Tenaris SA Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Tenaris SA filed its 20-F annual report detailing financial performance and tax-related inclusions for 2023.</b>

AI Summary

TENARIS SA (TNRSF) filed a Foreign Annual Report (20-F) with the SEC on March 28, 2024. Tenaris SA filed its 20-F annual report for the period ending December 31, 2023. The filing includes financial data for the years 2023, 2022, and 2021. As of December 31, 2023, $40.6 million related to ICMS tax from Brazilian subsidiaries was included. As of December 31, 2022, $8 million related to PIS and COFINS tax recovery from Brazilian subsidiaries was included. The company's business address is in Luxembourg.

Why It Matters

For investors and stakeholders tracking TENARIS SA, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Tenaris SA's financial position and operations for the fiscal year 2023, crucial for investors to assess performance and risks. The specific mentions of tax-related amounts ($40.6M ICMS in 2023, $8M PIS/COFINS in 2022) highlight potential impacts on profitability and cash flow from Brazilian operations.

Risk Assessment

Risk Level: medium — TENARIS SA shows moderate risk based on this filing. The filing is a standard annual report (20-F), indicating a routine disclosure rather than an immediate event, but the detailed financial data and risk factors inherent in a global steel and energy services company warrant a medium risk assessment.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Tenaris SA's performance drivers and potential challenges in the steel and energy sectors.

Key Numbers

• 2023-12-31 — Period of Report End Date (Tenaris SA 20-F Filing)
• $40.6 million — ICMS Tax (Brazil) (As of December 31, 2023)
• $8 million — PIS and COFINS Tax Recovery (Brazil) (As of December 31, 2022)
• 2023 — Fiscal Year (Primary reporting year)
• 2022 — Fiscal Year (Comparative year)
• 2021 — Fiscal Year (Comparative year)

Key Players & Entities

• TENARIS SA (company) — Filer
• 2023 (date) — Period of report
• December 31, 2023 (date) — As of date
• $40.6 million (dollar_amount) — ICMS tax from Brazilian subsidiaries
• $8 million (dollar_amount) — PIS and COFINS tax recovery from Brazilian subsidiaries
• 2022 (date) — Previous year comparison
• 2021 (date) — Previous year comparison
• Luxembourg (location) — Business address

FAQ

Key Dates

• 2024-03-28: Filing Date — Submission of the 20-F annual report for fiscal year 2023
• 2023-12-31: Reporting Period End — End date for the financial data presented in the 20-F

Key Financial Figures

• $1.00 — k Exchange Ordinary Shares, par value $1.00 per share New York Stock Exchange *
• $14.9 b — esults under most metrics: net sales of $14.9 billion, EBITDA of $4.9 billion, net inco
• $4.9 b — : net sales of $14.9 billion, EBITDA of $4.9 billion, net income of $4.0 billion, oper
• $4.0 b — , EBITDA of $4.9 billion, net income of $4.0 billion, operating cash flow of $4.4 bill
• $4.4 billion — of $4.0 billion, operating cash flow of $4.4 billion. As a global supplier of pipes to the e
• $3.4 billion — s. With these results and net cash of $3.4 billion in our balance sheet, we are increasing
• $200 million — decarbonization program, when, after a $200 million investment, we successfully put into op
• $1 — s" refers to ordinary shares, par value $1.00, of the Company. "ADSs" refers to

Filing Documents

• ts-20231231.htm (20-F) — 7872KB
• img09cbb1ae391f4fe080a1.jpg (GRAPHIC) — 19KB
• img0c292c5d50b540dc83b5.jpg (GRAPHIC) — 26KB
• img485eaad191c7494ab74c.jpg (GRAPHIC) — 8KB
• img58d8c5de7de048868313.jpg (GRAPHIC) — 8KB
• img6918de5ac13c4f2ca372.jpg (GRAPHIC) — 35KB
• imgbc5cf2e1f4f64344a813.jpg (GRAPHIC) — 32KB
• imge55e0a44b676430f8e0e.jpg (GRAPHIC) — 2KB
• ex22_1.htm (EX-2.2) — 49KB
• ex81_2.htm (EX-8.1) — 46KB
• ex121_3.htm (EX-12.1) — 12KB
• ex122_4.htm (EX-12.2) — 12KB
• ex131_5.htm (EX-13.1) — 11KB
• ex132_6.htm (EX-13.2) — 12KB
• ex151_7.htm (EX-15.1) — 27KB
• ex152_8.htm (EX-15.2) — 35KB
• ex153_9.htm (EX-15.3) — 18KB
• img1294409995b943d0a6f5.jpg (GRAPHIC) — 8KB
• ex971_10.htm (EX-97.1) — 74KB
• img3d9a11c7496b4001ab07.jpg (GRAPHIC) — 8KB
• 0001554855-24-000207.txt (&nbsp;) — 35254KB
• ts-20231231_def.xml (EX-101.DEF) — 1257KB
• ts-20231231_pre.xml (EX-101.PRE) — 1659KB
• ts-20231231_cal.xml (EX-101.CAL) — 242KB
• ts-20231231_lab.xml (EX-101.LAB) — 2471KB
• ts-20231231.xsd (EX-101.SCH) — 267KB
• ts-20231231_htm.xml (XML) — 7860KB

Risk Factors

Risk Factors 10 Information on the Company 26 Overview 26 History and Development of the Company 27 Business Overview 28 Organizational Structure and Subsidiaries 56 Operating and Financial Review and Prospects 59 Overview 59 Operating Results 64 Liquidity and Capital Resources 70 Trend Information 73 Critical Accounting Estimates 76 Directors, Senior Management and Employees 78 Directors and Senior Management 78 Compensation 84 Board Practices 85 Employees 87 Share Ownership 88 Major Shareholders and Related Party Transactions 88 Major Shareholders 88 Related Party Transactions 89 Financial Information 91 Consolidated Statements and Other Financial Information 91 The Offer and Listing 92 Offer and Listing Details 92 Additional Information 92 Exchange Controls 92 Taxation 92 Documents on Display 98 Quantitative and Qualitative Disclosure about Market Risk 99

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 102 American Depositary Shares 102

Controls and Procedures

Controls and Procedures 103 Audit Committee Financial Expert 104 Code of Ethics 104 Principal Accountant Fees and Services 104 Purchases of Equity Securities by the Issuer and Affiliated Purchasers 105 Change in Registrant's Certifying Accountant 108 Corporate Governance Statement 109 Corporate Governance 109 Summary of differences with NYSE standards 116 Cybersecurity 119

Financial Statements

Financial Statements 120 EXHIBITS 121 2 Annual Report 2023 FORM 20-F CROSS REFERENCE GUIDE Item Item in Form 20-F Cross-reference to consolidated management report Part I Item 1 Identity of Directors , Senior Management and Advisors None - Not applicable Item 2 Offer Statistics and Expected Timetable None - Not applicable Item 3 Key Information Key Information 3.A [Reserved] 3.B Capitalization and Indebtedness None - Not applicable 3.C Reasons for the Offer and Use of Proceeds None - Not applicable 3.D

Risk Factors

Risk Factors Key Information - Risk Factors Item 4 Information on the Company Information on the Company 4.A History and Development of the Company Information on the Company - History and Development of the Company 4.B Business Overview Information on the Company - Business Overview 4.C Organizational Structure and Subsidiaries Information on the Company - Organizational Structure and Subsidiaries 4.D Property, Plant and Equipment Information on the Company - Business Overview Item 4A Unresolved Staff Comments None - Not applicable Item 5 Operating and Financial Review and Prospects Operating and Financial Review and Prospects - Overview 5.A Operating Results Operating and Financial Review and Prospects - Operating Results 5.B Liquidity and Capital Resources Operating and Financial Review and Prospects - Liquidity and Capital Resources 5.C Research and Developments, Patents and Licenses, Etc. Information on the Company - Business Overview 5.D Trend Information Operating and Financial Review and Prospects - Trend Information 5.E Critical Accounting Estimates Operating and Financial Review and Prospects - Critical Accounting Estimates Item 6 Directors, Senior Management and Employees Directors, Senior Management and Employees 6.A Directors and Senior Management Directors, Senior Management and Employees - Directors and Senior Management 6.B Compensation Directors, Senior Management and Employees - Compensation 6.C Board Practices Directors, Senior Management and Employees - Board Practices 6.D Employees Directors, Senior Management and Employees - Employees 6.E Share Ownership Directors, Senior Management and Employees - Share Ownership 6.F Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation None - Not applicable Item 7 Major Shareholders and Related Party Transactions Major Shareholders and Related Party Transactions

Dilution

Dilution None - Not applicable 9.F Expenses of the Issue None - Not applicable Item 10 Additional Information Additional Information Corporate Governance Statement 3 10.A Share Capital None - Not applicable 10.B Memorandum and Articles of Association Corporate Governance Statement - Corporate Governance 10.C Material Contracts Information on the Company - Business Overview 10.D Exchange Controls Additional Information - Exchange Controls 10.E Taxation Additional Information - Taxation 10.F Dividends and Paying Agents None - Not applicable 10.G None - Not applicable 10.H Documents on Display Additional Information - Documents on Display 10.I Subsidiary Information None - Not applicable 10.J Annual Report to Security Holders None - Not applicable Item 11 Quantitative and Qualitative Disclosure about Market Risk Quantitative and Qualitative Disclosure about Market Risk Item 12

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 12.A Debt Securities None - Not applicable 12.B Warrants and Rights None - Not applicable 12.C Other Securities None - Not applicable 12.D American Depositary Shares

Description of Securities Other Than Equity Securities - American Depositary Shares

Description of Securities Other Than Equity Securities - American Depositary Shares Part II Item 13 Defaults, Dividend Arrearages and Delinquencies None - Not applicable Item 14 Material Modifications to the Rights of Security Holders and Use of Products None - Not applicable Item 15

Controls and Procedures

Controls and Procedures

Controls and Procedures

Controls and Procedures Item 16 [Reserved] Item 16A Audit Committee Financial Expert Audit Committee Financial Expert Item 16B Code of Ethics Code of Ethics Item 16C Principal Accountant Fees and Services Principal Accountant Fees and Services Item 16D Exemption from the Listing Standards for Audit Committee None - Not applicable Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers Purchases of Equity Securities by the Issuer and Affiliated Purchasers Item 16F Change in Registrant's Certifying Accountant Change in Registrant's Certifying Accountant Item 16G Corporate Governance Corporate Governance Statement Item 16H Mine Safety Disclosure None - Not applicable Item 16I Disclosure Regarding Foreign Jurisdictions that Prevent Inspections None - Not applicable Item 16K Cybersecurity Cybersecurity Part III Item 17

Financial Statements

Financial Statements

Financial Statements

Financial Statements Item 18

Financial Statements

Financial Statements

Financial Statements

Financial Statements Item 19 Exhibits Exhibits 4 Annual Report 2023 LETTER FROM THE CHAIRMAN 2023 has been an outstanding year for Tenaris with record financial results under most metrics: net sales of $14.9 billion, EBITDA of $4.9 billion, net income of $4.0 billion, operating cash flow of $4.4 billion. As a global supplier of pipes to the energy industry, we have developed a unique presence in the most challenging developments in the oil and gas industry, serving its most important players. With these results and net cash of $3.4 billion in our balance sheet, we are increasing returns to shareholders. We are proposing to increase our annual dividend to 60 cents per share. Together with the share buyback program we initiated in November, this would imply an 8% yield to shareholders for the year at current prices. We have extended the perimeter of our operations through a series of acquisitions. In Saudi Arabia, we increased our stake in GPC to gain a controlling position in this large diameter welded pipe mill that produces conductor casing and large diameter line pipe. With the acquisition of the Shawcor pipe coating business, we are strengthening our line pipe business, especially for offshore line pipe, where Shawcor has a leading position in anti-corrosive and insulation coatings. In the United States, we increased the flexibility and overall capacity of our US industrial system by acquiring additional heat treatment and threading facilities. Each of these integrations to our global industrial system enhances our capacity to serve our wide customer base with a growing range of products and services. Our globally integrated industrial and supply chain systems produced and shipped over four million tons of pipes to customers around the world last year. Many of these pipes are delivered directly to our customer operations in the field under our Rig Direct service program that now serves over 500 rigs worldwide. Under this program, which requi

Risk Factors

Risk Factors You should carefully consider the risks and uncertainties d

View Full Filing

View this 20-F filing on SEC EDGAR