Re: TS Tenaris
Publicado: Lun Sep 11, 2017 2:23 pm
Pasando en limpio el Balance de Tenaris.. Paso de ganar 18 millones a 278 en el semestre.... mas de 4700 millones de pesos ... 
Our sales in the first half of 2017 increased 6% compared to the first half of 2016, mainly due to a strong increase in
demand in the United States and Canada, partially offset by lower sales in South America and in the Middle East
and Africa. EBITDA increased 36% to $399 million in the first half of 2017 compared to $292 million in the first
half of the previous year, following an increase in sales and an improvement in the EBITDA margin, from 12.9% to
16.6%. EBITDA includes severance charges, due to the adjustment of the workforce, which amounted to $22
million in the first half of 2017 and $56 million in the first half of 2016. Net income attributable to owners of the
parent during the first half of 2017 was $280 million or $0.47 per ADS, which compares with $5 million or $0.01
per ADS in the first half of 2016. The improvement in net income mainly reflects a better operating environment,
where a 22% increase in shipments improved the utilization of production capacity and therefore the absorption of
fixed costs, a reduction in severance costs, a positive income tax of $55 million reflecting primarily the effect of the
Mexican peso revaluation on the tax base used to calculate deferred taxes at our Mexican subsidiaries which have
the U.S. dollar as their functional currency, and a gain of $90 million from the sale of Republic Conduit.
Cash flow used in operations amounted to $7 million during the first half of 2017, including an increase in working
capital of $365 million. Following a dividend payment of $331 million in May 2017, and capital expenditures of
$294 million during the first half of 2017, we maintained a positive net cash position (i.e., cash, other current
investments and fixed income investments held to maturity less total borrowings) of $1.1 billion at the end of June
2017, including the $328 million we collected from the sale of Republic Conduit.
Our sales in the first half of 2017 increased 6% compared to the first half of 2016, mainly due to a strong increase in
demand in the United States and Canada, partially offset by lower sales in South America and in the Middle East
and Africa. EBITDA increased 36% to $399 million in the first half of 2017 compared to $292 million in the first
half of the previous year, following an increase in sales and an improvement in the EBITDA margin, from 12.9% to
16.6%. EBITDA includes severance charges, due to the adjustment of the workforce, which amounted to $22
million in the first half of 2017 and $56 million in the first half of 2016. Net income attributable to owners of the
parent during the first half of 2017 was $280 million or $0.47 per ADS, which compares with $5 million or $0.01
per ADS in the first half of 2016. The improvement in net income mainly reflects a better operating environment,
where a 22% increase in shipments improved the utilization of production capacity and therefore the absorption of
fixed costs, a reduction in severance costs, a positive income tax of $55 million reflecting primarily the effect of the
Mexican peso revaluation on the tax base used to calculate deferred taxes at our Mexican subsidiaries which have
the U.S. dollar as their functional currency, and a gain of $90 million from the sale of Republic Conduit.
Cash flow used in operations amounted to $7 million during the first half of 2017, including an increase in working
capital of $365 million. Following a dividend payment of $331 million in May 2017, and capital expenditures of
$294 million during the first half of 2017, we maintained a positive net cash position (i.e., cash, other current
investments and fixed income investments held to maturity less total borrowings) of $1.1 billion at the end of June
2017, including the $328 million we collected from the sale of Republic Conduit.
