,000	193,021,000		180,556,000	180,556,000	179,942,000	179,942,000	159,059,000	136,384,000	136,384,000	122,917,000	122,917,000	126,215,000	140,282,000	140,282,000	167,388,000	157,056,000	157,056,000	125,412,000	117,958,000	121,332,000		143,484,000	143,484,000	151,964,000	151,964,000	151,964,000	139,506,000	139,506,000	139,506,000	132,334,000		188,287,000	188,287,000	180,624,000	180,624,000	151,690,000	140,986,000	157,190,000	162,188,000	162,188,000	178,317,000		178,317,000	188,180,000	189,159,000	165,998,000	165,998,000		129,657,000	129,404,000	148,775,000	148,775,000	163,340,000	163,340,000			134,675,000	156,191,000	149,798,000	152,066,000	152,066,000	141,359,000		141,359,000	175,562,000	175,562,000	182,832,000	150,119,000	148,110,000	148,110,000		168,329,000	170,405,000	227,666,000	227,666,000			231,880,000	249,317,000	230,605,000	229,477,000		194,079,000	260,280,000	260,280,000	260,280,000	234,587,000	203,244,000	191,627,000		191,627,000	201,607,000	201,607,000	143,251,000	143,251,000	242,757,000	242,757,000		102,455,000
contract assets		34,543,000	60,182,000	51,736,000
trade receivables		2,146,036,000	1,892,116,000	1,842,313,000	2,303,293,000	2,480,889,000	2,480,889,000	2,169,293	2,597,353,000	2,834,369,000	2,493,940		2,013,660,000	1,890,697,000	1,890,697	1,718,058,000	1,718,058,000	1,299,072,000		1,111,174,000	1,111,174,000	1,093,496,000	1,093,496,000	907,738,000	968,148,000	968,148,000	910,006,000	910,006,000	1,044,768,000	1,183,989,000	1,183,989,000	1,348,160,000	1,310,213,000	1,310,213,000	1,481,076,000	1,528,467,000	1,737,366,000		1,659,023,000	1,659,023,000	1,536,323,000	1,536,323,000	1,536,323,000	1,554,949,000	1,554,949,000	1,554,949,000	1,214,060,000		1,066,522,000	1,066,522,000	1,024,453,000	1,024,453,000	1,010,528,000	954,685,000	918,814,000	1,019,342,000	1,019,342,000	1,152,667,000		1,152,667,000	1,135,129,000	1,232,464,000	1,531,594,000	1,531,594,000		1,675,941,000	1,963,394,000	1,749,952,000	1,749,952,000	1,962,412,000	1,962,412,000			2,064,390,000	1,982,979,000	1,926,419,000	2,179,089,000	2,179,089,000	2,076,099,000		2,076,099,000	2,070,778,000	2,070,778,000	1,919,482,000	1,952,603,000	1,957,577,000	1,957,577,000		1,900,591,000	1,798,844,000	1,723,037,000	1,723,037,000			1,686,810,000	1,421,642,000	1,531,564,000	1,291,338,000		1,170,072,000	1,310,302,000	1,310,302,000	1,310,302,000	1,295,386,000	1,536,984,000	2,035,348,000		2,035,348,000	2,123,296,000	2,123,296,000	2,027,081,000	2,027,081,000	1,748,833,000	1,748,833,000		1,324,171,000	936,931,000	652,782,000	652,782,000	770,224,000	670,226,000	670,226,000
derivative financial instruments ca		4,477,000	2,676,000	4,083,000	2,883,000		9,801,000	11,113			30,805				27,064
other investments		2,442,088,000				405,631,000			373,309,000	381,994,000			150,489,000	184,222,000		241,294,000	241,294,000	320,254,000		377,001,000	377,001,000	292,162,000	292,162,000	280,474,000	247,082,000	247,082,000	178,115,000	178,115,000	47,050,000	25,238,000	25,238,000	24,934,000	42,605,000	42,605,000	26,941,000	111,119,000	118,155,000		180,620,000	180,620,000	197,158,000	197,158,000	197,158,000	239,600,000	239,600,000	239,600,000	128,335,000		227,927,000	227,927,000	284,738,000	284,738,000	317,666,000	249,719,000	285,508,000	330,856,000	330,856,000	369,511,000		369,511,000	394,746,000	281,317,000	1,561,000	1,561,000		1,559,000	1,539,000	1,531,000	1,531,000	1,813,000	1,813,000			1,816,000	2,498,000	2,477,000	2,552,000	2,552,000	2,532,000		2,532,000	2,603,000	2,603,000	2,567,000	2,546,000	2,574,000	2,574,000		2,543,000	48,238,000	45,616,000	45,616,000			43,897,000	43,592,000	43,091,000	34,973,000		33,299,000	34,167,000	34,167,000	34,167,000	31,835,000	29,488,000	37,727,000		37,727,000	38,355,000	38,355,000	38,099,000	38,099,000	35,503,000	35,503,000		25,647,000	24,395,000	23,155,000	23,155,000	158,399,000	159,303,000	159,303,000
cash and cash equivalents		547,183,000	572,289,000	770,208,000	1,323,350,000	1,637,821,000	1,637,821,000	864,043	755,305,000	861,494,000	1,091,527		994,854,000	636,571,000	636,571	315,399,000	315,399,000	318,127,000		513,781,000	513,781,000	587,337,000	587,337,000	695,245,000	584,681,000	584,681,000	1,005,152,000	1,005,152,000	910,957,000	841,722,000	841,722,000	1,554,299,000	1,537,005,000	1,537,005,000	1,201,987,000	897,767,000	428,361,000		236,303,000	236,303,000	427,960,000	427,960,000	427,960,000	328,675,000	328,675,000	328,675,000	330,221,000		436,359,000	436,359,000	271,224,000	271,224,000	427,619,000	399,737,000	468,613,000	394,351,000	394,351,000	531,762,000		531,762,000	286,547,000	497,753,000	519,230,000	519,230,000		675,619,000	417,645,000	584,270,000	584,270,000	642,382,000	642,382,000			659,765,000	614,529,000	603,141,000	618,435,000	618,435,000	948,777,000		948,777,000	828,458,000	828,458,000	787,540,000	742,618,000	1,076,803,000	1,076,803,000		823,743,000	764,787,000	424,287,000	424,287,000			903,814,000	843,861,000	919,027,000	1,276,814,000		1,631,919,000	1,542,829,000	1,542,829,000	1,542,829,000	1,741,352,000	1,622,908,000	1,980,586,000		1,980,586,000	1,538,769,000	1,538,769,000	1,489,787,000	1,489,787,000	962,497,000	962,497,000		707,356,000	311,579,000	247,834,000	247,834,000	148,963,000	304,536,000	304,536,000
total assets		20,465,886,000	20,407,558,000	20,619,349,000	21,547,746,000	21,081,895,000	21,081,895,000	19,839,333	19,259,326,000	18,639,301,000	17,550,246	17,550,246,000	16,861,419,000	16,176,042,000	16,176,042	15,274,098,000	15,274,098,000	14,449,431,000	14,449,431,000	14,540,214,000	14,540,214,000	14,213,736,000	14,213,736,000	13,802,379,000	13,716,189,000	13,716,189,000	13,862,267,000	13,862,267,000	13,896,080,000	14,121,444,000	14,121,444,000	14,842,991,000	15,020,277,000	15,020,277,000	14,983,447,000	14,883,750,000	14,251,299,000	14,251,299,000	14,620,624,000	14,620,624,000	14,490,198,000	14,490,198,000	14,490,198,000	14,724,097,000	14,724,097,000	14,724,097,000	14,398,218,000	14,398,218,000	14,360,324,000	14,360,324,000	14,226,084,000	14,226,084,000	14,196,248,000	14,003,275,000	14,227,746,000	14,369,681,000	14,369,681,000	14,879,531,000	14,003,000,000	14,879,531,000	14,886,974,000	15,505,408,000	16,281,674,000	16,281,674,000	14,887,000,000	16,572,329,000	16,510,678,000	17,031,343,000	17,031,343,000	16,757,024,000	16,757,024,000	16,511,000,000	16,676,000,000	16,445,144,000	15,930,970,000	16,039,377,000	15,943,632,000	15,943,632,000	16,111,424,000	15,931,000,000	16,111,424,000	15,963,925,000	15,963,925,000	16,096,796,000	15,529,259,000	15,832,992,000	15,832,992,000	15,964,000,000	14,863,635,000	14,941,621,000	15,140,144,000	15,140,144,000	14,364,000,000	14,864,000,000	15,028,464,000	14,364,331,000	14,052,412,000	13,519,608,000	13,483,000,000	13,638,405,000	13,483,308,000	13,483,308,000	13,483,308,000	13,738,925,000	13,804,074,000	14,725,474,000	13,483,000	14,725,474,000	15,100,712,000	15,100,712,000	16,001,139,000	16,001,139,000	15,244,587,000	15,244,587,000	12,595,000,000	6,706,028,000	5,662,288,000	4,309,548,000	4,309,548,000	4,089,497,000	4,017,446,000	4,017,446,000
equity
shareholders' equity		17,041,102,000	16,583,542,000	17,164,683,000	17,407,503,000	16,842,972,000	16,842,972,000	16,229,531	15,625,585,000	15,065,074,000	13,905,709	13,905,709,000	13,204,886,000	12,649,677,000	12,649,677	12,508,121,000	12,508,121,000																																																																																																						1,841,280,000
non-controlling interests		218,092,000	211,117,000	231,994,000	201,564,000	187,465,000	187,465,000	170,592	160,894,000	129,454,000	128,728	128,728,000	129,895,000	144,371,000	144,371	145,795,000	145,795,000	145,124,000	145,124,000	178,729,000	178,729,000	178,485,000	178,485,000	182,131,000	183,585,000	183,585,000	185,228,000	185,228,000	188,606,000	191,352,000	191,352,000	197,414,000	200,939,000	200,939,000	208,698,000	211,041,000	92,610,000	92,610,000	95,340,000	95,340,000	95,139,000	95,139,000	95,139,000	99,191,000	99,191,000	99,191,000	98,785,000	98,785,000	96,710,000	96,710,000	106,155,000	106,155,000	106,930,000	125,655,000	136,531,000	161,922,000	161,922,000	158,097,000		158,097,000	152,712,000	154,667,000	155,450,000	155,450,000		150,817,000	152,200,000	153,973,000	153,973,000	148,483,000	148,483,000			136,992,000	179,446,000	179,666,000	165,436,000	165,436,000	156,648,000		156,648,000	172,310,000	172,310,000	179,541,000	178,365,000	689,110,000	689,110,000		666,716,000	644,721,000	682,426,000	682,426,000			656,544,000	648,221,000	649,233,000	618,525,000
total equity		17,259,194,000	16,794,659,000	17,396,677,000	17,609,067,000	17,030,437,000	17,030,437,000	16,400,123	15,786,479,000	15,194,528,000	14,034,437	14,034,437,000	13,334,781,000	12,794,048,000	12,794,048	12,653,916,000	12,653,916,000	12,105,702,000	12,105,702,000	11,942,209,000	11,942,209,000	11,663,707,000	11,663,707,000	11,470,143,000	11,446,473,000	11,446,473,000	11,367,285,000	11,367,285,000	11,376,878,000	11,413,673,000	11,413,673,000	12,186,372,000	12,156,205,000	12,156,205,000	12,150,196,000	12,216,173,000	11,875,492,000	11,875,492,000	11,786,997,000	11,786,997,000	11,526,714,000	11,526,714,000	11,526,714,000	11,849,812,000	11,849,812,000	11,849,812,000	11,580,970,000	11,580,970,000	11,592,443,000	11,592,443,000	11,447,309,000	11,447,309,000	11,637,545,000	11,413,072,000	11,620,880,000	11,630,488,000	11,630,488,000	11,966,790,000		11,966,790,000	11,866,056,000	12,122,158,000	12,612,002,000	12,612,002,000		12,842,613,000	12,806,314,000	13,076,754,000	13,076,754,000	12,942,023,000	12,942,023,000			12,861,305,000	12,469,866,000	12,227,953,000	11,889,853,000	11,889,853,000	11,892,469,000		11,892,469,000	11,560,326,000	11,560,326,000	11,351,906,000	10,877,678,000	11,674,670,000	11,674,670,000		11,172,943,000	10,989,093,000	11,152,095,000	11,152,095,000			11,033,750,000	10,550,580,000	10,348,845,000	9,821,807,000		9,942,533,000	9,720,836,000	9,720,836,000	9,720,836,000	9,601,511,000	9,206,571,000	8,930,940,000		8,930,940,000	8,701,887,000	8,701,887,000	9,258,433,000	9,258,433,000	7,529,850,000	7,529,850,000		3,775,873,000
liabilities
non-current liabilities
borrowings		2,251,000	4,361,000	7,437,000	28,122,000	48,304,000	48,304,000	25,248	50,997,000	56,739,000	46,433		47,164,000	16,931,000	16,931	7,905,000	7,905,000	111,432,000		111,442,000	111,442,000	290,071,000	290,071,000	294,649,000	315,739,000	315,739,000	304,260,000	304,260,000	231,799,000	175,195,000	175,195,000	40,880,000	49,050,000	49,050,000	49,375,000	56,980,000	29,187,000		31,553,000	31,553,000	31,826,000	31,826,000	31,826,000	34,948,000	34,948,000	34,948,000	34,645,000		34,977,000	34,977,000	32,015,000	32,015,000	31,587,000	31,542,000	32,737,000	32,859,000	32,859,000	33,649,000		33,649,000	223,221,000	24,106,000	25,557,000	25,557,000		27,494,000	30,833,000	21,673,000	21,673,000	173,083,000	173,083,000			175,894,000	246,218,000	319,501,000	423,442,000	423,442,000	491,049,000		491,049,000	532,407,000	532,407,000	599,053,000	676,077,000	425,139,000	425,139,000		149,775,000	177,120,000	160,636,000	160,636,000			214,569,000	220,570,000	376,204,000	461,535,000		653,770,000	655,181,000	655,181,000	655,181,000	844,946,000	998,251,000	1,174,876,000		1,174,876,000	1,241,048,000	1,241,048,000	1,600,884,000	1,600,884,000	2,869,466,000	2,869,466,000		678,112,000	420,751,000	374,779,000	374,779,000	240,910,000	322,205,000	322,205,000
lease liabilities		96,475,000	94,170,000	91,148,000	97,078,000	96,598,000	96,598,000	86,401	88,313,000	82,118,000	83,616		84,922,000	83,315,000	83,315	88,991,000	88,991,000	82,694,000		180,702,000	180,702,000	189,386,000	189,386,000	193,161,000	213,848,000	213,848,000	219,996,000	219,996,000	221,544,000	201,988,000	201,988,000	192,318,000	201,693,000	201,693,000	193,057,000	193,745,000
derivative financial instruments		603,000				9,801,000	255,000		21,638,000	30,433,000			46,178,000	8,279,000		5,755,000	5,755,000	7,080,000		7,612,000	7,612,000	7,234,000	7,234,000	9,006,000	11,449,000	11,449,000	6,617,000	6,617,000	4,563,000	7,859,000	7,859,000	19,929,000	4,697,000	4,697,000	16,696,000	11,614,000	9,173,000		10,088,000	10,088,000	2,484,000	2,484,000	2,484,000
deferred tax liabilities		463,018,000	472,640,000	472,789,000	488,082,000	631,605,000	631,605,000	447,053	376,676,000	329,861,000	269,069	269,069,000	284,549,000	279,799,000	279,799	261,310,000	261,310,000	274,721,000	274,721,000	291,067,000	291,067,000	283,190,000	283,190,000	277,848,000	254,801,000	254,801,000	424,365,000	424,365,000	379,953,000	419,888,000	419,888,000	336,982,000	380,809,000	380,809,000	355,302,000	364,938,000	379,039,000	379,039,000	474,135,000	474,135,000	472,965,000	472,965,000	472,965,000	413,135,000	413,135,000	413,135,000	457,970,000	457,970,000	507,612,000	507,612,000	536,157,000	536,157,000	557,764,000	550,657,000	629,828,000	661,377,000	661,377,000	681,655,000		681,655,000	750,325,000	745,803,000	712,447,000	712,447,000		721,893,000	714,123,000	700,336,000	700,336,000	710,151,000	710,151,000			744,204,000	751,105,000	717,706,000	672,918,000	672,918,000	696,401,000		696,401,000	749,235,000	749,235,000	781,588,000	791,006,000	797,324,000	797,324,000		828,545,000	852,279,000	929,052,000	929,052,000			931,752,000	934,226,000	885,230,000	849,072,000		839,869,000	860,787,000	860,787,000	860,787,000	872,861,000	867,000,000	1,037,656,000		1,037,656,000	1,053,838,000	1,053,838,000	1,111,196,000	1,111,196,000	1,233,836,000	1,233,836,000		353,395,000	371,975,000	418,333,000	418,333,000	298,635,000	320,753,000	320,753,000
other liabilities		299,782,000	296,990,000	300,116,000	282,147,000	271,268,000	271,268,000	249,774	253,021,000	233,499,000	230,142		235,309,000	236,224,000	236,224	227,806,000	227,806,000	231,681,000		241,098,000	241,098,000	240,923,000	240,923,000	231,812,000	245,635,000	245,635,000	239,911,000	239,911,000	241,690,000	254,536,000	254,536,000	251,383,000	239,921,000	239,921,000	240,749,000	228,306,000	213,129,000		215,586,000	215,586,000	214,599,000	214,599,000	214,599,000	220,085,000	220,085,000	220,085,000	217,296,000		222,315,000	222,315,000	220,176,000	220,176,000	215,272,000	213,617,000	228,339,000	228,634,000	228,634,000	233,450,000		233,450,000	231,176,000	261,158,000	269,925,000	269,925,000		284,201,000	285,865,000	285,993,000	285,993,000	284,168,000	284,168,000			281,510,000	277,257,000	307,392,000	292,715,000	292,715,000	308,084,000		308,084,000	225,398,000	225,398,000	206,340,000	204,156,000	231,009,000	231,009,000		233,653,000	225,878,000	214,345,000	214,345,000			213,428,000	193,209,000	189,815,000	187,089,000		196,845,000	192,467,000	192,467,000	192,467,000	202,024,000	209,365,000	223,929,000		223,929,000	223,142,000	223,142,000	181,872,000	181,872,000	185,410,000	185,410,000		154,378,000	172,442,000	191,540,000	191,540,000	90,688,000	53,428,000	53,428,000
provisions		50,249,000	61,746,000	68,969,000	103,465,000	101,453,000	101,453,000	102,040	108,308,000	103,215,000	98,126		91,318,000	93,312,000	93,312	91,254,000	91,254,000	83,556,000		85,865,000	85,865,000	84,327,000	84,327,000	80,602,000	73,218,000	73,218,000	75,810,000	75,810,000	73,886,000	73,075,000	73,075,000	54,599,000	38,748,000	38,748,000	37,828,000	37,511,000	36,089,000		37,125,000	37,125,000	35,966,000	35,966,000	35,966,000	39,031,000	39,031,000	39,031,000	36,438,000		38,072,000	38,072,000	42,914,000	42,914,000	42,280,000	63,257,000	63,689,000	64,291,000	64,291,000	63,711,000		63,711,000	61,421,000	67,833,000	67,108,000	67,108,000		62,366,000	70,714,000	73,097,000	73,097,000	72,653,000	72,653,000			70,925,000	66,795,000	72,028,000	73,379,000	73,379,000	72,555,000		72,555,000	67,185,000	67,185,000	67,499,000	67,511,000	74,353,000	74,353,000		72,975,000	79,057,000	91,736,000	91,736,000			88,620,000	83,922,000	88,608,000	83,206,000		84,669,000	80,755,000	80,755,000	80,755,000	84,695,000	79,470,000	73,120,000		73,120,000	89,526,000	89,526,000	100,292,000	100,292,000	97,912,000	97,912,000		43,964,000	31,776,000	23,333,000	23,333,000	36,584,000	33,874,000	33,874,000
current liabilities												2,788,423,000							1,559,645,000																			1,718,363,000										2,070,899,000
current tax liabilities		348,261,000	298,803,000	304,019,000	476,280,000	488,277,000	488,277,000	379,724	382,147,000	509,460,000	376,240		288,208,000	232,437,000	232,437	171,425,000	171,425,000	143,486,000		106,502,000	106,502,000	82,814,000	82,814,000	65,272,000	90,593,000	90,593,000	91,481,000	91,481,000	97,392,000	118,064,000	118,064,000	127,625,000	130,961,000	130,961,000	121,101,000	238,622,000	250,233,000		210,695,000	210,695,000	158,235,000	158,235,000	158,235,000	108,847,000	108,847,000	108,847,000	102,405,000		106,529,000	106,529,000	97,818,000	97,818,000	102,770,000	101,197,000	94,904,000	124,813,000	124,813,000	161,328,000		161,328,000	136,018,000	138,730,000	181,233,000	181,233,000		297,750,000	352,353,000	341,697,000	341,697,000	318,334,000	318,334,000			320,600,000	266,760,000	240,168,000	253,805,000	253,805,000	242,836,000		242,836,000	254,603,000	254,603,000	256,893,000	243,405,000	386,261,000	386,261,000		344,932,000	270,732,000	213,144,000	213,144,000			234,872,000	207,652,000	221,095,000	201,201,000		286,498,000	306,539,000	306,539,000	306,539,000	322,041,000	333,638,000	443,604,000		443,604,000	610,313,000	610,313,000	560,430,000	560,430,000	341,028,000	341,028,000		452,534,000	222,735,000	108,071,000	108,071,000	114,403,000	161,704,000	161,704,000
customer advances		182,924,000	139,751,000	228,086,000	239,342,000	263,664,000	263,664,000	160,533	100,596,000	136,172,000	242,910		324,623,000	343,613,000	343,613	96,905,000	96,905,000	92,436,000		56,738,000	56,738,000	37,580,000	37,580,000	52,569,000	48,692,000	48,692,000	68,833,000	68,833,000	69,255,000	76,833,000	76,833,000	82,729,000	79,581,000	79,581,000	44,075,000	57,234,000	62,683,000		60,577,000	60,577,000	89,566,000	89,566,000	89,566,000	37,424,000	37,424,000	37,424,000	56,707,000		85,818,000	85,818,000	80,334,000	80,334,000	62,265,000	39,668,000	40,904,000	68,939,000	68,939,000	90,495,000		90,495,000	134,780,000	188,162,000	213,670,000	213,670,000		188,704,000	133,609,000	139,711,000	139,711,000	92,041,000	92,041,000			102,592,000	56,911,000	26,837,000	34,342,000	34,342,000	92,409,000		92,409,000	134,010,000	134,010,000	160,188,000	163,883,000	156,888,000	156,888,000		55,564,000	78,364,000	66,223,000	66,223,000			86,283,000	70,051,000	86,710,000	44,357,000		66,684,000	95,107,000	95,107,000	95,107,000	152,690,000	256,922,000	263,571,000		263,571,000	275,815,000	275,815,000	360,093,000	360,093,000	449,829,000	449,829,000		113,243,000
trade payables		830,173,000	910,427,000	831,716,000	1,041,434,000	1,107,567,000	1,107,567,000	999,209	1,020,156,000	1,067,602,000	1,179,457		1,011,037,000	998,807,000	998,807	1,006,132,000	1,006,132,000	845,256,000		791,424,000	791,424,000	730,089,000	730,089,000	634,648,000	462,105,000	462,105,000	363,995,000	363,995,000	414,716,000	530,219,000	530,219,000	555,887,000	551,859,000	551,859,000	636,720,000	596,532,000	693,673,000		762,736,000	762,736,000	812,972,000	812,972,000	812,972,000	810,259,000	810,259,000	810,259,000	750,739,000		721,808,000	721,808,000	709,745,000	709,745,000	642,093,000	556,834,000	550,925,000	506,589,000	506,589,000	450,397,000		450,397,000	503,845,000	590,235,000	573,679,000	573,679,000		652,554,000	831,803,000	894,804,000	894,804,000	880,589,000	880,589,000			820,025,000	834,629,000	804,272,000	820,055,000	820,055,000	817,016,000		817,016,000	-1,574,225,000		1,222,000	1,524,000	1,727,000	1,727,000		2,045,000	2,378,000	2,611,000	2,611,000			2,844,000	3,278,000	3,387,000	3,555,000		3,228,000	2,812,000	2,812,000	2,812,000	3,018,000	2,418,000	1,216,000		1,216,000	1,254,000	1,254,000	1,155,000	1,155,000	47,000	47,000		1,205,000	4,303,000	11,622,000	11,622,000	18,774,000	18,650,000	18,650,000
total liabilities		3,206,692,000	3,612,899,000	3,222,672,000	3,938,679,000	4,051,458,000	4,051,458,000	3,439,210	3,472,847,000	3,444,773,000	3,515,809	3,515,809,000	3,526,638,000	3,381,994,000	3,381,994	2,620,182,000	2,620,182,000	2,343,729,000	2,343,729,000	2,598,005,000	2,598,005,000	2,550,029,000	2,550,029,000	2,332,236,000	2,269,716,000	2,269,716,000	2,494,982,000	2,494,982,000	2,519,202,000	2,707,771,000	2,707,771,000	2,656,619,000	2,864,072,000	2,864,072,000	2,833,251,000	2,667,577,000	2,375,807,000	2,375,807,000	2,833,627,000	2,833,627,000	2,963,484,000	2,963,484,000	2,963,484,000	2,874,285,000	2,874,285,000	2,874,285,000	2,817,248,000	2,817,248,000	2,767,881,000	2,767,881,000	2,778,775,000	2,778,775,000	2,558,703,000	2,590,203,000	2,606,866,000	2,739,193,000	2,739,193,000	2,912,741,000	2,590,000,000	2,912,741,000	3,020,918,000	3,383,250,000	3,669,672,000	3,669,672,000	3,021,000,000	3,729,716,000	3,704,364,000	3,954,589,000	3,954,589,000	3,815,001,000	3,815,001,000	3,704,000,000	3,704,000,000	3,583,839,000	3,461,104,000	3,811,424,000	4,053,779,000	4,053,779,000	4,218,955,000	3,461,000,000	4,218,955,000	4,403,599,000	4,403,599,000	4,744,890,000	4,651,581,000	4,158,322,000	4,158,322,000	4,404,000,000	3,690,692,000	3,952,528,000	3,988,049,000	3,988,049,000	3,814,000,000	3,691,000,000	3,994,714,000	3,813,751,000	3,703,567,000	3,697,801,000	3,762,000,000	3,695,872,000	3,762,472,000	3,762,472,000	3,762,472,000	4,137,414,000	4,597,503,000	5,794,534,000	3,762,000	5,794,534,000	6,398,825,000	6,398,825,000	6,742,706,000	6,742,706,000	7,714,737,000	7,714,737,000	6,894,000,000	2,930,155,000	3,001,093,000	2,348,284,000	2,348,284,000	2,161,102,000	2,136,609,000	2,136,609,000
total equity and liabilities		20,465,886,000	20,407,558,000	20,619,349,000	21,547,746,000	21,081,895,000	21,081,895,000	19,839,333	19,259,326,000	18,639,301,000	17,550,246		16,861,419,000	16,176,042,000	16,176,042	15,274,098,000	15,274,098,000	14,449,431,000		14,540,214,000	14,540,214,000	14,213,736,000	14,213,736,000	13,802,379,000	13,716,189,000	13,716,189,000	13,862,267,000	13,862,267,000	13,896,080,000	14,121,444,000	14,121,444,000	14,842,991,000	15,020,277,000	15,020,277,000	14,983,447,000	14,883,750,000	14,251,299,000		14,620,624,000	14,620,624,000	14,490,198,000	14,490,198,000	14,490,198,000	14,724,097,000	14,724,097,000	14,724,097,000	14,398,218,000		14,360,324,000	14,360,324,000	14,226,084,000	14,226,084,000	14,196,248,000	14,003,275,000	14,227,746,000	14,369,681,000	14,369,681,000	14,879,531,000		14,879,531,000	14,886,974,000	15,505,408,000	16,281,674,000	16,281,674,000		16,572,329,000	16,510,678,000	17,031,343,000	17,031,343,000	16,757,024,000	16,757,024,000			16,445,144,000	15,930,970,000	16,039,377,000	15,943,632,000	15,943,632,000	16,111,424,000		16,111,424,000	15,963,925,000	15,963,925,000	16,096,796,000	15,529,259,000	15,832,992,000	15,832,992,000		14,863,635,000	14,941,621,000	15,140,144,000	15,140,144,000			15,028,464,000	14,364,331,000	14,052,412,000	13,519,608,000		13,638,405,000	13,483,308,000	13,483,308,000	13,483,308,000	13,738,925,000	13,804,074,000	14,725,474,000		14,725,474,000	15,100,712,000	15,100,712,000	16,001,139,000	16,001,139,000	15,244,587,000	15,244,587,000		6,706,028,000	5,662,288,000	4,309,548,000	4,309,548,000	4,089,497,000	4,017,446,000	4,017,446,000
notes
other investments c			2,482,514,000	2,581,761,000	2,248,863,000		1,969,631,000	2,496,747			438,448				559,827
derivative financial instruments ncl			1,552,000
derivative financial instruments cl			9,254,000	1,945,000	3,569,000			5,563			7,127				12,811
derivative financial instruments nca															8,279
selected consolidated financial position data
other non-current assets												3,525,387,000							3,643,457,000																			2,723,199,000										2,787,921,000
non-current borrowings												46,433,000							111,432,000																			29,187,000										34,645,000
other non-current liabilities												411,884,000							397,931,000																			249,218,000										253,734,000
total liabilities and equity												17,550,246,000							14,449,431,000																			14,251,299,000										14,398,218,000
share capital												1,180,537,000							1,180,537,000																			1,180,537,000										1,180,537,000																																																																	1,180,537,000	1,180,537,000		1,180,537,000
number of shares outstanding												1,180,536,830,000							1,180,536,830,000																			1,180,536,830,000										1,180,536,830,000											1,180,537,000,000						1,180,537,000,000							1,180,537,000,000	1,180,537,000,000							1,180,537,000,000								1,180,537,000,000					1,180,537,000,000	1,180,537,000,000					1,180,537,000,000								1,180,537,000								1,180,537,000,000
capital and reserves attributable to owners of the parent																		11,960,578,000		11,763,480,000	11,763,480,000	11,485,222,000	11,485,222,000	11,288,012,000	11,262,888,000	11,262,888,000	11,182,057,000	11,182,057,000	11,188,272,000	11,222,321,000	11,222,321,000	11,988,958,000	11,955,266,000	11,955,266,000	11,941,498,000	12,005,132,000	11,782,882,000		11,691,657,000	11,691,657,000	11,431,575,000	11,431,575,000	11,431,575,000	11,750,621,000	11,750,621,000	11,750,621,000	11,482,185,000		11,495,733,000	11,495,733,000	11,341,154,000	11,341,154,000	11,530,615,000	11,287,417,000	11,484,349,000	11,468,566,000	11,468,566,000	11,808,693,000		11,808,693,000	11,713,344,000	11,967,491,000	12,456,552,000	12,456,552,000		12,691,796,000	12,654,114,000	12,922,781,000	12,922,781,000	12,793,540,000	12,793,540,000			12,724,313,000	12,290,420,000	12,048,287,000	11,724,417,000	11,724,417,000	11,735,821,000		11,735,821,000	11,388,016,000	11,388,016,000
capital and reserves attributable to the owners of the parent																			11,960,578,000																			11,782,882,000										11,482,185,000
assets held for sale																				19,858,000	19,858,000
liabilities held for sale																				5,310,000	5,310,000
f-3
other equity investments																																							21,572,000	21,572,000
assets of disposal group classified as held for sale																																																						151,417,000
liabilities of disposal group classified as held for sale																																																						18,094,000
available for sale assets																																									21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000		21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000		21,572,000	21,572,000	21,572,000	21,572,000	21,572,000		21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000			21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000		21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000		21,572,000	21,572,000	21,572,000	21,572,000			21,572,000	21,572,000	21,572,000	21,572,000		21,572,000	21,572,000	21,572,000	21,572,000	21,572,000	21,572,000
tubes sales volumes
seamless																																																											1,635,000,000						2,028,000,000							2,790,000,000	2,790,000,000							2,612,000,000								2,676,000,000
welded																																																											355,000,000						605,000,000							885,000,000	885,000,000							1,049,000,000								1,188,000,000
total																																																											1,990,000,000						2,633,000,000							3,675,000,000	3,675,000,000							3,661,000,000								3,864,000,000
tubes production volumes
financial indicators
net sales																																																											4,294,000,000						7,101,000,000							10,338,000,000	10,338,000,000							10,597,000,000								10,834,000,000					7,712,000,000	9,972,000,000					8,149,000,000								8,149,000								7,728,000,000
operating income																																																											-59,000,000						195,000,000							1,899,000,000	1,899,000,000							2,185,000,000								2,357,000,000					1,574,000,000	1,895,000,000					1,814,000,000								1,814,000								2,792,000,000
ebitda																																																											598,000,000						1,255,000,000							2,720,000,000	2,720,000,000							2,795,000,000								2,875,000,000					2,013,000,000	2,449,000,000					2,318,000,000								2,318,000								3,047,000,000
net income																																																											59,000,000						-74,000,000							1,181,000,000	1,366,000,000							1,574,000,000								1,701,000,000					1,141,000,000	1,421,000,000					1,208,000,000								1,208,000								2,059,000,000
cash flow from operations																																																											864,000,000						2,215,000,000							2,044,000,000	2,044,000,000							2,355,000,000								1,860,000,000					871,000,000	1,283,000,000					3,064,000,000								3,064,000								1,811,000,000
capital expenditures																																																											787,000,000						1,132,000,000							1,089,000,000	1,089,000,000							753,000,000								790,000,000					847,000,000	863,000,000					461,000,000								461,000								441,000,000
balance sheet
total borrowings																																																											840,000,000						972,000,000							999,000,000	999,000,000							931,000,000								1,744,000,000						931,000,000
net cash position																																																											1,441,000,000
shareholders' equity including non-controlling interests																																																											11,413,000,000						11,866,000,000
per share / ads data
earnings per share																																																											50,000						-70,000							980,000	1,140,000							1,310,000								1,440,000					950,000	1,130,000					980,000								980								1,650,000
earnings per ads																																																											90,000						-140,000							1,960,000	2,280,000							2,630,000								2,880,000					1,910,000	2,260,000					1,970,000								1,970								3,300,000
dividends per share																																																											410,000						450,000							450,000	450,000							430,000								430,000					340,000	380,000					340,000								340								300,000
dividends per ads																																																											820,000						900,000							900,000	900,000							860,000								860,000					680,000	760,000					680,000								680								600,000
ads stock price at year-end																																																											35,710,000						23,800,000							30,210,000	30,210,000							43,690,000								41,920,000					48,980,000	37,180,000					42,650,000								42,650								49,890,000
number of employees																																																											19,399,000,000						21,741,000,000							27,816,000,000	27,816,000,000							26,825,000,000								26,673,000,000					25,422,000,000	26,980,000,000					22,591,000,000								22,591,000								21,751,000,000
net financial debt/																																																																	-1,849,000,000							-1,257,000,000	-1,257,000,000							-911,000,000								271,000,000					-276,000,000	-324,000,000					-676,000,000								-676,000
investments in associated companies																																																																						941,501,000	941,501,000			932,822,000	912,758,000	931,012,000	929,251,000	929,251,000	985,230,000		985,230,000	983,061,000	983,061,000	1,104,436,000	1,095,767,000	1,179,985,000	1,179,985,000		670,248,000	669,958,000	704,764,000	704,764,000			698,910,000	671,855,000	657,911,000	635,180,000		631,410,000	602,572,000	602,572,000	602,572,000	578,758,000	575,628,000	501,745,000		501,745,000	527,007,000	527,007,000	630,426,000	630,426,000	509,354,000	509,354,000		257,234,000	99,451,000	45,814,000	45,814,000	23,894,000	14,327,000	14,327,000
shareholders’ equity including non-controlling interests																																																																								12,806,000,000	12,971,000,000							12,470,000,000								11,560,000,000					10,551,000,000	11,173,000,000
capital and reserves attributable to the company’s equity holders																																																																																				11,172,365,000	10,699,313,000	10,985,560,000	10,985,560,000		10,506,227,000	10,344,372,000	10,469,669,000	10,469,669,000			10,377,206,000	9,902,359,000	9,699,612,000	9,203,282,000		9,322,599,000	9,092,164,000	9,092,164,000	9,092,164,000		8,637,036,000	8,399,259,000		8,399,259,000	8,176,571,000	8,176,571,000	8,686,199,000	8,686,199,000
sales volumes
tubes-seamless																																																																																													2,206,000,000	2,613,000,000					1,970,000,000								1,970,000
tubes-welded																																																																																													744,000,000	881,000,000					346,000,000								346,000
tubes-total																																																																																													2,950,000,000	3,494,000,000					2,316,000,000								2,316,000
projects-welded																																																																																													170,000,000	267,000,000					334,000,000								334,000
total –tubes+projects																																																																																													3,120,000,000	3,761,000,000					2,650,000,000								2,650,000
production volumes
total financial debt																																																																																													1,244,000,000						1,447,000,000								1,447,000								3,651,000,000
shareholders’ equity including minority interest																																																																																																			9,721,000,000								9,721,000								5,702,000,000
minority interest																																																																																																				619,934,000	628,672,000	628,672,000	628,672,000	618,746,000	569,535,000	531,681,000		531,681,000	525,316,000	525,316,000	572,234,000	572,234,000	523,573,000	523,573,000		268,071,000	165,271,000	119,984,000	119,984,000	193,313,000	186,783,000	186,783,000
contingencies, commitments and restrictions to the distribution of profits are disclosed in note 26.
capital and reserves attributable to the
company’s equity holders																																																																																																								8,982,765,000
current and non current assets held for sale																																																																																																																	651,160,000	651,160,000
current assets - sum																																																																																																													7,252,417,000		7,269,961,000		6,514,043,000
liabilities associated with current and non-current assets held for sale																																																																																																																	267,042,000	267,042,000
current liabilities - sum																																																																																																													3,790,017,000		3,739,535,000		3,328,066,000
other tax liabilities																																																																																																															7,772,000	7,772,000
legal reserves																																																																																																																	118,054,000	118,054,000		118,054,000
share premium																																																																																																																	609,733,000	609,733,000		609,733,000
currency translation adjustments																																																																																																																	266,049,000	266,049,000		-59,743,000
other reserves																																																																																																																	18,203,000	18,203,000		2,718,000
retained earnings																																																																																																																	4,813,701,000	4,813,701,000		1,656,503,000
seamless pipes																																																																																																																			2,919,000,000
welded pipes																																																																																																																			578,000,000
total steel pipes																																																																																																																			3,497,000,000
net financial debt																																																																																																																			2,095,000,000
equity and liabilities
other distributable reserve
shareholders’ equity																																																																																																																					2,495,924,000	1,841,280,000		1,735,082,000	1,694,054,000	1,694,054,000
customers advances																																																																																																																					127,399,000	54,721,000	54,721,000	52,308,000	37,085,000	37,085,000
intangible assets																																																																																																																							54,037,000
inventor ies																																																																																																																							831,879,000
contingencies, commitments and restrictions on the distribution of profits are disclosed in note 24.
deferred tax— effect of currency translation on tax base																																																																																																																								92,305,000
employee liabilities																																																																																																																								121,881,000	123,023,000	123,023,000
deferred tax - effect of currency translation on tax base																																																																																																																									114,826,000
deferred tax — effect of currency translation on tax base																																																																																																																										114,826,000

Cashflow Statements:

Quarterly

Annual

Unit: USD

Tenaris S.A(NYSE:TS)

Tenaris S.A
(NYSE:TS)