TS Tenaris
Re: TS Tenaris
Increase/
FY 2010 FY 2009 (Decrease)
Net sales (US$ million) 7,711.6 8,149.3 (5%)
Operating income (US$ million) 1,573.5 1,813.6 (13%)
Net income (US$ million) 1,141.0 1,207.6 (6%)
Shareholders' net income (US$ million) 1,127.4 1,161.6 (3%)
Earnings per ADS (US$) 1.91 1.97 (3%)
Earnings per share (US$) 0.95 0.98 (3%)
EBITDA* (US$ million) 2,013.2 2,318.4 (13%)
EBITDA margin (% of net sales) 26% 28%
In 2010, shipments in our Tubes operating segment rose 27% year on year led by a recovery in demand from the USA, Canada and Argentina. Net sales, however, were flat and our Tubes operating income declined reflecting lower prices and a mix with a higher proportion of welded and API products. Shipments, sales and operating income from our Projects operating segment declined heavily reflecting a strong slowdown in pipeline projects in South America. Our net cash position declined by US$400.2 million to US$275.6 million at the end of the year, following substantial investments in capital expenditures amounting to US$847.3 million and increase in working capital of US$644.0 million. Dividends paid during the year amounted to US$401 million.
Annual Dividend Proposal
The board of directors proposes, for the approval of the annual general shareholders' meeting to be held on June 1, 2011, the payment of an annual dividend of US$0.34 per share (US$0.68 per ADS), or approximately US$401 million, which includes the interim dividend of US$0.13 per share (US$0.26 per ADS), or approximately US$153 million, paid in November, 2010. If the annual dividend is approved by the shareholders, a dividend of US$0.21 per share (US$0.42 per ADS), or approximately US$248 million will be paid on June 23, 2011, with an ex-dividend date of June 20, 2011.
Market Background and Outlook
In 2010, global drilling activity recovered led by substantially higher oil drilling activity in the USA and Canada. US gas drilling activity also increased driven by investments in shale and liquid rich plays and production from shale gas reached 23% of total US natural gas production in 2010. In the rest of the world, activity increased in most markets reflecting increased demand for energy, stable oil prices at attractive levels and investment in regional gas developments The international rig count, as published by Baker Hughes (BHI), surpassed pre-crisis levels in the third quarter and has continued to climb steadily since then.
We expect that drilling activity will continue to grow in 2011 led by increased exploration activity in Eastern Hemisphere markets, more thermal wells in Canada and higher activity in Iraq.
We estimate that apparent demand for OCTG rose 30% in 2010 compared to 2009 with the most significant increases occurring in the USA, Canada and Russia. In 2011, we expect that demand will grow further with increases occurring in most markets. We also expect that growth in demand for premium products will be higher than that for API products.
We expect that our sales will grow in all our geographical regions in 2011 and that our sales of line pipe, power generation and industrial products will increase as well as those of our OCTG products. Sales in our Projects and Others operating segments are also expected to increase. Although our selling prices are expected to rise, these increases are likely to be initially offset by increases in raw material and other costs. Accordingly, we expect that our sales and operating income will increase in 2011, compared to 2010.
FY 2010 FY 2009 (Decrease)
Net sales (US$ million) 7,711.6 8,149.3 (5%)
Operating income (US$ million) 1,573.5 1,813.6 (13%)
Net income (US$ million) 1,141.0 1,207.6 (6%)
Shareholders' net income (US$ million) 1,127.4 1,161.6 (3%)
Earnings per ADS (US$) 1.91 1.97 (3%)
Earnings per share (US$) 0.95 0.98 (3%)
EBITDA* (US$ million) 2,013.2 2,318.4 (13%)
EBITDA margin (% of net sales) 26% 28%
In 2010, shipments in our Tubes operating segment rose 27% year on year led by a recovery in demand from the USA, Canada and Argentina. Net sales, however, were flat and our Tubes operating income declined reflecting lower prices and a mix with a higher proportion of welded and API products. Shipments, sales and operating income from our Projects operating segment declined heavily reflecting a strong slowdown in pipeline projects in South America. Our net cash position declined by US$400.2 million to US$275.6 million at the end of the year, following substantial investments in capital expenditures amounting to US$847.3 million and increase in working capital of US$644.0 million. Dividends paid during the year amounted to US$401 million.
Annual Dividend Proposal
The board of directors proposes, for the approval of the annual general shareholders' meeting to be held on June 1, 2011, the payment of an annual dividend of US$0.34 per share (US$0.68 per ADS), or approximately US$401 million, which includes the interim dividend of US$0.13 per share (US$0.26 per ADS), or approximately US$153 million, paid in November, 2010. If the annual dividend is approved by the shareholders, a dividend of US$0.21 per share (US$0.42 per ADS), or approximately US$248 million will be paid on June 23, 2011, with an ex-dividend date of June 20, 2011.
Market Background and Outlook
In 2010, global drilling activity recovered led by substantially higher oil drilling activity in the USA and Canada. US gas drilling activity also increased driven by investments in shale and liquid rich plays and production from shale gas reached 23% of total US natural gas production in 2010. In the rest of the world, activity increased in most markets reflecting increased demand for energy, stable oil prices at attractive levels and investment in regional gas developments The international rig count, as published by Baker Hughes (BHI), surpassed pre-crisis levels in the third quarter and has continued to climb steadily since then.
We expect that drilling activity will continue to grow in 2011 led by increased exploration activity in Eastern Hemisphere markets, more thermal wells in Canada and higher activity in Iraq.
We estimate that apparent demand for OCTG rose 30% in 2010 compared to 2009 with the most significant increases occurring in the USA, Canada and Russia. In 2011, we expect that demand will grow further with increases occurring in most markets. We also expect that growth in demand for premium products will be higher than that for API products.
We expect that our sales will grow in all our geographical regions in 2011 and that our sales of line pipe, power generation and industrial products will increase as well as those of our OCTG products. Sales in our Projects and Others operating segments are also expected to increase. Although our selling prices are expected to rise, these increases are likely to be initially offset by increases in raw material and other costs. Accordingly, we expect that our sales and operating income will increase in 2011, compared to 2010.
Re: TS Tenaris
Q4 2010 Q3 2010 Q4 2009
Net sales (US$ million) 2,063.9 2,027.2 2% 1,847.2 12%
Operating income (US$ million) 453.8 405.1 12% 330.6 37%
Net income (US$ million) 321.2 302.7 6% 240.8 33%
Shareholders' net income (US$
million) 320.9 304.8 5% 222.4 44%
Earnings per ADS (US$) 0.54 0.52 5% 0.38 44%
Earnings per share (US$) 0.27 0.26 5% 0.19 44%
EBITDA* (US$ million) 515.5 531.1 (3%) 459.6 12%
EBITDA margin (% of net sales) 25% 26% 25%
Our sales in the fourth quarter rose 2% sequentially reflecting a limited recovery in shipments in our Projects operating segment. Shipments and sales in our Tubes operating segment declined by 1% sequentially but recorded significant year on year increases, primarily reflecting higher demand in the USA and Canada. Operating income, which included an impairment reversal of $67.3 million at our Canadian welded operations, rose 12% on a sequential basis and 37% year on year. Our net cash position (total financial debt less cash and other current investments) declined by US$195.5 million to US$275.6 million at the end of the quarter, following investments of US$286.1 million in capital expenditures, an increase of US$152.7 million in working capital and the payment of an interim dividend of US$153.5 million.
Net sales (US$ million) 2,063.9 2,027.2 2% 1,847.2 12%
Operating income (US$ million) 453.8 405.1 12% 330.6 37%
Net income (US$ million) 321.2 302.7 6% 240.8 33%
Shareholders' net income (US$
million) 320.9 304.8 5% 222.4 44%
Earnings per ADS (US$) 0.54 0.52 5% 0.38 44%
Earnings per share (US$) 0.27 0.26 5% 0.19 44%
EBITDA* (US$ million) 515.5 531.1 (3%) 459.6 12%
EBITDA margin (% of net sales) 25% 26% 25%
Our sales in the fourth quarter rose 2% sequentially reflecting a limited recovery in shipments in our Projects operating segment. Shipments and sales in our Tubes operating segment declined by 1% sequentially but recorded significant year on year increases, primarily reflecting higher demand in the USA and Canada. Operating income, which included an impairment reversal of $67.3 million at our Canadian welded operations, rose 12% on a sequential basis and 37% year on year. Our net cash position (total financial debt less cash and other current investments) declined by US$195.5 million to US$275.6 million at the end of the quarter, following investments of US$286.1 million in capital expenditures, an increase of US$152.7 million in working capital and the payment of an interim dividend of US$153.5 million.
-
aleelputero(deputs)
- Mensajes: 14817
- Registrado: Jue Oct 16, 2008 9:14 pm
Re: TS Tenaris
a que hora presenta balance?.
Re: TS Tenaris
LUCH escribió:diego, te pregunto lo mismo del otro dia, siguen teniendolo de idolo a tuzzio???
ganamos tranca el finde... acordate que sos y seras mi hijo....
te dejo un videito para que te acuerdes de quien lleva mas gente de local y visitante....
http://www.youtube.com/watch?v=JTRcyqfJDgU
yo soy del gallinero, porque tenemos huevos, corrimos a los del rojo tb a los bosteros, yo te sigo a todas partes millonario te vengo alentar, vamos campeon, vamos a ganar, donde juges yo voy a estar, te alentare desde el tablon te quiero ver salir campeón...
la respuesta es categorica: SI
nos dio la copa numero 16
la que no pudo ganar con riber
el domingo se van a meter todos atras como ferro de los 80
Re: TS Tenaris
a esperarla afuera
para que la almohada no me lo demande
para que la almohada no me lo demande
Re: TS Tenaris
El_Ronin escribió:quien es el armador de straddles que pide 50 lotes ??
vos ,boton
Re: TS Tenaris
CAM 14 dolares mas que TS y 3 mas que X 
corregido
corregido
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