Plutarco escribió:Me primereó Don! Abrazo.
ACÁ ESTIMADO PLUTARCO , LO IMPORTANTE ES LA VOCACIÓN DE SERVICIO QUE VOS TENÉS, YO NO TENGO NI UNA TENARIS PERO COMPRENDO LA ANSIEDAD DEL INVERTIDO SEA EL PAPEL QUE FUERE.
LE MANDO UN ABRAZO!!
TS Tenaris
-
DON VINCENZO
- Mensajes: 17859
- Registrado: Jue Ene 19, 2012 1:16 pm
Re: TS Tenaris
ACÁ ESTIMADO PLUTARCO , LO IMPORTANTE ES LA VOCACIÓN DE SERVICIO QUE VOS TENÉS, YO NO TENGO NI UNA TENARIS PERO COMPRENDO LA ANSIEDAD DEL INVERTIDO SEA EL PAPEL QUE FUERE.
LE MANDO UN ABRAZO!!
-
tractor_nqn
- Mensajes: 43
- Registrado: Vie Mar 22, 2013 5:15 pm
Re: TS Tenaris
¿tanto nadar para morir en la orilla? ... hoy finalmente cerró arribita de 45 USD ... pero con el anuncio de resultados de 0.71 USD por ADR en el 2do trimestre me parece que hasta acá llegó.
http://ir.tenaris.com/releasedetail.cfm ... eID=782327
http://ir.tenaris.com/releasedetail.cfm ... eID=782327
Re: TS Tenaris
Me primereó Don! Abrazo.
-
DON VINCENZO
- Mensajes: 17859
- Registrado: Jue Ene 19, 2012 1:16 pm
Re: TS Tenaris
MUCHACHOS, ANTICIPADO AUNQUE SEA EN INGLÉS LES PEGO EL TRIMESTRAL DE TS.
Tenaris S.A.
Tenaris Announces 2013 Second Quarter Results
The Financial and Operational Information Contained in This Press Release Is Based on Unaudited Consolidated Financial Statements Presented in U.S. Dollars and Prepared in Accordance With International Financial Reporting Standards as Issued by the International Accounting Standard Board and Adopted by the European Union, or IFRS
LUXEMBOURG -- (Marketwired) -- 08/01/13 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BMV: TS) (MILAN: TEN) ("Tenaris") today announced its results for the quarter ended June 30, 2013 in comparison with its results for the quarter ended June 30, 2012.
Summary of 2013 Second Quarter Results
(Comparison with first quarter of 2013 and second quarter of 2012)
Q2 2013 Q1 2013 Q2 2012
Net sales ($ million) 2,829 2,678 6% 2,801 1%
Operating income ($ million) 578 554 4% 621 (7%)
Net income ($ million) 430 423 2% 455 (6%)
Shareholders' net income ($ million) 418 425 (2%) 456 (8%)
Earnings per ADS ($) 0.71 0.72 (2%) 0.77 (8%)
Earnings per share ($) 0.35 0.36 (2%) 0.39 (8%)
EBITDA* ($ million) 730 699 4% 759 (4%)
EBITDA margin (% of net sales) 25.8% 26.1% 27.1%
*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals)
Our second quarter sales increased 6% sequentially driven by higher sales of premium OCTG products in the Middle East and Far East, which offset a strong seasonal effect in Canada and lower sales of line pipe products in Europe. Our EBITDA and operating margins continue to maintain a good level in a competitive market.
Cash flow from operations reached $611 million during the second quarter of 2013. Following a dividend payment of $354 million in May 2013, our financial position at June 30, 2013, amounted to a net cash position (cash and other current investments less total borrowings) of $214 million, compared with $121 million at March 31, 2013.
Market Background and Outlook
Drilling activity in North America, after stabilizing in the U.S. during the second quarter following an unusually wet spring in Canada, is expected to pick up gradually during the rest of the year supported by the current level of oil prices. In the rest of the world, current oil and gas price levels should continue to support the ongoing expansion in drilling activity in the Middle East and offshore regions.
In the second half, our sales in the Middle East and Africa will continue to show strong year on year growth while our sales in South America will be affected by lower shipments of line pipe in Brazil, reflecting project delays. In the third quarter, our sales will additionally be affected by seasonal effects and a weak industrial sector in Europe while we do not expect to see a pick up in North American sales before the fourth quarter.
Our margins in the third quarter will be affected by a lower level of sales and a less favorable product mix but are expected to recover to current levels in the fourth quarter.
Analysis of 2013 Second Quarter Results
Tubes Sales volume
(thousand metric tons) Q2 2013 Q1 2013 Q2 2012
Seamless 677 657 3% 701 (3%)
Welded 286 289 (1%) 287 (0%)
Total 963 946 2% 988 (2%)
Tubes Q2 2013 Q1 2013 Q2 2012
(Net sales - $ million)
North America 986 1,143 (14%) 1,270 (22%)
South America 652 595 9% 536 21%
Europe 218 268 (19%) 286 (24%)
Middle East & Africa 626 400 57% 352 78%
Far East & Oceania 137 82 67% 130 5%
Total net sales ($ million) 2,619 2,488 5% 2,575 2%
Operating income ($ million) 553 526 5% 589 (6%)
Operating income (% of sales) 21.1% 21.1% 22.9%
Net sales of tubular products and services increased 5% sequentially and 2% year on year. Sales increased sequentially driven by higher sales of premium OCTG products in the Middle East and Far East, which offset a strong seasonal effect in Canada and lower sales of line pipe products in Europe. In North America sales declined due to the seasonal spring break up in Canada and lower activity in the north of Mexico. In South America, sales increased due to higher sales of OCTG in Venezuela and OCTG and line pipe in Argentina. In Europe, sales declined due to the non repetition of line pipe sales for offshore projects in Norway and lower sales to hydrocarbon process industry projects. In the Middle East and Africa sales increased due to higher sales of premium products in Saudi Arabia, UAE and Iraq as well as higher sales of coating services in Nigeria. In the Far East and Oceania, sales increased due to higher sales of premium products in Australia and Indonesia.
Operating income from tubular products and services increased 5% sequentially but declined 6% year on year. Sequentially, the increase in operating income was driven by the increase in sales while operating margin remained flat, as an improvement in the gross margin was offset by higher SG&A expenses mainly due to the lower share of shipments to our local markets.
Others Q2 2013 Q1 2013 Q2 2012
Net sales ($ million) 210 190 10% 226 (7%)
Operating income ($ million) 26 28 (7%) 32 (19%)
Operating income (% of sales) 12.2% 14.5% 14.2%
Net sales of other products and services increased 10% sequentially due to higher sales of sucker rods, but declined 7% year on year. Sequentially, despite the increase in revenues, operating income declined 7% mainly due to a lower operating margin.
Selling, general and administrative expenses, or SG&A, amounted to $529 million, or 18.7% of net sales, in the second quarter of 2013, compared to $476 million, 17.8% in the previous quarter and $487 million, 17.4% in the second quarter of 2012. Sequentially, the increase in SG&A expenses was mainly due to the lower share of shipments to our local markets.
Financial results amounted to $11 million loss in the second quarter 2013, compared to a $9 million loss in the previous quarter and a $23 million loss in the second quarter of 2012.
Equity in earnings of associated companies generated a gain of $12 million in the second quarter of 2013, in line with the result of the previous quarter and compared with a $6 million gain in the second quarter of last year. These results are mainly derived from our equity investment in Ternium (NYSE: TX) and Usiminas.
Income tax charges totaled $150 million in the second quarter of 2013, equivalent to 26.4% of income before equity in earnings of associated companies and income tax, compared to $134 million, or 24.6% in the previous quarter and $148 million or 24.8% in the second quarter of 2012.
Results attributable to non-controlling interests amounted to gains of $12 million in the second quarter of 2013, compared to losses of $2 million in the previous quarter and losses of $1 million in the second quarter of 2012. The sequential increase in results attributable to non-controlling interests are due to higher results at our Nigerian coating services subsidiary, Pipe Coaters Nigeria, and at our Japanese subsidiary NKKTubes.
Cash Flow and Liquidity of 2013 Second Quarter
Net cash provided by operations during the second quarter of 2013 was $611 million, compared to $563 million in the previous quarter and $414 million in the second quarter of 2012.
Capital expenditures amounted to $180 million for the second quarter of 2013, compared to $184 million in the previous quarter and $205 million in the second quarter of 2012.
Following a dividend payment of $354 million in May 2013, our financial position at June 30, 2013, amounted to a net cash position (cash and other current investments less total borrowings) of $214 million, compared with $121 million at March 31, 2013.
Analysis of 2013 First Half Results
H1 2013 H1 2012 Increase/(Decrease)
Net sales ($ million) 5,508 5,419 2%
Operating income ($ million) 1,132 1,187 (5%)
Net income ($ million) 852 904 (6%)
Shareholders' net income ($ million) 843 895 (6%)
Earnings per ADS ($) 1.43 1.52 (6%)
Earnings per share ($) 0.71 0.76 (6%)
EBITDA ($ million) 1,429 1,463 (2%)
EBITDA margin (% of net sales) 25.9% 27.0%
Net income attributable to owners of the parent during the first half of 2013 was $843 million, or $0.71 per share ($1.43 per ADS), which compares with $895 million, or $0.76 per share ($1.52 per ADS), in the first half of 2012. Operating income was $1,132 million, or 20.5% of net sales during the first half of 2013, compared to $1.187 million, or 21.9% of net sales during the first half of 2012. Operating income plus depreciation and amortization for the first half of 2013, was $1,429 million, or 25.9% of net sales, compared to $1,463 million, or 27.0% of net sales during the first half of 2012.
The following table shows our net sales by business segment for the periods indicated below:
Net sales ($ million) H1 2013 H1 2012 Increase/(Decrease)
Tubes 5,107 93% 4,975 92% 3%
Others 400 7% 444 8% (10%)
Total 5,508 100% 5,419 100% 2%
Tubes
The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:
Sales volume
(thousand metric tons) H1 2013 H1 2012 Increase/(Decrease)
Seamless 1,334 1,365 (2%)
Welded 575 576 (0%)
Total 1,909 1,941 (2%)
The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:
Tubes H1 2013 H1 2012 Increase/(Decrease)
(Net sales - $ million)
North America 2,129 2,539 (16%)
South America 1,247 999 25%
Europe 486 548 (11%)
Middle East & Africa 1,026 633 62%
Far East & Oceania 219 256 (14%)
Total net sales ($ million) 5,107 4,975 3%
Operating income ($ million) 1,079 1,118 (4%)
Operating income (% of sales) 21.1% 22.5%
Net sales of tubular products and services increased 3% to $5,107 million in the first half of 2013, compared to $4,975 million in the first half of 2012, reflecting a 4% increase in average selling prices due to a richer mix of products sold, partially offset by a 2% decrease in volumes.
Operating income from tubular products and services decreased 4% to $1,079 million in the first half of 2013, from $1,118 million in the first half of 2012. Despite a 3% increase in net sales, operating income and operating margin decreased because of an increase in selling, general and administrative expenses.
Others
The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:
Others H1 2013 H1 2012 Increase/(Decrease)
Net sales ($ million) 400 444 (10%)
Operating income ($ million) 53 69 (23%)
Operating income (% of sales) 13.3% 15.5%
Net sales of other products and services decreased 10% to $400 million in the first half of 2013, compared to $444 million in the first half of 2012, mainly due to lower sales of industrial equipment in Brazil.
Operating income from other products and services decreased 23%, to $53 million in the first half of 2013, compared to $69 million during the first half of 2012, due to a 10% decline in sales and a lower operating margin.
Selling, general and administrative expenses, or SG&A, increased as a percentage of net sales to 18.2% in the first half of 2013 compared to 17.2% in the first half of 2012, mainly due to an increase in provisions for contingencies and doubtful accounts in addition to higher selling expenses associated with lower share of shipments to our local markets.
Financial results were a loss of $20 million in the first half of 2013 compared to a loss of $11 million in the same period of 2012. The increase in the financial loss is mainly due to higher interest expenses associated with a higher average debt during the first half of 2013 in comparison with the first half of 2012.
Equity in earnings of associated companies generated a gain of $24 million in the first half of 2013, compared to a gain of $20 million in the first half of 2012. These gains were derived mainly from our equity investment in Ternium and Usiminas. Following the conclusion of the investment in Usiminas's purchase price allocation, results from equity in earnings of associated companies for the first half of 2012 were reduced by $10 million.
Income tax charges amounted to $284 million in the first half of 2013, equivalent to 25.5% of income before equity in earnings of associated companies and income tax, compared to $293 million in the first half of 2012, equivalent to 24.9% of income before equity in earnings of associated companies and income tax.
Income attributable to non-controlling interests amounted to $10 million in the first half of 2013, compared to $9 million in the first half of 2012. Despite the full acquisition of the minorities in Confab in May 2012, income attributable to non-controlling interests remained stable mainly due to improved results at our Japanese subsidiary NKKTubes and at our Nigerian coating services subsidiary, Pipe Coaters Nigeria.
Cash Flow and Liquidity of 2013 First Half
Net cash provided by operations during the first half of 2013 rose to $1,174 million, compared to $1,022 million in the first half of 2012.
Capital expenditures amounted to $364 million in the first half of 2013, compared to $401 million in the first half of 2012.
Following a dividend payment of $354 million in May 2013, our financial position at June 30, 2013, amounted to a net cash position (cash and other current investments less total borrowings) of $214 million, compared with a net debt position of $271 million at December 31, 2012.
Tenaris Files Half-Year Report
Tenaris S.A. announces that it has filed its half-year report for the six-month period ended June 30, 2013 with the Luxembourg Stock Exchange. The half-year report can be downloaded from the Luxembourg Stock Exchange's website at http://www.bourse.lu and from Tenaris's website at http://www.tenaris.com/investors.
Holders of Tenaris's shares and ADSs, and any other interested parties, may request a hard copy of the half-year report, free of charge, at 1-888-300-5432 (toll free from the United States) or 52-229-989-1940 (from outside the United States).
Conference call
Tenaris will hold a conference call to discuss the above reported results, on August 2, 2013, at 10:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 800 706.7745 within North America or +1 617 614.3472 Internationally. The access number is "51895039". Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at http://www.tenaris.com/investors
A replay of the conference call will be available on our webpage http://ir.tenaris.com/ or by phone from 12:00 pm on August 2 through 12:00 am on August 9. To access the replay by phone, please dial +1 888 286.8010 or +1 617 801.6888 and enter passcode "10370748" when prompted.
Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
Consolidated Condensed Interim Income Statement
(all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
2013 2012 2013 2012
Continuing operations Unaudited Unaudited
Net sales 2,829,270 2,801,492 5,507,575 5,418,841
Cost of sales (1,714,443 ) (1,694,712 ) (3,359,875 ) (3,305,809 )
Gross profit 1,114,827 1,106,780 2,147,700 2,113,032
Selling, general and administrative expenses (529,329 ) (486,655 ) (1,004,894 ) (930,798 )
Other operating income (expense) net (7,302 ) 761 (11,025 ) 4,853
Operating income 578,196 620,886 1,131,781 1,187,087
Interest income 6,870 5,706 12,951 15,289
Interest expense (16,620 ) (12,688 ) (30,529 ) (22,613 )
Other financial results (955 ) (16,476 ) (2,336 ) (3,395 )
Income before equity in earnings of associated companies and income tax 567,491 597,428 1,111,867 1,176,368
Equity in earnings of associated companies 11,869 6,168 24,066 20,131
Income before income tax 579,360 603,596 1,135,933 1,196,499
Income tax (149,795 ) (148,325 ) (283,651 ) (292,999 )
Income for the period 429,565 455,271 852,282 903,500
Attributable to:
Owners of the parent 417,828 456,201 842,605 894,842
Non-controlling interests 11,737 (930 ) 9,677 8,658
429,565 455,271 852,282 903,500
Consolidated Condensed Interim Statement of Financial Position
(all amounts in thousands of U.S. dollars) At June 30, 2013 At December 31, 2012
Unaudited
ASSETS
Non-current assets
Property, plant and equipment, net 4,536,995 4,434,970
Intangible assets, net 3,131,767 3,199,916
Investments in associated companies 929,251 977,011
Other investments 2,552 2,603
Deferred tax assets 192,433 215,867
Receivables 121,765 8,914,763 142,060 8,972,427
Current assets
Inventories 2,697,932 2,985,805
Receivables and prepayments 246,710 260,532
Current tax assets 152,066 175,562
Trade receivables 2,179,089 2,070,778
Available for sale assets 21,572 21,572
Other investments 1,113,065 644,409
Cash and cash equivalents 618,435 7,028,869 828,458 6,987,116
Total assets 15,943,632 15,959,543
EQUITY
Capital and reserves attributable to owners of the parent 11,724,417 11,328,031
Non-controlling interests 165,436 171,561
Total equity 11,889,853 11,499,592
LIABILITIES
Non-current liabilities
Borrowings 423,442 532,407
Deferred tax liabilities 672,918 728,541
Other liabilities 292,715 302,444
Provisions 73,379 1,462,454 67,185 1,630,577
Current liabilities
Borrowings 1,093,810 1,211,785
Current tax liabilities 253,805 254,603
Other liabilities 369,299 318,828
Provisions 20,014 26,958
Customer advances 34,342 134,010
Trade payables 820,055 2,591,325 883,190 2,829,374
Total liabilities 4,053,779 4,459,951
Total equity and liabilities 15,943,632 15,959,543
Consolidated Condensed Interim Statement of Cash Flows
Three-month period ended June 30, Six-month period ended June 30,
(all amounts in thousands of U.S. dollars) 2013 2012 2013 2012
Unaudited Unaudited
Cash flows from operating activities
Income for the period 429,565 455,271 852,282 903,500
Adjustments for:
Depreciation and amortization 151,602 137,725 296,972 275,884
Income tax accruals less payments 9,808 (155,274 ) 25,021 (105,779 )
Equity in earnings of associated companies (11,869 ) (6,168 ) (24,066 ) (20,131 )
Interest accruals less payments, net (4,296 ) 37 (35,021 ) (18,256 )
Changes in provisions (4,051 ) (8,426 ) (917 ) (16,557 )
Changes in working capital 56,136 53,139 72,457 51,343
Other, including currency translation adjustment (15,841 ) (61,804 ) (12,263 ) (47,567 )
Net cash provided by operating activities 611,054 414,500 1,174,465 1,022,437
Cash flows from investing activities
Capital expenditures (179,674 ) (204,531 ) (363,559 ) (400,926 )
Acquisition of associated company - - - (504,597 )
Proceeds from disposal of property, plant and equipment and intangible assets 2,360 1,383 6,746 2,915
Dividends received from associated companies 14,931 18,702 16,127 18,702
Changes in investments in short terms securities (310,074 ) 784 (468,656 ) 11,367
Net cash used in investing activities (472,457 ) (183,662 ) (809,342 ) (872,539 )
Cash flows from financing activities
Dividends paid (354,161 ) (295,134 ) (354,161 ) (295,134 )
Dividends paid to non-controlling interest in subsidiaries (1,858 ) - (18,529 ) (905 )
Acquisitions of non-controlling interests (7,230 ) (758,527 ) (7,768 ) (758,539 )
Proceeds from borrowings 594,658 668,455 1,220,390 1,214,234
Repayments of borrowings (677,727 ) (202,013 ) (1,354,772 ) (439,116 )
Net cash used in financing activities (446,318 ) (587,219 ) (514,840 ) (279,460 )
Decrease in cash and cash equivalents (307,721 ) (356,381 ) (149,717 ) (129,562 )
Movement in cash and cash equivalents
At the beginning of the period 925,554 1,060,559 772,656 815,032
Effect of exchange rate changes (11,807 ) (10,466 ) (16,913 ) 8,242
Decrease in cash and cash equivalents (307,721 ) (356,381 ) (149,717 ) (129,562 )
At June 30, 606,026 693,712 606,026 693,712
At June 30, At June 30,
Cash and cash equivalents 2013 2012 2013 2012
Cash and bank deposits 618,435 742,618 618,435 742,618
Bank overdrafts (12,409 ) (48,906 ) (12,409 ) (48,906 )
606,026 693,712 606,026 693,712
Giovanni Sardagna
Tenaris
1-888-300-5432
http://www.tenaris.com
Source: Tenaris S.A.
Tenaris S.A.
Tenaris Announces 2013 Second Quarter Results
The Financial and Operational Information Contained in This Press Release Is Based on Unaudited Consolidated Financial Statements Presented in U.S. Dollars and Prepared in Accordance With International Financial Reporting Standards as Issued by the International Accounting Standard Board and Adopted by the European Union, or IFRS
LUXEMBOURG -- (Marketwired) -- 08/01/13 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BMV: TS) (MILAN: TEN) ("Tenaris") today announced its results for the quarter ended June 30, 2013 in comparison with its results for the quarter ended June 30, 2012.
Summary of 2013 Second Quarter Results
(Comparison with first quarter of 2013 and second quarter of 2012)
Q2 2013 Q1 2013 Q2 2012
Net sales ($ million) 2,829 2,678 6% 2,801 1%
Operating income ($ million) 578 554 4% 621 (7%)
Net income ($ million) 430 423 2% 455 (6%)
Shareholders' net income ($ million) 418 425 (2%) 456 (8%)
Earnings per ADS ($) 0.71 0.72 (2%) 0.77 (8%)
Earnings per share ($) 0.35 0.36 (2%) 0.39 (8%)
EBITDA* ($ million) 730 699 4% 759 (4%)
EBITDA margin (% of net sales) 25.8% 26.1% 27.1%
*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals)
Our second quarter sales increased 6% sequentially driven by higher sales of premium OCTG products in the Middle East and Far East, which offset a strong seasonal effect in Canada and lower sales of line pipe products in Europe. Our EBITDA and operating margins continue to maintain a good level in a competitive market.
Cash flow from operations reached $611 million during the second quarter of 2013. Following a dividend payment of $354 million in May 2013, our financial position at June 30, 2013, amounted to a net cash position (cash and other current investments less total borrowings) of $214 million, compared with $121 million at March 31, 2013.
Market Background and Outlook
Drilling activity in North America, after stabilizing in the U.S. during the second quarter following an unusually wet spring in Canada, is expected to pick up gradually during the rest of the year supported by the current level of oil prices. In the rest of the world, current oil and gas price levels should continue to support the ongoing expansion in drilling activity in the Middle East and offshore regions.
In the second half, our sales in the Middle East and Africa will continue to show strong year on year growth while our sales in South America will be affected by lower shipments of line pipe in Brazil, reflecting project delays. In the third quarter, our sales will additionally be affected by seasonal effects and a weak industrial sector in Europe while we do not expect to see a pick up in North American sales before the fourth quarter.
Our margins in the third quarter will be affected by a lower level of sales and a less favorable product mix but are expected to recover to current levels in the fourth quarter.
Analysis of 2013 Second Quarter Results
Tubes Sales volume
(thousand metric tons) Q2 2013 Q1 2013 Q2 2012
Seamless 677 657 3% 701 (3%)
Welded 286 289 (1%) 287 (0%)
Total 963 946 2% 988 (2%)
Tubes Q2 2013 Q1 2013 Q2 2012
(Net sales - $ million)
North America 986 1,143 (14%) 1,270 (22%)
South America 652 595 9% 536 21%
Europe 218 268 (19%) 286 (24%)
Middle East & Africa 626 400 57% 352 78%
Far East & Oceania 137 82 67% 130 5%
Total net sales ($ million) 2,619 2,488 5% 2,575 2%
Operating income ($ million) 553 526 5% 589 (6%)
Operating income (% of sales) 21.1% 21.1% 22.9%
Net sales of tubular products and services increased 5% sequentially and 2% year on year. Sales increased sequentially driven by higher sales of premium OCTG products in the Middle East and Far East, which offset a strong seasonal effect in Canada and lower sales of line pipe products in Europe. In North America sales declined due to the seasonal spring break up in Canada and lower activity in the north of Mexico. In South America, sales increased due to higher sales of OCTG in Venezuela and OCTG and line pipe in Argentina. In Europe, sales declined due to the non repetition of line pipe sales for offshore projects in Norway and lower sales to hydrocarbon process industry projects. In the Middle East and Africa sales increased due to higher sales of premium products in Saudi Arabia, UAE and Iraq as well as higher sales of coating services in Nigeria. In the Far East and Oceania, sales increased due to higher sales of premium products in Australia and Indonesia.
Operating income from tubular products and services increased 5% sequentially but declined 6% year on year. Sequentially, the increase in operating income was driven by the increase in sales while operating margin remained flat, as an improvement in the gross margin was offset by higher SG&A expenses mainly due to the lower share of shipments to our local markets.
Others Q2 2013 Q1 2013 Q2 2012
Net sales ($ million) 210 190 10% 226 (7%)
Operating income ($ million) 26 28 (7%) 32 (19%)
Operating income (% of sales) 12.2% 14.5% 14.2%
Net sales of other products and services increased 10% sequentially due to higher sales of sucker rods, but declined 7% year on year. Sequentially, despite the increase in revenues, operating income declined 7% mainly due to a lower operating margin.
Selling, general and administrative expenses, or SG&A, amounted to $529 million, or 18.7% of net sales, in the second quarter of 2013, compared to $476 million, 17.8% in the previous quarter and $487 million, 17.4% in the second quarter of 2012. Sequentially, the increase in SG&A expenses was mainly due to the lower share of shipments to our local markets.
Financial results amounted to $11 million loss in the second quarter 2013, compared to a $9 million loss in the previous quarter and a $23 million loss in the second quarter of 2012.
Equity in earnings of associated companies generated a gain of $12 million in the second quarter of 2013, in line with the result of the previous quarter and compared with a $6 million gain in the second quarter of last year. These results are mainly derived from our equity investment in Ternium (NYSE: TX) and Usiminas.
Income tax charges totaled $150 million in the second quarter of 2013, equivalent to 26.4% of income before equity in earnings of associated companies and income tax, compared to $134 million, or 24.6% in the previous quarter and $148 million or 24.8% in the second quarter of 2012.
Results attributable to non-controlling interests amounted to gains of $12 million in the second quarter of 2013, compared to losses of $2 million in the previous quarter and losses of $1 million in the second quarter of 2012. The sequential increase in results attributable to non-controlling interests are due to higher results at our Nigerian coating services subsidiary, Pipe Coaters Nigeria, and at our Japanese subsidiary NKKTubes.
Cash Flow and Liquidity of 2013 Second Quarter
Net cash provided by operations during the second quarter of 2013 was $611 million, compared to $563 million in the previous quarter and $414 million in the second quarter of 2012.
Capital expenditures amounted to $180 million for the second quarter of 2013, compared to $184 million in the previous quarter and $205 million in the second quarter of 2012.
Following a dividend payment of $354 million in May 2013, our financial position at June 30, 2013, amounted to a net cash position (cash and other current investments less total borrowings) of $214 million, compared with $121 million at March 31, 2013.
Analysis of 2013 First Half Results
H1 2013 H1 2012 Increase/(Decrease)
Net sales ($ million) 5,508 5,419 2%
Operating income ($ million) 1,132 1,187 (5%)
Net income ($ million) 852 904 (6%)
Shareholders' net income ($ million) 843 895 (6%)
Earnings per ADS ($) 1.43 1.52 (6%)
Earnings per share ($) 0.71 0.76 (6%)
EBITDA ($ million) 1,429 1,463 (2%)
EBITDA margin (% of net sales) 25.9% 27.0%
Net income attributable to owners of the parent during the first half of 2013 was $843 million, or $0.71 per share ($1.43 per ADS), which compares with $895 million, or $0.76 per share ($1.52 per ADS), in the first half of 2012. Operating income was $1,132 million, or 20.5% of net sales during the first half of 2013, compared to $1.187 million, or 21.9% of net sales during the first half of 2012. Operating income plus depreciation and amortization for the first half of 2013, was $1,429 million, or 25.9% of net sales, compared to $1,463 million, or 27.0% of net sales during the first half of 2012.
The following table shows our net sales by business segment for the periods indicated below:
Net sales ($ million) H1 2013 H1 2012 Increase/(Decrease)
Tubes 5,107 93% 4,975 92% 3%
Others 400 7% 444 8% (10%)
Total 5,508 100% 5,419 100% 2%
Tubes
The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:
Sales volume
(thousand metric tons) H1 2013 H1 2012 Increase/(Decrease)
Seamless 1,334 1,365 (2%)
Welded 575 576 (0%)
Total 1,909 1,941 (2%)
The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:
Tubes H1 2013 H1 2012 Increase/(Decrease)
(Net sales - $ million)
North America 2,129 2,539 (16%)
South America 1,247 999 25%
Europe 486 548 (11%)
Middle East & Africa 1,026 633 62%
Far East & Oceania 219 256 (14%)
Total net sales ($ million) 5,107 4,975 3%
Operating income ($ million) 1,079 1,118 (4%)
Operating income (% of sales) 21.1% 22.5%
Net sales of tubular products and services increased 3% to $5,107 million in the first half of 2013, compared to $4,975 million in the first half of 2012, reflecting a 4% increase in average selling prices due to a richer mix of products sold, partially offset by a 2% decrease in volumes.
Operating income from tubular products and services decreased 4% to $1,079 million in the first half of 2013, from $1,118 million in the first half of 2012. Despite a 3% increase in net sales, operating income and operating margin decreased because of an increase in selling, general and administrative expenses.
Others
The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:
Others H1 2013 H1 2012 Increase/(Decrease)
Net sales ($ million) 400 444 (10%)
Operating income ($ million) 53 69 (23%)
Operating income (% of sales) 13.3% 15.5%
Net sales of other products and services decreased 10% to $400 million in the first half of 2013, compared to $444 million in the first half of 2012, mainly due to lower sales of industrial equipment in Brazil.
Operating income from other products and services decreased 23%, to $53 million in the first half of 2013, compared to $69 million during the first half of 2012, due to a 10% decline in sales and a lower operating margin.
Selling, general and administrative expenses, or SG&A, increased as a percentage of net sales to 18.2% in the first half of 2013 compared to 17.2% in the first half of 2012, mainly due to an increase in provisions for contingencies and doubtful accounts in addition to higher selling expenses associated with lower share of shipments to our local markets.
Financial results were a loss of $20 million in the first half of 2013 compared to a loss of $11 million in the same period of 2012. The increase in the financial loss is mainly due to higher interest expenses associated with a higher average debt during the first half of 2013 in comparison with the first half of 2012.
Equity in earnings of associated companies generated a gain of $24 million in the first half of 2013, compared to a gain of $20 million in the first half of 2012. These gains were derived mainly from our equity investment in Ternium and Usiminas. Following the conclusion of the investment in Usiminas's purchase price allocation, results from equity in earnings of associated companies for the first half of 2012 were reduced by $10 million.
Income tax charges amounted to $284 million in the first half of 2013, equivalent to 25.5% of income before equity in earnings of associated companies and income tax, compared to $293 million in the first half of 2012, equivalent to 24.9% of income before equity in earnings of associated companies and income tax.
Income attributable to non-controlling interests amounted to $10 million in the first half of 2013, compared to $9 million in the first half of 2012. Despite the full acquisition of the minorities in Confab in May 2012, income attributable to non-controlling interests remained stable mainly due to improved results at our Japanese subsidiary NKKTubes and at our Nigerian coating services subsidiary, Pipe Coaters Nigeria.
Cash Flow and Liquidity of 2013 First Half
Net cash provided by operations during the first half of 2013 rose to $1,174 million, compared to $1,022 million in the first half of 2012.
Capital expenditures amounted to $364 million in the first half of 2013, compared to $401 million in the first half of 2012.
Following a dividend payment of $354 million in May 2013, our financial position at June 30, 2013, amounted to a net cash position (cash and other current investments less total borrowings) of $214 million, compared with a net debt position of $271 million at December 31, 2012.
Tenaris Files Half-Year Report
Tenaris S.A. announces that it has filed its half-year report for the six-month period ended June 30, 2013 with the Luxembourg Stock Exchange. The half-year report can be downloaded from the Luxembourg Stock Exchange's website at http://www.bourse.lu and from Tenaris's website at http://www.tenaris.com/investors.
Holders of Tenaris's shares and ADSs, and any other interested parties, may request a hard copy of the half-year report, free of charge, at 1-888-300-5432 (toll free from the United States) or 52-229-989-1940 (from outside the United States).
Conference call
Tenaris will hold a conference call to discuss the above reported results, on August 2, 2013, at 10:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions. To access the conference call dial in +1 800 706.7745 within North America or +1 617 614.3472 Internationally. The access number is "51895039". Please dial in 10 minutes before the scheduled start time. The conference call will be also available by webcast at http://www.tenaris.com/investors
A replay of the conference call will be available on our webpage http://ir.tenaris.com/ or by phone from 12:00 pm on August 2 through 12:00 am on August 9. To access the replay by phone, please dial +1 888 286.8010 or +1 617 801.6888 and enter passcode "10370748" when prompted.
Some of the statements contained in this press release are "forward-looking statements". Forward-looking statements are based on management's current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.
Consolidated Condensed Interim Income Statement
(all amounts in thousands of U.S. dollars) Three-month period ended June 30, Six-month period ended June 30,
2013 2012 2013 2012
Continuing operations Unaudited Unaudited
Net sales 2,829,270 2,801,492 5,507,575 5,418,841
Cost of sales (1,714,443 ) (1,694,712 ) (3,359,875 ) (3,305,809 )
Gross profit 1,114,827 1,106,780 2,147,700 2,113,032
Selling, general and administrative expenses (529,329 ) (486,655 ) (1,004,894 ) (930,798 )
Other operating income (expense) net (7,302 ) 761 (11,025 ) 4,853
Operating income 578,196 620,886 1,131,781 1,187,087
Interest income 6,870 5,706 12,951 15,289
Interest expense (16,620 ) (12,688 ) (30,529 ) (22,613 )
Other financial results (955 ) (16,476 ) (2,336 ) (3,395 )
Income before equity in earnings of associated companies and income tax 567,491 597,428 1,111,867 1,176,368
Equity in earnings of associated companies 11,869 6,168 24,066 20,131
Income before income tax 579,360 603,596 1,135,933 1,196,499
Income tax (149,795 ) (148,325 ) (283,651 ) (292,999 )
Income for the period 429,565 455,271 852,282 903,500
Attributable to:
Owners of the parent 417,828 456,201 842,605 894,842
Non-controlling interests 11,737 (930 ) 9,677 8,658
429,565 455,271 852,282 903,500
Consolidated Condensed Interim Statement of Financial Position
(all amounts in thousands of U.S. dollars) At June 30, 2013 At December 31, 2012
Unaudited
ASSETS
Non-current assets
Property, plant and equipment, net 4,536,995 4,434,970
Intangible assets, net 3,131,767 3,199,916
Investments in associated companies 929,251 977,011
Other investments 2,552 2,603
Deferred tax assets 192,433 215,867
Receivables 121,765 8,914,763 142,060 8,972,427
Current assets
Inventories 2,697,932 2,985,805
Receivables and prepayments 246,710 260,532
Current tax assets 152,066 175,562
Trade receivables 2,179,089 2,070,778
Available for sale assets 21,572 21,572
Other investments 1,113,065 644,409
Cash and cash equivalents 618,435 7,028,869 828,458 6,987,116
Total assets 15,943,632 15,959,543
EQUITY
Capital and reserves attributable to owners of the parent 11,724,417 11,328,031
Non-controlling interests 165,436 171,561
Total equity 11,889,853 11,499,592
LIABILITIES
Non-current liabilities
Borrowings 423,442 532,407
Deferred tax liabilities 672,918 728,541
Other liabilities 292,715 302,444
Provisions 73,379 1,462,454 67,185 1,630,577
Current liabilities
Borrowings 1,093,810 1,211,785
Current tax liabilities 253,805 254,603
Other liabilities 369,299 318,828
Provisions 20,014 26,958
Customer advances 34,342 134,010
Trade payables 820,055 2,591,325 883,190 2,829,374
Total liabilities 4,053,779 4,459,951
Total equity and liabilities 15,943,632 15,959,543
Consolidated Condensed Interim Statement of Cash Flows
Three-month period ended June 30, Six-month period ended June 30,
(all amounts in thousands of U.S. dollars) 2013 2012 2013 2012
Unaudited Unaudited
Cash flows from operating activities
Income for the period 429,565 455,271 852,282 903,500
Adjustments for:
Depreciation and amortization 151,602 137,725 296,972 275,884
Income tax accruals less payments 9,808 (155,274 ) 25,021 (105,779 )
Equity in earnings of associated companies (11,869 ) (6,168 ) (24,066 ) (20,131 )
Interest accruals less payments, net (4,296 ) 37 (35,021 ) (18,256 )
Changes in provisions (4,051 ) (8,426 ) (917 ) (16,557 )
Changes in working capital 56,136 53,139 72,457 51,343
Other, including currency translation adjustment (15,841 ) (61,804 ) (12,263 ) (47,567 )
Net cash provided by operating activities 611,054 414,500 1,174,465 1,022,437
Cash flows from investing activities
Capital expenditures (179,674 ) (204,531 ) (363,559 ) (400,926 )
Acquisition of associated company - - - (504,597 )
Proceeds from disposal of property, plant and equipment and intangible assets 2,360 1,383 6,746 2,915
Dividends received from associated companies 14,931 18,702 16,127 18,702
Changes in investments in short terms securities (310,074 ) 784 (468,656 ) 11,367
Net cash used in investing activities (472,457 ) (183,662 ) (809,342 ) (872,539 )
Cash flows from financing activities
Dividends paid (354,161 ) (295,134 ) (354,161 ) (295,134 )
Dividends paid to non-controlling interest in subsidiaries (1,858 ) - (18,529 ) (905 )
Acquisitions of non-controlling interests (7,230 ) (758,527 ) (7,768 ) (758,539 )
Proceeds from borrowings 594,658 668,455 1,220,390 1,214,234
Repayments of borrowings (677,727 ) (202,013 ) (1,354,772 ) (439,116 )
Net cash used in financing activities (446,318 ) (587,219 ) (514,840 ) (279,460 )
Decrease in cash and cash equivalents (307,721 ) (356,381 ) (149,717 ) (129,562 )
Movement in cash and cash equivalents
At the beginning of the period 925,554 1,060,559 772,656 815,032
Effect of exchange rate changes (11,807 ) (10,466 ) (16,913 ) 8,242
Decrease in cash and cash equivalents (307,721 ) (356,381 ) (149,717 ) (129,562 )
At June 30, 606,026 693,712 606,026 693,712
At June 30, At June 30,
Cash and cash equivalents 2013 2012 2013 2012
Cash and bank deposits 618,435 742,618 618,435 742,618
Bank overdrafts (12,409 ) (48,906 ) (12,409 ) (48,906 )
606,026 693,712 606,026 693,712
Giovanni Sardagna
Tenaris
1-888-300-5432
http://www.tenaris.com
Source: Tenaris S.A.
Re: TS Tenaris
Lo que pasa aca es que una expectativa baja en realidad es preferible.
Yo siempre prefiero una pobre expectativa y mucha expectativa previo al balance.
Las acciones suben cuando los resultados estan por arriba de las expectativas
Yo siempre prefiero una pobre expectativa y mucha expectativa previo al balance.
Las acciones suben cuando los resultados estan por arriba de las expectativas
Re: TS Tenaris
Se habrán equivocado en el sondeo.....o pesó más a futuro la medida antidumping...o Europa verde 
Re: TS Tenaris
Azhal escribió:¿Dónde puedo mirar datos online de la bolsa de milán para ver cómo va esta?
Abrazo
http://es.investing.com/equities/tenaris-advanced-chart
Re: TS Tenaris
¿Dónde puedo mirar datos online de la bolsa de milán para ver cómo va esta?
Abrazo
Abrazo
Re: TS Tenaris
Por ahora tengo 17% arriba, si hoy hay señales de baja, huyo despavorido...El inter-anual no dió bien!
Re: TS Tenaris
El balance no es excelente, pero el futuro con el fallo de antidumping puede ser muy bueno, veremos mañana que dice el mercado 
Re: TS Tenaris
Si el balance cae bien.... cuan la ven 5..6...7...8..9...eee!!!%%%??
la ven 5..6...7...8..9...eee!!!%%%??Re: SONDEO-Ganancia de siderúrgica Tenaris bajaría levemente
Seryei escribió:http://ar.reuters.com/article/businessN ... 8W20130731
mmmm... no se!!eh!! si es tan asi.... mañana veremos
Re: TS Tenaris
Me parece que los balances este año van a ser todos parecidos, con caída promedio del 4%.
Deseo que repunten, pero........
Deseo que repunten, pero........