Tenaris Announces 2012 Fourth Quarter and Annual Results


The Financial and Operational Information Contained in This Press Release Is Based on Audited 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 -- (Marketwire) -- 02/21/13 -- Tenaris S.A. (NYSE: TS) (BAE: TS) (BVM: TS) (MILAN: TEN) ("Tenaris") today announced its results for the fourth quarter and year ended December 31, 2012 with comparison to its results for the fourth quarter and year ended December 31, 2011.


Summary of 2012 Fourth Quarter Results



(Comparison with third quarter of 2012 and fourth quarter of 2011)



                                      Q4 2012     Q3 2012        Q4 2011

Net sales ($ million)                 2,758.1  2,657.1    4%  2,750.6    0%

Operating income(1) ($ million)         586.0    583.6    0%    538.0    9%

Net income ($ million)                  350.3    437.5  (20%)   426.3  (18%)

Shareholders' net income ($ million)    357.7    436.4  (18%)   399.6  (10%)

Earnings per ADS ($)                     0.61     0.74  (18%)    0.68  (10%)

Earnings per share ($)                   0.30     0.37  (18%)    0.34  (10%)

EBITDA* ($ million)                     733.0    679.0    8%    691.9    6%

EBITDA margin (% of net sales)             27%      26%            25%



*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals) and
in Q3 2012 excludes a non-recurring gain of $49.2 million, recorded in Other operating income corresponding to a tax related lawsuit collected in Brazil.

(1) Comparative amounts for 2011 have been reclassified to conform to changes in the accounting of our Mexican employee statutory profit sharing provision, which since January 1, 2012 is included under labor costs instead of recording it in the income tax line.

Our sales in the fourth quarter rose 4% sequentially as a recovery in OCTG shipments to the Middle East and higher sales of line pipe in Brazil more than offset lower sales in the USA. EBITDA and operating income margins recovered on product mix and efficiency improvements. Earnings per share, however, were affected by an impairment provision taken on our investment in Usiminas.

Net cash provided by operations during the quarter declined to $346.6 million reflecting an increase in working capital (mainly a high level of trade receivables associated with our December shipments). Our net debt (total borrowings less cash and other current investments) increased by $5.5 million to end the year at $271.3 million, following investment of $201.8 million in capital expenditures and the payment of an interim dividend to shareholders of $153.5 million.




Summary of 2012 Annual Results



                                                                 Increase /

                                           FY 2012     FY 2011   (Decrease)

Net sales ($ million)                      10,834.0     9,972.5           9%

Operating income ($ million)                2,356.6     1,844.9          28%

Net income ($ million)                      1,701.4     1,420.7          20%

Shareholders' net income ($ million)        1,699.1     1,331.2          28%

Earnings per ADS ($)                           2.88        2.26          28%

Earnings per share ($)                         1.44        1.13          28%

EBITDA* ($ million)                         2,875.1     2,399.2          20%

EBITDA margin (% of net sales)                   27%         24%



*EBITDA is defined as operating income plus depreciation, amortization and impairment charges/(reversals) and
in 2012 excludes a non-recurring gain of $49.2 million, recorded in Other operating income corresponding to a tax related lawsuit collected in Brazil.

In 2012, net sales increased by 9%. Sales of OCTG products and services increased in most regions, led by North America, but sales of offshore line pipe in the Middle and Far East and sales of industrial products in Europe declined significantly. Sales of premium OCTG products rose particularly strongly and contributed to a more profitable product mix. Operating income and EBITDA margins improved reflecting the product mix, lower raw material costs and better absorption of fixed costs. Earnings per share rose 28% for the year and included a positive contribution from our acquisition of the non-controlling interest in our Brazilian subsidiary, Confab.

Cash flow from operations amounted to $1.9 billion for the year. After investments of $1.3 billion in Brazil ($504.6 million in Usiminas and $758.5 million in Confab), capital expenditure of $789.8 million and dividend payments of $448.6 million, our financial position at December 31, 2012, amounted to a net debt position (total borrowings less cash and other current investments) of $271.3 million, compared with a net cash position of $323.6 million at December 31, 2011.

Appointment of Chief Financial Officer

Effective as of July 1, 2013, Edgardo Carlos will assume the position of Chief Financial Officer, replacing Ricardo Soler.

Mr. Carlos previously served as our Corporate Financial Manager, as Administration & Finance Regional Director for Mexico and Central America, and currently holds the position of Economic and Financial Planning Director.

Annual Dividend Proposal

The board of directors proposes, for the approval of the annual general shareholders' meeting to be
held on May 2, 2013, the payment of an annual dividend of $0.43 per share ($0.86 per ADS), or approximately $507.6 million, which includes the interim dividend of $0.13 per share ($0.26 per ADS), or approximately $153.5 million, paid in November, 2012. If the annual dividend is approved by the shareholders, a dividend of $0.30 per share ($0.60 per ADS), or approximately $354.2 million will be paid on May 23, 2013, with an ex-dividend date of May 20, 2013.

Market Background and Outlook

Demand for energy continues to increase, despite a weak economic recovery, and oil prices are at levels which should continue to support investment in exploration and production activity during 2013.

In North America, drilling activity in the second half of 2012 was affected by continuing low natural gas prices and lower liquids prices largely resulting from regional infrastructure restraints. In 2013, we expect drilling activity to recover gradually from current levels but to remain, on average, slightly below the level of 2012.

In the rest of the world, drilling activity should increase led by the growth in the exploration and development of deepwater and unconventional reserves. In 2013, we expect higher levels of demand for premium OCTG products particularly in regions such as the Middle East and sub-Saharan Africa.

Overall sales growth is expected to be moderate as higher oil and gas sales in Eastern Hemisphere markets are largely offset by lower sales in North America and in European industrial markets.

EBITDA margins are expected to remain around current levels with product mix and industrial efficiency improvements offsetting the impact of lower prices in less differentiated segments.




Analysis of 2012 Fourth Quarter Results



Tubes Sales volume

 (metric tons)                     Q4 2012      Q3 2012         Q4 2011

Seamless                            669,000    642,000   4%    709,000  (6%)

Welded                              306,000    305,000   0%    301,000   1%

Total                               975,000    947,000   3%  1,010,000  (3%)





              Tubes               Q4 2012      Q3 2012          Q4 2011

(Net sales - $ million)

North America                      1,155.0    1,260.0  (8%)   1,154.6    0%

South America                        692.9      610.3  14%      548.0   26%

Europe                               242.6      252.9  (4%)     264.8   (8%)

Middle East & Africa                 377.6      235.9  60%      384.7   (2%)

Far East & Oceania                   110.0      109.4   1%      173.6  (37%)

Total net sales ($ million)        2,578.1    2,468.5   4%    2,525.6    2%

Operating income ($ million)         572.2      559.8   2%      501.7   14%

Operating income (% of sales)           22%        23%             20%

Net sales of tubular products and services increased 2% year on year and 4% sequentially. The sequential increase was led by higher demand in the Middle East and South America, partially offset by lower sales in North America. In North America, lower oil and gas activity in the USA was partially compensated by higher sales in Mexico and seasonally higher sales in Canada. In South America, sales increased mainly due to an increase in sales of line pipe products in Brazil. In the Middle East & Africa, sales increased following a higher level of OCTG shipments in the Middle East and higher sales to West Africa and the Caspian Sea.

Operating income from tubular products and services increased 14% year on year and 2% sequentially. Sequentially, operating income increased, despite a non-recurring gain of $49.2 million being recorded in the previous quarter, reflecting a higher proportion of seamless products and better industrial performance.




             Others              Q4 2012       Q3 2012          Q4 2011

Net sales ($ million)               180.0      188.5   (5%)     225.0  (20%)

Operating income ($ million)         13.8       23.8  (42%)      36.2  (62%)

Operating income (% of sales)           8%        13%              16%



Net sales of other products and services declined 20% year on year and 5%sequentially, mainly due to lower sales of pipes for electric conduit in the USA and lower sales of coiled tubing. In addition to the lower revenues, operating income was negatively affected by lower operating margins at our industrial equipment business in Brazil.

Selling, general and administrative expenses, or SG&A, amounted to 17.9% of net sales in the fourth quarter of 2012, compared to 17.3% in the previous quarter and in the fourth quarter of 2011.

Other operating income (expense) amounted to a net gain of $5.4 million in the fourth quarter of 2012, compared with a gain of $44.2 million in the previous quarter and a gain of $0.7 million in the fourth quarter of 2011. In the previous quarter, Confab, our Brazilian subsidiary, collected $49.2 million from the Brazilian government, in interest and monetary adjustment over a tax benefit obtained in 1991.

Net interest expenses amounted to $5.9 million in the fourth quarter of 2012, compared to $8.8 million in the previous quarter and $2.0 million in the same period of 2011.

Other financial results generated a loss of $9.5 million during the fourth quarter of 2012, compared to a loss of $15.2 million during the third quarter of 2012 and a loss of $5.4 million in the same period of 2011. These results largely reflect gains and losses on net foreign exchange transactions and the fair value of derivative instruments and are to a large extent offset by changes to our net equity position.

Equity in earnings of associated companies generated a loss of $108.2 million in the fourth quarter of 2012, compared to gains of $14.4 million in the previous quarter and $13.0 million in the same period of 2011. During the fourth quarter of 2012 we recorded impairment charges amounting to $73.7 million on our investment in Usiminas, reflecting changes to the operating environment in Brazil, particularly in relation with Usiminas mining projects. In addition, the Usiminas impairment had an indirect negative impact on our investment in Ternium.

Income tax charges totalled $112.1 million in the fourth quarter of 2012, equivalent to 20% of income before equity in earnings of associated companies and income tax, compared to 24% in the previous quarter and 22% in the same period of 2011.

Results attributable to non-controlling interests amounted to losses of $7.3 million in the fourth quarter of 2012, compared to gains of $1.1 million in the previous quarter and gains of $26.8 million in the fourth quarter of 2011. Losses during the fourth quarter of 2012 are mainly attributable to our Japanese operations. Year on year, the reduction in gains attributable to non controlling interests is due to the acquisition of all the non controlling interests in Confab during the second quarter of 2012.

Cash Flow and Liquidity of 2012 Fourth Quarter

Net cash provided by operations during the fourth quarter of 2012 was $346.6 million, compared to $491.4 million in the previous quarter and $456.2 million in the fourth quarter of 2011. Working capital increased by $247.3 million during the fourth quarter of 2012 (mainly due to an increase in trade receivables associated with our December shipments), compared to an increase of $107.1 million in the previous quarter and of $157.0 million in the fourth quarter of 2011.

Capital expenditures amounted to $201.8 million for the fourth quarter of 2012, compared to $187.0 million in the previous quarter and $188.7 million in the fourth quarter of 2011.

During the quarter, our net debt (total borrowings less cash and other current investments) increased by $5.5 million to $271.3 million at the end of the quarter, following the payment of an interim dividend of $153.5 million in November 2012.




Analysis of 2012 Annual Results



                                                                Increase /

    Tubes sales volume (metric tons)      FY 2012     FY 2011   (Decrease)

Seamless                                 2,676,000   2,613,000           2%

Welded                                   1,188,000   1,134,000           5%

Total                                    3,864,000   3,747,000           3%





                                                                Increase /

                 Tubes                    FY 2012     FY 2011   (Decrease)

Net sales ($ million)

- North America                            4,953.6     4,060.9          22%

- South America                            2,305.4     2,079.5          11%

- Europe                                   1,042.1     1,056.5          (1%)

- Middle East & Africa                     1,246.7     1,330.7          (6%)

- Far East & Oceania                         475.5       584.1         (19%)

Total net sales                           10,023.3     9,111.7          10%

Operating income ($ million)               2,251.8     1,702.2          32%

Operating income (% of sales)                   22%         19%



Net sales of tubular products and services increased 10% to $10,023.3 million in 2012, compared to $9,111.7 million in 2011, reflecting a 3% increase in volumes and a 7% increase in average selling prices, driven by an improvement in the mix of products which offset the impact of lower prices in less differentiated products. In North America, the increase in sales was mainly driven by higher liquids drilling activity, together with a recovery in activity in the Gulf of Mexico and higher drilling activity in Mexico. In South America, sales increased led by higher demand from offshore projects in Brazil and increasing activity levels in Argentina, which more than offset lower demand in the Andean region. In Europe, we had higher sales of OCTG products in the North Sea and Romania due to higher oil and gas drilling activity, which were offset by lower demand for mechanical products. In the Middle East and Africa, sales decreased mainly due to lower shipments of line pipe products and lower selling prices. In the Far East and Oceania, sales decreased mainly due to lower shipments of OCTG products in China and Indonesia, partially offset by higher shipments to regional HPI projects.

Operating income from tubular products and services, increased 32% to $2,251.8 million in 2012, from $1,702.2 million in 2011. The increase in the operating income was mainly driven by a 10% increase in sales and a higher operating margin (22% in 2012 vs. 19% in 2011). Our operating margin increased in 2012 due to an increase in average selling prices, lower raw material costs and operating efficiency improvements.


                                                                Increase /

                 Others                   FY 2012     FY 2011   (Decrease)

Net sales ($ million)                        810.7       860.8          (6%)

Operating income ($ million)                 104.8       142.7         (27%)

Operating income (% of sales)                   13%         17%

Net sales of other products and services decreased 6% to $810.7 million in 2012, compared to $860.8 million in 2011, mainly due to lower sales of industrial equipment in Brazil, partially offset by higher sales of sucker rods.

Operating income from other products and services, decreased 27% to $104.8 million in 2012, from $142.7 million in 2011, reflecting the reduction in activity levels in our industrial equipment business in Brazil, which had a negative impact in operating performance and margins.

Selling, general and administrative expenses, or SG&A, decreased as a percentage of net sales to 17.4% in 2012 compared to 18.6% in 2011, mainly due to the better absorption of fixed and semi-fixed expenses on higher sales.

Other operating income and expenses resulted in net income of $43.7 million in 2012, compared to a net income of $5.1 million in 2011. In 2012, Confab, our Brazilian subsidiary, collected $49.2 million from the Brazilian government, in interest and monetary adjustment over a tax benefit obtained in 1991.

Net interest expenses totalled $22.0 million in 2012, compared to $21.6 million in 2011, which included $5.6 million in losses on interest rate swaps. Excluding the effect of interest rate swaps in 2011, net interest expenses increased during 2012 due to an increase in our net debt of $595.0 million, as we went from a net cash position of $323.6 million at the end of 2011 to a net debt position of $271.3 million at the end of 2012, following investments in Brazil amounting to $1.3 billion in the first half of 2012.

Other financial results generated a loss of $28.1 million in 2012, compared to a gain of $11.3 million during 2011. These results largely reflect gains and losses on net foreign exchange transactions ($10.9 million loss in 2012 compared with $65.4 million gain in 2011) and the fair value of derivative instruments ($3.2 million loss in 2012 compared with $49.3 million loss in 2011) and are to a large extent offset by changes to our net equity position. These results are mainly attributable to variations in the exchange rates between our subsidiaries' functional currencies (other than the U.S. dollar) and the U.S. dollar in accordance with IFRS.

Equity in earnings of associated companies generated a loss of $63.5 million in 2012, compared to a gain of $61.5 million in 2011. During 2012 we recorded impairment charges amounting to $73.7 million on our investment in Usiminas, reflecting changes to the operating environment in Brazil, particularly in relation with Usiminas mining projects. In addition, the Usiminas impairment had an indirect negative impact on our investment in Ternium.

Income tax charges totalled $541.6 million in 2012, equivalent to 23.5% of income before equity in earnings of associated companies and income tax, compared to $475.4 million in 2011, equivalent to 25.9% of income before equity in earnings of associated companies and income tax. During 2012, the tax rate benefited from a more favorable mix of companies.

Net income increased to $1,701.4 million in 2012, compared to $1,420.7 million in 2011, mainly reflecting higher operating results, partially offset by lower results from associated companies.

Income attributable to owners of the parent was $1,699.1 million, or $1.44 per share ($2.88 per ADS), in 2012, compared to $1,331.2 million, or $1.13 per share ($2.26 per ADS) in 2011.

Income attributable to non-controlling interest was $2.4 million in 2012, compared to $89.6 million in 2011, as during the second quarter of 2012, we acquired all the non-controlling interests in Confab.

Cash Flow and Liquidity of 2012

Net cash provided by operations during 2012 was $1,860.4 million, compared to $1,283.3 million during 2011. Working capital increased by $303.0 million during 2012, compared with an increase of $649.6 million in 2011, reflecting more stable values of inventories and trade receivables.

Capital expenditures declined to $789.7 million in 2012, from $862.7 million in 2011, as we have already completed most of the investments at our small diameter rolling mill at our Veracruz facility in Mexico.

Dividends paid during 2012 amounted to $448.6 million, compared to $401.4 million in 2011.

During 2012, total financial debt increased by $813.3 million to $1,744.2 million at December 31, 2012 from $930.9 million at December 31, 2011. Liquidity (cash and cash equivalents and other current investments) increased by $218.3 million to $1,472.9 million at December 31, 2012 from $1,254.5 million at December 31, 2011. Net debt during 2012 increased by $595.0 million to $271.3 million at December 31, 2012, from a net cash position of $323.6 million at December 31, 2011.

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 Income Statement



                               Three-month period

(all amounts in thousands of          ended                Year ended

 U.S. dollars)                    December 31,            December 31,

                             ----------------------  ----------------------

                                2012        2011        2012        2011

                             ----------  ----------  ----------  ----------

Continuing operations

Net sales                     2,758,120   2,750,551  10,834,030   9,972,478

Cost of sales                (1,672,517) (1,738,512) (6,637,293) (6,273,407)

                             ----------  ----------  ----------  ----------

Gross profit                  1,085,603   1,012,039   4,196,737   3,699,071

Selling, general and

 administrative expenses       (494,275)   (474,844) (1,883,789) (1,859,240)

Other operating income

 (expenses) net                  (5,368)        747      43,659       5,050

                             ----------  ----------  ----------  ----------

Operating income                585,960     537,942   2,356,607   1,844,881

Interest income                   8,757      11,093      33,459      30,840

Interest expense                (14,647)    (13,045)    (55,507)    (52,407)

Other financial results          (9,507)     (5,401)    (28,056)     11,268

                             ----------  ----------  ----------  ----------

Income before equity in

 earnings of associated

 companies and income tax       570,563     530,589   2,306,503   1,834,582

Equity in (losses) earnings

 of associated companies       (108,158)     12,990     (63,534)     61,509

                             ----------  ----------  ----------  ----------

Income before income tax        462,405     543,579   2,242,969   1,896,091

Income tax                     (112,068)   (117,246)   (541,558)   (475,370)

                             ----------  ----------  ----------  ----------

Income for the period / year    350,337     426,333   1,701,411   1,420,721

                             ==========  ==========  ==========  ==========





Attributable to:

Owners of the parent            357,686     399,574   1,699,047   1,331,157

Non-controlling interests        (7,349)     26,759       2,364      89,564

                             ----------  ----------  ----------  ----------

                                350,337     426,333   1,701,411   1,420,721

                             ==========  ==========  ==========  ==========







Consolidated Statement of Financial Position



(all amounts in thousands of

 U.S. dollars)                 At December 31, 2012    At December 31, 2011

                             ----------------------- -----------------------



ASSETS

Non-current assets

    Property, plant and

     equipment, net            4,434,970               4,053,653

    Intangible assets, net     3,199,916               3,375,930

    Investments in

     associated companies        983,061                 670,248

    Other investments              2,603                   2,543

    Deferred tax assets          214,199                 234,760

    Receivables                  142,060   8,976,809     133,280   8,470,414

                             ----------- ----------- ----------- -----------



Current assets

    Inventories                2,985,805               2,806,409

    Receivables and

     prepayments                 260,532                 241,801

    Current tax assets           175,562                 168,329

    Trade receivables          2,070,778               1,900,591

    Available for sale

     assets                       21,572                  21,572

    Other investments            644,409                 430,776

    Cash and cash

     equivalents                 828,458   6,987,116     823,743   6,393,221

                             ----------- ----------- ----------- -----------

Total assets                              15,963,925              14,863,635

                                         ===========             ===========



EQUITY

Capital and reserves

 attributable to owners of

 the parent                               11,388,016              10,506,227

Non-controlling interests                    172,310                 666,716

                                         -----------             -----------

Total equity                              11,560,326              11,172,943

                                         ===========             ===========



LIABILITIES

Non-current liabilities

    Borrowings                   532,407                 149,775

    Deferred tax liabilities     749,235                 828,545

    Other liabilities            225,398                 233,653

  Provisions                      67,185                  72,975

    Trade payables                     -   1,574,225       2,045   1,286,993

                             ----------- ----------- ----------- -----------



Current liabilities

    Borrowings                 1,211,785                 781,101

    Current tax liabilities      254,603                 326,480

    Other liabilities            318,828                 305,214

  Provisions                      26,958                  33,605

    Customer advances            134,010                  55,564

    Trade payables               883,190   2,829,374     901,735   2,403,699

                             ----------- ----------- ----------- -----------

Total liabilities                          4,403,599               3,690,692

                                         ===========             ===========

Total equity and liabilities              15,963,925              14,863,635

                                         ===========             ===========







Consolidated Statement of Cash Flows



                               Three-month period

                                      ended                Year ended

                                  December 31,            December 31,

                             ----------------------  ----------------------

(all amounts in thousands of

 U.S. dollars)                  2012        2011        2012        2011

                             ----------  ----------  ----------  ----------



Cash flows from operating

 activities

Income for the period / year    350,337     426,333   1,701,411   1,420,721

Adjustments for:

Depreciation and

 amortization                   147,057     153,880     567,654     554,345

Income tax accruals less

 payments                       (34,755)     10,971    (160,951)    120,904

Equity in losses (earnings)

 of associated companies        108,158     (12,990)     63,534     (61,509)

Interest accruals less

 payments, net                     (923)      3,575     (25,305)    (24,880)

Changes in provisions             5,745     (12,762)    (12,437)     (2,443)

Changes in working capital     (247,304)   (157,029)   (303,012)   (649,640)

Other, including currency

 translation adjustment          18,282      44,266      29,519     (74,194)

                             ----------  ----------  ----------  ----------

Net cash provided by

 operating activities           346,597     456,244   1,860,413   1,283,304

                             ==========  ==========  ==========  ==========



Cash flows from investing

 activities

Capital expenditures           (201,841)   (188,728)   (789,731)   (862,658)

Acquisitions of subsidiaries

 and associated companies             -      (9,418)   (510,825)     (9,418)

Increase due to sale of

 associated company               3,140           -       3,140           -

Proceeds from disposal of

 property, plant and

 equipment and intangible

 assets                           4,214       3,092       8,012       6,431

Dividends and distributions

 received from associated

 companies                            -           -      18,708      17,229

Changes in investments in

 short terms securities         244,351     203,462    (213,633)    245,448

                             ----------  ----------  ----------  ----------

Net cash provided by (used

 in) investing activities        49,864       8,408  (1,484,329)   (602,968)

                             ==========  ==========  ==========  ==========



Cash flows from financing

 activities

Dividends paid                 (153,470)   (153,470)   (448,604)   (401,383)

Dividends paid to non-

 controlling interest in

 subsidiaries                         -     (10,996)       (905)    (22,695)

Acquisitions of non-

 controlling interests               (6)        (27)   (758,583)    (16,606)

Proceeds from borrowings        348,713      12,671   2,054,090     726,189

Repayments of borrowings       (589,307)   (238,151) (1,271,537)   (953,413)

                             ----------  ----------  ----------  ----------

Net cash used in financing

 activities                    (394,070)   (389,973)   (425,539)   (667,908)

                             ==========  ==========  ==========  ==========



                             ----------  ----------  ----------  ----------

Increase / (Decrease) in

 cash and cash equivalents        2,391      74,679     (49,455)     12,428

                             ==========  ==========  ==========  ==========



Movement in cash and cash

 equivalents

At the beginning of the

 period / year                  774,995     754,116     815,032     820,165

Effect of exchange rate

 changes                         (4,730)    (13,763)      7,079     (17,561)

Increase / (Decrease) in

 cash and cash equivalents        2,391      74,679     (49,455)     12,428

                             ----------  ----------  ----------  ----------

At December 31,                 772,656     815,032     772,656     815,032

                             ==========  ==========  ==========  ==========





                                 At December 31,         At December 31,

                             ----------------------  ----------------------

Cash and cash equivalents       2012        2011        2012        2011

                             ----------  ----------  ----------  ----------

Cash and bank deposits          828,458     823,743     828,458     823,743

Bank overdrafts                 (55,802)     (8,711)    (55,802)     (8,711)

                             ----------  ----------  ----------  ----------

                                772,656     815,032     772,656     815,032

                             ==========  ==========  ==========  ==========





Giovanni Sardagna

Tenaris

 1-888-300-5432

www.tenaris.com



Source: Tenaris S.A.

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